Cryptocurrency Daily General Discussion - December 1, 2017

Daily General Discussion - December 1, 2017
What I see every time I look at Coinmarketcap:
Why isn't Wikipedia asking for crypto donations? Suggested: open btc eth ltc donations.
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Jimmy Wales, if you accepted cryptocurrency I would donate 0.01 ETH to wikipedia.
Crypto vs Banks
Raiden Network Releases µRaiden: Gateway for Ethereum 2.0
A summary of QASH and why I believe it will serve a pivotal role in the growth of the cryptocurrency market worldwide.
Charlie Lee confirms Bitconnect is a SCAM
WaBi in the news again on Reuters and Toshiba. More mainstream media Blockchain attention, 2018 is going to be amazing
Litecoin has now been added to the LoMoStar app. Currently there is an airdrop for 1000 users to receive Litecoins
For all the new bagholders. Found this in r/weedstocks.
Russia Developing Global ICO Ratings Standard With 30 Countries
This may not seem like much to most of you guys but at age 16 I'm proud to own this much VTC. Long live Vert Coin. Wish I could spend more but oh well.
NEO Stellar Elastos Meetup Live In San Francisco with Da Hongfei...Presented by PeerAtlas & Chico Crypto!
ARK is everyone's favorite coin that no one buys.
In Big Adoption News, Nasdaq Launching Bitcoin Futures
For all the new Cryptocurrency Investors, here is a short, informative guide I made full of information I wish I had when I began investing last summer.
That one time /u/americanpegasus called the bottom of the btc bear market at $165 and predicted this current 'bubble' to beyond $10k - back in early 2015.
Cryptocurrency mainstream adoption - Telcoin
QASH now trading on Bitfinex
BREAKING: Bitconnect Ponzi-scheme CONFRONTED by reporter at Blockchain Expo 2017!
IOTA Founders AMA - Summary of Important Questions & Answers
Analysis of Guardian Masternode token lockup
Blockchain isn't just a PayPal competitor, it's the end of PayPal as we know it. I was just scammed another $500 for not providing sufficient proof of 'delivery' for my cryptocurrency sale on eBay. The digital age is here, and PayPal is still living in 1999.

Daily General Discussion - December 1, 2017

Posted: 30 Nov 2017 10:06 PM PST

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What I see every time I look at Coinmarketcap:

Posted: 30 Nov 2017 02:21 PM PST

submitted by /u/LargeSnorlax
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Why isn't Wikipedia asking for crypto donations? Suggested: open btc eth ltc donations.

Posted: 30 Nov 2017 10:43 PM PST

submitted by /u/Xueq
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��‍♂️��‍♂️��

Posted: 30 Nov 2017 08:38 PM PST

submitted by /u/mil1255
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Jimmy Wales, if you accepted cryptocurrency I would donate 0.01 ETH to wikipedia.

Posted: 30 Nov 2017 08:59 PM PST

submitted by /u/mrhansenable
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Crypto vs Banks

Posted: 30 Nov 2017 10:17 AM PST

submitted by /u/WholemealBred
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Raiden Network Releases µRaiden: Gateway for Ethereum 2.0

Posted: 30 Nov 2017 03:12 PM PST

submitted by /u/ndha1995
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A summary of QASH and why I believe it will serve a pivotal role in the growth of the cryptocurrency market worldwide.

Posted: 30 Nov 2017 03:10 PM PST

DISCLAIMER: I'm not affiliated with this project in any way. Don't take this as actual investment advice at face-value, but rather a comprehensive summary I put together based upon my own findings, research, and personal insight about the project. As always, if you do wish to invest, please DYOR beforehand and make your investments based upon your own assessment of the project.

The token is called QASH (by QUOINE) and it essentially serves as the financial utility and payment token for QUOINE's upcoming Liquid+ platform and all services which it provides. I haven't actually seen much talk going on about this anywhere, and to me, it's sort of baffling how seemingly under-the-radar this has been flying, given the problem that it's going to be solving in the cryptocurrency space.

The Problem

The platform that they've built is super intriguing to me as a cryptocurrency trader due to the fact that it's aiming to fundamentally solve a huge, yet often overlooked problem in this space: illiquidity. This really excites me because in my personal experience (and I'm sure for many others on this sub who are stuck trading with minor currencies), attempting to purchase BTC, ETH, or other tokens with a fiat currency like say, GBP, is just downright painful and usually ends up in an immediate loss since there are significantly fewer buyers and sellers in the relevant GBP markets than say, USD markets - and thus the market price can tend to slip easily in either direction even with relatively small trade amounts (as a result of high spreads).

The Solution: Liquid+

Now imagine the case whereupon this problem doesn't exist — where anyone around the world, whether it be individuals, institutional investment, businesses, etc., would always be able to have immediate access to highly liquid cryptocurrency markets, and not be subject to an inherent disadvantage simply by virtue of the specific fiat currency they're using to trade with or one particular exchange that they're trading on.

This is a landscape which the Liquid+ platform will be able to render to the cryptocurrency economy, and what I think solving this problem will ultimately mean is that we'll start to see a much more global influx of individuals and institutions coming into the cryptocurrency space because a massive, worldwide liquidity pool will have been created through the Liquid+ platform. Essentially, the platform will enable minor currencies such as the Rupee, Peso, Pound Sterling, Thai Baht, whatever it is you name it — to be traded with on the same level of liquidity that a major currency (e.g. USD) does. This is the function of what they're calling the "World Book".

World Book

The World Book essentially is a global aggregation of orders sourced from many different cryptocurrency exchanges (i.e. "liquidity silos"). Orders which are placed from within any of the connected exchanges can be simultaneously published into the Liquid+ platform and be matched with orders from a completely separate exchange. What's even more fascinating about this is that these matched orders aren't even necessarily required to be of the same trading pair.

So for instance, a trader who intends to make a btc-yen trade can be automatically matched up with another trader making a totally separate trade say, eth-euro, just by virtue of the world book internally executing a two-step transaction in order to "hop" from the euro trade to the yen trade. It's important to note that this entire process all happens seamlessly and is transparent to the end-user. Each trader would see every other traders' orders denominated in their preferred quote currency (even though the orders may actually be based on a different quote currency on the other side), meaning that the world book is "currency-agnostic" amongst all orders.

Performance-wise, the platform is deemed to be capable of handling over a million of these orders / FX-conversions per second, and is built upon a set of already established and tested technologies developed by QUOINE. As a result, much of the platform is actually already in place, and the integration work with many of the world's largest cryptocurrency exchanges are already underway or have been completed.

Additionally, here's a great explanation of what the World Book can do as described by Andre Pemmelaar, who is one of the architects of the platform. Further high level explanation by QUOINE CEO Mike Kayamori.

Another important point to note on this is that there's generally a big incentive for exchanges to participate in this World Book, as it will be able to funnel in substantially more trading volume from the markets of other exchanges.

In my mind, the World Book will no doubt be an absolute game changer to this space when it hits. However, there's another equally, if not more substantial component to the platform:

Prime Brokerage

Liquid+ will act as a Prime Brokerage service, and it will be the first of its kind in the cryptocurrency space (by which QUOINE is officially licensed by the JFSA, one of the strictest regulators in the world). One way you can think of it, is that this could effectively make Liquid+ into the Goldman Sachs or Morgan Stanley equivalent of the cryptocurrency space, and it's in fact aiming to become the platform upon which major hedge funds and institutional investors around the world will prefer to leverage in order to mitigate counter-party risk (such as a particular exchange getting hacked and losing funds), manage and move large amounts of fiat capital, as well as take advantage of the globally sourced liquidity pool provided by the world book.

To me, it makes perfect sense to have integrated, seeing as many of the major reputable exchanges around the world will have already been interconnected through the Liquid+ platform. Ultimately, it means individuals as well as major institutions coming into this space will no longer be required to deal with the pain of managing numerous individual accounts across multiple exchanges and transferring funds between each. Instead, Liquid+ allows its users to be provided with direct market access to the liquidity and trading pairs yielded by all associated exchanges in a single platform, and on a single account. By now, you can probably start to imagine just how attractive this is going to be for the major institutional players coming into this space, and on an international scale.

User-Generated Trading Strategies

Another intriguing feature is that once the QASH blockchain is implemented, the platform will be able to facilitate the authoring of custom-written automated trading strategies and algorithms by any of its users (including individuals as well as institutions), utilizing a variety of mainstream programming languages. These strategies can then be published to the platform and shared amongst other users. The profits yielded by these trading strategies are subject to fees which are then paid back in QASH to the authors of those strategies.

QASH Token Value Proposition

The value of the QASH token is proportional to the scale of its utility and velocity of usage. For starters, QASH can be used for payment on the Liquid+ platform for everything including trading fees, fees on profit from automated trading strategies (as described above), fiat / crypto credit lending, and for all other services that it renders. QASH can also be used as payment on QUOINE's other products: Quoinex and Qryptos. Additionally, users who elect to pay using QASH on these platforms do so at a discounted rate on fees.

Another important point to note here is that QASH will be used to fuel payment for all services rendered by the Prime Brokerage. So for instance when institutions start to utilize the platform, it means that this money will start to flow through the QASH token as well.

But I think perhaps the bigger and longer-term value proposition for QASH is the fact that it's striving to become the "Bitcoin or Ethereum of the financial services industry", meaning widespread adoption of QASH as the preferred cryptocurrency for use in financial institutions. As more and more of these institutions seek to gain a foothold in the blockchain space, they're going to be looking for cryptocurrencies that maintain trustworthy backing and have the appropriate governmental regulation / security frameworks set in place. QASH aims to fulfill this role and is in fact officially approved as a cryptocurrency by the Japanese government. Moreover, QUOINE is the only cryptocurrency exchange company which is audited by a "Big Four" accounting firm.

QASH is initially built upon the ERC-20 token standard, but will eventually migrate to its own blockchain by Q2 2019. As opposed to Ethereum, the blockchain will incorporate sophisticated tools and services which are geared specifically toward usage in the financial services industry (read more about these here). Having this inherent support for many financially related functions will be paramount for wider adoption as a token of preference, as QASH seeks to bridge the gap between traditional finance and the cryptocurrency economy.

With adoption by the financial services industry, the value of the QASH token can then be expected to continue increasing as a result of its ever expanding utility and usage.

Additionally, here's an explanation of the QASH blockchain as described by Andre.

Brief Company Background (QUOINE)

QUOINE is a profitable and established FinTech company (over 250 years of combined FinTech experience) who have built Quoinex, one of the top ranking exchanges in the world by volume, as well as Qryptos, a token-to-token asset exchange and ICO platform. Quoinex is one of the largest fiat-to-crypto exchanges in the world with $12 Billion in annual transactions. They are the first global cryptocurrency firm in the world to be officially licensed by the Japan Financial Services Agency (License 0002) and has as a "Big Four" external auditor.

Leadership

What gives me confidence that QASH may succeed in becoming widely adopted by financial institutions is that the company is lead by those with strong financial leadership. QUOINE's executives hail from the financial services industry, many of whom have served executive positions at some of the biggest financial institutions in the world.

Detailed information about the executives and board directors can be found on the Liquid+ website (or in the whitepaper) so I won't list them all out here for the sake of conciseness, but many of them come from executive positions at major institutions including:

Merrill Lynch
Goldman Sachs
SoftBank Group
Gungho Asia
Credit Suisse
Deutsche Bank
UBS Investment Bank
Barclays Bank
Morgan Stanley
Price Waterhouse Coopers International
JFSA
Mistletoe Inc.
Yahoo! Japan
JAFCO, Co. Ltd.
KPMG

QASH / Platform Investors

Again, a full detailed list can be found on the Liquid+ website. Investors in the platform and QASH ICO include those who have executive leadership roles at companies such as:

Tokyo Stock Exchange
Credit Suisse
Paypal
Visa
Singapore Telecom Group
Singapore Airlines Limited
Executive Office of the President of the United States
U.S. Department of State
Yahoo! Japan
Rakuten Inc

Additionally, Mike had announced in his video AMA a few other notable investors in the ICO who aren't listed on the website:

Taizo Son – Multi-billionaire & CEO of Gungho Online, brother of Masayoshi Son, the Founder and CEO of Softbank and richest man in Japan. More information about Taizo's investment in the platform here.
Nobuyuki Idei – Former Chairman and CEO of Sony Corporation. Director at General Motors, Baidu, Yoshimoto Kogyo and Nestlé.
Jihan Wu – Founder of Bitmain and Antpool.

Liquidity Partners

The platform of course needs a lot of liquidity partners from around the world participating in order for the system to function worthwhile. Andre discusses their numerous liquidity partnerships in this video, so I'll simply summarize:

Already connected to 15 of the major cryptocurrency exchanges throughout the world
Partnership with Bitfinex, upon which they're slated to list QASH as a trading pair
4 / 5 of the biggest exchanges in the U.S.
Various exchanges in Europe
Several exchanges in Asia (as well as a number of Chinese-based exchanges) - see announcement of partnership with ZB.com and BW.com
Partnered and integrated with the largest exchange in Korea

Other Tidbits & Speculation

TL;DR

QASH, in the long-run, ultimately aims to become the standard preferred cryptocurrency used by financial institutions worldwide, the value of which is derived from the scale of its utility and widespread usage. The QASH token is also used to fuel payment for fees and services in QUOINE's trading platforms, one of which is an upcoming platform called Liquid+.

Liquid+ is a novel platform which I think will change the landscape of the cryptocurrency space. It builds a single massive global liquidity pool called the World Book which allows minor fiat currencies (e.g. Rupee, Peso, GBP, etc.) to trade crypto with the same liquidity that a major fiat currency (e.g. USD) does, significantly reducing losses due to high spreads, and ultimately provides the liquid on-ramp necessary for many potential untapped markets worldwide.

The platform also features a Prime Brokerage service (first of its kind in crypto) which will allow users direct market access to many exchanges throughout the world without the hassle of having to manage accounts on each, which mitigates counter-party risk. The Prime Brokerage service will be an attractive vehicle upon which major institutional investors will want to use for managing funds in the cryptocurrency space because it's safe, regulated, and government approved.

QASH is created by QUOINE, one of the largest cryptocurrency exchange companies. QUOINE is headed by executives who previously served high-level positions at the world's largest financial institutions. Investors in QASH include financial executives at major institutions, and also a few well known figures: Taizo Son, Nobuyuki Idei, and Jihan Wu.

Highlights:

Companies using the IOTA data marketplace will all use the IOTA token - [1];
IOTA founders interested to talk about IOTA to Carl Zeiss AG, German manufacturer of optical systems, industrial measurements and medical devices (~€4.8B revenue 2015/2016) - [2];
Microsoft/IOTA meeting in Paris on December(?) 14th - [3];
No fixed number of TPS needed to shut down coordinator, but said coordinator set to be phased out in favor of a distributed one 'soon' - [4];
Tangle algorithm optimization, security audits, live network pilots deployments and standardization of individual IOTA components are major improvements required before IOTA can be deemed production ready - [5];
IOTA should be close to 'production ready' within 2018 - [6];
IOTA is a part of the "democratization of data" and may be used in the remittances market - [7];
IOTA partnerships will be announced during the month of December - [8];
Founder confident IOTA will function as intended, does not think Ethereum solves same problems as IOTA - [9].
Data Marketplace will run for 2 months before thorough analytics is to be performed, use cases focus to be in: supply chain, mobility, energy, agriculture, insurance and health care - [10].

Questions and answers:

[1] - Question by Tom Limb:

With the IOTA Data Marketplace, will companies and organisations be able to use their own token/currency, or will they have to use the IOTA token?

[1] - Answer by David Sønstebø:

They will use the IOTA network both for data integrity as well as iota tokens for transactional payments. It would make very little sense to have a separate token for each company or each datum type, it would just be chaos.

[2] - Question by Mark Knoedler:

@David: Is it possible that we can invite you to our high tech Company talking about IOTA? I think it will be interesting for both sides.

[2] - Answer by David Sønstebø:

I'll look into this for sure. Remind me on twitter as well, quite hectic AMA :)

[2] - Answer by Dominik Schiener:

Considering that this is Zeiss, I'm more than happy to do it.

[3] - Question by Dark Den:

Have you planned some conference in France? A really few person knows about it, and it's soooo sad.. Thanks !

[3] - Answer by Dominik Schiener:

There will be a meetup at Microsoft in Paris on the 14th. Don't tell anyone ;)

[4] - Question by NerveKek:

How many transactions per second are necessary to secure the tangle in order the shut down the COO?

[4] - Answer by David Sønstebø:

There is no fixed number, however, we are doing a lot of research together with several universities with supercomputers and professors from all across the globe to get a better idea. That being said we will phase out the current Coordinator model in favor of a distributed one soonish, then finally the Tangle will be 100% independent.

[5] - Question by Carpincho:

Right now, what are the major pendents for the "production ready" transition of IOTA?

[5] - Answer by David Sønstebø:

Definitely more tangle algo optimization, numerous security audits, more deployments in pilots on the live network and then finally standardization of the individual IOTA components.

[6] - Question by Tim van Helsdingen:

When do you expect IOTA to be go out of beta and be ready for mass adoption? And is there any news regarding the release of jinn? Since that is a big part of the puzzle, correct?

[6] - Answer by David Sønstebø:

This is IOTA focused, so I won't respond regarding Jinn here. As for when it is 'out of beta', that is an impossible question. All of the current distributed ledger projects (including Bitcoin which is 9 years old and Ethereum which is 4 years into it) are still in beta. Going from beta to production readiness will be an iterative process, it's kind of like asking where two overlapping inkblots begin/end, or where two clouds that are merging begin and end, it's a gradient. A gradual process. However, we believe that 2018 will put us quite close to what most would call 'production ready', at least the core layer.

[7] - Question by Ben:

Whats a use case for IOTA you are the most excited about/hope to see in the future?

[7] - Answer by David Sønstebø:

Personally, I am the most excited about the symbiosis of an open flow of secured data and fog/mist analytics done in real time. This democratization of data will pave the way for a whole new information highway, unlike anything the world has ever seen before.

[7] - Answer by Dominik Schiener:

To give you a non-IOT use case: Remittances. It's a huge market, and IOTA's ability to transact money (no matter how much) for free, is truly a game changer for remittances.

[8] - Question by Sébastien Bulte:

Will we learn more about the IOTA partnerships throughout December?

[8] - Answer by David Sønstebø:

Yes, however, we do not want the IOTA project to be focused around just large partnerships and announcements, at the end of the day open source projects live and day by how fertile its grassroots are. We will be focusing a lot of resources on making IOTA as developer friendly as possible

[9] - Question by Jeremy Amadé Edwards:

Are you completely confident that Iota will function as intended (free transactions, accelerating scalability, network security) without the coordinator? What is a rough timeframe until full and independent functionality? Do you think Ethereum will solve these same problems? Do you think their solutions will be as neat? How might a competitor improve on free, scalable, and secure? What applications are you most excited about? Are there any threats to Iota or the crypto market in general that worry you? Can this revolution be stopped? Can it be slowed? How? Modesty aside, do you believe the tangle will dominate blockchain, or is there indeed room for both technologies?

[9] - Answer by David Sønstebø:

Are we completely confident that IOTA will function as intended without the coordinator? As confident as one can be in a world full of unknown variables. We have formal proofs, simulations, tests and a lot of architectural work that makes us very confident that it will indeed.

I do not believe Ethereum can solve the same problems, simply because in order to do so they would have to revamp their entire architecture to the point where it would no longer be Ethereum, and I don't think the miners or eventually stakers would ever vote "yes" on a proposal to kill their profits after their heavy investments. Ethereum is an interesting project, but they have a tendency to make very lavish claims and never deliver on deadlines. Hofstader's law need to be kept in mind of course, it's hard to deliver on time, but Ethereum isn't even PoS yet... So in summary: I highly doubt it, but more importantly: I don't think they should. Ethereum was never meant as a transactional settlement layer.

I am the most excited about the synergy between secure data and analytics, but beyond that I am also very excited about web 3.0 applications and the Sharing Economy 3.0.

I do not think that the revolution behind Distributed Ledger Technology and permissionless innovation through decentralized technologies can be stopped. The momentum and necessity for it is simply to great.

[10] - Question by Hunter Harms:

When can we expect case studies from the companies participating in the newly released data marketplace? Do you think a positive review of the data marketplace by these companies will bring mainstream attention?

[10] - Answer by David Sønstebø:

The Data Marketplace will run for 2 months before we do thorough analytics and a subsequent case study will be released together with the participants. I definitely believe that this will bring a lot real world attention towards IOTA, outside of the typical speculator bubble that regrettably most blockchain projects exist within.

[10] - Answer by Dominik Schiener:

Together with our partners we are currently working on these case studies and concrete Proof of Concepts how the data marketplace will help shape certain industries. Our focus right now is on use cases in: Supply Chain, Mobility, Energy, Agriculture, Insurance and Health Care. We will also get some experts on GDPR involved to help write a report on the technical and legal barriers facing a distributed data marketplace.

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Analysis of Guardian Masternode token lockup

Posted: 30 Nov 2017 12:32 PM PST

submitted by /u/Mr_Laserman
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Blockchain isn't just a PayPal competitor, it's the end of PayPal as we know it. I was just scammed another $500 for not providing sufficient proof of 'delivery' for my cryptocurrency sale on eBay. The digital age is here, and PayPal is still living in 1999.

Posted: 30 Nov 2017 04:43 PM PST

I have provided evidence of the blockchain transaction that took place but it is not sufficient in the eyes of PayPal. Apparently I was supposed to ship my Bitcoin through USPS with a tracking number. It's only a matter of time now. I wait eagerly to see PayPal wiped off the face of the planet. Their time has come and gone, Blockchain is the future, the new paradigm of online sales. https://imgur.com/a/RHOHD

submitted by /u/gazingjar
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Breaking News

CryptoCurrency

Friday, December 1, 2017

Cryptocurrency Daily General Discussion - December 1, 2017

Cryptocurrency Daily General Discussion - December 1, 2017

The Problem

The Solution: Liquid+

World Book

Prime Brokerage

User-Generated Trading Strategies

QASH Token Value Proposition

Brief Company Background (QUOINE)

Leadership

QASH / Platform Investors

Liquidity Partners

Other Tidbits & Speculation

TL;DR

Further Reading & Resources

Highlights:

Questions and answers:

1 comment:

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