Bitcoin Price BTC USD Chart Bitcoin US-Dollar ...

Canadian coin exchange - bitcoin to dollar value chart

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Canadian coin exchange - bitcoin to dollar value chart

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submitted by farazkhanniazi to u/farazkhanniazi [link] [comments]

Bitcoin Price – Bitcoins – Chart To Dollar USD – Current Value – Wiki Rate Price Live – 1 Mining Rig

Bitcoin Price – Bitcoins – Chart To Dollar USD – Current Value – Wiki Rate Price Live – 1 Mining Rig submitted by ososru to Bitcoin4free [link] [comments]

Bitcoin Price – Bitcoins – Chart To Dollar USD – Current Value – Wiki Rate Price Live – 1 Mining Rig

Bitcoin Price – Bitcoins – Chart To Dollar USD – Current Value – Wiki Rate Price Live – 1 Mining Rig submitted by Rufflenator to 3bitcoins [link] [comments]

Has anyone seen a dollar value chart measured in Satoshi /r/Bitcoin

Has anyone seen a dollar value chart measured in Satoshi /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Wandering From the Path? | Monthly Portfolio Update - August 2020

Midway along the journey of our life I woke to find myself in a dark wood, for I had wandered off from the straight path.
Dante, The Divine Comedy: Inferno, Canto I
This is my forty-fifth portfolio update. I complete this update monthly to check my progress against my goal.
Portfolio goal
My objective is to reach a portfolio of $2 180 000 by 1 July 2021. This would produce a real annual income of about $87 000 (in 2020 dollars).
This portfolio objective is based on an expected average real return of 3.99 per cent, or a nominal return of 6.49 per cent.
Portfolio summary
Total portfolio value $1 848 896 (+$48 777 or 2.7%)
Asset allocation
Presented visually, below is a high-level view of the current asset allocation of the portfolio.
[Chart]
Comments
The portfolio has increased in value for the fifth consecutive month, and is starting to approach the monthly value last reached in January.
The portfolio has grown over $48 000, or 2.7 per cent this month, reflecting the strong market recovery since late March
[Chart]
The growth in the portfolio was broadly-based across global and Australian equities, with an increase of around 3.8 per cent. Following strong previous rises, gold holdings decreased by around 2.2 per cent, while Bitcoin continued to increase in value (by 2.5 per cent).
Combined, the value of gold and Bitcoin holdings remain at a new peak, while total equity holdings are still below their late January peak to the tune of around $50 000. The fixed income holdings of the portfolio continue to fall below the target allocation.
[Chart]
The expanding value of gold and Bitcoin holdings since January last year have actually had the practical effect of driving new investments into equities, since effectively for each dollar of appreciation, for example, my target allocation to equities rises by seven dollars.
New investments this month have been in the Vanguard international shares exchange-traded fund (VGS) and the Australian shares equivalent (VAS). These have been directed to bring my actual asset allocation more closely in line with the target split between Australian and global shares set out in the portfolio plan.
As the exchange traded funds such as VGS, VAS and Betashares A200 now make up nearly 30 per cent of the overall portfolio, the quarterly payments they provide have increased in magnitude and importance. Early in the journey, third quarter distributions were essentially immaterial events.
Using the same 'median per unit' forecast approach as recently used for half yearly forecasts would suggest a third quarter payout due at the end of September of around $6000. Due to significant announced dividend reductions across this year I am, however, currently assuming this is likely to be significantly lower, and perhaps in the vicinity of $4000 or less.
Finding true north: approach to achieving a set asset allocation
One of the choices facing all investors with a preferred asset allocation is how strictly the target is applied over time, and what variability is acceptable around that. There is a significant body of financial literature around that issue.
My own approach has been to seek to target the preferred asset allocation dynamically, through buying the asset class that is furthest from its target, with new portfolio contributions, and re-investment of paid out distributions.
As part of monitoring asset allocation, I also track a measure of 'absolute' variance, to understand at a whole of portfolio level how far it is from the desired allocation.
This is the sum of the absolute value of variances (e.g. so that being 3 per cent under target in shares, and 7 per cent over target in fixed interest will equal an absolute variance of 10 per cent under this measure).
This measure is currently sitting near its highest level in around 2 years, at 15.0 per cent, as can be seen in the chart below.
[Chart]
The dominant reason for this higher level of variance from target is significant appreciation in the price of gold and Bitcoin holdings.
Mapping the sources of portfolio variances
Changes in target allocations in the past makes direct comparisons problematic, but previous peaks of the variance measure matches almost perfectly past Bitcoin price movements.
For a brief period in January 2018, gold and Bitcoin combined constituted 20 per cent, or 1 in 5 dollars of the entire portfolio. Due to the growth in other equity components of the portfolio since this level has not been subsequently exceeded.
Nonetheless, it is instructive to understand that the dollar value of combined gold and Bitcoin holdings is actually up around $40 000 from that brief peak. With the larger portfolio, this now means they together make up 17.2 per cent of the total portfolio value.
Tacking into the wind of portfolio movements?
The logical question to fall out from this situation is: to what extent should this drive an active choice to sell down gold and Bitcoin until they resume their 10 per cent target allocation?
This would currently imply selling around $130 000 of gold or Bitcoin, and generating a capital gains tax liability of potentially up to $27 000. Needless to say this is not an attractive proposition. Several other considerations lead me to not make this choice:
This approach is a departure from a mechanistic implementation of an asset allocation rule. Rather, the approach I take is pragmatic.
Tracking course drift in the portfolio components
As an example, I regularly review whether a significant fall in Bitcoin prices to its recent lows would alter my monthly decision on where to direct new investments. So far it does not, and the 'signal' continues to be to buy new equities.
Another tool I use is a monthly measurement of the absolute dollar variance of Australian and global shares, as well as fixed interest, from their ideal target allocations.
The chart below sets this out for the period since January 2019. A positive value effectively represents an over-allocation to a sector, a negative value, an under-allocation compared to target.
[Chart]
This reinforces the overall story that, as gold and Bitcoin have grown in value, there emerges a larger 'deficit' to the target. Falls in equities markets across February and March also produce visibly larger 'dollar gaps' to the target allocation.
This graph enables a tracking of the impact of portfolio gains or losses, and volatility, and a better understanding of the practical task of returning to target allocations. Runaway lines in either direction would be evidence that current approaches for returning to targets were unworkable, but so far this does not appear to be the case.
A crossing over: a credit card FI milestone
This month has seen a long awaited milestone reached.
Calculated on a past three year average, portfolio distributions now entirely meet monthly credit card expenses. This means that every credit card purchase - each shopping trip or online purchase - is effectively paid for by average portfolio distributions.
At the start of this journey, distributions were only equivalent to around 40 per cent of credit card expenses. As time has progressed distributions have increased to cover a larger and larger proportion of card expenses.
[Chart]
Most recently, with COVID-19 related restrictions having pushed card expenditure down further, the remaining gap to this 'Credit Card FI' target has closed.
Looked at on an un-smoothed basis, expenditures on the credit card have continued to be slightly lower than average across the past month. The below chart details the extent to which portfolio distributions (red) cover estimated total expenses (green), measured month to month.
[Chart]
Credit card expenditure makes up around 80 per cent of total spending, so this is not a milestone that makes paid work irrelevant or optional. Similarly, if spending rises as various travel and other restrictions ease, it is possible that this position could be temporary.
Equally, should distributions fall dramatically below long term averages in the year ahead, this could result in average distributions falling faster than average monthly card expenditure. Even without this, on a three year average basis, monthly distributions will decline as high distributions received in the second half of 2017 slowly fall out of the estimation sample.
For the moment, however, a slim margin exists. Distributions are $13 per month above average monthly credit card bills. This feels like a substantial achievement to note, as one unlooked for at the outset of the journey.
Progress
Progress against the objective, and the additional measures I have reached is set out below.
Measure Portfolio All Assets
Portfolio objective – $2 180 000 (or $87 000 pa) 84.8% 114.6%
Credit card purchases – $71 000 pa 103.5% 139.9%
Total expenses – $89 000 pa 82.9% 112.1%
Summary
What feels like a long winter is just passed. The cold days and weeks have felt repetitive and dominated by a pervasive sense of uncertainty. Yet through this time, this wandering off, the portfolio has moved quite steadily back towards it previous highs. That it is even approaching them in the course of just a few months is unexpected.
What this obscures is the different components of growth driving this outcome. The portfolio that is recovering, like the index it follows, is changing in its underlying composition. This can be seen most starkly in the high levels of variance from the target portfolio sought discussed above.
It is equally true, however, of individual components such as international equity holdings. In the case of the United States the overall index performance has been driven by share price growth in just a few information technology giants. Gold and Bitcoin have emerged from the shadows of the portfolio to an unintended leading role in portfolio growth since early 2019.
This month I have enjoyed reading the Chapter by Chapter release of the Aussie FIRE e-book coordinated by Pearler. I've also been reading posts from some newer Australian financial independence bloggers, Two to Fire, FIRE Down Under, and Chasing FIRE Down Under.
In podcasts, I have enjoyed the Mad Fientist's update on his fourth year of financial freedom, and Pat and Dave's FIRE and Chill episodes, including an excellent one on market timing fallacies.
The ASX Australian Investor Study 2020 has also been released - setting out some broader trends in recent Australian investment markets, and containing a snapshot of the holdings, approaches and views of everyday investors. This contained many intriguing findings, such as the median investment portfolio ($130 000), its most frequent components (direct Australian shares), and how frequently portfolios are usually checked - with 61 per cent of investors checking their portfolios at least once a month.
This is my own approach also. Monthly assessments allow me to gauge and reflect on how I or elements of the portfolio may have wandered off the straight way in the middle of the journey. Without this, the risk is that dark woods and bent pathways beckon.
The post, links and full charts can be seen here.
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Axion - A Global Currency, Built To Serve The People

What is Axion? Per Axion's website:

AXION is the answer to our global financial markets that are on the brink of disaster.
The original solution to this impending collapse was Bitcoin, a decentralized peer-to-peer currency. However, since its inception, certain aspects of Bitcoin, such as lack of speed and high fees, have shifted Bitcoin into more of a store-of-value than a currency. Axion is the currency to address that.
With a high-interest time-locked savings account, Participants in the Axion Network are rewarded daily.

How is AXION distributed?

Anyone holding Hex2T (pre-sale) tokens will receive AXION at a rate of 1:1

Hex holders will also receive AXION 1:1, limited at 10M AXION tokens. Hex holders will also be auto-locked for a year, with 2% releasing weekly. More details can be found in the whitepaper. If Hex holders do not claim their AXION tokens, they will become available for purchase in the Daily Auction every week.

The Daily Auction

Putting Tokens and Value into your pocket.

To get Axion, it needs to be claimed by Hex & Hex2T holders, the longer they wait to claim, the more penalties they face. About 2% of their total per week. This 2% is added into a daily auction pool where people can bid using ETH on the Axion tokens within it. If you bid 10% of the ETH on that day, you get 10% of the pool rewards.
80% of the ETH paid in the auction is then used to hyperdrive both the Axion token and the stakers earnings. First, the ETH is used to purchase the tokens, boosting the token price, and then those tokens are distributed to stakers, creating a very strong positive feedback loop.

Axion Vision

Axion is on the path to becoming the ideal global currency.

For the first time in history, inflation is increasing the purchasing power of the people within the network. Axion has partnerships lined up to be integrated in online and in-person payment solutions, where you can pay for nearly everything in your every-day life using Axion. The merchants can accept FIAT (converted from Axion), or Axion itself. This is a global movement.

Axion: Built to Scale

500 Billion Initial Total Supply
1:1 Freeclaim ratio for Hex2T and Hex holders
80% of ETH Earned in auctions is used to buy back tokens
8% Annual inflation that goes Directly to stakers
100% of all purchased tokens Are distributed to stakers
No Auto-Stake For hex2t holders 100% autostake for hex holders

How to buy:

**Video Tutorials:**Metamask Install – https://www.youtube.com/watch?v=htyEeKNHX5ABuy/Sell Axion (HEX2T) – https://www.youtube.com/watch?v=vYZBOkHIM5k
How Do I Buy Axion (HEX2T)?
Step One: Purchase Ethereum from your exchange of choice (Coinbase, Binance, etc). You can also purchase Ethereum through Metamask and have it sent directly to your Metamask wallet (More details on this in Step Three). If buying through Coinbase, you’ll have the option to use a linked bank account or a debit card. Funds purchased via linked bank account will have a hold period while the bank transaction clears, funds purchased via debit card will be available for use instantly.
Step Two: Install the Metamask desktop browser extension and set up your Ethereum Wallet. You may also install the Metamask app on your Android smartphone and follow the same set up process in the linked video. (Apologies iOS users, the iOS Metamask app has restrictions that disable necessary features, you’ll have to use the desktop browser extension)
Step Three: Once you have your Metamask wallet set up and your seed words properly saved, it’s time to deposit Ethereum to your wallet.
– If you’ve purchased Ethereum on an exchange such as Coinbase or Binance, you’ll have to copy your wallet address from Metamask and withdraw the Ethereum from the exchange to your Metamask wallet address that you just copied. Be sure to check the wallet address multiple times before sending as transactions can not be reversed.
– If you’d like to purchase Ethereum directly through Metamask, you can do so using the Wyre fiat gateway that is integrated into Metamask.
Step Four: Now that you have Ethereum in your Metamask wallet, you can head over to our listing on the Uniswap Exchange to purchase Axion (HEX2T). We recommend using Fast GAS to speed up your transactions. You may also have to click on the gear icon in the top right on Uniswap to adjust your slippage limit when buying larger amounts.
– If using the Metamask app on Android, you’ll have to access the in-app browser through the menu (three bars top left of app) and paste the provided link.
– You will see a “From” input that should have ETH as the selected currency pointing to a “To (estimated)” output that should have HEX2T as the selected currency. The “From” input is the amount of Ethereum you will be spending and the “To (estimated)” output is the amount of HEX2T that you will receive for that amount of Ethereum.
– Once you enter the amount of Ethereum you’d like to spend, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access Ethereum in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”.
– Now that you’ve given the exchange permission to use the Ethereum in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully purchased HEX2T with Ethereum!
Side Note: If you can’t see the HEX2T that you’ve purchased in your Metamask wallet’s Asset list, you’ll have to add the token to your Asset list. At the bottom of the Asset list you will see an “Add Token” button, click on that and you’ll see a “Search” and a “Custom Token” tab. Click on the “Custom Token” tab and paste the following address (0xed1199093b1abd07a368dd1c0cdc77d8517ba2a0) into the “Custom Token Address” field, the rest of the info should auto-fill. Then click the “Next” button in the bottom right, and it should display your HEX2T balance, click the “Add Tokens” button and you should now see your HEX2T in your Asset list.
**How Do I Sell Axion (HEX2T)?**To sell Axion (HEX2T), you essentially do the inverse of what you did to purchase it.Step One: Head over to Uniswap Exchange and click on ETH in the “From” input, a drop down list will appear and you’ll select HEX2T. In the “To (estimated)” output, click on “Select a Token” and select ETH. To clarify, if you want to sell, HEX2T should be on top, ETH should be on bottom.
Step Two: Enter the amount of HEX2T you’d like to sell in the “From” input, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access HEX2T in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”.
– Now that you’ve given the exchange permission to use the HEX2T in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully sold HEX2T for Ethereum!
If at any point you feel that you need help in this process, please do not hesitate to join our fast growing Discord or Telegram. Once you’re in either of those communities you’ll be able to ask an admin or moderator for assistance.

Legal

Their legal proposal is 95% complete, per their Discord announcement - and most likely be finished in the coming days.

Charts:

http://chartex.pro?symbol=UNISWAP:HEX2T/USD
https://www.coingecko.com/en/coins/hex2t

According to the infamous Jeff K...


TLDR


Axion WHITEPAPER

submitted by kylejames87 to CryptoMoonShots [link] [comments]

DDDD - The Rise of “Buy the Dip” Retail Investors and Why Another Crash Is Imminent

DDDD - The Rise of “Buy the Dip” Retail Investors and Why Another Crash Is Imminent
In this week's edition of DDDD (Data-driven DD), I'll be going over the real reason why we have been seeing a rally for the past few weeks, defying all logic and fundamentals - retail investors. We'll look into several data sets to see how retail interest in stock markets have reached record levels in the past few weeks, how this affected stock prices, and why we've most likely seen the top at this point, unless we see one of the "positive catalysts" that I mentioned in my previous post, which is unlikely (except for more news about Remdesivir).
Disclaimer - This is not financial advice, and a lot of the content below is my personal opinion. In fact, the numbers, facts, or explanations presented below could be wrong and be made up. Don't buy random options because some person on the internet says so; look at what happened to all the SPY 220p 4/17 bag holders. Do your own research and come to your own conclusions on what you should do with your own money, and how levered you want to be based on your personal risk tolerance.
Inspiration
Most people who know me personally know that I spend an unhealthy amount of my free time in finance and trading as a hobby, even competing in paper options trading competitions when I was in high school. A few weeks ago, I had a friend ask if he could call me because he just installed Robinhood and wanted to buy SPY puts after seeing everyone on wallstreetbets post gains posts from all the tendies they’ve made from their SPY puts. The problem was, he actually didn’t understand how options worked at all, and needed a thorough explanation about how options are priced, what strike prices and expiration dates mean, and what the right strategy to buying options are. That’s how I knew we were at the euphoria stage of buying SPY puts - it’s when dumb money starts to pour in, and people start buying securities because they see everyone else making money and they want in, even if they have no idea what they’re buying, and price becomes dislocated from fundementals. Sure enough, less than a week later, we started the bull rally that we are currently in. Bubbles are formed when people buy something not because of logic or even gut feeling, but when people who previously weren’t involved see their dumb neighbors make tons of money from it, and they don’t want to miss out.
A few days ago, I started getting questions from other friends about what stocks they should buy and if I thought something was a good investment. That inspired me to dig a bit deeper to see how many other people are thinking the same thing.
Data
Ever since March, we’ve seen an unprecedented amount of money pour into the stock market from retail investors.
Google Search Trends
\"what stock should I buy\" Google Trends 2004 - 2020
\"what stock should I buy\" Google Trends 12 months
\"stocks\" Google Trends 2004 - 2020
\"stocks\" Google Trends 12 months
Brokerage data
Robinhood SPY holders
\"Robinhood\" Google Trends 12 months
wallstreetbets' favorite broker Google Trends 12 months
Excerpt from E*Trade earnings statement
Excerpt from Schwab earnings statement
TD Ameritrade Excerpt
Media
cnbc.com Alexa rank
CNBC viewership & rankings
wallstreetbets comments / day

investing comments / day
Analysis
What we can see from Reddit numbers, Google Trends, and CNBC stats is that in between the first week of March and first week of April, we see a massive inflow of retail interest in the stock market. Not only that, but this inflow of interest is coming from all age cohorts, from internet-using Zoomers to TV-watching Boomers. Robinhood SPY holdings and earnings reports from E*Trade, TD Ameritrade, and Schwab have also all confirmed record numbers of new clients, number of trades, and assets. There’s something interesting going on if you look closer at the numbers. The numbers growth in brokers for designed for “less sophisticated” investors (i.e. Robinhood and E*Trade) are much larger than for real brokers (i.e. Schwab and Ameritrade). This implies that the record number of new users and trade volume is coming from dumb money. The numbers shown here only really apply to the US and Canada, but there’s also data to suggest that there’s also record numbers of foreign investors pouring money into the US stock market as well.
However, after the third week of March, we see the interest start to slowly decline and plateau, indicating that we probably have seen most of those new investors who wanted to have a long position in the market do so.
SPX daily
Rationale
Pretty much everything past this point is purely speculation, and isn’t really backed up by any solid data so take whatever I say here with a cup of salt. We could see from the graph that new investor interest started with the first bull trap we saw in the initial decline from early March, and peaking right after the end of the crash in March. So it would be fair to guess that we’re seeing a record amount of interest in the stock market from a “buy the dip” mentality, especially from Robinhood-using Millennials. Here’s a few points on my rationalization of this behavior, based on very weak anecdotal evidence
  • They missed out of their chance of getting in the stock market at the start of the bull market that happened at the end of 2009
  • They’ve all seen the stock market make record gains throughout their adult lives, but believing that the market might be overheated, they were waiting for a crash
  • Most of them have gotten towards the stage of their lives where they actually have some savings and can finally put some money aside for investments
  • This stock market crash seems like their once-in-a-decade opportunity that they’ve been waiting for, so everyone jumped in
  • Everyone’s stuck at their homes with vast amounts of unexpected free time on their hands
Most of these new investors got their first taste in the market near the bottom, and probably made some nice returns. Of course, since they didn’t know what they were doing, they probably put a very small amount of money at first, but after seeing a 10% return over one week, validating that maybe they do know something, they decide to slowly pour in more and more of their life savings. That’s what’s been fueling this bull market.
Sentiment & Magic Crayons
As I mentioned previously, this bull rally will keep going until enough bears convert to bulls. Markets go up when the amount of new bullish positions outnumber the amount of new bearish positions, and vice versa. Record amounts of new investors, who previously never held a position in the market before, fueled the bullish side of this equation, despite all the negative data that has come out and dislocating the price from fundamentals. All the smart money that was shorting the markets saw this happening, and flipped to become bulls because you don’t fight the trend, even if the trend doesn’t reflect reality.
From the data shown above, we can see new investor interest growth has started declining since mid March and started stagnating in early April. The declining volume in SPY since mid-March confirms this. That means, once the sentiment of the new retail investors starts to turn bearish, and everyone figures out how much the stocks they’re holding are really worth, another sell-off will begin. I’ve seen something very similar to this a few years ago with Bitcoin. Near the end of 2017, Bitcoin started to become mainstream and saw a flood of retail investors suddenly signing up for Coinbase (i.e. Robinhood) accounts and buying Bitcoin without actually understanding what it is and how it works. Suddenly everyone, from co-workers to grandparents, starts talking about Bitcoin and might have thrown a few thousand dollars into it. This appears to be a very similar parallel to what’s going on right now. Of course there’s differences here in that equities have an intrinsic value, although many of them have gone way above what they should be intrinsically worth, and the vast majority of retail investors don’t understand how to value companies. Then, during December, when people started thinking that the market was getting a bit overheated, some started taking their profits, and that’s when the prices crashed violently. This flip in sentiment now look like it has started with equities.
SPY daily
Technical Analysis, or magic crayons, is a discipline in finance that uses statistical analysis to predict market trends based on market sentiment. Of course, a lot of this is hand-wavy and is very subjective; two people doing TA on the same price history can end up getting opposite results, so TA should always be taken with a grain of salt and ideally be backed with underlying justification and not be blindly followed. In fact, I’ve since corrected the ascending wedge I had on SPY since my last post since this new wedge is a better fit for the new trading data.
There’s a few things going on in this chart. The entire bull rally we’ve had since the lows can be modelled using a rising wedge. This is a pattern where there is a convergence of a rising support and resistance trendline, along with falling volume. This indicates a slow decline in net bullish sentiment with investors, with smaller and smaller upside after each bounce off the support until it hits a resistance. The smaller the bounces, the less bullish investors are. When the bearish sentiment takes over across investors, the price breaks below this wedge - a breakdown, and indicates a start of another downtrend.
This happened when the wedge hit resistance at around 293, which is around the same price as the 200 day moving average, the 62% retracement (considered to be the upper bound of a bull trap), and a price level that acted as a support and resistance throughout 2019. The fact that it gapped down to break this wedge is also a strong signal, indicating a sudden swing in investor sentiment overnight. The volume of the break down also broke the downwards trend of volume we’ve had since the beginning of the bull rally, indicating a sudden surge of people selling their shares. This doesn’t necessarily mean that we will go straight from here, and I personally think that we will see the completion of a heads-and-shoulders pattern complete before SPY goes below 274, which in itself is a strong support level. In other words, SPY might go from 282 -> 274 -> 284 -> 274 before breaking the 274 support level.
VIX Daily
Doing TA is already sketchy, and doing TA on something like VIX is even more sketchy, but I found this interesting so I’ll mention it. Since the start of the bull rally, we’ve had VIX inside a descending channel. With the breakdown we had in SPY yesterday, VIX has also gapped up to have a breakout from this channel, indicating that we may see future volatility in the next week or so.
Putting Everything Together
Finally, we get to my thesis. This entire bull rally has been fueled by new retail investors buying the dip, bringing the stock price to euphoric levels. Over the past few weeks, we’ve been seeing the people waiting at the sidelines for years to get into the stock market slowly FOMO into the rally in smaller and smaller volumes, while the smart money have been locking in their profits at an even slower rate - hence an ascending wedge. As the amount of new retail interest in the stock market started slowed down, the amount of new bulls started to decline. It looks like Friday might have been the start of the bearish sentiment taking over, meaning it’s likely that 293 was the top, unless any significant bullish events happen in the next two weeks like a fourth round of stimulus, in which case we might see 300. This doesn’t mean we’ll instantly go back to circuit breakers on Monday, and we might see 282 -> 274 -> 284 -> 274 happen before panic, this time by the first-time investors, eventually bringing us down towards SPY 180.
tldr; we've reached the top
EDIT - I'll keep a my live thoughts here as we move throughout this week in case anyone's still reading this and interested.
5/4 8PM - /ES was red last night but steadily climbed, which was expected since 1h RSI was borderline oversold, leaving us to a slightly green day. /ES looks like it has momentum going up, but is approaching towards overbought territory now. Expecting it to go towards 284 (possibly where we'll open tomorrow) and bouncing back down from that price level
5/5 Market Open - Well there goes my price target. I guess at this point it might go up to 293 again, but will need a lot of momentum to push back there to 300. Seems like this is being driven by oil prices skyrocketing.
5/5 3:50PM - Volume for the upwards price action had very little volume behind it. Seeing a selloff EOD today, could go either way although I have a bearish bias. Going to hold cash until it goes towards one end of the 274-293 channel (see last week's thesis). Still believe that we will see it drop below 274 next week, but we might be moving sideways in the channel this week and a bit of next week before that happens. Plan for tomorrow is buy short dated puts if open < 285. Otherwise, wait till it goes to 293 before buying those puts
5/5 6PM - What we saw today could be a false breakout above 284. Need tomorrow to open below 285 for that to be confirmed. If so, my original thesis of it going back down to 274 before bouncing back up will still be in play.
5/6 EOD - Wasn't a false breakout. Looks like it's still forming the head-and-shoulders pattern mentioned before, but 288 instead of 284 as the level. Still not sure yet so I'm personally going to be holding cash and waiting this out for the next few days. Will enter into short positions if we either go near 293 again or drop below 270. Might look into VIX calls if VIX goes down near 30.
5/7 Market Open - Still waiting. If we break 289 we're probably heading to 293. I'll make my entry to short positions when we hit that a second time. There's very little bullish momentum left (see MACD 1D), so if we hit 293 and then drop back down, we'll have a MACD crossover event which many traders and algos use as a sell signal. Oil is doing some weird shit.
5/7 Noon - Looks like we're headed to 293. Picked up VIX 32.5c 5/27 since VIX is near 30.
5/7 11PM - /ES is hovering right above 2910, with 4h and 1h charts are bullish from MACD and 1h is almost overbought in RSI. Unless something dramatic happens we'll probably hit near 293 tomorrow, which is where I'll get some SPY puts. We might drop down before ever touching it, or go all the way to 295 (like last time) during the day, but expecting it to close at or below 293. After that I'm expecting a gap down Monday as we start the final leg down next week towards 274. Expecting 1D MACD to crossover in the final leg down, which will be a signal for bears to take over and institutions / day traders will start selling again
5/8 Market Open - Plan is to wait till a good entry today, either when technicals looks good or we hit 293, and then buy some SPY June 285p and July 275p
5/8 Noon - Everything still going according to plan. Most likely going to slowly inch towards 293 by EOD. Will probably pick up SPY puts and more VIX calls at power hour (3 - 4PM). Monday will probably gap down, although there's a small chance of one more green / sideways day before that happens if we have bullish catalysts on the weekend.
5/8 3:55PM - SPY at 292.60. This is probably going to be the closest we get to 293. Bought SPY 290-260 6/19 debit spreads and 292-272 5/15 debit spreads, as well as doubling down on VIX calls from yesterday, decreasing my cost basis. Still looks like there's room for one more green day on Monday, so I left some money on the side to double down if that's the case, although it's more likely than not we won't get there.
5/8 EOD - Looks like we barely touched 293 exactly AH before rebounding down. Too bad you can't buy options AH, but more convinced we'll see a gap down on Monday. Going to work on another post over the weekend and do my updates there. Have a great weekend everyone!
submitted by ASoftEngStudent to wallstreetbets [link] [comments]

Prepping for a Financial crisis / hyperinflation.

So what can we do about it? Any ideas are welcome.
It has a lot of "what if's"... It depends how tax and law play out with it.Historically speaking:
  1. -I stock bulk diesel for my cars while following historical averages to buy cheap.
  2. -Rotating food stock
  3. -Extra maintenance items, including the big things like a roof on your home if its coming time. Not joking I have a spare water heater and backup heating options, along with minor parts and filters to fix them. Same with cars and engines, (spark plugs, filters (all different filters), oil, cheap sensors that usually go bad and are only 4-10$ each, 1-2 extra alternator per vehicle, belts, mowing belts, bearings, grease, ... and I've literally had to use everything on that list and reorder.)
  1. -Security, Locks, Alarms, Cameras, people steal.
  2. A deep freezer for instance can stock food you use and buy on sale.
  3. Solar energy and solar heating supplements energy you use anyways
  4. Rainwater can be collected and used rather than buying from a source.
  5. A cooking gadget vs eating out.
  6. Tools and learning to fix things vs hire.
  7. House insulation.-Better insulative windows, and sealing.
  8. Geo-Thermal
  9. Gardening
  10. Bidet on toilet (lol serious though...)
  11. Backup power
  12. Your education can be a huge one, not just for prepping but also in your work.
  13. Things that prevent rot, fire, flood / humidity, or failure. Humidity is a silent killer to many preps. (water sump pumps, dehumidifiers, leak prevention, fire extinguishers / sprinklers, )
submitted by AntiSonOfBitchamajig to preppers [link] [comments]

To Make Sure Every One Is On The Same Page:

Ok, rule #1, no coincidences.
It is not a coincidence that the charts line up with reality. 2018 happened because earnings are down, meaning multiples need to rise, meaning cash needs to be printed. It is not a coincidence 1 year later Coronavirus throttled the world economy. The world economy was ready to be throttled. Really dick whacked.
Commercial real estate is bust, has been for years. AMZN and the digital economy has beein slowly strangling the real world rubber-on-the-road economy for a decade, and the writing was on the wall. Big box real estate was worthless, and always has been.
The stores being looted? Thats merchandise covered by insurance, the store front being burned? Covered by insurance. Covered by insurance and already in desperate need of some cash on hand for a take-it-or-leave-it walk out deal.
There are no coincidences.
Look at KO's chart. Its nice. Goes back to the 60's. Really puts some shit in perspective. Growth v. Value on display. 100x growth from the 60's to 2000, then flat. Sideways for 2 decades.
There are no coincidences.
We never recovered from the Dotcom crash. It has just been money printing. Floor raising. Nothing more, nothing less. The entire thing has been premised on cheap debt and perpetuation of the status quo.
So bring it back you say. What of it?
Well debt is gold. The dollar is backed by debt, more debt means more dollars. Thats their game.
Oil is tanking. It supports the dollar, even though on paper it is backed by debt. On the road, it is backed by oil. Oil under 40 means the XLE is bankrupt. Permanently.
The XLE has been writing bonds like a motherfucker, and who do you think is buying? You think APPL has 2 trillion in cash on hand? Thats the market cap source?
They have bonds. Lots and lots of bonds. Bonds premised, ultimately, like the 2008 bubble being premised on cheap mortgages, on oil breaking even.
If oil goes tits up, in the face of no demand, then those bonds go tits up. Those bonds hold up the rest of the economy. All that BRRRR went to energy company bonds. And when those go belly up;
Thats 2 Corinthians right there. Thats the whole ballgame.
The international game is oil. Always has been. Russia and the Saudis want US oil bankrupt. They can handle cheap oil for a while. Especially Russia, an oil glut plus rising NatGas prices mean the US cant afford to supply gas when they are pumping oil at a loss.
Eyes on the prize. Deflation is measured in oil, Inflation is measured in gold/asset prices. They are the same coin, and the 2 sides of it are only defined by Fed spreadsheets.
TL;DR the deflationary forces on oil will continue, and will reflect the inflation in gold and assets. Oil's collapse will be the signal that its already too late to buy bitcoin or gold, and it will likely take down the NASDAQ
submitted by Quantumdrive95 to RobinhoodYachtClub [link] [comments]

What will undoubtedly happen from a macroeconomic (big picture) perspective... idiots

OKAY. So demand has been reduced dramatically around the world, our $21 trillion GDP has basically been paused for 2 months, so to keep it afloat (rough math), the government had to add $3.5 trillion to keep the economy running somewhat smoothly. That's a lot of printing, you idiots probably expect inflation. Wrong, step away from the US and look at what other countries are doing, the ECB (European Central Bank) and BOJ (Bank of Japan) are having to print trillions of dollars worth of EURO and YEN to keep their economies going, along with every other country getting pounded. Not only that, but since the US dollar makes up 70% of global transactions, in liquidity terms, trillions worth of euro and yen is MUCH MUCH more than any amount Jpow feels like printing, there's no way our printing could offset what the rest of the world is doing, so inflation isn't coming. If you want proof, just look at the euro/usd (going lower) and literally ANY emerging market currency is getting absolutely clapped vs the dollar.

Furthermore, not only is US corporate debt at an all time high, but emerging markets, the eurozone, and asia has borrowed more dollars than ever before at any point in history, basically everyone around the world's debt is denominated in US DOLLARS. So what's about to happen? It's already happening, demand for US dollars is going up because everyone around the world wants to borrow more to offset cash flow concerns and pay off existing debts, which will cause the dollar to increase in value. What happens when the whole world has debt in dollars and the dollar goes up in value? DEBT BECOMES MORE EXPENSIVE. This is DEFLATION, and in particular and even more terrifying DEBT DEFLATION, a phrase that would make Jpow absolutely shit himself (and he knows its coming). This has already started before the whole beervirus nonsense, look at Venezuela and Zimbabwe, they had too much dollar debt, no one wanted to lend to them anymore and whoops, their currency is worthless now. It's going to be like a game of musical chairs for people trying to get access to dollars, starting with emerging markets and eventually moving into the more developed economies. The result: massive corporate bankruptcies, countries defaulting on debt (devaluing their currencies) and eventually a deleveraging of massive proportions. This WILL occur and no amount of printing can stop it, it's already too far gone.

It doesn't matter what the stock market does, other markets around the world will be fucked, honestly it might cause the market to go up because of all the money fleeing other countries trying to find a safe place to live. Here are the plays assholes. TLT will go up because no matter what Jpow says, he doesn't control the fed funds rate, the market does, and US treasury bond yields have already priced in bonds going negative. CPI shows that we may see up to -3% inflation (3% deflation), meaning at .25% fed funds rate, the REAL rate is 3.25%, that is the worst thing possible during a deleveraging because it makes it harder to stimulate the economy, the fed has no choice, rates MUST go lower. Rates go lower, bond prices go up, TLT 12/18 $205c. Remember how I said scared foreign money will want to find a nice safe place to go when we go into the biggest debt crisis the world has seen in over 300 years? GLD 12/18 $240c. Finally, the dollar will rise in value as well so UUP 12/18 $28c.

As far the actual market, we hit a high of SPY 339.08 in February, fell to a low of 218.26 by mid March, and have since then retraced EXACTLY to the 61.8% Fibonacci retracement level at 290, and started to bounce lower from there. I'm no technical analyst, but I do know history. During the greatest crashes in stock market history, 1929, 2001, 2008, the Nikkei in 1989 (Japan) this exact same thing happened, market got scared and fell to lows, then smoked that good hopium for a few weeks or month to retrace between 50% and 61.8% back to previews highs, then absolutely fell off a cliff. If you don't believe me, go look at the charts. Now, I'm personally not going to be betting on the US market falling because of the fact that its just straight up not reflecting reality and there are much better ways to trade on what's occurring (see trades above), but I PROMISE, that we will not be seeing new highs at any point any time soon.

TLDR; The world is going to shit due to the dollars over-dominance of the world market, we will soon see the worst deleveraging in human history, and may very well have to come up with a new fiat money system (probably not bitcoin, but it wouldn't hurt to have some). TLT 12/18 $205c, GLD 12/18 $240c, and UUP 12/18 $28c. If you wanna be an autist and buy weeklys, I can't help you, but I basically just gave you the next big short, so you're welcome.

DISCLAIMER: I didn't say what price to buy at for a reason, timing is extremely important for trades like this, so don't FOMO in and overpay, you will get clapped.
submitted by Rezuwrecked_ to wallstreetbets [link] [comments]

How I plan to identify and sell the top of the next market cycle.

In this post I will share with you some of the strategies I will use to identify the next market cycle top so I can sell for maximum profits (and of course buy back in later in the subsequent bear market!) In the first part of this post I will discuss the resources I will use and in the second part I will discuss tactics in selling and risk management.

Indicators

As the bull run begins to drag on and the price of ETH starts getting closer and closer to $10k I will begin to start watching many of the data science charts over at Look into Bitcoin. This will not be the only source I will use since there are great custom tools on TradingView too as well as more subjective indicators such as friends and family talking crypto and hearing about crypto again in the mainstream media. I’d also like to note that many of the indicators I will be looking at will be Bitcoin focused despite my ETH centred portfolio. Like it or not, this market is still Bitcoin dominated and despite the many proponents of an ETH flippening (myself included), it is quite likely that we will not see it this cycle due to the macro investing environment favouring assets which are good stores of value to weather the uncertainty. Ultimately, Bitcoin has the best store of value meme in crypto and that will be very powerful in the coming years.
I think it is likely that the time for Ethereum or a network like Ethereum with a yielding asset (ETH under ETH 2.0) and a native economy of DeFi, DApps, NFTs and much more will be once all of the stock market uncertainty is over and investors are ready to take on more risk again. I am of course still expecting Ethereum and altcoins to outperform Bitcoin this cycle. However, I think that Bitcoin losing the number 1 spot will be more likely to happen between 2023 and 2030 rather than in the next 2-3 years. I hope I am wrong though.
While most of the indicators on Looking into Bitcoin are useful, I will list the ones I’ll be focusing on the most here:
And finally my favourite, the Golden Ratio Multiplier. This indicator has been remarkably accurate at predicting tops using the golden ratio (1.6) and the fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13, 21) multiplied by the 350 day moving average. With each market cycle, the 350 day moving average is multiplied by the next number down in the fibonacci sequence. For example, the 2013 peak only just passed above the 350 day moving average multiplied by 8 and the 2017 bull market just touched the 350 day moving average multiplied by 5. So if this indicator is to work in the next cycle, we can expect the price to slightly exceed 3 times the value of the 350 day moving average. This indicator also worked for Ethereum in the 2017 bull run. While there is no graph for it, on the 13th of January, when ETH hit a peak of $1,419, the 350 day moving average was at $270. $270 multiplied by 5 is $1,350. If you sold at $1,350 you sold incredibly close to the top and I don’t think that any macro traders/long term traders would complain about that timing.
I’d like to note that while indicators like the Golden Ratio Multiplier factors in for less explosive growth each cycle, not all of the above indicators do. So be cautious of this when you think the peak is near as it may be closer than you think. In saying that, there is a lot of luck involved so I should also point out that it also might not be closer than you think. However, it would be better to sell before the peak at say $10,000/BTC as of 2017 than to be left holding all of your crypto when the bear market begins since Bitcoin didn’t spend much time above $10,000/BTC after the $20K peak. Ultimately it is up to you to decide your risk appetite and how well you want to try and time the market. For me, I will definitely be on the conservative side so that I don’t miss the boat completely and hopefully I will be able to sell most of my crypto just before we peak rather than afterwards.

Risk Management

Since timing the top requires a lot of luck, a good method of mitigating the risk is to spread out when you sell. I’m going to share with you my personal strategy but I recommend that you create your own strategy or use this as a basis from which you can use to adjust and tweak it to optimally suit your situation. If you have a large stack, you will probably want to sell early since you might not need such spectacular gains to lock in some life changing money. On the other hand, if you have a smaller stack or if you are younger, you can afford to take more risk and might want to try and time the absolute peak a bit better to get that much closer to making some life changing money. Personally, while my stack isn’t very big in dollar terms, it is a significant % of my net worth and so I don’t have a high risk tolerance with it (at least relative to other people in crypto!) For this reason I will be selling a little bit on the early side.
My plan has three pots of crypto. 20% of my crypto I will hold indefinitely since I very strongly believe in the long term prospect of ETH and BTC as investments. This way if I time the markets terribly, I will always have some skin in the crypto game. The second pot of crypto is 40% which I will sell on the way up to take some profits and I don’t intend on putting this money back into crypto. Initially I will be selling very small amounts of this 40% and as the indicators listed above get closer and closer to calling a top, I will sell larger proportions of this crypto. I haven’t set specific target numbers since things change fast in this space and I feel like the best decisions in this case are made in the moment. For example, estimating a market top is hard when it is 2-3 years away, but it is much easier when it is just months or weeks away. Once again, this is just personal preference. Many of you will find that setting targets now makes it easier for you to pull the trigger and take some profits when everyone else is calling $1M BTC while it is at $100K or calling for $100K ETH when the current price might be $10K.
Finally, the last 40% I will sell all at once when I feel like we are at the top and I am confident that the price will be lower a year on from that point in time. With this 40% I will try and buy back during the bear market with the help of many of the same indicators I listed above from Look into Bitcoin. I will also use some indicators which I didn’t mention above since some are better designed at identifying market bottoms. My goal is to be able to buy back the number of BTC and ETH I held before I sold anything with this 40% (plus the 20% I didn’t sell). This is a big ask but it is better in life to set hard goals that seem unattainable or unrealistic than it is to set easy goals.
To summarise my portfolio strategy, 20% of my portfolio is an indefinite hold, 40% I will sell on the way up and I do not intend on buying back into crypto with this money so I can avoid being over-exposed to crypto. The last 40% I will use to try and sell the top and buy the bottom.

Closing Notes

As a closing note I would like to say that it will be important to be aware of the power of greed and FOMO. Do not under-estimate these emotions and try to remain a grounded and rational investor. Don’t be scared to take profits. I know from experience trading altcoins that it is better to exit a position early and miss out on another 100% price increase than it is to hold through a bear market and take >90% losses. If you go into this bullrun telling yourself you will take profits on the way up, you will have no reason to regret any early sales since you will know that you made a rational trade and not an emotional trade.
submitted by Tricky_Troll to ethfinance [link] [comments]

Lines of Navigation | Monthly Portfolio Update - July 202

Our little systems have their day;
They have their day and cease to be
- Tennyson, In Memoriam A.H.H.
This is my forty-fourth portfolio update. I complete this update monthly to check my progress against my goal.
Portfolio goal
My objective is to reach a portfolio of $2 180 000 by 1 July 2021. This would produce a real annual income of about $87 000 (in 2020 dollars).
This portfolio objective is based on an expected average real return of 3.99 per cent, or a nominal return of 6.49 per cent.
Portfolio summary
Total portfolio value: $1 800 119 (+$34 376 or 1.9%)
Asset allocation
Presented visually, below is a high-level view of the current asset allocation of the portfolio.
[Chart]
Comments
The portfolio has substantially increased this month, continuing the recovery in portfolio value since March.
The strong portfolio growth of over $34 000, or 1.9 per cent, returns the value of the portfolio close to that achieved at the end of February this year.
[Chart]
This month there was minimal movement in the value of Australian and global equity holdings, There was, however, a significant lift of around 6 per cent in the value of gold exchange traded fund units, as well as a rise in the value of Bitcoin holdings.
These movements have pushed the value of gold holdings to their highest level so far on the entire journey. Their total value has approximately doubled since the original major purchases across 2009 to 2015.
For most of the past year gold has functioned as a portfolio stabiliser, having a negative correlation to movements in Australian equities (of around -0.3 to -0.4). As low and negative bond rates spread across the world, however, the opportunity cost of holding gold is reduced, and its potential diversification benefits loom larger.
The fixed income holdings of the portfolio also continued to fall beneath the target allocation, making this question of what represents a defensive (or negatively correlated to equity) asset far from academic.
This steady fall is a function of the slow maturing of Ratesetter loans, which were largely made between 2015 and 2017. Ratesetter has recently advised of important changes to its market operation, and placed a fixed maximum cap on new loan rates. By replacing market set rates with maximum rates, the peer-to-peer lending platform appears to be shifting to more of a 'intermediated' role in which higher past returns (of around 8 to 9 per cent) will now no longer be possible.
[Chart]
The expanding value of gold and Bitcoin holdings since January last year have actually had the practical effect of driving new investments into equities, since effectively for each dollar of appreciation, for example, my target allocation to equities rises by seven dollars.
Consistent with this, investments this month have been in the Vanguard international shares exchange-traded fund (VGS) using Selfwealth. This has been directed to bring my actual asset allocation more closely in line with the target split between Australian and global shares.
Fathoming out: franking credits and portfolio distributions
Earlier last month I released a summary of portfolio income over the past half year. This, like all before it, noted that the summary was prepared on a purely 'cash' basis, reflecting dividends actually paid into a bank account, and excluding consideration of franking credits.
Franking credits are credits for company tax paid at the company level, which can be passed to individual shareholders, reducing their personal tax liability. They are not cash, but for a personal investor with tax liabilities they can have equivalent value. This means that comparing equity returns to other investments without factoring these credits can produce a distorted picture of an investor's final after-tax return.
In past portfolio summaries I have noted an estimate for franking credits in footnotes, but updating the value for this recently resulted in a curiosity about the overall significance of this neglected element of my equity returns.
This neglect resulted from my perception earlier in the journey that they represented a marginal and abstract factor, which could effectively be assumed away for the sake of simplicity in reporting.
This is not a wholly unfair view, in the sense that income physically received and able to be spent is something definably different in kind than a notional 'pre-payment' credit for future tax costs. Yet, as the saying goes, because the prospect of personal tax is as certain as extinction from this world, in some senses a credit of this kind can be as valuable as a cash distribution.
Restoring the record: trends and drivers of franking credits
To collect a more accurate picture of the trends and drivers of franking credits I relied on a few sources - tax statements, records and the automatic franking credit estimates that the portfolio tracking site Sharesight generates.
The chart below sets out both the level and major different sources of franking credits received over the past eleven years.
[Chart]
From this chart some observations can be made.
The key reason for the rapid growth over the recent decade has been the increased investment holdings in Australian equities. As part of the deliberate rebalancing towards Australian shares across the past two years, these holdings have expanded.
The chart below sets out the total value of Australian shares held over the comparable period.
[Chart]
As an example, at the beginning of this record Australian equities valued at around $276 000 were held. Three years later, the holding were nearly three times larger.
The phase of consistently increasing the Australian equities holding to meet its allocated weighting is largely complete. This means that the period of rapid growth seen in the past few years is unlikely to repeat. Rather, growth will revert to be in proportion to total portfolio growth.
Close to cross-over: the credit card records
One of the most powerful initial motivators to reach financial independence was the concept of the 'cross over' point in Vicki Robins and Joe Dominguez's Your Money or Your Life. This was the point at which monthly expenses are exceeded by investment income.
One of the metrics I have traced is this 'cross-over' point in relation to recorded credit card expenses. And this point is now close indeed.
Expenditures on the credit card have continued their downward trajectory across the past month. The three year rolling average of monthly credit card spending remains at its lowest point over the period of the journey. Distributions on the same basis now meet over 99 per cent of card expenses - with the gap now the equivalent of less than $50 per month.
[Chart]
The period since April of the achievement of a notional and contingent form of financial independence has continued.
The below chart illustrates this temporary state, setting out the the extent to which to which portfolio distributions (red) cover estimated total expenses (green), measured month to month.
[Chart]
An alternative way to view the same data is to examine the degree to which total expenses (i.e. fixed payments not made on credit card added to monthly credit card expenses) are met by distributions received.
An updated version of this is seen in the chart below.
[Chart]
Interestingly, on a trend basis, this currently identifies a 'crossing over' point of trend distributions fully meeting total expenditure from around November 2019. This is not conclusive, however, as the trend curve is sensitive to the unusual COVID-19 related observations of the first half of this year, and could easily shift further downward if normal expense patterns resume.
One issue this analysis raises is what to do with the 'credit card purchases' measure reported below. This measure is designed to provide a stylised benchmark of how close the current portfolio is to a target of generating the income required to meet an annual average credit card expenditure of $71 000.
The problem with this is that continued falling credit card spending means that average credit card spending is lower than that benchmark for all time horizons - measured as three and four year averages, or in fact taken as a whole since 2013. So the set benchmark may, if anything, be understating actual progress compared the graphs and data above by not reflecting changing spending levels.
In the past I have addressed this trend by reducing the benchmark. Over coming months, or perhaps at the end of the year, I will need to revisit both the meaning, and method, of setting this measure.
Progress
Progress against the objective, and the additional measures I have reached is set out below.
Measure Portfolio All Assets
Portfolio objective – $2 180 000 (or $87 000 pa) 82.6% 111.5%
Credit card purchases – $71 000 pa 100.7% 136.0%
Total expenses – $89 000 pa 80.7% 109.0%
Summary
One of the most challenging aspects of closing in on a fixed numerical target for financial independence with risk assets still in place is that the updrafts and downdrafts of market movements can push the goal further away, or surprisingly close.
There have been long period of the journey where the total value of portfolio has barely grown, despite regular investments being made. As an example, the portfolio ended 2018 lower than it started the year. The past six months have been another such period. This can create a sense of treading water.
Yet amidst the economic devastation affecting real lives and businesses, this is an extremely fortunate position to be in. Australia and the globe are set to experience an economic contraction far more severe than the Global Financial Crisis, with a lesser capacity than previously for interest rates to cushion the impact. Despite similar measures being adopted by governments to address the downturn, it is not clear whether these are fit for purpose.
Asset allocation in this environment - of being almost suspended between two realities - is a difficult problem. The history of markets can tell us that just when assets seem most 'broken', they can produce outsized returns. Yet the problem remains that far from being surrounded by broken markets, the proliferation appears to be in bubble-like conditions.
This recent podcast discussion with the founder of Grant's Interest Rate Observer provided a useful historical context to current financial conditions this month. One of the themes of the conversation was 'thinking the unthinkable', such as a return of inflation. Similar, this Hoover Institute video discussion, with a 'Back from the future' premise, provides some entertaining, informed and insightful views on the surprising and contingent nature of what we know to be true.
Some of our little systems may well have had their day, but what could replace them remains obscured to any observer.
The post, links and full charts can be seen here.
submitted by thefiexpl to fiaustralia [link] [comments]

How I plan to identify and sell the top of the next market cycle.

In this post I will share with you some of the strategies I will use to identify the next market cycle top so I can sell for maximum profits (and of course buy back in later in the subsequent bear market!) In the first part of this post I will discuss the resources I will use and in the second part I will discuss tactics in selling and risk management.

Indicators

As the bull run begins to drag on and the price of ETH starts getting closer and closer to $10k I will begin to start watching many of the data science charts over at Look into Bitcoin. This will not be the only source I will use since there are great custom tools on TradingView too as well as more subjective indicators such as friends and family talking crypto and hearing about crypto again in the mainstream media. I’d also like to note that many of the indicators I will be looking at will be Bitcoin focused despite my ETH centred portfolio. Like it or not, this market is still Bitcoin dominated and despite the many proponents of an ETH flippening (myself included), it is quite likely that we will not see it this cycle due to the macro investing environment favouring assets which are good stores of value to weather the uncertainty. Ultimately, Bitcoin has the best store of value meme in crypto and that will be very powerful in the coming years.
I think it is likely that the time for Ethereum or a network like Ethereum with a yielding asset (ETH under ETH 2.0) and a native economy of DeFi, DApps, NFTs and much more will be once all of the stock market uncertainty is over and investors are ready to take on more risk again. I am of course still expecting Ethereum and altcoins to outperform Bitcoin this cycle. However, I think that Bitcoin losing the number 1 spot will be more likely to happen between 2023 and 2030 rather than in the next 2-3 years. I hope I am wrong though.
While most of the indicators on Looking into Bitcoin are useful, I will list the ones I’ll be focusing on the most here:
And finally my favourite, the Golden Ratio Multiplier. This indicator has been remarkably accurate at predicting tops using the golden ratio (1.6) and the fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13, 21) multiplied by the 350 day moving average. With each market cycle, the 350 day moving average is multiplied by the next number down in the fibonacci sequence. For example, the 2013 peak only just passed above the 350 day moving average multiplied by 8 and the 2017 bull market just touched the 350 day moving average multiplied by 5. So if this indicator is to work in the next cycle, we can expect the price to slightly exceed 3 times the value of the 350 day moving average. This indicator also worked for Ethereum in the 2017 bull run. While there is no graph for it, on the 13th of January, when ETH hit a peak of $1,419, the 350 day moving average was at $270. $270 multiplied by 5 is $1,350. If you sold at $1,350 you sold incredibly close to the top and I don’t think that any macro traders/long term traders would complain about that timing.
I’d like to note that while indicators like the Golden Ratio Multiplier factors in for less explosive growth each cycle, not all of the above indicators do. So be cautious of this when you think the peak is near as it may be closer than you think. In saying that, there is a lot of luck involved so I should also point out that it also might not be closer than you think. However, it would be better to sell before the peak at say $10,000/BTC as of 2017 than to be left holding all of your crypto when the bear market begins since Bitcoin didn’t spend much time above $10,000/BTC after the $20K peak. Ultimately it is up to you to decide your risk appetite and how well you want to try and time the market. For me, I will definitely be on the conservative side so that I don’t miss the boat completely and hopefully I will be able to sell most of my crypto just before we peak rather than afterwards.

Risk Management

Since timing the top requires a lot of luck, a good method of mitigating the risk is to spread out when you sell. I’m going to share with you my personal strategy but I recommend that you create your own strategy or use this as a basis from which you can use to adjust and tweak it to optimally suit your situation. If you have a large stack, you will probably want to sell early since you might not need such spectacular gains to lock in some life changing money. On the other hand, if you have a smaller stack or if you are younger, you can afford to take more risk and might want to try and time the absolute peak a bit better to get that much closer to making some life changing money. Personally, while my stack isn’t very big in dollar terms, it is a significant % of my net worth and so I don’t have a high risk tolerance with it (at least relative to other people in crypto!) For this reason I will be selling a little bit on the early side.
My plan has three pots of crypto. 20% of my crypto I will hold indefinitely since I very strongly believe in the long term prospect of ETH and BTC as investments. This way if I time the markets terribly, I will always have some skin in the crypto game. The second pot of crypto is 40% which I will sell on the way up to take some profits and I don’t intend on putting this money back into crypto. Initially I will be selling very small amounts of this 40% and as the indicators listed above get closer and closer to calling a top, I will sell larger proportions of this crypto. I haven’t set specific target numbers since things change fast in this space and I feel like the best decisions in this case are made in the moment. For example, estimating a market top is hard when it is 2-3 years away, but it is much easier when it is just months or weeks away. Once again, this is just personal preference. Many of you will find that setting targets now makes it easier for you to pull the trigger and take some profits when everyone else is calling $1M BTC while it is at $100K or calling for $100K ETH when the current price might be $10K.
Finally, the last 40% I will sell all at once when I feel like we are at the top and I am confident that the price will be lower a year on from that point in time. With this 40% I will try and buy back during the bear market with the help of many of the same indicators I listed above from Look into Bitcoin. I will also use some indicators which I didn’t mention above since some are better designed at identifying market bottoms. My goal is to be able to buy back the number of BTC and ETH I held before I sold anything with this 40% (plus the 20% I didn’t sell). This is a big ask but it is better in life to set hard goals that seem unattainable or unrealistic than it is to set easy goals.
To summarise my portfolio strategy, 20% of my portfolio is an indefinite hold, 40% I will sell on the way up and I do not intend on buying back into crypto with this money so I can avoid being over-exposed to crypto. The last 40% I will use to try and sell the top and buy the bottom.

Closing Notes

As a closing note I would like to say that it will be important to be aware of the power of greed and FOMO. Do not under-estimate these emotions and try to remain a grounded and rational investor. Don’t be scared to take profits. I know from experience trading altcoins that it is better to exit a position early and miss out on another 100% price increase than it is to hold through a bear market and take >90% losses. If you go into this bullrun telling yourself you will take profits on the way up, you will have no reason to regret any early sales since you will know that you made a rational trade and not an emotional trade.
submitted by Tricky_Troll to CryptoCurrency [link] [comments]

The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

Author: Christian Hsieh, CEO of Tokenomy
This paper examines some explanations for the continual global market demand for the U.S. dollar, the rise of stablecoins, and the utility and opportunities that crypto dollars can offer to both the cryptocurrency and traditional markets.
The U.S. dollar, dominant in world trade since the establishment of the 1944 Bretton Woods System, is unequivocally the world’s most demanded reserve currency. Today, more than 61% of foreign bank reserves and nearly 40% of the entire world’s debt is denominated in U.S. dollars1.
However, there is a massive supply and demand imbalance in the U.S. dollar market. On the supply side, central banks throughout the world have implemented more than a decade-long accommodative monetary policy since the 2008 global financial crisis. The COVID-19 pandemic further exacerbated the need for central banks to provide necessary liquidity and keep staggering economies moving. While the Federal Reserve leads the effort of “money printing” and stimulus programs, the current money supply still cannot meet the constant high demand for the U.S. dollar2. Let us review some of the reasons for this constant dollar demand from a few economic fundamentals.

Demand for U.S. Dollars

Firstly, most of the world’s trade is denominated in U.S. dollars. Chief Economist of the IMF, Gita Gopinath, has compiled data reflecting that the U.S. dollar’s share of invoicing was 4.7 times larger than America’s share of the value of imports, and 3.1 times its share of world exports3. The U.S. dollar is the dominant “invoicing currency” in most developing countries4.

https://preview.redd.it/d4xalwdyz8p51.png?width=535&format=png&auto=webp&s=9f0556c6aa6b29016c9b135f3279e8337dfee2a6

https://preview.redd.it/wucg40kzz8p51.png?width=653&format=png&auto=webp&s=71257fec29b43e0fc0df1bf04363717e3b52478f
This U.S. dollar preference also directly impacts the world’s debt. According to the Bank of International Settlements, there is over $67 trillion in U.S. dollar denominated debt globally, and borrowing outside of the U.S. accounted for $12.5 trillion in Q1 20205. There is an immense demand for U.S. dollars every year just to service these dollar debts. The annual U.S. dollar buying demand is easily over $1 trillion assuming the borrowing cost is at 1.5% (1 year LIBOR + 1%) per year, a conservative estimate.

https://preview.redd.it/6956j6f109p51.png?width=487&format=png&auto=webp&s=ccea257a4e9524c11df25737cac961308b542b69
Secondly, since the U.S. has a much stronger economy compared to its global peers, a higher return on investments draws U.S. dollar demand from everywhere in the world, to invest in companies both in the public and private markets. The U.S. hosts the largest stock markets in the world with more than $33 trillion in public market capitalization (combined both NYSE and NASDAQ)6. For the private market, North America’s total share is well over 60% of the $6.5 trillion global assets under management across private equity, real assets, and private debt investments7. The demand for higher quality investments extends to the fixed income market as well. As countries like Japan and Switzerland currently have negative-yielding interest rates8, fixed income investors’ quest for yield in the developed economies leads them back to the U.S. debt market. As of July 2020, there are $15 trillion worth of negative-yielding debt securities globally (see chart). In comparison, the positive, low-yielding U.S. debt remains a sound fixed income strategy for conservative investors in uncertain market conditions.

Source: Bloomberg
Last, but not least, there are many developing economies experiencing failing monetary policies, where hyperinflation has become a real national disaster. A classic example is Venezuela, where the currency Bolivar became practically worthless as the inflation rate skyrocketed to 10,000,000% in 20199. The recent Beirut port explosion in Lebanon caused a sudden economic meltdown and compounded its already troubled financial market, where inflation has soared to over 112% year on year10. For citizens living in unstable regions such as these, the only reliable store of value is the U.S. dollar. According to the Chainalysis 2020 Geography of Cryptocurrency Report, Venezuela has become one of the most active cryptocurrency trading countries11. The demand for cryptocurrency surges as a flight to safety mentality drives Venezuelans to acquire U.S. dollars to preserve savings that they might otherwise lose. The growth for cryptocurrency activities in those regions is fueled by these desperate citizens using cryptocurrencies as rails to access the U.S. dollar, on top of acquiring actual Bitcoin or other underlying crypto assets.

The Rise of Crypto Dollars

Due to the highly volatile nature of cryptocurrencies, USD stablecoin, a crypto-powered blockchain token that pegs its value to the U.S. dollar, was introduced to provide stable dollar exposure in the crypto trading sphere. Tether is the first of its kind. Issued in 2014 on the bitcoin blockchain (Omni layer protocol), under the token symbol USDT, it attempts to provide crypto traders with a stable settlement currency while they trade in and out of various crypto assets. The reason behind the stablecoin creation was to address the inefficient and burdensome aspects of having to move fiat U.S. dollars between the legacy banking system and crypto exchanges. Because one USDT is theoretically backed by one U.S. dollar, traders can use USDT to trade and settle to fiat dollars. It was not until 2017 that the majority of traders seemed to realize Tether’s intended utility and started using it widely. As of April 2019, USDT trading volume started exceeding the trading volume of bitcoina12, and it now dominates the crypto trading sphere with over $50 billion average daily trading volume13.

https://preview.redd.it/3vq7v1jg09p51.png?width=700&format=png&auto=webp&s=46f11b5f5245a8c335ccc60432873e9bad2eb1e1
An interesting aspect of USDT is that although the claimed 1:1 backing with U.S. dollar collateral is in question, and the Tether company is in reality running fractional reserves through a loose offshore corporate structure, Tether’s trading volume and adoption continues to grow rapidly14. Perhaps in comparison to fiat U.S. dollars, which is not really backed by anything, Tether still has cash equivalents in reserves and crypto traders favor its liquidity and convenience over its lack of legitimacy. For those who are concerned about Tether’s solvency, they can now purchase credit default swaps for downside protection15. On the other hand, USDC, the more compliant contender, takes a distant second spot with total coin circulation of $1.8 billion, versus USDT at $14.5 billion (at the time of publication). It is still too early to tell who is the ultimate leader in the stablecoin arena, as more and more stablecoins are launching to offer various functions and supporting mechanisms. There are three main categories of stablecoin: fiat-backed, crypto-collateralized, and non-collateralized algorithm based stablecoins. Most of these are still at an experimental phase, and readers can learn more about them here. With the continuous innovation of stablecoin development, the utility stablecoins provide in the overall crypto market will become more apparent.

Institutional Developments

In addition to trade settlement, stablecoins can be applied in many other areas. Cross-border payments and remittances is an inefficient market that desperately needs innovation. In 2020, the average cost of sending money across the world is around 7%16, and it takes days to settle. The World Bank aims to reduce remittance fees to 3% by 2030. With the implementation of blockchain technology, this cost could be further reduced close to zero.
J.P. Morgan, the largest bank in the U.S., has created an Interbank Information Network (IIN) with 416 global Institutions to transform the speed of payment flows through its own JPM Coin, another type of crypto dollar17. Although people argue that JPM Coin is not considered a cryptocurrency as it cannot trade openly on a public blockchain, it is by far the largest scale experiment with all the institutional participants trading within the “permissioned” blockchain. It might be more accurate to refer to it as the use of distributed ledger technology (DLT) instead of “blockchain” in this context. Nevertheless, we should keep in mind that as J.P. Morgan currently moves $6 trillion U.S. dollars per day18, the scale of this experiment would create a considerable impact in the international payment and remittance market if it were successful. Potentially the day will come when regulated crypto exchanges become participants of IIN, and the link between public and private crypto assets can be instantly connected, unlocking greater possibilities in blockchain applications.
Many central banks are also in talks about developing their own central bank digital currency (CBDC). Although this idea was not new, the discussion was brought to the forefront due to Facebook’s aggressive Libra project announcement in June 2019 and the public attention that followed. As of July 2020, at least 36 central banks have published some sort of CBDC framework. While each nation has a slightly different motivation behind its currency digitization initiative, ranging from payment safety, transaction efficiency, easy monetary implementation, or financial inclusion, these central banks are committed to deploying a new digital payment infrastructure. When it comes to the technical architectures, research from BIS indicates that most of the current proofs-of-concept tend to be based upon distributed ledger technology (permissioned blockchain)19.

https://preview.redd.it/lgb1f2rw19p51.png?width=700&format=png&auto=webp&s=040bb0deed0499df6bf08a072fd7c4a442a826a0
These institutional experiments are laying an essential foundation for an improved global payment infrastructure, where instant and frictionless cross-border settlements can take place with minimal costs. Of course, the interoperability of private DLT tokens and public blockchain stablecoins has yet to be explored, but the innovation with both public and private blockchain efforts could eventually merge. This was highlighted recently by the Governor of the Bank of England who stated that “stablecoins and CBDC could sit alongside each other20”. One thing for certain is that crypto dollars (or other fiat-linked digital currencies) are going to play a significant role in our future economy.

Future Opportunities

There is never a dull moment in the crypto sector. The industry narratives constantly shift as innovation continues to evolve. Twelve years since its inception, Bitcoin has evolved from an abstract subject to a familiar concept. Its role as a secured, scarce, decentralized digital store of value has continued to gain acceptance, and it is well on its way to becoming an investable asset class as a portfolio hedge against asset price inflation and fiat currency depreciation. Stablecoins have proven to be useful as proxy dollars in the crypto world, similar to how dollars are essential in the traditional world. It is only a matter of time before stablecoins or private digital tokens dominate the cross-border payments and global remittances industry.
There are no shortages of hypes and experiments that draw new participants into the crypto space, such as smart contracts, new blockchains, ICOs, tokenization of things, or the most recent trends on DeFi tokens. These projects highlight the possibilities for a much more robust digital future, but the market also needs time to test and adopt. A reliable digital payment infrastructure must be built first in order to allow these experiments to flourish.
In this paper we examined the historical background and economic reasons for the U.S. dollar’s dominance in the world, and the probable conclusion is that the demand for U.S. dollars will likely continue, especially in the middle of a global pandemic, accompanied by a worldwide economic slowdown. The current monetary system is far from perfect, but there are no better alternatives for replacement at least in the near term. Incremental improvements are being made in both the public and private sectors, and stablecoins have a definite role to play in both the traditional and the new crypto world.
Thank you.

Reference:
[1] How the US dollar became the world’s reserve currency, Investopedia
[2] The dollar is in high demand, prone to dangerous appreciation, The Economist
[3] Dollar dominance in trade and finance, Gita Gopinath
[4] Global trades dependence on dollars, The Economist & IMF working papers
[5] Total credit to non-bank borrowers by currency of denomination, BIS
[6] Biggest stock exchanges in the world, Business Insider
[7] McKinsey Global Private Market Review 2020, McKinsey & Company
[8] Central banks current interest rates, Global Rates
[9] Venezuela hyperinflation hits 10 million percent, CNBC
[10] Lebanon inflation crisis, Reuters
[11] Venezuela cryptocurrency market, Chainalysis
[12] The most used cryptocurrency isn’t Bitcoin, Bloomberg
[13] Trading volume of all crypto assets, coinmarketcap.com
[14] Tether US dollar peg is no longer credible, Forbes
[15] New crypto derivatives let you bet on (or against) Tether’s solvency, Coindesk
[16] Remittance Price Worldwide, The World Bank
[17] Interbank Information Network, J.P. Morgan
[18] Jamie Dimon interview, CBS News
[19] Rise of the central bank digital currency, BIS
[20] Speech by Andrew Bailey, 3 September 2020, Bank of England
submitted by Tokenomy to tokenomyofficial [link] [comments]

Bittrex Review: One of the First Crypto Exchanges| Final Part

Bittrex Review: One of the First Crypto Exchanges| Final Part

4. Transaction Fees

Transferring funds across the blockchain and withdrawing them from Bittrex costs a fee for customers, with the rate unique for every coin.
Bittrex Global charges no commission for deposits. Please keep in mind that some tokens or cash may be required to perform a transaction by a crypto coin or token’s community. Bittrex crypto exchange can’t keep away from it.
Every token or coin has a blockchain transaction fee that is built in it, and the Bittrex fee is a small amount to cover this charge. You can view the fee percentage for every coin or token by clicking Withdrawal near to the coin. There you will see a transaction fee you will be charged for withdrawing a specific coin or token.
In the example below, the withdrawal fee amounts to 1 USDT
https://preview.redd.it/209uz2p64zh51.jpg?width=974&format=pjpg&auto=webp&s=9ee9355c4d75d41931a3073b8a230bd1ffddaf08
The transaction fee for Bitcoin came to 0.00050000 BTC
https://preview.redd.it/vh7zbe884zh51.jpg?width=974&format=pjpg&auto=webp&s=e6293650b46a7e0ba661478bd2467471b8b213f9

5. Trading Fees

The fee schedule below provides the applicable rate based on the account's 30-Day Volume and if the order is a maker or taker.
Bittrex Global Fee30 Day Volume (USD)MakerTaker$0k - $50k0.2%0.2%$50k - $1M0.12%0.18%$1M - $10M0.05%0.15%$10M - $60M0.02%0.1%$60M+0%0.08%>$100MContact TAM representative
Trading expenses are incurred when an order is prepared by means of the Bittrex worldwide matching engine. While an order is being executed, the purchaser and the vendor are charged a rate primarily based on the order’s amount. The fee charged by Bittrex exchange is calculated by the formula amount * buy rate * fee. There aren't any charges for placing an order which is not being executed so far. Any portion of an unfinished order will be refunded completely upon order cancelation.
Prices vary depending on the currency pair, monthly trade volume, and whether the order is a maker or taker. Bittrex reserves the right to alternate fee quotes at any time, including offering various discounts and incentive packages.

Monthly Volume

Your buying and selling volume affects the fee you pay for every order. Our expenses are built to encourage customers who ensure liquidity in the Bittrex crypto exchange markets. Your buying and selling charges are reduced according to your trade volume for the last 30 years in dollars.
Bittrex calculates the 30-day value every day, updating every account's volume calculation and buying and selling charge between of 12:30 AM UTC and 01:30 AM UTC every day.
You can check your monthly trade volume by logging in and opening Account > My Activity.
https://preview.redd.it/n1djh2ob4zh51.jpg?width=974&format=pjpg&auto=webp&s=2eebb9c9ac63de207c4dd2e49bc45aeb53a8dec8

6. Withdrawing Funds

Withdrawing any type of funds is likewise simple. You can profit by buying and selling Bitcoin, Ether, or any other cryptocurrency.
You determine the crypto address—to which the amount will be credited—and the transaction amount. The withdrawal fee will be automatically calculated and shown right away.
After confirming the transaction, the finances will be sent to the specified addresses and all that you need to do is to wait for the community to confirm the transaction.
If the 2FA is enabled, then the user receives a special code (via SMS or application) to confirm the withdrawal.

7. How to Trade on Bittrex Global

Currency selling and buying transactions are performed using the Sell and Buy buttons, accordingly.
To begin with, the dealer selects a currency pair and sees a graph of the rate dynamics and different values for the pair.
Below the chart, there is a section with orders where the user can buy or sell a virtual asset.
To create an order, you just need to specify the order type, price, and quantity. And do not forget about the 0.25% trade fee whatever the quantity.
For optimum profit, stay with liquid assets as they can be quickly sold at a near-market rate effective at the time of the transaction. Bittrex offers no referral program; so buying and selling crypto is the easiest way to earn.
https://preview.redd.it/hopm6fih4zh51.jpg?width=1302&format=pjpg&auto=webp&s=68c0aaae86f64c3e6b9d351c3df2a9c331f94038

Order Types

Bittrex helps you alternate Limit and Stop-Limit orders.
A limit order or a simple limit order is performed when the asset fee reaches—or even exceeds—the price the trader seeks. To execute such an order, it is required that there's a counter market order on the platform that has the identical fee as the limit order.

Differences between Limit Order and Stop Limit Order

A stop limit order is a mixture of a stop limit order and a limit order. In such an application, charges are indicated—a stop charge and the limit.

Stop Limit Order Purpose

https://preview.redd.it/hlxvy9ti4zh51.jpg?width=1141&format=pjpg&auto=webp&s=064a77459a4dcb4555a885cbc56629aae10fc38b

Trade Terminal

Let’s discuss how you could trade conveniently with our service.
The key features include a user-friendly interface and precise currency pair statistics (timeframe graphs, network data, trade volumes, and so forth).
The platform’s top-notch advantage is handy, easy-to-analyze, customizable charts. There is also a column for quick switching between currency pairs and an order panel beneath the fee chart. Such an all-encompassing visual solution helps compare orders efficiently and in one place.
You can use the terminal in a day or night mode; when in the night mode, the icon in the upper-right corner changes and notice the Bittrex trading terminal in night mode is displayed. The main menu consists of 4 sections: Markets, Orders, Wallets, Settings.
Markets are the trade section. Bittrex allows handling over 270 currency pairs.
Orders. To see all open orders, go to OrdersOpen.
To see completed orders, go to OrdersCompleted.
Wallets. The Wallets tab displays many wallets for all cryptocurrencies supported by the exchange and the current balance of each of them.
After refilling the balance or creating a buy or sale order, you will see all actions in the section. Bittrex allows creating a separate wallet for every coin. Additionally, you can see how the coin price has changed, in terms of percentage, throughout the day.
Here’s what you can also do with your wallets:
  • Hide zero balances: hide currencies with zero balance
  • Green and red arrows: replenish balance/withdraw funds
  • Find: search for a cryptocurrency
The Settings section helps manage your account, verification, 2FA, password modification, API connection, and many more.

How to Sell

The process of selling crypto assets follows the same algorithm. The only difference is that after choosing the exchange direction, you need to initiate a Sell order. All the rest is similar: you select the order type, specify the quantity and price, and click Sell *Currency Name* (Sell Bitcoin in our case).
If you scroll the screen, the entire history of trades and orders will be displayed below.

LONG and SHORT

You can make a long deal or a short deal. Your choice depends on whether you expect an asset to fall or rise in price.
Long positions are a classic trading method. It concerns purchasing an asset to profit when its value increases. Long positions are carried out through any brokers and do not require a margin account. In this case, the trader’s account must have enough funds to cover the transaction.
Losses in a long position are considered to be limited; no matter when the trade starts, the price will not fall below zero with all possible errors. Short positions, in contrast, are used to profit from a falling market. A trader buys a financial instrument from a broker and sells it. After the price reaches the target level, the trader buys back the assets or buys them to pay off the initial debt to the broker.
A short position yields profit if the price falls, and it is considered unprofitable the price matches the asset value. Performing a short order requires a margin account as a trader borrows valuable assets from a broker to complete a transaction. Long transactions help gain from market growth; short from a market decline.

Trade via API

Bittrex also supports algorithmic trading through extensive APIs (application programming interface), which allows you to automate the trading process using third-party services.
To create an API key, the user must enable the two-factor authentication 2FA, verify their account, and log in to the site within 3 minutes.
If all the requirements of the system are fulfilled, you can proceed to generate the API key. Log in to your Bittrex account, click Settings. Find API Keys. Click Add new key (Create a new key).
Toggle on / off settings for READ INFO, TRADE, or WITHDRAW, depending on what functionality you want to use for our API key.
Click Save and enter the 2FA code from the authenticator → Confirm.
The secret key will be displayed only once and will disappear after the page is refreshed. Make sure you saved it!
To delete an API key, click X in the right corner for the key that you want to delete, then click Save, enter the 2FA code from the authenticator and click Confirm.

Bittrex Bot, a Trader’s Assistant

Robotized programs that appeared sometimes after the appearance of cryptocurrency exchanges save users from monotonous work and allow automating the trading process.
Bots for trading digital money work like all the other bots: they perform mechanical trading according to the preset parameters.
Currently, one of Bittrex’s most popular trading bots is Bittrex Flash Crash Buyer Bot that helps traders profit from altcoin volatility without missing the right moment.
The program monitors all the market changes in the market every second; also, it even can place an order in advance. The Bittrex bot can handle a stop loss—to sell a certain amount of currency when the rate changes in a favorable direction and reaches a certain level.

8. Secure Platform

Bittrex Global employs the most reliable and effective security technologies available. There are many cases of theft, fraud. It is no coincidence that the currency is compared to the Wild West, especially if we compare the 1800s when cowboys rushed to the West Coast of America to earn and start something new in a place that had no rules.
Cryptocurrency is still wild. One can earn and lose money fast. But Bittrex has a substantial security policy thanks to the team’s huge experience in security and development for companies such as Microsoft, Amazon, Qualys, and Blackberry.
The system employs an elastic, multi-stage holding strategy to ensure that the majority of funds are kept in cold storage for extra safety.
Bittrex Global also enables the two-factor authentication for all users and provides a host of additional security features to provide multiple layers of protection.
Bittrex cold wallet: https://bitinfocharts.com/en/bitcoin/address/385cR5DM96n1HvBDMzLHPYcw89fZAXULJP

How to Pass IP Verification

To ensure higher security of your Bittrex Global account, the system requires all users to approve each new IP address through an email confirmation. This IP verification procedure is required every time you attempt to log in from a new IP Address.
Confirming your IP address.
https://preview.redd.it/rnl730z75zh51.jpg?width=971&format=pjpg&auto=webp&s=bd13fba0a844ab01cadc40003f5ea5de7439cbf9
The new IP address must be confirmed from the device that you are using to access Bittrex Global. This means that you must follow the CLICK HERE TO LOGIN link in an email on the device that you want to use to access your account.
https://preview.redd.it/tq9eje795zh51.jpg?width=607&format=pjpg&auto=webp&s=160b2ebfd1b9e0a287d4d2b99017dd45518ef2f7
To ensure even more security, Bittrex Global supports whitelisting of IP addresses and Crypto addresses. These two features can help protect the account in the event of credentials or API key loss.

How to Add IP Address to Whitelist

By setting one or more whitelisted addresses, you are telling Bittrex Global to only authorize trades or withdrawals from those IPs. This concerns both the global.bittrex.com web interface and API-based trades or withdrawals. To do this, click IP Whitelist in Site Settings.
https://preview.redd.it/m2klahja5zh51.jpg?width=971&format=pjpg&auto=webp&s=7cfb941ecb5284973baed1a2b0301459e36a0ab6

How to Add Crypto Address to Whitelist

By setting a withdrawal address, you are telling Bittrex Global to authorize withdrawals only to that address.
This concerns both the global.bittrex.com web interface and API based withdrawals.
Note that when opting into this feature, you need to specify a withdrawal address would like to withdraw funds from for every currency. To do this, click Withdrawal Whitelist in the Site Settings section. The example below shows a BTC address.
https://preview.redd.it/yrror8zd5zh51.jpg?width=974&format=pjpg&auto=webp&s=179dd7da9f6e59d3fca628cbfcd2c3962562f911

Afterword

Bittrex Global is a reliable and advanced platform for trading digital assets with a respected reputation, long history, and active market presence and development nowadays. The exchange is eligible to be used globally, including the US and its territories.
The legal component of Bittrex Global is one of the most legitimate among numerous crypto-asset exchanges.
The Bittrex team has had great ambitions and managed to deliver promises and more. The exchange staff comprises forward-thinking and exceptional individuals whose success is recognized in the traditional business and blockchain sector.
Bittrex's purpose is to be the driving force in the blockchain revolution, expanding the application, importance, and accessibility of this game-changing technology worldwide.
The exchange fosters new and innovative blockchain and related projects that could potentially change the way money and assets are managed globally.
Alongside innovation, safety will always be the main priority of the company. The platform utilizes the most reliable and effective practices and available technologies to protect user accounts. Bittrex customers have always primarily been those who appreciate the highest degree of security.
Because of the way the Bittrex trading platform is designed, it can easily scale to always provide instant order execution for any number of new customers.
Bittrex supports algorithmic trading and empowers its customers with extensive APIs for more automated and profitable trading.
One of the common features which is not available on the exchange is margin trading. No leverage used however adds up to the exchange's stability and prevents fast money seekers and risky traders from entering the exchange.
Bittrex is a force of the blockchain revolution and an important entity of the emerging sector.
The full version
First part
Second part
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Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ

Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase support number 1844-699-6794 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. #@$#@YUYIUO
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Coinbase pro support number 1844-699-6794 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Coinbase support number 1844-699-6794's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Coinbase pro support number 1844-699-6794 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
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Coinbase Pro Support Number
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There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Coinbase support number 1844-699-6794's headquarters?
This seemingly simple question is actually more complex. Until February, Coinbase support number 1844-699-6794 was considered to be based in Malta. That changed when the island European nation announced that, no, Coinbase support number 1844-699-6794 is not under its jurisdiction. Since then Coinbase support number 1844-699-6794 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
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Coinbase Pro Support Number
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Coinbase Compailnt Number
Coinbase Pro Helpline Number
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Coinbase support Service number 1844-699-6794 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Coinbase support number 1844-699-6794 office. Wherever I need somebody, is going to be the Coinbase support number 1844-699-6794 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
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Coinbase Pro Helpline Number Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Zhao said Coinbase support number 1844-699-6794 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
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Coinbase Phone support number 1844-699-6794 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Coinbase support number 1844-699-6794 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Coinbase support number 1844-699-6794, announced that the exchange had frozen the funds. He also added that Coinbase Helpline support number 1844-699-6794 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase support number 1844-699-6794 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. #@$#@YUYIUO
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Coinbase pro support number 1844-699-6794 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Coinbase support number 1844-699-6794's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Coinbase pro support number 1844-699-6794 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Coinbase support number 1844-699-6794's headquarters?
This seemingly simple question is actually more complex. Until February, Coinbase support number 1844-699-6794 was considered to be based in Malta. That changed when the island European nation announced that, no, Coinbase support number 1844-699-6794 is not under its jurisdiction. Since then Coinbase support number 1844-699-6794 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Coinbase support Service number 1844-699-6794 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Coinbase support number 1844-699-6794 office. Wherever I need somebody, is going to be the Coinbase support number 1844-699-6794 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
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Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
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Coinbase Pro Helpline Number Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Zhao said Coinbase support number 1844-699-6794 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Coinbase Phone support number 1844-699-6794 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Coinbase support number 1844-699-6794 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Coinbase support number 1844-699-6794, announced that the exchange had frozen the funds. He also added that Coinbase Helpline support number 1844-699-6794 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
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Bitcoin vs USD Chart on Search Volume #Bitcoin #USD with Google Trends

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