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Hulk.Finance: A Combination of DeFi and High Frequency Trading

DeFi continues to push the limits of blockchain technology. Whether its staking a native token for a second token from the same ecosystem, locking liquidity for an eternity to promote liquidity providing and the benefits of locking tokens, or simply creating new tokenomics that can be tested and studied, DeFi is exploring all avenues to produce the next breakout token such as YFI. Hulk.finance has stepped in to do just that.

Hulk.finance (Contract Address: 0xE1f8CD01aB04b51d02C6fb2BCA61B03fB5e33B99**)** is an ERC20 token which plans to utilize a DAO (Decentralized Autonomous Organization) format that will be community governed in order to promote high frequency trading in a manner only DeFi can bring to the table. As stated on their website, “Our project connects a high-yield partner HFT (High Frequency Trading) fund that has successfully worked from the beginning of 2020 and has year-to-date yields of more than 40%. The fund size is more than 70 millions USD and they operate on several cryptocurrency exchanges like Binance and Bithumb with their API robots. What is good — automated trading does not require continuous uptrend of the Bitcoin price. We have seen good results during Bitcoin breakouts and breakdowns. We want to have the same yields from our investments. But there is a problem — they work with an entrance barrier of 1,000,000 USDT, like many private banking services or high-yield ETFs. Our basic idea is to make a kind of DeFi staking pool and put it under the management of the HFT fund. We will develop all infrastructure for connecting finance flows, deposits, and withdrawals.

The HULK total supply is 100,000 Tokens. Distribution breakdown is as follows:

The project is new but already has a road-map to help guide their lofty ambitions. The first step begins with the formation of the pre-sale and Liquidity pool on Uniswap which is currently ongoing. Secondly, they will distribute Hulk tokens via staking farms. As described in their website they “will run staking farms for farming 80,000 HULKs*. You will need to stake appropriate tokens on the selected farms to get your share of rewards in HULKs. Farm 1 will farm rewards of 60,000* HULKs within 15 days, staking token — ETH-HULK LP Uniswap V2. Farm 2 will farm rewards of 10,000 HULKs within 15 days, staking token — USDN. Farm 3 will farm rewards of 10,000 HULKs within 15 days, staking token — Token Y. Token Y will be announced prior to the farms’ launch. Genesis farming time will be 15 days, after that farming rate will be settled on the level of 15th day. We implement halving every three days, so early farmers will get more HULKs. View on Etherscan. In order to support the price of the token from dumping, we will take a 5% commission for the sale of tokens, when holders sell it on Uniswap, burn 4% and add 1% to the community grants account. The burnt amount will be added to farming pools after 15 days of initial farming. So, for example, if someone sold 20,000 HULKs, we will take 1,000 tokens, burn 800 of them and they will be re-minted on day 16. 200 tokens will be sent to the community grants address. The total supply is 100,000 tokens.”

The third step includes the staking pool. The staking pool will be open for everyone on the following terms and conditions.


Funds from the staking pool will be transferred to the HFT fund for trading operations.

Lastly, the Vault concept is descriptive. “We want to share revenue from HFT fund among HULK holders that stake their tokens in HULK Vault. HFT fund will send revenue from its operation once a month, on the first day of the following month. Current concept: Monthly revenue from HFT operations will be shared between HULK tokens staked in the vault according to the time of staking divided on 720 hours. Example: You stake your 500 HULK tokens in Vault for 20 days (480 hours). Your HULK/hours equal to 500*480=240,000. Total HULK/hours in Vault in this month — 60,000,000. Your share in this month = 0,4%. HFT fund has earned 4% on staking pool funds this month. After payout of their 1,25% (15%/12) per month to USDT stakers, the remaining part is 10,000,000 USDT x 2,75% = 275,000 USD. Your profit share 0.4% of 275,000 = 1100 USDT will be sent as USDT to your address, connected with a Vault.”

All of the above described by the tokens creators seems very complicated, but many tokens are already trying to accomplish this without access to an already built fund which can execute trades on a daily basis. Also due in part is the projects commitment to becoming a DAO by allowing holders to vote on key project decisions and development to make the ecosystem more effective and manageable. Decentralization is the most trustworthy base of contract/cryptocurrency ownership. It creates a unique and secure environment free from direct outside influence due to the filter of the entire community being involved. The developers have said that the voting system for the project will be done within the first 30 days of project launch.

With lofty ambition and high expectations, the project looks to capitalize on the DeFi boom by hedging their fund against the market and giving holders a share of the pie. It will be interesting to see how successful and sustainable the project can be, but we will find out soon enough.

Pertinent Hulk.Finance Links:



(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)

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Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
submitted by Chrisc9234 to CryptoMoonShots [link] [comments]

Hulk.Finance: A Combination of DeFi and High Frequency Trading

Hulk.Finance: A Combination of DeFi and High Frequency Trading
DeFi continues to push the limits of blockchain technology. Whether its staking a native token for a second token from the same ecosystem, locking liquidity for an eternity to promote liquidity providing and the benefits of locking tokens, or simply creating new tokenomics that can be tested and studied, DeFi is exploring all avenues to produce the next breakout token such as YFI. Hulk.finance has stepped in to do just that.

https://preview.redd.it/f4mrjlxu5ct51.png?width=675&format=png&auto=webp&s=2c2d11429ae554d541bed3a19955fed71e6f9b6d
Hulk.finance (Contract Address: 0xE1f8CD01aB04b51d02C6fb2BCA61B03fB5e33B99) is an ERC20 token which plans to utilize a DAO (Decentralized Autonomous Organization) format that will be community governed in order to promote high frequency trading in a manner only DeFi can bring to the table. As stated on their website, “Our project connects a high-yield partner HFT (High Frequency Trading) fund that has successfully worked from the beginning of 2020 and has year-to-date yields of more than 40%. The fund size is more than 70 millions USD and they operate on several cryptocurrency exchanges like Binance and Bithumb with their API robots. What is good — automated trading does not require continuous uptrend of the Bitcoin price. We have seen good results during Bitcoin breakouts and breakdowns. We want to have the same yields from our investments. But there is a problem — they work with an entrance barrier of 1,000,000 USDT, like many private banking services or high-yield ETFs. Our basic idea is to make a kind of DeFi staking pool and put it under the management of the HFT fund. We will develop all infrastructure for connecting finance flows, deposits, and withdrawals.

https://preview.redd.it/fugnjuoz5ct51.png?width=717&format=png&auto=webp&s=2aa5bd3828b4803191de330f024edab277f47906

The HULK total supply is 100,000 Tokens. Distribution breakdown is as follows:
  • Farms Distribution: 80,000 (6% or 4,800 — Team Part)
  • Pre-sale: 10,000
  • Initial Liquidity Pool: 8,000
  • Development: 1,000
  • Marketing: 1,000

https://preview.redd.it/js0zqx136ct51.png?width=717&format=png&auto=webp&s=0469468caa8d47be95baf392b2a26a9303d7f773
The project is new but already has a road-map to help guide their lofty ambitions. The first step begins with the formation of the pre-sale and Liquidity pool on Uniswap which is currently ongoing. Secondly, they will distribute Hulk tokens via staking farms. As described in their website they “will run staking farms for farming 80,000 HULKs. You will need to stake appropriate tokens on the selected farms to get your share of rewards in HULKs. Farm 1 will farm rewards of 60,000 HULKs within 15 days, staking token — ETH-HULK LP Uniswap V2. Farm 2 will farm rewards of 10,000 HULKs within 15 days, staking token — USDN. Farm 3 will farm rewards of 10,000 HULKs within 15 days, staking token — Token Y. Token Y will be announced prior to the farms’ launch. Genesis farming time will be 15 days, after that farming rate will be settled on the level of 15th day. We implement halving every three days, so early farmers will get more HULKs. View on Etherscan. In order to support the price of the token from dumping, we will take a 5% commission for the sale of tokens, when holders sell it on Uniswap, burn 4% and add 1% to the community grants account. The burnt amount will be added to farming pools after 15 days of initial farming. So, for example, if someone sold 20,000 HULKs, we will take 1,000 tokens, burn 800 of them and they will be re-minted on day 16. 200 tokens will be sent to the community grants address. The total supply is 100,000 tokens.

The third step includes the staking pool. The staking pool will be open for everyone on the following terms and conditions.

  • Staking Pool 1 Target: 10 million USDT.
  • Guaranteed APY: 15%.
  • Minimum Staking Amount: 100 USDT.
  • Type Of Staking: Locked
  • Minimum Staking Term: 24 hours
  • Withdraw Period: 24 hours after withdrawal order.
  • Reward Calculation: daily.
Funds from the staking pool will be transferred to the HFT fund for trading operations.

Lastly, the Vault concept is descriptive. “We want to share revenue from HFT fund among HULK holders that stake their tokens in HULK Vault. HFT fund will send revenue from its operation once a month, on the first day of the following month. Current concept: Monthly revenue from HFT operations will be shared between HULK tokens staked in the vault according to the time of staking divided on 720 hours. Example: You stake your 500 HULK tokens in Vault for 20 days (480 hours). Your HULK/hours equal to 500\480=240,000. Total* HULK/hours in Vault in this month — 60,000,000. Your share in this month = 0,4%. HFT fund has earned 4% on staking pool funds this month. After payout of their 1,25% (15%/12) per month to USDT stakers, the remaining part is 10,000,000 USDT x 2,75% = 275,000 USD. Your profit share 0.4% of 275,000 = 1100 USDT will be sent as USDT to your address, connected with a Vault.”

All of the above described by the tokens creators seems very complicated, but many tokens are already trying to accomplish this without access to an already built fund which can execute trades on a daily basis. Also due in part is the projects commitment to becoming a DAO by allowing holders to vote on key project decisions and development to make the ecosystem more effective and manageable. Decentralization is the most trustworthy base of contract/cryptocurrency ownership. It creates a unique and secure environment free from direct outside influence due to the filter of the entire community being involved. The developers have said that the voting system for the project will be done within the first 30 days of project launch.

With lofty ambition and high expectations, the project looks to capitalize on the DeFi boom by hedging their fund against the market and giving holders a share of the pie. It will be interesting to see how successful and sustainable the project can be, but we will find out soon enough.

Pertinent Hulk.Finance Links:



(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
submitted by Chrisc9234 to CryptoCurrencies [link] [comments]

Hulk.Finance: A Combination of DeFi and High Frequency Trading

Hulk.Finance: A Combination of DeFi and High Frequency Trading
DeFi continues to push the limits of blockchain technology. Whether its staking a native token for a second token from the same ecosystem, locking liquidity for an eternity to promote liquidity providing and the benefits of locking tokens, or simply creating new tokenomics that can be tested and studied, DeFi is exploring all avenues to produce the next breakout token such as YFI. Hulk.finance has stepped in to do just that.

https://preview.redd.it/j5qhdouxect51.png?width=675&format=png&auto=webp&s=f054e18e44a59d2328850373cbce91c648875670

Hulk.finance (Contract Address: 0xE1f8CD01aB04b51d02C6fb2BCA61B03fB5e33B99) is an ERC20 token which plans to utilize a DAO (Decentralized Autonomous Organization) format that will be community governed in order to promote high frequency trading in a manner only DeFi can bring to the table. As stated on their website, “Our project connects a high-yield partner HFT (High Frequency Trading) fund that has successfully worked from the beginning of 2020 and has year-to-date yields of more than 40%. The fund size is more than 70 millions USD and they operate on several cryptocurrency exchanges like Binance and Bithumb with their API robots. What is good — automated trading does not require continuous uptrend of the Bitcoin price. We have seen good results during Bitcoin breakouts and breakdowns. We want to have the same yields from our investments. But there is a problem — they work with an entrance barrier of 1,000,000 USDT, like many private banking services or high-yield ETFs. Our basic idea is to make a kind of DeFi staking pool and put it under the management of the HFT fund. We will develop all infrastructure for connecting finance flows, deposits, and withdrawals.

https://preview.redd.it/0e3j6i0zect51.png?width=717&format=png&auto=webp&s=0578f1dfd88142f6da788b39a2e90833fb627c51

The HULK total supply is 100,000 Tokens. Distribution breakdown is as follows:

  • Farms Distribution: 80,000 (6% or 4,800 — Team Part)
  • Pre-sale: 10,000
  • Initial Liquidity Pool: 8,000
  • Development: 1,000
  • Marketing: 1,000

https://preview.redd.it/xiz7f0i2fct51.png?width=717&format=png&auto=webp&s=85a8e7ccc13661cb6318ed845793ab4f70c729e3
The project is new but already has a road-map to help guide their lofty ambitions. The first step begins with the formation of the pre-sale and Liquidity pool on Uniswap which is currently ongoing. Secondly, they will distribute Hulk tokens via staking farms. As described in their website they “will run staking farms for farming 80,000 HULKs*. You will need to stake appropriate tokens on the selected farms to get your share of rewards in HULKs. Farm 1 will farm rewards of 60,000* HULKs within 15 days, staking token — ETH-HULK LP Uniswap V2. Farm 2 will farm rewards of 10,000 HULKs within 15 days, staking token — USDN. Farm 3 will farm rewards of 10,000 HULKs within 15 days, staking token — Token Y. Token Y will be announced prior to the farms’ launch. Genesis farming time will be 15 days, after that farming rate will be settled on the level of 15th day. We implement halving every three days, so early farmers will get more HULKs. View on Etherscan. In order to support the price of the token from dumping, we will take a 5% commission for the sale of tokens, when holders sell it on Uniswap, burn 4% and add 1% to the community grants account. The burnt amount will be added to farming pools after 15 days of initial farming. So, for example, if someone sold 20,000 HULKs, we will take 1,000 tokens, burn 800 of them and they will be re-minted on day 16. 200 tokens will be sent to the community grants address. The total supply is 100,000 tokens.”

The third step includes the staking pool. The staking pool will be open for everyone on the following terms and conditions.

  • Staking Pool 1 Target: 10 million USDT.
  • Guaranteed APY: 15%.
  • Minimum Staking Amount: 100 USDT.
  • Type Of Staking: Locked
  • Minimum Staking Term: 24 hours
  • Withdraw Period: 24 hours after withdrawal order.
  • Reward Calculation: daily.

Funds from the staking pool will be transferred to the HFT fund for trading operations.

Lastly, the Vault concept is descriptive. “We want to share revenue from HFT fund among HULK holders that stake their tokens in HULK Vault. HFT fund will send revenue from its operation once a month, on the first day of the following month. Current concept: Monthly revenue from HFT operations will be shared between HULK tokens staked in the vault according to the time of staking divided on 720 hours. Example: You stake your 500 HULK tokens in Vault for 20 days (480 hours). Your HULK/hours equal to 500*480=240,000. Total HULK/hours in Vault in this month — 60,000,000. Your share in this month = 0,4%. HFT fund has earned 4% on staking pool funds this month. After payout of their 1,25% (15%/12) per month to USDT stakers, the remaining part is 10,000,000 USDT x 2,75% = 275,000 USD. Your profit share 0.4% of 275,000 = 1100 USDT will be sent as USDT to your address, connected with a Vault.”

All of the above described by the tokens creators seems very complicated, but many tokens are already trying to accomplish this without access to an already built fund which can execute trades on a daily basis. Also due in part is the projects commitment to becoming a DAO by allowing holders to vote on key project decisions and development to make the ecosystem more effective and manageable. Decentralization is the most trustworthy base of contract/cryptocurrency ownership. It creates a unique and secure environment free from direct outside influence due to the filter of the entire community being involved. The developers have said that the voting system for the project will be done within the first 30 days of project launch.

With lofty ambition and high expectations, the project looks to capitalize on the DeFi boom by hedging their fund against the market and giving holders a share of the pie. It will be interesting to see how successful and sustainable the project can be, but we will find out soon enough.

Pertinent Hulk.Finance Links:



(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
submitted by Chrisc9234 to ethtrader [link] [comments]

ETHE & GBTC (Grayscale) Frequently Asked Questions

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

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

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

I'm trying to put together a list of what's coming out this year. Have this very simple list so far. Anyone care to add anything or suggest some better dates?

Latest News (most recent first) - Instant channels enable safe Lightning payments with unconfirmed funding Beta - Feb 10, 2019 - Voyager, New trading app from Uber & E-Trade execs announce launch date - Feb 9, 2019 - bumi/blockstream_satellite ruby gem for the Blockstream Satellite API - Feb 8, 2019 - New Zap Desktop 0.3.4 is out. New features, massive performance - Feb 8, 2019 - New release: @lightning desktop app v0.4.0-alpha - Feb 8, 2019 - valerio-vaccaro/Liquid-dashboard - Feb 7, 2019 - Japanese SBI Holdings will allow trading of coins - March 2019 - lnd v0.5.2-beta released - Feb 6, 2019 - Koala studios launches online LN gaming platform - Feb 6, 2019 - Independent Reserve has become the first #crypto exchange in Australia to be insured, with coverage underwritten by Lloyd's of London. - Feb 6, 2019 - Coinbase announces BTC support for their mobile (keep your own keys) wallet - Feb 6, 2019 - Blockstream published a new open source Proof of Reserves tool. - Feb 5, 2019 - RTL release v0.1.14-alpha - Feb 5, 2019 - dr-orlovsky/typhon-spec spec for new trestles side chain published - Feb 5, 2019 - Payment requests coming soon to BTCPay. - Feb 5th, 2019 - Kraken Acquires Futures Startup In Deal Worth At Least $100 Million - Feb 5th, 2019 - Next Blockchain cruise scheduled for June 9-13 - Feb 4, 2019 - Work on a GoTenna plugin to Electrum wallet in progress - Feb 4, 2019 - Bitcoin Candy Dispensers being open sourced - Feb 4, 2019 - New release of JoinMarket v0.5.3 - Feb 4, 2019 - Prime Trust won’t charge its clients to custody digital assets any longer. - Feb 4, 2019 - nodogsplash/nodogsplash wifi access using LN - Feb 3, 2019 - @tippin_me Receive tips using Lightning Network adds message feature - Feb 3, 2019 - Bitcoin-for-Taxes Bill in NH Unanimously Approved by House Subcommittee - Feb 3, 2019 - Full support for native segwit merged into bitcoinj - Feb 3, 2019 - Bitfury is partnering with financial services firm Final Frontier! - Feb 2, 2019 - Now you can open #LightningNetwork channels in @LightningJoule - Feb 2, 2019 - Integrating Blockstream’s Liquid payments on SideShift AI - Feb 1, 2019 - Wyoming legislature passes bill to recognize cryptocurrency as money - Feb 1, 2019 - Casa is open sourcing the code for the Casa Node - Feb 1, 2019 - Casa Browser Extension released - v0.5.2-beta-rc6 of lnd, full release getting very close now - Feb 1, 2019 - Tallycoin adds subscriptions and paywall features in bid to rival Patreon - Jan 31, 2019 - Static channel backup PR merged into LN - Jan 31, 2019 - The NYDFS grants another Bitlicense to ATM operator - Jan 31, 2019 - @pwuille currently proposing the “MiniScript” language to describe BTC output locking conditions for practical composition - Jan 31, 2019 - Fidelity is in the “final testing” phase for its new digital asset business - Jan 31, 2019 - Hardware wallet PR #109 just got merged so that @Trezor no longer requires user interaction for PIN - Jan 31, 2019 - CBOE, VanEck & SolidX filed a new & improved bitcoin ETF proposal. - Jan 31, 2019 - Casa Node code is now open sourced - Jan 31, 2019 - Next Bitoin halving in roughly 497 days - Jan 31, 2019 - BTCPay released 1.0.3.53 - Jan 31, 2019 - @binance now lets users purchase cryptos using Visa and Mastercard credit. - Jan 31, 2019 - Bitfury to Launch Bitcoin Operations in Paraguay - Jan 31, 2019 - Coinbase introduces very generous affiliate program - Jan 30, 2019 - DOJO Trusted Node bitcoin full node. Coming Early 2019 - Jan 30, 2019 - FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 30, 2019 - TD Ameritrade says clients want cryptocurrency investment options - company plans major announcement in 'first half of 2019' - Jan 30, 2019 - Storage component of Fidelity's @DigitalAssets live, with some assets under management, @nikhileshde - Jan 29, 2019 - lightning mainnet has reached 600 BTC capacity - Jan 29, 2019 - Drivechain shows picture of Grin side chain and suggests might be ready in 2 month - Jan 29, 2019 - Lightning labs iOS neutrino wallet in testing stage now - Jan 29, 2019 - Aliant offering cryptocurrency processing free-of-charge - Jan 29, 2019 - Chainstone’s Regulator product to manage assets on the way - Jan 29, 2019 - Fidelity Investments’ new crypto custody service may officially launch in March. - Jan 29, 2019 - Gemini's becomes FIRST crypto EXCHANGE and CUSTODIAN to complete a SOC 2 Review by Deloitte - Jan 29, 2019 - Iran has lifted the ban on Bitcoin and cryptocurrency - Jan 29, 2019 - Confidential Transactions being added into Litecoin announcement - Jan 28, 2019 - http://FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 28, 2019 - Germany’s largest online food delivery platform now accepts btc - Jan 27, 2019 - Launching a Bitcoin Developers School in Switzerland - Jan 27, 2019 - RTL release v0.1.13-alpha Lightning Build repository released - Jan 27, 2019 - The first pay-per-page fantasy novel available to Lightning Network. - Jan 27, 2019 - Numerous tools become available to write messages transmitted with Blockstream Satellite - Jan 26, 2019; - BTCPay 1.0.3.47 released - Jan 26,2019 - WordPress + WooCommerce + BTCPay Plugin is now live - Jan 25, 2019 - Juan Guaido has been promoting #Bitcoin since 2014 is new interim president of Venezuela - Jan 25, 2019 - Morgan Creek funds @RealBlocks - Jan 25, 2019 - Coinbase integrates TurboTax - Jan 25, 2019 - Robinhood received Bitlicense - Jan 25, 2019 - Anchor Labs launches custody - Jan 25, 2019 - NYSE Arca files w/ @BitwiseInvest for BTC ETF approval - Jan 25, 2019 - South Korea, Seoul, Busan & Jeju Island currently working to create pro crypto economic zones. - Jan 25, 2019 - valerio-vaccaro/Liquid-dashboard - Jan 25, 2019 - Bermuda to launch crypto friendly bank - Jan 25, 2019 - Mobile Bitcoin Wallet BRD Raises $15 Million, Plans for Expansion in Asia - Jan 25, 2019 - BullBitcoin rolling out alpha access of platform - Jan 25, 2019 - Electrum Wallet Release 3.3.3 - Jan 25, 2019 - Bitrefill, purchase Bitcoin and have it delivered directly over LN - Jan 25, 2019 - South Korean crypto exchange Bithumb looking to go public in USA - Jan 24, 2019 - Bitcoin Exchanges Don’t Need Money Transmitter Licenses in Pennsylvania - Jan 24, 2019 - US; New Hampshire Bill Aims to Legalize Bitcoin for State Payments in 2020 - Jan 24, 2019 - Robinhood, LibertyX Receive Licenses from New York Regulators - Jan 24, 2019 - Bakkt Bitcoin futures contract details released - Jan 24, 2019 - Blockstream CryptoFeed V3 now includes 30+ venues and 200M+ updates per day - Jan 24, 2019 - Binance Jersey – The Latest Binance European Exchange - Jan 2019
Commit Activity
Nodes and Market Dominance
Bitcoin
Financial
Lightning:
ASIC Miners:
Will update this section when I hear new developments
Wallets:
Hardware wallets:
LN
LN Apps:
LN Extensions / Launchers
LN Desktop wallets:
LN Mobile wallets:
LN Network:
LN Nodes:
LN Plugins:
LN Services:
Liquid Network
Rgulatory:
Exchanges:
Payments:
Please comment if you have any ideas on dates. Many of these dates are placeholders waiting for me to update. If you comment then I will update the post.
submitted by kolinHall to Bitcoin [link] [comments]

Daily analysis of cryptocurrencies 20191010(Market index 41 — Fear state)

Daily analysis of cryptocurrencies 20191010(Market index 41 — Fear state)

https://preview.redd.it/waoxpqkwcpr31.png?width=960&format=png&auto=webp&s=940a66b31f08378194cd275c19fc40fc3af2b8a9
https://preview.redd.it/dura57wwcpr31.png?width=1536&format=png&auto=webp&s=98f3a7e842503c858adea063d9a559a20ae6f624

UK Regulator Ramps Up Crypto Investigations And Considers KYC For Wallets The UK’s Financial Conduct Authority (FCA) has been relentlessly scrutinizing cryptocurrency startups and investigations are up 74% from 2018. Meanwhile, proponents of decentralized software development models and open collaboration are upset about the FCA aiming to extend KYC/AML regulations to the publication of Open source and zero-knowledge software.
Russia’s Central Bank Sees No Obvious Need To Issue National Cryptocurrency Russia’s Central Bank sees no obvious need to issue a national cryptocurrency, said head of the regulator Elvira Nabiullina speaking at the Finopolis forum of innovative financial technologies.
Telegram’s Upcoming GRAM Token Finds Support From Coinbase Custody American cryptocurrency exchange Coinbase seems to be heading towards expansion, following the addition of several cryptocurrencies to its network. In a recent update, the exchange has announced its intention of supporting messaging giant Telegram’s yet-to-be launched cryptocurrency, GRAM.
Alipay Reiterates Noninvolvement In OTC Market Of Cryptocurrency The security center of Alipay reiterated via its Weibo handle on Oct 10 that it would prohibit the use of Alipay in crypto trading on the OTC market. “If any of the trading activities were found to be associated with Bitcoin or other cryptocurrencies, we would stop providing with payment services immediately,” the announcement said. Alipay emphasized it would cancel business accounts involved in crypto trading. Individual accounts using Alipay to trade cryptocurrencies will be suffering from collection limitations either for a certain period of time or permanently depending on the actual circumstances. As previously reported by CoinNess.com, Binance announced the Chinese launch of its P2P trading service, with the slug-line, ‘anything that makes it easier to get crypto.’ Head honcho CZ later confirmed on Twitter the addition of fiat on-ramps via WeChat and Alipay. The claim made by Alipay seems to be a reply to CZ’s announcement about the “upcoming” new feature of fiat on-ramps through Alipay.

Encrypted project calendar(October 10, 2019)

INB/Insight Chain: The Insight Chain (INB) INB public blockchain main network will be launched on October 10. VET/Vechain: VeChain (VET) will attend the BLOCKWALKS Blockchain Europe Conference on October 10. CAPP/Cappasity: Cappasity (CAPP) Cappasity will be present at the Osaka Global Innovation Forum in Osaka (October 10–11). TrueFeedBack (TFB): 10 October 2019 (or earlier) Application Release New version of TFB application and TFB bounty application. Sparkpoint (SRK): 10 October 2019 4rth Quarterly Burn SparkPoint ( SRK) will execute its 4rth quarterly burn on October 10, 2019. Insight Chain (INB): 10 October 2019 Mainnet Launch “The Mainnet for INB Public Blockchain Will be Launched on October 10.” Celer Network (CELR) and 4 others: 10 October 2019 Layer 2 Meetup Osaka “Join us at Layer 2 Meetup for fruitful networking, chilled atmosphere & sushi on October 10, 2019 during the DevCon in Osaka, Japan.” Cappasity (CAPP): 10 October 2019 Global Innovation Forum Cappasity presents at Osaka’s Global Innovation Forum in Osaka. ThoreNext (THX): 10 October 2019 Submission Last Date “$THX #THX Swap #Update Submission Last Date 10–10–2019”

Encrypted project calendar(October 11, 2019)

OKB/OKB: OKB (OKB) OKEx series of talks will be held in Istanbul on October 11th to discuss “the rise of the Turkish blockchain.” Aragon (ANT): 11 October 2019 Osaka DAO Party “We are excited to invite you to our @EFDevcon Aragon Dream DAO Party — DAICO Edition in Osaka on the evening of October 11th!” BitTorrent (BTT) and 1 othe: 11 October 2019 Airdrop “On October 11th 00:00 UTC we will initiate our ninth $BTT airdrop and reward TRON $TRX holders with 990,000,000 #BTT!” Zilliqa (ZIL): 11 October 2019 Dev Call “The Aztec Protocol team will be joining our 4th Dev Call this Friday at 2pm EST. We will be having interesting conversations about FOAM (FOAM): 11 October 2019 Osaka Happy Hour “Join FOAM and @3boxdb for a #DevCon Happy Hour in Osaka this Friday at Runway lounge.”

Encrypted project calendar(October 12, 2019)

BTC/Bitcoin: The 2019 Global Mining Leaders Summit will be held in Chengdu, China from October 12th to 14th. BLAST (BLAST): 12 October 2019 (or earlier) Masternode & Assets “Masternode functionality and versionbits signalling for Assets will become active on the BLAST network at block height 1710000.”

Encrypted project calendar(October 14, 2019)

BCH/Bitcoin Cash: The ChainPoint 19 conference will be held in Armenia from October 14th to 15th.

Encrypted project calendar(October 15, 2019)

RUFF/RUFF Token: Ruff will end the three-month early bird program on October 15th KAT/Kambria: Kambria (KAT) exchanges ERC20 KAT for a 10% bonus on BEP2 KAT-7BB, and the token exchange reward will end on October 15. BTC/Bitcoin: The Blockchain Technology Investment Summit (CIS) will be held in Los Angeles from October 15th to 16th.

Encrypted project calendar(October 16, 2019)

BTC/Bitcoin: The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th. MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16. ETH/Ethereum: Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades. QTUM/Qtum: Qtum (QTUM) Qtum main network hard fork is scheduled for October 16. (CRYPTO): and 1 other 16 October 2019 Supply Chains Unblocked Supply Chains Unblocked in London from 9:30 AM — 6 PM. Binance Coin (BNB): 16 October 2019 Singapore Meetup “Bring your friends to come along with, & it will be FUN! With snacks and drinks.”

Encrypted project calendar(October 17, 2019)

Holo (HOT): 17 October 2019 Redgrid AMA “Join us for the AMA with RedGrid on October 17th. Submit your questions before the AMA on our Holochain Dev Forum.” IOST (IOST): 17 October 2019 Breeding Competition Ends “Join IOST 2nd Breeding Competition by @FishChainGame now! The competition only lasts till 17 Oct” Aragon (ANT): 17 October 2019 Seoul Meetup “You are invited to join @licuende for a meetup and presentation on ‘Aragon and DAOs: What’s next after ICOs and DeFi?’” Skycoin (SKY): 17 October 2019 NYC Skywire Meetup NYC Skywire Mainnet Meetup in NYC from 6–8 PM.

Encrypted project calendar(October 18, 2019)

BTC/Bitcoin: The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decision HB/HeartBout: HeartBout (HB) will officially release the Android version of the HeartBout app on October 18. OKB (OKB): 18 October 2019 Rotterdam Meetup “Meet us in Rotterdam on 18 Oct as we partner up with Crypto010 Meetup to bring you a talk on ‘Decentralized Finance’.” HeartBout (HB): 18 October 2019 Android Version “18th of October 2019 will be officially released Android version of HeartBout app.” BTU Protocol (BTU): and 2 others 18 October 2019 Paris Blockchain Summit The event will gather major international key players of the Blockchain ecosystem including well-known influencers, investors, government…

Encrypted project calendar(October 19, 2019)

PI/PCHAIN Network: The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19. LINK/ChainLink: Diffusion 2019 will be held in Berlin, Germany from October 19th to 20th DeepBrain Chain (DBC): 19 October 2019 (or earlier) Deploy Main Chain “Deploy Main Chain,” during the third week of October. General Event (CRYPTO): and 1 other 19 October 2019 Free State Blockchain “This “unconference” style event brings together some of the top financial tech innovators, researchers, company leaders, and other…” PCHAIN (PI): 19 October 2019 Main Chain Voting “Main chain: Epoch 5, 82 nodes, 164,023,802 $PI, 7 Candidates, voting will start on Oct. 19th.” Nash Exchange (NEX): 19 October 2019 Nash Anniversary Nash will present their work from the third quarter of 2019. Team members will be present and to answer your questions in person.

Encrypted project calendar(October 20, 2019)

GameCredits (GAME): 20 October 2019 (or earlier) Mining Reward Drop GameCredits mining reward will be cut in half at block 2519999 (~October 20). This will be the 4th halvening of the GAME mining reward!

Encrypted project calendar(October 21, 2019)

KNC/Kyber Network: The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.

Encrypted project calendar(October 22, 2019)

ZRX/0x: The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.

Encrypted project calendar(October 23, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.” BTC/Bitcoin: The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.

Encrypted project calendar(October 24, 2019)

BCN/Bytecoin: Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.

Encrypted project calendar(October 25, 2019)

ADA/Cardano: Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.
https://preview.redd.it/kwx1zlfzcpr31.png?width=504&format=png&auto=webp&s=95ecc02a02a6b24d8ad27f27ceefec242bc9e065

Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also discussed a possible bounce as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above the key $8,500 resistance area.
A new weekly high was formed near $8,691 and the price is currently consolidating gains. It corrected below the $8,600 level. However, the 23.6% Fib retracement level of the recent rally from the $8124 low to $8,691 high is acting as a decent support. Additionally, there is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair.
If there is a downside break below the $8,540 and $8,500 support levels, the price could extend its correction. The next key support is near the $8,400 level. Moreover, the 50% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,407 level. If there are any additional losses, the price may perhaps test the $8,350 support area (the recent key resistance).
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This week in crypto: The biggest news in the cryptocurrency space

This week in crypto: The biggest news in the cryptocurrency space


News by Coingeek: Noah Bradley
As active as the blockchain and cryptocurrency spaces are on a continual basis, it may sometimes be difficult to keep up with everything that’s going on. It’s also difficult to separate the real news from the fluff — those pieces that are only designed to appear noteworthy but that are, in fact, just publicity campaigns. In an effort to provide crypto enthusiasts with an overview of what’s going on, here is a rundown on some of the top stories of the week.
Bitfinex and Tether have had another rough week. There was some good news, as well as bad, as the saga over their close relationship and questionable activities continues. On the one hand, Bitfinex has been told by a judge that it won’t have to turn over documents related to those activities for now. The New York Attorney General’s Office wants to know exactly what the two have been doing behind closed doors, and they’re fighting the office over its reported lack of jurisdiction. Until a request to have the case dismissed over those jurisdiction claims can be answered by a judge, Bitfinex can ignore the request.
On the other hand, though, neither of the two entities should think that it’s off the hook. While they have been given a brief reprieve in the fight with the New York government, they face a separate one with New York investors. A law firm in the state, Roche Freedman, has filed a class-action suit against Tether for its “fraudulent” stablecoin scheme. Tether’s USDT stablecoin is no longer pegged to the U.S. dollar, as it had been advertised, and the company is accused of using its position to manipulate the crypto market.
Alipay was forced to take a defensive stance this week after rumors started circulating that it was now accepting crypto payments. This would have been against the Alibaba-owned payment platform’s own rules and would, according to the company, possibly violate payment financial regulations. Alipay has a strict no-crypto policy that doesn’t permit the platform to be tied in any way to digital currencies. The announcement came after the Binance exchange stated publicly that it was now able to receive fiat payments using Alipay, via a third-party processor, which didn’t sit well with Alibaba.
The U.S. Securities and Exchange Commission (SEC) rejected yet another rule change proposal that sought to introduce a crypto-based exchange-traded fund (ETF). This one had been submitted by Bitwise Asset Management and the NYSE Arca exchange at the beginning of the year, and received the same response as have the myriad of other requests — the possibility of market manipulation prevents the SEC from signing off on the proposal. Bitwise has indicated that it might try again, but at a much later date.
On October 6, Bitcoin SV (BSV) reached a new milestone. A review of blockchain activity revealed that BSV had surpassed BTC in the total number of transactions per day. That day, BSV saw 290,000 transactions, while BTC saw 288,000. One of the biggest reasons for the increase comes from the difference in transaction fees. An average BTC transaction will set someone back around $51.42, while the average cost for a BSV transaction is just $0.31.
If there were any questions about how Bank of America (BoA) views the future of digital currency, things were just cleared up a little. BoA had long been a staunch opponent to anything having to do with crypto, but then began to seek blockchain patents and explore the fringes of the Bitcoin ecosystem. Its latest move leaves zero doubt about what is coming, as it has recently completed a recruitment action that was launched to find a Ripple expert to work in-house. The individual, according to BoA’s LinkedIn job posting, would “lead the project management team for the Ripple Project.”
Lichtenstein is still determined to be a leading financial hub, even if that hub centers on digital currency and not fiat. The country’s Parliament just approved a new Blockchain Act, which will give better protection to companies and investors, and will almost certain attract a lot of activity to the mid-Europe country.
submitted by GTE_IO to u/GTE_IO [link] [comments]

Daily analysis of cryptocurrencies 20191009(Market index 37- Fear state)

Daily analysis of cryptocurrencies 20191009(Market index 37- Fear state)

https://preview.redd.it/hwli4i9v7ir31.png?width=432&format=png&auto=webp&s=9f3f41350dcae08c3b6e55744d86d701fac988ec


Daily Active Users Of EOS, Ethereum, IOST, And TRON DApps Totaled 137087 On Oct 7 Citing data from DApp Total, as of 00:00 (UTC+8), October 8, EOS, Ethereum, IOST, and TRON DApps recorded 137,087 daily active users (DAUs), 50.53% of which were EOS-based. 1. Number of users: EOS (69,269) > ETH (44,088) > TRON (23,730) > IOST (3,350); 2. Number of transactions: EOS (3,147,112) > TRON (923,074) > IOST (171,596) > ETH (150,730); 3. Trading volume: TRON ($10,356,177) > EOS ($5,251,676) > ETH ($4,935,403) > IOST ($930,711). In addition, across the Ethereum, EOS, IOST, and TRON blockchains, the top 3 DApps by user number are: Hash Baby (EOS), Xdapp (EOS), and Dice(EOS); the top 3 DApps by transaction number are: Dice (EOS), WINk (TRON), and Gako Binary Option (EOS); the top 3 DApps by trading volume are: WINk (TRON), Newdex (EOS), and EOS REX (EOS).
Ukraine’s Digital Transformation Ministry To Legalize Cryptomining Ukraine’s Digital Transformation Ministry plans to legalize cryptocurrency mining or cryptomining in Ukraine within two or three years.
Libra Could Be A ‘Systemically Important’ Payment Platform, Says Bank Of England In a statement made on Oct 8, the Bank of England (BoE) said that Libra is potentially a ‘systemically important’ payment platform, adding that it needs to be a regulated one as well. The central bank’s Financial Policy Committee has pledged that British regulators will look into the functions of Libra and other payment firms, and address the question of applying traditional regulations to them. According to the committee, “The resilience of the proposed Libra system would rely on the stability of not just the core elements of the Libra Association and Libra Reserve but also the associated critical activities conducted by other firms in the Libra ecosystem such as validators, exchanges or wallet providers.”
Libra Association Considering “Step-Ladder” Approach To KYC Regulations The Libra Association is thinking of radical approaches to reach the unbanked in certain locations, including a “step-ladder” approach to know-your-customer (KYC) regulations, according to a recent report by CoinDesk. Per the report, the Financial Action Task Force (FATF) said it is open to working with Libra about potentially building new forms of digital identity. The report also revealed that Libra believes blockchain forensics firms like Chainalysis, Elliptic, and Coinfirm will help strengthen the case for “tiered KYC” by monitoring wallet profiles and transaction histories. Besides, non-profits in the Libra Association like the Kiva Foundation may play a key role.
Swiss National Bank and Swiss Stock Exchange Team Up On Central Bank-Backed Digital Currency The Swiss National Bank (SNB) and stock exchange SIX will jointly explore how to make central bank digital money available for the trading and settlement among financial market players. The buying and selling of assets based on digital ledger technology has the potential to reduce counterparty risk and create “significant” economic opportunities, SIX said in a statement Wednesday, October 9. The initiative is part the innovation hub for financial technology the Bank for International Settlements announced it was setting up earlier this year with the SNB. Other hub centers will be based in Hong Kong and Singapore.

Encrypted project calendar(October 09, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland. TRON (TRX): Next Wednesday, Oct 9th at 11am PDT I’ll be hosting another @PeriscopeCo / @YouTube Livestream iExec RLC (RLC): 09 October 2019 Osaka Meetup “An evening of quality food, free-flowing drinks and good company — just across the street from the conference!” Binance Coin BNB: 09 October 2019 Riga, Latvia Meetup “October 9th we invite you to visit our first Binance meetup in Riga, Latvia!” Pundi X (NPXS): 09 October 2019 Beyond Consensus “Beyond Consensus — Crypto in Asia” from 6–10 PM (JST). Chainlink (LINK): 09 October 2019 Chainlink Happy Hour “Come to the #Chainlink Happy Hour on Wed Oct 9th right next to the #Devcon5 conference on the Hyatt Regency rooftop!” BTC Lite (BTCL): 09 October 2019 DEX Listing BTC Lite (BTCL) will be listed on a decentralized exchange. BitTorrent (BTT): 09 October 2019 Live Product Update “Remember to join our CEO, @justinsuntron, on Oct 9th at 11am PDT for a product update live stream on BitTorrent Speed, BTFS, and BLIVE!”

Encrypted project calendar(October 10, 2019)

INB/Insight Chain: The Insight Chain (INB) INB public blockchain main network will be launched on October 10. VET/Vechain: VeChain (VET) will attend the BLOCKWALKS Blockchain Europe Conference on October 10. CAPP/Cappasity: Cappasity (CAPP) Cappasity will be present at the Osaka Global Innovation Forum in Osaka (October 10–11). TrueFeedBack (TFB): 10 October 2019 (or earlier) Application Release New version of TFB application and TFB bounty application. Sparkpoint (SRK): 10 October 2019 4rth Quarterly Burn SparkPoint ( SRK) will execute its 4rth quarterly burn on October 10, 2019. Insight Chain (INB): 10 October 2019 Mainnet Launch “The Mainnet for INB Public Blockchain Will be Launched on October 10.” Celer Network (CELR) and 4 others: 10 October 2019 Layer 2 Meetup Osaka “Join us at Layer 2 Meetup for fruitful networking, chilled atmosphere & sushi on October 10, 2019 during the DevCon in Osaka, Japan.” Cappasity (CAPP): 10 October 2019 Global Innovation Forum Cappasity presents at Osaka’s Global Innovation Forum in Osaka. ThoreNext (THX): 10 October 2019 Submission Last Date “$THX #THX Swap #Update Submission Last Date 10–10–2019”

Encrypted project calendar(October 11, 2019)

OKB/OKB: OKB (OKB) OKEx series of talks will be held in Istanbul on October 11th to discuss “the rise of the Turkish blockchain.” Aragon (ANT): 11 October 2019 Osaka DAO Party “We are excited to invite you to our @EFDevcon Aragon Dream DAO Party — DAICO Edition in Osaka on the evening of October 11th!” BitTorrent (BTT) and 1 othe: 11 October 2019 Airdrop “On October 11th 00:00 UTC we will initiate our ninth $BTT airdrop and reward TRON $TRX holders with 990,000,000 #BTT!” Zilliqa (ZIL): 11 October 2019 Dev Call “The Aztec Protocol team will be joining our 4th Dev Call this Friday at 2pm EST. We will be having interesting conversations about FOAM (FOAM): 11 October 2019 Osaka Happy Hour “Join FOAM and @3boxdb for a #DevCon Happy Hour in Osaka this Friday at Runway lounge.”

Encrypted project calendar(October 12, 2019)

BTC/Bitcoin: The 2019 Global Mining Leaders Summit will be held in Chengdu, China from October 12th to 14th.

Encrypted project calendar(October 14, 2019)

BCH/Bitcoin Cash: The ChainPoint 19 conference will be held in Armenia from October 14th to 15th.

Encrypted project calendar(October 15, 2019)

RUFF/RUFF Token: Ruff will end the three-month early bird program on October 15th KAT/Kambria: Kambria (KAT) exchanges ERC20 KAT for a 10% bonus on BEP2 KAT-7BB, and the token exchange reward will end on October 15. BTC/Bitcoin: The Blockchain Technology Investment Summit (CIS) will be held in Los Angeles from October 15th to 16th.

Encrypted project calendar(October 16, 2019)

BTC/Bitcoin: The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th. MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16. ETH/Ethereum: Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades. QTUM/Qtum: Qtum (QTUM) Qtum main network hard fork is scheduled for October 16.

Encrypted project calendar(October 18, 2019)

BTC/Bitcoin: The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decision HB/HeartBout: HeartBout (HB) will officially release the Android version of the HeartBout app on October 18.

Encrypted project calendar(October 19, 2019)

PI/PCHAIN Network: The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19. LINK/ChainLink: Diffusion 2019 will be held in Berlin, Germany from October 19th to 20th

Encrypted project calendar(October 21, 2019)

KNC/Kyber Network: The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.

Encrypted project calendar(October 22, 2019)

ZRX/0x: The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.

Encrypted project calendar(October 23, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.” BTC/Bitcoin: The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.

Encrypted project calendar(October 24, 2019)

BCN/Bytecoin: Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.

Encrypted project calendar(October 25, 2019)

ADA/Cardano: Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.

BTC — Yesterday to this day, the BTC has been shaking slightly and is still hovering around $8,200. In the past 24 hours, the net inflow of BT funds is less than 40 million US dollars, and the market inflow of funds is gradually shrinking. Yesterday, BTC rose to around $8,400 and then withdrew. The rise was weakening. In the short run, it was still mainly a volatile market. It was more difficult to break through the bottom volatility directly. However, in the medium-term trend, BTC is currently under construction. Market sentiment is gradually warming up, with the following focus on the important support of $7,800. Operational aspects, close to $8,000 can be considered to buy appropriately, if the follow-up can again explore the support level, may usher in a more appropriate warehouse building opportunity.
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VanEck to Offer Bitcoin ETF Workaround

As VanEck Securities and SolidX Management wait for the green light from the U.S. Securities and Exchange Commission (SEC) on their Bitcoin ETF proposal, they are rolling out a ‘limited’ version to institutions. The modified investment product will be offered through an SEC exemption — a first for the cryptocurrency industry.
Van Eck Provides Institutional Investors with ETF Alternative
The third quarter of 2019 has been dominated by news and announcements related to institutional products in the cryptocurrency space. Binance and Bitfinex announced cryptocurrency derivatives; Bakkt has set aside the date of their launch and now Van Eck wants to speed up the Bitcoin ETF approval process.
The investment management firm, in partnership with SolidX, plans to start selling shares for the digital asset ETF by releasing a limited version of the product. The limited version of the fund will be aimed at certain institutional investors like banks, hedge funds, brokers – and excluding retail investors.
Van Eck Takes Advantage of Rule Exemption
The two dominant players pushing for a Bitcoin ETF are leveraging an SEC exemption to release a limited version of the fund.
It’s all thanks to the SEC’s Rule 144A, which allows securities to be traded among qualified institutional buyers without SEC approval. Yet, the ‘limited’ ETF will have shorter holding periods and will be available to a very small group of established financial firms.
The SEC is still holding out on a few applications which it recently said it needed more time to make a decision. Three firms, which include Van Eck and Solid X, will find out if they have been successful with their proposal for a Bitcoin ETF towards the end of September and into October.
While this limited version is much closer to the already existing offering from Grayscale Investments as a private fund, Van Eck claims that this will show the regulator that a Bitcoin ETF can work.
It’s undeniable that a Bitcoin ETF has been one of the most-awaited events in the cryptocurrency world for some time, but the SEC is adamant that some of the concerns regarding price manipulation and the commission’s access to monitoring haven’t been sufficiently addressed.
The SEC representatives didn’t want to comment on Van Eck’s move.
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Consensus Network EP35: Cryptocurrency and Asymmetric Risk with Teeka Tiwari

Catch the full episode: https://www.consensusnetwork.io/podcastepisodes/2019/9/8/ep35-cryptocurrency-and-asymmetric-risk-with-teeka-tiwari
Buck: Welcome back to the show everyone. Today my guest on Wealth Formula Podcast is no stranger to the show. He's a guy who grew up in foster care and came over the US at the age of 16 with just 150 bucks in his pocket and the clothes on his back. And then by the age of 18 becomes the youngest employee at Lehman Brothers. By 20 he becomes the youngest vice president in Lehman history. Later in his career he goes on to launch successful hedge fund and lived the Wall Street dream. I mean he's known on Wall Street as the guy who's made a fortune on what is known as asymmetric risk which is what we’re going to talk about in quite a bit and for the rest of us, for many of us that is, he is best known for being the editor of the Palm Beach confidential newsletter which focuses on digital currencies and I am a subscriber to this by the way. Teeka, welcome back to Wealth Formula Podcast, Teeka Tiwari.
Teeka: Thanks Buck. It’s a pleasure to be here and thank you for having me.
Buck: Yeah so you know you were on not too long ago and some people are listening to the stuff about cannabis and they're probably thinking to themselves, why is this guy talking about cannabis and digital currencies like what is his specialty? In fact the way I'm thinking about this there's one main thing that they have in common, they're both in this area that you call and we call asymmetric risk which is really your thing. Discuss what that means and if you would how have you applied it to your own growth and ultimately to your own wealth.
Teeka: So before I get into asymmetric risk I want to talk about how I discovered asymmetric risk and how I changed the way that I yeah. So when I was in my 20s I developed a lot of wealth by taking massive risk in the stock options and commodities market. And I would bet huge positions. And then that all came to an end in the late 90s when I was on the wrong side of a series of trades that were triggered by the Asian financial crisis which ultimately compelled me to file for bankruptcy. And so I had lost about ten years of wealth creation which was considerable at the time. And what I learned was that I had to change my approach that I couldn't get it all every single time otherwise I would never get off this boom-and-bust merry-go-round. So what I realized was is that I would I would build the portfolio of somewhat safer more income oriented investments and then I would focus on these ideas that are called asymmetric risk trade. So what's an asymmetric risk trade? An asymmetric risk trade is where you can take a relatively trivial sum of money and if the idea doesn't work out it doesn't impact your net your net worth or your day-to-day lifestyle in any way shape or form. But the asymmetric part of it is is that if it does work out it can absolutely move the needle on your net worth. So an example of that would be something like neo which I recommended at around 12 cents that ended up going up to about a hundred and sixty one dollars so that's something that you could have put a thousand dollars in and turn it into over a million dollars. That's a classic asymmetric trade. So what I what I tell my readers is you can't build your whole portfolio around high-risk asymmetric trades. But if you take let's say five to ten percent of your liquid net worth and allocate it to these types of situations in a and one of the things I talk about is using uniform position sizing, what you put yourself in the position to do is absolutely grow your network sometimes three four five six X without putting your current lifestyle at risk and it is a sweet spot of wealth creation that I've created and popularized now for several years that has not only transformed my financial life but the financial life of many of my readers.
Buck: So as you know Teeka my group the Wealth Formula Group in general I mean there's a lot of people who are well-to-do they're you know accredited investors they have you know typically probably more money to invest than others they're you know and I say this because there is a little bit of a difference there when it comes to somebody who's barely getting by living check to check, that there is an opportunity in your portfolio to say okay what percentage of this portfolio could I put in that I mean listen if I lose it no big deal I mean I won't be happy about it but it won't hurt me that much on the other hand this could explode. Now when you look at it from the perspective of somebody who's got a fair amount of money and link who's investing you know several hundred thousand dollars a year or maybe a million dollars or something like that like what do you think is a reasonable amount of a portfolio? Like I know for example that even universities are getting into this and they're looking at hey maybe you know 1/2 of 1% or something like that I mean I know you're not in the business of giving financial advice but I'm just curious kind of what your approach would be in terms of allocation.
Teeka: So again generally speaking I would say 5 to 10% of your liquid net worth. So let's say you've got a business that kicks out a million a year that you have to allocate for your investment 50 to $100,000. Definitely nobody likes to lose 50 or a hundred thousand dollars but it's not going to have a material impact on your lifestyle but if you invest 50 to $100,000 and these asymmetric bets pay off you're talking about five six seven eight ten twelve million dollars in returns on what is a relatively tiny investment relative to your net worth and that is the beauty of this approach.
Buck: Yeah and and I'm glad you said that because that's exactly kind of where I'm at sort of lingering between five and ten percent you know and for me you know I I kind of put this in there about you know I kind of put this in that area with startups right I'm not gonna I'm not gonna have a separate category just for digital currencies but anything that is super high risk and high reward and I'm sitting about five or ten percent.
Teeka: That all goes into the same bucket so that's right that for everybody it's not just oh this is crypto currencies five to ten percent and startups is five to ten percent. No all go into the same bucket is asymmetric risk.
Buck: Yeah now okay so we kind of got ahead of ourselves and you know you haven't been on the show talking about crypto currency in a fair amount of time we have a lot more new listeners now so for those who know very little about cryptocurrency but they're smart they're sophisticated say they're a group of you know I know worth investors you're talking to you they've not heard about this how do you explain this in the most efficient way possible and what the significance of it is?
Teeka: Okay so that's a really big question.
Buck: Yeah no I don't but I bet you've answered it a few times.
Teeka: I'm gonna take a shot at it. So listen as a wealthy investor myself why would I want to bother with cryptocurrency? I'm already rich why do I want to mess around with this? So I'm gonna answer it from that perspective. One it's always nice to make more money. But two the bigger reason is, is what I want people to understand especially wealthy investors is that it's very rare to invest at the beginning of a brand-new asset class very very rare right it's brand-new asset classes though just don't come about. Digital currency is a brand-new asset class that has legs. So why does it have legs? It has legs because we have never had an asset class that is completely non correlated with the business cycle. It's never existed before. Every asset class in the world is somehow tied to the business cycle gold, industrial, metals, currencies, stocks, bonds, they're all tied to the business cycle in one way shape or form things like Bitcoin are not so why why does that make it valuable it makes it valuable because if you are pension fund you're allocating capital across traditional and non-traditional assets you still have this problem of deep correlation right the business cycle falls apart and you're taking hits across the board. So there have been studies that have shown just with a small allocation of Bitcoin anywhere from one to five percent across the portfolio even though Bitcoin is wildly volatile because it is not correlated and not tied to the business cycle it actually reduces your overall volatility and your overall risk in your portfolio and that is incredibly valuable. So just from a high level portfolio construction standpoint you will see the world's hedge funds, pension funds, massive allocators of capital start to move tiny slivers of their money into things like Bitcoin and we're talking tiny slivers of an 80 trillion dollar pie right it's in real terms its enormous money in relative terms relative to what they have under management it's a small amount but when you're coming off a base where the whole markets only worth 300 billion it doesn't take much to move the market. So that's from the high level that's why you must have some cryptocurrency. And then the next level beyond that is that mankind has never had an asset there's never been an asset we're a stronger man couldn't take it from a weaker man. So whether it was the caveman knocking one guy over the head for his shells or the government coming in in Venezuela and confiscating money or the Argentinian government saying oh we're having a holiday and taking all your assets from the bank something Brazil has done on multiple occasions. You know the everyday person has not had this ability to hold an asset that has been beyond the confiscationability of a government so something like Bitcoin and digital currency if you are smart and how you buy it if you don't talk about it you buy quietly and you store it appropriately it is absolutely impossible short of somebody putting a literally putting a gun next to your head for them to take that asset from you and that is remarkable because even if you've got a million dollars in gold and you somehow manage to hide it how are you gonna travel the world with a million dollars in gold how are you gonna spend a million dollars in gold you just gonna go to the store and break a piece off with a piece of pliers you just can't do that the beauty of digital currency is you can walk around with a thumb drive that big with a billion dollars in it and nobody knows and let's say hey oh I don't want to keep a billion in Bitcoin I want to do it in a stable coin fine put it in a stable coin. But this idea this portability of money and this complete ownership of an asset that nobody else has any ability to take from you that is valuable that is incredibly valuable.
Buck: So let me ask you a what may seem like a very basic simple question but I think it's worth asking. So why is it so volatile why is Bitcoin Ethereum for example why these are the major the two biggest by market cap why are they so volatile and you know to the extent that they are uncorrelated do you see that as a function of the size of the market cap or is it something else inherent about digital currencies that makes it this volatile?
Teeka: I think it's both. One they're relatively small so if for instance if you look at Microsoft in its early days it was a crazy volatile stock up 40% down 40% down 30% going through bear markets that lasted two years wrecking billions of dollars in value you look at the early days of Microsoft from the 80s into the mid 90s the stock was all over the place and then as the stock got bigger and more mature of course volatility tamp down so you will see that. So what I say with volatility is that welcomed that volatility without it the opportunity to make enormous amounts of money off a small amount of money won't exist. At some point Bitcoin and the theorem will move to this more blue chip status where maybe you make eight percent a year or six percent a year or something or something like that thank goodness we're not there yet. The other side of it is is that there you know the markets that are built around trading these are completely unregulated. They're wild. And there's all types of crazy manipulation that goes on in the market you have some Bitcoin whale let's sell a thousand coins and scare the market down and then let's go buy back 2000 coins it's the Wild West and somebody a skeptic might say well why do I want to buy now why don't I buy when the market calms down because when you buy when the market calms down and it's moved to this very highly regulated very low volatility asset it could have ten x between now and then. So yes there is volatility but I believe if you position size rationally you will be well rewarded for that moment for that volatility and that uncertainty.
Buck: So admittedly I was skeptical of cryptocurrency early on and you know I finally did get in and my timing was actually really good it was a fall early fall 2017 right before a massive bull run. And that of course was followed by what has been called crypto winter. So the question is, is winter over because it sure seems like it's an awful long thawing period I mean no we seem like to have gotten there but there's a stall is it over or do you still see some you know rocky shores ahead before there's a you know big move potentially to all-time highs?
Teeka: Well no crypto winter was over in April. I put out a report talking about that and I pinpointed when that happened it happened when Bitcoin broke its downtrend line. So if you go back and if you look at each of the so-called crypto winters or horrible bear markets that have been in the space Bitcoin will always lead the market first always and then the altcoins play catch up right so it feels worse than it is right now because the alt coins got crushed and many of them have stayed crushed they haven't come back that’s probably the most popular question I get take okay bitcoins up and it's you know been up as much as 400 percent this year but why aren't the old coins moving and my answer is because it's not yet time. If you look back at the data generally there is at least a six-month time lag between the time Bitcoin breaks its downtrend line and the time that the alt coins move higher. So that that next stage we'll be entering to in about October and you'll see a percolation in the alt coins and they'll start playing catch-up.
Buck: Does that also correlate Teeka with Bitcoin like an all-time high for Bitcoin though? I mean I mean obviously Bitcoin has recovered substantially we're like you know three four hundred percent up from you know where we were when Bitcoin was at you know three thousand. The question I have is and I have not looked at this history closely even though there's this recovery, do you have to start approaching all-time highs for those alts to really make their move is that what you've seen historically?
Teeka: No you look back when they all started playing catch up in 2016 Bitcoin was starting to move higher and then going into 2017 and then the alts really didn't start kicking in until around May and that's when they started moving and eventually the alts outpaced the type of action that was going on with bitcoins. So if we look back at how the altcoins move generally what happens is you have a new series of buyers that come into the market and they're all centered around Bitcoin. And that's happening right now. Kelly Lafleur just announced from backed that they're gonna have physically backed futures have been approved September 23rd I believe is the date that they're actually gonna start trading. So this brings in a whole new group of traders a whole new group of investors and then so they start getting their feet with Bitcoin and all of a sudden they're there they might not even know anything about alt coins Buck that that's the thing right for a lot of people out there to them when they think digital currency the only thing they really think of is Bitcoin.
Buck: So as the alt coins are just anything that's not Bitcoin for anybody what we keep talking about so anything Ethereum, any other and any other token that's not Bitcoin generally it's called an altcoin.
Teeka: Right so as they come in they start getting exposed to these other coins and then they start playing with them and they start investing and then they start trading with them and all of a sudden people look at look at Bitcoin and they look at something else it's a little bit smaller and they say okay let's let's play around here and then you start seeing this broadening of the rally.
Buck: So you think that this time around though specifically I know you you you're part of your thesis is that this time around may be different because you know bigger money institutional money, but one of the things that we've really looked at or you've looked at and talked about is you know one of the limitations to big money coming into this stuff is custodianship but the altcoins a lot of the old coins most of them are not gonna have that kind of infrastructure so does that I mean just playing devil's advocate does that then say well they may just stick to whatever they can buy on Coinbase and Bakkt.
Teeka: Well they have well these coins most of the all coins are ERC 20 coins so in terms of having the infrastructure as long as you can support ERC 20 you can support hundreds of coins that currently trade and so if you look at what Bakkt is doing they're gonna be supporting Bitcoin first and then they're going to be supporting Ethereum. So if they support a theory they will naturally support every other ERC20 that's out there and remember companies like Bakkt they're in the business of incentivizing trading because they get paid for everything that that goes through their network. So it would be odd to imagine that they're only going to limit their entire business models with just the trading of Bitcoin it doesn't make any sense. If you look at what they've done in the securities market they haven't just limited themselves to the trading of the S&P 500 they trade everything so I do think that liquidity will trickle down into the whole market and of course the ERC 20 coins I think will be the first to get the most amount of liquidity because it will be the easiest to support from from a back end technology standpoint. The other thing I want to mention is that another driver of the alt coins would be what I believe will be a proliferation of securitization products. So ETF's different types of futures I see a world I've gotta believe within the next 12 months we will see an ETF that will give us the ability to own 20 30 40 maybe 50 coins in one ETF that trades or one type of security that trades maybe it's a coin put out by back and says okay you buy this coin and you've got the top hundred altcoins exposure to the top hundred alt coins.
Buck: Right and then you know I know a lot of people bring do you talk about the ETF for Bitcoin and this has been sort of bounce back but yeah you know we're delayed with the SEC several times do you really think of that as a big deal compared to some of the other movements that you you mentioned Bakkt and I think there's LedgerX things like that where that are allowing for institutional buyers to dissipate is an etf really make much of a difference in your view?
Teeka: I think an ETF is important but I think the SEC is becoming less important in that process and I'll tell you why. Several very large brokerage firms from the Fidelity to eTrade to TD Ameritrade have announced that they want to offer Bitcoin trading to their users. So I'm talking about a system where you can log in click on a button on your Fidelity account and you can start trading Bitcoin the way you with the sp500. Once that comes out let's assume it comes out this year which they've talked about but they want to do it this year but we'll see everything seems to run a little slower than people think. But if that that comes out this year and something like 15 to 20 million people can now trade Bitcoin directly from their brokerage accounts to me it makes an ETF a foregone conclusion because the SEC has no reason now to stand in the way of it. And that's what I'm think that they're waiting for Buck the SEC is not known for blazing a trail the SEC is not known for moving ahead of the market. So if they can look and say well Fidelity is offering it TD Ameritrade is offering it Schwab is offering it we are asses covered if we approve an ETF I think it's really a CYA problem with the SEC they don't want to be the first to make this move and let's say there's a problem with it and everybody blames the SEC.
Buck: You know there is this product data that I know of maybe you could talk about this because then you know in the context of an ETF and being able to buy Bitcoin easily you know.
Teeka: I look at the there's a grayscale Bitcoin trust gbtc which is publicly traded I mean what's the difference what am I missing there I mean that's a closed-end fund that has limited liquidity and sometimes trade at a hundred percent premium.
Buck: Yeah okay so lots of things happening in the spaces you mentioned and one of the things that I think that that you said that is very seems very clearly true whether or not what you know whether or not you believe there's gonna be another bull market is there's a ton of of Technology improvements and infrastructure and all these things that are going on and price mean a lot more by the way then back in 2017 when prices were off the charts so within that context what are you know say they the one or two things that are you most excited about in the space that gives you the greatest confidence that this is you know this is the the new you know the new dot-com era I guess after the rebels fell as you mentioned before offline and you know the rise of the Amazons and the apples in the crypto world.
Teeka: I'll tell you why it's because I'm finally seeing major corporations real corporations doing partnerships with crypto companies not memorandums of understanding MOU’s are meaningless but real partnerships where they're actually using the technology this is stuff i talked about a year ago. Eighteen and a half months ago I said like real companies are going to start coming into this space they're gonna start partnering with some of these companies and start using the technology and it's happening. I'm seeing real businesses like Barclays put up their own money to back certain platforms I was like for instance with trade finance. BMW putting up their own money for back in logistics. So this is a huge shift in in in the type of person that is getting involved in the marketplace. I'm seeing massive credit card processors get involved with tiny startups because they want to piggy back what's going on and the markets that they're opening up with with their with their applications. So this to me Buck is is such a difference maker right like if we came into 2019 and none of these deals were happening I would say I would be on here and I would say buck you know what the cake just isn't baked yet man we just probably gotta wait another year. But when I start seeing very large very smart corporate players making strategic moves to align themselves to certain projects, you can't ignore that. This is something you can't ignore. And so this is what has me incredibly excited for this next phase that I see taking place in crypto.
Buck: You know one of the one things that you mentioned earlier and you've mentioned in the past which I agree with generally speaking is that you know some level of regulation is a good thing so that it becomes less of a manipulated market. So it becomes something that you know larger big money investors and institutional investors take an interest in because they don't want to be in something that's you know that's that's not legit. There is a negative a little bit to that and that some opportunities out there are you know start or you're starting to get restricted in terms of American investors. You know one of the examples I can think of to me is one of what I'm probably one of the biggest things is Binance which is you know the number one trading platform in the world is now effectively you know saying US investors we'll see you later we're gonna build something you know sometime and we're gonna call it you know Binance US and we're gonna have a lot fewer tokens there what concerns me is an investor in some of the various digital currencies at that point is well how does that affect my liquidity as a US investor and I'm wondering how it is affecting your your portfolio?
Teeka: Okay so there's a couple of things around that and I can't advise people to do this I can only report on what some people are doing to get around this geofencing. They're using Virtual Private Networks. With the use of a virtual private network can get access to any exchange in the world so long as they're using a VPN that mimics a country that this exchange is allowed to operate in. So as far as I know Binance is not doing anything to prevent anybody from using a VPN so just want to get that out there.
Buck: Jut to interrupt there I mean that that in itself is a little tricky though right I mean isn't it because then you've got to deal with you know US taxes and all that if you're dealing…
Teeka: Well you always have to deal with US taxes no matter what whether you're using a VPN or not.
Buck: So it wouldn't be illegal technically to use Virtual Private Network to use Binance?
Teeka: For me as an individual would I be breaking any laws, I don't think so but I'm not an attorney. Binance might be breaking some laws or but I don't think that I would be but again this is something everybody has to make their own decision with. But the other side of this is that by Nance is putting together their own decks which is a decentralized exchange which will allow for peer-to-peer trading and I think you'll see more of these types of decentralized exchanges which I'm a big fan of I hate the idea of centralized exchanges anyway. So there are some speed problems with decentralized exchanges but they're getting ironed out and I think within in the future a lot of trading is going to move to peer-to-peer but you're right it's certainly a concern for now I would say the biggest solution that I have read about and again I can't formally tell people to do this is to use a virtual private network.
Buck: The other question though I think as just as a follow-up on that Teeka is that okay so say you use a VPN but not everybody's gonna do that you know probably most people aren't gonna do that didn't then there's an issues just in terms of liquidity right or don't you think that's a problem anymore?
Teeka: I do think it's a problem but I also rely on the greed factor of the participants in this market that they will figure out a solution because there's too much money to be made for liquidity that wants to come into the market somebody will find a way to bring that liquidity into that okay so anyway so like you you know I believe that Bitcoin bull run is inevitable what do you think of anything what are you looking for that might trigger and I know you you're saying already that we're kind of in a bull market already but what triggers that sort of next level all-time high thing is there anything or do you think this is something that's gonna be more of a gradual rise or organic than it was in 2017?
Teeka: Well there are several things which I'm gonna be talking about specifically I don't really want to spill the beans on that here but I have an event coming up which I talk in more detail about a very specific event that I think will act as a massive catalyst. Outside of that I think this whole idea of I call it this kind of new narrative right among institutions where before two years ago three years ago they looked at Bitcoin and they said oh my gosh Bitcoin that's for Gun Runners and pornographers where we we have no interest in Bitcoin. And now they're starting to see Bitcoin as a way to eliminate this correlation risk in their portfolio. So I think that narrative will gain more ground in fact I've been invited to a conference in San Moritz with 500 top-tier investors and I will be putting forward that research that I've drawn together to that audience and really helping propagate that narrative because it is transformational if you manage a large pool of capital what you can do with your overall volatility and how you can adjust it lower through just a tiny amount of Bitcoin is absolutely remarkable. So I think that's more of a slow burn Buck, but as that gains speed I mean can you just imagine just the amount of buying if pension funds say okay going forward half of 1% of all our assets are going to be in digital currency.
Buck: I mean in part of part of understanding that for people is to understand one of the the great things about Bitcoin in particular is that this is an asset with that is fixed to a certain number of Bitcoin that'll ever be created so you know we've never really had a that kind of monetary thing before I mean to a certain extent gold is that way of course but even you know gold there's always more gold every year a little bit more gold. This is a truly deflationary asset that really where you know you put more money in the pot you know each one of those bitcoins gonna be worth a lot more and that I can't think of anything else that's out there like that.
Teeka: I agree.
Buck: I know you've got you know the the Palm Beach Confidential Newsletter Teeka I just have to compliment you because I you know I have been a reader for a couple years it is one of the most comprehensive and thoughtful investment newsletters I've ever subscribed to. I mean it is totally the real deal and I appreciate that and one of the things that people can't join any time and it opens and closes and I know that it is going to be opening up and you're going to do a webinar coming up on that but can you talk a little bit about the newsletter and the event that's coming up?
Teeka: Yeah sure so in the newsletter what I do is I will typically find one idea each month and give you a complete breakdown on the idea. And what I try to do I understand not everybody is a cryptocurrency enthusiastic of their currency investor and so what I try to do is write in a way that is easy to digest, easy to understand, not simplistic but very easy for the layperson to get their head around and to really understand the concept that we're talking about. And I have not opened up Palm Beach confidential for any new members for this whole year, this is the first time that I've done that and the reason is, is I only open up Palm Beach confidential to new members when there's an event that I think can have a massive impact on the broad market. So on September 18th at 8 p.m. I'm going to talk about one of these events and the last time this event took place you could literally take 500 dollars and turn it into five million dollars. There's only a few times in the history of crypto where you have those types of windows of opportunity and so one of those windows of opportunity is about to open and so at this event I'm gonna explain what it is why it works and why it will absolutely happen this particular event will absolutely happen there's nothing that can stop the event from taking place. And so I'm gonna share my five top coins, one of which I'll give away for free during the webinar that I think have that ability to go from five hundred dollars literally into five million. So it's an exciting time and I'm really kind of chomping at the bit to kind of get in front of everybody and talk about this research that I've discovered.
Buck: One last thing I want to point out is I get you know when we talk like this sometimes people get really skeptical they're like yeah that sounds a little salesy Buck that's not really kind of the usual thing that you're talking about and I get it right. The reality is this is a situation this isn't you know there are real people out there there are kids out there who've become multimillionaires by doing exactly this. And so it's real, that's why I'm interested.
Teeka: In my own investing I've seen a thousand dollar investment go to as much as 1.6 million dollars, ok so it's real. The other thing I want to convey to everybody I don't have to write newsletters anymore I don't have to come on podcast I can sit on a beach all I want ok. So why do I do this I do this because moving the needle on somebody's net worth maybe not this audience maybe my broader audience it's incredibly gratifying right helping people change their lives without putting their current lifestyle at risk that's I mean if that's my one legacy in this life could you ask for anything more Buck? Really it's incredibly gratifying to be able to do that and we have this opportunity now and but this opportunity won't last forever at some point this will be a multi trillion dollar asset class and the ability to make gains like that just won't exist.
Buck: Teeka, as always it's been a pleasure talking to you and thanks again for being on Wealth Formula Podcast.
Teeka: Thank you Buck.
Buck: We'll be right back.
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Wealth Formula Episode 175: Cryptocurrency and Asymmetric Risk with Teeka Tiwari

Wealth Formula Episode 175: Cryptocurrency and Asymmetric Risk with Teeka Tiwari

Catch the full episode: https://www.wealthformula.com/podcast/175-cryptocurrency-and-asymmetric-risk-with-teeka-tiwari/
Buck: Welcome back to the show everyone. Today my guest on Wealth Formula Podcast is no stranger to the show. He’s a guy who grew up in foster care and came over the US at the age of 16 with just 150 bucks in his pocket and the clothes on his back. And then by the age of 18 becomes the youngest employee at Lehman Brothers. By 20 he becomes the youngest vice president in Lehman history. Later in his career he goes on to launch successful hedge fund and lived the Wall Street dream. I mean he’s known on Wall Street as the guy who’s made a fortune on what is known as asymmetric risk which is what we’re going to talk about in quite a bit and for the rest of us, for many of us that is, he is best known for being the editor of the Palm Beach confidential newsletter which focuses on digital currencies and I am a subscriber to this by the way. Teeka, welcome back to Wealth Formula Podcast, Teeka Tiwari.
Teeka: Thanks Buck. It’s a pleasure to be here and thank you for having me.
Buck: Yeah so you know you were on not too long ago and some people are listening to the stuff about cannabis and they’re probably thinking to themselves, why is this guy talking about cannabis and digital currencies like what is his specialty? In fact the way I’m thinking about this there’s one main thing that they have in common, they’re both in this area that you call and we call asymmetric risk which is really your thing. Discuss what that means and if you would how have you applied it to your own growth and ultimately to your own wealth.
Teeka: So before I get into asymmetric risk I want to talk about how I discovered asymmetric risk and how I changed the way that I yeah. So when I was in my 20s I developed a lot of wealth by taking massive risk in the stock options and commodities market. And I would bet huge positions. And then that all came to an end in the late 90s when I was on the wrong side of a series of trades that were triggered by the Asian financial crisis which ultimately compelled me to file for bankruptcy. And so I had lost about ten years of wealth creation which was considerable at the time. And what I learned was that I had to change my approach that I couldn’t get it all every single time otherwise I would never get off this boom-and-bust merry-go-round. So what I realized was is that I would I would build the portfolio of somewhat safer more income oriented investments and then I would focus on these ideas that are called asymmetric risk trade. So what’s an asymmetric risk trade? An asymmetric risk trade is where you can take a relatively trivial sum of money and if the idea doesn’t work out it doesn’t impact your net your net worth or your day-to-day lifestyle in any way shape or form. But the asymmetric part of it is is that if it does work out it can absolutely move the needle on your net worth. So an example of that would be something like neo which I recommended at around 12 cents that ended up going up to about a hundred and sixty one dollars so that’s something that you could have put a thousand dollars in and turn it into over a million dollars. That’s a classic asymmetric trade. So what I what I tell my readers is you can’t build your whole portfolio around high-risk asymmetric trades. But if you take let’s say five to ten percent of your liquid net worth and allocate it to these types of situations in a and one of the things I talk about is using uniform position sizing, what you put yourself in the position to do is absolutely grow your network sometimes three four five six X without putting your current lifestyle at risk and it is a sweet spot of wealth creation that I’ve created and popularized now for several years that has not only transformed my financial life but the financial life of many of my readers.
Buck: So as you know Teeka my group the Wealth Formula Group in general I mean there’s a lot of people who are well-to-do they’re you know accredited investors they have you know typically probably more money to invest than others they’re you know and I say this because there is a little bit of a difference there when it comes to somebody who’s barely getting by living check to check, that there is an opportunity in your portfolio to say okay what percentage of this portfolio could I put in that I mean listen if I lose it no big deal I mean I won’t be happy about it but it won’t hurt me that much on the other hand this could explode. Now when you look at it from the perspective of somebody who’s got a fair amount of money and link who’s investing you know several hundred thousand dollars a year or maybe a million dollars or something like that like what do you think is a reasonable amount of a portfolio? Like I know for example that even universities are getting into this and they’re looking at hey maybe you know 1/2 of 1% or something like that I mean I know you’re not in the business of giving financial advice but I’m just curious kind of what your approach would be in terms of allocation.
Teeka: So again generally speaking I would say 5 to 10% of your liquid net worth. So let’s say you’ve got a business that kicks out a million a year that you have to allocate for your investment 50 to $100,000. Definitely nobody likes to lose 50 or a hundred thousand dollars but it’s not going to have a material impact on your lifestyle but if you invest 50 to $100,000 and these asymmetric bets pay off you’re talking about five six seven eight ten twelve million dollars in returns on what is a relatively tiny investment relative to your net worth and that is the beauty of this approach.
Buck: Yeah and and I’m glad you said that because that’s exactly kind of where I’m at sort of lingering between five and ten percent you know and for me you know I I kind of put this in there about you know I kind of put this in that area with startups right I’m not gonna I’m not gonna have a separate category just for digital currencies but anything that is super high risk and high reward and I’m sitting about five or ten percent.
Teeka: That all goes into the same bucket so that’s right that for everybody it’s not just oh this is crypto currencies five to ten percent and startups is five to ten percent. No all go into the same bucket is asymmetric risk.
Buck: Yeah now okay so we kind of got ahead of ourselves and you know you haven’t been on the show talking about crypto currency in a fair amount of time we have a lot more new listeners now so for those who know very little about cryptocurrency but they’re smart they’re sophisticated say they’re a group of you know I know worth investors you’re talking to you they’ve not heard about this how do you explain this in the most efficient way possible and what the significance of it is?
Teeka: Okay so that’s a really big question.
Buck: Yeah no I don’t but I bet you’ve answered it a few times.
Teeka: I’m gonna take a shot at it. So listen as a wealthy investor myself why would I want to bother with cryptocurrency? I’m already rich why do I want to mess around with this? So I’m gonna answer it from that perspective. One it’s always nice to make more money. But two the bigger reason is, is what I want people to understand especially wealthy investors is that it’s very rare to invest at the beginning of a brand-new asset class very very rare right it’s brand-new asset classes though just don’t come about. Digital currency is a brand-new asset class that has legs. So why does it have legs? It has legs because we have never had an asset class that is completely non correlated with the business cycle. It’s never existed before. Every asset class in the world is somehow tied to the business cycle gold, industrial, metals, currencies, stocks, bonds, they’re all tied to the business cycle in one way shape or form things like Bitcoin are not so why why does that make it valuable it makes it valuable because if you are pension fund you’re allocating capital across traditional and non-traditional assets you still have this problem of deep correlation right the business cycle falls apart and you’re taking hits across the board. So there have been studies that have shown just with a small allocation of Bitcoin anywhere from one to five percent across the portfolio even though Bitcoin is wildly volatile because it is not correlated and not tied to the business cycle it actually reduces your overall volatility and your overall risk in your portfolio and that is incredibly valuable. So just from a high level portfolio construction standpoint you will see the world’s hedge funds, pension funds, massive allocators of capital start to move tiny slivers of their money into things like Bitcoin and we’re talking tiny slivers of an 80 trillion dollar pie right it’s in real terms its enormous money in relative terms relative to what they have under management it’s a small amount but when you’re coming off a base where the whole markets only worth 300 billion it doesn’t take much to move the market. So that’s from the high level that’s why you must have some cryptocurrency. And then the next level beyond that is that mankind has never had an asset there’s never been an asset we’re a stronger man couldn’t take it from a weaker man. So whether it was the caveman knocking one guy over the head for his shells or the government coming in in Venezuela and confiscating money or the Argentinian government saying oh we’re having a holiday and taking all your assets from the bank something Brazil has done on multiple occasions. You know the everyday person has not had this ability to hold an asset that has been beyond the confiscationability of a government so something like Bitcoin and digital currency if you are smart and how you buy it if you don’t talk about it you buy quietly and you store it appropriately it is absolutely impossible short of somebody putting a literally putting a gun next to your head for them to take that asset from you and that is remarkable because even if you’ve got a million dollars in gold and you somehow manage to hide it how are you gonna travel the world with a million dollars in gold how are you gonna spend a million dollars in gold you just gonna go to the store and break a piece off with a piece of pliers you just can’t do that the beauty of digital currency is you can walk around with a thumb drive that big with a billion dollars in it and nobody knows and let’s say hey oh I don’t want to keep a billion in Bitcoin I want to do it in a stable coin fine put it in a stable coin. But this idea this portability of money and this complete ownership of an asset that nobody else has any ability to take from you that is valuable that is incredibly valuable.
Buck: So let me ask you a what may seem like a very basic simple question but I think it’s worth asking. So why is it so volatile why is Bitcoin Ethereum for example why these are the major the two biggest by market cap why are they so volatile and you know to the extent that they are uncorrelated do you see that as a function of the size of the market cap or is it something else inherent about digital currencies that makes it this volatile?
Teeka: I think it’s both. One they’re relatively small so if for instance if you look at Microsoft in its early days it was a crazy volatile stock up 40% down 40% down 30% going through bear markets that lasted two years wrecking billions of dollars in value you look at the early days of Microsoft from the 80s into the mid 90s the stock was all over the place and then as the stock got bigger and more mature of course volatility tamp down so you will see that. So what I say with volatility is that welcomed that volatility without it the opportunity to make enormous amounts of money off a small amount of money won’t exist. At some point Bitcoin and the theorem will move to this more blue chip status where maybe you make eight percent a year or six percent a year or something or something like that thank goodness we’re not there yet. The other side of it is is that there you know the markets that are built around trading these are completely unregulated. They’re wild. And there’s all types of crazy manipulation that goes on in the market you have some Bitcoin whale let’s sell a thousand coins and scare the market down and then let’s go buy back 2000 coins it’s the Wild West and somebody a skeptic might say well why do I want to buy now why don’t I buy when the market calms down because when you buy when the market calms down and it’s moved to this very highly regulated very low volatility asset it could have ten x between now and then. So yes there is volatility but I believe if you position size rationally you will be well rewarded for that moment for that volatility and that uncertainty.
Buck: So admittedly I was skeptical of cryptocurrency early on and you know I finally did get in and my timing was actually really good it was a fall early fall 2017 right before a massive bull run. And that of course was followed by what has been called crypto winter. So the question is, is winter over because it sure seems like it’s an awful long thawing period I mean no we seem like to have gotten there but there’s a stall is it over or do you still see some you know rocky shores ahead before there’s a you know big move potentially to all-time highs?
Teeka: Well no crypto winter was over in April. I put out a report talking about that and I pinpointed when that happened it happened when Bitcoin broke its downtrend line. So if you go back and if you look at each of the so-called crypto winters or horrible bear markets that have been in the space Bitcoin will always lead the market first always and then the altcoins play catch up right so it feels worse than it is right now because the alt coins got crushed and many of them have stayed crushed they haven’t come back that’s probably the most popular question I get take okay bitcoins up and it’s you know been up as much as 400 percent this year but why aren’t the old coins moving and my answer is because it’s not yet time. If you look back at the data generally there is at least a six-month time lag between the time Bitcoin breaks its downtrend line and the time that the alt coins move higher. So that that next stage we’ll be entering to in about October and you’ll see a percolation in the alt coins and they’ll start playing catch-up.
Buck: Does that also correlate Teeka with Bitcoin like an all-time high for Bitcoin though? I mean I mean obviously Bitcoin has recovered substantially we’re like you know three four hundred percent up from you know where we were when Bitcoin was at you know three thousand. The question I have is and I have not looked at this history closely even though there’s this recovery, do you have to start approaching all-time highs for those alts to really make their move is that what you’ve seen historically?
Teeka: No you look back when they all started playing catch up in 2016 Bitcoin was starting to move higher and then going into 2017 and then the alts really didn’t start kicking in until around May and that’s when they started moving and eventually the alts outpaced the type of action that was going on with bitcoins. So if we look back at how the altcoins move generally what happens is you have a new series of buyers that come into the market and they’re all centered around Bitcoin. And that’s happening right now. Kelly Lafleur just announced from backed that they’re gonna have physically backed futures have been approved September 23rd I believe is the date that they’re actually gonna start trading. So this brings in a whole new group of traders a whole new group of investors and then so they start getting their feet with Bitcoin and all of a sudden they’re there they might not even know anything about alt coins Buck that that’s the thing right for a lot of people out there to them when they think digital currency the only thing they really think of is Bitcoin.
Buck: So as the alt coins are just anything that’s not Bitcoin for anybody what we keep talking about so anything Ethereum, any other and any other token that’s not Bitcoin generally it’s called an altcoin.
Teeka: Right so as they come in they start getting exposed to these other coins and then they start playing with them and they start investing and then they start trading with them and all of a sudden people look at look at Bitcoin and they look at something else it’s a little bit smaller and they say okay let’s let’s play around here and then you start seeing this broadening of the rally.
Buck: So you think that this time around though specifically I know you you you’re part of your thesis is that this time around may be different because you know bigger money institutional money, but one of the things that we’ve really looked at or you’ve looked at and talked about is you know one of the limitations to big money coming into this stuff is custodianship but the altcoins a lot of the old coins most of them are not gonna have that kind of infrastructure so does that I mean just playing devil’s advocate does that then say well they may just stick to whatever they can buy on Coinbase and Bakkt.
Teeka: Well they have well these coins most of the all coins are ERC 20 coins so in terms of having the infrastructure as long as you can support ERC 20 you can support hundreds of coins that currently trade and so if you look at what Bakkt is doing they’re gonna be supporting Bitcoin first and then they’re going to be supporting Ethereum. So if they support a theory they will naturally support every other ERC20 that’s out there and remember companies like Bakkt they’re in the business of incentivizing trading because they get paid for everything that that goes through their network. So it would be odd to imagine that they’re only going to limit their entire business models with just the trading of Bitcoin it doesn’t make any sense. If you look at what they’ve done in the securities market they haven’t just limited themselves to the trading of the S&P 500 they trade everything so I do think that liquidity will trickle down into the whole market and of course the ERC 20 coins I think will be the first to get the most amount of liquidity because it will be the easiest to support from from a back end technology standpoint. The other thing I want to mention is that another driver of the alt coins would be what I believe will be a proliferation of securitization products. So ETF’s different types of futures I see a world I’ve gotta believe within the next 12 months we will see an ETF that will give us the ability to own 20 30 40 maybe 50 coins in one ETF that trades or one type of security that trades maybe it’s a coin put out by back and says okay you buy this coin and you’ve got the top hundred altcoins exposure to the top hundred alt coins.
Buck: Right and then you know I know a lot of people bring do you talk about the ETF for Bitcoin and this has been sort of bounce back but yeah you know we’re delayed with the SEC several times do you really think of that as a big deal compared to some of the other movements that you you mentioned Bakkt and I think there’s LedgerX things like that where that are allowing for institutional buyers to dissipate is an etf really make much of a difference in your view?
Teeka: I think an ETF is important but I think the SEC is becoming less important in that process and I’ll tell you why. Several very large brokerage firms from the Fidelity to eTrade to TD Ameritrade have announced that they want to offer Bitcoin trading to their users. So I’m talking about a system where you can log in click on a button on your Fidelity account and you can start trading Bitcoin the way you with the sp500. Once that comes out let’s assume it comes out this year which they’ve talked about but they want to do it this year but we’ll see everything seems to run a little slower than people think. But if that that comes out this year and something like 15 to 20 million people can now trade Bitcoin directly from their brokerage accounts to me it makes an ETF a foregone conclusion because the SEC has no reason now to stand in the way of it. And that’s what I’m think that they’re waiting for Buck the SEC is not known for blazing a trail the SEC is not known for moving ahead of the market. So if they can look and say well Fidelity is offering it TD Ameritrade is offering it Schwab is offering it we are asses covered if we approve an ETF I think it’s really a CYA problem with the SEC they don’t want to be the first to make this move and let’s say there’s a problem with it and everybody blames the SEC.
Buck: You know there is this product data that I know of maybe you could talk about this because then you know in the context of an ETF and being able to buy Bitcoin easily you know.
Teeka: I look at the there’s a grayscale Bitcoin trust gbtc which is publicly traded I mean what’s the difference what am I missing there I mean that’s a closed-end fund that has limited liquidity and sometimes trade at a hundred percent premium.
Buck: Yeah okay so lots of things happening in the spaces you mentioned and one of the things that I think that that you said that is very seems very clearly true whether or not what you know whether or not you believe there’s gonna be another bull market is there’s a ton of of Technology improvements and infrastructure and all these things that are going on and price mean a lot more by the way then back in 2017 when prices were off the charts so within that context what are you know say they the one or two things that are you most excited about in the space that gives you the greatest confidence that this is you know this is the the new you know the new dot-com era I guess after the rebels fell as you mentioned before offline and you know the rise of the Amazons and the apples in the crypto world.
Teeka: I’ll tell you why it’s because I’m finally seeing major corporations real corporations doing partnerships with crypto companies not memorandums of understanding MOU’s are meaningless but real partnerships where they’re actually using the technology this is stuff i talked about a year ago. Eighteen and a half months ago I said like real companies are going to start coming into this space they’re gonna start partnering with some of these companies and start using the technology and it’s happening. I’m seeing real businesses like Barclays put up their own money to back certain platforms I was like for instance with trade finance. BMW putting up their own money for back in logistics. So this is a huge shift in in in the type of person that is getting involved in the marketplace. I’m seeing massive credit card processors get involved with tiny startups because they want to piggy back what’s going on and the markets that they’re opening up with with their with their applications. So this to me Buck is is such a difference maker right like if we came into 2019 and none of these deals were happening I would say I would be on here and I would say buck you know what the cake just isn’t baked yet man we just probably gotta wait another year. But when I start seeing very large very smart corporate players making strategic moves to align themselves to certain projects, you can’t ignore that. This is something you can’t ignore. And so this is what has me incredibly excited for this next phase that I see taking place in crypto.
Buck: You know one of the one things that you mentioned earlier and you’ve mentioned in the past which I agree with generally speaking is that you know some level of regulation is a good thing so that it becomes less of a manipulated market. So it becomes something that you know larger big money investors and institutional investors take an interest in because they don’t want to be in something that’s you know that’s that’s not legit. There is a negative a little bit to that and that some opportunities out there are you know start or you’re starting to get restricted in terms of American investors. You know one of the examples I can think of to me is one of what I’m probably one of the biggest things is Binance which is you know the number one trading platform in the world is now effectively you know saying US investors we’ll see you later we’re gonna build something you know sometime and we’re gonna call it you know Binance US and we’re gonna have a lot fewer tokens there what concerns me is an investor in some of the various digital currencies at that point is well how does that affect my liquidity as a US investor and I’m wondering how it is affecting your your portfolio?
Teeka: Okay so there’s a couple of things around that and I can’t advise people to do this I can only report on what some people are doing to get around this geofencing. They’re using Virtual Private Networks. With the use of a virtual private network can get access to any exchange in the world so long as they’re using a VPN that mimics a country that this exchange is allowed to operate in. So as far as I know Binance is not doing anything to prevent anybody from using a VPN so just want to get that out there.
Buck: Jut to interrupt there I mean that that in itself is a little tricky though right I mean isn’t it because then you’ve got to deal with you know US taxes and all that if you’re dealing…
Teeka: Well you always have to deal with US taxes no matter what whether you’re using a VPN or not.
Buck: So it wouldn’t be illegal technically to use Virtual Private Network to use Binance?
Teeka: For me as an individual would I be breaking any laws, I don’t think so but I’m not an attorney. Binance might be breaking some laws or but I don’t think that I would be but again this is something everybody has to make their own decision with. But the other side of this is that by Nance is putting together their own decks which is a decentralized exchange which will allow for peer-to-peer trading and I think you’ll see more of these types of decentralized exchanges which I’m a big fan of I hate the idea of centralized exchanges anyway. So there are some speed problems with decentralized exchanges but they’re getting ironed out and I think within in the future a lot of trading is going to move to peer-to-peer but you’re right it’s certainly a concern for now I would say the biggest solution that I have read about and again I can’t formally tell people to do this is to use a virtual private network.
Buck: The other question though I think as just as a follow-up on that Teeka is that okay so say you use a VPN but not everybody’s gonna do that you know probably most people aren’t gonna do that didn’t then there’s an issues just in terms of liquidity right or don’t you think that’s a problem anymore?
Teeka: I do think it’s a problem but I also rely on the greed factor of the participants in this market that they will figure out a solution because there’s too much money to be made for liquidity that wants to come into the market somebody will find a way to bring that liquidity into that okay so anyway so like you you know I believe that Bitcoin bull run is inevitable what do you think of anything what are you looking for that might trigger and I know you you’re saying already that we’re kind of in a bull market already but what triggers that sort of next level all-time high thing is there anything or do you think this is something that’s gonna be more of a gradual rise or organic than it was in 2017?
Teeka: Well there are several things which I’m gonna be talking about specifically I don’t really want to spill the beans on that here but I have an event coming up which I talk in more detail about a very specific event that I think will act as a massive catalyst. Outside of that I think this whole idea of I call it this kind of new narrative right among institutions where before two years ago three years ago they looked at Bitcoin and they said oh my gosh Bitcoin that’s for Gun Runners and pornographers where we we have no interest in Bitcoin. And now they’re starting to see Bitcoin as a way to eliminate this correlation risk in their portfolio. So I think that narrative will gain more ground in fact I’ve been invited to a conference in San Moritz with 500 top-tier investors and I will be putting forward that research that I’ve drawn together to that audience and really helping propagate that narrative because it is transformational if you manage a large pool of capital what you can do with your overall volatility and how you can adjust it lower through just a tiny amount of Bitcoin is absolutely remarkable. So I think that’s more of a slow burn Buck, but as that gains speed I mean can you just imagine just the amount of buying if pension funds say okay going forward half of 1% of all our assets are going to be in digital currency.
Buck: I mean in part of part of understanding that for people is to understand one of the the great things about Bitcoin in particular is that this is an asset with that is fixed to a certain number of Bitcoin that’ll ever be created so you know we’ve never really had a that kind of monetary thing before I mean to a certain extent gold is that way of course but even you know gold there’s always more gold every year a little bit more gold. This is a truly deflationary asset that really where you know you put more money in the pot you know each one of those bitcoins gonna be worth a lot more and that I can’t think of anything else that’s out there like that.
Teeka: I agree.
Buck: I know you’ve got you know the the Palm Beach Confidential Newsletter Teeka I just have to compliment you because I you know I have been a reader for a couple years it is one of the most comprehensive and thoughtful investment newsletters I’ve ever subscribed to. I mean it is totally the real deal and I appreciate that and one of the things that people can’t join any time and it opens and closes and I know that it is going to be opening up and you’re going to do a webinar coming up on that but can you talk a little bit about the newsletter and the event that’s coming up?
Teeka: Yeah sure so in the newsletter what I do is I will typically find one idea each month and give you a complete breakdown on the idea. And what I try to do I understand not everybody is a cryptocurrency enthusiastic of their currency investor and so what I try to do is write in a way that is easy to digest, easy to understand, not simplistic but very easy for the layperson to get their head around and to really understand the concept that we’re talking about. And I have not opened up Palm Beach confidential for any new members for this whole year, this is the first time that I’ve done that and the reason is, is I only open up Palm Beach confidential to new members when there’s an event that I think can have a massive impact on the broad market. So on September 18th at 8 p.m. I’m going to talk about one of these events and the last time this event took place you could literally take 500 dollars and turn it into five million dollars. There’s only a few times in the history of crypto where you have those types of windows of opportunity and so one of those windows of opportunity is about to open and so at this event I’m gonna explain what it is why it works and why it will absolutely happen this particular event will absolutely happen there’s nothing that can stop the event from taking place. And so I’m gonna share my five top coins, one of which I’ll give away for free during the webinar that I think have that ability to go from five hundred dollars literally into five million. So it’s an exciting time and I’m really kind of chomping at the bit to kind of get in front of everybody and talk about this research that I’ve discovered.
Buck: One last thing I want to point out is I get you know when we talk like this sometimes people get really skeptical they’re like yeah that sounds a little salesy Buck that’s not really kind of the usual thing that you’re talking about and I get it right. The reality is this is a situation this isn’t you know there are real people out there there are kids out there who’ve become multimillionaires by doing exactly this. And so it’s real, that’s why I’m interested.
Teeka: In my own investing I’ve seen a thousand dollar investment go to as much as 1.6 million dollars, ok so it’s real. The other thing I want to convey to everybody I don’t have to write newsletters anymore I don’t have to come on podcast I can sit on a beach all I want ok. So why do I do this I do this because moving the needle on somebody’s net worth maybe not this audience maybe maybe my broader audience it’s incredibly gratifying right helping people change their lives without putting their current lifestyle at risk that’s I mean if that’s my one legacy in this life could you ask for anything more Buck? Really it’s incredibly gratifying to be able to do that and we have this opportunity now and but this opportunity won’t last forever at some point this will be a multi trillion dollar asset class and the ability to make gains like that just won’t exist.
Buck: Teeka, as always it’s been a pleasure talking to you and thanks again for being on Wealth Formula Podcast.
Teeka: Thank you Buck.
Buck: We’ll be right back.
submitted by Buck_Joffrey to u/Buck_Joffrey [link] [comments]

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Though several people thought that the regulator would decide by that date, it was not the case. The latest supporting documents indicated that the SEC will review five ETF proposals from Direxion, two ETFs each from ProShares and GraniteShares. The regulator is seeking comments from concerned parties before November 5. Even so, in 2018 and 2019, we did not see a single bitcoin ETF receive approval from the U.S. Securities Exchange Commission. That said, the bitcoin industry now has an outspoken ally in the SEC, Hester Peirce, who would like to see a bitcoin ETF approved sooner than later. Many bitcoin advocates believe that she could cause the final push that ... Bitwise Bitcoin ETF: August 14. One of the proposals being reviewed by the SEC is for the listing and trading of shares issued by Bitwise Bitcoin ETF Trust filed by NYSE Arca Inc. on Jan. 28. This ... Binance est une plateforme avancée qui vous propose d’échanger BTC, ETH, BNB et d’autres cryptomonnaies ‘ETF Deadlines Largely Inconsequential’ Two heavily sought after Bitcoin ETF applications have their initial deadlines closing in. The first one is filed by Bitwise Asset Management and published in the Federal Register on February 15th, is scheduled for a decision on April 1st.. The CBOE-backed VanEck/SolidX Bitcoin ETF application, on the other hand, was published in the Federal Register ... VanEck/SolidX Bitcoin ETF: February 27, 2019 Fewer institutional grade investment products have bathed in the industry limelight quite like the VanEck and SolidX bitcoin exchange traded fund (ETF) . The latest in a slew of attempts by various actors to offer the world’s first bitcoin ETF, the VanEck SolidX Bitcoin Trust is the only bitcoin ETF introduced in 2018 whose filing hasn’t been ... The Bitcoin ETF saga continues as the SEC is yet to approve the first publicly-traded bitcoin fund on a US exchange. In this article, you will find the Bitcoin ETF Approval timeline to remain up-to-date with the latest developments. Evolve Launching A Bitcoin ETF. Evolve Fund Group Inc. is a financial corporation that is based in Canada. According to a recent report, the Canadian finance firm has filed a preliminary prospectus for Canada’s first Bitcoin ETF.The Bitcoin ETF is going to be called “BITS” and will be an easy and fast way for stock investors to indirectly invest into the decentralized cryptocurrency. “A bitcoin ETF would further legitimize bitcoin and would allow several asset managers to participate in the asset class.” Considering the high anticipation regarding the approval of a Bitcoin ETF, the first digital asset-backed ETF will likely have a major impact on the liquidity of cryptocurrencies, particularly in the public stock market and the traditional finance sector. Max Supply Circulating Supply Issue Date Issue Price Consensus Protocol Explorer; 100,000,000: 78,938,634: 2017-02-11--1

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On this episode of Good Morning Bitcoin we discuss the recent Bitwise ETF Denial and how price is reacting. We also highlight Chainlinks new addition to the ... Bitcoin + IRS, SEC Bitcoin ETF, Binance In China, Ethereum Use Case & Bitcoin Price Rise The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... This video describes the process of collecting & visualizing historic data from Binance Cryptocurrency Exchange using A Python Bot. Read More Here: https://m... Instant Updates #45 1) SBI leaked account data 2) Iran to lift Crypto Ban 3) VanExk/SolidX Etf refiled 4) NEM Foundation (XEM) faces Bankruptcy 5) Fidelity in March ? 6) Binance - Buy Crypto with ... Binance Cryptocurrency Data Plugin for Amibroker - Enjoy crypto/altcoin realtime data in your Amibroker ! for more information about the plugin please visit ... This video is unavailable. Watch Queue Queue 1:02 Bitcoin Analysis 3:50 Binance News 5:01 Fidelity News 5:42 ETF News 6:50 QuadigaCX Bankrupt 8:16 Financial Crisis! Support Me Via Affiliate Links ...

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