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Alibaba’s former CEO praises crypto due to its disruptive abilities (www.blockcast.cc)

  • The former CEO of Alibaba, Jack Ma, recently spoke about the nature and possibilities of crypto.
  • He said that the crypto industry has a disruptive nature that could help overhaul the financial system.
  • Furthermore, he criticized the current system that doesn’t provide opportunities for young people.

The founder of Alibaba, who led the company until his recent retirement, Jack Ma, has recently shown how convinced he was of the possibilities of the crypto industry. He spoke of digital currencies with quite a bit of praise, pointing out various possibilities.

Jack Ma recently addressed bankers and regulators during the Shanghai-based Bund Summit. He discussed the role that cryptocurrencies could play in the global financial system of the future, noting that they could create value.

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With that in mind, he claimed that regulators and bankers should think about establishing a new financial system that would include cryptos.

The flaws of the current financial system

Jack Ma also commented that the current financial system — the one governed by Basel Accords — is not good enough. He thinks that it is too conservative, and that this does not allow it to adequately handle China’s growing economy.

He noted that, after the Asian financial crisis, the Basel Accords-highlighted risk controlling has been focused only on risk control. In other words, there was no attention to development.

What’s worse, no one has even considered providing opportunities for young people, or even developing countries, many of which support China, and could benefit by becoming included in its economy.

As some may know, the Basel Accords has provided international regulation for banks, which would, in theory, reduce the risk in the global economy. But, the rules became rather strict after 2008, when Basel III was passed.

The stricter rules came as a consequence of the global financial crisis — the same one that forced Satoshi Nakamoto to create and launch Bitcoin.

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MTC 메트칼프 체인, 글로벌 거래소 ZB.com 상장 후 고상승세로 가치 증명 (www.blockcast.cc)

ZB.Com의 소식에 따르면 MTC는 2020년10월24일19시14분에 7.6 USDT의 가격으로 ZB거래소에서 처음으로 전국에 정식으로 출시됐다. MTC화폐가격은 출시 당일 1시간도 되지 않아 최대 상승폭 6842%기록, 최대 520 USDT까지 급등했다. MTC는 10월 26일 오전 11시 약 431 USDT로 3일동안 거래액이 2천8백만 달러를 넘었다.

MTC 메트칼프 체인은 분산 지능형 트래픽 풀인 MTCENGINE을 채취하여 중심화에 적합하지 않은 일체화된 데이터 프레임을 제공하고 우리의 블록체인 트래픽의 가치에 대한 이해에 따라 표준화할 수 있다. “논리적 통합, 물리적 노드 침하”, “헤나 중심화 전통적인 트래픽”의 분산 트래픽 패러다임을 구축하여 네트워크에 분산적이고 복제 가능한 트래픽의 비즈니스 작동 패턴을 제공한다.

MTC 메트칼프 체인은 트래픽 원소를 융합한 비잔티움 내결함성 알고리즘 MBFT(MBFT Byzantine Fault Tolerance)을 사용하여 대규모 트래픽 비지니스 애플리케이션에 활용할 수 있다.

공동체 마찰을 줄이고 대규모 상업 프로세스의 사업 개발 동향과 운영 방식에 적응하기 위해서는 3가지 방면의 관리 수요를 고려해야 한다. 첫째, MTC 지능형 트래픽 체인 자체의 업그레이드, 변경 및 퇴출. 둘째, MTC 메트칼프 체인에 투입되는 기존 트래픽 및 외부 블록체인의 특별한 관리. 셋째, 광범위한 공동체가 참여하고 우리의 관리 기제는 보편적이고 투명하며 공평해야 한다.

Metcalfe’s Law의 계발에 따라 MTC 메트칼프 체인은 메트칼프 생태 경제 모델을 제시하여 MTC 응용 생태계를 사용자로 보고 피드백하고 있는 경제 메커니즘을 설계하였으며, 각각의 트래픽 응용의 접속은 전체 MTC 가치에 제곱의 증가를 가져올 것이다.

MTC 메트칼프 체인에 대하여

메트칼프 체인Metcalfe Chain (MTC)은 차세대 지능형 트래픽 애플리케이션 집약형 체인으로서 블록체인의 대규모 트래픽 응용의 주요 난점을 해결해준다. MTC 메트칼프 체인은 분산 지능형 트래픽 풀인 MTCENGINE,인수합병 가능한 관리 아키텍처 MER 및 메트칼프 토큰모델을 제시한다. 분산형 트래픽 관리에 기초한 MBFT 컨센서스를 채용하고 IPFS와 클라우드 아키텍처를 호환하며 가장 광범위한 사용자의 방치된 트래픽을 활성화함으로써 밀리언급 컨텐츠 터미널 노드를 형성하고 생방송 비디오, 대형 게임, 하이패스 전자상거래 및 금윰무대 등 대규모 트래픽 업계에 간편한 체인 개편 및 비지니스 모델의 재구성을 제공한다.

ZB.Com 대하여

ZB는2013년 설립된 글로벌 선도적인 디지털 자산거래 서비스 플랫폼이다. 전 세계 1000만명이 넘는 가입자에게 디지털 자산거래 서비스를 7년동안 안정적으로 제공하였다. 하루 평균 거래액이 30억 달러 이상으로 BTC, ZB, EOS, XRP의 주류화폐의 거래액이 상위권을 꾸준히 차지하고 있다.

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Datagen and Blue River Bank issues digital currencies (CBDC) in the Republic of Vanuatu (www.blockcast.cc)

[Jihye Han – Blockchain Today] Datagen Co., Ltd. (president: Seonmuk Lim), a domestic blockchain platform that provides commercial services specialized for blockchain, is working with BlueriverBank (president: Myeongsuk Jang) to establish a digital asset bank in the Republic of Vanuatu.

Datagen announced on the 23rd that it will go ahead with the “K-PAP Project” to establish the world’s first digital asset bank, including the issuance of CBDC, together with BlueriverBank and the government of the Republic of Vanuatu.

The K-PAP Team said that they “plan to expand various digital asset services and decentralized (Defi) financial services through the establishment of a global asset custody platform and a global financial network.”

Datagen developed the first blockchain mainnet in Korea in May 2018. In addition, Datagen commercialized ‘GenService’ and ‘GenPay’, a mobile payment platform, and has a number of blockchain-related patents.

Datagen CEO Seonmuk Lee said that he will “carry out the K-PAP project with our unrivaled technology and do our best to become a leading example in the flow of the global CBCD proliferation.”

CEO Myeongsuk Jang of Blueriverbank, a company specializing in the management of capital, personal asset management and actual asset storage management said “currently more than 80% of central banks in 66 countries around the world are entering the field of CBCD research and it is now becoming very heated” and stated that “we will make this K-PAP project a success together with Datagen, a leader in blockchain, and proactively contribute to the establishment of a stable trading order in the Korean digital asset market.”

The Republic of Vanuatu (diplomatic relations established with South Korea in 1980) participating as the main body of the K-PAP Project is known as one of the best-known paradise in the South Pacific (ranked top in the World Happiness Index and ranked top in the most desired travel destination) and the headquarters of global digital asset companies are concentrated there.

Based on this, there is a lot of expectation on whether the country can leap to the center of the global digital asset economy through the issuance of CBDC.

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Grayscale increased by 1 billion US dollars weekly, and the “Dollar Confidence Crisis” became the main reason for the institutional layout of Bitcoin (www.blockcast.cc)

The pace of institutions entering the cryptocurrency market is significantly accelerating.

From Grayscale’s increase in cryptocurrency holdings by $1 billion, to 15 listed companies in the United States holding 600,000 BTC, to Coinbase holding cryptocurrency worth $110, and it is still growing rapidly, to the firm view of many Wall Street leaders Many, a new super bull market seems to be waving at us.

However, what have these large institutions that rushed into the cryptocurrency field brought to the crypto field? Why do they aggressively deploy the encryption field? Can these investments really be profitable?

Crazy blessing of institutions

This is an encryption feast, from Coinbase to Grayscale, from listed companies to institutional leaders.

As of mid-October, cryptocurrency exchange Coinbase had approximately 994,904 bitcoins in its cold storage, valued at more than $11 billion.

In addition to large institutions such as Coinbase holding a large amount of Bitcoin, listed companies in the United States have also bought a large amount of Bitcoin. According to the latest data from BitcoinTreasuries.org, as of now, 15 listed companies hold a total of 601,479 Bitcoins.

For example, MicroStrategy, a US-listed company, bought more than $250 million in BTC in August this year, and then again purchased $175 million in BTC in September. Currently, MicroStrategy has successively purchased USD 425 million worth of BTC (a total of 38,250 BTC twice).

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 In addition, Grayscale is accelerating its holdings of cryptocurrencies. As of October 22, the total scale of Grayscale’s asset management reached 7.3 billion U.S. dollars, which is an increase of 1 billion U.S. dollars from the 6.3 billion U.S. dollars announced on October 15, of which the number of Bitcoins reached 467,000.

It only took a week to increase holdings of $1 billion in cryptocurrency.

If you compare Bitcoin’s circulation, the result may be even more surprising.

At present, about 18,500,000 Bitcoins have been mined (including losses), and the total amount of gray-scale holdings of bitcoins has reached 466,591 BTC, accounting for 2.5% of the volume; however, if you count the lost 3 million bitcoins, gray-scale holdings account for The total circulation of BTC is as high as 3%.

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 According to the Grayscale Q3 Investor Quarterly Research Report, these investor institutions account for 80%, and individual investors, family trusts, and pension accounts collectively account for 20%.

This is the speed of the organization!

So, why would institutional investors crazily bless Bitcoin in the second half of 2020?

Why are institutions madly blessing Bitcoin?

In September 2020, the Norwegian Government Pension Fund, the world’s largest sovereign fund, with more than $1 trillion in assets under management, officially invested in cryptocurrencies.

According to a report by Arcane Research, the Norwegian government pension fund has realized its investment in Bitcoin by investing in MicroStrategy, a Nasdaq listed company. Currently, the pension fund owns 1.51% of the company’s shares and indirectly holds 577.6 BTC.

In this regard, Gemini co-founder Cameron Winklevoss commented that the increase in Bitcoin held by the Norwegian government pension fund shows that Bitcoin is becoming one of the mainstream allocation assets of global institutions and people are beginning to realize the importance of holding fixed-value assets. In particular, after the U.S. dollar gradually lost its status as a global sovereign currency, many investors began to seek changes, and the standard asset allocation ratio also entered a reshuffle stage. Safe-haven assets such as Bitcoin, gold and silver, including treasury bonds, were once again recognized by investors .

Therefore, institutions have aggressively entered the field of cryptocurrency to invest, with the purpose of hedging risks and avoiding the risk of holding US dollars.

Another reason stems from Bitcoin’s own security.

As the CEO of MicroStrategy, Michael Saylor tweeted in September that Bitcoin is 19.3 trillion times as secure as 10 years ago and 50 times as suboptimal assets. Gold is still as safe as it was in 1934.

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 In other words, Bitcoin’s security is constantly improving, while gold’s security improvements have long since stalled.

In addition, Saylor said in an interview that he hopes to obtain an asset that can invest $425 million and hold it for 100 years. Now, giving up the U.S. dollar is Saylor’s main concern, and he says he cannot afford the risk of inflation.

Regarding the reasons for investing in Bitcoin, Saylor said: “Our investment in Bitcoin is part of our new capital allocation strategy, which aims to maximize long-term value for shareholders. This investment reflects our belief that Bitcoin As the most widely adopted cryptocurrency in the world, currency is a reliable means of storing value and an attractive investment asset, which has longer-term appreciation potential than holding cash.”

So, these institutional investors can really make a profit when entering the game at such a rapid pace? From the analysis of historical data, this is not always the case.

Are organizations really profitable?

Investors often believe that institutional investors are wealthy and fully capable of manipulating the crypto market to obtain high profits.

However, this way of thinking is inaccurate or one-sided, because institutional investors may also face losses or even bankruptcy. Galaxy Digital is at the forefront of the “road to lose money” in cryptocurrency investment.

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 Galaxy Digital was founded by billionaire and former Goldman Sachs partner Michael Novogratz. The company’s business scope mainly includes four major areas: cryptocurrency trading, asset management, entrusted investment and consulting.

With a resounding name and glamorous resume, it looks like a very good organization, but from the company’s report, Galaxy Digital is neither good at trading nor investing.

According to Galaxy Digital’s public financial report, except for the second quarter of 2018, the first quarter of 2019, and the second quarter of 2019, Galaxy Digital’s quarterly performance has always been at a loss.

For example, in terms of cryptocurrency trading, Galaxy Digital sold 1,226 Bitcoins in the first quarter of 2020, causing a loss of $38.2 million. In addition, Galaxy Digital’s USDC and USDT USD stablecoin holdings doubled from USD 5.98 million in the fourth quarter of 2019 to USD 12.8 million in the first quarter of 2020.

This is a “record” in terms of trading, and Galaxy Digital also performed mediocre in terms of investment.

In the investment field, Galaxy’s investment department invested $17.4 million into the ICO field, and ultimately lost 88%, while its investment in Xapo preferred stock was about $13.8 million, a loss of 70%. Galaxy Digital invested US$50 million in WAX in 2019 and ended up losing 96%.

Despite successive losses, the company has also made some successful investments, such as an investment of approximately US$3.7 million in preferred shares of BlockFi, which generated 283% of the return, and an investment of US$900,000 in Cryptology, which generated a return of 902%. The investment of USD 500,000 in the initial period of NuCypher’s initial coin offering achieved a return of 852%. Unfortunately, the scale of these investments is much smaller.

Therefore, although institutional investors have vigorously entered the cryptocurrency market and are very lively, not every institution will eventually be able to make a profit. This really fulfilled the sentence, investment is risky, and you need to be cautious when entering the market.

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Grayscale increased by 1 billion US dollars weekly, and the “Dollar Confidence Crisis” became the main reason for the institutional layout of Bitcoin (www.blockcast.cc)

The pace of institutions entering the cryptocurrency market is significantly accelerating.

From Grayscale’s increase in cryptocurrency holdings by $1 billion, to 15 listed companies in the United States holding 600,000 BTC, to Coinbase holding cryptocurrency worth $110, and it is still growing rapidly, to the firm view of many Wall Street leaders Many, a new super bull market seems to be waving at us.

However, what have these large institutions that rushed into the cryptocurrency field brought to the crypto field? Why do they aggressively deploy the encryption field? Can these investments really be profitable?

Crazy blessing of institutions

This is an encryption feast, from Coinbase to Grayscale, from listed companies to institutional leaders.

As of mid-October, cryptocurrency exchange Coinbase had approximately 994,904 bitcoins in its cold storage, valued at more than $11 billion.

In addition to large institutions such as Coinbase holding a large amount of Bitcoin, listed companies in the United States have also bought a large amount of Bitcoin. According to the latest data from BitcoinTreasuries.org, as of now, 15 listed companies hold a total of 601,479 Bitcoins.

For example, MicroStrategy, a US-listed company, bought more than $250 million in BTC in August this year, and then again purchased $175 million in BTC in September. Currently, MicroStrategy has successively purchased USD 425 million worth of BTC (a total of 38,250 BTC twice).

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 In addition, Grayscale is accelerating its holdings of cryptocurrencies. As of October 22, the total scale of Grayscale’s asset management reached 7.3 billion U.S. dollars, which is an increase of 1 billion U.S. dollars from the 6.3 billion U.S. dollars announced on October 15, of which the number of Bitcoins reached 467,000.

It only took a week to increase holdings of $1 billion in cryptocurrency.

If you compare Bitcoin’s circulation, the result may be even more surprising.

At present, about 18,500,000 Bitcoins have been mined (including losses), and the total amount of gray-scale holdings of bitcoins has reached 466,591 BTC, accounting for 2.5% of the volume; however, if you count the lost 3 million bitcoins, gray-scale holdings account for The total circulation of BTC is as high as 3%.

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 According to the Grayscale Q3 Investor Quarterly Research Report, these investor institutions account for 80%, and individual investors, family trusts, and pension accounts collectively account for 20%.

This is the speed of the organization!

So, why would institutional investors crazily bless Bitcoin in the second half of 2020?

Why are institutions madly blessing Bitcoin?

In September 2020, the Norwegian Government Pension Fund, the world’s largest sovereign fund, with more than $1 trillion in assets under management, officially invested in cryptocurrencies.

According to a report by Arcane Research, the Norwegian government pension fund has realized its investment in Bitcoin by investing in MicroStrategy, a Nasdaq listed company. Currently, the pension fund owns 1.51% of the company’s shares and indirectly holds 577.6 BTC.

In this regard, Gemini co-founder Cameron Winklevoss commented that the increase in Bitcoin held by the Norwegian government pension fund shows that Bitcoin is becoming one of the mainstream allocation assets of global institutions and people are beginning to realize the importance of holding fixed-value assets. In particular, after the U.S. dollar gradually lost its status as a global sovereign currency, many investors began to seek changes, and the standard asset allocation ratio also entered a reshuffle stage. Safe-haven assets such as Bitcoin, gold and silver, including treasury bonds, were once again recognized by investors .

Therefore, institutions have aggressively entered the field of cryptocurrency to invest, with the purpose of hedging risks and avoiding the risk of holding US dollars.

Another reason stems from Bitcoin’s own security.

As the CEO of MicroStrategy, Michael Saylor tweeted in September that Bitcoin is 19.3 trillion times as secure as 10 years ago and 50 times as suboptimal assets. Gold is still as safe as it was in 1934.

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 In other words, Bitcoin’s security is constantly improving, while gold’s security improvements have long since stalled.

In addition, Saylor said in an interview that he hopes to obtain an asset that can invest $425 million and hold it for 100 years. Now, giving up the U.S. dollar is Saylor’s main concern, and he says he cannot afford the risk of inflation.

Regarding the reasons for investing in Bitcoin, Saylor said: “Our investment in Bitcoin is part of our new capital allocation strategy, which aims to maximize long-term value for shareholders. This investment reflects our belief that Bitcoin As the most widely adopted cryptocurrency in the world, currency is a reliable means of storing value and an attractive investment asset, which has longer-term appreciation potential than holding cash.”

So, these institutional investors can really make a profit when entering the game at such a rapid pace? From the analysis of historical data, this is not always the case.

Are organizations really profitable?

Investors often believe that institutional investors are wealthy and fully capable of manipulating the crypto market to obtain high profits.

However, this way of thinking is inaccurate or one-sided, because institutional investors may also face losses or even bankruptcy. Galaxy Digital is at the forefront of the “road to lose money” in cryptocurrency investment.

灰度周增10亿美元,“美元信任危机”成机构布局比特币主因 Galaxy Digital was founded by billionaire and former Goldman Sachs partner Michael Novogratz. The company’s business scope mainly includes four major areas: cryptocurrency trading, asset management, entrusted investment and consulting.

With a resounding name and glamorous resume, it looks like a very good organization, but from the company’s report, Galaxy Digital is neither good at trading nor investing.

According to Galaxy Digital’s public financial report, except for the second quarter of 2018, the first quarter of 2019, and the second quarter of 2019, Galaxy Digital’s quarterly performance has always been at a loss.

For example, in terms of cryptocurrency trading, Galaxy Digital sold 1,226 Bitcoins in the first quarter of 2020, causing a loss of $38.2 million. In addition, Galaxy Digital’s USDC and USDT USD stablecoin holdings doubled from USD 5.98 million in the fourth quarter of 2019 to USD 12.8 million in the first quarter of 2020.

This is a “record” in terms of trading, and Galaxy Digital also performed mediocre in terms of investment.

In the investment field, Galaxy’s investment department invested $17.4 million into the ICO field, and ultimately lost 88%, while its investment in Xapo preferred stock was about $13.8 million, a loss of 70%. Galaxy Digital invested US$50 million in WAX in 2019 and ended up losing 96%.

Despite successive losses, the company has also made some successful investments, such as an investment of approximately US$3.7 million in preferred shares of BlockFi, which generated 283% of the return, and an investment of US$900,000 in Cryptology, which generated a return of 902%. The investment of USD 500,000 in the initial period of NuCypher’s initial coin offering achieved a return of 852%. Unfortunately, the scale of these investments is much smaller.

Therefore, although institutional investors have vigorously entered the cryptocurrency market and are very lively, not every institution will eventually be able to make a profit. This really fulfilled the sentence, investment is risky, and you need to be cautious when entering the market.

Categories
News

How will the US election and COVID-19 affect the crypto market? (www.blockcast.cc)

BTC reached its highest price in the most recent year and finally broke through the price resistance level of $12,000! This was nearly two months after the price plummeted in September, when BTC pulled back to the level of $10,000 after setting a price record at the time. Since then, prices have been on a slow upward trend, with monthly volatility increasing from 33% on Wednesday to 43%-the three-month low observed at the end of July. The ETH market has followed a similar pattern.

The steady growth of BTC occurred during the global Covid-19 crisis, partly due to more institutional investors entering the crypto market. However, this also brings new risks. 2020 is the year when BTC and the S&P 500 index reach the highest correlation. On Wednesday, the correlation between one-month BTC and the S&P 500 index was only 7%. However, the annual correlation has remained at an intermediate level of 45%. As the global outlook for the fourth quarter is still inconclusive in the near future, the market correction or accelerated recovery may once again test the argument for the hedging of crypto assets.

When there is a major unexpected price drop in the stock market, investors often liquidate the best performing assets to make up for the losses of other assets. BTC’s performance this year has been better than most assets, so if the market declines again, BTC may be affected similar to March. Therefore, the fall in the stock market may trigger the flight of BTC’s profit. This shows that there is a greater opportunity when the correlation between cryptocurrency volatility and the stock market is low.

美国大选与COVID-19将会如何影响加密市场?

Correlation between S&P 500 Index and BTC (1 month and 1 year)

Macro outlook

The upcoming months may bring major changes to the current COVID-19 recovery cycle. The most discussed event-the US presidential election is only two weeks away. However, its impact on the global economy may be relatively short-lived, and the stagnant growth of the technology industry, the delay of the COVID-19 vaccine, and the further delay of the rescue of COVID-19 people may have a more lasting impact on the global economy.

From November’s S&P 500VIX, the impact of expected changes in the results of the US general election can also be observed. The index dropped from a closing value of 36.15 on September 3 to 29.85 on October 20. Concerns about uncertain election results and how long this uncertainty may last may be responsible for the surge in expected volatility after election day. Nevertheless, with more polling data, this concern has been reduced, but the overall volatility level is still high, the S&P 500 VIX future index for December is 29.1, and the future index for January is 28.6. The average VIX index over the past ten years has fluctuated between 15 and 20 points.

美国大选与COVID-19将会如何影响加密市场?

The expected volatility of the global market shows that there may be more turbulent months in the future. Due to the increased relevance of encryption technology in 2020, encryption traders should pay attention to risks. The US election will always increase volatility. Therefore, options that expire a few days after the general election will always be traded at a premium compared to options with a longer expiration date to compensate for the volatility, allowing the seller to bear more significant price fluctuations and remaining low time value.

In the first week of October, the trading price of the rights on December 18 was 2 volatility points higher than the rights on November 4, which is unusual pricing during the election period. However, these expectations have changed in the past two weeks, and now only the trading price of the rights on November 9 is 0.5 volatility points premium over the rights on November 4. The change in the premium structure shows that this election is expected to have a similar impact on the market, while the expected volatility of a longer date indicates that more influential events will occur in the future.

Impact on encryption technology

The following table shows the 10 best and worst S&P 500 trading days by yield in 2020, as well as the returns of BTC and ETH on the corresponding trading days.

美国大选与COVID-19将会如何影响加密市场?

S&P 500 Index-10 best and worst trading days by yield

The worst trading day for BTC and ETH dropped by 30%, and the best trading day rose by 20%. This coincides with the S&P 500 index, which shows that market turbulence will have a corresponding impact on the crypto market, and the price decline is more than the rise. obvious. In mid-July, the one-month correlation between BTC and the S&P 500 index increased to 79%. For this reason, this may affect your crypto investment portfolio.

What will affect the market?

Technology stocks-have been the main driving force of the stock market recovery during the Covid-19 crisis. However, over-reliance on a certain industry, if the industry’s growth declines, may lead to a sharp correction in the market. For more than a decade, the technology sector has performed better than the broader market, and this rapid growth may no longer be sustainable. In particular, the personal computer industry has performed well in the past three quarters, despite the slow growth in other areas, and the severe criticism of the 230 clause (protection of freedom of speech) against IT companies. Tighter regulatory measures and a return to the pre-covid growth rate may lead to a sharp drop in expected earnings and put downward price pressure on the entire index. In recent weeks, more hedge funds have begun to short the industry, triggering a shift in market sentiment.

Biotechnology-The Covid-19 vaccine may eventually return the world to a normal lifestyle. Therefore, it is not surprising that the market rebounded after news of the first expected results of the third phase of the trial came out around the end of November. However, Johnson & Johnson and AstraZeneca, the two major developers of the Covid-19 vaccine, have previously faced trial setbacks. If more problems arise, more delays may cause the market as a whole to be bearish.

United States-Although the parties have not yet reached an agreement on a stimulus package, since May, the market has begun to recover without injecting any large-scale liquidity into the economy. At present, the general account of the US Treasury Department has accumulated more than 1.68 trillion US dollars, ready to be injected into the US economy. This may positively promote and accelerate the overall recovery of the market, and Bitcoin will also benefit due to potential inflation concerns.

Expectations for BTC

An active options market can reveal a lot of information about the underlying market, and can provide valuable insights and market expectations on how to adjust your trading strategy. Implied volatility allows us to analyze the market prospects of crypto traders because it is a forward-looking measure derived from the market price of options. It shows expectations of market uncertainty and changes over time and the potential market impact of specific events. This is called the term structure of volatility and can be compared with the term structure of bond interest rates for each term.

The picture below shows the term structure of Deribit BTC options. Due to the time value of options, the term structure tends to tilt upward. However, the hump shows that prices are expected to fluctuate sharply within a certain period of time. Similar to the traditional market, the BTC market has priced the potential volatility of the election week from October 30 to November 6. The increase in volatility is expected to continue at least until the end of the fourth quarter.

美国大选与COVID-19将会如何影响加密市场?

BTC Orderbook Term Structure by Genesis Volatility.

Implied volatility can be used as an unbiased estimate of the realized volatility in the future, and can be used as the basis of your trading strategy.

Fluctuating trend

Beginning this week, the daily implied volatility of BTC reached the lowest value of YTD – 2.9%. Although it rebounded quickly, it was still 15% lower than the annual average due to the past sideways of the market. The implied volatility of ETH also follows a similar pattern. However, as the hype of DeFi slowed down in early autumn, its implied volatility even fell below its realization volatility.

As we all know that the mean value of volatility is slowly recovering (a trend that has been observed in the crypto market-a significant volatility peak after a period of low volatility), the current volatility shows a good entry point for the crypto options market.

美国大选与COVID-19将会如何影响加密市场?

美国大选与COVID-19将会如何影响加密市场?

Implied volatility of Bitcoin and Ethereum

After the latest price surge, the crypto market is bullish, showing a 25-delta tilt premium of -9.1%. Compared with the 9.6% 25-delta tilt premium a month ago, there is a big change. Although it is well known that crypto traders have stronger risk tolerance, this is in stark contrast to SPY’s 9.8% 25-delta skew premium. As the election approaches and uncertainty increases, market sentiment has turned more bearish. In potentially turbulent macro events-such as the upcoming general election, crypto traders who are more inclined to avoid risk can benefit from using options to hedge market risks. And according to changes in market sentiment to change the position to minimize the high premium cost of long-term options.

Those who have no opinion on the price direction but believe in increased volatility can benefit from multiple volatility trading strategies. More experienced traders can benefit from dynamic hedging, gamma scalping, and volatility arbitrage between highly correlated assets such as ETH and BTC. Traders who trade for the first time with volatility can bet on large price movements by using straddle and strangling strategies. These strategies have limited risks but have significant upside potential.

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News

New DeFi gameplay丨Understand the DeFi bond project The Ethereum Yield Curve in one minute (www.blockcast.cc)

The month-long ETHOnline hackathon is coming to an end, and a number of very interesting new DeFi projects have emerged. This article will briefly introduce a DeFi fixed income project The Ethereum Yield Curve.

The Ethereum Yield Curve allows users to mortgage and sell zero-coupon bonds (called STRIP in Trad-fi, namely principal and interest separation bonds). The emergence of DeFi bonds will also become an important part of the currency Lego in the Ethereum DeFi ecosystem. Before the maturity of the bond, bond sellers can continue to obtain the income generated by their funds in Aave, allowing the DeFi capital market to obtain a maturity far beyond its current point. Since the project uses Ethereum-based assets to create zero-coupon bonds, all related assets have a clear yield curve, which can better allow investors to understand the time value of Ethereum assets.

One of the interesting applications of this project is that it allows anyone to build ERC20 tokens with any cash flow structure, and even create synthetic U.S. Treasury bonds to pay interest in DAI.

The project fully demonstrated the arbitrage between traditional finance and defi. For a long time, DeFi’s yield has been much higher than CeFi, but many people have always held a view: “DeFi’s yield will collapse tomorrow, so I will not use my funds to invest in DeFi.” Long-term bond trading will be A best application to refute this. It can be said that this project opened the door for capital to enter the next era of DeFi.

Project construction ideas

The project is constructed as an abstraction on top of the Aave loan asset aToken. In order for the project to work properly, we need to wrap aToken into 1 token, which can be used to redeem the ever-increasing aToken, not just aTokens itself, because the continuous increase in the balance will cause some technical problems.

The packaged aToken may be deposited into one of the capital processing contracts (the capital processing contract is used to process the distribution of funds for bonds and payment assets on a specific maturity date). In return, the user receives minted ZCB tokens and mortgage balance. Users can exchange ZCB tokens and collateral into aTokens at any time. If users sell ZCB, they will continue to receive the proceeds from their collateral until the expiry date. After expiration, ZCB holders can redeem the underlying assets with their ZCB 1:1.

The project is completely based on aTokens and does not require any complicated calls to any other contracts. The contract language of this project uses Solidity.

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Synthetix founder: Why did Synthetix choose Optimism expansion plan? (www.blockcast.cc)

Source|

Author | Kain Warwick

Synthetix创始人:为什么Synthetix选择Optimism扩容方案? The rise of Defi has sent a clear signal: Ethereum needs to achieve expansion before ETH2.0, but to maintain composability within the DeFi ecosystem, it needs to coordinate on the same expansion plan.

Fortunately, the market is very good at predicting and solving such difficulties. We now have a lot of expansion technologies online. We have had a dialogue with a number of teams of major expansion technology variants, and after evaluating them one by one, I believe Optimistic Ethereum is the most likely to reach a consensus expansion plan in the community.

This article will detail why I believe so, and the community’s worries about the launch of Optimistic Ethereum, I will also respond. It will also give the governance process design needed to implement the Synthetix variant of OVM on the main network, and explain under what circumstances another expansion technology can replace Optimistic Ethereum. This article aims to ensure that community members have the information needed to reach a consensus regarding the migration of Synthetix to Optimistic Ethereum.

[If you haven’t read Vitalik’s article “Rollup-centered Ethereum Roadmap” (), this article focuses on its discussion, but Vitalik’s is top-down, and my article is from the bottom The above, focusing on what DeFi projects need to expand, and why Optimistic Ethereum can meet these requirements. ]

Social consensus

I feel that “constantly making trade-offs” seems to have become my new mantra. But it is right-there is no perfect expansion solution. Each method has its important trade-offs, and the specific implementation of each expansion technology has further low-level trade-offs. All of this is based on a high-risk meta-collaboration mechanism, because it is not enough to choose the right design and trade-offs. We must also optimize the solutions that others are most likely to choose. Therefore, expansion becomes not just a technical problem, it is also a social collaboration game.

When I first read about Optimistic Rollups, our gas fee was not very high. It looks like an elegant solution to technical or social problems, but I have realized that no matter which expansion solution we choose, we need to cooperate with other projects. Uniswap’s Unipig demo gave Optimism a good opportunity to gain community consensus because it cooperated with one of the most well-known projects on Ethereum. Therefore, I chose to participate in this solution, not only to provide feedback to Optimism on how to solve the unique difficulties of DeFi, but also to assist them in guiding social collaboration in the community.

Synthetix创始人:为什么Synthetix选择Optimism扩容方案?

Technical factors

For Synthetix, Justin Moses is both its luck and its curse. He has established a rigorous engineering culture for Synthetix that is not easy to compromise, but his dislike of cognitive load is rare outside the mollusk world. This means that deploying Synthetix to Layer 2 requires a delicate balance between minimizing risks and reducing any changes to the code base. We will never agree to run two parallel and different code bases on Layer 1 and Layer 2 during the migration, because the migration will not even be implemented; and if it means rewriting the contract in another language , It is even more unlikely to happen.

Synthetix is ​​one of the most complex smart contracts built on Ethereum, which undoubtedly increases the difficulty of maintaining different code bases. This is what we first discovered in the failed attempt to port Havven network to EOS.

We also need to prove to the community that this technology is feasible and worthy of our further investment of resources, and then try to build a consensus around it as our expansion plan. The OVM transaction demonstration also helps to strengthen this. But there are still community members who are worried about this method, so even if the community consensus has been very obviously biased towards Optimistic Ethereum, we have not yet reached the point where it can be tested with SIP.

But before I start discussing the specific trade-offs, I would like to provide an overview of the existing expansion directions used to execute smart contracts:

  • Fast blockchain, the “Ethereum Killer”, other Layer 1 architecture, very fast blockchain

  • ETH 2.0, see you in 2032 (just kidding)

  • Status/payment channel, that is, “you can send tokens, what else do you want?”

  • Side chain, the xDAI set

  • Plasma, represented by Omisego, is also called “Late but Arrived”

  • Use zero-knowledge ZKrollup and other solutions, that is whether you really love solidity.

  • Optimistic EthereumOptimistic Rollup, high-energy warning

  • Lightning, smile without speaking

If there are other solutions that I have missed, I am sorry, and I look forward to seeing them on twitter.

Due to the need to maintain the same code base during the migration phase, most of the above solutions were eliminated. Of course, many solutions claim to be compatible with EVM, but this is not as simple as it sounds-although Optimism breaks through this limitation, a small amount of contract modification is required. But based on this we can quickly rule out these solutions: fast blockchain, ZKrollups, Lightning, state channels, and Plasma. Even if ZKrollup makes rapid progress, all current variants require a new language to rewrite the contract. This is not insurmountable, but the tools of these languages ​​are still very immature, which will greatly increase the risk of implementation.

There may be some fast blockchain supporters who will be emotional when reading this article. It is true that some of these projects are EVM compatible and allow solidity contracts to be deployed on them, but most of them have other problems that make us feel that they will be weakened. The feasibility. Including those very novel consensus mechanisms that have not been repeatedly tested to prove their feasibility, or their security is greatly compromised.

Currently, universal computing is the second difficult requirement for state/payment channels and Plasma.

Then only side chains and Optimistic Rollup are left. We have excluded side chains like xDAI because we need to provide protection for assets worth hundreds of millions of dollars, which will be increased by several orders of magnitude in the future. If you have objections, feel free to break your head with me

After reading all the options, we feel that the trade-off presented by Optimistic Ethereum is the best, and their team is also very capable of executing their roadmap.

Optimism in stages

Obviously, Optimistic Ethereum has not been launched yet, so there is still a significant execution risk, which is why I have not submitted the SIP to shut down Synthetix on Layer 1. However, in the above options, combined with the trade-offs and risks, we believe that Optimism proves that it is not only worthy of Synthetix’s investment in migration, but also to bring other DeFi projects to participate. This is why I decided that we need to take advantage of our position as one of the oldest DeFi protocols and take the risk of early implementation. I know this will help build consensus in the community. So far, the general acceptance of the community is high, and no one has objected to the allocation of resources to Optimistic Ethereum.

However, as we get closer to a possible mainnet migration, we have raised three major concerns.

1) Fraud proof

2) Centralization

3) Withdrawal delay

The most critical technical problem is the transformation of fraud status. Some people say that the current implementation stage does not include fraud proofs. In fact, fraud proofs are included, but automated fraud submissions are not yet supported. The Optimism team chose a phased sequential approach to test specific functions like deposits and withdrawals before adding complexity. However, this can be stated in the testnet roadmap to avoid user confusion. Although before the mainnet goes live, the function of automatically submitting fraud proof will be launched. Incomplete fraud proof function

In the case of, it is obvious that there will be no funds on the mainnet that can be deposited into the Optimistic Ethereum network. Personally, I will vote against any SIP that proposes to migrate to a low-security network, and I encourage everyone in the community to do the same. This is also one of the reasons why xDAI and other POA (Proof of Authority) networks are considered unavailable, namely low security.

Another major concern is that Optimistic Ethereum appears to be decentralized, but it has a centralized part. I believe this view is misguided, but it certainly makes sense. In the past few years, the community has invested a lot of time and resources to improve the degree of decentralization of the protocol, and now it would be a bad trade-off to go back for gas fees and throughput. But this is not the case. The sequencer greatly improves the user experience with the least sacrifice.

These worries stem from people’s misunderstanding of the sorters in the Optimistic Ethereum network. Everyone needs to know that the sorter does not have to access Optimistic Ethereum, it exists to improve the user experience. Many people think that a sequencer means a single point of failure. This situation is not ideal, but in fact this kind of failure has long existed in L1’s bad UX. Of course, the block time for returning to Layer 1 is not ideal, but there are many potential solutions, including if the active sequencer fails or is attacked, the backup sequencer can replace it. All these worries are only temporary, because the goal is always to transfer to a network of sorters as soon as possible.

The last major worry is the impact of withdrawal delays on cross-layer composability-this worry will be faced by all expansion plans except for other Layer 1 architectures. These delays mean that during the challenge period, funds will be locked in the Layer 2 network, but there are still several flexible ways to deal with it. One is to build a network of validators to provide funds for both sides of the bridge and assume the risk of providing timely withdrawals to earn fees. In fact, Connext has already started work in this area, here are more details. This does not completely solve the problem of composability, because funds still need to be confirmed on the mainnet before another transaction can be initiated, but this is basically essential for all expansion plans, and we cannot escape. This is why I believe that all major DeFi protocols should have their parallel versions online on Optimistic Ethereum as soon as possible. This will cause almost all current DeFi transactions to occur on Layer 2. It is very likely that the pledge will be completely migrated to Layer 2, and the transaction contract will continue to run in parallel on Layer 1 and Layer 2.

What needs to be clear is that before the SIP “Start Optimistic Ethereum Mainnet Migration” is proposed, all information about the fully functional mainnet needs to be made public. I am personally confident that this condition will be met in the next few months.

After the mainnet migration

How Synthetix should migrate to Optimistic Ethereum still needs to be debated in the community. First, we must reach a consensus on whether there is a need for a parallel and limited version of the network to be released on the Layer 2 mainnet. Once we reach a consensus here, we need to evaluate the results of this mainnet release and formalize the rest of the migration.

Although Synthetix’s DAO is likely to provide funding in the first few weeks after the mainnet migration, we will need a SIP proposal to allocate 1% of the final agreement reward to Optimistic Ethereum. If we distribute part of the agreement rewards to this parallel network, we can monitor adoption and enable the market to price migration risks. It is expected that the revenue will be lower than in Optimistic Ethereum due to the reduced gas fee, but it is also possible that platform risks will lead to higher revenue, because most SNX holders will choose to migrate later.

My opinion is that the SNX minting sUSD on Optimistic Ethereum is not much different from the current SNX minting sUSD escrow. We decided to allow sUSD to be minted through managed SNX to maximize the value of available collateral. For those SNX that have been migrated to Layer 2, if you want to move them back to a certain point, this is achievable, which means that these SNX will be regarded as valid collateral in the network, but it is related to the SNX status on Layer 1. different. Therefore, the sUSD minted on Layer 2 and the sUSD on Layer 1 should be interchangeable. Of course there are objections to this, and the reasons include that this implementation will be very complicated. We must adopt the most reasonable method for the entire community.

If this migration is effective, we will have a very powerful lever to affect the other parts of the migration: we only need to continue to transfer a larger percentage of inflation rewards until all are sent to Layer 2 and all active, pledged SNX It all happened on Layer 2. At that time, of course we need to support the exchange of Synth on Layer1 and Layer2. Therefore, there are a large number of interrelated dependencies that need to be dealt with in this process.

I have publicly stated that I believe Optimistic Ethereum will be the way out for DeFi between now and the launch of Eth2.0. If everyone else in the Synthetix community believes so, we need to plan how to join this network and migrate completely from Layer 1. Of course we should be cautious, but the Warriors of Synthetix have never backed down in an uncertain bet. I believe this is one of our biggest challenges.

In order to perform this work, we will need a series of SIPs and SCCPs, listing the proposed changes in each release and the reasons behind them. This will ensure maximum transparency and the consent of all token holders.

Backup plan

Generally speaking, the expansion of Ethereum and the competition of smart contract platforms are multi-billion-dollar undertakings. In this high-stakes game, there are a lot of competing teams, so although we have confidence in Optimism, there may be other teams that offer better solutions than them. If this happens, we must be prepared to transfer our work center to this more competitive technology, especially if we find that multiple DeFi projects have achieved social consensus and decide to switch from Optimistic Ethereum To another program.

We must prepare for the worst case scenario, that is, the release of Optimistic Ethereum has failed or aborted. In this case, we must quickly transfer resources to carefully research other solutions, while optimizing the existing Layer 1 system. In fact, we have already begun preparations for emergency situations. Debt snapshot The rapid implementation of SIP is an example of optimization. This optimization has been shelved for many months, but in order to solve the urgent gas problem on Layer 1, we accelerated this implementation. Fortunately, we got a temporary relief, but it cannot last long. If for any reason we cannot reach a consensus on migrating to Optimistic Ethereum, I think our community must gather together to select another expansion plan and unite to advance it. Although I think it is unlikely, it would be too light to pretend it is impossible.

in conclusion

This article aims to answer some questions raised by the community, but at the same time hope to explain how we got here and what stage we are in during the entire migration process. Nothing is unchangeable, even a SIP that has been passed and implemented may be rolled back due to changes in circumstances. However, I firmly believe that if we reach a consensus on SIP and hope to build the most feasible network for DeFi expansion, the entire community needs to do its best to promote it. I am confident that our community can achieve this. We are stronger than ever and look forward to 2021, which of course includes Synthetix being able to run on a fully functional Optimistic Ethereum mainnet.

Disclaimer: ECN’s translation work aims to deliver high-quality information and learning resources to the Chinese Ethereum community. The copyright of the article belongs to the original author. The original source and ethereum.cn must be indicated for reprinting. For long-term reprinting, please contact ethereumcn@gmail.com Authorize.

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Why advise you not to buy and sell Bitcoin on PayPal? (www.blockcast.cc)

PayPal not only supports the buying and selling of Bitcoin on the platform, but also recently plans to acquire cryptocurrency custodian BitGo. All this proves that it is serious to deploy cryptocurrency PayPal.

This action allowed the price of Bitcoin to break through the high of $13,000. After the price of the currency was over, many Bitcoin loyalists began to think about the real impact of PayPal on the industry. They pointed out that this event was not as optimistic as expected. And it is recommended that you do not buy and sell Bitcoin on PayPal. Why?

为什么建议你别在PayPal上买卖比特币?

On October 21, 2020, PayPal announced that it will launch a digital wallet for buying, selling and storing Bitcoin, Ethereum, Bitcoin Cash and Litecoin. This confirmed the rumors in the first half of this year and was regarded by insiders as a very important milestone. This may really be a milestone, after all, PayPal will affect millions of users who have previously considered cryptocurrency. While changing people’s old ideas, it also makes users think that PayPal is the leading authority in the cryptocurrency field.

In the second quarter of 2020, more than $221 billion of transactions were completed through Paypal, but its reputation is not very good: Paypal has been known for “frequently” freezing user funds and reviewing payment methods that conflict with itself. Joining Bitcoin means Paypal has really started to change? It’s not that simple.

 

1. Is Paypal’s actions a good thing for Bitcoin?

Prior to this, PayPal was a well-known “cryptocurrency opposition.” In 2018, its former CEO Bill Harris called Bitcoin “the biggest scam ever.”

Now this sudden change is very surprising, especially when listed companies like Microstrategy and Square have begun to announce that they have bought Bitcoin. We have been looking forward to the large-scale use of Bitcoin, so should the Bitcoin community actively embrace the arrival of PayPal?

In fact, well-known brands like PayPal start to support Bitcoin not because they really want to encourage people to accept Bitcoin . Some information was mixed in the PayPal press release:

First of all, this service is fully managed, which means that users will not have their own private keys;

Second, PayPal intends to ” provide educational content to account holders to help them understand the cryptocurrency ecosystem.”

Anyone who knows Bitcoin will not agree to hand over their private keys. Presumably, in the future user education of PayPal, they will also directly ignore the basic rule of “not your private key, not your Bitcoin”.

If millions of new users purchase Bitcoin through PayPal, a very serious information gap may appear, which will jeopardize their experience and break the rules of cryptocurrency. In the user’s Q&A statement, PayPal directly pointed out: “The encrypted currency purchased on PayPal belongs to you, but PayPal does not provide a private key.”

The experience of exchanges being stolen from time to time tells us that no one should treat funds held by a third party as their own, not your private key or your currency.

For some people, PayPal’s rules can avoid supervision and funds are guaranteed. New users may even find it more comfortable than dealing directly with exchanges. However, certain functions of cryptocurrency are also restricted- PayPal Users cannot transfer their cryptocurrency assets from a PayPal account to another account, nor can they transfer their own cryptocurrency to a PayPal account.

2. PayPal wants to position itself as a leader in cryptocurrency?

With the entry of PayPal, it will be closely watched by other companies, institutions and consumers. Although PayPal can boast that it is professional in the field of “digital payment”, it cannot change a history. In the past, PayPal always took tough measures against users who bought coins on exchanges on the grounds that the policy prohibits “involving currency exchange or cheque cashing.” Business” transactions.

This clause is still in PayPal’s usage rules, which also indicates that PayPal intends to restrict users, prevent users from withdrawing assets to a secure wallet with key control, so that they can only use cryptocurrency on the PayPal platform, and by the way it is also restrained. The effect of peer competition.

Regarding the fact that PayPal supports cryptocurrency payments, there is only one thing worth celebrating with Bitcoin Hodl: promoting price increases. However, in the long run, if PayPal does not let users control their keys, it will not be of much value to the Bitcoin community.

The bigger risk is that PayPal’s influence in the field of traditional electronic payments will be interpreted as being very professional in cryptocurrency technology. If PayPal makes wrong suggestions in the future, it may directly mislead the public and cause the entire Bitcoin user group to be biased.

PayPal is very welcome to join the idea of ​​Bitcoin payment, but they are never expected to lead this field. If you can, I urge everyone not to exchange bitcoins on PayPal. There are many other places where you can buy cryptocurrencies and let you have complete private keys. Although PayPal has made concessions to Bitcoin, the Bitcoin community should pay more attention to user education and popularization at this time to prevent new users from falling into the trap set by Bitcoin opponents.

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Incoming Bitcoin Breakout! Cryptocurrency Showing Strength as We Make Historic Highs in October 2020 (www.blockcast.cc)

Incoming Bitcoin Breakout! Cryptocurrency Showing Strength as We Make Historic Highs in October 2020

Bitcoin just had its highest weekly close since January 2018!! October is set to match on the monthly chart. If we can close November above $13,800 per BTC (above the prior monthly closing ATH price) bitcoin will breakout! Let’s discuss!

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