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    Cryptocurrency Daily General Discussion - January 4, 2018

    January 04, 2018

    Cryptocurrency Daily General Discussion - January 4, 2018

    Daily General Discussion - January 4, 2018

    Posted: 03 Jan 2018 10:11 PM PST

    Welcome to the Daily General Discussion thread.

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    submitted by /u/AutoModerator
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    Coinbase/GDAX Warning - $50,000 Wire DEPOSIT Missing Since December 12th

    Posted: 03 Jan 2018 09:18 PM PST

    Verified account. US account. I've wired tens of thousands to it before. Suddenly, a $50,000 wire is still not credited with no resolution or support from Coinbase. It's been 3 weeks.

    Check my post history. I've sent wire documents, had the bank trace the wire (Coinbase has the money), forwarded these documents to Coinbase support, and still get no help. I request a direct contact number for support, no reply. No help through phone support. I'm pretty much getting a "kick rocks" treatment by Coinbase.

    Everyone thinks this kind of stuff won't happen to them until it does.

    EDIT: Upvoting for visibility would be greatly appreciated. Perhaps then someone from Coinbase can help resolve the issue. Thank you.

    Edit #2: Case 3077489

    submitted by /u/four95
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    Beware of fake binance sites in google ads as i just landed on in the image.

    Posted: 03 Jan 2018 10:18 AM PST

    2017 Taxes - We Need To Get Serious

    Posted: 03 Jan 2018 06:10 PM PST

    I want to make this post a meaningful discussion about American taxes that has three goals:

    • Helping those of us with significant crypto holdings become informed on how to proceed with 2017 taxes
    • Strengthen our position as legitimate law-abiding citizens
    • Not holding anyone legally responsible for "legal advice" who contributes to this discussion thread (this is about getting our bearings)

    If you are like me you found 2017 to be a very good year for you. I'm not talking to the people who got in on this in early December and made $1,000. I'm talking to those of us who saw our modest yet respectable holding of bitcoins grow to jaw-dropping prices and then continued to diversify our digital portfolio to the point that we may now be holding dozens of currencies traded at various times on a variety of exchanges.

    What we are doing is legal and has been legal for years. I am one of those alleged 802 people who pays their taxes on Coinbase. And let me tell you, the professional accounting firm I use to pay my taxes charged me a pretty penny for basically knowing the one thing everyone does know about cryptocurrency - that you have to pay long-term capital gains tax on cryptocurrencies you've held for over a year and sold for American dollars. So that's what I've been doing and I've been doing that with each bitcoin being considered at 100% profit because I bought all my bitcoins from Mt. Gox! Maybe you've never payed taxes on all the bitcoin you sold but let's face it - in 2017 you better pay your taxes and you better know what you're talking about and doing. A lot of us have found ourselves with serious money that we did not have until 2017.

    The real problem comes from the variety of exchanges we've joined and the amount of trading of currencies on these exchanges. Many of these exchanges are also not illegal to use. While Bitcoin has been on the IRS radar for a while these exchanges specialize in something that has never been truly significant enough to get the IRS's full attention until 2017. But this problem is multi-faceted:

    • In 2017, was exchanging one crypto for another crypto considered a taxable event? - The fact is there isn't a clear answer on this. With the IRS tying cryptocurrencies down as property (rather than currencies which- as I understand it- wouldn't be taxed) they allowed the loophole of the 1031 which allows swaps for like-kind properties. The IRS called cryptos properties, people are swapping cryptos with each other (literally) while small fees are charged for using the network or exchange, and thus - it could be argued that all exchanges between cryptos are NOT a taxable event. I personally like this idea but I clearly have a bias. There are many other people who claim that all cryptocurrency transactions between each other are taxable and this comes with its own bag of worms. And indeed, the rock-star new Republican tax code does mirror this sentiment by solely claiming 1031 use for Real Estate. So this leaves us with another question:

    • What legal stance should we take when talking with our accountants/ doing our taxes? The stunning impossibility of what is expected of us LEGAL citizens doing LEGAL trading in order to report on our taxes, if we do take the stance that all crypto transactions are taxable, is so highly complex that it's almost like the IRS is forcing all crypto-traders into an illegal space. In a sense they are trip-wiring the entire crypto market with expectations that are impossible to follow. We must have some legal rights here or at least legal stances that we can take when dealing with such a new fast paced market and such a slowly-responding vaguely-directed bureaucracy like the IRS. In one of the better crypto tax threads on reddit one person expressed with acute detail the amount of problems recording all of our transactions really are based on the current IRS expectations which are vague and the IRS is not giving a clear answer on whether cryptos are allowed to be considered exempted using 1031. Even if they were there still is expected a way to report everything. My accountant will want to do whatever is safest for them and likely the most expensive for me. How do I ensure a reasonable approach is taken by my tax professional that considers my needs and not just throwing as much money at the IRS as possible? I want to pay my taxes but I want tax laws to be fair on crypto, which leaves me to my next point:

    • What is the best way to look at crypto from a tax point of view? Currently cryptocurrency is a square peg in a round hole. The IRS, clearly unprepared (as we all were) for the massive attention and growth of cryptocurrency in 2017 was already stuffed into the the "property" hole despite being developed and created for much more than that. Cryptocurrency - whether you want to call it an asset or a currency - is already billions of dollars deep in projects that are meant to change the way entire systems operate on a global scale! This is a global thing taking place within different countries. We already pay capital gains taxes or income taxes when we exchange them into dollars which is a fair and easily reliable system to document - is it even right for the IRS to tax more? While there may be some in here who believe nobody should be paying taxes with cryptos I think that cryptos (like everything else) should have some taxable responsibility- but not so much that it becomes highly burdensome and a legal minefield allowing the IRS specter to be chasing you for alleged misdoings years down the line. And if crypto is as successful as its going to be there will likely be less of a reason to exchange into dollars anymore thus losing the leverage of the capital gains/income tax. And looking into the short term future decentralized exchanges are even going to be set up potentially removing the ability to track cryptos in any form whatever! What is the appropriate way to tax crypto basing it on the fact that it IS crypto and not necessarily merely "property" or "currency"?

    • What level of responsibility do exchanges play in 2017 taxes? Being a proud Coinbase tax payer I had the privilege of giving my tax accountant a printed out piece of paper with a terrible excel sheet on it that displayed my yearly bitcoin transactions and told them that this was the best document they were going to get. I haven't gotten the information from Coinbase this year yet, and hopefully they've improved the quality of the report but at least there is one. I just tried looking for how to get the information from Bittrex and while it may be available it wasn't easy to find with a google-search or on their website. That is a problem. This is an exchange that is legally allowed to operate in the United States. I could sign up to Bitcoin.tax to find out the information allegedly but I really should not have to sign up to anywhere to find out how to get my annual tax document from my exchange. And if they don't provide one then why is the United States legally allowing them to operate within their borders? If the IRS decides to take their records two years down the line like they did in 2017 with Coinbase and they come to us asking us why we didn't report something and it was because there was no easy/possible way to obtain the records from the users end, how can that be our fault? It would be great if there was a sticky-noted thread on ANY of these crypto boards on how to obtain a document of the year's transactions from every one of the exchanges out there because many of us need them. There is an expectation that we are supposed to calculate the amount gained from when we first purchased a currency to when we traded it for another currency. Aside from the fact that even if we are provided an annual report document it won't be in dollars - it will be in BTC or ETH or USDT or some other pairing at a specific time with a specific amount in those pairings on that specific exchange. The dollar correlation that's needed - if not provided - makes reporting crypto transactions nearly impossible.

    • How are we supposed to accommodate for transactions to and from wallets? Say we can do all of those things above but now we move it to a private wallet for safekeeping. From there we might send it to another wallet as it intermingles with other coins and from there they are traded on other exchanges. What is the dollar correlation there? What is the appropriate gains? Which exchange did you buy that specific coin from? This all matters for taxes but almost impossible to track between wallets and exchanges. If it can't be done, how can we be held accountable to do it? If we can't do it, then what legal ground do we have to say what is being expected is byzantine and unrealistic? Also, it's my understanding that we don't need to report coins in private wallets but that'll be nearly impossible not to do if we have to do all this tracking.

    • Who specializes in cryptocurrency? - Maybe we can't find all the answers here but some of you out there must be able to point us in the direction of someone that can give us answers. I'm not talking about the conservative tax lawyer that's going to make sure you pay every last dime in a way that would make the IRS want them to be the new head of the department - and I'm not talking about the shady guy who promises that you can get out of paying a dime. I'm talking professionals that aren't just going to be pushed over and know their stuff on this topic. I will gladly pay for this legal muscle to ensure I am legally participating in our society through crypto transactions while not just trying to tax me every time I click the mouse.

    Some people say just to ignore all of this tax mess because the IRS is likely to change their stance 10 more times. But I don't want to ignore it because cryptocurrency is already seen as a shady business. And it's not - it's a globally disruptive technology that provides benefits many centralized systems can't and it's the reason why it's busting through the $700 billion market cap at the beginning of 2018. Please, let's organize and approach our taxes honestly and in an informed fashion this year. The fact is many of us in the crypto community visit crypto subreddits and together - with a similar mentality, attitude, drive, and direction- we can influence the crypto policy to be fair to both the country and the crypto-trader.

    submitted by /u/Cananopie
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    Cardano, which currently has no working product, is now worth more than SpaceX.

    Posted: 03 Jan 2018 07:38 PM PST

    Hello folks!

    Many people here have invested in Cardano because of the scientific mentality it claims to be based upon. However, I am very concerned by the actual product they have — which at this stage, is basically equivalent in function to a PoS Litecoin. They promise to create a smart contract platform, but there is no public code for this, no testnet and no release.

    Cardano is vaporware. And yet right now it is valued at $33 billion - more than SpaceX, which is valued around $22 billion, and also actually does something. There is no good reason for it to be valued this high. If it had a working product, maybe. But it doesn't.

    I am very worried by this amount of speculation, and I would take it as a warning sign for the market as a whole. This market is becoming more irrational by the day, and it may just come crashing down.

    submitted by /u/KnifeOfPi2
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    Request is what I envisioned after getting into Bitcoin in mid 2010. Request is the crypto vision.

    Posted: 03 Jan 2018 04:13 PM PST

    When I first heard of Bitcoin, I was very interested. I'd been working for a large, very well-known company, and I immediately saw practical use cases for Bitcoin, but I knew that it had a long way to go before it would get to that point. I knew they would laugh at Bitcoin.

    Bitcoin made me wealthy, but I was doing well before Bitcoin. For me it was a philosophical search for something better than our current system. Something better than what the for-profit bankers had concocted. I saw how the rich siphoned money from the poor because the poor had no other choices. The rich rule this world.

    Over the years, Bitcoin has morphed into something else - digital gold - which is fine by me. Bitcoin is solid. Bitcoin is strong. Bitcoin isn't going away. But Bitcoin is not very experimental.

    Ethereum came along, and I was again intrigued. But yet again, I knew it had a long way to go.

    Still, I envisioned this massive network of nearly instantaneous payments that connected every business to every person. I envisioned a B2B, P2P, crowdfunding, and point-of-sale network that was massive, worldwide, and connected. I envisioned an open-source, transparent network. I envisioned the inevitable future of commerce.

    The Request Network is what I envisioned.

    REQ Map

    But this isn't about making money. We all may make money, but that isn't the reason we are doing this. We are doing this to bring the whole world a new system. A system devoid of the predatory bankers and middlemen. A system where John in Africa is on the same playing field as Dave in Chicago.

    We are here to disrupt. We are here to fight the powers that rule this world - the powers that are slowly destroying this planet in the name of profit.

    Ethereum and Request are the just the first steps. Go out there and use your cryptos. Spend them. Trade them. Make these bankers take note. This is a revolution.

    Disclaimer: I own BTC, ETH, REQ, and QSP

    submitted by /u/thedarkwillrise
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    Bit-Z now lists XRB

    Posted: 03 Jan 2018 11:48 PM PST

    I am missing a $40,000 wire deposit transfer 2 months ago from Coinbase/GDAX, still nothing.

    Posted: 04 Jan 2018 12:13 AM PST

    I submitted a wire transfer to Coinbase/GDAX on October 30th for the amount of $40,000. I needed the money transferred the next day so when I didn't receive it, I gave a call to Metropolitan Commercial Bank(The bank I wired the money to according to the GDAX wire deposit info) and they told me because of a memo issue, the wire deposit will be refunded back to me in 3-5 business days.

    After that I said "Well okay, I'll just redo another transfer and wait for this one to return." So for the second transfer, it actually didn't go through again because of bank info issue and was immediately refunded back to me the next day. After waiting 1 week for the first deposit, it did not arrive back to my bank.

    I contacted the bank again and they told me that wire deposits at this time may be delayed due to the influx of users lately, and if I just wait for up to a month since initial transfer I should get the funds back to my account without having to do a recall.

    Fast forward a few more weeks later, I still did not receive my funds. At this point I already sent a support ticket to Coinbase, emailed them at their wire transfer email, and called multiple times but the phone support is like nonexistent. I'm constantly on hold and it just eventually hangs up.

    I was told by the bank to just do a recall from my bank and so I did that. A few days later I contacted the Metropolitan bank and they told me the recall message is already received by Coinbase and they just have to send the funds back because right now it's pretty much sitting in a limbo. A couple more weeks of phone calling, emailing, support tickets, twitter messaging, I still have not received my $40,000 initial deposit.

    This is a serious issue and I actually posted in /legaladvice recently looking for what's the next step I should take. It's a lot of money and the no contact is really scary to me.

    I'd really appreciate it if you guys can upvote for visibility and hopefully someone from Coinbase can see this and help me resolve the issue. #3218357

    Edit: I have all the necessary info such as Wire Transfer Receipt, Recall Message Letter, and gave them screenshots of everything via Email but still have not gotten a response on the issue.

    submitted by /u/dankmeter
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    This brand new high quality VeChain Ad also explains the usecase

    Posted: 03 Jan 2018 11:20 PM PST

    NEO hits $100

    Posted: 03 Jan 2018 01:31 PM PST

    One Reddit user lost $500,000+ USD worth of ICX tokens!

    Posted: 03 Jan 2018 10:11 PM PST

    A reminder to NEVER EVER input your private keys on any bogus website & to double check website urls entered. See: https://www.reddit.com/r/helloicon/comments/7nt40c/how_to_get_back_my_icx_from_scammers_account/

    How to protect yourself

    1) Get a Ledger Nano S or Trezor ASAP, they work well with many wallets and sites like MEW and it takes less than 5 minutes to learn how to use one! Don't delay, buy one today!

    Here's a good tutorial on using Ledger with MyEtherwallet. https://www.youtube.com/watch?v=_RvDPQHERtc

    Note: It is impossible for your wallets to be hacked when using a Ledger. Brief run down of Ledger: - When you buy this unit, it gives you 24 seed words you write down on a piece of paper, these keywords should never touch your computer. If you ever lose your Ledger, you can buy a new one and restore all your wallets from these 24 seed words. The ledger protects you by never revealing your private keys. If your PC is infected, your wallets would still be fine.

    2) Enable 2FA on all exchanges.

    3) If you use Google Authenticator, make sure you write down your keys - not having this information means you will be locked out if you lose your phone or it gets broken. A better alternative is Authy, however make sure Devices -> Allow Multi-device is switched OFF.

    4) Install Virus & Malware Scanner with Anti-key logger. A good solution is Zemana AntiLogger, this software includes both real-time scanning & anti-key logging features. All keyboard inputs are encrypted. It also gets high praises from the industry.

    5) Double check all inputs. When sending tokens to a new wallet/exchange, always send a small amount to confirm if the send works before sending a large amount.

    6) Don't trust anyone. Don't post your gains on social media with your real names attached (e.g. Facebook). See https://www.nytimes.com/2017/08/21/business/dealbook/phone-hack-bitcoin-virtual-currency.html

    submitted by /u/dbaker102194
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    A brief list of Binance's ridiculous withdrawal fees

    Posted: 03 Jan 2018 03:34 PM PST

    Check it out: https://imgur.com/a/X23vi

    These are only the coins i've investigated, i'm sure there are others. This is unacceptable. We need to pressure Binance to lower their fees and keep them updated. Tweet them, create support tickets, etc, else they will continue to delay lowering their fees for as long as they can.

    submitted by /u/prpsc
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    Best portfolio advise: Focus on coins with a price below $1

    Posted: 03 Jan 2018 06:11 PM PST

    Their market cap doesn't matter, just invest in coins with a cheap $ price. Imagine if ADA or Ripple or NEM reach 20k per coin, just like Bitcoin did!

    In all seriousness though, this recent trend is concerning.

    submitted by /u/Whatevor1
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    Reddit has the best crypto advisors

    Posted: 03 Jan 2018 11:10 PM PST

    Shoutout to everyone who had Stellar Lumens 4 days ago. Super stoked for you guys.

    Posted: 03 Jan 2018 10:41 PM PST

    That's it. The coin has looked good for the longest time but I've been an idiot and holding onto my BTC for too long (hoped against hope it would shoot back up enough for me to feel good about getting rid of it.) Finally thought about pulling the trigger at about $.43 but thought the rocketing was done for now. Looks like I was wrong. Congrats everyone who had it!

    submitted by /u/jwinskowski
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    Just want to take a moment a thank Binance for being such a great exchange.

    Posted: 03 Jan 2018 04:49 PM PST

    I've had almost no issues with Binance. Anyone else getting the same experience? Thanks for being such a leader in this wild west of a market. Your professionalism is appreciated. Keep up the good work and you'll have others like me for a lifetime in crypto.

    submitted by /u/HeavierMetal89
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    Tron just hit 0.10$ and is rank 11.

    Posted: 03 Jan 2018 04:51 PM PST

    Looks like stupid money is being thrown around

    Posted: 03 Jan 2018 08:41 PM PST

    When your friends ask what are you doing with the all crypto you’ve got

    Posted: 03 Jan 2018 03:22 PM PST

    I'm worried that crypto will leave a lot of people unhappy

    Posted: 03 Jan 2018 09:55 AM PST

    So obviously things are going great right now, and I think they will continue to do great over the next few years. But when I hear people envisioning their early retirement or being able to travel the world or actually buy a lambo, I get worried.

    We have to remember that crypto is a risky investment and while there is a universe in which your portfolio gains 100x in 2018, there's also a world in which you gain 2x. Or break even. Or even lose a lot of money.

    When you start thinking about truly life changing events like retiring early, that can be really intoxicating. A thought like that can become your primary source of happiness. But the reality is, that dream may not be realized, and if that happens, that reality setting in could be brutal.

    I just want everyone to temper their expectations a bit, and just try to stay level headed. I know that can be difficult with what's going on right now, but try to take a step back and evaluate from a more rational perspective. Keep the dream alive, but also don't neglect the other possible outcomes.

    EDIT: Look guys, you don't have to justify your investments or explain why this doesn't apply to you. All I'm saying is don't expect to be able to retire early because it seems to be trending in that direction. Temper your expectations so you don't feel terrible if it doesn't work out that way.

    submitted by /u/waterdoctor22
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    BREAKING: At RIPPLE'S Implied Market Value of $320Bln - Chris Larsen with his 37% stake has become the world's richest person..

    Posted: 03 Jan 2018 11:55 PM PST

    The basics of chart analysis. There are many indicators, patterns and trends that can be analysed, but sometimes the classic Hard or Flaccid test works the best. Hard = Good, Soft = Bad. Drop me a dm for any trading advice.

    Posted: 03 Jan 2018 02:19 PM PST

    Compilation of all my cryptocurrency analyses so far

    Posted: 04 Jan 2018 03:02 AM PST

    The StoreOfValue blog was started because we noticed there was a lack of thoughtful cryptocurrency articles - many articles were click baity with little substance. This blog is supposed to fill the need for more in depth and careful fundamental analyses. We make sure that everything is meticulously researched - every article took the author several days to research and write.

    Here's a list of cryptocurrency analysis articles we have done so far:

    The last time I asked /r/cryptocurrency on what cryptocurrency my team and I should analyse next, the subreddit voted for IOTA. Old poll results. Which cryptocurrency should the team analyse next? http://www.strawpoll.me/14761169

    submitted by /u/notlikethis1994
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    RaiBlocks is rebranding to Nano. Here's proof

    Posted: 03 Jan 2018 07:09 AM PST

    Hi all,

    Within the past few hours, a screenshot has been circulating that is creating the base for a rebranding rumour, wherein Raiblocks would be rebranded to Nano, and we'd be partnered with Dadi:

    https://i.imgur.com/g99uKZt.jpg

    Credit goes to /u/Afkbio for this screenshot

    This was immediately shot down by Raiblocks staff, who said that: "There's been a shedload of rebrand suggestions lately. Looks like someone went to a lot of trouble to put this one together." https://www.reddit.com/r/RaiBlocks/comments/7nup8y/raiblocks_rebranding_to_nano_big_if_true/ds4naxg/

    However, I have reason to believe this is just a cover up, and that a partnership is on the horizons. Here's why:

    I did a search on Censys for raiblocks.net: https://censys.io/ipv4?q=raiblocks.net

    It bought back a result for 'Nano Wallet'. It returned an IP address with a mirrored version of the current RaiWallet with updated branding. Here are the screenshots I got: https://imgur.com/a/M0pOb

    It has since been taken down, but there is a support email for support@nanowallet.io visible in my third screenshot.

    So, I did a whois for nanowallet.io, and this is what I found:

    https://www.whois.com/whois/nanowallet.io

    REGISTRANT CONTACT

    Name:Christopher Mair

    Organization:DADI

    Here's a screenshot of that: https://imgur.com/a/8ukQd

    That's right, DADI. The same DADI listed as a partner in the original screenshot.

    Therefore, Raiblocks will rebrand to Nano in the coming weeks. This is incredible news, as I feel DADI will be one of the biggest players in 2018

    Additional proof, the CTO of Dadi had a repo in Github called raiblocks:

    https://webcache.googleusercontent.com/search?q=cache:4YVD_yi6W-cJ:https://github.com/jimlambie/raiblocks+&cd=2&hl=en&ct=clnk&gl=uk

    https://imgur.com/a/TkekI

    And thanks to /u/gbhall:

    "http://158.69.141.179/ is the RaiWallet (test build maybe). http://158.69.141.179/resources is a 404 for nanowallet.io"

    More proof:

    FINAL UPDATE: a team member in the Telegram has clarified that the partnership will be announced soon, thereby confirming this rumour https://imgur.com/a/yUu7g

    Thank you everyone for contributing, I hope you all have a wonderful day.

    submitted by /u/Frosstic
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    FunFair - An in-depth analysis.

    Posted: 04 Jan 2018 03:44 AM PST

    FunFair. An in-depth analysis.

    Intro.

    FunFair is a decentralised gaming technology platform which uses the Ethereum blockchain, smart contracts, and proprietary state channels to deliver casino solutions with games that are fun, fast and fair.

    FunFair is not a casino. Instead, FunFair will license its technology out to casino operators. This differentiates FunFair from the competition in the blockchain gambling sphere – being a casino carries with it risks and burdens stemming from statutory and regulatory hurdles. Being a licensing entity instead, provides legal safeguards and will enable a more widely used platform.

    I'd like to touch on the many aspects of FunFair that makes it an extremely promising and undervalued project. However, I won't be making any price projections. As always, do your own research. In this case, I've done a lot of it for you.

    The market.

    Online gambling is a large market: currently over 47.1 billion dollars, and projected to continue increasing. https://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/. However, this is not to say that the price of the FUN token should be compared to the market cap of internet gambling. FUN is not a measure of casino capital/wealth, it's an entirely new animal.

    The problem and the solution.

    Trust. Traditional online casinos rely on you trusting them to be fair. The chance of red coming up on roulette is 48.65%. How do you know your traditional online casino is giving you those odds? You don't – you need to trust them. Most online casinos are incorporated in island microstates. Do those nations have online casino regulators? Do they possess the willingness, manpower, and expertise to audit online casinos?

    FunFair puts the gambling on the blockchain so it's trustless – you know you have a 48.65% chance of having red come up. It's fair.

    The team.

    FunFair has their ground covered and bases loaded. With their team of 30+ professionals they are way ahead of the competition. You may know CEO Jez San, OBE, from his career track: Argonaut Games (founder), Star Fox (programmer), and PKR Poker (founder). He has been in the gaming industry for more than two decades, and has built valuable relationships along the way. Constantly engaging with the FunFair community through Telegram, Discord, and Reddit, it seems as though he leaves no engaging question unanswered. Alongside Jez as COO is David Greyling (https://www.linkedin.com/in/davidgreyling/), former International Director of William Hill, one of the world's leading betting and gaming companies and one of the most trusted brands in the industry. (https://www.williamhillplc.com/about/). Recently, Stefan Kovach joined the team - Stef is an industry executive with a wealth of experience, having headed up the marketing functions of both PokerStars and bwin.party – two of the biggest brands in online gambling.

    Further, FunFair is looking to expand – and fast. They expect to have a team of 50+ people in the not-so-distant future, as they are currently hiring business and marketing professionals. So, if you're looking for an opportunity to showcase your expertise in these fields, try your shot at securing a position within the company! (https://www.funfair.io/careers) The FunFair team's base of operations is in London, UK.

    The platform.

    FunFair presents its casino operators and players with a gaming opportunity never seen before:

    • Decentralized, serverless

    • Provably fair, blockchain-based

    • Trust-less outcomes that can be witnessed on verifiable smart contracts

    • Instant cashouts – FunFair does not hold your funds

    • Accessible through web browser on desktop or mobile

    • Fun games with an exciting user interface

    • Casinos feel safer, with no risk of fraudulent charge-backs from player credit cards.

    • Fast gameplay conducted through Fate Channels – the team's custom version of State Channels. The Fate Channels developed by the FunFair team are superior technology. In very basic terms, Fate Channels are what supports the communication during a game session between the player and the casino. They provide a fast, low cost method for random number generation, starting gaming sessions, ending them and settling with smart contracts on the blockchain. This allows for secure, deterministic, fair gameplay. There is only one gas fee needed to start the game session. For an in-depth explanation that you won't be disappointed in reading, please refer the the technical white paper here: https://funfair.io/wp-content/uploads/FunFair-Technical-White-Paper.pdf FunFair is preparing for mass adoption and has a working solution for Ethereum network congestion. Fate Channels.

    For more discussion both technical and company related, have a look at both whitepapers: https://funfair.io/explore/whitepapers/

    The games.

    FunFair is pursuing a full suite of traditional casino games:

    • Blackjack

    • Baccarat

    • Craps

    • Roulette

    • Slot machines (various types)

    • Let It Ride

    • Caribbean Stud

    • 5-card Poker

    • 3-card Poker

    • And more to come

    You can test all of these games right now at https://showcase.funfair.io/. Some are currently testable on the Ethereum testnet.

    FunFair is one of the only projects in the cryptocurrency space that has a working product. They are set to launch in the beginning of Q2 of 2018.

    What have they been up to? Are they on track?

    Consistently ahead of schedule and on top of their roadmap in many ways, FunFair was a sponsor of DevCon 3 and had one of the most engaged-with booth setups. They connected and networked positively with many developers at the event. https://twitter.com/FunFairTech/status/926113230677856256

    They've recently received the Malta iGaming award for "Best ICO of 2017" which was determined by a nomination panel of 5 industry experts, and a panel of 32 judges with many years of combined experience in gaming. The awards were hosted during Malta Gaming Week; a very large event attended by many business executives, authorities, and even local government: http://maltagamingweek.com/

    They've been constantly updating their product showcase, and adhere to all feedback received by community members. Their new showcase was designed to "be able to cope with adding more games easily by the team + third parties, and also to be configurable by casino operators." Some of their product update can be found here: https://funfair.io/awards-latest-product-update/

    How does the token (FUN) derive value?

    FunFair does not issue dividends or offer profit sharing – FunFair doesn't have much to share. The technology will be licensed to casino operators for almost nothing – itself a major draw for existing casino operators to adopt the FunFair platform. With a fixed supply, the value in FUN is derived from scarcity of the token in the marketplace. Scarcity comes from four sources:

    • Casinos holding FUN as part of their bankroll (described more below);

    • Players holding FUN and not cashing it out immediately after they play;

    • Speculators (investors) holding FUN anticipating it will increase in value;

    • Token burn: a small amount of FUN will be slowly destroyed over time. The exact amount has not been announced, though it will likely be quite small.

    That first scarcity factor will be key, as casinos will need extremely large bankrolls of FUN to operate a large casino with multiple games, high max bets, and a large number of seats (allowing numerous people to play concurrently).

    Right now, price has been set purely by speculators. As casinos open down the road, scarcity will ramp up --- Casinos will need to buy FUN, which will lead to players buying FUN which will lead to greater popularity of the platform causing more speculators/investors to buy FUN. Scarcity and utility are what drives price.

    Plans for the future & the latest company update.

    FunFair will be attending the ICE Totally Gaming Conference on February 6-8 (https://www.icetotallygaming.com/exhibitors/funfair-casino). This is a major business-to-business conference for the online gambling industry. The team plans to have the developmental side of the FunFair project done in time for the conference.

    Tech completion in February will allow for the advancement in operations and partnerships, which will lead to live FunFair-licensed casinos going live in Q2 2018.

    FunFair is in the process of acquiring their Remote Gambling Software License from the UK, which will enable them to license their technology to existing and regulated casino operators.

    FunFair has steady operational costs covered for the entire year, as well as an 85,000 ETH reserve/storage for any and all upcoming costs.

    An Updated Roadmap (December 20th, 2017)

    (available here: https://funfair.io/company-update-december-2017/)

    Q1:

    In January we will be submitting to the UK Gambling Commission our application for a Remote Gambling Software License.

    In February we will be attending ICE Gaming, an international B2B conferencing event, where we will be introducing the FunFair brand to the gaming industry.

    By the end of March V1 of the FunFair blockchain casino nears completion. This release will allow for real FUN to be used on the Main Ethereum Network for the first time.

    Q2:

    Operator On-Boarding: Deploying the FunFair casino in partnership with a friendly operator; objective: learn, adapt & iterate the technology as part of a soft launch.

    Further product enhancements and features will continue to be worked on and, as we scale, we expect to introduce more regular product releases.

    Engaging with 3rd party game developers, publishing API documentation and sample games and contracts.

    Q3-4:

    Product feature enhancements and further operator on-boarding. Comprehensive operator reporting and administration tools.

    So, if you've read this far, you can now see how professional and enlightening this team has been with their project. I believe that within the following months, FunFair will show us exactly why they are one of the best projects in the cryptocurrency space right now and beyond.

    TL;DR - FunFair is a licensor of provably fair blockchain casino technology. Professional team of 30+ employees, full transparency in company actions and initiatives, proprietary technology that is near-ready for mass adoption, consistently on-track with road map. They have tackled a problem head-on with the gambling industry, and are ready to provide their solution. Strong community of both members and developers.

    Two bonus reddit-posts for your reading pleasure:

    "Why I think volatility of FUN isn't a very big issue for gamblers", and

    "A Comment on FunFair's "Competitors"

    Note: This analysis was posted a few weeks ago by my buddy u/usuallyrealistic (I helped co-author!), but I've made some tweaks and updates.

    submitted by /u/Commissar_
    [link] [comments]

    My mom bought ETH.

    Posted: 03 Jan 2018 03:52 PM PST

    So after sharing a little info on my gains with my mother she decided she wanted to buy some BTC.

    I spent about 15 minutes outlining what crypto is as best I could, and told her she would be better off buying some ETH as it's a little more stable, so she decides to buy 1 ETH.

    I'm then explaining to her not to sell it without talking to me, as to avoid panic selling it. Warned her that it's possible for your ETH coin to worth a few hundred less one day. Her response was priceless:

    "Well if that happens I'm buying another one!"

    It's in my blood.

    HODL my friends.

    submitted by /u/supersayanssj3
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    at

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