[Daily Discussion] Sunday, March 04, 2018 Bitcoin Markets |
- [Daily Discussion] Sunday, March 04, 2018
- Korean Traditional Finance is Getting Destroyed by Crypto it’s Not Even Funny
- Teachings from the market, from total newb, to a semi newb.
- Bullish Wolfe-Wave $17.2k
- How do people with 100s of thousands in fiat buy crypto during volatile markets?
- BitMex on Lightning - Construction Overview
- ETH To BTC – Best Price Across Different Exchanges
- FOMO indicator...not there yet
- Why Derivatives?
- A smart GUI for the CMC API - The time saving way to screen the 1000 over cryptocurrencies
| [Daily Discussion] Sunday, March 04, 2018 Posted: 03 Mar 2018 08:05 PM PST Thread topics include, but are not limited to:
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| Korean Traditional Finance is Getting Destroyed by Crypto it’s Not Even Funny Posted: 04 Mar 2018 04:49 AM PST It's a big win for crypto this week, as two indicators show that cryptocurrency is pulling more interest on both the customer side as well as the employment side of things. Bitcoin was built, in part, upon the idea that the banking system had failed the average person, and was taking advantage of the majority for the benefit of the minority. (Bitcoin White Paper) And although this is far away, a new poll conducted in Korea shows how much progress cryptocurrency is making, as well as how much upside we may have moving forward in the future. Crypto and Stocks In Korea, a recent poll shows that the amount of cryptocurrency exchange accounts has exploded, moving from under 1 million last year to over 5 million this year in Korea. Not only is that 10 percent of the whole population, but more impressively that is ⅔ of the amount of accounts registered in the traditional stock exchanges in Korea. These users are spread among different exchanges with the largest being 3.3 million unique users on Bithumb, 2.9 on Upbit, and 700k on Coinone, with other exchanges have less. But are the results of this new survey really a surprise? We have known since last August that the volume of crypto exchanges in Korea passed the stock exchanges here, and last August was a blip in crypto compared to what is today. And when you remember that Upbit didn't even exist last August, that number is pretty incredible. It would be hard for anyone to say that cryptocurrency isn't a thing at this point. But then who are these new users, and how much time are they spending on cryptocurrency exchanges? The majority of the users, over 50% in fact are between 19 and 30. This is the effective opposite of stock exchange users, where 50% of users are between 40 and 60. These users are also spending significantly more time on these sites than those of traditional stock platforms, with Upbit holding the record for an average of nearly 500 minutes per day per user. In the next year, I wouldn't be surprised if 2018 is the year when number of crypto accounts surpasses traditional ones. It's only a matter of time before even stocks are traded as an asset on a blockchain, and Korea might be one of the first places where this takes place. Crypto and Finance To add insult to injury, banks are also not only losing young capital to crypto, but also young employees. The financial and banking industry in Korea has been plagued the last year or so by scandals, and other issues. With the huge growth in cryptocurrencies, that has directed much of the young workforce elsewhere, seeking jobs that are both more fulfilling and have more potential. Cryptocurrency exchanges have stepped up to fill that void. Currently Upbit and Coinone have around 100 employees, and Bithumb has around 450. But that is expected to increase. Upbit has announced that they are consistently adding employees, and Bithumb announced that they are planning to add 400 new employees to the 450 they already have. The need for these exchanges to hire employees who can read a white paper and understand it, and then provide information about it is high as many people, even investors are still lacking in basic understanding of blockchain technology. But many and plenty of youth are excited about this space are stepping up to fill these positions. Development, security, and business strategy are spaces where exchanges have said that they have the greatest need for employees. http://www.greened.kr/news/articleView.html?idxno=52942 So what does this all mean? I think it means great things are coming for crypto. It means young people are excited about this space, and are MUCH more interested in it than traditional markets. It means that these people, who are on the edge of technology and societal development are going to put their intellectual resources towards making this space succeed and work for everyone. And Korean youth especially seems to be making their own space in this industry. The CEOs of both Coinone and Korbit are both below 35, showing that this industry is one in which youth are and will continue excelling. It means that over the next five and ten years, more adoption will come as more and more young and tech savvy people get into the market. And also it means finance is going to be something that everyone can be a part of, poor or rich, young or old, woman or man, north or south, cryptocurrency isn't going to be a group for you and your friends from the country club. [link] [comments]  |
| Teachings from the market, from total newb, to a semi newb. Posted: 04 Mar 2018 07:46 AM PST Hi, I have been trading following bitcoin every day, every hour, without stop since around $7. I don't consider myself able to predict the future or know anything at all about even the next candle ~ LOL.. i used to think like that, but now i have conceded myself to knowing nothing always and forever. I recently wrote this out in telegram and thought i'd share here considering /r/bitcoinmarkets is where it all started for me. These are some of the lessons i've learnt over the time. .. With regards to my personal self confidence in the market .. How my TA progressed .. Who i trusted and where i looked to help me .. How things have changed .. What the market has taught me [link] [comments]  |
| Posted: 04 Mar 2018 05:58 AM PST Bullish Wolfe-Wave $17.2k https://www.tradingview.com/chart/BTCUSD/qmzc0LT6-Wolfe-Wave-17-2k/ [link] [comments]  |
| How do people with 100s of thousands in fiat buy crypto during volatile markets? Posted: 03 Mar 2018 08:51 PM PST It seems to me that if you have a lot of money and want to buy dips, it's hard to do that, yet you see a lot of action that seems to suggest there is a lot of money coming into crypto. So what techniques do these super whales use to actually buy up all the bitcoin? [link] [comments]  |
| BitMex on Lightning - Construction Overview Posted: 03 Mar 2018 04:51 PM PST Hi guys, I was banned for two weeks and started to stop obsessing about the price of Bitcoin and live a normal life again. Been a while since I stopped trying to trade every fucking move. In that time I started to think about building an exchange on Lightning, and since my favorite exchange is BitMex, I started to think about how to build BitMex on Lightning. I think I've got it figured out... here it is. Posting here to get some feedback, although I'm not sure this is the right place for it. Gonna start building this week... Step 1: The derivative contract It is simpler to explain how the contract works by providing an example: Alice has 1 BTC and Bob has 1 BTC. Alice wants to go long 1 BTC (no leverage) and Bob wants to short 1 BTC (no leverage). If the price of BTC doubles, then Alice will have 2 BTC and Bob will have 0. If the price of BTC halves, Alice will have 0 BTC and Bob will have 2. Simple enough, right? Ok, so then why don't Alice and Bob just lock one BTC into a lightning channel and start updating the sate of that channel. That is, Alice and Bob open a channel with each other, There is 1 BTC on Alice's side of the channel and 1 BTC on Bob's side of the channel. As the price moves up, Bob pays Alice. As the price moves down, Alice pays Bob. If Alice stops paying Bob or Bob stops paying Alice when the price moves, the position is closed and either party can now tear down the channel. Step 2: Leverage Ok, so leverage is simple to do. Alice wants to go long with X leverage, then she just locks in 1/X BTC into the channel, Bob puts in 1 BTC, if the price goes down, then Bob gets 1/X BTC from Alice, and Alice is liquidated. Bob's position is closed. However, if Bob wants to keep his position open, he will need to find someone else who is looking to go long at that point. He can now take his 1+1/X BTC and open a new channel for the next position Step 3: Liquidity Ok, so leverage makes the whole construction somewhat cumbersome. You can't really do 100x leverage, because every time someone gets liquidated, you will need to tear down a channel and potentially open a new one... Not exactly great. There is a way to get around this. It's somewhat involved, but I give it here. Alice wants to go long with X leverage, Bob wants to go short with Y leverage. They both want to be 1 BTC total position, so Alice has 1/X BTC she is willing to post as collateral, and Bob has 1/Y BTC he is willing to post as collateral. However, let's assume that Alice and Bob both have a total of 1 BTC on the exchange... They're only opening a position with a fraction of their available margin. In this particular case, Alice and Bob can transact multiple times between one another. if Alice gets liquidated, then she still has 1 - 1/X BTC, Bob has 1 + 1/X BTC, and they can transact again. But the problem is that if the price moves up and Bob stops paying Alice on the channel, i.e. Bob has closed his position, then Alice is effectively "losing out" on her position. Someone else closed her position for her... That's not cool. So, the idea is to put an entity between Alice and Bob. This is the exchange... It's important to note that the exchange is not a single person, it is multiple people... i will explain below. Now, Alice has a channel with the exchange and Bob has a channel with the exchange. The exchange funds their side of the channel with some amount of liquidity, let's say it funds it with like 1 BTC on both channels (for the sake of keeping things simple). These BTC are just sitting in a multi-sig... No big risk to the exchange, no reason not to put them there. Now, if Bob wants to go short and Alice wants to go long, then if the price goes up, Bob pays the exchange, the exchange pays Alice. The exchange will always have 2 BTC, but if the price moves up 10%, then the exchange will have 1.1 BTC on their side of the channel with Bob, and 0.9 BTC on their side of the channel with Alice. Step 4: The exchange Ok, so the exchange is very simple. It's just a bunch of people who run the exchange software. It's people like you and me who just take their stack, put it in a channel with someone looking to trade and then run the software I wrote. But, what if Alice gets liquidated, and Bob wants to keep his short open? Well, the exchange now simply has to find someone else who is willing to go long at that new price point, and then if the price continues to go down that new person pays the exchange, the exchange pays Bob. Ok, so far everything is simple, but if you were paying attention, you will notice that there's a problem: Assume the exchange consists of two people, called them Charlie and David. If... Alice has a channel with Charlie David has a channel with Bob Alice is long 1BTC Bob is short 1BTC BTC drops 10% Then Alice has to pay Charlie 0.1 BTC, while David has to pay Bob 0.1 BTC. But that's all fine... Alice pays Bob via LN multi-hop payment, as long as Charlie and David are reachable on the LN graph... Sick... it works. If Alice stops paying Charlie as the price falls, then Alice's position is added to the order book, and whoever buys that long starts paying Bob... Done deal. Step 5: Order Book Order Book isn't too hard. Basically, everyone who is a part of "the exchange" simply runs a Byzantine consensus algorithm to agree on the state of the order book... Simple finite state machine with replication. Byzantine fault-tolerant consensus algorithm will do.. . Done deal. The only problem is that consensus protocols are slow... The more nodes, the slower... So basically the exchange can't consist of more than a couple dozen nodes... That's fine... Build a web app on top of this, publish the order book to a webserver. [link] [comments]  |
| ETH To BTC – Best Price Across Different Exchanges Posted: 04 Mar 2018 12:01 AM PST I just published my first ever blog post for cryptocurrency traders - https://coinscanner.co/blog/ETH-to-BTC It tells you about how to trade bitcoin for ethereum at the cheapest possible price across different exchanges using CoinScanner.co My first contribution to the community, hope you all like it. [link] [comments]  |
| FOMO indicator...not there yet Posted: 03 Mar 2018 05:35 PM PST |
| Posted: 03 Mar 2018 05:57 PM PST MARKET Protocol ("MARKET") has created a unique contract that derives value from an underlying asset settling in the future, using smart contracts and blockchain technology. With MARKET any ERC20 token can be used as collateral to gain price exposure to something else, like gold, oil, stocks, bonds, bitcoin or another ERC20 asset.. MARKET Smart Contracts are similar to traditional derivatives in that they are a contract between two or more individuals, which settle in the future based on the price of an underlying asset. Traders can create relationships like AAPL/USDT or SALT/ETH utilizing their digital assets as collateral without converting to fiat currency. https://medium.com/@MarketProtocol/why-derivatives-cb65de0cd528 The main goals of this projects are providing risk management tools for cryptocurrency traders, holders and miners, flexibility in terms of the ways you can use your crypto and price discovery. Hedging and shorting crypto are very hard thing to do nowadays. Most importantly, all mentioned above is done in a decentralized manner, with 100% collateralized trades, no custody of funds or clearing house fees. MARKET is designed to be trustless. So whoever you are, future dApp user, investor in crypto, miner, or trader, I'm sure you have the need for some of the features MARKET looks to enable. [link] [comments]  |
| A smart GUI for the CMC API - The time saving way to screen the 1000 over cryptocurrencies Posted: 04 Mar 2018 04:17 AM PST When you first hear about bitcoin and cryptocurrencies, chances are that you will end up on CMC. The number one site to check for price, volume and market cap period. As you get more experience in the market and start following discussions on reddit and other channels, you slowly start to realise the important of doing your own research. but then where to start from? Back to CMC you start to sort by price for example, now you can easily see cheap coins, great! but then you want to see those with lowest supply, what you do is sort by supply, great! but you lost track of the first cheap coins you identified. At this point, you tell yourself you want to be smart and open up excel to track and analyse, wonderful! you spend couple of hours or days to come up with an excel template. You did a great job and feel proud..wouhou then you realise you need to find a way to update your excel, you start looking into macros and things gets complicated. long story short, it should be easy not to say simple to screen the 1000 over cryptocurrencies and select only those we are interested in based on specific criteria. for example it should be easy to find:
and the list goes on and on with endless combinations and possibilities. That's why we build a cryptocurrency screener that we think you will love. u/cryptometre calls it "A smart GUI for the CMC API" simple to use and will help you narrow down your search quickly to the coins you are looking for saving you lot of time. please let us know what you think in the comments. do you find it useful? what screening criteria would like to see in the future? we will be added more filtering criteria, we are currently working on adding the possibility to search for coins based on social media follow/subscriber count. Link: https://beta.digitalassetdb.com/screener#top TLDR; ;D: "Having trouble filtering through coins and their different metrics? Our app has the most advanced coin filters currently on the web." [link] [comments]  |
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