Coinbase's Fred Ehrsam says you're thinking about Bitcoin ...

Complete Guide to CoinBase

Coinbase - The reference platform for investing in cryptocurrencies: here is the complete guide.
Coinbase is currently the most famous website or web platform for trading cryptocurrencies. This is not a classic Exchange but a real Broker that allows you to buy, sell and convert many of the main cryptocurrencies - Bitcoin and Ethereum among others - using traditional currency such as the Euro. In this complete guide to Coinbase we will try to explain all its features in detail.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, it was born as a simple online Bitcoin wallet. Over time it has transformed into a cryptocurrency trading site that now reaches over 33 countries.

Being a broker, registering on the site requires all the necessary steps (KYC) to verify the user who holds the account. By signing up via the following secure link you can immediately earn 10 Dollars which will be credited to you by Coinbase.

Complete Guide to CoinBase
Coinbase as well as an intermediary for the purchase and sale of over 15 cryptocurrencies directly in Euro, also provides a real exchange (crypto exchange site) called Coinbase Pro (ex-GDax): The exchange behaves as a normal stock trading site with purchases and sales in real time with obviously much lower commissions when compared with those of classic trading platforms.

What Coinbase Pro offers.
Coinbase can receive crypto from other exchanges and specifically generates more permanent online wallets that will always remain at your disposal. To all intents and purposes, Coinbase's main task is to act as an archive for its cryptocurrencies for all those who do not want to try their hand at decentralized wallets.

The transfer between Coinbase and Coinbase Pro, for example, will be quick and free (but this does not apply to other exchanges) thus allowing all those who wish to trade between the main cryptocurrencies to be able to avoid expensive passages on other exchanges. Coinbase Pro allows you to exchange a range of cryptocurrencies with each other higher than that of its brother site but at a much lower cost. While on Coinbase the exchange between cryptocurrencies involves the payment of a maximum commission of 2%, on Coinbase Pro the rates fluctuate between 0.15 and 0.25%. Values ​​that will tend to decrease as the volumes traded increase.

The Coinbase account will also allow you to operate on Coinbase Pro. However, an additional request for user verification via Webcam may occur. All these levels of security are obviously necessary to protect customers and comply with the stringent regulations of the various countries in which the company operates.

Thanks to the guide, let's see what the interface shows us.
In this complete guide to Coinbase we also want to clarify the visual aspect. Once inside the site you will find yourself in the Dashboard or Home Page which will show from top to bottom the value of your Portfolio with its historical graph, the list of cryptocurrencies that you decide to keep under observation, a box that shows the 5 heaviest cryptocurrencies in your Portfolio (a pie chart is also available) and a second box with the latest transactions.

In the center of the page there is also the link to register with Coinbase Earn. By subscribing to the waiting list, you will have the opportunity to receive an invitation that will make you earn additional cryptocurrencies simply by following some very short video courses lasting a few minutes.

In addition to the Home Page, there is the Prices page with the listing of all the cryptocurrencies available on Coinbase and a very long list of those not available. By selecting the star on the right you can decide which ones to always keep in the foreground on the home page. Clicking on one of them will open a new screen that will offer a large amount of technical and historical information on the crypto in question as well as a fair number of constantly updated news.
Your funds are well organized.

The Portfolio page will report the amount of the balance in Euro of all the cryptocurrencies deposited on Coinbase. Here you can send and receive crypto to external wallets.
By clicking on Overview you will be sent back to the Prices page just described.
The Safe item, on the other hand, allows you to set aside cryptocurrency at a higher level of security.

Finally, a brief description of the "Make Transactions" item visible at the top right and present in almost all Coinbase pages. By clicking on it in any position you find it on the site, a small screen will open with the items "Buy, Sell, Convert". To purchase, you will first need to associate a payment method to your account. The Credit Card would be the most immediate choice due to its rapidity in crediting if it were not for the high commissions required by Coinbase. We therefore recommend that you be patient and use a normal Sepa standard bank transfer to credit the funds.

Selling your cryptocurrencies on Coinbase, depositing them in your Euro account, is simple and immediate as well as foolproof thanks to the Preview that will always be shown before confirming the transaction. This will involve the payment of a commission between 0.99 and 2.99 Dollars.
Rather high fees due to its wallet nature. For those who love trading, we obviously recommend moving to the Pro version.

The site offers a complete and comprehensive technical support page: https://support.coinbase.com/

We conclude this complete guide to Coinbase with a note on the mobile versions. There are two versions of for smartphones: a standard one called Coinbase Bitcoin Wallet and a personal one called Coinbase Wallet.
This second app allows you to transfer your cryptocurrencies from Coinbase Standard to an encrypted wallet on your smartphone (Coinbase Wallet).
The substantial difference is the following: Coinbase Standard is an online wallet and therefore subject to the remote risk of an external cyber attack while Coinbase Wallet stores the encryption key locally on the phone.

https://play.google.com/store/apps/details?id=com.coinbase.android

https://play.google.com/store/apps/details?id=org.toshi

We remind trading enthusiasts of the availability on our blog of the article dedicated to Exodus Wallet.


If you liked this article and would like to contribute with a donation:

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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
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Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
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This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
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Why ARAGON can become one of the main Ethereum-based projects.

1 INTRODUCTION
This section briefly introduces the foundations of Aragon and how it is fundamentally ran and operated.
1.0 What is Aragon?
The Aragon Network (AN) will be the first DAO whose goal is to act as a digital jurisdiction that makes it extremely easy and efficient for organizations, entrepreneurs and investors to operate. It can be argued that firms, companies and projects mostly exist in order to create value by using resources to create products or provide services. The obstacle in that pursuit is intermediaries and third parties such as governments decreasing the output of those operations by imposing restrictions and creating complex regulatory frameworks. Therefore, it can be analysed that Aragon can step in to disintermediate the creation and maintenance of companies and other organizational structures by laws that define user permissions, a governance system, a capital system, and an accounting system. Aragon provides limitless operation for businesses. It’s primary demographic is private companies, but additional support is built for NGOs, project management, charities, and even government organizations. In the future, most company activities can be structured on their network, such as meetings, conferences, tasks, notary services, bookkeeping, banking, etc. Not only does it provide a platform for efficient company management, communication and partnerships, it also minimizes costs related to most tasks required to run those operations.
1.1 Management
The strong foundations of Aragon are displayed throughout their work. Firstly, the efforts to provide investors the most transparent and constructive information is a sign of a well-managed company. Analysing the whitepaper, meeting plans, articles and development plan one can see, that not only does it present in-depth information and thoroughly analysed scenarios, it also outlines the potential issues and limitations that can occur in the future. This factor cannot be underestimated in today’s cryptocurrency/blockchain subculture, as most coins and projects are based around the strengths that developers and project leaders hype, instead of providing well-rounded information for investors to base their decisions on. This type of transparency and care legitimizes the project by a huge margin and indicates a very strong foundational management of the project.
1.1.1 Founders, Advisors and Contributors
The strength of Aragon management is further established with the strong developer duo and advisors. At the age of 17, Luis Cuende and Jorge Izquierdo prototyped a fully decentralized Internet replacement by using mesh networks, blockchain technology and protocols like Bluetooth LE and WiFi Direct. Furthermore, Stampery - Luis’ latest company—made blockchain timestamping accessible, and has worked with institutions like the Estonian government, Microsoft and Telefonica. Before building Aragon, Luis and Jorge were working in Silicon Valley. After figuring out how broken the underlying infrastructure of innovation is, they decided to focus all of their time in building the infrastructure that new companies and organizations will run on top of.
Luis Cuende - Project Lead
Luis has been awarded as the best underage European programmer in 2011, is a Forbes 30 Under 30, a MIT TR35 and was an Advisor to the VP of the European Commission. He cofounded the blockchain start-up Stampery. Prior to founding start-ups, he created the world's first Linux distribution with facelogin.
Jorge Izquierdo - Tech Lead
Curious hacker, creator of multiple apps for iOS, macOS and Pebble. Reached App Store's #2. Always tinkering with new tech. Already convinced about the decentralized future of the Internet, he has been building toy projects such as a mesh network or a small blockchain implementation since 2014.
Aragon also has a list of competent advisors assisting in the development or inspiration of Aragon Network and Aragon Core. The list includes, but is not limited to, people like Fred Ehrsam (Cofounder, Coinbase), Vitalik Buterin (Creator, Ethereum), Jan Isakovic (CEO, Cofound.it), Brayton Williams (Partner, Boost VC), Jean Amiouny (CEO, Shakepay), Jake Brukhman (Founder, CoinFund), Demian Brener (CEO, Zeppelin), and many more notable individuals. Furthered by the transparency, consistent progress and passion for the project, there is no question that the developers and advisors of the Aragon Network are capable and ambitious people willing to put everything on the line for Aragon to succeed.
1.2 Community
When it comes to the community surrounding Aragon, it is very pleasing to come across a mature and constructive bunch of people. The “lambo” and “moon” talk is held to a minimum and the overall tone of messages is informational, educating and constructive. In addition, Aragon is very involved in the community and makes sure to stay engaged by all means necessary in order to receive feedback and share progress (especially in the form of public community engaging developer meetings, etc.). Furthermore, community-requested enhancements and changes are constantly implemented (such as the ETC20 token, governance implementations, etc.). Overall, it can be stated that in addition to the already strong foundations of Aragon, the community is an extremely positive factor and incentivises both the community and developers to stay engaged and transparent, pushing the project forward in a mutually beneficial way (and not just for short-term investor gains).
1.3 ANT Tokens
The ANT token will be the native token for all of the network services that require a token, either for governance or other functionalities. For example in the case of the court, holders will be able to use their tokens to help arbitration and get a reward. Furthermore, when an organization needs investors or plans to do a fund-raiser, the invested tokens can also represent shares in the company on the Aragon Network. Once one invests and buys shares of an organization, they’ll be allocated appropriate voting rights and governance rules.
Another important thing to note regarding the token is that founders have a vesting period of 2 years, denying them the ability to just dump their coins whenever they please, making the ANT tokens healthier overall. Also, transparent distribution information is published and constantly updated – currently investors hold 70% of the tokens, 15% is held for contingency to overcome major hurdles, and 15% will remain in the hands of founders, advisors and early contributors. Aragon also has a set out plan for how the funds gathered during ICO are used, which in addition to providing additional transparency, also provides the investor a clear outline in what they are investing. Current fund allocation is the following - 5% legal, 12% marketing, 17% operations, and 66% development.
With the growth of Aragon, the ANT token will be an inseparable and most important part of the platform functions, allowing the token to have stable growth in the coming years in conjunction with Aragon’s success.
2 ANALYSIS
This section aims to analyse the key benefits presented by Aragon.
2.0 Transparency
Transparency is an instrumental factor for Aragon, as they put quite a lot of emphasis on running their business in a most „public“ way possible. With the overarching popularity of scams and sketchy ICOs, transparency and trust are the two elements lacking in the crypto atmosphere for the most part - but not with Aragon. Not only have they done multiple TV and other public media appearances, showing their faces and what they represent, you can also see the burning passion in their eyes every time they speak about what they are trying to achieve and solve. Further transparency is displayed by public Aragon developer meetings, which are either livestreamed or uploaded for everyone to see and participate in. This is the one and only project creating this sort of ultimate transparency and community involvement with their project, and is exactly what the crypto space needs more of. It can also be stated that this removes a lot of doubt and fear of Aragon being a hoax, as they have a lot on the line being as transparent about their identities and undertakings as they are.
2.1 Practicality and co-existance/partnership potential
Another fundamental strength is the compliance with Ethereum’s growth – every company that wants to move into the blockchain world through ethereum can be incentivized to run those particular activities (management wise) through the Aragon Network. The potential this holds is extremely big, as Ethereum has already been praised and popularized as the primary blockchain to run dApps and smart contracts on. Therefore, it makes sense for companies utilizing Ethereum blockchain to move organizational management of those operations over to Ethereum based Aragon Network, which can help make everything more efficient and effective. All in all, if someone is incentivized to use Ethereum, it is logical for them to also use the Aragon Network for efficiency. Furthermore, Aragon possesses strong links to established blockchain projects, as they can potentially run their operations through Aragon Network in the future to maximize efficiency.
Furthermore, Aragon supports the creation of own ERC20 token on the network, so any company or project can create its’ cryptocurrencies through Aragon while making the most of the platform for operations as well.
Additionally, Aragon has a strong links with Iconomi, which is prone to launch on August 1st as the cryptocurrency index platform. As the awareness of cryptocurrency and blockchain increases, mainstream investing will slowly move a percentage of their funds into cryptocurrencies as well, and this is exactly the aim of Iconomi – to create an ease of access for crypto index investing for mainstream investors. If Iconomi becomes the mainstream investment vehicle for cryptocurrencies and people will buy the ICNX fund, then Aragon token can see immense growth over the years to come (as Aragon is one of the few cryptocurrencies part of the ICNX index). Finally, co-efficient ecosystem can be created through the co-operation of blockchain projects, where each party benefits from one another. For instance, one such co-operation could be in the governance of organizations. If the applicant is not satisfied with the human judges’ resolution, they can request an upgrade to the next level, which is a prediction marketplace in which all the network judges can participate. For this, projects like Augur or Gnosis can bring immense co-operation use-cases. It is important to note that this is only one example, as various project links can be created in such a way that would benefit and grow the whole cryptocurrency/blockchain ecosystem/market.
2.2 Additional functionality
2.2.1 Start-ups and external funding
Further strength of Aragon lies in the external funding sector. With the increasing number of start-up projects and companies looking for external investments, importance lies in making funds easily accessible for future organizations. Furthermore, it can be argued that investing in start-ups is remarkably inaccessible to the public and mostly happens in a closed environment, making it harder for investors to invest and for companies to acquire funding when needed.
 Aragon Core organizations can issue shares directly to another party when the party sends the negotiated amount of currency.
 If an organization wants raise capital publicly, Aragon Core organizations can publish share offers in the marketplace.
Investors can then directly contact to negotiate or invest in a hard limit number of shares. This is especially true important for start-up organizations, as they need to be able to raise capital quickly. For a traditional start-up, this would mean riding the VC unicorn rollercoaster, crowd funding through a third party (e.g. Kickstarter), applying for a business loan, or bothering friends, relatives, and connections for investments. Aragon Core organizations can easily issue new shares in exchange for capital without operating with a third party, both through direct sales and public offerings. This means that investing will become much easier and accessible to both organizations and investors, helping aid the growth of companies in the marketplace and boost overall economy (as most hindered operations are due to lack of resources).
2.2.2 Modularity
Aragon developers have also taken in mind that different organizations might require additional functionalities for their organizational operations, meaning that there is further flexibility provided to meet most demands that might be presented. For this, modular software has been made accessible, allowing additional functions to be developed on top of Aragon Core in the instance where an organization might require features for very specific things relative to their industry/management/governance etc. While the Aragon Network has some basic constitution and governance methods, everyone will also be able to create another network inside the Aragon Network with a more specific set of laws. For example, you could create an organization, join the Aragon Network, and vote for a new set of laws specific to your organization. Effectively, organizations will be able to use the Aragon Network’s services basic constitution and services as a framework, and build a custom set of rules to govern relationships inside organizations. That type of flexibility, both through framework and modular functionality, allows Aragon to become the stepping stone of future organizations that wish to build their infrastructure on blockchain, making Aragon a power-player in the years to come.
2.2.3 Organizational Set-up
In addition to providing modular software for every company to create their own terms of organizational operation, Aragon has also taken into consideration and developed benefits based on the multiple needs of companies today. To provide those benefits, Aragon has built a product that functionality for the following areas:
Identity: A very first pillar of any organization before operation is their identity. Aragon enables any company to create, transfer or develop their identity by providing means for blockchain benefits.
Ownership: Shares are a way to reward founders, investors, advisors, partners and employees and can determine the ownership and direction of the company. Aragon has simplified this through providing semi-automation with the network and creating ease of access to funding, voting and overall governance.
Voting: The Company’s shareholders should be able to have a word over its actions. This is directly linked to ownership, as the platform accessibility and functionality will simplify the process by making it more efficient.
Capital: Since a venture can be risky and may need to acquire certain goods in order to operate or grow, capital in the form of investment/loans is needed. Through creating a platform for companies to acquire funding more easily and for investors to have access to investing, Aragon can solve a lot of problems of hindered development due to insufficient capital.
People: In the end, it's human beings who build the organizations. Aragon is working to create easy ways for organizations to on-board (identity) and reward (payroll) them.
Outreach: A company needs to target their audience in order for them to buy the company's product. For this, marketing efforts are a necessity and allocating budgets for that is inseparable, referring back to links with capital and funding.
Payment processor: Organizations need to be paid and receive funds. Aragon Core serves as a way for them to capture payments easily both from customers, investors, and other companies, removing the need for third-party processors with high fees and long transaction times.
Accounting: In order to manage expenses, burn rate and make business decisions, there is a need to maintain book-keeping. Aragon keeps record of all the transactions and activities on the network, compiles them and creates reports in a semi-automated fashion.
All of these above mentioned factors link together and complement each other to create a super-efficient ecosystem for companies to operate in. Furthermore, taking into consideration that Aragon has also created modular software for companies to introduce additional benefits through personal coding, the platform can provide full functionality and immense benefits for every future organization looking to benefit from blockchain technology in order to push operation efficiency further.
2.2.4 Removing of human conflict
Aragon also aims to resolve the problems companies face due to human conflict by introducing Aragon Network Jurisdiction (further referred to as ANJ), which aids to provide tools needed to solve subjectability of human relationships and personal vendettas. Here is an example subtracted from Aragon Whitepaper: An investor invests into an organization and receives some voting power. The organization founder then goes rogue and sends all investment money to his personal account. If this was an Aragon organization, the investor just had to make sure that transactions above a certain threshold have to be approved by a majority voting. It sets the incentives right for Aragon organizations to be a part of it, since:
Parties that want to interact with the given organization will want certain guarantees in case there's a breach of trust not covered by the contracts.Some bugs could be stopped by opening an arbitration that could freeze all activity until the case is resolved.
All in all, the ANJ is there to provide a decentralized intermediary between human conflicts and attempts to provide tools, through voting and automated smart contracts tracking, to resolve them. This removes a lot of threat of manipulation and self-interest within organizations that seek to exploit investor money, making it a lot safer for funding to go where it is supposed to go and providing investors a peace of mind.
2.3 Current limitations
In this section, some limitations are explained and briefly elaborated.
2.3.1 Minting
The cost to mint new tokens will be determined by ANT token holders. This will likely be a contentious decision and one where the basic economic principles of supply and demand need to be considered. For example, consider the scenario where the cost of minting tokens is too low. More and more tokens will be added to the supply, until supply greatly outweighs demand. This is a recipe for inflation and the value of individual ANT tokens will fall. Ultimately, Aragon believes that token holders will eventually decide on a healthy equilibrium for inflation. Based that belief, by weighing the opinion of every stakeholder, the market will accurately reflect the optimal minting cost. On one hand, this clearly reflects the decentralized model that cryptocurrencies should display (due to democracy elements and mutual agreements), but on the other this can lead to a lot of collective manipulation and conflict within the community. The same has been evident in the recent Bitcoin drama that put a lot of Bitcoin future in question, and also led to a lot of people pulling out their money due to uncertainty (leading to a lot of volatility). Therefore, Aragon places their trust into the hands of ANT token holders, which is the right thing to do, but can also backfire when majority of tokens are held by a certain group of people wanting to manipulate the currency. Overall, if ANT token want to display stability in growth (as opposed to volatility), then there needs to be majority consensus within the community. Do keep in mind though, that even though ANT is an inseparable element of the Aragon project, the platform CAN still operate efficiently for companies without any issues, as only people looking for trade-value (investors) will suffer and/or benefit from volatility.
2.3.2 Development needs
The properties of the Ethereum blockchain present unique opportunities for the creation and management of decentralized organizations, including immutability of records, transparency, and fast transactions. But in order to satisfy multiple requirements that human beings need in order to transact and create value, a layer on top of it needs to be created to align the incentives of everyone participating in the system. This can be a tricky from development point of view, which is why it is listed in the limitations sector. When Aragon is able to make it easily accessible for everyone to create/code additional layers for individual needs on top of the platform (the functionality is planned, but not yet executed) without issues, then this limitation is void.
Further limitations include (from whitepaper):
Subjective breaches: Smart contracts can encode most of the possible breaches of contract, but there is always subjectivity in human relationships. An unbiased Aragon Network arbitration system is needed for cases where conflict is not explicitly resolved in the smart contract code.
Software bugs: The error is always between the chair and the keyboard. Code can contain bugs so the software needs to be easily upgradeable, and a sound bug bounty mechanism must exist to incentivize potential attackers to claim a bounty, rather than attack.
Reward systems: Monetization around certain protocols and systems is unclear at this point. Some players will be key to making organization possible, so a simple reward mechanism is needed.
3 CONCLUSION
In conclusion, Aragon is one of the fundamentally strongest blockchain projects with extremely practical use-cases and immense up-side potential. In the capitalistic world ran by companies, one can argue that it is only a matter of time when companies seek to benefit from the Blockchain technology referred to as the Internet 2.0. Not all companies are technology orientated and have big budgets to spend on personal blockchain development, meaning that if blockchain gets more adoption, companies are forced to adapt to the changing environment. Aragon provides a lot of functionality and can potentially make operations a lot more efficient for organizations, and with already established transparency, development plans and use-cases, it simply cannot be ignored. Acting as a digital jurisdiction that makes it extremely easy and efficient for organizations, entrepreneurs and investors to operate, Aragon can become a lot more than just a cryptocurrency, but rather a stepping-stone in aiding the world transition to the blockchain world of tomorrow.
Thank you for reading! ETH Tip address for the generous: 0x089e86500be8e81130af1f7d3b5928d056db0eb5
submitted by StarlikeLOL to ethtrader [link] [comments]

Fred Ehrsam from Coinbase commenting on Ethereum vs Bitcoin

https://www.reddit.com/ethereum/comments/4u4t73/im_fred_ehrsam_cofounder_of_coinbase_ama/
An AMA that he did on the Ethereum reddit. His comments regarding scalability and security are very interesting:
[–]FredEE[S] 19 points 13 hours ago
One major existential risk is what I described in my blog post a while back: It’s possible that it's better to keep the base transaction layer dumb for scaling reasons (i.e. Bitcoin) with advanced logic in higher layers. The reason so many amazing things are happening in Ethereum right now is it gives you the base transaction/store of value layer and the advanced scripting layer in one out of the box, so it's way easier to build dapps in Ethereum right now. But maybe those things are better separated long term.
Second would be that Ethereum has a serious security issue as it is (correctly so) in move fast and break things mode which is unrecoverable. I am OK with this risk though: don't put in more money than you are willing to lose, and whatever the issue is can likely be resolved, new version of the network spins up a month or two later.
Upvotes 75 > 72 > 71 > 68 in the last 2 minutes. I think the Etherum pumpers are not so happy with this post. Please up vote if you feel it's important as it really appears some group are hoping the post will go out of view
submitted by BillyHodson to Bitcoin [link] [comments]

Looked for the next big project and stumbled upon ARAGON... Compiled some research and thought I'd share it with you guys - let me know what you think! [LONG]

1 INTRODUCTION
This section briefly introduces the foundations of Aragon and how it is fundamentally ran and operated.
1.0 What is Aragon?
The Aragon Network (AN) will be the first DAO whose goal is to act as a digital jurisdiction that makes it extremely easy and efficient for organizations, entrepreneurs and investors to operate. It can be argued that firms, companies and projects mostly exist in order to create value by using resources to create products or provide services. The obstacle in that pursuit is intermediaries and third parties such as governments decreasing the output of those operations by imposing restrictions and creating complex regulatory frameworks. Therefore, it can be analysed that Aragon can step in to disintermediate the creation and maintenance of companies and other organizational structures by laws that define user permissions, a governance system, a capital system, and an accounting system. Aragon provides limitless operation for businesses. It’s primary demographic is private companies, but additional support is built for NGOs, project management, charities, and even government organizations. In the future, most company activities can be structured on their network, such as meetings, conferences, tasks, notary services, bookkeeping, banking, etc. Not only does it provide a platform for efficient company management, communication and partnerships, it also minimizes costs related to most tasks required to run those operations.
1.1 Management
The strong foundations of Aragon are displayed throughout their work. Firstly, the efforts to provide investors the most transparent and constructive information is a sign of a well-managed company. Analysing the whitepaper, meeting plans, articles and development plan one can see, that not only does it present in-depth information and thoroughly analysed scenarios, it also outlines the potential issues and limitations that can occur in the future. This factor cannot be underestimated in today’s cryptocurrency/blockchain subculture, as most coins and projects are based around the strengths that developers and project leaders hype, instead of providing well-rounded information for investors to base their decisions on. This type of transparency and care legitimizes the project by a huge margin and indicates a very strong foundational management of the project.
1.1.1 Founders, Advisors and Contributors
The strength of Aragon management is further established with the strong developer duo and advisors. At the age of 17, Luis Cuende and Jorge Izquierdo prototyped a fully decentralized Internet replacement by using mesh networks, blockchain technology and protocols like Bluetooth LE and WiFi Direct. Furthermore, Stampery - Luis’ latest company—made blockchain timestamping accessible, and has worked with institutions like the Estonian government, Microsoft and Telefonica. Before building Aragon, Luis and Jorge were working in Silicon Valley. After figuring out how broken the underlying infrastructure of innovation is, they decided to focus all of their time in building the infrastructure that new companies and organizations will run on top of.
Luis Cuende - Project Lead
Luis has been awarded as the best underage European programmer in 2011, is a Forbes 30 Under 30, a MIT TR35 and was an Advisor to the VP of the European Commission. He cofounded the blockchain start-up Stampery. Prior to founding start-ups, he created the world's first Linux distribution with facelogin.
Jorge Izquierdo - Tech Lead
Curious hacker, creator of multiple apps for iOS, macOS and Pebble. Reached App Store's #2. Always tinkering with new tech. Already convinced about the decentralized future of the Internet, he has been building toy projects such as a mesh network or a small blockchain implementation since 2014.
Aragon also has a list of competent advisors assisting in the development of Aragon Network and Aragon Core. The list includes, but is not limited to, people like Fred Ehrsam (Cofounder, Coinbase), Vitalik Buterin (Creator, Ethereum), Jan Isakovic (CEO, Cofound.it), Brayton Williams (Partner, Boost VC), Jean Amiouny (CEO, Shakepay), Jake Brukhman (Founder, CoinFund), Demian Brener (CEO, Zeppelin), and many more notable individuals. Furthered by the transparency, consistent progress and passion for the project, there is no question that the developers and advisors of the Aragon Network are capable and ambitious people willing to put everything on the line for Aragon to succeed.
1.2 Community
When it comes to the community surrounding Aragon, it is very pleasing to come across a mature and constructive bunch of people. The “lambo” and “moon” talk is held to a minimum and the overall tone of messages is informational, educating and constructive. In addition, Aragon is very involved in the community and makes sure to stay engaged by all means necessary in order to receive feedback and share progress (especially in the form of public community engaging developer meetings, etc.). Furthermore, community-requested enhancements and changes are constantly implemented (such as the ETC20 token, governance implementations, etc.). Overall, it can be stated that in addition to the already strong foundations of Aragon, the community is an extremely positive factor and incentivises both the community and developers to stay engaged and transparent, pushing the project forward in a mutually beneficial way (and not just for short-term investor gains).
1.3 ANT Tokens
The ANT token will be the native token for all of the network services that require a token, either for governance or other functionalities. For example in the case of the court, holders will be able to use their tokens to help arbitration and get a reward. Furthermore, when an organization needs investors or plans to do a fund-raiser, the invested tokens can also represent shares in the company on the Aragon Network. Once one invests and buys shares of an organization, they’ll be allocated appropriate voting rights and governance rules.
Another important thing to note regarding the token is that founders have a vesting period of 2 years, denying them the ability to just dump their coins whenever they please, making the ANT tokens healthier overall. Also, transparent distribution information is published and constantly updated – currently investors hold 70% of the tokens, 15% is held for contingency to overcome major hurdles, and 15% will remain in the hands of founders, advisors and early contributors. Aragon also has a set out plan for how the funds gathered during ICO are used, which in addition to providing additional transparency, also provides the investor a clear outline in what they are investing. Current fund allocation is the following - 5% legal, 12% marketing, 17% operations, and 66% development.
With the growth of Aragon, the ANT token will be an inseparable and most important part of the platform functions, allowing the token to have stable growth in the coming years in conjunction with Aragon’s success.
2 ANALYSIS
This section aims to analyse the key benefits presented by Aragon.
2.0 Transparency
Transparency is an instrumental factor for Aragon, as they put quite a lot of emphasis on running their business in a most „public“ way possible. With the overarching popularity of scams and sketchy ICOs, transparency and trust are the two elements lacking in the crypto atmosphere for the most part - but not with Aragon. Not only have they done multiple TV and other public media appearances, showing their faces and what they represent, you can also see the burning passion in their eyes every time they speak about what they are trying to achieve and solve. Further transparency is displayed by public Aragon developer meetings, which are either livestreamed or uploaded for everyone to see and participate in. This is the one and only project creating this sort of ultimate transparency and community involvement with their project, and is exactly what the crypto space needs more of. It can also be stated that this removes a lot of doubt and fear of Aragon being a hoax, as they have a lot on the line being as transparent about their identities and undertakings as they are.
2.1 Practicality and co-existance/partnership potential
Another fundamental strength is the compliance with Ethereum’s growth – every company that wants to move into the blockchain world through ethereum can be incentivized to run those particular activities (management wise) through the Aragon Network. The potential this holds is extremely big, as Ethereum has already been praised and popularized as the primary blockchain to run dApps and smart contracts on. Therefore, it makes sense for companies utilizing Ethereum blockchain to move organizational management of those operations over to Ethereum based Aragon Network, which can help make everything more efficient and effective. All in all, if someone is incentivized to use Ethereum, it is logical for them to also use the Aragon Network for efficiency. Furthermore, Aragon possesses strong links to established blockchain projects, as they can potentially run their operations through Aragon Network in the future to maximize efficiency. Furthermore, Aragon supports the creation of own ERC20 token on the network, so any company or project can create its’ cryptocurrencies through Aragon while making the most of the platform for operations as well.
Additionally, Aragon has a strong links with Iconomi, which is prone to launch on August 1st as the cryptocurrency index platform. As the awareness of cryptocurrency and blockchain increases, mainstream investing will slowly move a percentage of their funds into cryptocurrencies as well, and this is exactly the aim of Iconomi – to create an ease of access for crypto index investing for mainstream investors. If Iconomi becomes the mainstream investment vehicle for cryptocurrencies and people will buy the ICNX fund, then Aragon token can see immense growth over the years to come (as Aragon is one of the few cryptocurrencies part of the ICNX index).
Finally, co-efficient ecosystem can be created through the co-operation of blockchain projects, where each party benefits from one another. For instance, one such co-operation could be in the governance of organizations. If the applicant is not satisfied with the human judges’ resolution, they can request an upgrade to the next level, which is a prediction marketplace in which all the network judges can participate. For this, projects like Augur or Gnosis can bring immense co-operation use-cases. It is important to note that this is only one example, as various project links can be created in such a way that would benefit and grow the whole cryptocurrency/blockchain ecosystem/market.
2.2 Additional functionality
2.2.1 Start-ups and external funding
Further strength of Aragon lies in the external funding sector. With the increasing number of start-up projects and companies looking for external investments, importance lies in making funds easily accessible for future organizations. Furthermore, it can be argued that investing in start-ups is remarkably inaccessible to the public and mostly happens in a closed environment, making it harder for investors to invest and for companies to acquire funding when needed.
 Aragon Core organizations can issue shares directly to another party when the party sends the negotiated amount of currency.
 If an organization wants raise capital publicly, Aragon Core organizations can publish share offers in the marketplace.
Investors can then directly contact to negotiate or invest in a hard limit number of shares. This is especially true important for start-up organizations, as they need to be able to raise capital quickly. For a traditional start-up, this would mean riding the VC unicorn rollercoaster, crowd funding through a third party (e.g. Kickstarter), applying for a business loan, or bothering friends, relatives, and connections for investments. Aragon Core organizations can easily issue new shares in exchange for capital without operating with a third party, both through direct sales and public offerings. This means that investing will become much easier and accessible to both organizations and investors, helping aid the growth of companies in the marketplace and boost overall economy (as most hindered operations are due to lack of resources).
2.2.2 Modularity
Aragon developers have also taken in mind that different organizations might require additional functionalities for their organizational operations, meaning that there is further flexibility provided to meet most demands that might be presented. For this, modular software has been made accessible, allowing additional functions to be developed on top of Aragon Core in the instance where an organization might require features for very specific things relative to their industry/management/governance etc. While the Aragon Network has some basic constitution and governance methods, everyone will also be able to create another network inside the Aragon Network with a more specific set of laws. For example, you could create an organization, join the Aragon Network, and vote for a new set of laws specific to your organization. Effectively, organizations will be able to use the Aragon Network’s services basic constitution and services as a framework, and build a custom set of rules to govern relationships inside organizations.
That type of flexibility, both through framework and modular functionality, allows Aragon to become the stepping stone of future organizations that wish to build their infrastructure on blockchain, making Aragon a power-player in the years to come.
2.2.3 Organizational Set-up
In addition to providing modular software for every company to create their own terms of organizational operation, Aragon has also taken into consideration and developed benefits based on the multiple needs of companies today. To provide those benefits, Aragon has built a product that functionality for the following areas:
All of these above mentioned factors link together and complement each other to create a super-efficient ecosystem for companies to operate in. Furthermore, taking into consideration that Aragon has also created modular software for companies to introduce additional benefits through personal coding, the platform can provide full functionality and immense benefits for every future organization looking to benefit from blockchain technology in order to push operation efficiency further.
2.2.4 Removing of human conflict
Aragon also aims to resolve the problems companies face due to human conflict by introducing Aragon Network Jurisdiction (further referred to as ANJ), which aids to provide tools needed to solve subjectability of human relationships and personal vendettas. Here is an example subtracted from Aragon Whitepaper: An investor invests into an organization and receives some voting power. The organization founder then goes rogue and sends all investment money to his personal account. If this was an Aragon organization, the investor just had to make sure that transactions above a certain threshold have to be approved by a majority voting.
It sets the incentives right for Aragon organizations to be a part of it, since:
All in all, the ANJ is there to provide a decentralized intermediary between human conflicts and attempts to provide tools, through voting and automated smart contracts tracking, to resolve them. This removes a lot of threat of manipulation and self-interest within organizations that seek to exploit investor money, making it a lot safer for funding to go where it is supposed to go and providing investors a peace of mind.
2.3 Current limitations
In this section, some limitations are explained and briefly elaborated.
2.3.1 Minting
The cost to mint new tokens will be determined by ANT token holders. This will likely be a contentious decision and one where the basic economic principles of supply and demand need to be considered. For example, consider the scenario where the cost of minting tokens is too low. More and more tokens will be added to the supply, until supply greatly outweighs demand. This is a recipe for inflation and the value of individual ANT tokens will fall. Ultimately, Aragon believes that token holders will eventually decide on a healthy equilibrium for inflation. Based that belief, by weighing the opinion of every stakeholder, the market will accurately reflect the optimal minting cost. On one hand, this clearly reflects the decentralized model that cryptocurrencies should display (due to democracy elements and mutual agreements), but on the other this can lead to a lot of collective manipulation and conflict within the community. The same has been evident in the recent Bitcoin drama that put a lot of Bitcoin future in question, and also led to a lot of people pulling out their money due to uncertainty (leading to a lot of volatility). Therefore, Aragon places their trust into the hands of ANT token holders, which is the right thing to do, but can also backfire when majority of tokens are held by a certain group of people wanting to manipulate the currency. Overall, if ANT token want to display stability in growth (as opposed to volatility), then there needs to be majority consensus within the community. Do keep in mind though, that even though ANT is an inseparable element of the Aragon project, the platform CAN still operate efficiently for companies without any issues, as only people looking for trade-value (investors) will suffer and/or benefit from volatility.
2.3.2 Development needs
The properties of the Ethereum blockchain present unique opportunities for the creation and management of decentralized organizations, including immutability of records, transparency, and fast transactions. But in order to satisfy multiple requirements that human beings need in order to transact and create value, a layer on top of it needs to be created to align the incentives of everyone participating in the system. This can be a tricky from development point of view, which is why it is listed in the limitations sector. When Aragon is able to make it easily accessible for everyone to create/code additional layers for individual needs on top of the platform (the functionality is planned, but not yet executed) without issues, then this limitation is void.
Further limitations include (from whitepaper):
3 CONCLUSION
In conclusion, Aragon is one of the fundamentally strongest blockchain projects with extremely practical use-cases and immense up-side potential. In the capitalistic world ran by companies, one can argue that it is only a matter of time when companies seek to benefit from the Blockchain technology referred to as the Internet 2.0. Not all companies are technology orientated and have big budgets to spend on personal blockchain development, meaning that if blockchain gets more adoption, companies are forced to adapt to the changing environment. Aragon provides a lot of functionality and can potentially make operations a lot more efficient for organizations, and with already established transparency, development plans and use-cases, it simply cannot be ignored. Acting as a digital jurisdiction that makes it extremely easy and efficient for organizations, entrepreneurs and investors to operate, Aragon can become a lot more than just a cryptocurrency, but rather a stepping-stone in aiding the world transition to the blockchain world of tomorrow.
submitted by StarlikeLOL to aragonproject [link] [comments]

RIALTO.AI AMA - September 2017

Welcome to RIALTO.AI Ask Me Anything thread.
This thread has been launched for our supporters to submit questions. RIALTO.AI will answer the questions monthly.
September's Session will stay unlocked until September 25. Ten most upvoted questions will be answered on September 29, this month exceptionally due to a conference in Barcelona October 3-5.
We kindly ask you to follow these guidelines:
To avoid retelling, we invite you to read answers of the previous session before submitting your questions:
1. mattftw1337 14 points: As we’ve already seen, the asset pool will likely appreciate due to the market appreciating. Upon payout, will the appreciation also be paid out as well as dividend profit to reset the pool back to a value of $7.5m?
The digital asset pool was funded in cryptocurrencies and was denominated in cryptocurrencies at the inception point. The performance, therefore, is also measured in cryptocurrencies and the excess return is converted and denominated in cryptocurrencies as well, more specifically Ether.
2. rockalick 14 points: You mentioned in a tweet a while back you estimated 80–120BTC profit in the first month. What would be your updated figure?
The tweet (https://twitter.com/RialtoAI/status/880419628387897345) was an estimation of the market potential and total available volume at the time, under the assumption of full utilization of the digital asset pool. We are not issuing any return projections or pledges at any point but we will enable access to partial weekly trading data via the dashboard and detailed performance statistics will be published quarterly in performance reports.
3. Redtimetraveller 13 points: In your answer to Q10 in August’s thread, you have answered the second part of the question but not the first part. The white paper mentions that holding XRL is only a proof of membership in the digital asset pool. The role of the pool is not clear in the future creation of an exchange by Rialto.AI thus the first part of the question remains unanswered. I am going to ask the question differently though. How will the digital asset pool be involved in the future creation of an exchange?
The single access point, which will enable purchasing of cryptocurrencies through the RIALTO.AI, is planned to work as the gateway with quotes from RIALTO.AI connected exchanges. An exchange of cryptocurrencies is straightforward, as the buyer sends the preferred cryptocurrency, RIALTO.AI on the other side executes a trade for a fee, and as cryptocurrencies will be exchanged almost simultaneously, only a small portion of the digital asset pool will be required for clearing and netting of balances.
4. RedArmanino 11 points: In this recent interview with Fred Ehrsam, the Coinbase Co-Founder states that for the last couple months Wall Street market makers have been signing up with GDAX: https://m.youtube.com/watch?v=eoYET6mhzQk (relevant info is between 2:45 and 3:00 minute mark). It appears you missed a huge opportunity with GDAX already, as current BTC spread (for example) is only $0.01. Question: Why aren’t you all over Bitfinex and other exchanges where spreads are currently wider, where you can deploy that $7.5 Million and start generating return of capital now for tokenholders?! In the August AMA you stated that you don’t expect to use more than 50% of the Digital Asset Pool in the next 3 months. Pardon my French, but wtf?! You could easily use all $7.5 Million market making right now! Bitfinex alone trades over $200 Million worth of Bitcoin on the 24 hour. Starting to feel like y’all getting beat to the punch.
Please feel free to express any critics but in a professional manner. Impolitely addressed questions will be disregarded in next sessions. Based on our professional judgement, the deployment of full capital to all exchanges, without the sufficient testing and background checks, would drastically increase the risk and affect the performance ratios in the long term.
5. VertigoXRP 8 points: Could you elaborate on some technicals of the AI algoritm, without too much depth I would be interested in knowing how the AI mitigates risks like flash crashes, ddos outage et cetera.
We are getting many inquiries regarding specifics of our trading algorithms. We have to follow the best industry practices in order to protect our proprietary strategies, therefore we cannot provide you with the answers to stated questions.
6. kkkk_x 7 points: https://www.reddit.com/RialtoAI/comments/6yhx9q/rialto_valuation/?ref=share&ref_source=link I did some numbers. Makes me think the markets are off by a distance or I am. Can you point out where is this going wrong? So the trading pool is currently 9mil USD as of 6 Sep, 2017: Assumptions: -Ripple gateway should be fast enough for at least 5 transactions per hour(complete arbitrage as well as portfolio rebalancing cycles) -As mentioned in the AMA, Rialto AI should reach 4 exchanges, 4 assets to trade with and one ripple gateway by October, 2017; although we aren’t considering potentially 5–10 more echanges which may cut the list for Rialto AI -Assuming average 1% (0.8% after costs(potentially lower for bigger volume) and slippage risk) opportunity for all of 6 combinations possible for any 2 exchanges per asset all the time -Conservative assumption: arbitrages would always be equal to 1% (0.8% net), nothing more nothing less! -Average 20k USD liquidity on each side (Ask for the cheaper one and bid for the expensive one) -Wouldn’t be risking more than 50% of the pool -We aren’t considering PNL coming from either market making or AI bots -P/E multiple for company valuation: 10 PNL (PROFIT AND LOSS) Average PNL per asset per trade= 20k USD* 0.8%= 160 USD Average PNL per asset per hour= 5160 USD= 800 USD Total PNL per hour= 4 (No. of Assets) 800 USD= 3200 USD Total PNL per day= 243200 USD= 76,000 USD Total PNL per month= 2.4 mil USD Total PNL per year= 28.8 mil USD Total projected marketcap: 288 mil USD Total funds deployed < 1mil USD This means the markets are off by 10X, using some of relatively more conservative estimates of just 4 assets and 4 exchanges, not deploying more than 10% of the capital at any point! *Where is it going wrong? Also, I have seen this reddit being virtually dead! Critics welcomed!! Edit: Some of the assumptions would seem aggressive, others conservative, please point out if you feel so.
We cannot provide evaluations on our market capitalization but would point out one flawed assumption that the market discrepancies occur linearly, rather the majority of trading is done at the time of above-average volatility indicator, therefore, linear extrapolation of trading performance is flawed.
7. eenymeeny_mo 10 points: Can we get more details for the timing of how the repayments determined? For instance, if I buy additional coins the day beforet the payout, do I receive the entire payout value of the coin, or only the value accumulated while I have the coin. If the prior, is there any added incentive to hold the coins for the whole duration. Without this it seems like the value of the coin will have similar drops to how Byteball always tanks after the monthly airdrop. Thanks for insight on this point.
We received several requests to change this process and are indeed evaluating different strategies for withdrawal (average holding periods etc.) that would affect the token price in the most stable manner. Until the further change, which would be announced before the year-end, the use of record date remains.
8. Baelishx 7 points: What are your plans for the OMG you received/will receive from the airdrop for holding a large amount of ETH? Any chance you’ll be following what the Golem team did and distribute some to XRL holders? https://twitter.com/golemproject/status/905334102949335040
Received OMG will be included in the digital asset pool.
9. icecandle84 6 points 18 days ago : Would Rialto.ai inform its supporters prior to selling the technology/algorithms/IP to a 3rd party?
Any third party usage of the IP and its terms would be disclosed publicly.
10. adiafero 5 points: Hi, I think rialto project its great and really promising. My question is, how are you thinking to market this project? I understand that you are having programmed conferences where to show the product. But, i dont see any marketing strategy other than that. As example, what about expanding the community on channels like reddit, etc? I think this project should have at least 10k followers not 300 :)
The number of our followers is increasing on a monthly basis, just for the illustration: we have over 6,000 email subscribers and over 3,700 followers on Twitter. The corporate image has been renewed which is the first step towards the recognition in the industry. In months to come, we will attend two important conferences Blockchain Solutions Forum in Barcelona October 2–5, 2017 and FinTech Connect Live in London December 6–7, 2017 where we will present ourselves as exhibitors and speakers which we will cover and share with our public. We will also use the media coverage of the conferences as well as publish a series of interviews and podcasts. The plan is also to increase and enhance the contribution on social media like Youtube and Medium.
submitted by rialtoai to RialtoAI [link] [comments]

Looked for the next big project and stumbled upon ARAGON... Compiled some research and thought I'd share it with you guys - let me know what you think! [LONG]

1 INTRODUCTION
This section briefly introduces the foundations of Aragon and how it is fundamentally ran and operated.
1.0 What is Aragon?
The Aragon Network (AN) will be the first DAO whose goal is to act as a digital jurisdiction that makes it extremely easy and efficient for organizations, entrepreneurs and investors to operate. It can be argued that firms, companies and projects mostly exist in order to create value by using resources to create products or provide services. The obstacle in that pursuit is intermediaries and third parties such as governments decreasing the output of those operations by imposing restrictions and creating complex regulatory frameworks. Therefore, it can be analysed that Aragon can step in to disintermediate the creation and maintenance of companies and other organizational structures by laws that define user permissions, a governance system, a capital system, and an accounting system. Aragon provides limitless operation for businesses. It’s primary demographic is private companies, but additional support is built for NGOs, project management, charities, and even government organizations. In the future, most company activities can be structured on their network, such as meetings, conferences, tasks, notary services, bookkeeping, banking, etc. Not only does it provide a platform for efficient company management, communication and partnerships, it also minimizes costs related to most tasks required to run those operations.
1.1 Management
The strong foundations of Aragon are displayed throughout their work. Firstly, the efforts to provide investors the most transparent and constructive information is a sign of a well-managed company. Analysing the whitepaper, meeting plans, articles and development plan one can see, that not only does it present in-depth information and thoroughly analysed scenarios, it also outlines the potential issues and limitations that can occur in the future. This factor cannot be underestimated in today’s cryptocurrency/blockchain subculture, as most coins and projects are based around the strengths that developers and project leaders hype, instead of providing well-rounded information for investors to base their decisions on. This type of transparency and care legitimizes the project by a huge margin and indicates a very strong foundational management of the project.
1.1.1 Founders, Advisors and Contributors
The strength of Aragon management is further established with the strong developer duo and advisors. At the age of 17, Luis Cuende and Jorge Izquierdo prototyped a fully decentralized Internet replacement by using mesh networks, blockchain technology and protocols like Bluetooth LE and WiFi Direct. Furthermore, Stampery - Luis’ latest company—made blockchain timestamping accessible, and has worked with institutions like the Estonian government, Microsoft and Telefonica. Before building Aragon, Luis and Jorge were working in Silicon Valley. After figuring out how broken the underlying infrastructure of innovation is, they decided to focus all of their time in building the infrastructure that new companies and organizations will run on top of.
Luis Cuende - Project Lead
Luis has been awarded as the best underage European programmer in 2011, is a Forbes 30 Under 30, a MIT TR35 and was an Advisor to the VP of the European Commission. He cofounded the blockchain start-up Stampery. Prior to founding start-ups, he created the world's first Linux distribution with facelogin.
Jorge Izquierdo - Tech Lead
Curious hacker, creator of multiple apps for iOS, macOS and Pebble. Reached App Store's #2. Always tinkering with new tech. Already convinced about the decentralized future of the Internet, he has been building toy projects such as a mesh network or a small blockchain implementation since 2014.
Aragon also has a list of competent advisors assisting in the development of Aragon Network and Aragon Core. The list includes, but is not limited to, people like Fred Ehrsam (Cofounder, Coinbase), Vitalik Buterin (Creator, Ethereum), Jan Isakovic (CEO, Cofound.it), Brayton Williams (Partner, Boost VC), Jean Amiouny (CEO, Shakepay), Jake Brukhman (Founder, CoinFund), Demian Brener (CEO, Zeppelin), and many more notable individuals. Furthered by the transparency, consistent progress and passion for the project, there is no question that the developers and advisors of the Aragon Network are capable and ambitious people willing to put everything on the line for Aragon to succeed.
1.2 Community
When it comes to the community surrounding Aragon, it is very pleasing to come across a mature and constructive bunch of people. The “lambo” and “moon” talk is held to a minimum and the overall tone of messages is informational, educating and constructive. In addition, Aragon is very involved in the community and makes sure to stay engaged by all means necessary in order to receive feedback and share progress (especially in the form of public community engaging developer meetings, etc.). Furthermore, community-requested enhancements and changes are constantly implemented (such as the ETC20 token, governance implementations, etc.). Overall, it can be stated that in addition to the already strong foundations of Aragon, the community is an extremely positive factor and incentivises both the community and developers to stay engaged and transparent, pushing the project forward in a mutually beneficial way (and not just for short-term investor gains).
1.3 ANT Tokens
The ANT token will be the native token for all of the network services that require a token, either for governance or other functionalities. For example in the case of the court, holders will be able to use their tokens to help arbitration and get a reward. Furthermore, when an organization needs investors or plans to do a fund-raiser, the invested tokens can also represent shares in the company on the Aragon Network. Once one invests and buys shares of an organization, they’ll be allocated appropriate voting rights and governance rules.
Another important thing to note regarding the token is that founders have a vesting period of 2 years, denying them the ability to just dump their coins whenever they please, making the ANT tokens healthier overall. Also, transparent distribution information is published and constantly updated – currently investors hold 70% of the tokens, 15% is held for contingency to overcome major hurdles, and 15% will remain in the hands of founders, advisors and early contributors. Aragon also has a set out plan for how the funds gathered during ICO are used, which in addition to providing additional transparency, also provides the investor a clear outline in what they are investing. Current fund allocation is the following - 5% legal, 12% marketing, 17% operations, and 66% development.
With the growth of Aragon, the ANT token will be an inseparable and most important part of the platform functions, allowing the token to have stable growth in the coming years in conjunction with Aragon’s success.
2 ANALYSIS
2.0 Transparency
Transparency is an instrumental factor for Aragon, as they put quite a lot of emphasis on running their business in a most „public“ way possible. With the overarching popularity of scams and sketchy ICOs, transparency and trust are the two elements lacking in the crypto atmosphere for the most part - but not with Aragon. Not only have they done multiple TV and other public media appearances, showing their faces and what they represent, you can also see the burning passion in their eyes every time they speak about what they are trying to achieve and solve. Further transparency is displayed by public Aragon developer meetings, which are either livestreamed or uploaded for everyone to see and participate in. This is the one and only project creating this sort of ultimate transparency and community involvement with their project, and is exactly what the crypto space needs more of. It can also be stated that this removes a lot of doubt and fear of Aragon being a hoax, as they have a lot on the line being as transparent about their identities and undertakings as they are.
2.1 Practicality and co-existance/partnership potential
Another fundamental strength is the compliance with Ethereum’s growth – every company that wants to move into the blockchain world through ethereum can be incentivized to run those particular activities (management wise) through the Aragon Network. The potential this holds is extremely big, as Ethereum has already been praised and popularized as the primary blockchain to run dApps and smart contracts on. Therefore, it makes sense for companies utilizing Ethereum blockchain to move organizational management of those operations over to Ethereum based Aragon Network, which can help make everything more efficient and effective. All in all, if someone is incentivized to use Ethereum, it is logical for them to also use the Aragon Network for efficiency. Furthermore, Aragon possesses strong links to established blockchain projects, as they can potentially run their operations through Aragon Network in the future to maximize efficiency. Furthermore, Aragon supports the creation of own ERC20 token on the network, so any company or project can create its’ cryptocurrencies through Aragon while making the most of the platform for operations as well.
Additionally, Aragon has a strong links with Iconomi, which is prone to launch on August 1st as the cryptocurrency index platform. As the awareness of cryptocurrency and blockchain increases, mainstream investing will slowly move a percentage of their funds into cryptocurrencies as well, and this is exactly the aim of Iconomi – to create an ease of access for crypto index investing for mainstream investors. If Iconomi becomes the mainstream investment vehicle for cryptocurrencies and people will buy the ICNX fund, then Aragon token can see immense growth over the years to come (as Aragon is one of the few cryptocurrencies part of the ICNX index).
Finally, co-efficient ecosystem can be created through the co-operation of blockchain projects, where each party benefits from one another. For instance, one such co-operation could be in the governance of organizations. If the applicant is not satisfied with the human judges’ resolution, they can request an upgrade to the next level, which is a prediction marketplace in which all the network judges can participate. For this, projects like Augur or Gnosis can bring immense co-operation use-cases. It is important to note that this is only one example, as various project links can be created in such a way that would benefit and grow the whole cryptocurrency/blockchain ecosystem/market.
2.2 Additional functionality
2.2.1 Start-ups and external funding
Further strength of Aragon lies in the external funding sector. With the increasing number of start-up projects and companies looking for external investments, importance lies in making funds easily accessible for future organizations. Furthermore, it can be argued that investing in start-ups is remarkably inaccessible to the public and mostly happens in a closed environment, making it harder for investors to invest and for companies to acquire funding when needed.
 Aragon Core organizations can issue shares directly to another party when the party sends the negotiated amount of currency.
 If an organization wants raise capital publicly, Aragon Core organizations can publish share offers in the marketplace.
Investors can then directly contact to negotiate or invest in a hard limit number of shares. This is especially true important for start-up organizations, as they need to be able to raise capital quickly. For a traditional start-up, this would mean riding the VC unicorn rollercoaster, crowd funding through a third party (e.g. Kickstarter), applying for a business loan, or bothering friends, relatives, and connections for investments. Aragon Core organizations can easily issue new shares in exchange for capital without operating with a third party, both through direct sales and public offerings. This means that investing will become much easier and accessible to both organizations and investors, helping aid the growth of companies in the marketplace and boost overall economy (as most hindered operations are due to lack of resources).
2.2.2 Modularity
Aragon developers have also taken in mind that different organizations might require additional functionalities for their organizational operations, meaning that there is further flexibility provided to meet most demands that might be presented. For this, modular software has been made accessible, allowing additional functions to be developed on top of Aragon Core in the instance where an organization might require features for very specific things relative to their industry/management/governance etc. While the Aragon Network has some basic constitution and governance methods, everyone will also be able to create another network inside the Aragon Network with a more specific set of laws. For example, you could create an organization, join the Aragon Network, and vote for a new set of laws specific to your organization. Effectively, organizations will be able to use the Aragon Network’s services basic constitution and services as a framework, and build a custom set of rules to govern relationships inside organizations.
That type of flexibility, both through framework and modular functionality, allows Aragon to become the stepping stone of future organizations that wish to build their infrastructure on blockchain, making Aragon a power-player in the years to come.
2.2.3 Organizational Set-up
In addition to providing modular software for every company to create their own terms of organizational operation, Aragon has also taken into consideration and developed benefits based on the multiple needs of companies today. To provide those benefits, Aragon has built a product that functionality for the following areas:
All of these above mentioned factors link together and complement each other to create a super-efficient ecosystem for companies to operate in. Furthermore, taking into consideration that Aragon has also created modular software for companies to introduce additional benefits through personal coding, the platform can provide full functionality and immense benefits for every future organization looking to benefit from blockchain technology in order to push operation efficiency further.
2.2.4 Removing of human conflict
Aragon also aims to resolve the problems companies face due to human conflict by introducing Aragon Network Jurisdiction (further referred to as ANJ), which aids to provide tools needed to solve subjectability of human relationships and personal vendettas. Here is an example subtracted from Aragon Whitepaper: An investor invests into an organization and receives some voting power. The organization founder then goes rogue and sends all investment money to his personal account. If this was an Aragon organization, the investor just had to make sure that transactions above a certain threshold have to be approved by a majority voting.
It sets the incentives right for Aragon organizations to be a part of it, since:
All in all, the ANJ is there to provide a decentralized intermediary between human conflicts and attempts to provide tools, through voting and automated smart contracts tracking, to resolve them. This removes a lot of threat of manipulation and self-interest within organizations that seek to exploit investor money, making it a lot safer for funding to go where it is supposed to go and providing investors a peace of mind.
2.3 Current limitations
2.3.1 Minting
The cost to mint new tokens will be determined by ANT token holders. This will likely be a contentious decision and one where the basic economic principles of supply and demand need to be considered. For example, consider the scenario where the cost of minting tokens is too low. More and more tokens will be added to the supply, until supply greatly outweighs demand. This is a recipe for inflation and the value of individual ANT tokens will fall. Ultimately, Aragon believes that token holders will eventually decide on a healthy equilibrium for inflation. Based that belief, by weighing the opinion of every stakeholder, the market will accurately reflect the optimal minting cost. On one hand, this clearly reflects the decentralized model that cryptocurrencies should display (due to democracy elements and mutual agreements), but on the other this can lead to a lot of collective manipulation and conflict within the community. The same has been evident in the recent Bitcoin drama that put a lot of Bitcoin future in question, and also led to a lot of people pulling out their money due to uncertainty (leading to a lot of volatility). Therefore, Aragon places their trust into the hands of ANT token holders, which is the right thing to do, but can also backfire when majority of tokens are held by a certain group of people wanting to manipulate the currency. Overall, if ANT token want to display stability in growth (as opposed to volatility), then there needs to be majority consensus within the community. Do keep in mind though, that even though ANT is an inseparable element of the Aragon project, the platform CAN still operate efficiently for companies without any issues, as only people looking for trade-value (investors) will suffer and/or benefit from volatility.
2.3.2 Development needs
The properties of the Ethereum blockchain present unique opportunities for the creation and management of decentralized organizations, including immutability of records, transparency, and fast transactions. But in order to satisfy multiple requirements that human beings need in order to transact and create value, a layer on top of it needs to be created to align the incentives of everyone participating in the system. This can be a tricky from development point of view, which is why it is listed in the limitations sector. When Aragon is able to make it easily accessible for everyone to create/code additional layers for individual needs on top of the platform (the functionality is planned, but not yet executed) without issues, then this limitation is void.
Further limitations include (from whitepaper):
3 CONCLUSION
In conclusion, Aragon is one of the fundamentally strongest blockchain projects with extremely practical use-cases and immense up-side potential. In the capitalistic world ran by companies, one can argue that it is only a matter of time when companies seek to benefit from the Blockchain technology referred to as the Internet 2.0. Not all companies are technology orientated and have big budgets to spend on personal blockchain development, meaning that if blockchain gets more adoption, companies are forced to adapt to the changing environment. Aragon provides a lot of functionality and can potentially make operations a lot more efficient for organizations, and with already established transparency, development plans and use-cases, it simply cannot be ignored. Acting as a digital jurisdiction that makes it extremely easy and efficient for organizations, entrepreneurs and investors to operate, Aragon can become a lot more than just a cryptocurrency, but rather a stepping-stone in aiding the world transition to the blockchain world of tomorrow.
submitted by StarlikeLOL to CryptoCurrency [link] [comments]

Battle Over Bitcoin: China Backs US Startup Coinbase And US Falls Behind In Virtual Currencies.

Indeed, virtual currencies are nothing new to the Chinese. For example, more than 100 million people on the social platform QQ have used the Q coin for more than 10 years. And after China’s state-run China Central Television, or CCTV, ran a half-hour-long documentary on bitcoins, downloads of apps for processing and “mining” bitcoins soared in the world’s second largest economy.
Bitcoin, long the plaything of the Western ubernerd, now appears poised to grow substantially in China and other markets, like the euro zone, where government meddling in native currency valuations has left many distrustful of the money in their bank accounts.
Americans don’t have this problem -- yet. And that may be a problem in itself. According to bitcoin proponents, if the U.S. tries to ignore the nascent currency, writing it off as a financial fad with less value than the seemingly stable dollar, Americans risk ceding to the Chinese and others control of the future of what could be the most disruptive force in monetary exchanges since the credit card. In turn, the dollar and the ability of the U.S. to navigate global currency conflicts could be seriously weakened.
“Here’s the bottom line: Bitcoin has much higher popularity outside the U.S. and much higher potential outside the U.S.,” observed Andreas M. Antonopoulos of the Bitcoin Foundation. “If you go to an American and say, ‘Hey, there’s this new thing, bitcoin,’ they say, ‘Well, what’s wrong with the dollar?’ That question is different in other countries.”
Bitcoins are a finite, Web-based currency created in 2009 by a group of hackers working under the nom-de-Internet Satoshi Nakamoto. Exactly 10,952,975 bitcoins are in circulation, all of which have been purchased on exchange networks or mined. The currency is mined using software that processes transactions on the bitcoin network, adding groups of transactions, called blocks, to the chain. Miners are paid about 25 bitcoins per block. That digital money can then be used to purchase a variety of goods online, from legitimate software to heroin on the infamous virtual black-market Silk Road.
Bitcoin surged in value to $266 last month, thrusting the currency into the mainstream spotlight as investment poured in from sources as diverse as the hapless Brothers Winklevoss (of Facebook infamy) and Union Capital Ventures principal Fred Wilson (an early investor in Zynga, Twitter, and Kickstarter). Suddenly, everyone was talking about buying bitcoins. But the bubble burst in late April, and in the U.S. at least, bitcoin faded from the news. That was not the case in China, where Antonopoulos said downloads of bitcoin clients have eclipsed those in the U.S.
Bitcoins are mined in several steps. After downloading a bitcoin client, such as Coinbase (which serves as a wallet in which to store the bits of code that constitute the digital money), miners often join pools where they share computing power to decode algorithms in which bitcoins are hidden. The concept of bitcoins and bitcoin mining is cryptic for many people, even some otherwise forward-thinking American investors. The irony is that, for now, American startups are leading the bitcoin charge, and the U.S. government was the first to issue guidance on using the currency as payment -- a seemingly tacit recognition of bitcoin’s validity as legal tender.
Why China Poses A Threat
Feng Li, the IDG partner who chose to fund Coinbase, said the Chinese have yearned for access to a virtual currency since the central government cracked down on the use of Q coins.
Q coins were introduced in March 2002 by Tencent Holdings Ltd. (HKG:0700), the parent company of the country’s most popular instant-messaging service, QQ , and they currently average an annual transaction value of more than 1 billion yuan ($163 million). That value is growing at about 15 to 25 percent each year.
Q coins, purchased with yuan, are predominantly used to buy virtual products and services in QQ and its related online games and social media. Originally, Tencent regulations prevented Q coins from being traded between users or converted back to yuan, but allowed users to trade points and purchase Q coins with their game accounts, then use the black market to convert them into cash. That caused concerns at the People’s Bank of China, China’s central bank. In January 2007, converting game points to Q coins was banned, and Tencent reiterated that Q coins constitute a product, not a currency, which seemed to satisfy the concerns.
“There has already been proof with the Q coin,” Feng said of the Chinese likeliness to start using bitcoin. “It’s been very well circulated and very well adopted.”
Already, shops on Taobao -- the Chinese equivalent to eBay Inc. (NASDAQ:EBAY), owned by Alibaba.com Ltd. (HKG:1688) -- accept bitcoins as payment for goods, as does the similar service, Tencent’s PaiPai.com.
The Chinese are embracing bitcoins in other ways. The first bitcoin fund began to raise money in June, with the goal of raising 20 million yuan. The fund’s investment threshold is 10,000 yuan, and it will mature in four years.
Q coin’s popularity isn’t the only reason bitcoin has appeal in China. As it turns out, China is the perfect place for bitcoin mining. While much of the developed world is well into the transition from personal computers to mobile devices, China’s PC market is still thriving, which provides the necessary computing power to run a successful business converting electricity into mined coins. Price caps on electricity already create wasteful use of energy in China, so running a code-crunching computer for hours on end isn’t as costly an investment as it would be in the U.S. And so-called “gold-mining” or “gold-farming” businesses already exist in China’s cybersphere. None of that will come as a surprise to any “World of Warcraft” player: Gamers in Chinese urban sweatshops are known to sit in front of glowing blue screens for hours, slaughtering players in the game for their spoils or mining gold deposits found in the sprawling milieu of Blizzard Entertainment’s international blockbuster. Those treasures are then sold to players in the game for real money.
China has a heavily controlled currency, which also makes bitcoin attractive.
“The more controlled the currency is, the harder the transactions are, the more friction there is in the national currency, the more appealing the coin is,” Antonopoulos said, noted that the most appealing place to use bitcoin would be a country whose economy is a veritable train wreck -- like Zimbabwe, except that the southern African nation lacks the necessary technology. “I would say China is perfect,” he said. “It’s got the penetration, it’s got the smartphones, it’s got the Internet and the people are familiar with virtual currencies. And, it’s got the not-as-appealing national currency.”
Regulation In The U.S.
Guidance issued in March by the U.S. Treasury Department said that companies issuing or exchanging online cash, including bitcoin, would be subject to the same scrutiny as traditional firms such as the Western Union Co. (NYSE:WU) to prevent money laundering.
Less than two months later, the Department of Homeland Security proved that edict had teeth.
Federal officials obtained a warrant Tuesday to seize an account tied to Mt.Gox, the Tokyo-based exchange company that handles about 80 percent of all bitcoin trades. Authorities accused Mt.Gox’s U.S. subsidiary, Mutum Sigillum LLC, of failing to register as a money-services company with the Treasury’s Financial Crimes Enforcement Network. An account held by the online-payments firm Dwolla was subsequently seized.
Many feared the warrant execution could cast a chill over the bitcoin industry as a sector centered on a borderless, decentralized money came under the scrutiny of the federal government.
That proved not to be the case, Coinbase’s Ehrsam said. “For bitcoin to go mainstream, or as it goes mainstream, it will be used in a higher and higher amount of transactions,” he said, adding that Coinbase is registered as a money-services firm. “There’s no way there will be all this money flowing through an unregulated system.”
Chris Larsen -- the CEO of OpenCoin, a fellow San Francisco-based payment platform that processes most national currencies as well as bitcoin and its own virtual cash, Ripple -- agreed. “They definitely are regulating them, [and] we actually think that’s a really good thing for the industry,” he told IBTimes. “I thought the guidance was a good idea. One of the things the guidelines seem to make clear for the first time is that a virtual currency could be used for goods and services.”
The Price Of Regulation
But such regulation is a slippery slope, said Jerry Brito, a senior research fellow at the Mercatus Center at George Mason University.
Perhaps it begins with measures to prevent money-laundering, he said. But what measures would the government take to prevent the untraceable currency from being used for child pornography or human trafficking?
“Bitcoin has the potential to be a disruptive technology that would be beneficial to the economy, and we don’t want to kill off that potential to get at the other potential for bad stuff,” he observed. Brito, who plans to speak next month at a conference on virtual currencies organized by the National Center for Missing and Exploited Children, added: “We’re already the first country to enforce money-laundering laws against bitcoin. But the U.S. would be shooting itself in the foot if it went too far [with regulations] and either outlawed bitcoin or made the legal guidelines impossible to comply with.”
Will China Step In?
So far, Chinese bitcoin merchants have little to fear. For many, the CCTV segment on bitcoin seemed to be a signal from Beijing, which heavily controls the channel’s content, that the currency is worth exploring.
Some of those interviewed speculated that the Communist Party wants to see bitcoin stockpiled in China, allowing the government to invest in it if, or when, the dollar is shaken from its perch as the world’s reserve currency.
It remains to be seen whether -- or, more likely, when -- China will intervene in the trade of bitcoin in its own economy. But for the U.S. to experience widespread adoption of the currency, which is considered a necessary step for gaining a grasp on the bitcoin market, limited government control will have to allow the money, like the Internet that birthed it, to develop organically.
submitted by kazzZZY to Bitcoin [link] [comments]

Condensed version of the epic Fred Ehrsam/Troll #UASF/Vitalik Tweetstorms

Best read to the beat of the Hamilton soundtrack...

Fred Ehrsam:
1/ Cryptocurrencies create strong tribalism. Once you own a currency, your incentives are to make that currency go up in value.
2/ Crypto tribalism can be seen on reddit every day. Subreddits generate and report news that support their holdings.
3/ Crypto tribalism plays out in two common ways: 1) people promoting their own currency and 2) people discrediting other currencies.
4/ People promoting their own currency is evidenced by the imbalance of positive to negative news about a currency on its own subreddit.
5/ People discrediting other currencies is evidenced by /bitcoin trashing Ethereum because it is seen as a threat.
6/ Your perspective on reality is warped by your holdings. So important to remain vigilant by monitoring yourself.
7/ To stay out of this trap, never hold so much of one currency that accepting an alternate reality is too painful to think about.
8/ Gains from going all in on one currency are outweighed by losses from sacrificing an open mind and missing the next.
9/ At this stage of crypto it’s unclear that one currency gaining value causes another to lose value. So tribalism is largely wasted energy.
10/ It’s likely different blockchains are best at doing different things in the long run.
11/ So best to keep and open mind so you can experience the best the blockchain multiverse has to offer!
I, Troll #UASF‏:
No.
1/ POW is zero sum, there can be only one system. Crypto "tribalism" is practiced by scammers regarding scams. There can be only one POW sys
2/ tem, it is literally thermodynamicly guaranteed. A token is solely a requirement to incentivize POW. POW is energy consumption,
3/ energy is a zero-sum game, POW is too. That dynamic is guaranteed by physical law. Everything else is a matter of commitment structure.
4/ There is only the need for ONE POW system that merkelizes things into a commitment structure for validation. Anything can be rooted in it
5/ People who preach this "many coins for many roles" nonsense failure to grasp the most basic truth about what POW is and how it works.
6/ Other systems are testbeds, scams, or both. Thermodynamics guarantees energy consumption will converge to a singular POW system.
7/ Anyone who is actually paying attention realizes it is just a matter of structure and externality management regarding new functionality.
8/ You make these kinds of statements to try to seem "reasonable" by appealing to the human desire to avoid conflict. Conflict is natural.
9/ All these kinds of statements do is show that you refuse to acknowledge nature. POW is zero-sum, this is guaranteed.
Bitcoin is not biology. Consensus is an impossible problem. POW "solves" it through the introduction of thermodynamic opportunity cost.
Vitalik Buterin:
[email protected] you want to explain for the 101th time why this is a dead wrong misconception or shall I?
I, Troll #UASF‏:
Why don't you, he blocked me ages ago.
Vitalik Buterin:
  1. Academics have never said that consensus is impossible.
  2. They said a consensus algo guaranteed to finish in a finite number of rounds in an async network is impossible (FLP impossibility)
  3. Consensus algos that probabilistically finish within some finite expected number of rounds do exist (see dominic williams' work)
  4. In an asynchronous network, the bound on byzantine fault tolerance is 33%. In a synchronous network, the bound is 50%-ε (see DLS paper)
  5. Bitcoin's PoW takes a bit of work to fit into the typical academic model of consensus because it uses hashpower, not discrete nodes...
  6. But it can be (and has been) done: http://nakamotoinstitute.org/static/docs/anonymous-byzantine-consensus.pdf … Result is that it fits squarely into "synchronous" category of consensus algos
  7. If network latency is d, then fault tolerance is somewhere close to d/(10 minutes+2d)
  8. This means that in an asynchronous network (no network latency bounds) fault tolerance of PoW approaches zero.
  9. You can totally have synchronous traditional consensus algos with similar properties (eg. see our chain-based PoS, or Iddo Bentov's work)
  10. What's unique about PoW is not that it's a new consensus algorithm, it's that it's a new way of determining who gets to participate.
  11. Plus economic incentives. Satoshi's innovation was not consensus, it's public cryptoeconomic consensus.
  12. You can actually use PoW to determine who participates, and PBFT or honey badger as the consensus algo. Such combinations are possible.
  13. Conclusion: there are 2 separate axes
i. what the consensus algo is (chain-based, pbft..)
ii. who participates (PoW, PoS, consortium)
.14. Arguably a third axis being the incentivization model
I, Troll #UASF:
All of those are interconnected in a way you cannot disentangle in the manner you just did. For academic curiosity, yes, in practice, no.
The structure of the chain or ledger itself feeds into the latency and upper limits of such, which affect the incentives and stability of..
the entire consensus process. You cannot genuinely carve those out into separate abstractions and ignore their interrelations.
That is incredibly disingenuous. This is not university.
They are all part of the whole, which functions as a whole. Structure feeds into participation feeds into incentives.
Vitalik Buterin:
Ah, but disentangling is often useful. Because you can do things like determine optimal incentivization structures for any consensus algo.
eg. I've had the result for a year that if you see two competing sister blocks, neither should get a reward. This fixes selfish mining.
And others at IC3 have also discovered this independently.
These kinds of insights you can get by analyzing consensus algos and incentivization in the abstract.
I, Troll #UASF:
What implications in practice will this have on membership and incentives in exchange for more complexity?
Vitalik Buterin:
It makes incentives better, reducing the risk medium-sized pools will do nasty stuff.
I, Troll #UASF:
How so? The current incentives seem to do so just fine. As well, how do you avoid penalizing legit orphan races?
Vitalik Buterin:
As well, how do you avoid penalizing legit orphan races?
Give both the main-chain block and the stale a reward of 0.5 then.
submitted by MrNebbiolo to ethereum [link] [comments]

An analysis of BTC fundamentals

Disclaimer: This post is not an endorsement to either buy or sell Bitcoins. I am simply attempting to outline the reasons why there is inherent value in Bitcoins, as well as the risks that come with investing in a crypto-currency. In full disclosure, I personally own and use them, but only a very small portion of my overall portfolio which I would be ok if BTC went to 0 tomorrow.
Purpose: I’ve been seeing a lot of doom and gloom (as well as irrational exuberance) in a lot of posts lately, and a lot of people saying this or that with no evidence or fundamentals to back up their claims. So I wanted to put my thoughts and experiences [more about me below] out there in the hopes that people actually serious about utilizing Bitcoins (BTC from here on) might find this information helpful, as well as to connect with and solicit thoughts from anybody else that’s done research on the future of BTC. Also mods: I searched through old posts and the FAQ but couldn’t really find anything like this, so let me know if there is a more appropriate place to post this. I can also add hyperlinked sources to this to make it a reference document if there is interest.
Summary/tl;dr: The fundamentals underlying the intrinsic value of Bitcoins haven’t changed. In fact, they continue to improve day-by-day, as merchant and user adoption increases. As long as this trend continues, and certain risk factors - see below - are minimized, BTC will eventually become widely accepted as a currency.
That being said, you should never “invest” more money than you are willing to completely lose, or money that you would otherwise need for living expenses. Otherwise, you are gambling. (I put “invest” in quotes because I believe BTC are currently far too speculative to be considered an “investment.” This may change in the future, but the technology is still so new, and there are so many unknowns, that it should not be considered anything more than a speculative investment at this point.)
This has happened before and it will happen again: This week hasn’t been good for those holding Bitcoins. In fact, if you invested in BTC anytime in the past year, I’d say it’s been a pretty shitty year, period. But the thing is, we’ve seen this type of thing in financial markets before, almost exactly to a t, and how they tend to play out. There have been various bubbles of all shapes and sizes throughout history, and the run-up in prices earlier this year, was no exception. However, unlike the critics, I believe BTCs are different, as there is significant intrinsic value in the BTC network and BTC as a value store - which I outline below.
I also think it’s useless to speculate about the direction of BTC in the short to medium-term (I would argue the price adjustment has been a good thing for the long-term), so to me the only meaningful way to analyze what’s going on is to examine the fundamentals (apologies if a lot of this is basic, but I wanted to cover all the key points as I saw them):

Value:

So I’ve briefly outlined above some pretty clear reasons why there is inherent value in BTC, and the reasons why I personally am optimistic about the long-term future and will continue to use them. That being said, I’ve also identified several primary risk factors that worry me as a long-term investor, ones that all holders of BTC should be aware of. Please, if you know or can think of any others, reply or PM me so I can add them to this list:

Risks:

I could go on, but those are the major value and risk factors I see. If you have anything to add, please feel free.
So, in the context of everything I said above, I’d like to talk about what happened this week in particular:
I believe this week’s price movement (as of me writing this, has been a 25% drop) is a result of several factors:
  1. News that US Dollar is very strong
  2. Capitulation: I don’t have the ability to do Technical Analysis on BTC right now, but just eyeing the 1-year chart, it looks like $400 was a key support point for the price of BTC. Once it broke through that, psychological barriers were broken and selling cascaded.
  3. Russia and China potentially banning BTC
And that’s it. That’s all I can find about Bitcoins in the news. The value fundamentals I listed have not changed one bit, and if anything, the rate of user adoption has increased as more people are learning what it is.
Which is why I’m excited about the future of BTC. It’s a product that I use and like, and see tremendous value for. This week’s sell-off just means I can buy more.
About me:
In a past life, I was an equity research analyst responsible for due diligence, fundamental/technical analysis, and making recommendations to the PM on which stocks a certain mutual fund should buy or sell. This meant reading through a lot of annual reports, financial statements, 10-K, 10-Q, shareholder calls, etc… My primary influences were Warren Buffett, Philip Fisher, and Ben Graham. If you recognize these names, you’ll probably guess that I was a value investor1 , and you’d be right. The fundamental premise behind value investing, for those that don’t know, is that you can find companies that are trading at a discount to their “true” intrinsic value, and thus can make money by buying the stock at a low price and selling when the market has realized the fair value of the company and the price has subsequently gone up. This is essentially how Warren Buffett built Berkshire Hathaway and became the world’s richest man (for a short period); his strategy has since greatly evolved, but this was the core philosophy he used for a long time.
1 Utilizing this strategy, our fund bought a significant stake in AAPL when the price per share was less than the amount of cash per share the company currently held (split adjusted something like ~$2 per share when we bought). It hasn’t all been a bed of roses, we’ve made some not-so-great investments, but that’s a story for a different time :)
Edit: Paragraphs within bullets? How do you do them?
submitted by owpunchinface to Bitcoin [link] [comments]

A list of people worth following on Twitter (x/post from daily thread)

I have had a couple of users from the weekly thread ask me to make some recommendations of people to follow on Twitter so cross posting here. These are people I have chosen to follow so it's obviously a very subjective selection though many on the list are nonetheless some of Ethereum's OGs - as evidenced by their amount of followers.
The list is loosely ordered although those higher up tend to be people who are more active on Twitter whose tweets I have liked/retweeted the most. The list isn't exhaustive either (ie, it's missing a few newer Twitter users or personalities that are more niche). Feel free to make your own recommendations too as I'm always looking to add people in what has lately become my preferred medium of discussion regarding all things crypto.
I'm also adding a link to my own profile below simply because it is easier to view these people's bios and follow them on Twitter yourself by clicking on my own 'following' page (ie, I'm not looking to recruit any followers of my own though you are obviously welcome to follow me if you so desire): https://twitter.com/anajolsson/following
Joseph Young @iamjosephyoung
Evan Van Ness @evan_van_ness
Richard Burton @ricburton
Laura Shin @laurashin
Spencer Noon @spencernoon
Crypto Bobby @crypto_bobby
Jackson Palmer @ummjackson
MrYukonC @MrYukonC
Hudson Jameson @hudsonjameson
Fred Ehrsam @FEhrsam
Ryan Sean Adams @RyanSAdams
Crypto Insider @CryptoInsiderX
StoreOfValue Blog @SovCryptoBlog
Nathaniel Popper @nathanielpopper
MyEtherWallet.com @myetherwallet
MyCrypto.com @MyCrypto
Omar Bham (Crypt0) @crypt0snews
Jeremiah Nichol @prodjkc
Taylor Monahan @tayvano_
Joey Krug @joeykrug
Ari Paul @AriDavidPaul
Chris Burniske @cburniske
Eva Beylin @EvaBeylin
ConcourseQ.io @concourseqio
Joseph Lubin @ethereumJoseph
Andreas M. Antonopoulos @aantonop
Vitalik "Not giving away ETH" Buterin @VitalikButerin
Bitcoin_Schmitcoin @BTC_Schmitcoin
Crypto Tax Girl @CryptoTaxGirl
submitted by ajolsson to ethereumnoobies [link] [comments]

What’s On Crypto – News Week In Review | April 8th to 16th

32,000 Indians signed a petition against the ban on cryptocurrency. On Thursday, April 5, the central bank of India decided to ban transactions with crypto-currencies: financial institutions are obliged to stop the activity related to crypto-currencies for three months. On the same day, India’s crypto community compiled a petition addressing its central bank and prime minister, calling not to stifle the developing technology, but to create a legislative framework that would allow it to develop and exert a beneficial influence on the country’s economy. To date, more than 32,000 Indians signed a petition on change.org. Authors of the document draw attention to the fact that local crypto-exchange exchanges try to strictly adhere to established norms and many are already strengthening the standards of KYC. Also, the petition mentions the Central Bank’s plan to issue its own cryptocurrency. The protesters noted that the current CEO of Microsoft and Google are of Indian origin and, under a favourable environment, could create local Internet companies, hinting that the next generation of “technical geniuses” could go their way. Similar risks were also appealed to by Chinese crypto-entrepreneur, criticizing the prohibitive policies of his country and saying that China might miss the “new Amazon”.
Earlier, in December, a petition to protest the announced restrictions amounted to the citizens of South Korea, and recently it became known that the Tax Administration, Ministry of Justice and the country’s financial regulators are discussing the possibility to lift the ban on the holding of the ICO. The mayor of Seoul noted, that after “terrible resistance” from the side of society, the government “seriously thought about” possible loosening.
The Shanghai police interrupted the blocking conference. On Thursday, April 12, China had to host the Global Fintech & Blockchain China Summit 2018. However, around noon local time, the police interrupted morning session, ordering all participants and organizers to leave the event. The official reasons for the intervention are currently being specified, but according to the assumptions that appeared in the media and the Chinese social network Weibo, an ICO project was announced in the conference program, the investors of which lost a lot of money. They filed a complaint with the police. The organizing company, PTP International, denied these rumors, saying that the event was in full compliance with Chinese laws: “We are still investigating the reasons for the suspension, and at the moment the police refers to the security threat. We are thinking about possible compensation for the participants in the meeting. The conference was held in accordance with the Chinese regulations and did not include any ICO presentations, “PTP International said.
The Golem computing platform has launched the core network. Golem, who collected 820,000 airs during the ICO in 2016 ($ 8.2 million at that time and about $ 340 million today), two years later presented a beta version of the main network, which in white paper isdescribed as “Copper Golem” – the first phase of the project. In the current format, a service based on the Ethereum block system allows computers to “rent” the unused energy of the CPU and create computer-generated images (CGIs) using the Blender software (including animation, visual effects, interactive 3D applications and video games). The interface directly associated with Blender allows you to purchase processing power for the Golem-GNT token.
This release of the “Copper Golem” is designed to test the work of technology in real market conditions for real money. Golem software connects the providers of computing power with “customers” and sends small tasks to the provider, which will later be merged into P2P networks and presented as a single image, explains Golem CEO Julian Zavistovsky. In 2016 Golem represented one of the first generations of Ethereum-applications: “To underestimate the complexity of what we want to create is typical for software development in general, and especially for the blockbuster,” Zavistovsky says, explaining the protracted work on the project. According to white paper, the following, more progressive versions should be “Clay Golem”, “Stone Golem” and “Iron Golem”. Simultaneously with the release of the main network, the team announced the launch of a bounty program that will encourage developers to report on detected bugs.
Gemini launches trading blocks for bitcoin and ether and can introduce a patented system that increases the security of transactions. On Thursday, at 9:30 am North American Eastern Time, the currency exchange, owned by the bitcoin-billionaires of the Winklevoss brothers, launched trading in blocks for the two leading crypto-currencies. The new option is designed primarily for institutional investors: the minimum threshold is 10 bitcoins and 100 airs. Bidding blocks are designed to provide an “additional source of liquidity”, allowing for large transactions outside the main book of orders. Also, due to the new function, buying or selling a large amount of cryptocurrency will not have a significant impact on its rate. As explained in exchange, “any user can place an order, indicating the type of transaction (purchase or sale), the amount, the minimum amount of filling and price limits.” Marketmakers will receive only information about the amount of the transaction, the minimum volume and the upper limit: if they decide to execute the transaction, the block will be filled.
“In accordance with our obligations to maintain fair, transparent and regulated trading, block orders in electronic form will be instantly transferred to participating market makers, which will ensure the best execution of the transaction and setting prices for the participants of the program,” reads the website of the exchange. Also this week, Winklevoss IP, LLC received a patent to create a system that increases the security of transactions. Authors Andrew Laucius, Cem Paya and Eric Wiener describe “software for secure transaction processing in the cloud computing system”. The new development uses a combination of standard cryptographic techniques, including hash functions and digital signatures, and presumably can be applied on the Gemini exchange.
The stakes of Basecoin and Carbon have successfully completed investment rounds. Intangible Labs, the creators of the “steel coin with the algorithmic central bank” Basecoin, collected $ 125 million during the tokenail on the SAFT system from March 22 to April 3 (according to the experts’ assumptions, this particular ICO format recently attracted the SEC’s attention).
The organizers reported to the SEC on attracting this amount from 225 investors. Basecoin intends to avoid the inherent volatility of the crypto currency due to its provision with other digital assets: the oracles will monitor the prices of these assets, and the protocol should regulate the number of tokens so that the price of Basecoin remains stable. In addition to the “basecoins”, the startup is developing “basic bonds” and “basic shares” – crypto-currencies, which will support Basecoin, helping the protocol to manage the “money supply”.
The project is supported by many large funds, including Andreessen Horowitz, Pantera Capital, PolyChain Capital and Digital Currency Group. Coinbase co-founder Fred Ehrsam took Basecoin to significant projects for the ecosystem: “It is obvious to me that the developers of the crypto-industry are interested in … a stable coin, ” Ehrsam said during the Token Summit II in San Francisco. On Thursday the completion of the seed round of funding announced another project of stablcoin is Carbon, which raised $ 2 million from such funds as General Catalyst, Digital Currency Group, FirstMark Capital, Plug and Play Ventures and The Fund. Like Basecoin, Carbon rejects the Tether reinforcement model for Fiat, replacing it with algorithmic monetary policy. “If we create a mechanism that is currently used by the Federal Reserve Bank, but we will make it decentralized, we will not need to trust the central government. We can just trust the code, “explained Carbon co-founder Connor Lin. The Carbon system includes two tokens: the stebblecoin itself, whose price should be $ 1, and a “credit token” that fluctuates in value, offsetting changes in demand. When the price of stebblecoin falls, an auction is held, during which anyone can give his token, thereby reducing the money supply and raising the price, and get a “credit token” instead. Later, when the price rises above $ 1 and the offer increases, holders of “credit tokens” will receive new steebles and this entire process is fully implemented by the algorithm.
Start bitcoin cloud mining
submitted by SwitchKanun to hashflareinfo [link] [comments]

Fred Ehrsam, Coinbase - Bringing Digital Currency into the Mainstream - Clip SFBW19 - Fireside Chat Fred Ehrsam & Andy Bromberg Coinbase Co-founder Fred Ehrsam break silence on Bitcoin ... [SV Startups 100] Coinbase Co-founder Fred Ehrsam Interview Fred Ehrsam founder of Coinbase talks Bitcoin

Bitcoin is a distributed, worldwide, decentralized digital money … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. r/Bitcoin. log in sign up. User account menu. 27. Coinbase’s Fred Ehrsam says bitcoin still seeks ‘killer app’ Close. 27. Posted by. u/Apollo_Moonwalker. 4 years ago. Archived. Coinbase’s Fred Ehrsam says bitcoin still seeks ... Cryptocurrency reviews and scores by Fred Ehrsam, Co-Founder of Coinbase, on Bitcoin: Created by the pseudonymous Satoshi Nakamoto in 2009, Bitcoin is a peer-to-peer electronic cash system. Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership. - Fred Ehrsam Bitcoin is inherently international, and one of its great promises is it enables cross-border payments in a more efficient way. So sieht Fred Ehrsam, ehemaliger Händler von Goldman Sachs Inc. und Gründer des Bitcoin-Startups Coinbase, für unterfinanzierte Schürfer schwarz. “Das ist eine ziemliche Modeerscheinung, die ... Fred Ehrsam. Follow . Jan 16, 2017 · 4 min ... While over $1bn of venture capital was invested in Bitcoin and blockchain based startups up through 2015, 2016 saw over $100m of crowdsourced, non ...

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Fred Ehrsam, Coinbase - Bringing Digital Currency into the Mainstream - Clip

Fred Ehrsam talks about Bitcoin, the first ever global digital currency network and how it is fast, cheap, borderless, and can support small payment transactions. [SV Startups 100] Coinbase Co-founder Fred Ehrsam Interview Website: http://svs100.com Facebook: ttps://www.facebook.com/The-SV-Startups-100%E3%82%B7%E3%83%A... Aug.31 -- Fred Ehrsam, Coinbase co-founder, discusses the rise of cryptocurrencies and the future of blockchain technology with Bloomberg's Emily Chang on "B... SFBW19 - Fireside Chat Panelists: Fred Ehrsam, Paradigm Andy Bromberg, Coinlist San Francisco Blockchain Week: https://sfblockchainweek.io/ Fred Ehrsam founder of Coinbase talks about the potential of Bitcoin.

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