Erlay: Eine Methode, um die Konnektivität des Bitcoin ...
Erlay: Eine Methode, um die Konnektivität des Bitcoin ...
Bitcoin kaufen ohne Anmeldung 2020 » BTC ohne ...
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Putting $400M of Bitcoin on your company balance sheet
Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots. A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC). Today we'll discuss in excrutiating detail why this is not a good idea. When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust. However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:
Is Bitcoin money?
No. Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves: 1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own. As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get. You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there? 2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile. If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point: 3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away. For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast. On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC While the dollar loses value at a predictible rate, BTC is all over the place, which is bad. One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy. If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due. Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.
BTC has a fixed supply, so these problems are built in
Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense. Having control over supply of your currency is a good thing, as long as it's well run. See here Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well. Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money. Let's look at a classic poorly drawn econ101 graph The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand. Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control. It's also a national security risk... The story of the guy who crashed gold prices in North Africa In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca. He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade. This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.
Currencies are based on trust
Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged? The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president. People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all. It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board. For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government." The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.
BTC is not gold
Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value. How do we know that? Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan. Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well. Some people are puzzled at this: we don't even use gold for much! But it has great properties: First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment. Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials. Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans. It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods. To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that. On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Means of Exchange: if people seriously start using BTC to buy pizzas, then this creates a real demand for the currency to accomplish the short-term exchanges. As we saw previously, I'm not personally sold on this one and it's currently a negligible fraction of overall demand.
Criminal uses: Probably the largest inbuilt advantage of BTC is that it's anonymous, and so a great way to launder money. Hacker gangs use BTC to demand ransom on cryptolocker type attacks because it's a shared way for an honest company to pay and for the criminals to receive money without going to jail.
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.
BTC is really risky
One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds. But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:
A critical software vulnerability is found in the BTC codebase, leading to a possible exploitation.
Xi Jinping decides he's had enough of rich people in China hiding their assets from him and bans BTC.
Some form of bank run takes hold for whatever reason. Because BTC wallets are uninsured, unlike regular banks, this compounds into a Black Tuesday style crash.
Blockchain solutions are fundamentally inefficient
Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science. That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale. The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
BTC was estimated to use as much electricity as Belgium in 2019. It's hard to trace where the BTC mining comes from, but we can assume it has a huge carbon footprint.
A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.
There is a large necessary tax on the transaction, since those checking the transaction extract a few BTC from it to be incentivized to do the work of checking it.
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
Operation Mockingbird - remember that time when Bitcoin was peer-to-peer electronic cash?
Do you remember what it was like in 2013 and earlier when Satoshi / Gavin were running the project and the goal was more users, merchants and scaling? Do you remember that time when the exciting projects were getting merchants to accept Bitcoin for payments, wallet apps, and maps of businesses and people that used and accepted Bitcoin as money? Do you remember that time when the MIT digital currency initiative (sponsored by Jeffrey Epstein and his mysterious intelligence agency "investment money"), MasterCard, and Western Union all invested in Blockstream who suddenly consolidated control of the Bitcoin development group, smearing and attacking anyone who wouldn't get on board? Remember that time that Theymos, who had been pro-Bitcoin scaling suddenly had a personality change and started censoring and banning anyone who talked about scaling bitcoin from the two largest discussion platforms, bitcoin talk dot org and r\bitcoin? Remember that time when fake Bitcoin celebrities with marketing teams behind them started appearing out of nowhere with the view that we shouldn't increase the capacity of Bitcoin so more people can use it? Remember that time that countless NPC's changed the community's narrative from peer-to-peer electronic cash with the goal of merchant and user adoption to "digital gold" or some kind of digital tulip ponzi scheme that's too expensive to use for day-to-day currency? Remember that time when the miners, now consolidated in CCP controlled China, suddenly voted against their own best-interests, and decided to run software that rate-limits Bitcoin to 5 transactions per second, despite overwhelming community opposition? Pepperidge Farm remembers. This is Operation Mockingbird folks, just a 21st Century version of it. So was SegWit, BSV/CSW, and now this IFP bullshit from Amaury.
Update and Few Thoughts, a (Well-Typed) transcript: Liza&Charles the marketeers, Voltaire kick-off, PrisM and Ebb-and-Flow to fuck ETH2.0 Gasper, the (back)log of a man and a falcon, lots of companies, September Goguen time, Basho, 2021 Titans, Basho, Hydra and much more thoughts and prayers
Hi everybody this is Charles Hoskinson broadcasting live from warm sunny Colorado. I'm trying a new streaming service and it allows me to annotate a few things and simulcast to both periscope and youtube. Let's see how this works. I also get to put a little caption. I think for the future, I'm just for a while going to put: "I will never give away ada". So, when people repost my videos for giveaway scams they at least have that. First off, a thank you, a community member named Daryl had decided to carve a log and give his artistic impression of my twitter profile picture of me and the falcon so that always means a lot when I get these gifts from fans and also I just wanted to, on the back of the Catalyst presentation, express my profound gratitude and excitement to the community. You know it's really really cool to see how much progress has been made in such a short period of time. It was only yesterday when we were saying "when Shelley"? Now Shelley's out and it's evolving rapidly. Voltaire is now starting to evolve rapidly and we're real close to Goguen. At the end of this month we'll be able to talk around some of the realities of Goguen and some of the ideas we have and give some dates for certain things and give you a sense of where that project is at. The good news is that we have gained an enormous amount of progress and knowledge about what we need to do and how to get that done and basically people are just executing and it's a much smaller task than getting us to Shelley. With Byron to Shelley we literally had to build a completely new cryptocurrency from the ground up. We had to have new ledger rules, new update system, we had to invent a way of transitioning from one system to another system and there's hundreds of other little innovations along the way: new network stack and so forth. Byron cosmetically looks like Shelley but under the hood it's completely different and the Shelley design was built with a lot of the things that we needed for Goguen in mind. For example, we built Shelley with the idea of extended UTXO and we built Shelley understanding what the realities were for the smart contract model and that's one of the advantages you get when you do this type of bespoke engineering. There's two consequences to that, one, the integration is significantly easier, and two, the integration is significantly faster. We won't look at that same complexity there. The product update at the end of the month... We'll really start discussing around some of these things as well as talk about partners and talk about how the development ecosystem is going to evolve. There are a lot of threads throughout all three organizations that are happening simultaneously. Emurgo, they're really thinking deeply about DeFi and they've invited us to collaborate with them on things like stablecoins for example but we're also looking at oracles (oracle pools), DEX and these other things and because there are already people in market who have made mistakes, learned lessons, it gives us the benefit of hindsight. It means we can be much faster to market and we can build much more competitive things in market and the Cardano community gets first access to these next generation DeFi applications without a lot of the problems of the prior generations and that's super beneficial to us. You know, the other side of it, is that Voltaire is going to have a systemic influence not just on community funding but also the overall evolution and direction of the platform. The longer it exists the more pervasive it will become. Probably first applied towards the Cardano foundation roadmap but later on it will definitely have a lot of influence and say over every element aspect of the system including the launch dApps and these other things. Basically, long term, the types of problems that Cardano solves so that's incredibly appealing to me and very exciting to me because it's like I have this giant community brain with the best and brightest of all of you working with us to get us where we need to go. You know, another thing that was super encouraging, it's a small thing, but it shows us that we're definitely in the right direction was that we recently got a demo from Pramod (Viswanath) and his team out of university of Illinois on a protocol they create called PrisM which is a super fast proof-of-work protocol and they wrote this beautiful paper and they wrote code along with it that showed that PrisM is a ten thousand times faster than Nakamoto consensus. If you take the bitcoin proof-of-work protocol, you strip it out, you put PrisM in, you can run the entire bitcoin system 10000 times faster. They have these beautiful benchmarks to show that. Even in bad network conditions. (I'm) promoting this team, they're, they're real researchers, and they're real engineers, they use a lot of cool HPC concepts like springboarding and other things like that to accommodate that. Then I asked him in the presentation, I said well, how much faster if you replay the Ethereum chain? He says, well, that it takes a big performance hit, could be only maybe a hundred times because that model is not as easy to optimize and shard with standard computer science concepts. In fact in some cases there are limitations there that really can't be overcome. It turns out that we're more on that UTXO side than we are on the account side. As a coincidence or intent of the design of extended UTXO we're gonna have a lot easier time getting much higher performance where and when it's necessary. I also approved this week a scaling up of the Basho project. In particular, to build a hydra prototype team. The science has gotten to a point where we can make a really competitive push in that particular direction. What does that mean? It means that in just a few short months we can de-risk technological approaches that long-term will give us a lot of fruit where and when the community decides that they need infrastructure like hydra. Now, here's the beautiful thing about hydra. If you watch my whiteboard back in September of 2017 when Cardano first hit market with Byron I talked about this concept of looking at scalability with a very simple test which is as you get more people in the system it stays at the same performance or it gets faster. We all experience systems that do this, for example, bittorrent, more people downloading something you tend to be able to get it faster and we all experience the converse which is, the system gets slower when you get more people. What does this mean? It means that hydra is an actual approach towards true scalability in the system and it's a lot easier to do than sharding even though we have a beautiful approach to get the sharding on the ledger side if we truly desire to go down that way. There's beautiful ideas that we are definitely in deep discussions about. That's a very complex thing. There was recently a paper ("Ebb-and-Flow Protocols: A Resolution of the Availability-Finality Dilemma") out of Stanford that showed that the Gasper protocol as proposed for ETH2.0 does have some security concerns and it's going to be the burden on the shoulders of the Ethereum 2.0 developers and Vitalik to address those concerns from those Stanford professors. Whenever you have these very complex protocols they have so many different ways they can break and things can go wrong so it's much more appealing when you don't have to embrace complexity to achieve the same. The elegance of hydra is that stake pool operators are very natural parties to put hydra channels on and every time we add one we get much more performance out of that and the system as it gets more valuable. The k factor increases which means you get more stake pull operators, which means you get more hydra channels, so with growth we get appreciation, with appreciation we get more decentralization, with more decentralization we get more performance. In essence, this spiritually speaking, is really what we meant when we said scalability. That the system will always grow to meet its particular needs and we have a very elegant way of moving in that direction that doesn't require us to embrace very sophisticated techniques. It's not to say that these techniques don't have a place and purpose but it says that the urgency of implementing these is gone and we then have the luxury to pick the best science when it's ready instead of rushing it to market to resolve a crisis of high fees. We'll never have that crisis so there's a beauty to Cardano that is missing, I in my view, from many cryptocurrencies and blockchains in the marketplace and we're now seeing that beauty shine through. Not only through our community who are so passionate and amazing but in the science and the engineering itself and how easy it is for us to navigate the concepts. How easy it is for us to add more things, to take some things away, to clean some things up here and there and our ability to move through. I never imagined when in 2015 I signed up to go in on this crazy ride and try to build a world financial operating system we would have made as much progress as we made today. We've written more than 75 research papers as an organization many of which are directly applicable to Cardano. We've got great partners who work with Nasa and Boeing and Pfizer, massive companies, that have 10 years of history and millions of users to come in and help us grow better. We've worked with incredible organizations, major universities like university of Wyoming, university of Edinburgh, Tokyo, tech professors all across the world. We've worked with incredible engineering firms like VacuumLabs and AtixLabs and Twig and Well-Typed, runtime verification, QuviQ and dozens of others along the years and despite the fact that at times there's been delays and friction throughout this entire journey we've mostly been aligned and we keep learning and growing. It gives me so much hope that our best days are ahead of us and an almost fanatical belief that success is inevitable in a certain respect. You see because we always find a way to be here tomorrow and we always find a way to make tomorrow a better day than today and as long as that's the trend you're monotonically increasing towards a better tomorrow, you're always going to have that outcome, you're always going to be in a position where Cardano shines bright. Towards the end of the month we'll have a lot more to say about the development side and that'll be a beginning just like Voltaire is the beginning and then suddenly you now notice the beautiful parallelism of the roadmap. Shelley continues to evolve, partial delegation is coming, in fact, I signed the contract with vacuumlabs to bring that to Ledger (and Trezor). The Daedalus team is hard at work to make that feature apparent for everyone as is the Yoroi team. You see that, with now Voltaire, and soon was Goguen, and these are not endpoints, rather they're just beginnings and they're never over. We can always make staking better, more diverse, more merit-based and entertain different control models, have better delegation mechanics, have better user experience. The same for smart contracts, that's an endless river and along the way what we've discovered is it's easy for us to work with great minds and great people. For example with testing of smart contracts I would love to diversify that conversation above and beyond what we can come up with and bring in some firms who have done this for a long time to basically take that part with us shoulder to shoulder and build beautiful frameworks to assist us. For example, runtime verification is doing this with, the EVM with a beautiful project called Firefly to replace Truffle. I believe that we can achieve similar ends with Plutus smart contracts. When you ask yourself what makes a system competitive in the cryptocurrency space? In my view there are four dimensions and you have to have a good story for all four of those dimensions. You need security and correctness. A lot of people don't prioritize that but when they get that wrong it hurts retail people, it hurts everyday people, billions of dollars have been lost due to the incompetence and ineptitude of junior developers making very bad mistakes and oftentimes those developers faced no consequences. The people who lost money were innocent people who believed in cryptocurrencies and wanted to be part of the movement but didn't protect themselves adequately. That's a really sad thing and it's unethical to continue pushing a model that that is the standard or the likely outcome rather than a rare edge case. You have to as a platform, a third generation platformn invest heavily in giving the developers proper tools to ensure security and correctness. We've seen a whole industry there's been great innovations out of Quantstamp and ConsenSys and dozens of other firms in the space including runtime verification who have really made major leaps in the last few years of trying to improve that story. What's unique to Cardano is that we based our foundations on languages that were designed right the first time and there's over 35 years of history for the approach that we're following in the Haskell side that allows us to build high assurance systems and our developers in the ecosystem to build high assurance systems. We didn't reinvent the wheel, we found the best wheel and we're giving it to you. I think we're going to be dominant in that respect as we enter 2021. Second, you look at things like ease of maintenance, ease of deployment, the life cycle of the software upgrades to the software and as we've demonstrated with things like the hard fork combinator and the fact that Voltaire is not just a governance layer for ada and Cardano but will eventually be reusable for any dApp deployed on our system. You have very natural tooling that's going to allow people to upgrade their smart contracts, their dApps and enable governance for their users at an incredibly low cost and not have to reinvent the governance wheel each and every application. This is another unique property to our system and it can be reused for the dApps that you deploy on your system as I've mentioned before. Performance is a significant concern and this was often corrupted by marketers especially ICO marketers who really wanted to differentiate (and) say: "our protocol tested on a single server in someone's basement is 500000 transactions per second" and somehow that translates to real life performance and that's antithetical to anyone who's ever to study distributed systems and understands the reality of these systems and where they go and what they do and in terms of performance. I think we have the most logical approach. You know, we have 10 years of history with bitcoin, it's a massive system, we've learned a huge amount and there's a lot of papers written about, a lot of practical projects and bitcoin is about to step into the world of smart contracts. We congratulate them on getting Schnorr sigs in and the success of Taproot. That means entering 2021, 2022, we are going to start seeing legitimate dApps DeFi projects, real applications, instead of choosing Ethereum or Algorand, EOS, Cardano, choosing bitcoin and they're adding a lot to that conversation. I think that ultimately that model has a lot of promise which is why we built a better one. There are still significant limitations with what bitcoin can accomplish from settlement time to the verbosity of contracts that can be written. The extended UTXO model was designed to be the fastest accounting and most charitable accounting model ever, on and off chain, and hydra was designed to allow you to flex between those two systems seamlessly. When you look at the foundations of where we're at and how we can extend this from domain specific languages, for domain experts, such as Marlowe to financial experts, and the DSLs that will come later, for others, like lawyers and supply chain experts in medical databases and so forth and how easy it is to write and deploy these. Plutus being beautiful glue code for both on and off chain communications. I think we have an incredibly competitive offering for performance and when hydra comes, simply put, there'll be no one faster. If we need to shard, we're going to do that and definitely better than anybody else because we know where our security model sits and there won't be surprise Stanford papers to blindside us that require immediate addressing. In terms of operating costs, this is the last component, in my view, and that's basically how much does it cost you the developer to run your application? There are really two dimensions, one is predictability and the other is amount. It's not just good enough to say: it's a penny per transaction today. You need to know that after you spend millions of dollars and months or years of effort building something and deploying something that you're not going to wake up tomorrow and now it's five dollars to do what used to cost a penny. You need that cost to be as low as possible and as predictable as possible and again the way that we architectured our system and as we turn things on towards the end of this year and as we enter into the next year we believe we have a great approach to achieve low operating cost. One person asks why Cardano? Well because we have great security and correctness in the development experience and tools with 35 years of legacy that were built right the first time and don't put the burdens of mistakes on your customers. They ask why Cardano and we say: well the chain itself is going to give you great solutions with identity value transformation and governance itself and as a consequence when you talk about upgrading your applications having a relationship with your customers of your applications and you talk about the ease of maintenance of those applications. There's going to be a good story there and we have beautiful frameworks like Voltaire that allow that story to evolve and we keep adding partners and who have decades of experience to get us along. We won't stop until it's much better. They asked why Cardano? We said because at the moment we're 10 times faster today than Ethereum today and that's all we really need for this year and next year to be honest and in the future we can be as fast as we need to be because we're truly scalable. As the system gets more decentralized the system improves performance and where and when we need to shard we can do that. We'll have the luxury of time to do it right, the Cardano way, and when people ask why Cardano? Because the reality is, it's very cheap to do things on our platform and the way we're building things. That's going to continue being the case and we have the governance mechanisms to allow the community to readjust fees and parameters so that it can continue being affordable for users. Everything in the system will eventually be customizable and parameterizable: from block size, to transaction fees and the community will be in a good position to dynamically allocate these things where and when needed so that we can enjoy as an ecosystem predictability in our cost. In the coming weeks and months, especially in my company, we're going to invest a lot of time and effort into comparison marketing and product marketing. When I see people say, oh well, you've launched proof of stake, a lot of other people have done. I don't think those people fully appreciate the magnitude of what we actually accomplished as an ecosystem and the quality of the protocols that are in distribution. That's not their fault, it's our fault, because we didn't take the time in simplistic terms, not scientific papers and deep code and formal specifications, but rather everyday language, to really show why we're different. I admit that that's a product failing and that needs to be corrected so we hired a great marketing director, named Liza (Horowitz?) and she is going to work full time with me and others in the ecosystem, a great team of people, every single day to get out there and explain what we have done is novel, unique, competitive and special to our industry. Everything from Ouroboros and contrast to major other protocols from the EOSes and Algorands and the Tezos of the world. Why we're different, trade-offs we chose over them, to our network stack, to the extended UTXO model, to Plutus, to Marlowe and we're going to keep hammering away at that until we get it right and everybody acknowledges and sees what has been accomplished. I've spent five years of my life, good years of my life, and missed a lot to get this project where it needs to go. All of our employees have invested huge sums of their personal lives, their time, their brand, their careers, in trying to make this the really most magical and special cryptocurrency and blockchain infrastructure around. No one ever signed up in this company or the other companies working on Cardano to work on a mediocre protocol. That's just another blockchain, they signed up to change the world, they signed up to build a system that legitimately can look at you in the face and say: one day we have the potential to have a billion users! That's what they signed up for and they showed up to play. They built technology that evolves in that direction with some certainty and great foundations and we have an obligation to market in a way that can show the world why, succinctly, with clarity. Understandably, this has been a failing in the past but you know what? You can always be better tomorrow that monotonically increasing make it better and that's what we're going to do. We recognized it and we're going to invest in it and with Voltaire if we can't do it. You the community can do it and we'll work with you. If you can do a better job and the funding will be there to get that done. In addition to this, we think about 2021 and we ask where does the future take us? I've thought a lot about this you know I've thought a lot about how do we get the next five years as we close out 2020 and here's the reality: we're not going to leave as a company until we have smart contracts and multi-asset and Voltaire has evolved to a point where the community can comfortably make decisions about the future of the protocol and that the staking experience has solidified and it's stable. I don't care if this costs me millions or tens of millions of dollars out of my own pocket to make happen. I'm going to do that because that's my commitment to you, the community and every product update will keep pushing our way there. We'll continue to get more transparent, we'll continue to get more aggressive and hire more and parallelize more. Aware when we can, to deliver that experience so that Cardano gets where it needs to go. Then when we ask about where do we go next? The reality is that the science as an industry, the engineering as an industry has given a menu of incredibly unique attractive and sexy things that we can pursue. What we're going to do is work with the community and the very same tools that are turning on today, the Voltaire tools, the cardano.ideascale.com tools and we're going to propose a consortium and we're going to bring the best and brightest together and give a vision of where we can take the system in another five years. With the benefit of hindsight, massively improved processes, better estimation capabilities and the fact that we're not starting with two people at IOG. We're starting with 250 people and the best scientific division in our industry and the legacy of almost, nearly by the end of this year, 100 scientific papers. That's us, you know what, there's dozens of companies throughout the history who have worked on Cardano. It's about time to scale them up too and get client diversity. So come next year when the protocol has evolved to the point where it's ready for it, we'll have that conversation with you the community and that's going to be a beautiful conversation. At the conclusion of it, there's going to be certainty of how we're going to evolve over the next five years to get ourselves beyond the cryptocurrency space. I'm very tired of these conversations we have about: are you going to go to (coindesk's) consensus or not? Or who's going to be the big winner? What about Libra or what about this particular regulation and this crypto unicorn and this thing? You know I've been in the space a long time and I've noticed that people keep saying the same things year after year in the same venues. Yes, the crowd sizes get larger and the amount of value at risk gets larger but I haven't seen a lot of progress in the places where I feel it is absolutely necessary for this technology to be permanent in the developing world. We need to see economic identity. People often ask what is the mission for Cardano? For us IOG, you look at economic identity and you take a look at a roadmap. For it, you scale up and down, and each and every step along the way, from open data, to self-sovereign identity, to financial inclusion. You can keep going down: to decentralized lending, decentralized insurance, decentralized banking. Each and every step along the way to economic identity. When you admit a blockchain tells you that, there's a collection of applications and infrastructure that you need to build. My life's work is to get to a point where we have the technology to do that. The infrastructure to do that, with principles, and so we'll keep evolving Cardano and we'll keep evolving the space as a whole and the science as a whole until I can wake up and say: each box and that road to economic identity, for all people not just one group, we have a solution for that. I'm going to put those applications on Cardano and success for me is not about us being king of the crypto hill and having a higher market cap than bitcoin or being entrepreneur of the year coindesk's most influential person. It's meaningless noise, success for me is reflecting back at the things that we have accomplished together and recognizing that millions if not billions now live in a system where they all matter, they all have a voice, they all have an equal footing. The Jeff Bezos of the world have the very same experience as the person born in Rwanda and we're not done until that's the case. It's a long road, it's a hard road, but you know what? We're making progress, we have great people in Africa, we have great people in eastern Europe, we have great people in southeast Asia and great partners all along the way. Great people, Latin America, great people in south America, great people here in the United States. When we talk about economic identity there are millions, if not tens of millions of Americans who don't have it. Same for Canadians, hundreds of thousands, who don't have it. Developed western cultures, it's the greatest blind spot of policy and as we enter into a depression as a result of coronavirus, add millions if not tens of millions more onto that list. Generations are being disenfranchised by this legacy system and we as an ecosystem, we as an entire community are offering a different way forward. Not hyper centralizationn not social credit but a way forward where you own your own money, your own identity, your own data. You're not a victim of surveillance capitalism, you're not a victim of civil asset forfeiture. When you say the wrong things, you get shut out of society. Each and every human being matters and I'm optimistic to believe that when you remind people that they matter they're gonna rise to the occasion. That is the point of my company. In the things that we do each and every day, that's our mission to give the platforms to the world so that those who don't have economic identity can get it and they can keep it and no one can take it from them and they can enjoy an ever increasing growth of standard of living wealth and prosperity. However you want to measure that this is my goal post, I couldn't care less about the cryptocurrency space. It was a great place to start but the space needs to be reminded why it exists. Bitcoin was given a mandate on the back of the 2008 financial crisis to do something different. It was not given a mandate to go be a new settlement layer for central banks or a new way for the old guard to make more money and banks get bigger and for those who are in control to preserve their power. The whole point of doing something so crazy as to buy a coin that doesn't even exist in real life, that's just a bunch of numbers in the cloud, the whole point of that was so that we as a society could do something different than the way that we'd been doing things before. So, each and every member of the cryptocurrency space needs to remind everyone else from time to time why we're here and where did we come from and where are we going to go. The beauty of Cardano is we have already achieved for the most part a decentralized brain and that momentum is pushing harder than ever. More and more scientists are waking up, more and more institutions are waking up, getting us there. The code we have, the right approach and I think we have a great competitive offering for 2021 as we go and battle the titans and that's going to be a lot of fun but we know who we are and where we're going and we're in the right places. It's so incredibly encouraging to see the stake pool operators not just be from California or Texas or New York or Canada. To see a lot of stake pool operators from the place that need the most, help everybody does matter and it means a lot to me for the people who are there but it means a lot to everybody to say that we have created an equal platform. It makes the participation of all of us so much more meaningful. We're not just talking to each other, we're talking to the world and by working together on this platform we're lifting the world up and giving people hope. That's the point, there's a lot more to do, we didn't get everything done. You never do you aspire, you work hard, you set a moon, shot and sometimes you can just get to orbit with the first go but you know what? When you build the next rocket you can go to Mars. Thank you all for being with me, thank you all for being part of this. Today was a damn good day with the announcement of Voltaire. Go to cardano.ideascale.com. You can participate in that, so end of September is going to be a good day too. There's a lot of good days to come, in between a lot of hard days, doing tasks sometimes entirely forgettable but always necessary to keep the revolution going and the movement going. I cannot wait for 2021, our best days are ahead of us, because of you. You all take care now . Source: https://www.youtube.com/watch?v=BFa9zL_Dl_w Other things mentioned: https://cardano.ideascale.com/ https://www.atixlabs.com/blockchain https://www.well-typed.com/ https://www.vacuumlabs.com/ https://medium.com/interdax/what-is-taproot-and-how-will-it-benefit-bitcoin-5c8944eed8da https://medium.com/interdax/how-will-schnorr-signatures-benefit-bitcoin-b4482cf85d40 https://quantstamp.com/ https://bloxian.com/bloxian-platforms/ (TWIG) https://runtimeverification.com/firefly/ https://www.trufflesuite.com/ https://experts.illinois.edu/en/publications/prism-deconstructing-the-blockchain-to-approach-physical-limits (PrisM and not our Prism https://atalaprism.io/) Ebb-and-Flow Protocols: A Resolution of the Availability-Finality Dilemma (aka Gasper and ETH2.0 fucker) https://arxiv.org/abs/2009.04987 http://www.quviq.com/products/ https://en.wikipedia.org/wiki/Schnorr_signature
Urgent Advice Needed - Issues Refunding Money to a Client, Possible Money Laundering?
Hey everyone, so buckle up, this is a story. I'm a freelance translator with my name and contact info out on several sites to connect translators to clients. So, when I got an email from my customer, L, I didn't think anything of it when she asked me to translate a research paper from German to English. Prior to even opening the document she sent me, I told her I wanted a contract signed - nothing major, just run of the mill stuff. You know, to make sure both of us were protected. It entailed a 50% deposit for me (this paper was 46 pages and I have a policy that past X amount of words, I need a deposit for any time spent on a project. It's non-refundable, so I get paid even if the project gets canceled). She refused both of those things. Like most people, I'm in a pretty tough spot right now. I knew I shouldn't have even continued speaking with her, but with my fee agreed upon, I was looking at almost $10,000 for the entire projected when all three phases were complete. After refusing to sign a contract and agree to a deposit, she told me, and this is a direct quote "the money will be our contract". I was willing to operate on good faith, so I told her I'd get to work when the payment processed. The amount we agreed on for Phase One was 1150.00, but she sent me - via her "sponsor", some random account in Arizona, even though she claims to be overseas - 7,176.00. There was no warning, no notice telling me that they were sending me more than we agreed, or that the payment would be coming from Arizona. I contacted L and asked for clarification. She told me it was for payment for the next 2 phases due to start in the fall. I accepted that and kept working. I finished the project 2 weeks before it was due and sent her the final document. Two days later, she sends at email telling me that the final 2 phases have been postponed and she needs the extra 6 grand or so back, asap. Well, things happen, whatever. So I asked her how she wanted it returned to her. This is where shit gets weird. First, she tells me she wants it done via Zelle, which is connected directly to my bank. She sends me a contact and asks for all of the money to be sent at once. I tell her that since it's a new recipient, I can only send $500 and there's monthly limits on my account as to how much I can send in a 30 day period. Now, her name is Lara, that's the only person I've been talking to directly. But the name on the Zelle account was Caldon H. I thought that was the name of her sponsor. She proceeds to ignore my telling her about sending limits and demands a refund. I explain to her again, with screenshots from my banking app backing me up, that I'm limited by sending limits. I tell her that I'll repay her in $500 installments until all the surplus funds are returned. Not fast enough. She then demands I use Cashapp. Oiy. This was a mess. I did reading and research on the app, since I'd never heard of it before and was alarmed to say the least. But she was sending text after text, email after email demanding a status update. She sends me another account to transfer the money to: Linda. So, so far we have Lara, Caldon, Linda. Keep count of those names. I ask who Linda is, no answer, just more demands. Cashapp, true to fashion, fails. I'm unable to add so much as a dollar to my account to send "Linda" and while I wrestle with this and try and find support to contact - HAH - I get payment requests via Cashapp and yet more emails and texts from Lara. I explain to Lara, once again with screenshots showing that the app isn't working despite my linking both my debit card and checking account to it. She ignores that. Linda sends more payment requests. I tell her, hey this isn't working. What about Venmo? Paypal? She ignores that and demands wire transfer. She sends account info for someone named Mark. I ask who Mark is, no response. I attempt to send the wire transfer via my banking website and the bank legit tells me that that account does not accept wire transfers. What... So, more screenshots and then I ask her to double check account and routing numbers. She gets back to me with "the information is correct. Be patient when entering numbers." As if it's my fault. So I try it again and it fails, again. After that I contact my bank directly and speak with their support line. We do the whole song and dance and they tell me that everything is kosher on my end, but the issue lies with the information I was given, confirming my suspicions. I send her another email explaining everything, that I'd spoken directly with bank support. She tells me, once again, that the fault is mine and to just go to the post office and get money orders in $1000.00 amounts, leaving the recipient blank... Yeah you read that right. Leave it blank. Overnight it via Fedex to some guy named James, in Georgia. Arizona, Georgia, Germany. James, Caldon, Linda, Matthew, Lara. I tell her point blank, I can't go to the post office. I'm in Idaho and COVID cases are skyrocketing. I'm high risk, so is my partner and one of my two roommates. Like, die for sure, high risk. I try a wire transfer via Western Union instead. At this point, this has been going on for a week. I've been getting 4am texts and 6am phone calls for a week. She's on me for about 10-12 hours a day. I'm a full-time student on top of this, with one more semester of undergrad. But classes have taken a back seat so I can deal with this. Western Union holds the transfer under review and tells me that it will take 6 business days to show up in James' account. I tell Lara and assume that we're on the final leg of this mess. Surprise, WU cancels the wire transfer. I call support and they tell me it's issues with the account I'm sending money to. I tell Lara and she starts getting snappy. We try wire transfers for the last time, this time to someone named Matthew Green, different Matthew than the first, in Dallas. It fails. I spend $60 trying to send them. My bank calls ME and says they're concerned about fraud. I tell them I'm trying to send money and confirm info I was given. Once again, everything is fine with me, but it's issues with the account Lara wants me to send money to. I tell her and once again she changes her track. She demands, again, money orders, same rules as last time and I tell her no, again and explain why. She ignores that and tells me to do Cashapp, again. We spend an entire day with me telling that I'm not comfortable with Cashapp. It's not dependabe, it doesn't work. There's no support for me to contact if things go wrong - which of course it will - and she insists. She ignores my concerns and insists. I tell her, fine, but I want a written and signed statement from you that you are demanding this and that I'm not responsible if things get messed up and you never get the money. She signs a statement and the I try again. Same issues. I tell that, in another long email. By this point, it's been 2 weeks. I'm stressed, drained and tired of her weird behavior. I tell her that I've been understanding and patient with her. I've tried to help her fix her mistake of sending too much money too soon. That we never agreed on that much money and reminding her that SHE refused to sign a contact that would have protected us both. I tell her, Paypal or Venmo. No cashapp, no wire transfers (which I'm out $60 trying to send fyi). Paypal or venmo. If she doesn't have an account, find someone that does. She sends me a Paypal account url for someone named Micheal. A new name. I ask who Micheal is, who are these people? Why are they all over the US? She ignores that, demands the money. I try to send payments, but I can't send more than $5 to MIcheal at a time. I tell Lara and she blames me. Says I'm not doing it right. I'm supposed to send payments in multiple transactions of varying amounts, small to large. "No Tracking info", whatever that means. I tell her, look, I can't send you anything. Check your account info, I'm tired of this BS. She sends the same info again, nothing about her contacting support for once. I try again. It fails, same issues. I contact support myself and they tell me - - you guessed it, my account is solid. Hers is not. She is why the money isn't going through. I tell her that and suggest Venmo. At this point, I can't think of anything else and I'm planning on contacting my bank to ask advice, but my last request for Venmo was made at 11:30pm MST. I'd been dealing with this since 8am MST. I was tired, done. I sent that email and screencaps and turned my phone off for the night. I get up this morning, make my coffee and check my work email. I get an email form Lara saying that I'm the reason the payments are failing "once again" and "following my instructions, now. Send it via Venmo, no tracking info. Do it now." I decide to be a sport one last time. I try Venmo. It fails. I'm writing this post to ask for what other steps, legally, I need to take to protect myself. Once again, she didn't sign a contract. I've saved all emails and texts, and all of them show they we agreed on 1150.00 as payment for this job. They show that I've tried to return the money to her over the course of 2 weeks. She refuses to let me speak to Coldon, Linda, Matthew Green, Matthew M, James (who she claims died yesterday), or Micheal Brown. She answers none of my questions. She sends aggressive emails and so many texts that I had to block her number on my phone. I'm completely at a loss. The longer this goes on, the less legit it seems and I need some advice. I plan to speak to my bank today and ask if they can refund the money to the account that paid me. I can't get info on that account from Lara, no routing or account numbers. So my hopes are slim. I have no idea if Lara has any legal recourse or ground to stand on, since she refused to sign a contract and all attempts to return the money to her have failed. As I said, I've saved all emails and texts showing that I tried to work with her. Any ideas? Anything would help. I want this to be over and done with. UPDATE: I contacted the fraud department at my bank, explained everything and they said that we see that you've attempted to return the money multiple times and none of it has worked. They said I have 2 more options: "If they really want that money, offer to send a personal check. We'll start a research claim in the meantime and that will take up to 10 business days to either be resolved, or you will be contacted by a member of the Research Claims department." I asked what my options are if they refuse a personal check and the banker said "Then you've done everything you can. Wait for the research claim to be resolved or to be contacted. You've done everything you can up to this point and we can see that clearly." Lara has refused a personal check, demanding a cashier's check instead. I told her "My bank advised me to only send personal checks, not cashier's check. There must be a name and a legit address. I will not leave it blank." She asked me to send it via bitcoin. My reply: No. I have filed a research claim with the fraud department of my bank to get to the bottom of this. They will resolve it as they see fit. That will be my last communication with her.
AMA Recap telos Foundation with Crypto Hunters On August 02, 2020 at 12:00 WIB Indonesia Time / August 01 2020 at 10:00 PM ( PST ) in the Crypto Hunter Telegram Group, AMA TELOS started with Mr.Douglas as guest speaker and Gus Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Google forms and AMA sessions will get a total TELOS ( TLOS ) prize of $100. The following is a summary of AMA questions and answers announced by the moderator and Segment 1 Question 1: Can you explain us, what is Telos? Answer: Telos is a blockchain platform for smart contracts. It is a low latencya new block every half second, high capacitycurrently in the top 2 blockchains in transactions per day, according to Blocktivity.info, and no transaction fee blockchain. Telos also has many unique features that allow developers to make better, dapps, such as our Telos Decide governance engine. Question 2: what ecosystem is used by telos? Answer: Telos is its own Layer-1 blockchain, not a token on another blockchain. The technology behind Telos is EOSIO, the same technology used by EOS and WAX, for example. Question 3: I see that Telos uses EOSIO platform, what are the very significant advantages that distinguish Telos from other projects? Answer: Telos uses the EOSIO platform but we have built several additional tools. Some of these add more security and resiliency to the blockchain, such as testing block producers and removing non-performant ones, but most are related to development. Telos provides attractive development tools that arent available elsewhere. Telos Decide is a governance platform that lets any group create self-governance tools easily. These run on Telos at very little cost and can provide all kinds of voting, elections, initiative ballots, committee management and funds allocation. Telos also has Telos EVM, an Ethereum virtual machine that can run Ethereum Solidity contracts at hundreds of times the speed of Ethereum and with no costs. Another Telos technology that is deploying soon is dStor, which is a decentralized cloud storage system associated with Telos so that dapps can store files controlled by blockchain contracts. Question 4: At what stage is Teloa Road Map now? what are the latest updates currently being realized? Answer: Telos launched its mainnet in December 2018 and has so far produced over 100,000,000 blocks without ever stopping or rolling back the chain. This is likely a record for a public blockchain. We have an ongoing group Telos Core Developers who build and maintain the code and are paid by our Telos Works funding system that is voted by the Telos token holders. Telos is a leader in blockchain governance and regularly amends its governance rules based on smart contract powered voting called Telos Amend. You can see the current Telos governance rules as stored live on the blockchain at tbnoa.org. The most recent updates were adding new features to Telos Decide to make it more powerful, implementing EOSIO v2.0 which increased the capacity of Telos about 8-10 times what it previously was, and implementing Telos EVM on our Testnet. We are currently working on better interfaces for Telos Decide voting, and building more infrastructure around Telos EVM so that it is ready to deploy on our mainnet. Question 5: Is telos currently available on an exchange? and is it ready to be traded? Answer: Telos has been trading on exchanges for over a year. The largest exchanges are Probit, CoinTiger, CoinLim, and P2PB2B. Other exchanges include Newdex and Alcor. We expect to be listed on larger exchanges in the near future. Question 6: Now is the time when defi tokens begin to develop, can telos be categorized as a defi project? and what strategies for this year and in the years to come prepared by telos? Answer: Telos is a smart contract platform, but it already has many DeFi tools built for it including REX staking rewards with a current yield of ~19% APR, smart contract controlled token swaps (like Bancor) with no counterparty called Telos Swaps, a common liquidity pool/order book shared by multiple DEXs to improve liquidity called EvolutionDEX. Wrapped BTC, ETH, XRP, EOS, and other tokens can be brought to Telos and exchanged or used via smart contracts through Transledger. We have more DeFi tools coming all the time including two new offerings in the next few weeks that will be the first of their kind. Question 7: Governance is an important topic in blockchain and Telos is considered a leader in this area. Why is that? Answer: Telos is among the top blockchain projects in terms of how it empowers its users to guide the growth of the chainalong the likes of Tezos or new DeFi tokens that offer governance coins. Telos users continuously elect the validating nodes, called Block Producers, that operate the network based on a set of governance documents such as the Telos Blockchain Network Operating Agreement (TBNOA). These are all stored entirely on-chain (viewable at tbnoa.org) and can be modified by smart contract through blockchain voting using Telos Amend. You can see examples of this at https://chainspector.io/governance/ratify-proposals Telos also has a robust user-voted funding mechanism called Telos Works that has funded many projects and is one of the more successful blockchain incubators around. Voting for all of these can be done in a number of ways including block explorers, wallets like Sqrl (desktop) and Telos Wallet (mobile), telos.net and Chainspector (https://chainspector.io/governance/telos-works). But Telos goes beyond any other chain-level governance by making all of these features and more available to any dapp on Telos through Telos Decide governance engine, making it easy for any dapp or DAO to add robust, highly customized voting. Segment 2 from google form Question 1: Defi projects are now trending whether telos will also go to Defi projects, to increase investors or the community? Answer: Yes, we have several DeFi tools on Telos that can work together: Telos Swaps is an automated, zero-counterparty token swapping smart contract where you can exchange any Telos tokens you may want at any time. Telos has DEXs and uses a common order book called EvolutionDEX that's available to any DEX so that a buy order on one can be matched against a sell order on another. This greatly increases liquidity for traders. We have staking rewards though the Resource EXchange (REX) with rewards currently at about 19% APR. We also have "wrapped" BTC, ETH, and other tokens that can be traded on Telos or used by its smart contracts at half-second transaction times with no transaction fees. This makes Telos a Bitcoin or Ethereum second layer or state channel that's much faster even than Lightning Network and has no fees once the BTC has been brought to Telos. Question 2: Telos aim is to build a new global economy could you explain how whole ecosystem works? There are already many centralized competitors so what is decentralization aspect in telos? Answer: Telos is one of the most decentralized blockchain's in the world. It is operated by 51 validators (block producers) who validate blocks in any month. These are voted for on an ongoing basis by Telos account holders. Telos is also economically decentralized with no large whales like Bitcoin, Ethereum, XRP or EOS because Telos never performed an ICO and limited the size of genesis accounts to 40,000 TLOS max. Telos is also geographically decentralized with users and block producers on every continent but Antarctica and in numerous countries. The is a large amount in North America and Western Europe, but also in Asia, Australia, and large contingents in Latin America and Africa. Telos has had a Block Producer in Indonesia since the beginning and some dapps on Telos are based in Indonesia as well, like SEEDS, for example. Question 3: Most investors focus only on the token price in the short term instead of the real value of the project. Can #TELOStell me the benefits for investors holding #TELOSthe long term? Answer: That's true about crypto speculators and traders, certainly. Traders are usually looking for coins with good positive momentuum that they hope will continue. But these are often pump and dumps where a few people get in early, pump the price, and then get out at the expense of new investors. That's very unfortunate. Telos isn't like this. One reason is that there aren't large whales who can easily manipulate the price. Telos seems to be greatly undervalued compared to its peers. Telos has capacity like EOS and well above XRP, XML, Tron, Ethereum. But its value is miniscule relative to these. Telos is a leader in blockchain governance like Tezos but its marketcap is tiny in comparison. Telos onboarded 100,000 new accounts last month and is appearing in the leading crypto press every week with new dapps or developments. So there's some disconnect between the value of Telos and the price. In my experience, these tend to equalize once more people learn about a project. Question 4: Eos Problems and How Telos Will Solve Them? Answer: Telos originally set out to solve problems with EOS. It was successful in this and now Telos stands on it's own and our roadmap is more about empowering users. In short, these are some of the EOS problems we already solved: RAM speculation - Telos had a plan to reduce RAM speculation through a published guidance price that has been extremely successful. The RAM price is guided by market forces but has remained within 10% of the guidance price since launch. CPU resources - Telos implemented the Telos Resource Improved Management Plan many months ago which was a 7-point approach to making EIDOS-type resource mining unprofitable on Telos. It has largely been successful and Telos has not experienced any resource shortages. Exchange Collusion/Voting - Telos governance does not permit Exchanges to vote with user tokens. This prevent voting situations seen on EOS or STEEM. Block Producer collusion - Telos has minimum requirements for block producers and do not allow anyone to own more than one block producer. Those who are found doing so (there have been about 3 cases so far) have been removed and sanctioned in accordance with the rules of the TBNOA. Question 5: What ecosystems do telos use? and why telos prefers to use EOS network over BEP2 or ERC20? what layer is used telos, can you please explain? Answer: uses the EOSIO protocol because it is the fastest and most powerful in the world and it also receives the fastest upgrades and ongoing development compared to other blockchain technologies. EOS and WAX also use the EOSIO protocol but they are completely different chains. Telos is a Layer 1 protocol, meaning that it is its own blockchain that other dapps and smart contracts deploy upon. One thing that happens when a blockchain like Telos has much, much higher speed and capacity than others like Bitcoin or Ethereum is that Telos can actually run those other blockchains better on its own platform than they can natively. For example, a number of tokens can come in to Telos as wrapped tokens. BTC, ETH, XRP are all current examples of tokens that can be on Telos as wrapped tokens. Once there, these can all be moved around with half-second transaction times and no transaction fees, so they are a better second layer for Bitcoin or Ethereum than Lightning Network or Loom. Telos can also emulate other chains, which we are doing using Telos EVM which emulates the Ethereum Virtual Machine at about 300 times faster and with no gas fees or congestion compared to Ethereum native deployment. Telos can run Ethereum (Solidity) smart contracts without any changes required. Telos EVM is already deployed on the Telos Testnet and will move to our mainnet soon. So anyone who wants to run ERC-20 tokens on Telos can do so easily and they will be faster and with much less cost than running the same contract on Ethereum. Segment 3 free asking Question: I am happy to see new things created by the Telos team. Like What concept did you build in 2020 to make Telos superior? Answer: Currently, I think Telos Decide is the most unique and powerful feature we have built. There are all kinds of organizations that need to vote. Apartment buildings, school boards, unions, tribes, youth sports leagues, city councils. Voting is hard, time consuming, and expensive for many. Telos Decide makes voting easy, convenient, and transparent. That will be a major improvement and disrupt old style voting. It also goes for buisnesses and corporate governance. Even before COVID it was important, but now people can't really gather in one place so fraud-proof voting is very important. No one has the tools that Telos has. And if they try to copy us, well, we are already way out ahead working on the next features. Question: If we look about partnerships, Telos has many partnership ! so what's the importance of that partnership for Telos? And How will you protect the value of Telos to your partners or investors ?? Answer: Many of the partnerships are dapps that have decided to deploy on Telos and receive some level of help from the TCD or Telos Foundation to do so. Once a dapp deploys on a chain, it really is like a long term partnership. Many dapps will become block producers as well and join in the governance of Telos. I suspect that in a few years, most block producers will be the large dapps on the platform with just a few remaining like my company GoodBlock. Of course, we will have our own apps out as well so I guess we'll be developers too. Telos is very fiscally responsible for investors. We spend little. There has not been any actual inflation on the chain in almost a year. (The token supply has remained unchanged at about 355M TLOS) we are actively working with dapps to bring more to Telos and exchanges and other services like fiat on- and off-ramps to increase value for users. Question: In challenging crypto market condition any project is really difficult to survive and we are witnessing that there are many platforms . What is telos project plan for surviving in this long blockchain marathon? In this plan, what motivates long term investors and believers? Answer: True. While we currently have a low token price, Telos as a DPOS chain can be maintained and grow without a massive army of miners and still maintain BFT. But the risk is really not whether Telos can continue. Already there are enough dapps that if the block producers went away somehow (not gonna happen) the dapps would just run the chain themselves. But with 100,000 new users last month and new dapps all the time, we are looking to join the top 5 dapp platforms on DappRadar soon. Survival as a project is not in question. One of the big reasons is that we never did any ICO and Telos is not a company. So regulatory risks aren't there and there's no company to go bankrupt or fail. We have already developed a bootstrapped system to pay block producers and core developers. So we aren't like a company that will run out of runway sometime. Question: Could you explain what is DSTOR? What will it contribute to your ecosystem? Answer: dStor is a decentralized cloud storage system that will have the performance of AWS or Azure with much lower costs and true decentralization. It's based on a highly modified version of IPFS that we have applied for patents for our implementation. It means that dapps will be able to store data like files, images, sound, etc. in a decentralized way. Question: Trust and security is very important in any business , what makes investors , customer and users safe secure when working with TELOS?? Answer: Telos is decentralized in a way that's more like bitcoin than other blockchains (but without the whales who can manipulate price). There was never any single company that started Telos, so there's no company whose CEO could make decisions for the network. There are numerous block producers who decide on any operational issue that isn't clearly described in the TBNOA governance documents. And to get to an action, 15 of the 21 currently active BPs need to sign a multisig transaction. So that's a high threshold. But also, the TBNOA speaks to a large number of issues and so the BPs can't just make up their own rules. Since there are really no whales, no one can vote in any kind of change or bring in their own BPs with their votes. This is also very different from other chains where there are whales. Telos is not located in any one country, so our rules can't be driven by one nation's politics. All in all, this level of decentralization sets Telos apart from almost any blockchain project in existence. People don't have to trust Telos because the system is designed to make trust unnecessary.
Hi all, I have a checking account in Egypt right now with a sizable amount of EGP in it. Banque Misr. I'm living and working in the US, and want to move the money here, to keep it in USD. Should have done it a long time ago, and this economic situation is going to get worse - the value of the pound is only going to worsen. Anybody know how to go about doing this? Since last week, there is apparently a daily limit of 1000 EGP placed on transaction amounts per day. Can I do a wire transfer? Western Union? Pay an accountant in Egypt to move it or something? Buy bitcoin with it? Remove the limit? The Egyptian government obviously does not want all the money to leave the country or to be sold into other currencies. Thanks for the help
I've heard that founder of MakerDAO is not strictly against KYC. I have a message to whole community and specifically to a founder of MakerDAO Rune Christensen. I will explain using concrete examples why having KYC in MakerDAO is a grave mistake and it will lead to MakerDAO fork. Many people in the first world never actually understand why financial privacy and financial inclusion is important. Even people (in the first world) who seemingly supportive of such ideas are not able to provide any concrete examples of why it's actually important. Unfortunately, I was born in a "wrong" country (Uzbekistan) and I experienced first hand what financial exclusion actually means. I know first hand that annoying feeling when you read polite, boilerplate rejection letter from financial institution based in first world. So I had to become practical libertarian. I'm going to give you concrete examples of financial discrimination against me. Then I'm going to explain fundamental reasons why it happens. And finally, I'm going to explain my vision for DAI. Back in 2005, I lived in Uzbekistan. I had an idea to invest in US stocks. I was very naive and I didn't know anything about investing, compliance, bank transfers, KYC etc. All I knew is nice long term charts of US stocks and what P/E means. I didn't contact any US brokerage but I checked information about account opening and how to transfer money there. I approached local bank in Uzbekistan and asked how to transfer money to Bank of New York. Banker's face was like - WOW, WTF?!?! They asked me to go to private room to talk with senior manager. Senior manager of local bank in Uzbekistan asked me why I wanted to transfer money to US. They told me that it's absolutely impossible to transfer money to US/EU and pretty much anywhere. I approached nearly every local bank in the town and they told me the same. In 2012, I already lived in Moscow and acquired Russian citizenship. I got back to my old idea - investing in US stocks. I called to many US brokerages and all of them politely rejected me. Usually when I called I asked them if I can open an account with them. They told me to hold on line. After long pause, I was able to speak with "senior" support who politely explain me that Russia in their list of restricted countries and they can't open an account for me. Finally, I was able to open an account with OptionsXpress. Next challenge was to convince local Russian bank to transfer money to US. Back then in 2012, I was able to get permission to do so. So you might say - is this happy end? Fast forwarding US brokerage story to 2017, OptionsXpress was acquired by Charles Schwab. I was notified that my OptionsXpress account will be migrated to Charles Schwab platform. In 2017, I already lived in the Netherlands (but still having Russian citizenship). I wasn't happy with my stupid job in the Netherlands. I called Charles Schwab and asked if I quit my job in the Netherlands and have to return to Russia, what will happen with my account. Schwab told me that they will restrict my account, so I can't do anything except closing my account. So even if I was long term customer of OptionsXpress, Charles Schwab is not fully okay with me. Going back to 2013, I still lived in Russia. I had another idea. What if I quit my job and build some SAAS platform (or whatever) and sell my stuff to US customers. So I need some website which accept US credit cards. I contacted my Russian bank (who previously allowed me to transfer money to OptionsXpress) about steps to make in order to accept US credit cards in Russia. I've been told explicitly in email that they won't allow me to accept US credit cards under any circumstances. Back then I still believed in "the free west". So I thought - no problem, I will just open bank account abroad and do all operations from my foreign account. I planned vacation in Hong Kong. And Hong Kong is freest economy in the world. Looks like it's right place to open bank account. I contacted HSBC Hong Kong via email. Their general support assured me that I can open bank account with them if I'm foreigner. I flew to Hong Kong for vacation and visited HSBC branch. Of course, they rejected me. But they recommended me to visit last floor in their HQ building, they told me that another HSBC branch specializes on opening bank accounts for foreigners. I went there and they said minimum amount to open bank account is 10 mil HKD (1.27 mil USD). Later I learned that it's called private banking. When I relocated to the Netherlands, I asked ABN Amro staff - what's happen with my bank account if I quit/lose my job in the Netherlands and have to return back to Russia. I've been told that I can't have my dutch bank account if I go back to Russia even if I already used their bank for 2+ years. I still had idea that I would like to quit my job and do something for myself. The problem is that I'm Russian citizen and I don't have any residency which is independent from my employment. So if I quit my job in the Netherlands, I have to return back to Russia. I wanted to see how I would get payments from US/EU customers. I found Stripe Atlas, it's so exciting, they help you to incorporate in US, and even help with banking, all process of receiving credit card payments is very smooth. But as usual in my case, there is a catch - Russia in their list of restricted countries. Speaking of centralized compliance-friendly (e.g. KYC) crypto exchanges. This year I live and work in Hong Kong. Earlier this year, I thought it would be nice to have an account at local crypto exchange in Hong Kong so I can quickly transfer money from my bank account in Hong Kong to crypto exchange using FPS (local payment system for fast bank transfers). What could go wrong? After all Hong Kong is freest economy in the world, right? I submitted KYC documents to crypto exchange called Weever including copy of my Hong Kong ID as they requested. They very quickly responded that they need copy of my passport as well. I submitted copy of my Russian passport. This time they got silent. After a few days, they sent me email saying that Russia is on the US Office of Foreign Assets Control sanction list, so they just require me to fill a form about source of the funds. I told them that the source of my funds is salary, my Hong Kong bank can confirm that along with my employment contract. They got very silent after I sent them a filled form. After a week of silence I asked them - when my account get approved? They said that their compliance office will review my application soon. And they got very silent again. I waited for two or three weeks. Then I asked them again. And I immediately got email with title - Rejection for Weever Account Opening. And text of email was:
We are sorry to inform you that Weever may not be able to accept your account opening application at this stage.
Exactly the same situation I had with one crypto exchange in Europe back in 2017. Luckily I have accounts at other crypto exchanges including Gemini, one of most compliance obsessed exchange in the world. Although I don't keep my money there because I can't trust them, who knows what might come into head of their compliance officer one sunny day. By the way, I'm living and working outside of Russia for quite a few years. The situation with crypto exchanges is much worse for those who still living in Russia. I give you a few other examples of financial discrimination is not related to troubles with my Russian citizenship. Back in 2018, I still lived in the Netherlands. I logged in into my brokerage account just to buy US ETFs as I always do - SPY and QQQ. I placed my order and it failed to fill. I thought it's just a technical problem with my brokerage account. After a few failed attempts to send buy orders for SPY and QQQ, I contacted their support. What they told me was shocking and completely unexpected. They said I'm not permitted to buy US ETFs anymore as EU resident because EU passed a law to protect retail investors. So as a EU resident I'm allowed to be exposed to more risk by buying individual US stocks but I'm not allowed to reduce my risk by buying SPY because ... EU wants to protect me. I felt final result of new law. By the way, on paper their law looks fine. And the final example. It's a known fact that US public market become less attractive in recent decades. Due to heavy regulatory burden companies prefer to go public very late. So if successful unicorn startup grows from its inception/genesis to late adoption, company's valuation would be 3-5 orders of orders of magnitude. For example, if valuation of successful company at inception is 1 Mil USD, then at its very latest stage it's valuation would be 10 Bil USD. So we have 10'000 times of growth. In the best case scenario, company would go public at 1 Bil USD 5-10 years before reaching its peak 10 Bil USD. So investors in private equity could enjoy 1000 fold growth and just leave for public only last 10 fold growth stretched in time. In the worst case scenario, company would go public at 10 Bil USD, i.e. at its historical peak. But there are well known platforms to buy shares of private companies, one of such platforms is Forge Global. You can buy shares of almost all blue chip startups. You can even invest in SpaceX! But as always, there is a catch - US government wants to protect not just US citizens but all people in the world (sounds ridiculous, right?). US law requires you to have 1 Mil USD net worth or 200'000 USD annual income if you want to buy shares of non-public company. So if you are high-net worth individual you can be called "accredited investor". Funny thing is that the law intends to protect US citizens but even if you are not US citizen and never even lived in US, this law is still applies to you in practice. So if you are "poor loser", platforms like Forge Global will reject you. So high-net worth individuals have access and opportunity to Bitcoin-style multi-magnitude growth every 5-10 years. Contrary to private equity markets, US public markets is low risk/low return type of market. If you have small amount of capital, it's just glorified way to protect yourself from inflation plus some little return on top. It's not bad, US public market is a still great way to store your wealth. But I'm deeply convinced that for small capital you must seek fundamentally different type of market - high risk/high return. It's just historical luck that Bitcoin/Ethereum/etc were available for general public from day one. But in reality, viral/exponential growth is happening quite often. It's just you don't have access to such type of markets due to regulatory reasons. I intentionally described these examples of financial discrimination in full details as I experienced them because I do feel that vast majority of people in the first world honestly think that current financial system works just fine and only criminals and terrorists are banned. In reality that's not true at all. 99.999% of innocent people are completely cut off from modern financial system in the name of fighting against money laundering. Here is a big picture why it's happening. There are rich countries (so called western world) and poor countries (so called third world). Financial wall is carefully built by two sides. Authoritarian leaders of poor countries almost always want full control over their population, they don't like market economy, and since market forces don't value their crappy legal system (because it works only for close friends of authoritarian leader) they must implement strict capital control. Otherwise, all capital will run away from their country because nobody really respects their crappy legal system. It only has value under heavy gun of government. Only friends of authoritarian leader can move their money out of country but not you. Leaders of rich countries want to protect their economy from "dirty money" coming from third world. Since citizens of poor countries never vote for leaders of rich countries nobody really cares if rich country just ban everyone from poor country. It's the most lazy way to fight against money laundering - simply ban everyone from certain country. Actually if you look deeper you will see that rich countries very rarely directly ban ordinary people from third world. Usually, there is no such law which doesn't allow me to open bank account somewhere in Europe as non-EU resident. What's really happens is that US/EU government implement very harsh penalties for financial institutions if anything ever goes wrong. So what's actually happens is that financial institutions (banks, brokerages etc) do de-risking. This is the most important word you must know about traditional financial system! So if you have wrong passport, financial institution (for example) bank from rich country just doesn't want to take any risks dealing with you even if you are willing to provide full documentation about your finances. It's well known fact that banks in Hong Kong, Europe, US like to unexpectedly shutdown accounts of thousands innocent businesses due to de-risking. So it's actually de-risking is the real reason why I was rejected so many times by financial institutions in the first world!!! It's de-risking actually responsible for banning 99.999% of innocent people. So governments of rich democratic countries formally have clean hands because they are not banning ordinary people from third world directly. All dirty job is done by financial institutions but governments are well aware of that, it's just more convenient way to discriminate. And nobody actually cares! Ordinary citizens in rich countries are never exposed to such problems and they really don't care about people in third world, after all they are not citizens of US/EU/UK/CH/CA/HK/SG/JP/AU/NZ. And now are you ready for the most hilarious part? If you are big corrupt bureaucrat from Russia you are actually welcome by the first world financial institutions! All Russian's junta keep their stolen money all across Europe and even in US. You might wonder how this is possible if the western financial system is so aggressive in de-risking. Here is a simple equation which financial institution should solve when they decide whether to open an account for you or not: Y - R = net profit Where: Y - how much profit they can make with you; R - how much regulatory risk they take while working with you; That's it! It's very simple equation. So if you are really big junta member from Russia you are actually welcome according to this equation. Banks have special name for serving (ultra) high-net worth individuals, it's called private banking. It's has nothing to do with the fact that bank is private. It's just fancy name for banking for rich. So what's usually happen in real world. Some Estonian or Danish bank got caught with large scale money laundering from Russia. European leaders are ashamed in front of their voters. They implement new super harsh law against money laundering to keep their voters happy. Voters are ordinary people, they don't care about details of new regulations. So banks get scared and abruptly shutdown ALL accounts of Russian customers. And European voters are happy. Modern money laundering laws are like shooting mouse in your house using bazooka! It's very efficient to kill mouse, right? Now imagine world without financial borders. It's hard to do so because we are all get so used to current status quo of traditional financial system. But with additional effort you can start asking questions - if Internet economy is so global and it doesn't really matter where HQ of startup is located, why they are all concentrated in just a few tiny places like Silicon Valley and ... well, that's mostly it if you count the biggest unicorns! Another question would be - why so many talented russian, indian, chinese programmers just go to the same places like San Francisco, London and make super rich companies like Amazon, Google, Facebook, Apple to get even richer? If all you need is laptop and access to internet, why you don't see any trade happening between first and third world? Well actually there is a trade between first and third world but it's not exactly what I want to see. Usually third world countries sell their natural resources through giant corporations to the first world. So it's possible to get access to the first world market from third world but this access usually granted only to big and established companies (and usually it means not innovative). Unicorns are created through massive parallel experiment. Every week bunch of new startups are created in Silicon Valley. Thousands and thousands startups are created in Silicon Valley with almost instant access to global market. Just by law of large numbers you have a very few of them who later become unicorns and dominate the world. But if you have wrong passport and you are located in "wrong" country where every attempt to access global market is very costly, then you most likely not to start innovative startup in the first place. In the best case scenario, you just create either local business or just local copy-paste startup (copied from the west) oriented on (relatively small) domestic market. Obviously in such setup it's predictable that places like Silicon Valley will have giant advantage and as a result all unicorns get concentrated in just a few tiny places. In the world without financial barriers there will be much smaller gap between rich and poor countries. With low barrier of entry, it won't be a game when winner takes all. Whole architecture of decentralized cryptocurrencies is intended to remove middle man and make transactions permissionless. Governments are inherently opposite to that, they are centralized and permissioned. Therefore, decentralized cryptocurrencies are fundamentally incompatible with traditional financial system which is full of middle mans and regulations (i.e. permissions). Real value of crypto are coming from third world, not the first world. People are buying crypto in rich countries just want to invest. Their financial system and their fiat money are more or less already working for them. So there is no immediate urgency to get rid of fiat money in the first world. So the first world citizens buying crypto on centralized KYCd exchanges are essentially making side bet on the success of crypto in third world. Real and natural environment of cryptocurrencies is actually dark OTC market in places like Venezuela and China. But cryptocurrencies like Bitcoin and Ethereum have a big limitation to wide adoption in third world - high volatility. So the real target audience is oppressed (both by their own government and by first world governments) ordinary citizens of third world countries yet they are least who can afford to take burden of high volatility. Right now, Tether is a big thing for dark markets across the world (by the way, dark market doesn't automatically imply bad!). But Tether soon or later be smashed by US/EU regulators. The only real and working permissionless stable cryptocurrency (avoiding hyped word - stablecoin) is DAI. DAI is the currency for post-Tether world to lead dark OTC market around the world and subvert fiat currencies of oppressive third world governments. Once DAI become de-facto widespread currency in shadow economy in all of third world, then it will be accepted (after many huge push backs from governments) as a new reality. I'm talking about 10-20+ years time horizon. But if MakerDAO chooses the route of being compliance friendly then DAI will lose its real target audience (i.e. third world). I can not imagine US/EU calmly tolerate someone buying US stocks and using as a collateral to issue another security (i.e. DAI) which is going to be traded somewhere in Venezuela! You can not be compliance friendly and serve people in Venezuela. Facebook's Libra was stupidest thing I've seen. It's extremely stupid to ask permission from the first world regulators to serve third world and create borderless economy. Another stupid thing is to please third world governments as well. For example, Libra (if ever run) will not serve Indian, Chinese, Venezuelan people. Who is then going to use stupid Libra? Hipsters in Silicon Valley? Why? US dollars are good enough already.
I think that based on policy precedents in Western societies, it's bizarre that Proof of Work as a system hasn't been faced with any legal prohibition yet. The main argument I can imagine is that governments fear a public opinion backlash. However, a ban on proof of work would fit completely within a trend of governments banning the use of technologies that are excessively wasteful when perfectly valid alternatives are available. Consider some examples of legal requirements the European Union has placed on products to reduce our waste of electricity: -The EU banned incandescent light bulbs, to reduce electricity use. These light bulbs convert less than 5% of electricity consumed into light, so the EU mandated that people would resort to more efficient light bulbs. The new light bulbs have various downsides, but the need to reduce electricity use was considered significant enough to mandate the phase-out of incandescent light bulbs. -The EU has implemented a ban on vacuum cleaners that consume more than 900 watts. Vacuum cleaners have to abide by strict regulation in regards to how much noise they produce, how much dust they pick up and how much electricity they use. The EU expects their rules will reduce electricity use by 20Twh per year, equivalent to the annual energy use of Belgium. So, I'd say there's a good policy precedent that processes that consume excessive amounts of resources end up facing legal prohibitions in the European Union. But then I'm confronted with a bizarre situation, where an online digital currency that consumes three times as much electricity as these inefficient vacuum cleaners waste, is simply ignored. From the perspective of energy-efficiency, Bitcoin doesn't do anything better than the regular financial system. It consumes more electricity, to make three orders of magnitude fewer transactions than credit cards do. The problem with proof of work is intrinsic: It generates an artificial financial incentive for the waste of electricity. It creates a bounty, equivalent to the inflation rate of the currency, that serves to generate a competition over who can prove the waste of more electricity than others. Most important however, is the fact that it incentivizes the use of stolen electricity in a manner that was previously unheard of. After all, if you're mining Monero with your own equipment, you're doing it wrong. The clever Monero miner doesn't mine using his own device, he hacks into other people's computers and installs programs that make those computers devote as much electricity as possible to performing arbitrary calculations that serve merely to demonstrate someone has a lot of resources at his disposal. In other words, there's no real limit to how much electricity people are willing to waste on mining Monero, the only thing that stops these criminals is the fact that alternative scams are more lucrative to them. In the absence of cryptocurrencies, someone who has gained unauthorized access to other people's computers has no incentive to make those computers waste electricity, except for sheer malice. The creation of an anonymous cryptocurrency that awards new units based on anonymous evidence of the ability to waste electricity, should be recognized for what it is: A bounty on pollution. Monero and assorted cryptocurrencies, exist as bounties that serve to incentivize pollution. The nations of the world agreed to take effort to keep global warming beneath 1.5 degree Celsius. Eighteen EU countries want to move to net zero emissions by 2050. The goals nations have set for themselves will require a very rapid energy transition, yet there's serious reason to expect that these goals will require enormous herculean efforts to achieve. So why then, I ask as a European citizen, is a free lunch being ignored? European consumers, through their purchase of proof of work cryptocurrencies, incentivize the existence of a negative-sum game of endless competitive energy consumption. I'm not allowed to purchase incandescent light bulbs because they waste electricity, so why am I allowed to buy tokens of a decentralized bounty on electricity-theft? "We can't just knock people's doors down and check whether anyone has a Monero wallet on his computer, that's tyrannical" The critic says. And I agree, but that's a straw man argument. You don't have to treat possession of cryptocurrency the way you treat possession of child pornography. You can instead treat it the way we treat chlorofluorocarbons, ivory, incandescent light bulbs and inefficient vacuum cleaners. European companies are not allowed to mine cryptocurrencies, the import of cryptocurrency mining devices and "hardware wallets" can be subject to legal prohibitions and companies that offer the opportunity to buy or sell cryptocurrencies can be forbidden. This would be sufficient to remove most of the incentive to participate in the cryptocurrency economy and lead to a subsequent price crash of most cryptocurrencies, which then results in a dramatic reduction in electricity use. Please note that there are perfectly valid arguments to make that cryptocurrencies as an asset class should be banned (hint: endless fraud). I'm focussing here on the most perplexing aspect of this situation, the fact that governments faced with extremely difficult to achieve climate targets and even growing risks of electricity shortages are missing a free lunch.
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Chinese authorities are testing the digital yuan: is it worth waiting for the digital dollar?
Chinese authorities are testing the digital yuan: is it worth waiting for the digital dollar? The development of the digital renminbi is proceeding rapidly: a few days ago it became known that companies and customers of the largest banks in several cities of China were testing it. Moreover, corporations such as McDonald’s and Starbucks will take part in the test, among others. + Why is China in a hurry to release a national cryptocurrency, at what stage is development and why its main opponent is not Bitcoin or Libra from Facebook, but the US dollar, DeCenter found out. For a long time, almost nothing was known about China’s national digital currency (DCEP), or the digital renminbi, except that the Chinese authorities were working on it. Information was officially confirmed only in 2018. Moreover, it turned out that research and development has been ongoing since 2014. And in the summer of 2019, the deputy head of the department of the National Bank of China (NBK) Mu Changchun, who is called the main ideologist of the digital renminbi project in power, said that he was “almost ready.” This was preceded by the sensational announcement of the cryptocurrency project Libra from Facebook, which officials in many countries took with hostility. As DeCenter wrote, cryptocurrencies have pushed the Chinese authorities to create DCEP by the growing competition with fiat currencies. Despite the formal ban on cryptocurrency exchanges and ICOs, Chinese people are still actively using crypto assets. The digital yuan could be an alternative to decentralized coins. In addition, the main capacities of world mining of the Bitcoin network are concentrated in China, the blockchain startup industry is developing rapidly and with government support. Such a contradictory and motley picture. According to the professor of Fudan University, Michael Song, the real impetus for accelerating the development of the digital renminbi was not so much the Libra coin, but the keynote address by President Xi Jinping in October 2019. Then he called on officials to “make every effort” to develop the blockchain and introduce solutions based on it into the real economy. At the same time, Xi noted the importance of implementing technology in digital finance. According to Song, this was a signal for central authorities to accelerate the release of DCEP and facilitate its distribution in China and beyond. Mobile App First But the real details about the digital yuan became known recently, in April. Then, WeChat published screenshots from the test mobile application of the Agricultural Bank of China (SBC) for operations with DCEP. Some of the application’s functions were visible on the screenshots: wallet, function of payment via QR-code (a popular payment method in China), receiving and sending money, as well as “pairing” wallets of two users for transactions through convergence of devices (probably using NFC-technology) Mobile app interface for the RMB. Later, the NBK confirmed the authenticity of the screenshots and added that the digital renminbi is being tested in cooperation with several commercial banks, and its territory is limited to four major cities. As The Block later clarified with reference to Chinese media, in one of the cities — Suzhou — municipal officials in May will receive half of the subsidies for travel on public transport in “digital yuan”. The authorities did not disclose the official launch date for DCEP, but added that the next test of the digital national currency will be held in 2022, during the Beijing Winter Olympics. Probably, then the scale of the test will be much larger and will also affect foreign citizens. It is curious that on the same day, the State Committee for Development and Reforms of the PRC — the former Gosplan, now in charge of strategic economic planning, announced the inclusion of blockchain in the national technology development strategy. Now it is a priority for the state along with other promising areas, such as artificial intelligence, cloud computing and the Internet of things. Commerce and trading in the digital yuan The NBK is not limited to banks and individual users of the digital yuan: thanks to a report from the Chinese publication InterChain Pulse, another test was revealed, but with the participation of almost two dozen companies. The project will be held on the territory of the New Xun’an District (something like a special economic zone, but an urban type). The project includes companies in the field of catering, retail, transport and entertainment. The list also includes American companies McDonald’s, Starbucks and Subway, as well as a number of local chains: fast food Qingfeng Baozi, supermarkets JD (operated by the leading online retailer of the same name in China), Jinfeng cafe and others. Four state-owned banks provide financial infrastructure, as well as fintech giants Ant Financial (formerly Alipay) and Tencent. Administrative support is provided by local governments. Xun’an — a kind of testing ground for the “digital city”. All government services have already been digitized here, 5G mobile networks, unmanned vehicles and much more are used. At the end of March, a blockchain laboratory was opened in the city, which will be engaged in the implementation of DLT-based solutions in urban infrastructure and services. At the same time, InterChain Pulse did not provide data on the date of the start of the digital renminbi experiment in Xiongang or the timing of its implementation. Ram against the dollar Given that the digital yuan is a project of the Chinese authorities, it is not surprising that, in addition to domestic economic interests, they also pursue political goals. Namely, the victory over the global “hegemony” of the US dollar. So, the DCEP developer Mu Changchun in September last year said that “the digital yuan is necessary for China to protect the monetary sovereignty of the country”. The Ledger Insights portal cites an article by the Chinese political science center Zero One Think Tank, which states that the digital yuan will help “internationalize” the Chinese currency. In particular, through transactions in large-scale foreign economic projects of the PRC. Among them is the One Belt, One Road initiative, which brings together many of China’s neighbors as part of the Silk Road Economic Belt and the 21st Century Sea Silk Projects. High scalability of DCEP will solve the problem of increasing the share of settlements in RMB in foreign trade. So far, China has failed. State-owned Chinese companies already have the infrastructure needed for cross-border operations in the digital yuan. For example, last fall, the Chinese Construction Bank (the third largest in China) released the second version of its financial blockchain platform for international settlements after the volume of operations on it exceeded $ 50 billion. The platform users are mainly foreign banks and Chinese exporters. All four major Chinese state banks, which recently announced their participation in the project for the commercial testing of the “digital yuan” in Xiongang, have their own foreign trading platforms based on a distributed registry. Digital dollar The U.S. currency really dominates global finance: in 2019, 90% of international transfers and 60% of government reserves were in US dollars, while the yuan in both segments accounted for only 2%. Such data are quoted by Voice of America. The dollar is needed by private companies and banks to hedge the risks of depreciation of national currencies in international transactions. However, the widespread use of the dollar also gives the US government leverage — for example, with the introduction of economic sanctions. The emergence of alternative international currencies could undermine US influence. In a commentary on Voice of America, Special Assistant to the President Tim Morrison expressed confidence that Beijing’s intention to “dominate this new financial technology should be alarming”, referring to cryptocurrencies. Apparently, while the US authorities do not plan to issue their own digital dollar. In late February, speaking in the Senate, US Treasury Secretary Stephen Mnuchin said that Washington does not intend to issue a national cryptocurrency at this time, but may return to this issue in the future. The day before Mnuchin’s statement, Jerome Powell, the head of the US Federal Reserve System, spoke in the House of Representatives. Congressmen called on him and colleagues in the government’s financial bloc to step up work on the digital dollar until they got ahead of the Chinese. To this Powell replied that the conditions in the USA and China are different: “For example, the idea of a registry where everyone will see each other’s transactions is unlikely to be attractive in the context of the United States. This is not a problem for China.” As for Libra, last year’s announcement of which was accompanied by mass criticism of Western officials, on April 20 an updated version of the white paper project was released. In the new document, the developers officially abandoned the concept of a single global stablecoin, decentralization and anonymity and pledged to comply with all regulatory requirements.
https://preview.redd.it/hml53mmh5er41.png?width=568&format=png&auto=webp&s=3f0cd662e1836bcb2ea37793cbbbfd6f8a5e9723 Zhuling Chen It’s always great to hang out in this group. This group means a lot to the Aelf community. It is the first Aelf community and has been there through all the ups and downs in the world. I would like to start with wishing everyone is staying safe at home during the virus outbreak. It definitely has been a difficult time for all of us, but together we can pull through it. We understand that the situation is quite striking to all of us. But I really believe that the solution to the virus outbreak is about more global coordination and collaboration. All of you to be assured, our team in different places are all safe and working from home as normal. The Aelf team in Beijing were among the early ones experiencing the virus outbreak. As everyone was on the way home for Lunar New Year holiday and then experienced a total city lock-down followed by a 40 days’ work from home policy. It was definitely not easy for them, but our team stayed strong, took necessary precautions and focused on work with the right morale. Mappo has recently published some tips on how to work from home effectively based on our experience. Do check it out. Despite not working in the office since February, we have achieved great progress, including launching Aelf 1.0 preview, which is an important milestone in technical delivery and also the roadmap to mainnet launch (which listed out the essential steps for the community to work together to launch a successful public network) Let's first talk about Aelf v1.0 preview. It is the cornerstone of the mainnet launch. The product itself has all the features that the public network is needed. The codebase has been reviewed and tested rigorously by the team. And a few highlights of how the network would look like:
The code allows a stable and high throughput blockchain network to operate publicly.
For developers, they will love how flexible the system is to be customized, the number of tools and documentation to help them start developing applications on the network
For the whole community, the system is an ever-evolving one where the voting system is ready in place to conduct network-wide voting on various topics, such as transaction fee adjustment, network protocol upgrade, incentive adjustment, etc
Aelf system is able to run multi-chain architecture where each side chain will host different applications and still ready to work with each other
So you may ask since the software is ready, why have we not yet launched the public network? The answer, in short, is that a public blockchain is launched not by a team but through a community effort and that's why we are coordinating the community effort based on the roadmap we proposed. Aelf team has launched the public testnet based on Aelf v1.0 preview and currently, all nodes are under the team. The goal is to let the community and elected nodes to take it over and launch it on a global scale. Not only launch it but also be familiar with the network and also set the launch parameters in a decentralized way. If we take a car as an example, we have made the car, but ultimately the drivers are you guys and therefore before it really hits on the road, we need to guide the community to do a test drive, adjust the car based on what really works for YOU, and ultimately let YOU drive the car freely and safely So how are we going to help the community launch the network: First of all, we have launched the codes, documents about the economic system and governance model and technical features. With all the things available, you are able to understand what the system is about, as a token holder what's your benefit in the system, and being a node in the system plays a big role in the governance Next, without yet electing the nodes, we will get all token holders to join the current Aelf network through a mapping event. That means as long as you have Aelf tokens, you will be able to get 1:1 test tokens on the public testnet. that gives you full access to all the features, and you will feel like you are already using the mainnet. You will get rewarded in making transactions, voting, etc. Do try out the Aelf wallet and voting features, you will see how easy to transfer tokens cross-chain. and also how flexible the system allows people to make changes. For example, the community may want to adjust the block rewarding parameters or fees to use certain services on mainnet, they can initiate a discussion and then vote in the system and once voted through, it will be reflected on mainnet. For people or organizations that want to play a bigger role in the system, we will do a dry run of node election. Take it as the real node election before mainnet launch. We will see who the active members of the community are and being trusted by the community. Among the nodes, we will form a network launch committee. The committee will be the crucial party to oversees and ensures the smooth launch of Aelf mainnet, instead of just relying on the Aelf team. This is our step towards decentralization. The committee will agree on the actual launch process, final checking all the parameters in the system to be ready for launch and then decide when the criteria are met to launch the network. Once all that is decided. We will invite all interested nodes to apply for the election and let the community know what's their plan to grow the Aelf network. the network will initially be launched with a few nodes from the committee and gradually be replaced by the selected nodes (a bootstrap phase). Along the way, we will work with exchanges to conduct token swap (which we are also designing an innovative system to further enhance security and usability of Aelf tokens in exchanges) Among this isolated and worrisome time, at least we all have something to look forward to: a successful launch of Aelf network! Once it is launched, we are excited to see a vibrant and technically superior network that is good for Dapps to run on top of it. https://preview.redd.it/yp28n1jj5er41.png?width=559&format=png&auto=webp&s=c470cdedd7f8923f29a3b1bd777476f22cc76521 Doris Guo Q1: As a Blockchain start-up, what difficulties have you overcome when starting Aelf project? What motivates you to solve difficulties and achieve success today? Zhuling Chen First, just like launching any start-up, its community and investors are usually regional. There is always some bias on if Asian projects are solid. It is really rare to have an Asian project to be supported by western funds and community from day 1. We were lucky to have overcome that obstacle. Having a global investor line-up from day 1. Having a global team from day 1 and also working with a global community from day 1. This benefited us to have an international perspective which is crucial in the blockchain industry. Secondly, as a hardcore technology company, it is really hard to put in plain words what is our ambition. Our ambition is huge, achieving key innovations in multiple fronts of blockchain technology and organically combined them to serve real users for the future. Our marketing team has been working really hard to elaborate on what Aelf is. Now we have come to a point that the product is ready. Therefore, it is much easier for all of us to understand how solid Aelf is by trying out the network ourselves! That's exactly what the following events will be about - Try out all the exciting features of Aelf network before mainnet launch. Doris Guo Q2: What critical problems do you see occurring in the blockchain industry nowadays? How does Aelf solve these problems? Haobo Ma First, we need to distinguish the difference between BTC and ETH. One is Digital Cash and the other is the Smart Contract Platform. Aelf addresses most of the latter's problems. In short, it can be summarized as performance, end-user friendly, developer-friendly, network economy, and self-governance and upgrading. Each of these areas will probably take up a lot of space, and as a whole are the issues described in our two white papers. In short, Aelf is faster, end-users do not need to know the rules of the blockchain, developers can set up the development environment in 10 minutes, have a good economic model and can carry out proposal governance on the chain. Doris Guo Q3: What is your long-term vision about the industry which Aelf is working at? Are you afraid someday there will be another project with more innovative technology can replace Aelf? Haobo Ma Let's talk about where Aelf stands in the traditional Internet. It is essentially a cloud service provider, Aelf provides resources and infrastructure for developers to deploy their services, known as smart contracts. We eventually want Aelf to grow like AAA (Amazon, Azure, AliCloud). Because Aelf is a network that can be dynamically scaled, we can accept any new technology, some of the more advanced technologies we can put on a side chain. Doris Guo Q4: Why did Aelf choose for cross-chain interaction? Haobo Ma As I mentioned earlier, Aelf solves the Smart Contract Platform problem. However, there are other digital cash problems as well which we would need to use existing infrastructure such as Bitcoin's chain in order to interact with Bitcoin. There are a lot of infrastructures on Ethereum that we want to interact with. Multi-chain on Aelf network mainly is to isolate resources to improve network performance and network stability. Doris Guo Q5: What difficulties do the Aelf team have now (I talk about COVID-19)? How does the Aelf team solve it? Have you changed the roadmap? Haobo Ma There is no great impact. The teams in Singapore and Beijing are communicating with each other remotely on a regular basis. The only change is that most of us are now working from home which has no impact and in fact, it seems conducive to the acceptance of more community developers in the future to come. From the internal working schedule and development timeline, there is no great impact. We do not publish specific timeline as we do not want short term holders (traders) to create too much negative pressure on product development. Doris Guo Q6: Aelf is an open-source blockchain, and there's the common problem of taking a substantial amount of time for the different participants to agree on strategic decisions. What types of governance models do you use in Aelf to address this issue??? Haobo Ma The issue is about public blockchain network, and who can decide the direction of the network. Our answer is long-term holders. For the short-term holders (traders), we refuse to allow them to participate in any discussion of the direction of Aelf because the short-term holders are likely to make a profit and sell quickly, which is essentially the same example of a person who cheats the President and then runs away for his personal gain. We defined a number of proposal processes, including the logic of the two-party system in the United States, and the participation in the referendum to ensure that the final proposal represents the majority. At the same time, we are looking for some legal solutions to avoid bifurcation, such as prohibiting exchanges from intervening in bifurcated new tokens. While we cannot limit a community, we should be able to find ways to limit a centralized organization. This restriction is akin to a ban on national secession. Doris Guo Q7: How will Aelf empower Investors, Companies, Developers, Platform Users to deliver impactful solutions and bring value to people all over the world? Haobo Ma We will learn from the operational experience of successful foundations such as the LINUX foundation and license some commercial companies to use Aelf solutions to solve business problems. At the same time, Aelf is an open-source product under the MIT License, and we accept any use that does not violate this open-source principle. Zhuling Chen Let me add on to Haobo’s statement: to incentivize and empower the community, we are also exploring ways to let the community decide how to use the funds for Aelf (allocate to where it matters to our community) once mainnet is launched. This means you guys can decide what are the projects to be funded on Aelf, etc Doris Guo Q8：When will the node campaign start? How will Aelf attract users to participate in nodes election? Haobo Ma According to our published roadmap, the timeline can be dynamic, but I don't think it will be too long. The main idea is to let everyone understand what we envision Aelf to be like, and what are the rights and benefits of being a node in the future. We hope to find nodes that fully recognize the efforts of Aelf at the present stage and are willing to participate in the future development of Aelf. We will run a simulation of the node campaign on the testnet and set up a temporary mainnet launch committee. Please follow our official Twitter for more upcoming details! Doris Guo Q9: Token swap form 2 is some kind of cross-chain transfer? It will be handled by a smart contract? Haobo Ma It is handled by the smart contract, we define an asset cross-chain transfer protocol, but it may be opened after a snapshot. Doris Guo Q10: Which Exchanges will support token swap? Do you have any plan to list Aelf in some big exchange like Binance, Houbi, Kucoin, .......? Haobo Ma We are already in talks with some exchanges, there is still competition between exchanges, and many are still hoping to attract more users by getting access to mainnet token swap early. Doris Guo Q11: Aside conversion of the current tokens to mainnet tokens, what other main features will be accomplished with the mainnet launch? Haobo Ma We have a documentation file that has been published, which has listed some features: https://Aelf.io/gridcn/Aelf_public_testnet_and_supporting_features_introduction_en_v1.0.pdf Doris Guo Q12: Do you have any plan to burn or buyback your coin? Haobo Ma We have plans for the community to govern through DAO, we have no interest in short-term price incentive adjustment as we would prefer to drive the project to higher adoption. After mainnet starts operation, there will be a part of network revenue get destroyed automatically. Doris Guo Q13: Often, as a newbie developer, I face difficulties on most blockchains. How easy and convenient is it for me on Aelf, and what programming language and tools are needed?? Haobo Ma We set up staging for DAPP developers on GitHub and configured CI. Develop a smart contract using C# with React Native on the front end. So, in fact, developers can fork the source code without setting up the environment locally, and you can conduct unit testing with the help of CI. You can also release the smart contract and generate the installation package of iOS and android online. https://github.com/AElfProject/Aelf-boilerplate Doris Guo Q14: What is the progress of business development and what are some of your commercial partnerships? How will Aelf rapidly develop the number & performance of DAPP? Haobo Ma First of all, the blockchain industry is still fairly small and users with ETH and EOS wallets are considered a very small group and its not effective to even promote within these groups. What we need to consider is how to enable users who have never been exposed to blockchain to use DAPP. The competitiveness of Aelf is to make it easier for Aelf developers to promote their DAPP to ordinary users, rather than to teach ordinary users a lot on blockchain knowledge. The average user doesn't like to hear about private keys, mnemonic, Gas Price, RAM, CPU, etc. Only until we solve such problems, companies that need to solve problems through blockchain will be more inclined to use Aelf in technology selection. Therefore, our main work is to explain the competitive advantages of Aelf, ETH and EOS to everyone. We have some business cooperation’s, but we also believe that simply through case-by-case business cooperation will not be able to gain adoption so quickly, therefore we still need to put our products to stay ahead of the next generation. Doris Guo Q15: What other activities can encourage more people to be confident about Aelf? Haobo Ma We are only going to state the truth by having those that have faith in us to stay and those that don't to leave. The development of Aelf is not driven by a single foundation, but by a steady stream of contributions from the community. In the future, we will also place the activities in the DAO for on-chain governance, and let the community make decisions by itself. https://preview.redd.it/e66vhqvl5er41.png?width=555&format=png&auto=webp&s=412a2dd831ba3817806e48855f158482bf671770 Kun Aguero As you know that in the present market situation many new coins or either dying or thriving for liquidity? How will you manage this liquidity problem? Zhuling Chen Aelf started in 2017. we have gone through a few cycles in the market, still, remember the big down period in 2018-2019. Aelf is financially solid and the team has always been working hard. if you are referring to liquidity in exchanges, we are among the lucky ones that are listed in all major exchanges Xinshu Dong Hello, great discussions! I would like to ask what are the criteria to join the committee for launching the mainnet? Would love to participate Zhuling Chen Hi xinshu, great to see you here. The committee will be chosen among the nodes elected during the testnet dry run. Which means, it is really important to participate in the testnet dry run and also start to establish your reputation in the community so that people will elect you as a node. The detailed criteria will include what is your plan to help Aelf to grow, tech competency and reputation. An Da What are Aelf’s achievements in 2019? Who had supported you to get those things? Zhuling Chen To name a few, in 2019, Aelf is one of the most active projects on GitHub. This means Aelf is evolving and improving fast in this space and our team has the tech strength. In addition, we have also successfully listed on all major cloud service providers, such as AWS, Azure, Google. So large companies can easily launch Aelf side chains in their organization with minimum hassle. John How does the voting for master nodes candidates occur? And why is the development of this system important for your project? Zhuling Chen Voting is going to be pretty simple. All token holders can vote for the nodes they support on our block explorer. Miha After mainnet lunch, how will you assure that transactional fees will stay low? We know what sometimes happens to fees on ETH blockchain. Zhuling Chen First of all, due to the fact that is Aelf is scalability, this will reduce transaction fee. Secondly, all transaction fees will be voted by the nodes (which will be elected by you). So they will represent your interest Bobbyfernandito Currently, as we see All projects are concerned with the speed and security. So, tell us here - what are the facilities Aelf provide to their user and investors? Haobo Ma Security: we have an automated smart contract code audit. During contract deployment, production nodes and the community audit participation are required. On the other hand, we are also planning to provide a standardized model of centralized exchange access for 100% asset certification and emergency measures to deal with exchange attacks, which we will be released later. Speed: Aelf has been working on improving performance, which is transparent to users which they can also experience by themselves. An Da What effect does Aelf token have on the Aelf ecosystem? Holding Aelf, what benefits will users receive? Zhuling Chen Holding ELF enables you to use all the services on the Aelf network. ELF has a deflating system where the total amount will reduce as the network grows. token holders can also vote for the nodes to run the network and also vote for big decisions in the network. part of the fees in the system will also be distributed to token holders via a smart contract ahihi132 Which companies do you view them as potential partners and that they are somewhat also beneficial for both the user base and Aelf itself? Zhuling Chen Great question, if I could write a wish list, that will be: let medium-sized financial institutions to use Aelf to challenge the big boys. Let telecommunication companies use Aelf for micro-payment and other innovative business models. We also would like to try out a few public sector projects, which blockchain will is still more transparency and trust Misun Q1: Which programming languages are you using in your project? And why? Q2-What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year? Haobo Ma For Q1: We mainly use C# for development, I personally like it. Performance is good, development environment IDEs are strong, and C# creators are influential in the industry. We believe in the right thing, though it may take a while to develop. The smart contract will then add support for multiple languages, such as WebAssembly, depending on the needs of the community. Now it seems that C# is enough. Hambi crypto Which platforms are your competitors? How will you soar above them, and what better things do you offer than them? So, What’s your outlook on the future of cryptocurrencies in this year and next few years? Haobo Ma As I have already mentioned this before, Eth and Eos. We provide better performance, cross-chain support (already implemented), end-users do not need to know the details of the blockchain, developer’s payment models and so on. Floris-Jan What plans is Aelf making to prevent centralized exchange to take over the DPoS algorithm like what happened to Steem? Are we talking about blacklisting exchange wallets, or having the foundation say "No", or putting all trust in the community? Zhuling Chen Great question, Floris. I’m not going to give away all the details of what Haobo has proposed to work on this, but in a nutshell, in Aelf system, exchange wallets will not be allowed to vote, but only the sub-wallets for each individual can vote. This will also help exchanges to prevent hacking and theft in the future Alex What your plans in place for global expansion, are Aelf wallet focusing on the only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this? Haobo Ma Our core focus will be through the developers to promote, developers will help Aelf to attract more users. So our product has to be attractive to developers. Just like AWS, they only focus on getting their service right, their developers will think about how to promote it. We don't want to burden them in their promotion process. Ellkay What do you think are the major threats and barriers that could face the development and adoption of Aelf? Haobo Ma If I'm a DAPP developer and I need to promote my APP to people who don't recognize blockchain, then I'd like to choose a platform that doesn't have to explain a lot of blockchain details to the end-user, so they can use it easily. We've provided some options in the Boilerplate that allow you to log-in simply via QR code + Password, and our recommended Dapp is an independent wallet and a separate iOS/Android application. ahihi132 Give me some important reasons why we need to hold Aelf token where in fact hundreds of projects failed and it went to bankruptcy or even developers run when they collect millions/billions of funds? Haobo Ma First of all, we will not give any suggestions as we only describe the fact that the long-term token holder will be able to govern the Aelf network, get Aelf mining reward and Aelf network profit. At the same time, Aelf network is a deflation model, Aelf network received transaction fees, profit dividends will immediately destroy 10% etc. All investments are risky, and we don't judge the behaviour of other developers. There are so many things in this world that cannot be understood and unfair. It is important to do our job well. I cannot explain these things. 胖见愁 I remember that boss Ma mentioned to only find those truly innovative applications and enterprises with blockchain, how to find and win partners in these aspects? Haobo Ma When Linus was developing Linux, I did not think he would find a lot of collaboration when the code was not good. The response we can give is that we already have a lot of interest in cooperation, including what we have announced, what we have not announced, etc. 胖见愁 How interested are cloud computing providers in participating nodes? Haobo Ma The vast majority of our nodes should be using cloud services, and as long as a large number of our 17 nodes and other candidate nodes are based on cloud services, our network robustness is determined by these cloud computing providers. Of course, in the expansion, we can also use cloud computing services.
04-28 13:15 - 'China Launches Blockchain-based Service Work (BSN) to Rule the World 中國推出區塊鏈，圖征服全球? By Chapman Chen, HKBNews' (self.Bitcoin) by /u/HKBNews removed from /r/Bitcoin within 17-27min
3 days ago, China launched Blockchain-based Service Network (BSN), which, coupled with the digital Yuan, a pilot version of which was launched in mid-April, will accomplish what Huawei has failed to do -- to infiltrate, monitor and control the entire world in all human activities, e.g. finance, technology, health, insurance, entertainment, social media, voting. The only antidote is worldwide adoption of truly decentralized and uncensored blockchains and Bitcoin.
BSN Covers 6 Continents!
On April 25th, the Chinese authorities announced the launching of Blockchain-based Service Network (BSN), aka ChinaChain. It is a cross-cloud, cross-portal, cross-underlying-framework, global infrastructure network jointly initiated and set up by State Information Center (SIC), state-owned firms China UnionPay, China Mobile and Red Date for deploying and operating various kinds of blockchain applications (1). IOST is the first overseas blockchain network to be taken on board of BSN (2). Now there are already 128 city nodes across the country, and 8 BSN portals including 7 respectively located in California, Johannesburg, Paris, Tokyo, Sydney, Singapore, and San Paulo. It is going to be applied in all trades, e.g., technology, finance, banking, health, insurance, social media, entertainment, issuing of passports, land registries, tax collection, law, voting.
BSN is even more Invasive than Huawei
Let's face it:- we are headed for a global digital economy. As neither the USA not Europe has yet established such an enormous blockchain infrastructure consortium, China will enjoy the first mover's advantage in the space. While Huawei has been rejected by America and many Western countries for security reasons, BSN is now an even more powerful plan to infiltrate and control the entire world in practically all domains.
According to Bloomberg (April 15), China's Central Bank has just launched a pilot digital Yuan in 4 cities, using blockchain, the technology behind Bitcoin. For instance, in Xiang-cheng, Suzhou, all employees will have to download a state-controlled digital wallet by May and all wages will be paid in digital Yuan from then on. Every penny spent by you will be scrutinized and censored by the CCP. And a spyware may be implanted in the digital Yuan wallet and/or ledger so that anybody, not just Chinese but also Westerners, who transact in digital RMB, will be affected and subject to surveillance by the CCP. Now, with BSN, this will not be limited to transactions in digital RMB. Instead, it will be extended to all sectors, all fields, all human activities all over the world.
Rejection of Libra + Blockchain Advocacy + Covid19
On October 24, Facebook's proposal to launch the cryptocurrency Libra was rejected by the U.S. Congress. On October 25, Chairman Xi Jinping announced that China will go all-in on blockchain. On November 17, 2019, a China-man from Hubei, carrying the covid19 virus, began to spread it across the globe, according to South China Morning Post. Bitboy Crypto on April 28, 2020 wonders whether all these are just coincidental, or they constitute a conspiracy on the part of China to beat the free world financially, technologically, and biologically (3).
What is Blockchain?
Blockchain, the technology underlying Bitcoin, is an electronic ledger distributed across and managed by peer-to-peer networks. It can exist without a centralized authority or server managing it, and its data quality can be maintained by database replication and computational trust.
The First Blockchain
The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency Bitcoin.
A Mutated Blockchain
The information stored in a normal blockchain is immutable. But the Chinese government favors a unique blockchain called EOS, wherein all transactions and governance decisions are processed and approved by only 21 main nodes known as supernodes, rather than numerous nodes distributed all over the world. Twelve of the EOS supernodes are in China. This makes it easier for the CCP to control blockchains, since the penalty of noncompliance with Chinese regulations is high for China-based supernodes.
The Only Antidote
"Tomorrow is now" (Eleanor Roosevelt 1962) . The decentralized, permissionless, and disinflationary Bitcoin is now the only thing in the world that can counteract the digital RMB, and urgent, extensive adoption of uncensored blockchain networks is the only solution to BSN hegemony.
Fb link: [[link]7
Web link: [[link]8
Terry Wang, IOST CTO, delivered a speech on blockchain to state leaders of China at the Great Hall of the People in December 2019. ([[link]10 )
Disclaimer: This article is neither an advertisement nor professional financial advice. ''' China Launches Blockchain-based Service Work (BSN) to Rule the World 中國推出區塊鏈，圖征服全球? By Chapman Chen, HKBNews Go1dfish undelete link unreddit undelete link Author: HKBNews 1: ww**facebook.com/h*ngkon*bil*ngu*lnews*p**t*/94*376245**0140*__xts__%5B0%**=68.*RAL*elagqu*qRl*biXCPZjOvd*FcQV**1Z27*O*IFt*3W*0**SC*ax*m1nQj*FKE_HdlLlKHn*VvRb*jo5qUsEw2xwmQ*H*3NPFBQ9**n***Hl*x*8**dX*TNlPEp*lHv*6k*-bt*0a**H***Ko*Zd20*9**j*uChT**L2AEH**B_Rl0*Rr*gG6F*b**z*b**x*g*5TmN*1IuIli*hTLOD**1hf*-Hae*MroDpv*DTGSsP_U**Z*-yMkK*EIoy5o**6*CW*NtI**vZkF3X*Ie*LN6DhhP*pb*DbHuMW*gcP4sIwYtzM*gMs*q*IweC3*oXL*7*ohCm0yfGQ*IM&**p*__tn**=KH-R 2: w*w.hkbn*ws.*et/po**/chi***launch*s-*lockchai**b***d-se*vic*-work-bsn-**-rule-the-wor*d-*E4%B*%AD%E5%9C*8B%E6%*E**8%E*%8**BA*E5%8D**0**5%A1%*A%**%8F%88%E*%BC%**%E5%9*%96%E5%BE%*1%E*%9**8D%E****%A*%*7%*0%83***%*C%*Fby-chapman-chen 3: w**.c***nne*s.com/zh-ha*t/**ti*les/12962**27608*htm 4: medi*m**o*/io*t/ios*-**o-*er*y-wa*g-prese**s-to-s*at**lead*rs-m*yo*s*and-ceos-in-ch*nas**rea*-hal*-of-*he-p*opl*-5*e885e*1*91 5: www.youtube**om/**tch?*=1*m**Q*LMqc 6: pr***ew.*ed**i**e3frgp871k*41.*pg?wid*h=**7*amp;format=pj*g&auto=webp*a*p;s=*2e3***df*c*d9***129c5*3fb46fd0f2046***f 7: w**.f**eb*ok*com*h**gkong*ilingualnew*/p*sts/*4937*2455001*0*\_\**n\_\_=-R**^1 8: **w.hkbnews.net*post/*hina-*au*ch**-****kc*a*n**ased-service**o*k-b**-t*-ru*e-the*world-%E*%B8*AD%E5%9C%8B%*6%8*%A*%E5%87*B*%E5%8*%8**E5%A1%8A*E9%8**88%E**BC%8C%E5%**%96**5**E*8*%**%9*%8D%E5%85%A8*E***0%83%EF%BC%*Fby-*hapma*-*hen]^^2 9: www.chai*news.com/zh-hant/*rt*c**s**29*2**2*60*.htm]^** 10: mediu*.co**io*t/io**-cto-te**y*w*ng-pre*e*ts-to-st*te-leader*-may*rs*and-**os-*n-ch*nas-*r*a**hall**f-***-people-5f*885ea1691*^^* 11: ww***o*tube.com/**t*h?v=18m*hQ*LMq*]^^5 Unknown links are censored to prevent spreading illicit content.
But as good as bitcoin has been for investors in 2020, my blunt opinion is that it's a terrible investment. Here are 10 reasons you should avoid bitcoin like the plague. 1. Bitcoin isn't really scarce Bitcoin wird ohne entscheidende Änderungen am Protokoll über kurz oder lang zum Altcoin, alleine das starre Blocksize Limit zusammen mit dem Block Reward Halving kann auf Dauer nicht funktionieren und falls jetzt keine entsprechenden Weichen gelegt werden, wird Bitcoin zum MySpace oder von mir aus die VHS Kassette des 21. Jahrhunderts. War auch Mal nützlich, aber etliche Male überholt ... It is legal to trade and own Bitcoin in lots of western countries, including the UK, the US, and Canada. However, this doesn’t mean that it is a legal currency with the status of GBP or USD. It just means that it is not necessarily against the law for businesses or individuals to own or exchange them. Rather, governments commonly describe Bitcoin and other cryptocurrencies as a “commodity ... Das Limit für Bitcoin kaufen ohne Anmeldung Kreditkarte beträgt K innerhalb von Minuten zu kaufen. So kaufen Sie Kryptowährung 1 Wählen Sie die Kryptowährung aus und geben Sie den zu kaufenden Betrag ein. 2 Geben Sie Ihre Kryptobrieftaschenadresse, Kredit- oder Debitkarte und ID-Details ein. 3 Fahren Sie fort und finden Sie Ihren Kauf in Ihrer Brieftasche und Prepaid-Karten. Für Fiat ... Bitcoin transaction fees. For their service in verifying your transactions, miners are rewarded with bitcoin transaction fees. These fees are calculated in different ways, depending on the platform you’re using. On Paxful, there are fixed fees for external transactions: $0-$9.99 = 0.0001 BTC; $10-$19.99 = 0.0002 BTC; $20+ = 0.0005 BTC; These fees cover the miner fees that come alongside ...
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