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    Cryptocurrency Daily General Discussion - March 8, 2018

    March 08, 2018

    Cryptocurrency Daily General Discussion - March 8, 2018

    Daily General Discussion - March 8, 2018

    Posted: 07 Mar 2018 10:12 PM PST

    Welcome to the Daily General Discussion thread. Please read the disclaimer, guidelines, and rules before participating.

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    submitted by /u/AutoModerator
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    Can we all take a minute to congratulate Binance on continually being the best exchange when it comes to transparency and PR

    Posted: 07 Mar 2018 06:00 PM PST

    Binance have taken a couple of big hits in recent months but their team have done an oustanding job of keeping us all informed, doing everything they can to stop FUD and just in general doing a really good job of sorting things out and being very transparent whilst doing so.

    In my eyes they are one of if not the most respectable and trustworthy exchanges for cryptocurrency, I will most definitely will keep using their platform.

    Good work Binance 👌

    Edit - I'm not a shill (except maybe for Ripple). I have just been really impressed with how binance have handled situations like this. It's a fresh breath of air when you look at all the other shit going down in the crypto world. Stay safe and remember even though Binance have done well so far, don't leave all your portfolio in exchanges. Hard wallets are the only safe place

    Edit 2 - again I am not a shill, no one has paid me to do this. If I'm gonna get all this abuse for being a shill you may as well pay me ETH - 0x9f2e847ceebafa475aab29c56205b6c374e11ade

    submitted by /u/AvidasOfficial
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    Two very different methods of handling a hack of your exchange

    Posted: 07 Mar 2018 10:48 PM PST

    Vechain in the last 30 Days: Apotheosis, Blockchain X, BMW, University partnership, DApp ecosystem, BitOcean ICO, Carbon banking, Live use cases, Early adopter rewards and more

    Posted: 07 Mar 2018 08:09 PM PST

    This post is for those who are new to Cryptocurrency or want to find out more about VeChain. The text "VeChain" has been banned in this subreddit for the last 30 days. For more details about the ban itself, please visit this r/cryptocurrencymeta post. Changes have been made and official channels of communications have been opened up to prevent this from happening in the future.

    All feedback is welcome, and all discussion is encouraged, but please no moon-posting, ridiculous price speculation or baseless FUD. Looking forward to answering any questions you guys have :) VeChain Foundation COO Kevin Feng is holding a Business AMA with Boxmining today, so new information is coming very soon.

    TL:DR.

    • VeChain is more than a supply chain solution
    • VeChainThor is a global enterprise level public blockchain platform
    • Focus on enterprise & government level adoption
    • Focus on safety and security
    • New DApps: VeVid, VeVOT and VeSCC - Foundation layer for new ecosystem
    • New ICO: BitOcean - Fiat/VET on-ramp
    • New partners: BMW, Yida Group, Australian 188 Business Alliance Association
    • New VeResearch partner: Awaiting formal announcement from University
    • New initiative: Carbon Bank alongside DNV GL, Tsinghua University, and government agencies
    • New Website: https://www.vechain.org/
    • Potential for further growth: 180 business opportunities in the pipeline for 2018
    • Currently: DNV-GL at Global Food Safety Initiative - live real-world use case for wine tracking and cold chain logistics solution
    • X series node program - Additional rewards to early adopters, staking and long term investment

    Updates from the last 30 days

    It's been a big month for VeChain as they have continued to work and share with the community. Here are the updates from their Official Medium channel and Reddit Rebrand Post

    New website - https://www.vechain.org/

    It has loads of useful information and a well produced introduction video. I would highly recommend reading through the website to get an idea of the scope of what VeChainThor is trying to accomplish.

    "We are controlled by the few, the powerful and the greedy. We should be free. Free to choose, to trade, to create. It is time for a new world, a world founded on safety and security. A world where everything you do creates power, power for all. And you, you will decide the shape of this world. The power to change the future, is in your hands. VeChain." VeChain Introduction Video

    What is Blockchain X?

    Blockchain X is a global enterprise level public blockchain platform. VeChainThor is referring to their network/protocol as Blockchain X, to differentiate it from Bitcoin (Blockchain 1.0) and Ethereum (Blockchain 2.0 = Blockchain 1.0 + Smart Contracts).

    Blockchain X = Blockchain 2.0 + IoT + AI + VET/VeThor = A living digital ecosystem

    • Blockchain = structure - bones, muscle etc (immutable trustworthy network)
    • IoT = senses - touch, vision, taste, smell, sound (collect real world information from RFID/NFC/QR etc.)
    • VET/VeThor = bone marrow/blood - generate blood & circulate (value transfer on the network)

    • AI = brain - information synthesis (automation of network with deep learning)

    VeChainThor: the top candidate for enterprise and government level adoption of Blockchain

    VeChainThor has an extremely strong development plan geared towards enterprise and government level adoption. If successful in their execution, I see VeChain being the leading cryptoasset comparable to Ethereum in size. The reasons I believe they will succeed are due to their ecosystem development, innovative governance model, robust economic model and strong strategic partnerships. The evidence of their success is snowballing with each new enterprise level partner and client.

    DApps & Ecosystem development

    The infrastructure layer has adoption in mind at the very core. Governments and enterprises will prioritise safety and security before venturing into blockchain adoption. (Mentioned in the introduction video.) The core DApps, VeVID (Verified identity, KYC/AML), VeVOT (Voting, Governance tool) and VeSCC (Smart Contract Certification, Regulatory compliance) provide the safety and security that governments and enterprises will demand. Blockchain X will have built-in KYC/AML, Governance and Regulation compliance. This sets it apart from other protocols and ICO platforms.

    Governance model

    The governance model is a balanced mix of decentralisation and centralisation. With problems such as Bitcoin's scaling debate, it appears that a purely decentralised governance structure may be inefficient. VeChain will use a new model of a decentralised system through centralised channels. The final decisions will be made in a decentralised democratic process through VeVOT by stakeholders with voting authority. I believe this model will be more widely adopted as it retains some of the efficient centralised channels that enterprise & government are familiar with, while still giving overall control to the network participants via a democratic voting system.

    Economic model

    The two-token economic model splits the value in the network into VET and VeThor. VET's primary function is to generate VeThor. VeThor represents the underlying costs of using the VeChainThor blockchain. All smart contract execution and transactions will require payment with VeThor. Through the dynamic rate of VeThor generation, the fiat value of VeThor can be kept relatively stable. For example, if the VeThor price was too high due to an increase in enterprise demand, the VeThor generation rate can be increased, which increases supply, and brings the price back down. The opposite is also true if the VeThor price is too low. The way I see VET is a store of value, a representation of ownership of part of the network and the right to use the network. Whereas VeThor is the perfect medium of exchange and a pure utility token. By using a two-token system, VeThor can have a stable fiat value over a long period of time. A company will be able to calculate how much VeThor will be needed for a consistent fiat value year after year and will be able to budget for this. This is extremely useful for enterprise and government level adoption since it removes the inherent price volatility from a nascent market like crypto.

    VeChain also has a Node system, whereby holding VET generates additional rewards. Nodes of different levels will generate up to 200% additional VeThor compared to the base rate. This encourages long term staking in the network and decreases volatility. See the Apotheosis Part II article and X Series Node article for more information. A portion of VET supply will be locked up when nodes activate. Long term VET holders will not sell and downgrade their status. This decreased supply will lead to price increases. Early adopters (Deadline to stake: Before 20th March 2018) will be rewarded in the new X Series Node system. Features include exclusive participation in VeChain ecosystem project whitelists. (Something I'm excited about since I believe there will be a handful of reverse ICOs from traditional enterprise clients)

    Technology

    VeChain is planning on adding more than 100 additional full-time developers by the end of 2018.

    For those interested in the technology of Blockchain X, I would direct you to the Medium AMAs where the VeChain team have provided detailed answers to common questions. Hardware 1, Hardware 2, Software 1 and Software 2 are worth a read.

    Strategic partners

    The three strategic partners each play a key role in VeChainThor's expansion. PWC has clients which make up 85% of the Fortune 500. DNV-GL is the preferred provider of those Fortune 500 companies for management systems certification services. PWC and DNV-GL will serve to introduce their enterprise clients to VeChain and increase adoption. BitOcean is positioning itself as a Fiat on-ramp for Crypto in Japan through physical ATMs and online exchanges, with approval by Japan's Financial Services Authority. BitOcean also plans to operate in China when regulations are finalised. BitOcean represents a Fiat/VET pairing that may serve to decouple VET/BTC and lead to independence of VET from the whims of BTC price.

    Evidence of adoption to date: Existing clients & Investors

    VeChain currently has 180 business opportunities in their pipeline for 2018 (compared to 4 use cases in 2016 and 22 in 2017). They have real uses cases and existing clients that range from medium to large enterprises. Revealed clients include Chinese Government Gui'an New Area project, BMW, Groupe Renault, DIG, Kuehne + Nagel, China Unicom, NRCC - State Tobacco, MLILY, Sunshine culture, Hubei Sanxin Cultural Media, Fanghuwang, YIDA future, Madeforgoods and iTaotaoke. Each of these partnerships deserve a detailed post on their own, they are all available on VeChain's Medium page. Taken together, it becomes clear what type of Ecosystem VeChainThor is trying to build.

    Jiangsu Printed Electronics and Xiamen Innov Information Technology are technology partners and I suspect will be mass producing the RFID/NFC chips.

    Breyer Capital and Fenbushi capital are the two featured investors on VeChain's website. Jim Breyer generally makes some pretty smart investment decisions. His only other crypto investments are Circle and Ethereum.

    Bonus news: This week they are presenting with DNV-GL a cold chain supply chain solution at the Global Food Safety Initiative conference 2018. Zoom in and you'll see VeChain Intelligent Control Display System. DNV-GL have also launched their new digital assurance solution, My Story™. Four top Italian wine producers are using My Story™ under supervision of the Italian wine authorities. Twitter and DNVGL link.

    China's potential

    China is widely known to be anti-cryptocurrency but extremely pro-blockchain. China's "13th Five year plan 2016-2020" focuses on moving up in the value chain by abandoning old heavy industry and building up bases of modern information-intensive infrastructure, with blockchain and Smart Cities being a key technological focus. VeChain has achieved approval from the Government of the People's Republic of China with Gui'an New Area project, multiple mentions on state owned media (CCTV) and deals with state owned enterprises (China Tobacco). China will not fall behind in the international Blockchain race, they will finalise regulations and adopt Blockchain rapidly in the coming years. VeChain appears to be one of the leaders in the field, with their largest office in Shanghai and existing government connections.

    Leader in the field

    Last but not least, VeChain is leading the field in a number of areas.

    1. Academic research: VeResearch with Michigan State University #1 for supply chain management and another university to be announced
    2. Transparency: quarterly financial reports, regular social media updates, multiple AMAs, response to r/cryptocurrency ban, directly addressing FUD in official Telegram channels
    3. Corporate responsibility: cryptocurrency disaster recovery plan
    4. Environmental responsibility: Carbon bank initiative with DNV-GL

    Skeptics section

    In the interests of balanced discussion, I will update this section with skepticism I find in the comments below.

    1. "No whitepaper"

      • VeChain are working on a Whitepaper as part of their Q1 2018 goals. Information normally found in a Whitepaper has been made available through the development plan. I'm actually not too fussed about not having a whitepaper. For me evidence of enterprise adoption is a more useful indicator of how successful VeChainThor could be.

    2. "No official wallet" "No Mainnet"

      • VeChainThor has been operating as a private blockchain since June 2016. Public VeChainThor Blockchain Launch, VeChain Wallet with VeThor Forge Function will be released in Q2 2018 according to the roadmap.

    3. "VeChain are dumping their VET on the open market"

    4. "Can we talk about the fact that the BMW "partnership" is not really a partnership? VEN is allowed to participate into a startup program hosted by BMW. BMW is not a client. http://www.bmwstartupgarage.com/partner " - u/DutchDolt

      • "BMWstartupgarage" has neither been confirmed or denied by BMW or VeChain, it has been spread by a youtuber called "Crypto Gem"
      • Going to the website linked, BMW refers to successful participants as both partners and clients
      • This is still a developing partnership with details under NDA, however the VeChain/BMW link has been confirmed at the VeChain rebranding event and by Sarah VeChain Country Manager

    5. "Vote manipulation" "Shilling" "Brigading"

      • In the past VeChain Telegram Moderators wilfully participated in brigading, leading to the ban on the word "VeChain" for 30 days in r/cryptocurrency
      • It is difficult to differentiate manipulated behaviour and organic behaviour on Reddit, the moderators here do an amazing job getting rid of spam and detecting vote manipulation
      • The Official VeChain Foundation has stepped in to help Reddit moderators prevent VeChain vote manipulation
      • Official Telegram Rules: Brigading & Reddit links: We have a new policy regarding Reddit and 'brigading'. No brigading of any kind will be allowed. If you want to post a Reddit link, do so with the "np." prefix added to its URL, for example "np.reddit.com /r/CryptoCurrency". No spamming for upvotes, as it hurts both of our communities.
      • This is strictly enforced by Telegram moderators and results in a warning then an insta-ban for repeat offenders
      • https://imgur.com/a/sOva9 is being copy-pasted en masse by detractors as evidence of brigading
      • Image shows Boxminig feeling sorry for WTC PR team and a "np" link to a different thread _________________________________________________________________________________________

    An interesting perspective supported by CEO Sunny Lu

    /u/NTSpike: VeChain Thor Is Positioning to Become THE #1 Enterprise dApp Platform, and Here's Why - A Systems Analyst's Perspective

    Disclaimer: My holdings are 80% VEN and remainder in NEO, WTC, TKY, XRB, AMB

    submitted by /u/enozym111
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    Binance CEO: “Binance has reversed all irregular trades. All deposit, trading and withdrawal are resumed. will write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate this to Binance Charity.“

    Posted: 07 Mar 2018 03:01 PM PST

    I've mapped the exact time when money was transferred from Mt Gox trustee cold storage to exchanges on the BTC/USD chart (total 40,000 BTC).

    Posted: 07 Mar 2018 01:22 PM PST

    [Shill] If you want more Bitgrails and Mt.gox, keep whining about withdrawal fees. If you'd rather have a somewhat safe platform to trade on, join me in celebrating another Binance victory in a dangerous newborn market.

    Posted: 07 Mar 2018 01:39 PM PST

    Despite not having all the facts about what really happened, it appears that a fair amount of users got phished or got their api access stolen.

    Binance promised to revert trades, and actually started to do so according to reddit comments.

    Crypto is a dangerous, unregulated market. I know people like to whine about Binance's relatively high withdrawal fees, but I for one prefer to acknowledge when stuff is being done right. All my crypto investments are on Binance because I bot-trade (ikr, the irony) and I am glad I can have some ease of mind compared to other exchanges.

    P.s: I'm not used to be the shill around here, downvote me for it if you want, just felt like things needed to be said.

    submitted by /u/EuW_MadWard
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    VeChain has been really busy in the last 30 days, take a look

    Posted: 07 Mar 2018 08:19 PM PST

    VeChain was suspended from r/Cryptocurrency on Feb. 5 after reports of brigading.

    That suspension has now ended. Here are updates for VeChain over the past month, newest first.

    TL;DR is at bottom.

    3/6

    VeChain partner DNVGL reveals the first 3rd party dApp created for the VeChain blockchain, My Story.

    The Italian wine industry will be the first to use the app, which will allow consumers to trace the product's supply chain story.

    3/5

    VeChain announces a new node system that adds to the previous system (while retaining prior node levels). The X series is a limited time node series that must be locked in by March 20th. In order to secure an X node, 6,000 VET tokens must be moved to a traceable wallet (such as My Ether Wallet) before the twentieth. Exchanges do not count as traceable wallets.

    The limited time nodes can only be claimed during this early adopter period and grant benefits such as early ICO access and a unique VID as an early adopter.

    3/3

    Vechain's partner, BitOcean (who plans to launch an ICO on the VeChain blockchain), is approved as an exchange by Japan's Financial Services.

    3/1

    Continuing in its tradition of being a transparent company in blockchain technologies, VeChain released its second financial executive report.

    2/26

    VECHAIN REBRAND EVENT, APOTHEOSIS PART 3

    Watch it here.

    Major Announcements: -Officially announced a partnership with BMW Group -Officially announced a partnership with the Mathematical Institute at University of Oxford -Officially announced the first ICO with BitOcean ATM Exchanges -Officially working on a Carbon Bank solution to improve carbon reduction alongside DNV GL, Universities, and Governments -DNV GL's CEO of Business Assurance to announce a food sourcing solution next week at conference in Tokyo -Introduced three DApps - VeVID, VeVOT, VeSCC -80+ employees over four locations and growing: Shanghai, Singapore, Paris, Tokyo -New website www.vechain.org

    2/25

    VeChain released its second Software AMA.

    Notable Points: -Multiple dApps in progress -Uses PoA model -Browser/dashboard available for developers -VeThor used to pay for smart contracts

    2/23

    VeChain released its first of two Software AMAs.

    Notable Points: -Public blockchain/mainnet to launch in June -Solidity coding language -Developer kits to be released -Security against 51% attacks -10,000 tps

    2/22

    Second Update of the Day

    VeChain releases a video demonstrating how automobiles will incorporate VeChain technology.

    First Update of the Day

    VeChain unveils the second part of its Hardware AMA responses.

    Notable Points -Machine in demo has already made 20,000 tags for French luxury brand -Production is extremely scalable and can hit high demand -Uses for anti-theft -Pictures of VeChain tags -Clarifies that no blockchain hardware for any company can write "directly" to the blockchain -All chips already in use, ten different types -NFC/RFID hybrid tag specifics

    2/21

    CEO Sunny Lu appears on CNBC and discusses government involvement with cryptocurrency.

    *Notable Quote:" "It's interesting to see, the government is looking for help from technology. But still, we need more time to see how the project will run and how it can help the current situation on the Venezuela fair-currency and economics. We don't know for now, but it's a good start."

    2/20

    Second Update of the Day

    VeChain released an explanatory video highlighting medical and healthcare solutions.

    First Update of the Day

    Vechain releases the first part of its five part Hardware AMA responses.

    Notable Points: -Offline/online temperature sensors -Drone usage -CHAOS decentralized storage solution developed by VeChain -Hardware wallet on roadmap -ID Registration service for IoT delivered at Berlin Trusted IoT Alliance meeting -Data security
    -Sub-chains and cross-chains

    2/19

    VeChain signs a partnership with Yida Group's IT Management division, Yida Future.

    Notable Points: -Yida Group is on the Hong Kong Stock Exchange and has over 5,000 employees -Yida Group currently has over 2.36 million square meters (25 million square feet) of AUM (Asset Under Management) such as the globally known Dalian Software Park. -Yida Group also developed, operates and manages the Eco-New City of Dalian, Dalian B.E.S.T. City (Biodiverse Emerging Science Technology). -Phase one of this partnership will include integrating the Gui'an smart city administrative solutions into existing projects. The end result of this partnership being VeChain Thor integration into current technology and the development of blockchain solutions that are customized to all existing clients and assets under Yida Group.

    2/14

    VeChain announced the winners of the community video contest. The winning videos are below.

    First Place: Vechain: An Introduction

    Second Place: Vechain. The Future. Now.

    Third Place: VeChain Thor: BlockChain for All

    Fourth Place: VeChain for Kids

    Fifth Place: VeChair Thor: Empowering Everyone

    Community Favorite: VeChain: Refining the Interconnectedness

    Upon the announcement of the winners, CEO Sunny Lu revealed that he would be doubling the prize VEN of each winner, totaling additional 4,000 VEN.

    2/13

    Second Update of the Day

    VeChain announced its first technical AMA with questions collected on the r/VeChain, hosted by CTO Gu Jiangliang.

    First Update of the Day

    VeChain released a sneak peek video of its technological capacities.

    A major highlight was a proprietary RFID/NFC chip that writes directly to the blockchain, not through an API.

    2/12

    Third Update of the Day:

    VeChain released a short video explaining how it would be used in Cold-Chain Solutions. The minute-and-a-half video is primer for understanding how VeChain and blockchain technology works in the real world.

    Second Update of the Day:

    VeChain released the transcript of COO Kevin Fang's blockchain lecture to 35,000 Chinese community members over WeChat.

    *Notable Quotes:"

    "To tackle this issue, VeChain will provide customers with a custom online wallet service and a hardware wallet with built in properties designed for enterprise uses."

    First Update of the Day:

    VeChain CEO Sunny Lu met with the Deputy Prime Minister of Belgium, Alexander De Croo, to discuss blockchain technology.

    De Croo tweeted "blockchain believers unite" with a picture fist-bumping Sunny Lu.

    De Croo later tweeted a news article about the meeting.

    2/11

    VeChain announced a partnership with Austalia's 188 Business Alliance Association.

    Notable Quotes:

    "VeChain has signed with 188 BAA to effectively manage the logistic park management solution using VeChain IoT applications. VeChain will be integrating a combination of drones and IoT with VeChain Thor to capture, source, manage, and secure big data solutions for warehousing zones and logistic parks for cross-border business operations. This solution will be flexible enough for businesses to integrate other needs alongside VeChain within VeChain Thor's ecosystem to collaborate and continue rebuilding cross-border business processes and ecosystems globally. 188 BAA Logistical Centers will circulate meats, dairy, wool, textile, and even mineral ores from mining and precious metals. The fully automated logistic centers in both Australia and China phase 1.0 will be funded by over 200 of the members of the 188 BAA, the design, planning, building of the project kicks off immediately."

    Suggested Importance: China to become biggest foreign owner of Australian farmland

    2/10

    Responding to community request, VeChain launched a second Telegram group, this one dedicated to a more serious discussion with GIFs disabled.

    2/7

    VeChain revealed its first public dApp VeVID, also known as VeChain Digital ID and KYC system, VeChain Verified ID.

    Notable Quotes:

    "Having a valid KYC and Digital ID system enables such qualified parties to build stronger projects without overcoming additional, or repeated, hurdles. The understanding of who is who within the ecosystem creates a global ripple and makes the management of your data, incredibly simple and powerful."

    "An close to home example of the use case for VeVID would be Fanghuwang, a fast growing financial services/lending platform based in China. Fanghuwang will work closely with VeChain to make sure the lending platform's KYC process on blockchain for all future and existing clientele shall meet the standards of financial markets regulators and ultimately the standards set forth by both PBoC and CBRC (People's Bank of China and China Banking Regulatory Commission).

    "VeVID is being built in tandem with BitOcean, and other key strategic partners, to uphold the standards set globally. This system is designed from the ground up to be Japan FSA compliant and cater to any other known government regulations. BitOcean, and other key strategic partners, provide a great deal of regulatory background to the systems that create this KYC system."

    2/5

    Suspension began.

    TL;DR Chronological Timeline

    2/5 Suspension Began

    2/7 First public dApp, VeVID, revealed

    2/10 Launch of "serious," no GIFs Telegram group

    2/11 Announcement of partnership with 188 Business Alliance in Australia

    2/12 CEO Sunny Lu met with Belgian Deputy Prime Minister, transcript of COO's blockchain lecture released, video released about coldchain logistics

    2/13 Released sneak peek video of hardware and announced hardware AMA

    2/14 Community video results revealed

    2/19 Partnership with Yida Group signed

    2/20 First part of AMA released (hardware #1), short video on medical and healthcare logistics released

    2/21 CEO Sunny Lu appears on CNBC and discusses government and crypto

    2/22 Hardware AMA Part 2 is released, short video explaining automobile "passport" system is released

    2/23 Software AMA Part 1 is released, live stream of rebrand event formally announced

    2/25 Software AMA Part 2 is released

    2/26 Rebrand event, apotheosis part 3, BMW partnership announced, Oxford University Partnership announced

    3/1 Financial executive summary released

    3/3 VeChain partner and ICO developer BitOcean is approved in Japan as an exchange

    3/5 VeChain announces its X node series, opening up a limited time node option that must be claimed by March 20th.

    3/6 VeChain's partner DNV GL announce the first 3rd party app, My Story, piloted by Italian wine companies

    submitted by /u/jayjayzian
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    Big TA signs coming up after today's correction ������������

    Posted: 07 Mar 2018 08:43 PM PST

    Oyster - Testnet B is now public!

    Posted: 08 Mar 2018 12:10 AM PST

    What 99% of new Crypto releases look like.

    Posted: 08 Mar 2018 12:15 AM PST

    I'm gonna need a 2nd page at this rate

    Posted: 07 Mar 2018 11:58 AM PST

    TRAILER: Giftcoin

    Posted: 08 Mar 2018 12:53 AM PST

    Summary of the Phishing and Attempted Stealing Incident on Binance

    Posted: 07 Mar 2018 06:31 PM PST

    Waltonchain Deletes Alibaba Announcement on Twitter: Followed by This message.

    Posted: 07 Mar 2018 07:17 AM PST

    OmiseGO (OMG) | Next generation financial network and decentralized economy

    Posted: 07 Mar 2018 10:19 PM PST

    Warning: Issues on Binance

    Posted: 07 Mar 2018 08:14 AM PST

    This morning a large number of users are reporting issues with their accounts on Binance.

    Issues:

    • Many people have logged in to find that all their altcoins were sold for BTC, and that many users also placed buy-orders for a specific coin at a price multiple times above its regular value.

    • This is only effecting users who have issued API keys on their accounts.

    • Binance has confirmed the issue stems from the API via third-party tools and is not a direct compromise issue. All funds are currently safe.

    Security Suggestions:

    If you use third-party trade bots, automation tools, portfolio trackers, or portfolio management tools that use Binance API keys you should consider:

    • Disabling those accounts either on Binance or the tool itself.

    • Disabling "trade" access to the API on Binance, or resetting the key.

    • Disabling your API keys on any other exchange that is hooked into the same systems.

    • Ensuring your 2FA is enabled, and you are using a strong and unique password.

    At this time it does not seem like Binance was directly compromised in any way, but we are still awaiting official comments.

    We will try to keep you updated as new information develops.

    Edit - Update 1:

    Edit 2 - Update 2:

    • Binance has located the irregular trades.

    • They will be reverse all fraudulent transactions and restoring all funds.

    Edit 3 - Update 3:

    • Binance has reversed all irregular trades.

    • Withdrawals have been reactivated.

    submitted by /u/AdamSC1
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    Twitter users, if you have the time and patience, report any phishers. Report people fake-replying to them saying "I got my ETH!". Report them all.

    Posted: 07 Mar 2018 06:53 PM PST

    Twitter needs to understand that this is not okay. And since they're silencing the people who are trying to point out the scams (like this), the best we can do now is simply report them all. Give the Twitter community team more work than they can handle. Give them no choice but to deal with this problem, even if that "problem" is just us reporting everyone involved.

    submitted by /u/Trev_Holland
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    Found this over at /r/wine - "My Story" The story behind your bottle of wine, on the blockchain.

    Posted: 07 Mar 2018 02:24 PM PST

    Mt Gox has been dumping on us for the last two months.

    Posted: 07 Mar 2018 04:18 AM PST

    Economist magazine cover in 1988

    Posted: 07 Mar 2018 07:41 PM PST

    Thanks Crypto!

    Posted: 07 Mar 2018 08:53 AM PST

    Honestly, thank you crypto for the rollercoaster of my life.

    I cannot imagine a life without the pumps and the dumps, the hacks, the scams, the crashes, the ATHs, the fudders and shillers.

    What do people do without crypto? Going to the gym and watch Netflix, sometimes party and get drunk? Pathetic!

    Please crypto, never change.

    submitted by /u/Alexej1909
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    An interesting coin just popped up in Top 100

    Posted: 08 Mar 2018 01:33 AM PST

    Genesis Vision (GVT) is one of the few that had a bull sentiment in these hard times and it just entered the Top 100 on CMC.

    It serves as a platform for the private trust management market. It combines exchanges, brokers, traders, and investors into a decentralized network. So it has the whole ecosytem in one place.

    GVT's MC is just above $140.000.000. There's a total of roughly 4.4 million GVT tokens, its an ERC 20 token, and it's needed to get in and out of manager's funds.

    Their Alpha version (working product) is coming out on April 1st.

    They are targeting a 70 trillion dollars market and have a respectable team. Charlie Shrem is their Strategic Adviser to platform operations.

    They have also just announced their partnership with Larson&Holz Brokerage - https://twitter.com/genesis_vision/status/971355399961174016

    What are your thoughts on GVT?

    submitted by /u/b1nkh4x0r
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    Binance account was compromised. Lost 6000$. What next?

    Posted: 07 Mar 2018 09:24 AM PST

    As you read in the title, my account was compromised via the API (even though I had trades deactivated...). Somebody sold all my coins and bought VIA with it at a ridiculous price which is no more. The result is my account balance going from 0.6 BTC to 0.05 BTC.

    I am angry and kind of desperate. I submitted a ticket but my hope are low... Any advice as to what to do next?

    --Edit--

    First off, thank for all the support! Just to clarify, I had an API key enabled but I had trades deactivated. Somehow when I checked there was a second API key active with trades enabled which I am sure I did not enable... The likely scenario is that I got fished (damn I would really like to think this is not the case as I am very carefull) and the fished credentials and 2FA were instantaneously used to create an API. I think Binance needs to add some e-mail confirmation for creating APIs as a third layer of security (as is done with withdrawals), and of course as users, we need to be more carefull then ever.

    --Edit 2--

    Looks like Binance is going to reverse trades (https://twitter.com/cz_binance/status/971476396278099969). I'll update this post if this really happens

    --Edit 3--

    The VIA just disappeared from my account. But no BTC/NEO/IOTA yet. But it seems like something is happening!

    --Edit 4--

    My fund have been given back to me as BTC. I have to say, I am very impressed with the speed at which this happened.

    submitted by /u/euphotic_
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    Why we need to reject SEC regulations on Exchanges

    Posted: 07 Mar 2018 11:38 PM PST

    I am not against all forms of regulation, what CFTC is going is pretty outstanding, they are educating investors and are helping in weeding out scams from the scene.

    But SEC is poking its nose where it doesnt belong and trying to turn crypto into something it is not. If you read the latest "Exchange regulation" primer, the SEC wants all exchanges to be registered as a "national securities exchange", registered as a broker-dealer and filed a Form ATS with the SEC, register with FINRA's BrokerCheck, et cetera...

    Except registering will all these institutions costs millions of dollars. Its not a lot of money for Poloniex or Binance but for a new exchanges, this severely restricts their growth. The "SEC registered exchange" business will become similar to the stock market game where only the already established exchanges will be able to sell their shovels.

    Essentially, the SEC's stand is that all ICOs based coins/tokens are securities, and when it comes to new securities offering in the traditional stock market, there are massive capital restrictions on who can invest in these IPOs - such as allowing only high net worth individuals and registered funds access to invest in these markets.

    All these regulations will eventually translate into much higher KYC norms for end users and it is not unreasonable to think entry restrictions will be placed on most retail users. You may be asked to link social security details or obtain a crypto traders license. Exchanges will be asked to file regular reports on users with high volume, so you can be monitored closely. Unless you are trading hundreds of thousands, you may even be priced out of these "regulated crypto exchanges".

    The SEC needs to get over it, crypto is not a security and they have no business spreading their bullshit here. Crypto helps in making financial trading instruments much more accessible to the average citizen, not the opposite. In any case over regulating this market is going to end badly, the SEC has little to no control over decentralised exchanges and many of these will sprout up (of course some of them will be even scams) and people will continue to lose money despite all these regulations, thus resulting in more regulations.

    submitted by /u/lamb0x
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    Wake up knowing why you joined crypto. My ringtone to start the day right.

    Posted: 07 Mar 2018 11:24 PM PST
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