For discussion about Litecoin, the leading cryptocurrency derived from Bitcoin. Litecoin is developed with a focus on speed, efficiency, and wider initial coin distribution through the use of scrypt-based mining.
This is just a setup because the end of the USD is here, are we going to choose Bitcoin BTC (Freedom) or a new currency controled by the same cabal (Slavery)?
SS: all this mess is just a setup because the end of the USD is near, We have to choose between freeedom BTC or slavery with a new currency owned by the same cabal This is how each one works: Current Scam (USD): https://youtu.be/iFDe5kUUyT0 Freedom (Bitcoin): https://youtu.be/bBC-nXj3Ng4
First off, before I get into some specific recommendations, I'd like to state my OPINION that the situtation IS manageable. Right now BFX has lost 119k coins worth roughly ~60m. Due to how they handled open positions for non-affected accounts, many users were likely rekt in the volatility swing. At last count BFX had ~40m in USD margin funding outstanding... they may have benefitted to the tune of millions from forced liquidations. BFX may also hold a non-negligible sum (millions $) of Ethereum Classic, which has dramatically soared in price over the past 48 hours on insanely high volume. As one of the worlds largest, and likely profitable, Bitcoin companies, BFX is likely valued north of $200m if they can salvage their brand (feel free to disagree with me on that, but I'm not off by far). Given these strengths I think there's a path forward for BFX where they can make customers whole over time, in a completely transparent way, and survive as a company.
Maintain the level of transparency Zane is demonstrating, it's relieving a lot of the fear and uncertainty. Sure it sucks, but at least we know exactly how much is sucks and conspiracy theories are not flying (yet).
Keep withdrawals/deposits closed for now, but allow trading to resume and users to access their accounts and survey damage. This high volatility represents precious fees you need to be collecting.
Figure out what happened security wise and be working to get deposits/withdrawals ready as soon as can be done safely. Allow non effected currencies (ETH, ETHC, LTC, USD etc...) to be deposited/withdrawal.
Release information on the % of Bitcoin holdings that were lost, there needs to be a decision made quickly on how to handle customer losses... do you silo losses to hacked addresses or do you socialize losses? I (personally) think if hacked bitcoin represent less than 20% of deposits, you consider socializing losses until full repayment is possible. If 50%+, I think you consider silo'ing losses to the compromised addresses until they can be repaid in whole.
Issue an IOU coin with a fixed btc or usd "face" value. Allocate some % of trading fees, or margin lending fees, as regular dividends to the IOU coin, allow the IOU coin to be traded freely amongst users and a market price to form on BFX. BFX can purchase the IOU back at any time at its Face value (say 1 IOU for 1 BTC) Effectively this IOU will be treated like a bond, as confidence grows in your ability to payout for IOU holders, the value of the IOU will approach its face value... users who need liquidity most will be able to sell NOW at a steeper discount to those who are willing to speculate on seeing full face value. Be 100% transparent with the entire accounting process behind this...
Get creative with revenue streams, depending on how many people owned that 120k btc, you now have a built in customer base of 10's of thousands (my guess) who will evangelize your products if it means more fees generated and faster repayment for them. This means add new crypto and fiat currency pairs, allow users higher leverage trading products, trade high fee products like mining derivatives or legal crypto-equity (Overstock's T0 financial products for example).
If executed well I think this starts to narrow that gap fairly quickly and users could be repaid in less than two years. Bitfinex would have an amazing reputation as the exchange that did what ever it took to make their customers whole while maintaining their integrity. It's late and I've been up all night so this might read partially incoherent, but I think there is a path forward. Thoughts on this? Suggestions of you own?
Short answer If people are incapable of estimating the correct number logically, the only method to the answer is by genetic algorithm where cloud wisdom hopefuly takes time to solve and volatility is inevitable. Long answer Believe it or not, the valuation of a currency-purpose asset is in fact much easier than the valuation of a stock. To be a currency-purpose asset, a somewhat universal valuation opinion must be among the mass. For a stock, on the contrary, one needs to evaluate many factors such as marketing/product/… and people have different opinions about the possible gain of a stock. Every asset has a production cost, the piece of paper of stock certificate has little production cost. For currency-purpose asset, the production cost is thought to be independent of W-questions such as "who produces this asset", "where is this asset produced", "how many sale a producer has done", …etc. It is this property that the so-called universal opinion is formed. Money is also supposed not to have capital gain like stocks such as "I will have a generous dividend next year", so there is indeed not a "calculate the present value of all future gain by having a stock" but a "global understanding of the cost to fake/rollback/cheat a trust" for currency-purpose asset. Let
K be the global energy power for bitcoin
T be 600 seconds
F the average block fee. Let's say it is 1.9977.
C(t0, t1) be the average block reward from t0 to t1. For convenience, t0 and t1 are described in term of 210000 blocks, currently we are around t=2.41 . Therefore C(0,1)=50, C(1,2)=25, C(0, 2.0)=37.5.
P be the cost for 1.0 coin
I be the initial fixed cost of the mining rigs per 1.0W. Because the number of rigs is proportional to the energy power, therefore reasoning the fixed cost per mining rig is the same as reasoning as if cost per 1W rig.
Story 1 Assume all miners calculate the production cost in the coming 8 years and users are not investors. Let's express price in real term so that weird fiat monetary policy has nothing to do with the following argument we shall focus on. The equation for cost of the production is 0 = KI + sum(KT - ( F+C(t, t+2)) * P, from t to t+2) Therefore P = K * (T + I/210000 * 2 )/(F + C(2.41, 4.41)). Note that C(2.41, 4.41)=7.4515 so the miner will sell at least at this price. A user, as a non-investor who never cares P, may buy the coin from the miner and sell the coin for a merchant service/goods who will adjust the service bitcoin-nominated price with P accordingly. For your curiosity, by current data, the P by Story 1 is 3.49444E+11 Joule. Is the Story 1 reallistic ? Not at all. What about a miner who is thinking to run the business till t1=3 only. Then C(2.41, 3)=12.5 and this miner can undercut other miners in Story 1. Every users, as non-investors, do not care any bit about P because the user will always need to commit the same real-term service price from the merchant. Being undercut means death, so all the miners will split the pricing logic so that two P numbers, one for time 2.41 to 3, the other for 3 to 4.41; for your curiosity, C(3, 4.41) = 5.3413 Story 2 As the miners competition settled down, the P is not constant any more; there will be two P numbers, one, being lower, for time 2.41 to 3, the other, being higher, for 3 to 4.41. Is the Story 2 reallistic ? Not at all. What about a user who starts noticing that the P will increase and being investors is a good deal. While this user may observe the increasing of P empirically but never logically understanding, knowing nothing about math and miners' plan, this user will speculate between market price of P; he might buy at 5000 and see it explode at 10000 and take profit at 6000 (in USD term) and has no idea the 5000 may be much lower than the correct number. Should the P is pricing at the correct number so that there is no room between the two P, speculators are gone and people are comfortable the stable price with store-of-value and media-of-exchange. Is the Story 2 realistic ? Not at all. What about a hobby miner wants to be investor too and starts mining from time 2.41 to 3 and never sell all the coins for users but only pay partially little for the electricity while price bullish and keep the rest coins as investment for himself after time 3 ? Story 3 Being also speculation. While other users investors may increase the volatility (mainly because being without fundamental knowledge but rather TA or market-sentiment orientated traders), this move will shrink the room between the two P and therefore decrease the volatility of P. So the ratio of time 2.41-to-3 miners to time 2.41-to-4.41 miners increases up to the two P are equal then no more new miners of such plan. Is the Story 3 realistic ? Not at all. What about there are miners/investors for all possible time frame t0 to t1 in the future ? Let
K be the permanent miners who plan to run forever.
Kt be the miners who will only run from time t to t+1. Therefore the total energy power from time t to t+1 is Kt + K
Story 4 Therefore, the only setting where no arbitrage for miners and investors is such that P=KT/F and the graph of (Kt + K ) / K is like this. We know T and F and the ratio of Kt/K, but what is exactly K ? No one really knows. K could be low or high, one can only guess by observation. We know the difficulty is proportional to hash rate and hash rate is proportional to Kt and K. So you can see the graph of difficulty to have a guess of K. Should the two graph looks similar, we know people are finally logical and feel delight. By the difficulty graph and miners' time frame to amortize fixed cost so that it can be averaged out, taking the current global hash as K and updating it as time goes by may be a good guess. For your curiosity, currently KT/F is 2.13007E+12 Joule. BUT. It is not logical to assume people are all logical. If people are never logical and never investors, a graph of KT/( F + C(t, t+1) ) which is increasing till KT/F shall resemble the graph of P. If some people are logical and some are not, the empirical graph will be hysterical around and between. I tend not to comment about pricing in public. But since I know wall street and I know what wall street knows, feeling sad about the mass, bear me. I thought these information could leak to the mass if there were future contracts after each halving date, but no luck for such contracts. Credit: not me. I knew this long after someone knew it.
05-30 08:44 - 'Simple Excel Calculator to Track your Bitcoin Trading Profits using FIFO' (self.Bitcoin) by /u/pksoni removed from /r/Bitcoin within 195-205min
''' Spreadsheet is ready to calculate FIFO Profits up to 2000 transactions, which can easily be extended further by dragging the formulas as per your requirement. [Bitcoin Cryptocurrency FIFO Gain Excel Calculator]1 You will just have to put Transaction Type (buy or sale), Date Transaction, Bitcoin Quantity and Price. Sheet will display important data for every row:
FIFO Profit or Loss after every transaction.
Cumulative Cost of Bitcoin Purchased.
Cumulative Earning from Sell of Bitcoin.
Total Bitcoin Purchased, Sold and Balance after every transaction.
Highlights the rows for Buy and Sell transactions in Green and Orange colors.
You can set trading fees/commission in Currency or Percentage form.
You can purchase this tool from Eloquens.com marketplace for USD $10 only. LIFO (Last in First Out) and Google Sheet versions are also available. FIFO Profit Excel Calculator: [[link]5 LIFO (Last In First Out) Profit Excel Calculator: [[link]6 You can purchase it for Bitcoin or other cryptocurrency from [**[link]7 ''' Simple Excel Calculator to Track your Bitcoin Trading Profits using FIFO Go1dfish undelete link unreddit undelete link Author: pksoni 1: r*d**t.com/link/b*pal9/vi*eo/t0*d*vnz*a13*/p***er 2: www**loqu*ns.*om/*ool/3MdIA*/e*gin*eri*g/***pto*urrency-ex*el-templa*es/bi*coin-*rypto*urre**y-f**o-*r***t-***cula**r-for-taxatio* 3: www.*lo*uens.com/**ol/3B4lfy*X*eng***ering**ryptocu*re**y-excel-templat*s/bi*coin**r**to*ur**ncy*l**o-last**n-f*rst-out*Pr*f*t-calc*la*o*-fo*-taxa*io* 4: w*w.fifocalc***tor**om 5: w*w.eloquens*co***ool/3MdI*v/engi*eering*c*ypt*cur**n**-excel-t*m**ates/bitco*n***y*t*cu**en*y-fifo-**ofi*-c**cu**tor-for-taxat*on]^^2 6: ww*.el*quens.com/tool/3B4lfy9X/*ngin*er*n*/**yp*ocu*r*n****xcel**e*plates/bitcoin*c*yp*ocur*ency-l*fo-*ast-*n-first-out*Pr*fit-**l**l*t*r-f*r**axation*^*3 7: www.fifocalculator.com**]^^4 Unknown links are censored to prevent spreading illicit content.
I was listening to an non-bitcoin related podcast where they were talking about the possibility of avoiding US federal regulations by partnering with American Indian Tribes because they have tribal sovereignty. It occured to me that this would also be a great place for bitcoin too. A quick Google search didn't turn up any discussions on this so has this idea been thought of already? The Bush II administration clarified that "Limitations on tribal powers of self-government are few and include the same limitations applicable to states; for example, neither tribes nor states have the power to make war, engage in foreign relations, or coin money." This does not seem to imply that they must use USD as their default currency. In fact, the late Russell Means of the Republic of Lakotah had proposed that the nation should not use fiat currency but instead adopt a gold standard. Would they be interested in using bitcoins?
Another exciting week in the crypto arena. Both bitcoin and litecoin clocked some gains since our last weekly update. But will these gains stick? Bitcoin Drops on PBOC Comments Bitcoin prices dropped from $1,255 to a low of $1,170 today on comments by PBOC’s Zhou Xuedong. The official said that while bitcoin exchanges will not be forbidden, strict regulations will be applied to the sector. The PBOC will undertake an observation period and may even close non-complying exchanges. Zhou Xuedong is the director of the PBoC’s Business Administration unit and was the person in charge of the audit conducted on bitcoin exchanges earlier this year. This tone is the strongest yet to date from the People’s Bank of China so it’s not surprising to see the price fall a decent amount. However BTC/USD has recovered about half of the losses already and is quoted at $1,226 right now. Chinese prices remain suppressed as bitcoin withdrawals are still not possible. One coin is selling from $1,150 t0 $1,165 on the Big Three, a discount of over $70 dollars from USD exchanges. Imgur Read more: https://blog.fxopen.com/bitcoin-drops-on-pboc-waits-etf/
Hi everybody, we are from Huobi.com! Welcome to check our weekly summary of the latest virtual currency related events to provide you the comprehensive perspective to know the industry. Now let’s review what important news happened last week! Bitcoin:
Spendabit, the new spend bitcoin section of Bitcoin.com, has been launched. Promising it will work as the bridge between bitcoin users and more 2.5 million products across the globe. This new platform will let bitcoin holders to acquire products from different reputable merchants as Rakuten and Overstock.
Storj was launched two days after Microsoft announced its inclusion in the Azure BaaS download manager. The project aims to offer a decentralized alternative to cloud file storage services like Dropbox. Storj has created a system where other users can host sliced-up and encrypted chunks of data, in exchange for the native cryptocurrency, StorjcoinX.
Retail Giant, Overstock.com, Inc., plans to publicly offer digital securities to be recorded to a distributed blockchain ledger. Overstock’s CEO announced that the securities offered will trade on T0's platform (Overstock fintech subsidiary). In December 2015 the SEC gave the firm the ability to issue digital shares in a public offering on a distributed ledger.
Interest groups focused on bitcoin, blockchain and digital assets gathered to create the Global Blockchain Forum, which aims to promote communication between its stakeholders; consistency of the public policies; and conduction of research to support the development of such policies. The group’s supporters include Digital Currency Associations from US, UK, Australia and Singapore.
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I posted this a while back on /bitcoin but I thought it might be a good topic of discussion here also. I was listening to an non-bitcoin related podcast where they were talking about the possibility of avoiding US federal regulations by partnering with American Indian Tribes because they have tribal sovereignty. It occured to me that this would also be a great place for bitcoin too. A quick Google search didn't turn up any discussions on this so has this idea been thought of already? The Bush II administration clarified that "Limitations on tribal powers of self-government are few and include the same limitations applicable to states; for example, neither tribes nor states have the power to make war, engage in foreign relations, or coin money." This does not seem to imply that they must use USD as their default currency. In fact, the late Russell Means of the Republic of Lakotah had proposed that the nation should not use fiat currency but instead adopt a gold standard. Would they be interested in using bitcoins?
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