Bitcoin price hits 2015 peak amid speculation of \'second ...

The outer limits of bitcoin price speculation: a nearly vertical move from current levels to $500,000 a coin at the end of 2015. What would the world say if this Black Swan actually happened?

https://bitcointalk.org/index.php?topic=800330.0
It sounds ludicrous, and I don't necessarily believe it. But I'm trying to imagine what it would be like if this really happened.
Media would explode, and all the pundits would quickly change their tune. "Well, it's an entire currency exploding into the modern world, a move like this should have been foreseeable."
Institutions would justify spending thousands and then tens of thousands of dollars per coin because that asset will be so hyper-rapidly increasing in value it makes complete sense. This basically is the legend of bitcoin hyperadoption. When the tipping point of bitcoin adoption spills over from technical startup to full on global levels.
Governments recognize a way to finally be a recognized international force, and private institutions see a way to become more powerful than they ever imagined.
And the little man? Me and you? You think we will resist selling our $380 bitcoins for $10,000 or even $50,000? Most will not.
This would be the black Swan of a lifetime, and it's not impossible. Just unlikely. Just like all black swans.
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“It could be worth nothing, for all we know. Anything anyone says about the price of bitcoin in the future is pure speculation and like predicting the outcome of a slot machine.“ — Jackson Palmer, creator of dogecoin on bitcoin price in 2015

“It could be worth nothing, for all we know. Anything anyone says about the price of bitcoin in the future is pure speculation and like predicting the outcome of a slot machine.“ — Jackson Palmer, creator of dogecoin on bitcoin price in 2015 submitted by bitcoinik to Bitcoin [link] [comments]

Speculation • [2015-10-07] Why I think the Bitcoin price will skyrocket very soon

submitted by btcforumbot to BtcForum [link] [comments]

Everything you need to know about technical analysis in crypto trading

Everything you need to know about technical analysis in crypto trading
Hello, community! 👋🏻 In this post, we will tell you about technical analysis.
📊 There are three main schools for analyzing cryptocurrencies or any other asset. These are fundamental analysis, technical analysis and sentiment analysis. Technical analysis is the main method in crypto trading.
📈 Technical analysis (or TA for short) is the art of predicting price movement through the study of charts that show how an asset has traded in the past. You need to find and compare patterns that have been encountered earlier. It is assumed that past models are highly likely to work in the future.
The number of methods used by technical analysis is very large. But they are broken down into several fairly specific classes:
🔹 Levels and lines of resistance and support
🔹 Technical Indicators
🔹 Figures (patterns) on large areas of the chart
🔹 "Candlestick analysis" - patterns on Japanese candlesticks or bars in short areas
🔹 Trade statistics - volumes, order books, etc.
TA was originally developed for markets where trading has a long history and a large amount of data. TA outperforms analysis based on business fundamentals, according to an extensive 2015 study by three Israeli researchers.
Many traders say that TA is even more important in cryptocurrencies, as no one can yet confidently determine the fundamental value of Bitcoin, which was launched just 11 years ago. Is it a hedge against inflation, a digital form of gold? The future of money? It can be all of the above.
⚙️ Technical analysis is a key part of an asset management strategy, and it works well when combined with news analysis to identify likely move patterns and up / down limits. Since cryptocurrencies are highly volatile and speculative, technical analysis provides key indicators of price movement, especially support and resistance.
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https://preview.redd.it/fnivq596mpo51.png?width=1920&format=png&auto=webp&s=350b387236f5e9d033f4f5518bd4936d80cfd5ed
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The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
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The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/c5cxea2lqid51.jpg?width=1080&format=pjpg&auto=webp&s=3d6a0388408f6b8abe10648e5e4b7a3a5434c821
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
submitted by paulcheung1990 to Bitcoin [link] [comments]

People get offended by almost anything ...

I'm interested to know if the below exchange in Scott Pape's (The Barefoot Investor) email newsletter would actually land him in hot water, or if it is just the usual case of snowflakes making threats they know little about?
So many people out there offended at the slightest thing and this particular person threatening him with a "Please stop being ageist and misandrist in your writing or you may find yourself in court charged with an offence under 18C(1)(a)."
The Q & A Text is below:
Hi Scott,
I am old (71), and not a very bright bugger. I only know one thing: that my wife drives me up the wall because she regards you as her financial guru. I have tried to convince her that gold is a safe and profitable investment. She does not believe me, as you apparently take the Warren Buffet view that gold is not a good investment. Have you changed your opinion as the price of gold keeps skyrocketing daily?
Jimmy
Awesome question! Yes, you are right, I’ve previously written that I don’t invest in gold, and since then the price has risen spectacularly. Yes, the price could go much higher as the boom takes off and speculators chase higher prices.
So to your question: have I changed my opinion?
Not at all.
Let me explain:
The possibilities for investing your money can be overwhelming. There are more fads in finance than there are in fashion, and there’s always something more exciting to invest in: Bitcoin, shares, bonds, infrastructure, private equity — and of course gold and other precious metals.
So, I’ve come up with a simple, time-tested rule for deciding where to invest my money:
I only invest in things that regularly put money back in my pocket.
Chief of which are companies that pay dividends and properties that generate rent.
And that’s the rub: gold doesn’t generate any income. Which means that the only way you can make money is by hoping the price goes up, and then selling.
Yet that’s not how I invest. I actually don’t focus too much on the price of my shares, because I know that share prices can — and often do — move around quite dramatically in the short term.
So what do I focus on?
The dividends that are sent to my bank account four times a year.
And, over the long term, owning a portfolio of businesses is the best way to not only safeguard your wealth but grow your income faster than prices rise.
A study by Wharton finance Professor Jeremy Siegal found that if you had invested $1 in gold in 1802 it would be worth (approximately) $3 today. Yet if you’d invested that $1 in the share market in 1802 it would be worth $1,033,487 today.
That’s not to say that gold isn’t having an amazing run: it’s up 80% since its lows of 2015.
How long will it continue?
I have no idea — and no-one else knows either. But I think that’s the wrong question to ask.
Here are three better questions for you and your wife to ask yourselves:
Firstly, are you buying gold because you’ve got FOMO from watching it go up each day?
Secondly, you’re 71, mate — where are you getting your income to pay for things from?
And, finally, what would you do if gold went down 30%? Would you start panicking and sell at a loss?
If I watched my shares go down 30% (and I did, a few months ago!) I’d grin and bear it, knowing that my dividends were still rolling in.
Tread Your Own Path!
submitted by aukiman to u/aukiman [link] [comments]

With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today

With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today



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Do celebrities recommend the Bitcoin trader software?

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perior over different cryptocurrencies?
LATESTBITCOINETHEREUMALTCOINSTECHNOLOGYADOPTIONBLOCKCHAINEVENTSCONTACT
PRESS RELEASEWhy is Bitcoin superior over different cryptocurrencies?Akshay KSPublished a pair of weeks agoon August 12, 2020By Akshay KS
Source: Pixabay
During this technical world, bitcoin is the foremost used digital currency all over the world. However the main question then arises within the minds of the many folks is why bitcoin is considered the foremost superior over other cryptocurrenc Bitcoin Freedom
Bitcoin is that the one method of creating transactions daily as alternative currencies. But it's its options and uniqueness that make it superior. Bitcoin and different currencies are based mostly on the cryptographic algorithms or mathematics that are encrypted, with that the user becomes the owner of the currency. Bitcoin currencies are easily accessible at Bitcoin ATM and online exchange
The main feature of the bitcoin, which makes it superior is that it is the safest option for digital transactions. These will be used for on-line searching and transfer of money too.
There are many alternative blessings to using bitcoin. A number of them are mentioned below
Decentralized and digital
Bitcoin offers the freedom of exchanging the price without representatives that proves helpful in controlling the lower fees and high funds. Bitcoin is that the faster method of transaction than others. It is secure as it is free from theft and frauds and is constant. The main advantage is that bitcoin has its homeowners whereas the bank controls the money.
Makes online looking
Normally, bitcoin will be used for on-line shopping too. Bitcoin is the opposite face of e-wallet, that is created by blockchain technology that is used to store money and will easily pay everywhere digitally. For this reason, it also makes your searching easy by which you'll be able to look from your home solely

Bitcoin is accepted globally at each corner of the planet, which makes it less volatile than local currencies or cash. This feature makes it superior because it enables us to form transactions on-line and across the boundaries
Bitcoin unable the means of tracking cash

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Bitcoin is created by blockchain technology. Blockchain is the sole technology which will either make it or break it. There are many computers which are used to keep up a permanent record of each bitcoin transactions with the help of cryptographic technique. In this approach, it becomes a lot of valuable together with the tracking of the payment. At the same time, there's no method of tracking the cash

While not any transformation method, it will be used over the entire world. It provides the simplest platform for the investment as it is free from the restrictions of governments or banks. It provides an open market and combines the simplest of gold and money.

Bitcoin provides the power to access the balance of the users with a password which is named a personal key. It additionally permits the exchange of values through the web without any middle person. Thus, bitcoin becomes safer, stuffed with privacy, and open to everyone
Unlike cash, it is not possible to form the duplicate quite bitcoin that makes it more efficient. It's protected with the technology of blockchain. Even if anyone tries to form a replica of bitcoin to use it, then the system will automatically reject it as the system recognize it as unknown

Bitcoin Freedom failed to allow two persons to transact on the one price. Once the bitcoin is transferred, its possession is also transferred. So this is the simple approach of maintaining records for any tax functions. It conjointly makes it a easy and healthier metho

Bitcoin is the foremost reliable manner of online transactions. Many questions arise in folks’s minds that are solved on websites like bitcoin revolution. One in all them was the above-mentioned question. Bitcoin provides many facilities, and it comes with more and a lot of blessings which makes it distinctive and special over different cryptocurrencies. It can be preferred as the simplest digital platform for transac


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Disclaimer: AMBCrypto US and UK Market's content is informational in nature and is not meant to be investment advice. Buying, trading or selling crypto-currencies ought to be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions.
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XRP Isn’t A Security, Declares Former CFTC Chairman

XRP Isn’t A Security, Declares Former CFTC Chairman
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When Chris Giancarlo was the chairman of the Commodity Futures Trading Commission he became a rock-star of sorts in certain corners of the cryptocurrency community, helping establish criteria that eventually led to bitcoin and ethereum being declared commodities, more like coffee or sugar than stock in a company. The U.S. Securities and Exchange Commission largely followed suit, eventually also declaring that bitcoin and ether, the cryptocurrency powering the ethereum blockchain weren’t securities.
Now chairman emeritus Giancarlo, who was deemed “Crypto Dad” following an impassioned speech he gave to Congress where he credited bitcoin for finally getting his kids interested in finance, is at it again, having co-written a detailed argument published this morning in the International Financial Law Review for why XRP, the cryptocurrency formally known as “ripples,” was also not a security. The only problem is he’s no longer a regulator. In fact, his employer is on the payroll of Ripple, the largest single owner of XRP, whose co-founders actually created the cryptocurrency.
The bombshell paper, titled, “Cryptocurrencies and U.S. Securities Laws: Beyond Bitcoin and Ether,” co-authored by commodities lawyer Conrad Bahlke of New York law firm Willkie Farr & Gallagher LLP, methodically reviews the criteria of the Howey Test, established by the SEC in 1946 to determine whether something is a security, and point-by-point argues that XRP does not qualify. Rather, the paper argues, like its name would indicate, cryptocurrency is a currency of perhaps more interest to the Federal Reserve and central banks than securities regulators.
What’s at stake here to the cryptocurrency world cannot be overestimated. XRP is now the fourth largest cryptocurrency by market cap, with $5.9 billion worth of the asset in circulation according to cryptocurrency data site Messari. While Ripple was valued at $10 billion according to its most recent round of funding, the company continues to fund itself in part by selling its deep war chest of 55.6 billion XRP, coincidentally valued at the same amount as the company itself.
Not only could an eventual decision by the SEC to classify—or not classify—XRP as a security impact the untold individual owners of the cryptocurrency, but other clients using Ripple services that don’t rely on the cryptocurrency, including American Express, Santander, and SBI Holdings could stand to be impacted positively or negatively depending on the decision. After all if XRP were to be rescinded it would be a huge cost to their software provider. If Giancarlo is right though, Ripple could end up being one of the most valuable startups in fintech.
“Ultimately, under a fair application of the Howey test and the SEC’s presently expanding analysis, XRP should not be regulated as a security, but instead considered a currency or a medium of exchange,” Giancarlo and Bahlke argue in the paper. “The increased adoption of XRP as a medium of exchange and a form of payment in recent years, both by consumers and in the business-to-business setting, further underscores the utility of XRP as a bona fide fiat substitute.”
Giancarlo was nominated to be a commissioner of the CFTC by then-President Barack Obama in 2013. In 2015, he helped lead the thinking behind the CFTC’s decision that bitcoin and other cryptocurrencies were commodities, paving the way for the SEC’s related comments that neither bitcoin nor ethereum are securities. Then, at the height of the 2017 cryptocurrency bubble President Trump nominated him to be Chairman of the CFTC, where he oversaw the creation of a number of bitcoin futures projects, including at CME Group and the short-lived effort at Cboe.
While many blame the creation of bitcoin futures for popping the 2017 price bubble, which almost hit $20,000 before halving today, others have seen the works as a fundamental process of maturity, helping pave the way for more sophisticated crypto-enabled financial offerings. Giancarlo’s last day in office at the CFTC was in 2019, after which he promptly got involved helping envision the future of assets issued on a blockchain. In November he joined as an advisor to American Financial Exchange, using ethereum to create a Libor alternative. The following January he co-founded the Digital Dollar Project leading the push to use blockchain at the Federal Reserve and now it would seem he’s hoping to influence the classification of XRP as he did for bitcoin and ethereum, but from the other side of regulation.
Importantly however, a footnote in the report discloses that not only is Giancarlo and Bahlke’s firm, Willkie Farr & Gallagher LLP counsel to Ripple Labs, but they “relied on certain factual information provided by Ripple in the preparation of this article.” While it’s impossible to parse what information came from the co-authors and what came from Ripple, the resulting legal argument is fascinating, even if it does leave room for doubt.
The Howey test Giancarlo uses to bolster his arguments is a three-pronged definition used by the SEC, none of which he says apply to XRP. The first prong, is that an investment contract should be implied or explicitly stated between the issuer of the asset, in this case XRP and the owner, in which money exchanges hands. “The mere fact that an individual holds XRP does not create any relationship, rights or privileges with respect to Ripple any more than owning Ether would create a contract with the Ethereum Foundation, the organization that oversees the Ethereum architecture,” he writes.
This does however overlook the fact that OpenCoin, credited on Ripple’s own site in 2013 for creating XRP (then tellingly described as “ripples”), was run by many of the same people that founded Ripple. The original creators of XRP then donated the vast majority of the assets to Ripple, which they also ran, creating a sense of distance, tacit though it may be. The actual data around the creation of XRP was also muddled by a glitch in the code that means unlike bitcoin and ethereum the crucial genesis data is no longer attached to the rest of the ledger. The rebranding of “ripples” as XRP further extended the sense of distance between XRP and Ripple, followed by an aggressive campaign to get media to stop describing the cryptocurrency as “Ripple’s XRP.”
With so much distance between the company that actually created XRP and the company that now owns more than half of it, one would be forgiven for wondering, if there was an implied contract between OpenCoin and XRP owners, does the donation from one group of people at one company to a very similar group of people at another company sever that responsibility? In spite of the sense of distance created by Ripple between itself and the cryptocurrency its co-founders created, a number of active lawsuits alleging securities violations have been filed. In all fairness though, Giancarlo appears to recognize this prong may not be Ripple’s strongest defense and concludes the section, hedging: “Even if XRP were to satisfy one or two of the “prongs” of the Howey test, it does not satisfy all three factors such that XRP is an investment contract subject to regulation as a security.”
The second prong of the Howey test stipulates that there can be no “common enterprise” between shareholders or a shareholder and the company. While refuting both relationships, Giancarlo curiously goes onto to write that “given the juxtaposition between XRP’s intended use as a liquidity tool, its more general use to transfer value and its potential as a speculative asset, XRP holders who utilize the coins for different purposes have divergent interests with respect to XRP.”
Ironically, there has always been a widely held belief that owning a cryptocurrency would unify interests around a single goal: to co-create the infrastructure that lets the cryptocurrency exist and ensure it was vibrant and diverse. Meanwhile, XRP, in spite of its aggressive supporters on social media, is one of the least diverse ecosystems, with the vast majority of serious development being done within Ripple. If XRP owners aren’t expecting an increase in value from the work being done by Ripple, they certainly aren’t nearly as involved in helping build that future as are owners of bitcoin and ethereum.
In a related issue, the third prong of the Howey test stipulates that “no reasonable expectation of profit should be derived from the efforts of Ripple,” according to the paper. Supporting this position, Giancarlo writes: “Though Ripple maintains a sizable stake of the XRP supply and certainly has a pecuniary interest in the value of its holdings, it is not enough to suggest that a mutual interest in the value of an asset gives rise to an expectation of profits as contemplated by Howey.” Again, this strains credulity.
According to its own site, Ripple currently has access to 6.4% of all the XRP ever created. But that doesn’t count the 49.2% of the total XRP Ripple owns, but is locked in a series of escrow accounts that become periodically available to Ripple and Ripple alone. Adding those two percentages together leaves a float of only about 44% of XRP that has been distributed for public ownership. For some comparison, Facebook went public the same year XRP was created and has a 99% float, according to FactSet data, meaning almost all of its stock is in the hands of traders.While Ripple does also have more traditional stock, this distribution shows that Ripple might not be as distributed as it claims.
While it’s perhaps no surprise that Giancarlo would come out on the side of his own client, there’s also plenty of other reasons to believe his argument may in fact hold water. In February 2018, the notoriously compliant exchange Coinbase added support for XRP, something it would unlikely do if it were concerned it might accidentally be selling an unlicensed security. Perhaps most tellingly though, Ripple has also been granted a difficult-to-obtain BitLicense from the New York Department of Financial Services, giving it the blessing of a respected regulator. However, while the license was granted after then-superintendent Benjamin Lawsky stepped down from the regulator, it's perhaps no coincidence that a year later he joined Ripple on its board of directors and is now active in the cryptocurrency space. Perhaps a similar fate is in store for Giancarlo.
Editor’s note: This article has been updated to clarify that Ripple Labs is a client of Giancarlo’s law firm.
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MiniSwap -- A New Hybrid Incentive Model in DeFi

Cryptocurrency exchanges process over $20 billion in trade volume per day. Most of the transactions are going through centralized exchanges, where the users need to fully trust them for managing their assests and transactions. However, the risk of trusting these centralized exchanges has also been seen. For example, QuadrigaCX, which was the largest cryptocurrency exchange in Canada, lost $19 million of their customers' assets [1].
Decentralized Exchanges (DEXes) have been introduced to address this problem -- they allow traders to purchase and sell cryptocurrencies in a peer-to-peer manner, so no involvement of any trusted party is required. Atomic Swap is one of the promising technology for implementing a DEX. While it enables pure peer to peer trading, it also introduces problems such as unfairness and long confirmation latency. While existing work [2] has provided a solution towards a fair atomic swap protocol, the issue of long confirmation latency is inherent.
Another promising direction is leveraging liquidity pools. With liquidity pools, pairs of assets are reserved for trading. For any pair of assets supported by the liquidity pool, traders can exchange their assets without any third party. As traders can only perform the transactions if there are reserved assets, one core problem is how to attract liquidity providers to provide liquidity by reserving assets. It is not difficult to see that incentive [3,4], which has been a key component of all permissionless blockchains, can be equipped to incentivize liqudity providers. However, flawed incentive designs will lead to attacks and other concerns [5-13].
There are two main types of incentive designs, namely "trans-fee mining" and "liquidity mining". They are different from the Proof-of-X mining in blockchains for reaching consensus (a detailed analysis can be found in the survey [14]). Rather, they are used to incentivise users to join the ecosystem.
"Trans-fee mining" was proposed by FCoin in 2018 [15]. With FCoin, each time a transaction is created, 100% of its transaction fee will be returned in FCoin token to the payer as a reward. This is one incentive design to encourage traders to join the system. However, as FCoin may have no value to the trader, FCoin also introduces extra reward to all coin holders -- 80% of the transaction fee in its native currency (such as ETH) will be distributed to all coin holders. So, traders are incentivized to join the system, becoming a holder of FCoin token, and obtaining a share of the transaction fee of every transaction in the FCoin ecosystem.
While this had successful attracted traders, it is not sustainable. Rather than charging a trader to perform transactions, FCoin rewards traders. Profit-driven traders will create transactions at full speed to earn FCoin token and the share as a token holder. Indeed, the trading volume of FCoin was the top one among all exchange services, and the daily reward can be as high as 6000 BTC [16]. However, once all coins are minted, then the system would lose liveness as there is not enough supply to be distributed.
"Liquidity mining" aims at giving reward to the liquidity providers rather than the traders. There are different ways to implement liquidity mining. Compound [17] is a famous example of protocols deploying liquidity mining. With Compound, users become a liquidity provider by supply assets to a pool and obtain interests for its contribution (similar to depositing money into a bank). Liquidity providers first reserve some assets in the pool and obtain "cToken" of Compound which entitles the owner to an increasing quantity of the underlying asset. Users can use their "cToken" to borrow different assets available on the Compound and pay some interests to Compund. The borrowers may have some quick gains through the financial games [18]. Both borrowers and liquidity providers can withdraw their asset by trading them back with "cToken". Oners of "cToken" can also manage the business direction and decisions of Compound through weighted voting. The potential concern here is that rich users might be able to take over the control of the system.
Uniswap [19] is another popular DEX deploying liquidity mining. Uniswap incentivizes liquidity providers by giving them a share of the earned transaction fees. In particular, Uniswap changes each transaction a 0.3% fee, where 0.25% will be distributed to the liquidity providers, and 0.05% will go to the Uniswap account. One issue is how to incentivize traders. With Uniswap, traders are incentivized by the potential profit it can gain through the price difference between Uniswap and other exchanges. Uniswap price oracle is based on a constant function market makers [20,21], where the product of the number of reserved tokens is a constant. For example, if Uniswap has a pair of X token A and Y token B, then when a user using X' token A to buy Y' token B, the product of the reserved number of tokens should remain the same, i.e., XY = (X+X')(Y-Y'). The price of Uniswap (V1) is also defined in this way. This allows traders to speculate in the exchange market as the asset price on Uniswap is changed dynamically and is different from other exchanges. This, on the other hand, may have a security risk as the price can be easily manipulated. Uniswap (V2) fixed this problem by taking an accumulated price over a period of time [22]. However, as speculation/manipulation becomes harder, the trading volume may decrease.
MiniSwap [23] introduces a hybrid model (a mixture of "trans-fee mining" and "liquidity mining") to address the above issues. MiniSwap provides three types of rewards. For each trade with transaction fee f ETH in MiniSwap, a number of MiniSwap tokens (called MINI) worth 2f ETH will be minted. A (parameterized) portion of the tokens are given to the trader, and the rest are distribued to the liqudity providers. The transaction fee (f ETH) is used to exchange MINI in the liquidity pool. 50% of the obtained MINI will be distributed to all MINI holders, and the other 50% will be destroyed. In this way, both traders and liquidity providers are incentivized to join the ecosystem.
Recall that with FCoin, there is a problem when all coins are minted. MiniSwap has an upper bound (of 500,000 tokens) on the number of tokens can be created every day, and this limit reduces every month until a point where the limit (18,000 tokens) remains unchanged. This guarantees the sustainability of the system as the mining process can last for 100 years. The parameterized ratio of tokens as the reward to the trader and liquidity provider can also strengthen sustainability. It enables the system to dynamically balance the incentive of different parties in the system to make it more sustainable.
Overall, the MiniSwap hybrid model has taken the benefit of both "trans-fee mining" model and "liquidity mining" model, while eliminated the potential concerns. Formally defining and analyzing these models, e.g. through the game-theoretic approach [24], would be an interesting direction.
Reference
[1] The Guardian, Cryptocurrency investors locked out of $190m after exchange founder dies, 2019.
[2] Runchao Han, Haoyu Lin, Jiangshan Yu. On the optionality and fairness of Atomic Swaps, ACM Conference on Advances in Financial Technologies, 2019.
[3] Satoshi Nakamoto. 2008. Bitcoin: a peer-to-peer electronic cash system
[4] Jiangshan Yu, David Kozhaya, Jeremie Decouchant, and Paulo Verissimo. Repucoin: your reputation is your power. IEEE Transactions on Computers, 2019.
[5] Joseph Bonneau. Why Buy When You Can Rent? - Bribery Attacks on Bitcoin-Style Consensus. Financial Cryptography and Data Security - International Workshops on BITCOIN, VOTING, and WAHC, 2016.
[6] Yujin Kwon, Hyoungshick Kim, Jinwoo Shin, and Yongdae Kim. Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash, IEEE Symposium on Security and Privacy (SP), 2019.
[7] Kevin Liao and Jonathan Katz. Incentivizing blockchain forks via whale transactions. International Conference on Financial Cryptography and Data Security, 2017.
[8] Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. Optimal Selfish Mining Strategies in Bitcoin. Financial Cryptography and Data Security, 2016.
[9] Ittay Eyal and Emin Gün Sirer. Majority Is Not Enough: Bitcoin Mining Is Vulnerable. Financial Cryptography and Data Security, 2014.
[10] Ittay Eyal. The Miner’s Dilemma. IEEE Symposium on Security and Privacy, 2015.
[11] Miles Carlsten, Harry A. Kalodner, S. Matthew Weinberg, and Arvind Narayanan. On the Instability of Bitcoin Without the Block Reward. ACM SIGSAC Conference on Computer and Communications Security, 2016.
[12] Kartik Nayak, Srijan Kumar, Andrew Miller, and Elaine Shi. Stubborn mining: generalizing selfish mining and combining with an eclipse attack. IEEE European Symposium on Security and Privacy, 2016.
[13] Runchao Han, Zhimei Sui, Jiangshan Yu, Joseph K. Liu, Shiping Chen. Sucker punch makes you richer: Rethinking Proof-of-Work security model, IACR Cryptol. ePrint Arch, 2019.
[14] Christopher Natoli, Jiangshan Yu, Vincent Gramoli, Paulo Jorge Esteves Veríssimo.
Deconstructing Blockchains: A Comprehensive Survey on Consensus, Membership and Structure. CoRR abs/1908.08316, 2019.
[15] FCoin, https://www.fcoin.pro
[16] The Block Crypto. Cryptocurrency exchange Fcoin expects to default on as much as $125M of users' bitcoin, 2020.
[17] Compound, https://compound.finance.
[18] Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, Ari Juels. Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges. IEEE Symposium on Security and Privacy, 2020.
[19] Uniswap. https://uniswap.org
[20] Bowen Liu, Pawel Szalachowski. A First Look into DeFi Oracles. CoRR abs/2005.04377, 2020.
[21] Guillermo Angeris, Tarun Chitra. Improved Price Oracles: Constant Function Market Makers, CoRR abs/ 2003.10001, 2020.
[22] Uniswap V2.0 whitepaper. https://uniswap.org/whitepaper.pdf
[23] MiniSwap. https://www.miniswap.org
[24] Ziyao Liu, Nguyen Cong Luong, Wenbo Wang, Dusit Niyato, Ping Wang, Ying-Chang Liang, Dong In Kim. A Survey on Blockchain: A Game Theoretical Perspective. IEEE Access, 2019.
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Bitcoin ROI Increases With 3,500% Compared To Traditional Assets Amid Bullish Lookout

Bitcoin ROI Increases With 3,500% Compared To Traditional Assets Amid Bullish Lookout

The Return-On-Investment For Bitcoin Surpasses The Performance Of Traditional Assets 70 Times In Times When BTC Is Anticipated To Pass The $10,000 Line
Blockchain analyst Justinas Baltrusaitis stated that Bitcoin’s investment returns from June 26, 2015, to June 26, 2020, have increased with over 3,500%, which outperforms the traditional market performance over seventy times.
Baltrusaitis published his report on Buy Shares, citing that the biggest cryptocurrency to date managed to gain over 70 times the performance of major indices like Dow Jones, S&P 500, Nikkei, Nasdaq, and Financial Times Stock Exchange 100 (FTSE 100).
“During the five-year span of the report, Bitcoin recorded a 3,456.98% return on investment. In June 2015, the price per Bitcoin sat at $257.06, while five years later it rose to $,143.58. On the other hand, major indices marked an average ROI value of 49.27%”, Baltrusaitis noted.
Source: Buyshares
For instance, FTSE 100 stayed in red, with a 6.96% ROI decline, while Nikkei rose with 11.94%, Dow Jones marked a 42.16% ROI increase, S&P 500 is slightly in front of Dow Jones with 46.23%. Nasdaq marked the highest five-year ROI, with 96.77%.
Baltrusaitis clarified that ROI is calculated with a base price when crypto holders bought Bitcoin, compared to current prices. Any Bitcoin purchases before December 2017 should see massive ROI gains.” Baltrusaitis added.
According to the crypto analyst, regulations and the recent coronavirus pandemic may have impacted the ROI scores. Also, Baltrusaitis emphasized on how users now perceive Bitcoin “as a store of value, rather than a speculative asset, especially amid the most recent stock market crash.
“Over the past five years, Bitcoin faced increasing popularity, mostly due to its maiden cryptocurrency status in the eyes of crypto newcomers. These factors largely contributed to Bitcoin’s high return on investment. However, the ROI comes despite the widespread opinion Bitcoin and crypto holding involve a high degree of risk.” Baltrusaitis concluded.
On the other hand, as CryptoBrowser reported, there is a substantial correlation between the prices of Bitcoin and traditional stock markets in the face of the S&P 500. Any price volatility in the traditional sector may cause Bitcoin’s price to peak or dip, just like in the March market wipeout.
Source: CryptoBrowser
Meanwhile, Bitcoin bulls still stay shy of pushing, as the price per BTC stays around $9,200, which is below its 20-day Moving Average. If bulls are to to flip the $9,200–$9,500 resistance zone this could clear the path for Bitcoin to reach $10,000. The current situation, however, implies that if Bitcoin can’t support a close of over $10,400, its price may tumble to the $8,800 support zone.
submitted by Crypto_Browser to CryptoBrowser_EN [link] [comments]

Ways to Buy Bitcoin with ACH

Ways to Buy Bitcoin with ACH
https://preview.redd.it/ol270s1e8d551.png?width=680&format=png&auto=webp&s=9caae2bbe61ee243112dff43ea7d6b6e0a336c5d
ACH is one of the fastest and cheapest ways to transfer money inside the US. In this post, I’ll cover the different Bitcoin exchanges that accept ACH transfers in order to buy Bitcoin from 3 Ways to Buy Bitcoin with ACH Instantly. Here you can see further details https://www.smartbitcoininvestments.com/buy-bitcoin-with-ach-transfe.
Buy Bitcoin with ACH Summary
ACH allows for faster and cheaper transfers than a traditional wire transfer. There are 3 popular options for buying Bitcoins with ACH – eToro, Coinbase and Gemini. The fastest and cheapest option would be eToro, however, you will not be able to withdraw your coins (only sell them back to USD).
If you want to buy actual Bitcoins with ACH use Coinbase:
· Go to Coinbase and sign up
· Verify your account
· Click on “Buy/Sell”
· Choose the amount to buy
· Choose ACH transfer
That’s how to buy Bitcoin with ACH in a nutshell. If you want a detailed review about the benefits of ACH and exchanges that accept it keep on reading, here’s what I’ll cover:
Why use ACH?
ACH (Automated Clearing House) is an electronic funds-transfer system that is used for payments inside the U.S. The ACH is run by the National Automated Clearing House Association (NACHA). Recent rule changes are enabling most credit and debit transactions made through the ACH to clear on the same business day.
When you use a wire transfer it can take several days for it to show up on an exchange. Alternatively, if you use an instant payment method like a credit card you usually end up paying a hefty amount in fees. ACH allows you the speedy transactions at the cost of a wire transfer.
2.Options for Buying Bitcoin with ACH
eToro
eToro is a trading platform that allows users to easily start buying and selling Bitcoins. They recently opened up their services to over 30 states around the US and are accepting ACH transfers.
The main difference between eToro and other exchanges is that deposits and withdrawals can be done with USD only. In other words, you can’t withdraw the Bitcoins you buy, only speculate on their price and sell them for USD.
There are no deposit fees for ACH transfers with eToro. You can read my eToro review for a complete overview of what eToro offers (including which countries it supports).
Coinbase and Coinbase Pro
Coinbase, established in 2012, is one of the oldest exchanges around. Coinbase is a brokerage service that is more suitable for beginners but it also has a trading platform called Coinbase Pro for more experienced traders.
With Coinbase, ACH transfers are completely free of deposit fees (unlike wire transfers). The transfer typically takes 3-5 business days (which may be as many as 7-10 calendar days, depending on the timing of weekends and other bank holidays) to complete after initiating a purchase. You may see the funds immediately debited from your bank account when you initiate the transfer, but the funds will not be transferred to your wallet until your payment has finished moving between the banks and clears in Coinbase’s bank account.
Gemini
Gemini, established in 2015 by Tyler and Cameron Winklevoss is one of the leading exchanges for buying Bitcoins in the US.
ACH transfers are completely free of deposit fees on Gemini. Although your bank balance may show your funds have left sooner, it typically takes at least 4-5 business days for a bank to communicate this to Gemini.
3. Conclusion
While at the moment the range of options for buying Bitcoin with ACH is a bit limited I’m sure that as more exchanges expand into the US they will also support ACH transfers.
For now, the exchanges listed above should give you a good enough solution as all of them are reputable and well-established exchanges.
submitted by nayarmalik999 to u/nayarmalik999 [link] [comments]

06-21 15:15 - 'Hello, I have such a story, I appeal to all not indifferent. / I really wanted to buy bitcoin in 2015 and hold for a long time. But did not know how to do it / , since I learned about Bitcoin on television. And I really wan...' by /u/Ok_Love4952 removed from /r/Bitcoin within 66-76min

'''
Hello, I have such a story, I appeal to all not indifferent.
I really wanted to buy bitcoin in 2015 and hold for a long time. But did not know how to do it
, since I learned about Bitcoin on television. And I really wanted to buy for $ 270
, but didn’t know how to do it, since there weren’t those who could help to do it.
Then I started buying bitcoins in 2017 in the fall. I wanted to get rich and hold for a long time
This asset, because I think this asset is a very unique and well-known means of exchange
, since no state bank makes international transfers such as bitcoin
, I highly respect this creation and consider it very important and valuable. This asset is the best that came up
for money transfers. I wanted to buy a car, rent out several apartments, as well
create a business. (Buy and open a fishing store, as well as a fishing workshop
bait, as well as rent a lake to grow fish there: carp, grass carp, tench, silver carp and crucian carp)
Then, I started trading with this tool, I did pretty well, but then
started to lose money with margin, and strong pressure from manipulators and speculators began to
deceive the course of movement of the price of bitcoin. In the end, I started taking loans that
to be able to earn and repay debts. I really wanted to be a long-term investor of this asset
but so much manipulation here is dangerous. At the moment I need 2 BTC to calculate
with debts and a small part to leave for long-term storage. I very much
I’m in debt, and I never wanted to be indebted, and I can’t take a big loan at the moment.
If someone can help me, I will give the money back in 6 months. I ask for a loan. If someone can
help me, help me please. I live in Russia, and there is no such opportunity here now
make money. Moreover, quarantine, we are not given cash assistance here. I beg you to help me!
Regards, Denis!
My BTC address: 12SkFiZwMKYgLX4RKvMYGDd8na5ibhNjwu
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Ok_Love4952
submitted by removalbot to removalbot [link] [comments]

06-21 15:04 - 'Hello, I have a story, appeal to all not indifferent. / I really wanted to buy bitcoin in 2015 and keep. But I didn't know how to do it / as I learned about bitcoin on TV. And very much wanted to buy$ 270, but did not know...' by /u/Ok_Love4952 removed from /r/Bitcoin within 79-89min

'''
Hello, I have a story, appeal to all not indifferent.
I really wanted to buy bitcoin in 2015 and keep. But I didn't know how to do it
as I learned about bitcoin on TV. And very much wanted to buy$ 270, but did not know how to do it, as it was not next to those who could help to do it.
Then I started buying bitcoins in 2017 in the fall. I wanted to get rich and keep
this asset, because they believe this asset is a very unique and successful medium of exchange as a state Bank does international transfers such as bitcoin
Wanted to buy a car, some apartments to rent out, as well
to create a business. (To purchase and open a fishing store and also shop on production of fishing this thing I really respect and think is very important and valuable. This asset is the best thing invented
for transfers of funds. bait and also rent a lake that would be there to breed fish: carp, carp, tench, silver carp and crucian carp)
Then, I started to sell this tool, I have a pretty not bad at it, but then
with the margin began to lose money and strong pressure from the manipulators and speculators began
to deceive the course of the price movement of bitcoin. In the end, I started to take out loans that
would be able to earn and repay debts. I really wanted to be a long term investor in this asset, but are heavily manipulated, it's dangerous. At the moment I have 2 BTC, to pay off debt and a small portion of leave for long-term storage. I very much
owed, and never wanted to be right, and can't take a big loan at the moment.
If someone can help me, I'll give you the money in 6 months. I'm asking for a loan. If someone can
to help me, help me please. I live in Russia, and that money here is not possible now
earn. Moreover, the quarantine, we don't give monetary assistance. I very please help me!
Sincerely, Dennis!
My address BTC: 12SkFiZwMKYgLX4RKvMYGDd8na5ibhNjwu
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Ok_Love4952
submitted by removalbot to removalbot [link] [comments]

06-21 15:15 - 'Hello, I have such a story, I appeal to all not indifferent. / I really wanted to buy bitcoin in 2015 and hold for a long time. But did not know how to do it / , since I learned about Bitcoin on television. And I really wan...' by /u/Ok_Love4952 removed from /r/Bitcoin within 56-66min

'''
Hello, I have such a story, I appeal to all not indifferent.
I really wanted to buy bitcoin in 2015 and hold for a long time. But did not know how to do it
, since I learned about Bitcoin on television. And I really wanted to buy for $ 270
, but didn’t know how to do it, since there weren’t those who could help to do it.
Then I started buying bitcoins in 2017 in the fall. I wanted to get rich and hold for a long time
This asset, because I think this asset is a very unique and well-known means of exchange
, since no state bank makes international transfers such as bitcoin
, I highly respect this creation and consider it very important and valuable. This asset is the best that came up
for money transfers. I wanted to buy a car, rent out several apartments, as well
create a business. (Buy and open a fishing store, as well as a fishing workshop
bait, as well as rent a lake to grow fish there: carp, grass carp, tench, silver carp and crucian carp)
Then, I started trading with this tool, I did pretty well, but then
started to lose money with margin, and strong pressure from manipulators and speculators began to
deceive the course of movement of the price of bitcoin. In the end, I started taking loans that
to be able to earn and repay debts. I really wanted to be a long-term investor of this asset
but so much manipulation here is dangerous. At the moment I need 2 BTC to calculate
with debts and a small part to leave for long-term storage. I very much
I’m in debt, and I never wanted to be indebted, and I can’t take a big loan at the moment.
If someone can help me, I will give the money back in 6 months. I ask for a loan. If someone can
help me, help me please. I live in Russia, and there is no such opportunity here now
make money. Moreover, quarantine, we are not given cash assistance here. I beg you to help me!
Regards, Denis!
My BTC address: 12SkFiZwMKYgLX4RKvMYGDd8na5ibhNjwu
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Ok_Love4952
submitted by removalbot to removalbot [link] [comments]

This seat is occupied.

I’ve been in the ETH community since the very beginning. Hell, since before there even was a community. Pre pre-sale. I was around for the rise and fall of Mt.Gox, Bitcoinica, Havelock Investments, BTCT, Trenton Shavers, and the origination of ‘HODL’. I quit a lucrative job in late 2013 to work at a bitcoin startup, and in 2015 I made a personal transition from BTC to ETH and have been here since. I’m as much of a True Believer as you’re likely to find.
I’m writing this to share my view on where I see this space going and why, like the title alludes, I refuse to give up my seat on this rocket.
After my "lightbulb moment" with the blockchain, I had a simple thesis: given what I saw as the foundations of the technology, it seemed likely that this experiment was going to have a binary outcome: either it was foundational, earth-shaking tech worth untold sums, or it was mostly nonsense. And I resolved to seeing one of those two ends. I think the curious child in me wanted to see what happened when the ignition button was pushed. Whether that resulted in a detonation on the launchpad or a liftoff into orbit. Whatever was going to happen, I’d be there.
So that’s what I’ve done. And will continue to do. That’s not to say I haven’t taken profits, I have - but mostly to salvage some semblance of responsibility as I saw the portion of my net worth held in magic internet money grow. Not because I lost confidence in the technology or its potential. Broadly speaking though, I don't believe we're close to seeing the complete fallout from pushing that button. The reaction is still in-progress and will take years to complete.
As I’ve watched this industry grow, and contract, it remains clear that the genie isn’t going back in the bottle. Crypto truly is a brain virus. Once educated, people understand the value of a scarce, programmable, permissionless, non-sovereign asset and I submit society won’t stop seeing value in this. Now, I believe there's ample evidence to suggest that speculative markets move in cycles. And having been through the peaks and valleys of previous crypto cycles, I am confident we’re in a valley. I’m also confident there will be a future peak. The market is utterly manic, for better or worse.
So I see that a 2017 Ethereum — when app/protocol composability was pure theory, there were no DeFi products whatsoever, enterprise interest was cursory, and the largest, most public demonstration of the tech was collectible digital cats — had people tripping over themselves trying to buy at prices almost 10x higher than they are today. I can’t help but think: if the 2017 fundamentals provided enough of a platform to support the speculative rise we saw to peak prices, what will it look like when the price gets out ahead of current fundamentals? Where we’re in the midst of a Cambrian Explosion of composable apps/protocols, a serious (and growing) portion of total supply locked in DeFi, PoS right around the corner poised to gobble up even more supply, more money legos, more devs, more mindshare. We are in an entirely different realm where fundamentals are concerned.
Crypto peaked in 2017 at shy of $1T. If you don’t think the story so far points to crypto being a multi-trillion dollar asset class in the future, I’m not sure what story you’ve been reading. In comparison, the Dotcom bubble brought peak valuations to $6-7T (inflation adjusted.) This all in a silo’d market where the primary participants were those with access to US equities and early stage investment opportunities. Crypto is global. It’s unrestricted and has no minimums. And it has multiple narratives, which are ultimately additive, that all command their own monetary premium. The SoV aspect is independent from the need to pay for contract execution, yet both work in concert driving demand.
Unless the genie does retreat back into the bottle, I believe we will see prices move out in front of fundamentals yet again. Just like in 2011, 2013, and 2017. Thoughtful people are understandably reluctant to throw-in with what seem like pipe dream valuations. They sound too good to be true. Naive, even. I’ll be the first to admit, talking about returns using an ‘x’ instead of a ‘%’ should always be met with skepticism. But there are two factors at play which I feel are under-appreciated that can (and will) legitimately drive returns of those magnitudes:
Liquidity and reflexivity.
In comparison to other financial markets, crypto markets are extremely illiquid. Not necessarily for retail investors who can move a few hundred thousand around with minimal price slippage, but for the sovereign wealth funds, endowments, pension funds — aka Institutional Money™, it’s a different story. A lot of people talk about how crypto will only rise once institutional money arrives. The reality is that crypto needs to grow in order for institutional money to arrive. This transition from illiquid to liquid is a one-way street and will continue to be responsible for profound price moves as illiquidity is the primary reason crypto prices move as intensely as they do. Sellers are always trying to get the most value for their assets, so if you want Asset X right this minute, you’re going to pay out the nose for it if there isn't sufficient supply when you want it. And having that short time preference leads me to...
Reflexivity, which is especially pronounced in this industry because the two driving components, sentiment and trading based on that sentiment, now both move instantaneously. It’s like this cartoon, but everything moves at the speed of light. Once sentiment changes (which will inevitably happen if you believe in market cycles), the air will get sucked out of the room at a blistering pace. This is where FOMO really ramps up and it grips everyone from fund managers to middle-schoolers. Global fund managers to global middle-schoolers. The result is light-speed FOMO mixed with light-speed trading of an illiquid underlying asset, aka the perfect recipe for face-melting price moves.
Long story short, I think crypto is a gift to this generation. Do with this gift what you will. But when the music stops and the sentiment shifts, I hope you've found your seat. They'll go in a hurry.
submitted by Naviers_Stoked to ethfinance [link] [comments]

So, whats your price prediction for the end of 2015?

I'm hoping we have a better year price wise. If we have another year as good as 2014 (not in terms of price but infrastructure), I'm predicting the price will reach around $2'000 by the end of the year.
submitted by Panni30 to Bitcoin [link] [comments]

The exponential growth in the crypto market and our vision

The exponential growth in the crypto market and our vision
Starting 2009 and absolutely zero, bitcoin went through and survived a baptism of fire. It was attacked and declared dead hundreds of times, yet each time rose from the ashes and reached new highs, peaking at tens of thousands US dollars in 2017. The unprecedented growth and born greed rooted deeply in humanity induced fickle speculation, short-termism, and pump-and-dumps, which effectively imposes a leverage on the entire market and magnifies all price movements. This is largely the reason all cryptos suffer from supreme volatility.
Nevertheless, we as a professional quantitative team in the stock and crypto markets saw abundant investment opportunities amid noisy data with conventional research tools, including but not limited to factor analysis and fundamental valuation. Quantitative research methodologies continue to offer stable returns and strong predictability in our out-of-sample tests and live trading, which is consistent with our backtest result that dates back to 2015.

https://preview.redd.it/49z9z28vhua41.png?width=1200&format=png&auto=webp&s=5dfa30fee0293ab27167d50fb3262e31c268baa7
submitted by CryptoSmartBeta to CryptoCommonwealth [link] [comments]

Don't invest recklessly

I posted about this just a few months ago, but I feel that it's necessary to repeat. The Bitcoin price is on an unbelievably ridiculous upswing which is rather likely to be a bubble. If you're trying to get rich quick by dumping your retirement funds into BTC at $10k, then your "investment strategy" is not much better than someone betting everything on a game of roulette. High-risk-high-reward investing is not necessarily bad, but you have to seriously look at your thought process to make sure that you're not:
It is entirely possible that the massive price increase of the last year is based on lasting fundamentals. In addition to things like the fairly recent subsidy halving, the defeat of B2X, etc., the world fiat-based economy is in many ways on very shaky ground, and getting worse all the time. There are many good reasons why BTC should have a larger market cap than every fiat currency combined. It's even possible that the price will increase quite a bit more from now. But for goodness sake, don't think that Bitcoin is the first-ever infinite-money generator that will continue to rise exponentially forever (in real terms). I can nearly guarantee that there will be a large and long-lasting crash/downturn at some point. Maybe it will be $10k to $5k, maybe it will be $50k to $30k, who knows. But if you're thinking for example that the current $5k+ price range is absolutely secure after only existing for a few months, then you're traveling blind through very dangerous territory.
Some points to consider:
I'm not telling you to buy or sell, and I'm not giving financial advice here. I'm just urging everyone to think rationally, not emotionally or recklessly.
submitted by theymos to Bitcoin [link] [comments]

Introduction to Cryptocurrencies: USDT, the most popular stable coin

Introduction to Cryptocurrencies: USDT, the most popular stable coin
Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!
Many novices of cryptocurrencies may feel confused with the obscure difference between USDT and USD at first . Different as they are, there remain some relations. To some extent, the name USDT is like a biased belief implanted in the minds of novices.

https://preview.redd.it/nqp97earybt41.png?width=1200&format=png&auto=webp&s=84e70cc382389d21e4647b98605f3eabee06936d
USDT (Tether USD), known as Tether, is a token based on the stable value currency US dollar (USD), launched by Tether. In other words, it serves as a currency to replace the US dollar in digital currency trading platforms. (With 1USDT = 1USD, users can exchange USDT for USD at a rate of 1: 1 at any time)
USDT is not a new token It was launched for trading in 2015, and the world-renowned digital asset trading service platform CoinEx supports USDT trading pairs. There are extensive concerns about how to exchange tokens into fiat currencies after the introduction of cryptocurrency trading. USDT has provided part of the solution, and thus has been highly praised by many investors.
In the white paper “Tether: Fiat currencies on the Bitcoin blockchain”, Tether defines USDT as a digital currency pegged to fiat currencies. All Tethers are are initially issued as tokens on the BTC blockchain through the Omni Layer protocol, at a pegged exchange rate of 1:1 against the USD. After launching USDT, Tether strictly adheres to the 1:1 reserve guarantee, which means that for every issued USDT token , its bank account will have 1 USD funding guarantee.
Many people are fond of USDT precisely because of its specific characteristics. In recent years, it remains one of the most popular stablecoins, with a market share of nearly 3 billion US dollars, leaving behind such stablecoins as USDC, Gemini Dollars and JPM Coin
USDT's creator, Tether, is one of the top five digital currency companies by cash flow. They earn 3-5% profit from the $2 billion offered by the users around the world, almost without any operating costs. (This is really cool)
USDT is issued and traded through the Omni (formerly known as Mastercoin) protocol, which is a 2.0 currency based on the Bitcoin blockchain. Transaction confirmation and other parameters of USDT are consistent with those of BTC. Users can transfer USD to the bank account provided by Tether through SWIFT, or get USDT through the exchange. Of course, they can also buy USDT with BTC in the exchange. In short, it is quick and easy!
Unlike other digital currencies, USDT boasts some great features:
1.Intuitive
USDT is equal to the US dollar, with 1 USDT = 1 US dollar. Each currency = how much USDT, which is equal to how many US dollars its unit price is.
2.Stable
As Tether is backed by fiat currencies, users can still trade on the blockchain asset market without being affected by the price fluctuations of most blockchain assets.
3.Transparent
Tether's issuing company, Tether, claims that its fiat currency storage account has regular audits to ensure that each USDT in circulation is backed up by one US dollar. The storage account status is public and can be queried at any time. In addition, all Tether transaction records will be published on the public chain.
4. Low transaction fees
There is no fee for transactions between Tether accounts or between wallets where Tether is stored. Conversion from USDT to a fiat currency requires the transaction fee.
Tether has been frank about the risks of USDT in the white paperAlthough Tether is a decentralized digital currency, Tether company is not that decentralized .. As a centralized depositor of all the assets, the company also faces possibilities of bankruptcy, freezing funds and fund running; what’s more, the re-centralization may also paralyze the entire system. To put it simple: coin speculation could be risky and investors need to be cautious. Such honest companies are hard to find.
Yet in March 2019, Tether changed its terms of service: the USDT's endorsement altered to 75% USD anchorage and 25% iFinex stock-collateral loans. . In April of the same year, Tether issued an additional 640 million USDT, also pushing itself to the forefront.
So what’s on your mind after reading this article? Why not make your voices heard by trading on CoinEx, or join the official CoinEx’s telegram group at https://t.me/CoinExOfficialENG ?
About CoinEx
As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment and has obtained a legal license in Estonia. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool, which is also the largest of BCH mining, in the world.
CoinEx supports perpetual contract, spot, margin trading and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.
Website: https://www.coinex.com/
Twitter: https://twitter.com/coinexcom
Telegram: https://t.me/CoinExOfficialENG
submitted by CoinEx_Institution to Coinex [link] [comments]

EDUCATIONAL PIECE COMING FROM #CoinExInstitution :- Introduction to Cryptocurrencies: USDT, the most popular stable coin

EDUCATIONAL PIECE COMING FROM #CoinExInstitution :- Introduction to Cryptocurrencies: USDT, the most popular stable coin

https://preview.redd.it/f7gy1slqqct41.jpg?width=725&format=pjpg&auto=webp&s=a8ef4d04c45403ed7f2d7efeb118164d3c158239
Source: https://www.twitter.com/coinexcom/status/1251046090272657409
Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!
Many novices of cryptocurrencies may feel confused with the obscure difference between USDT and USD at first . Different as they are, there remain some relations. To some extent, the name USDT is like a biased belief implanted in the minds of novices.
USDT (Tether USD), known as Tether, is a token based on the stable value currency US dollar (USD), launched by Tether. In other words, it serves as a currency to replace the US dollar in digital currency trading platforms. (With 1USDT = 1USD, users can exchange USDT for USD at a rate of 1: 1 at any time)
USDT is not a new token It was launched for trading in 2015 and the world-renowned digital asset trading service platform CoinEx supports USDT trading pairs. There are extensive concerns about how to exchange tokens into fiat currencies after the introduction of cryptocurrency trading. USDT has provided part of the solution, and thus has been highly praised by many investors.
In the white paper “Tether: Fiat currencies on the Bitcoin blockchain”, Tether defines USDT as a digital currency pegged to fiat currencies. All Tethers are are initially issued as tokens on the BTC blockchain through the Omni Layer protocol, at a pegged exchange rate of 1:1 against the USD. After launching USDT, Tether strictly adheres to the 1:1 reserve guarantee, which means that for every issued USDT token , its bank account will have 1 USD funding guarantee.
Many people are fond of USDT precisely because of its specific characteristics. In recent years, it remains one of the most popular stablecoins, with a market share of nearly 3 billion US dollars, leaving behind such stablecoins as USDC, Gemini Dollars and JPM Coin
USDT’s creator, Tether, is one of the top five digital currency companies by cash flow. They earn 3–5% profit from the $2 billion offered by the users around the world, almost without any operating costs. (This is really cool)
USDT is issued and traded through the Omni (formerly known as Mastercoin) protocol, which is a 2.0 currency based on the Bitcoin blockchain. Transaction confirmation and other parameters of USDT are consistent with those of BTC. Users can transfer USD to the bank account provided by Tether through SWIFT, or get USDT through the exchange. Of course, they can also buy USDT with BTC in the exchange. In short, it is quick and easy!
Unlike other digital currencies, USDT boasts some great features:
1.Intuitive
USDT is equal to the US dollar, with 1 USDT = 1 US dollar. Each currency = how much USDT, which is equal to how many US dollars its unit price is.
2.Stable
As Tether is backed by fiat currencies, users can still trade on the blockchain asset market without being affected by the price fluctuations of most blockchain assets.
3.Transparent
Tether’s issuing company, Tether, claims that its fiat currency storage account has regular audits to ensure that each USDT in circulation is backed up by one US dollar. The storage account status is public and can be queried at any time. In addition, all Tether transaction records will be published on the public chain.
  1. Low transaction fees
There is no fee for transactions between Tether accounts or between wallets where Tether is stored. Conversion from USDT to a fiat currency requires the transaction fee.
Tether has been frank about the risks of USDT in the white paperAlthough Tether is a decentralized digital currency, Tether company is not that decentralized .. As a centralized depositor of all the assets, the company also faces possibilities of bankruptcy, freezing funds and fund running; what’s more, the re-centralization may also paralyze the entire system. To put it simple: coin speculation could be risky and investors need to be cautious. Such honest companies are hard to find.
Yet in March 2019, Tether changed its terms of service: the USDT’s endorsement altered to 75% USD anchorage and 25% iFinex stock-collateral loans. . In April of the same year, Tether issued an additional 640 million USDT, also pushing itself to the forefront.
So what’s on your mind after reading this article? Why not make your voices heard by trading on CoinEx, or join the official CoinEx’s telegram group at https://t.me/CoinExOfficialENG ?
About CoinEx
As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment and has obtained a legal license in Estonia. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool, which is also the largest of BCH mining, in the world.
CoinEx supports perpetual contract, spot, margin trading and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.
Website: https://www.coinex.com/
Twitter: https://twitter.com/coinexcom
Telegram: https://t.me/CoinExOfficialENG
submitted by dammy1988 to ICOAnalysis [link] [comments]

$90k Bitcoin  BTC Halving  I'm Looking At Altcoins Bitcoin Halving Price Speculation - $118k BTC IN 2021 ... Bitcoin Price Prediction 2015 Long Term 2015 Bitcoin Price Prediction Bitcoin price outlook (and my positions) as of July 3rd 2015

The price of bitcoin has risen to its highest level of 2015, surging $50 (£32, €45) over the past 24 hours amid speculation of a "second bitcoin bubble". The cryptocurrency's price peaked at ... Bitcoin Price Analysis/Speculation – 08/8/2015 Mark August 8, 2015 Bitcoin prices have fallen once again with the weekly figures standing at a 4% loss of value. Bitcoin Price Analysis/Speculation – 08/03/2015 Mark August 3, 2015 Speculation Bitcoin has seen past the rough times as currently prices are sitting in firmly in the $280 – $290 zone with no ... Bitcoin speculation reaches its lowest level since 2015. By. Igrid Homs - 18 September 2020. 12. 0. Facebook. Twitter. Pinterest. WhatsApp. Bitcoin's “HODL” (BTC) is the phenomenon of cryptocurrency accumulation. So, through long-term thinking, accumulators hold their cryptocurrencies instead of trading them quickly. Now, a report published by Grayscale in partnership with Coinmetrics has ... Was wird 2015 bringen? Manches ist sicher, anderes noch Spekulation. 12 Trends und Ereignisse, die Sie in Ihren Bitcoin-Kalender für 2015 eintragen können. Sowohl gutes, als auch schlechtes. Dabei stoßen wir auch auf einige überraschend wichtige Charts. 1

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$90k Bitcoin BTC Halving I'm Looking At Altcoins

Bitcoin halving is pretty much 1 year away and so in this video I talk about Bitcoin price speculation. I also discuss why I am looking into alt coins and different cryptos at this stage of the ... Bitcoin price outlook. #BTCUSD This pair (BTC/USD) shows such beautiful price patterns and it offers a very attractive risk reward ratio as described within a video. I share some of my learnt ... Long Term 2015 Bitcoin Price Prediction - take a look at the long term price chart compared to the number of transactions per day and the number of unique bitcoin addresses - We are going to see ... After a year where the Bitcoin price declined dramatically from its end of 2013 highs, I'm often asked what my Bitcoin price prediction is for 2015. I have to admit that back in November 2013 I ... We speculate on the price of Ethereum and its relationship to Bitcoin. We know that a healthy BTC tends to provide ETH the confidence it needs to continue on...

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