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The events of a SIM swap attack (and defense tips)
Posted this on Coinbase and someone recommend it also be posted here. The information below on an attempted SIM swap attack was pieced together through a combination of login and security logs, recovering emails initiated by the attacker that were deleted and then deleted again from the trash folder, and learning from AT&T’s fraud representatives. The majority if this is factual, and we do our best to note where we are speculating or providing a circumstantial suspicion. TLDRs at the bottom. The full story: We were going about our business and received a text from AT&T that says “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” We did not request this, and were suspicious that the text itself could be a phishing scam since we searched the phone number and it wasn’t overtly associated with AT&T. Thus, we tried calling AT&T’s main line at 611 but all we hear is beep beep beep. The phone number is already gone. We use another phone to call AT&T and at the same time start working on our already compromised email. While we didn’t see everything real time, this is what the recovered emails show. In less than 2 minutes after receiving the text from AT&T, there is already an email indicating that the stolen phone number was used to sign into our email account associated with Coinbase. 2 minutes after that, there is an email from Coinbase saying: "We have received your request for password reset from an unverified device. As a security precaution, an e-mail with a reset link will be sent to you in 24 hours. Alternatively, if you would like your password reset to be processed immediately, please submit a request using a verified device. This 24 hour review period is designed to protect your Coinbase account." This is where Coinbase got it right to have a 24 hour review period (actually a recovery period) before allowing the password to be reset. However, the attackers knew this and planned to steal the second email from Coinbase by setting email rules to forward all emails to a burner address and also have any emails containing “coinbase” re-routed so they don’t appear in the Inbox. 5 minutes later, they request a password reset from Gemini and the password was reset to the attacker’s password within a minute after that. The next minute they target and reset DropBox’s password followed immediately with Binance. Less than 2 minutes later, an email from Binance indicates that the password has been reset and another email arrives a minute later indicating a new device has been authorized. It’s at this point that we begin locking the attacker out by (1) removing the phone number as 2FA (2) changing the email password, (3) and three forcing a logout of all sessions from the email. There was a bit of back and forth where they still had an active login and re-added the stolen phone number as 2FA. They added only one more password reset to a gaming account that was not deleted. I can only suspect that was a decoy to make it look like the attack was directed at gaming rather than finances. The Gemini and Binance accounts were empty and effectively abandoned, with no balances and inactive bank accounts (if any), and no transactions in 1-3 years. DropBox had no meaningful files (they probably look for private keys and authenticator backups) and the phone number they stole from us was suspended, so as far as the attacker is concerned, there is no meat on this bone to attack again… unless they had inside information. This is where I suspect someone internal at Coinbase receiving wire deposits has been compromised in tipping off ripe accounts – accounts with new and somewhat large balances. We had completed a full withdrawal of funds from Coinbase earlier in the year, and had a balance of less than $20 heading into May. Deposits to Coinbase staggered in to get above six figures through mid-May then stopped. The attack occurred 7 days after the last large wire deposit was made to Coinbase. From the perspective of an attacker that had no inside information, we were a dead end with abandoned Gemini and Binance accounts with zero balances and stale transactions, no DropBox information, and the suspended phone number access. Our Coinbase deposits were known to no one except us, Coinbase, and our bank. We were also able to stop the hacker’s email forwarding before Coinbase’s 24 hour period to send the password reset, so this one didn’t work out for the attackers and it would make sense for them to move on to the next rather than put efforts into a second attack only for Coinbase - for what would appear to be a zero-balance Coinbase account based on the other stale accounts. Then…23 hours and 42 minutes after the first attack, another message from AT&T “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” Here we go again. We had been confident in AT&T’s assurances that our account had been locked and would not be SIM swapped again, so we unwisely added the phone number back to our email account as a backup (it’s now removed permanently and we use burner emails for account recovery like we should have all along). Upon seeing that our phone number had been stolen again I knew they were after the Coinbase reset email that was delayed by 24 hours from Coinbase as part of their security. We did 4 things within 2 minutes of that text: (1) removed the phone number again from the email account – this time for good, (2) market sell all Bitcoin on Coinbase, (3) withdraw from Coinbase, (4) have AT&T suspend service on the phone line. In speaking with AT&T, they were floored that our SIM would be transferred again in light of all the notes about fraud on the account and the PIN being changed to random digits that had never been used by us before. Based on the response of disbelief from AT&T on the second port, I suspect that this attack also involved a compromised AT&T employee that worked with the attacker to provide timely access to the Coinbase password reset email. Apparently, this has been going on for years: https://www.flashpoint-intel.com/blog/sim-swap-fraud-account-takeove with phone carrier employees swapping SIMs for $80s a swap. Remember that most of this was hidden in real time, and was only known because we were able to recover emails deleted from Trash by the attacker. Since we require any withdrawals to use Google Authenticator on Coinbase, our funds may have been secure nonetheless. However, under the circumstances with attackers that were apparently working with insiders to take our phone number twice in attempts to steal Bitcoin, and it being unknown if they had additional tools related to our Google Authenticator, we decided it was safer on the sidelines. The coins were held on the exchange for a quick exit depending on whether Bitcoin was going to break up or down from $10,000. A hardware wallet is always safest, but we were looking to time the market and not have transaction delays. For some some security recommendations: AT&T: If you are going to send a text saying that calls and texts are moving to a new number, provide a 10 minute window for the phone number to reply with a “NO” or “STOP” to prevent the move. This can escalate the SIM dispute to more trusted employees to determine who actually owns the line. Don’t let entry level employees swap SIMs. Coinbase: Do not default to phone numbers as 2FA. Also, if someone logs in successfully with the password before the 24 hours are up, the password is known and there is no need to send the password reset email again for attacker to have forwarded to them. At least have an option to stop the password reset email from being sent. We did not tag our account at Coinbase with fraud because of the stories of frozen funds once an account is tagged. I’m not sure what the solution is there, but that is another problem. Being a trader, it would be nice to think of Coinbase as any other type of security brokerage where your assets are yours (someone can’t steal your phone number and transfer your stocks to their account). We fell into that mindset of security, yet this experience has reminded us of the uniqueness of cryptocurrency and the lack of custodial assurance and insurance from exchanges because of the possession-is-everything properties of cryptocurrency. As many have said before, 2FA with a phone number quickly becomes 1-factor authentication as soon as that phone number is associated with password recovery on your email or other accounts. Our overall recommendation is to avoid having a phone number associated with any recovery options across all your accounts. TLDR on the process: Scammers will steal your phone number (in our case twice in 24 hours) and use your phone number to access your email and accounts. They will use your email to reset passwords at financial accounts and file hosting such as DropBox. They will then use that combination to transfer any assets they can access from your accounts to theirs. They will do their best to hide this from you by (1) not resetting your email password so as to raise suspicion, (2) immediately delete any password reset emails you may receive from financial accounts to hide them from you, (3) attempt to forward all emails sent to your address to a burner email, and (4) set email rules to forward emails containing “coinbase” to an email folder other than your Inbox so that you don’t see the transactions and password reset emails that arrive to your inbox. TLDR on defense tips: If your phone stops working or you receive a text of your number being ported do the following as soon as possible: (1) log into your email account(s) associated with your financial accounts and remove your phone number as 2FA immediately (2) change your email password, (3) force a logout of all sessions from your email (at this point you have locked them out), then (4) check your mail forwarding settings for forwards to burner addresses, (5) check your mail rules for rerouting of emails from accounts such as Coinbase, and (6) call your carrier to have them suspend service on your lost phone number and ask them to reinstate your SIM or get a new SIM. This will require a second phone because your personal phone number has been stolen. We hope this helps some others be safe out there in protecting their coins. The more we know, the more we can protect ourselves. Wishing you all the best!
The events of a SIM swap attack directed at Coinbase (and defense tips)
The information below on an attempted SIM swap attack was pieced together through a combination of login and security logs, recovering emails initiated by the attacker that were deleted and then deleted again from the trash folder, and learning from AT&T’s fraud representatives. The majority if this is factual, and we do our best to note where we are speculating or providing a circumstantial suspicion. TLDRs at the bottom. The full story: We were going about our business and received a text from AT&T that says “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” We did not request this, and were suspicious that the text itself could be a phishing scam since we searched the phone number and it wasn’t overtly associated with AT&T. Thus, we tried calling AT&T’s main line at 611 but all we hear is beep beep beep. The phone number is already gone. We use another phone to call AT&T and at the same time start working on our already compromised email. While we didn’t see everything real time, this is what the recovered emails show. In less than 2 minutes after receiving the text from AT&T, there is already an email indicating that the stolen phone number was used to sign into our email account associated with Coinbase. 2 minutes after that, there is an email from Coinbase saying: "We have received your request for password reset from an unverified device. As a security precaution, an e-mail with a reset link will be sent to you in 24 hours. Alternatively, if you would like your password reset to be processed immediately, please submit a request using a verified device. This 24 hour review period is designed to protect your Coinbase account." This is where Coinbase got it right to have a 24 hour review period (actually a recovery period) before allowing the password to be reset. However, the attackers knew this and planned to steal the second email from Coinbase by setting email rules to forward all emails to a burner address and also have any emails containing “coinbase” re-routed so they don’t appear in the Inbox. 5 minutes later, they request a password reset from Gemini and the password was reset to the attacker’s password within a minute after that. The next minute they target and reset DropBox’s password followed immediately with Binance. Less than 2 minutes later, an email from Binance indicates that the password has been reset and another email arrives a minute later indicating a new device has been authorized. It’s at this point that we begin locking the attacker out by (1) removing the phone number as 2FA (2) changing the email password, (3) and three forcing a logout of all sessions from the email. There was a bit of back and forth where they still had an active login and re-added the stolen phone number as 2FA. They added only one more password reset to a gaming account that was not deleted. I can only suspect that was a decoy to make it look like the attack was directed at gaming rather than finances. The Gemini and Binance accounts were empty and effectively abandoned, with no balances and inactive bank accounts (if any), and no transactions in 1-3 years. DropBox had no meaningful files (they probably look for private keys and authenticator backups) and the phone number they stole from us was suspended, so as far as the attacker is concerned, there is no meat on this bone to attack again… unless they had inside information. This is where I suspect someone internal at Coinbase receiving wire deposits has been compromised in tipping off ripe accounts – accounts with new and somewhat large balances. We had completed a full withdrawal of funds from Coinbase earlier in the year, and had a balance of less than $20 heading into May. Deposits to Coinbase staggered in to get above six figures through mid-May then stopped. The attack occurred 7 days after the last large wire deposit was made to Coinbase. From the perspective of an attacker that had no inside information, we were a dead end with abandoned Gemini and Binance accounts with zero balances and stale transactions, no DropBox information, and the suspended phone number access. Our Coinbase deposits were known to no one except us, Coinbase, and our bank. We were also able to stop the hacker’s email forwarding before Coinbase’s 24 hour period to send the password reset, so this one didn’t work out for the attackers and it would make sense for them to move on to the next rather than put efforts into a second attack only for Coinbase - for what would appear to be a zero-balance Coinbase account based on the other stale accounts. Then…23 hours and 42 minutes after the first attack, another message from AT&T “…Calls & texts will go to your new phone/SIM card. Call 866-563-4705 if you did not request.” Here we go again. We had been confident in AT&T’s assurances that our account had been locked and would not be SIM swapped again, so we unwisely added the phone number back to our email account as a backup (it’s now removed permanently and we use burner emails for account recovery like we should have all along). Upon seeing that our phone number had been stolen again I knew they were after the Coinbase reset email that was delayed by 24 hours from Coinbase as part of their security. We did 4 things within 2 minutes of that text: (1) removed the phone number again from the email account – this time for good, (2) market sell all Bitcoin on Coinbase, (3) withdraw from Coinbase, (4) have AT&T suspend service on the phone line. In speaking with AT&T, they were floored that our SIM would be transferred again in light of all the notes about fraud on the account and the PIN being changed to random digits that had never been used by us before. Based on the response of disbelief from AT&T on the second port, I suspect that this attack also involved a compromised AT&T employee that worked with the attacker to provide timely access to the Coinbase password reset email. Apparently, this has been going on for years: https://www.flashpoint-intel.com/blog/sim-swap-fraud-account-takeove with phone carrier employees swapping SIMs for $80s a swap. Remember that most of this was hidden in real time, and was only known because we were able to recover emails deleted from Trash by the attacker. Since we require any withdrawals to use Google Authenticator on Coinbase, our funds may have been secure nonetheless. However, under the circumstances with attackers that were apparently working with insiders to take our phone number twice in attempts to steal Bitcoin, and it being unknown if they had additional tools related to our Google Authenticator, we decided it was safer on the sidelines. The coins were held on the exchange for a quick exit depending on whether Bitcoin was going to break up or down from $10,000. A hardware wallet is always safest, but we were looking to time the market and not have transaction delays. For some some security recommendations: AT&T: If you are going to send a text saying that calls and texts are moving to a new number, provide a 10 minute window for the phone number to reply with a “NO” or “STOP” to prevent the move. This can escalate the SIM dispute to more trusted employees to determine who actually owns the line. Don’t let entry level employees swap SIMs. Coinbase: Do not default to phone numbers as 2FA. Also, if someone logs in successfully with the password before the 24 hours are up, the password is known and there is no need to send the password reset email again for attacker to have forwarded to them. At least have an option to stop the password reset email from being sent. We did not tag our account at Coinbase with fraud because of the stories of frozen funds once an account is tagged. I’m not sure what the solution is there, but that is another problem. Being a trader, it would be nice to think of Coinbase as any other type of security brokerage where your assets are yours (someone can’t steal your phone number and transfer your stocks to their account). We fell into that mindset of security, yet this experience has reminded us of the uniqueness of cryptocurrency and the lack of custodial assurance and insurance from exchanges because of the possession-is-everything properties of cryptocurrency. As many have said before, 2FA with a phone number quickly becomes 1-factor authentication as soon as that phone number is associated with password recovery on your email or other accounts. Our overall recommendation is to avoid having a phone number associated with any recovery options across all your accounts. TLDR on the process: Scammers will steal your phone number (in our case twice in 24 hours) and use your phone number to access your email and accounts. They will use your email to reset passwords at financial accounts and file hosting such as DropBox. They will then use that combination to transfer any assets they can access from your accounts to theirs. They will do their best to hide this from you by (1) not resetting your email password so as to raise suspicion, (2) immediately delete any password reset emails you may receive from financial accounts to hide them from you, (3) attempt to forward all emails sent to your address to a burner email, and (4) set email rules to forward emails containing “coinbase” to an email folder other than your Inbox so that you don’t see the transactions and password reset emails that arrive to your inbox. TLDR on defense tips: If your phone stops working or you receive a text of your number being ported do the following as soon as possible: (1) log into your email account(s) associated with your financial accounts and remove your phone number as 2FA immediately (2) change your email password, (3) force a logout of all sessions from your email (at this point you have locked them out), then (4) check your mail forwarding settings for forwards to burner addresses, (5) check your mail rules for rerouting of emails from accounts such as Coinbase, and (6) call your carrier to have them suspend service on your lost phone number and ask them to reinstate your SIM or get a new SIM. This will require a second phone because your personal phone number has been stolen. We hope this helps some others be safe out there in protecting their coins. The more we know, the more we can protect ourselves. Wishing you all the best!
Multicurrency Wallet DEXs will be the standard of the 2020s. The present status quo is an absolute joke.
Before I begin, I'd like to ask you a question. Why are so many of the most established people in crypto among the most closed-minded when it comes to talking about new ideas? Why is the crypto space more concerned with what a clown from Australia is lying about or petty figurehead drama than the hard work and effort of the good and lesser-known among them? Let's talk about altcoins for a minute. It'd be a very tough job to count every single alt that's come in on a hypetrain and died in obscurity. If I were to guess that 95% of them failed, I wouldn't be surprised to hear that it was a conservative estimate and that the number is even higher. Indeed, it would be much easier to count the exceptions to the rule. To name a few - ETH, LTC, XMR, and (quite amusingly) DOGE. Should the stubbornly high failure rate of alts justify writing them all off as garbage? Businesses have an incredibly high failure rate too. It would be foolish - outright silly, even - to say that the grocery store is a fraud and a scam because the aqua-saxophone jazzercise laundromat failed to live up to it's expectations. Maybe not, because this is exactly the way the crypto space is right now. That line of thinking is the de facto standard in the cryptocurrency space right now - "guilty (of being a shitcoin) until proven innocent (by some central authority figure or big exchange who can validate it for us so we don't have to do it ourselves)". To be fair, there was an aggressive torrent of these "goofy laundromats" in 2017 and people are either hungover or shell-shocked from all the broken pipedreams and costly fiction. You'd think that the titans of this industry, particularly those who care more about the cypherpunk essence of Bitcoin than how rich they can get off of it, would be more receptive to the legitimate projects that are working in obscurity to harden the crypto space and it's infrastructure. Unfortunately, that does not seem to be the case. All too many seem to think that everything that needed to be built has already been built. Considering that all the Bitcoin titans are somewhat newly-minted, the irony is remarkable. No one used to take Bitcoin seriously. The further back in time you go, the more it took lonely effort and independent research to truly grasp its ideas. This is still the case today. Most have heard of it but have no idea what it is or why it's important. Many who are fervently in PMs or traditional investments like stocks and bonds continue to deride it, even though it will go down as the best performing asset of the 2010s by far. Others are a little more aggressive and, despite a lack of knowledge, call it anything from a scam to "rat poison squared". Like anything else, it's foolish to make bold claims atop little to no education. You'd think that treatment would make Bitcoin maximalists do some reflecting. Instead, a sizable number of them decided to emulate the ones who beat up on Bitcoin when it was small and irrelevant. "All you need is Bitcoin. Everything else is trash. I know what I'm talking about because I bought the top of the 2013 bubble and I'm probably immune to future dumps for life". Now let's talk about where cryptocurrency infrastructure falls short. Bitcoin still retains the same cypherpunk essence that it's always had. The same can be said for Bitcoin wallets. They're secure. They allow for anonymous transactions. They run on an immutable blockchain. There is no central authority between a key-holder and their funds. Enter the exchanges. In a way, they were a necessary evil. Without them, adoption would be severely throttled. With them, Bitcoin is compromised. For many, the privacy and anonymity that BTC is supposed to offers has been tossed out. It was the only way it could be retrofitted into a tightly-controlled system that demands KYC. While this has helped to spread adoption, Bitcoin has become more and more traceable. Quite ironically, many of these same exchanges that adopted KYC policies to "ensure accountability from their customers" had no trouble exit scamming. They come and go. The old one gets hacked, or it exit scams, or proves itself to be corrupt and suspicious. A new one comes. This time it will be different. Then the cycle repeats itself. Mt. Gox. Bitfinex. Polo. Bittrex. Binance. They all had their time in the Sun. These exchanges are in many ways the antithesis of the cypherpunk manifesto - vulnerable honeypots directly controlled by a centralized figurehead. Unsurprisingly, they cause a lot of unneeded trouble and give Bitcoin a ton of bad publicity. Example:
Me: "What do you think of Bitcoin?" Co-worker: "Didn't that thing get hacked last week?" Me: "Bitcoin didn't, but a place where it was exchanged was." Co-worker: "I don't trust it. It's only a matter of time til they find out how to type in some numbers to make more show up on a screen blah blah blah."
You've all likely met someone like this and brushed them off as closed-mined, but they're exactly the type of person this industry needs to convince to further adoption. It will be next to impossible to do so with the way things are right now. In order for Bitcoin to survive, it needs exchanges that are built to the same code that it was. The solution, therefore, is to "port" the cypherpunk essence of Bitcoin to the exchanges. Immutability. Anonymity. Privacy. No central authority of figurehead. With all that said, let's talk about DEXs. I started a thread on here a few months back when Binance announced that they were giving Americans the boot. I got a ton of answers. It shows that, among the hardcore at least, there is a desire to go in a new direction. Loopring, IDEX, and Bisq were among the more popular choices. It's a step in the right direction. However, these DEXs are still rather inaccessible - especially to outsiders. Performance wise, they're on the slower side of things. Due to these setbacks, they suffer from low volume. This is where some recent developments in multicurrency wallets with embedded DEXs from lesser-known projects will come out of obscurity and catch everyone by surprise. Among them - I'd like to mention Stakenet Wallet and KMD's Atomic DEX. Both of them, now seemingly weeks away from launch, will allow for atomic swaps between a wide variety of coins directly from a private wallet. Stakenet goes a step further by offering atomic swaps running atop Lightning Network. Why does this matter? These two platforms will be to exchanges what the inception of Bitcoin was to currency. Finally, after almost 9 years, Bitcoin not only has an exchange that truly honors its essence, but it's starting to see healthy competition between them. To elaborate further on why this is very important.. No KYC. No accounts. No sending Bitcoin to an exchange and waiting around for it to show up. No downloading multiple wallets. No exchange figureheads. No withdrawal freezes. In Stakenet's case, the decentralized MN network that runs it's DEX will also act as a massive LN payment processor (routing, watchtowers) that provides a ton of liquidity for it while allowing Bitcoin to scale. "Lightning swaps" will provide every LN-based coin the ability to be instantly swapped to purchase anything in BTC. Stakenet will also feature a DEX aggregator that will pool together the orderbooks of numerous DEXs into one easily-accessible spot, boosting traffic to the many DEXs that are harder to reach and furthering their adoption along. Simply download a wallet like you would any other app and you're ready to get started. It's so much easier and more convenient. I don't see how or why CEXs and all their ilk (figurehead drama, geoblocking, exchange hacks, wash trading, currency manipulation, exit scams, etc) could remain relevant in the environment to come. Regulation will not save us. Decentralization will. As long as one person learned something from this, it was all worth it. I welcome the opinions of everyone in this space.
Dear Pundians, Thank you for participating in the AMA session with Pundi X co-founder and CEO Zac Cheah. For those of you who may have missed it, the live recording of the AMA session held on July 3 at 10:00 am GMT+8, tackling Q2 progress and addressing questions and concerns by the community members, can be viewed here. A side note that today’s AMA video quality and setting was not ideal. We acknowledge this situation and will make improvement for our next AMA session. You may also find a summary of the Q2 progress presentation as well as all the detail Q&A below. ## Pundi X Q2 2019 Highlights * Pundi X has integrated more public chains into our products. In Q2, we completed integration of Binance Chain. NEM chain is in the work. As of today we’ve launched BNB, the Binance Chain native Coin and XEM, NEM native coin on Pundi X payment platform. We will integrate at least one more public chain in Q3. * The transactions on XPOS for Q2 is 15.5 million in USD, which is close to 300% quarterly growth. The number of transactions is 29,367, which leads to a 11% growth QoQ. * XPOS has successfully received FCC and KC certifications. A new certification for Latin American market is on the way. * To expand XPOS footprint, Pundi X’s integration with a new leading mainstream point-of-sales device is in the work. Stay tuned for the announcement. * Pundi X Open Platform was launched in May, 2019, which now supports ERC20 and BEP2 token listing. Moving forward, we will continue to support tokens from other public chains. * A 3,000 XPASS order from DigiX, a gold-based token, and a 10,000 XPASS order from BitCobie this quarter. * XPOS is spread in use in over 30 countries. We’ve published a map of XPOS location of self-report XPOS merchant directory. You can find a list of selected XPOS merchants at [https://www.pundix.com/products\](https://www.pundix.com/products). * The QoQ growth of XWallet is tremendous at 43%. In the previous quarter, we have less than 20k users, whereas in Q2 we have hit 297k XWallet users. More updates on XWallet: * Supported BNB and NEM tokens; 2FA, face ID, and optimized SMS serviceAvailable on iOS, Android as well as in Samsung Galaxy Store New features coming up in Q3:- DApp integration - Decentralized wallet- In-app crypto payments - Chat service, which will be compatible with a commonly used chat app- f(x) testnet features to be rolled out first in XWallet ## Other notices coming up in Q3 2019 * The Q2 token removal will take place on July 14, 2019, which will involve in total 34 billion of NPXS and NPXSXEM (22 million worth in USD) removal. In the past 365 days, we’ve removed a total of 36.1 million US dollar worth of NPXS and NPXSXEM. Before Q2 removal, the total supply of NPXS ERC20 is 266,962,422,906.53 and NPXSXEM is 95,816,218,929. [See Q1 removal here.](/pundix/recap-of-ama-with-zac-on-july-3-and-q2-report-a23de165dd28) * [NPXSXEM will be ported to Binance Chain from July 20](/pundix/npxsxem-will-be-on-binance-chain-c6485f17726b). * XPhone pre-order will start in late July with a new product name. Stay tuned. Check out the teaser video that we are releasing it across our communication channels. ## Q&A ## On XPOS * **Where are we on official global location of XPOS?** Zac: We have made a map on our official website that merchants can self report and feature their locations. It’s at [https://www.pundix.com/product\](https://www.pundix.com/product). We’ll be increasing and updating the map once we have permission form the merchants to update their locations. * **The marketing from pundi has shifted from 100,000–700,000 xpos units by 2021 to 100,000. I understand the bear market has affected this but please share the strategy moving forward to hit your goal. How do you feel about hitting this goal?** Zac: The 100K XPOS target has always been the initial goal and it’s stated in our whitepaper. And we are still working on achieving the goal by the end of 2021. Part of our growth strategy is to also explore the possibility to port our platform to traditional POS manufacturers to increase the adoption, which is ongoing at the moment. * **1 year ago you sent 5000 XPOS somewhere. When, at least half of them, will be working? 3 year target was 100,000 by 2021. Now we have only 150 units, how do you expect to reach this goal?** Zac: Yes, we have shipped thousands of XPOS to over 30 countries in the world. The 150 you’ve mentioned are the featured merchants which are published on the map. The active XPOS devices are deployed over 33 countries and we are actively talking to B2B partners to have higher wholesale and big deployments. * **How many XPOS are live and used?** Zac: We have gone through a very serious bear market, and some of the initial inbound requests for XPOS are not delivered. However, we are working slowly but surely with our Business Development team to not just roll-out into individual buyers, such as what we did on Pizza Day, but also to B2B partners. With the certifications approved, that will also help us to officially roll out to some of the key markets. Individual merchants can use XWallet collection feature to accept crypto payment with QR code. For the merchants who have physical offline storefronts, they can use XPOS to enable the instant crypto transaction seamlessly. Moreover, as mentioned previously, we are exploring the integration on leading traditional POS terminal so that their distributors have option to enable crypto transaction feature. As for the challenge to adopt XPOS, it is the regulatory compliance in different countries. For this, our legal team think ahead and encourage our merchants to complete KYC. I must be very honest to say the activation takes longer time than we expect but it will be worth at the end. * **What’s the average number of transactions per xpos in use?** Zac: The transaction number has increased very well. The number of each XPOS differs, due to the frequency of using crypto currency to purchase item or crypto assets. There’s no standard answer to this, but overall we see the transaction number and volume are going up. * **How do you plan to reach the target of 100,000 by 2021?** Zac: One of the challenges that we have is regulatory compliances in different countries. There are certain markets that do not allow crypto currencies and some require a clear approval for us to deploy XPOS. We are working on both challenges by talking to governments and applying for certifications. So how we plan to reach 100,000 XPOS user by 2021 is to work with distributors, B2B partners on a government / business level, and with existing POS companies to integrate our software solution into the system. * **We understand as there was bear market and hence Xpos usage demand was low. Are you guys seeing growth of Xpos usage with current market conditions. Can you guys put some statistics comparison like last 30 days Xpos usage vs any month from bear market usage?** Zac: It is very clear that as we moved out from the bear market, the demand for XPOS has been increasing. As we’ve shared just now both the transaction number and volume of Q2 have beaten Q1. We’ll be able to share more transaction numbers once we receive approval from our XPOS merchants. One exciting thing is that, with the listing of different tokens, we also see users using these tokens as a way to transact on XPOS, which means we will be having more ways to transact and this is a growth point for XPOS. * **When will there be more details for XPHONE and XPOS HANDY?** Zac: For XPOS handy, we have finished production and it will be released in Q3 * **When will the iOS version of XWallet and XPOS be fully translated to other languages?** Zac: Right now, the XWallet has Traditional Chinese, Korean, Spanish, German and English. With the latest version update, it now includes Portuguese. XPOS also comes with many languages and we hope to finish with more language, either working with professionals or volunteers. If you’re interested in volunteering, please contact us. * **When will the Merchant back office have Product Registration and SKU id ability and also integrate with other POS software?** * **When will the top-up feature go away for XPOS to allow liquidity for XPOS** Zac: We constantly update features in XPOS and merchant backend to make it easier for distributors and merchants to use. We understand that one of the ways for mass adoption is to enhance our distributor management system. With that, the distributors can manage manay XPOS at one time with different merchants. Please stay tuned as we announce more and more functions of this feature. ## On Dubai * **When will we see the deployment of the XPOS in Dubai?** * **Can we spend NPXS on the Dubai XPOS?** Zac: As with all big projects there are a lot of moving parts, that includes working very closely with the local government, in Dubai’s case, the Credit Bureau of the Finance Ministry. Things are progressing for the Dubai project but due to confidentiality agreements with the parties involved, we cannot reveal much. All we can say is that we and our Dubai partners are working hard to have XPOS roll-out in the Dubai market and the UAE. We are also discussing aggressively with Dubai partners whether to include crypto assets in the XPOS in Dubai. That clearly will involve local compliance and legal for that to happen. * **Your system upgrades expect merchants to have downtime on their XPOS terminals, can you explain if you plan to run a business why this would be considered feasible (specially at the rate you have been doing your upgrades)?** Zac: Yes, the benefit / strength of the XPOS is that most of the updates can be done on the fly. For example, when we have a token update on our XPOS where developers submit their tokens on Open Platform, the updates of this token are on the fly, which means that once we approve the token on our Open Platform, it will automatically appear on XPOS without any software updates. The great thing that we believe about XPOS is not just the support of crypto assets, but also the ability to update most things on the fly, which means that whenever we have a good feature or a new token, the updates will be done instantaneously. * **Can you guys arrange at least a community voting which is the next blockchain we would like to see next in XPOS? Voting will help to prioritize to chose the projects.** Zac: One of the reasons why BNB is being listed on the XPOS is simply because of its popularity and also our user demand, in a way that we are already answering to our community’s request. Right now, our main focus is getting all the tokens submitted on Open Platform to be listed on the XPOS. The submission process includes legal and compliance valid, so our legal and compliance teams are working hard to make sure that we have more tokens to roll out onto Open Platform, which means that they will be on XPOS, XWallet, and XPASS. As to a specific voting mechanism, we’d like to consider that and hopefully we’ll be able to run a specific voting for the chain which users would like to see. * **While comparing Xpos handy to Square POS devices at least with mobile it’s very cheap like under $30 and easy to use. When can we expect such light weight and cheaper version for XPOS? Is team working on such devices ?** Zac: There are different POS companies around the globe and pour focus is to work with these POS companies with our software, so that a crypto sales feature will be part of the existing POS system. The more support of crypto asset usage using our software on existing POS, the better it is for global adoption. We actually strongly believe that the pricing of our POS system is competitive in the market. And one of the great features of the XPOS is that the merchants will not need not to pay a certain percentage to existing acquirer but to be able to earn certain percentage from each transaction. That is the key differentiator for merchant to want to adopt this. * **From the website with some of the key Countries for XPOS adoption looks great. However, the concern is for Venezuela, there is no reference link like the others have. Can you guys add the link with details to clear the ambiguity?** Zac: Let’s give a little bit more patience so that we can actually release more information about our Venezuelan partnership. The good news is that we expect concrete news from Venezuela in the coming 2 weeks. So stay up-to-date about our Venezuelan roll out on XPOS, the best way is to subscribe to our telegram group for Venezuela. ## On Partnerships * **Are there some major partnership in the works? I’m also interested in how you do immediate transactions? Do you anticipate scaling issues?** Zac: The way XPOS is being designed is that when you use your crypto assets to purchase, it will have instantaneous confirmation because the action is an off-chain process. An on-chain action happens when a user who owns crypto assets in our system transferring the assets out of the Pundi X ecosystem to their own wallets; or to transfer crypto assets in Pundi X from an off-chain to a private wallet, which we will have very soon on XWallet itself. That is why we are able to handle scaling. When a person wants to use crypto currency to buy a coffee, the transaction will happen instantaneously. For specific partnership, especially with B2B partnership, we oblige to the NDA that we have signed. But if you follow us closely, you’ll know that we go to different parts of the world, talking to major companies to try to land more deals so that NPXS usage will increase dramatically. * **Any big partnerships for making xphone or using the software for xBlockchain?** Zac: These partnerships are also subjected to NDA, so please be patient for us to release more news. * **When will XPOS have approval to process Visa and MasterCard payments?** Zac: We have met representatives from these players including some of the key management people. They are obviously looking into crypto currency attentively, and we hope that there’s something we can do with MasterCard and/or Visa. This is something that the community has suggested and we agree fully. Please allow us with some time to work on this. We have also showcased XPOS to the CEO of MasterCard. For what or when will anything happen, please wait for our official announcement. * **What’s the status on Quantum fund and their contribution or involvement with Pundi’s project?** Zac: We announced last year that we are creating a fund to invest in projects beneficial to our ecosystem. We’ve identified some interesting projects, and we have invested in at least 1 project. The reason why we’re investing in that project is because of the services that it will bring onto the Pindi X ecosystem. So the purpose of the investment of the companies is that these companies in turn will benefit on our ecosystem. This is our key consideration. The team has evaluated the projects that will benefit the Pundi X / Function X ecosystem. Vic and his team will be able to reveal more details on the companies we have invested in and how they will contribute to our ecosystem in Q3. * **Recent update on NPXSXEM is highly ambiguous as mentioned that it will be now BEP token and later once FX goes live it will get back to Fx platform. Why you guys had so rush to use Binance chain only for few months? Isn’t you guys switching to much in a short time span?** Zac: Liquidity and utility have been an issue for NPXSXEM. Due to the design philosophy and the limit of token that can be created on NEM’s smart contract, we are only able to create a small number of tokens on NPXSXEM. By moving into the Binance chain for NPXSXEM, the BEP2 token version will be able to support all the NPXSXEM tokens, which means that we’ll migrate and also be able to make sure all the NPXSXEM tokens are under the same contract address. We believe with the strong liquidity, we will be able to give our NPXSXEM token holders a good reason of what the token holders have been waiting for. We hope to bring NPXSXEM to match the level of NPXS. * **When #XRP?** Zac: Our OpenPlatform is a currency agnostic platform, which means that we will work on integrating public chain as well as tokens that are most requested by the users. We’ll also be looking into the listing of different tokens that are being mentioned by the community. As said, we will have at least one more public chain integration in Q3, perhaps even more. * **Are you as a company going to try and connect with libra? If they have said they want to be a payment remittance service, have Square, PayPal, Visa on board I as an investor would prefer you try to join them rather than beat such large competitors** Zac: Of course, we’ll be delighted to work with Facebook and also the Libra coin. Pundi X and XPOS is a currency agnostic / currency neutral platform, if there’s opportunity to list Libra coin or work with Facebook in different ways to promote crypto currency adoption, we’ll certainly look into that and work on reaching out to them. ## On Trading * **Can you confirm during AMA, Pundi team is not involved with any trading with their own token like selling over time to manage the fund to run the company.** Zac: All the wallet addresses of the team holdings are disclosed and transparent. This is one of the first things that we did after ICO. Hence, our token holdings are transparent and everyone can monitor our fund transactions. Also, we have strict internal financial regulation and compliance, shows that we are here to build a long-term project. The best way to make NPXS or the NPXSXEM to rise is real daily life use case. * **When will you stop manipulating NPXS chart?** Zac: Our focus has always been and will be building great products. The more product usage, the demands for NPXS and NPXSXEM will increase. Let’s address again that, Pundi X the company is NOT involved in any manipulation of the NPXS price. There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market. The good thing about NPXS is that we have managed to create a high liquidity by listing on 40+ exchanges and having global trades and demand from all over the world. We hope this and coupled with the fact that we are a solid product and roll out the use cases, the demand of NPXS will only continue to rise and will be able to deter any of the traders or speculators there is for NPXS. These traders gain profit from manipulating tokens whether BTC or other tokens. In fact, the traditional financial markets have similar challenges as well. What I want to stress is that, we at Pundi X, do NOT speculate or manipulate the price. We work very hard to create demands for NPXS and as a company, it is only beneficial for us to see the prices of NPXS and NPXSXEM rise. * **Can we please address the elephant in the room which is the Binance bot with huge sell walls and buy walls causing huge distress and concern among users?** Zac: First, I cannot confirm nor deny that whether Binance has a bot. I think this is something that you need to ask Binance. We need to work with Binance because Binance has one of the biggest liquidities, if not the greatest liquidity, for NPXS. The best way to counter manipulators is to create more use case, more demand and more acceptance of our tokens. * **Why on almost all exchanges do you not offer a USDT trading pair?** Zac: We have USDT trading pairs on Bittrex, Bittrue, and more. In addition, we have fiat pairs in Korean Won, IDR, INR, and Turkish liras. We will continue to work on adding trading pairs for NPXS to make it more liquidate. * **Why don’t you offer a stable coin sell and purchase on the xpos to help with adoption? Places in Africa with volatile currencies would go crazy for this.** Zac: It’s a great observation. This is a request that’s been asked from many users. We’re working on stable coin listing on XPOS and hopefully it’ll come soon. Stable coin requires a greater compliance and legal validate, which we have been working on since months ago and we hope to have the stable coin up in XPOS soon. * **When will you add an active tracker for coin burn, whether its measured in usd, NPXS or whatever you choose. The community has been asking for this on twitter, reddit and telegram for this entire year.** Zac: It will be hard for us to have a daily tracker of the coin burn, but what we might be able to work on is a tracker which have shown all of the tokens that have been removed from the usage. Thank you for giving us this great suggestion and we will work on it in some form. Zac: Our token supply has always been specified in our white paper, and as promised in our white paper, we will continue to remove tokens through usage and use cases, which we’re working on all the time. * **Price movement. When will NPXS go to which price?** Zac: We cannot comment on the change of the price. Our focus is on building products. We hope by doing that the NPXS value will go up. Again, there’s no way that we can comment on the price. **I believe that burning tokens every 14 weeks keeps the price suppressed and will only lead to huge pumps and dumps. Imo, If the burns were more frequent, the price would move organically.** Zac: We continue removing tokens quarterly per advised by our legal and compliance team. **Is it mandatory npxs swap? What happens for token we have in binance?** Zac: No it’s not a mandatory NPXS swap for FX. **How many NPXS or NPXSXEM was converted?** Zac: In Q2, we will remove 29B NPXSXEM and 9B NPXS. ## On XWallet * **Why not put in XWallet like the place where we can buy and sell like restaurants and shops?** Zac: You are correct. In fact, if you look at XWallet, there is a merchant feature, whereby you can register as a merchant. By becoming a merchant, you will be able to print out your QR code and stick it on your restaurant. People are able to make payment through this QR code. This will act like a mini-XPOS. * **In addition to that having multiple different blockchain in XWallet will increase the XWallet adoption. Hence, we would like to see aggressive game plan and execution from the team and would like to hear that** Zac: That’s a great suggestion. Every day we want to increase use cases for XWallet. In fact, our XWallet update is one of the most frequent in the market. Within 5 months, we have over 10 updates on iOS and Google Play. This does not include soft update which happens every several days. In my view, the effort is very tremendous. * **Is there any plan to add Swap option within XWallet so that people can trade the coins within XWallet?** Zac: Yes, there’s such plan and in fact there is an upcoming feature that people will be able to use coins in XWallet to exchange into other things. The exact form and format have not been reviewed. We hope to share more when we have concrete example. But what you suggested is what we are planning for months ago. * **When will XPOS and XWallet have fiat on ramps?** Zac: This is a good question. It’s not only involved with regulatory compliance but also involved the technical part. This is also something we are planning for months. Once approved, hopefully we are able to support fiat currency on ramps and off ramps on XWallet. **On Others*\* * **How is the internal organization doing? Currently how many employees work for Pundi? Currently how many job positions are open?** Zac: Pundi X has grown tremendously. We are now having over seven offices around the globe. I’m sitting in the Singapore office. We have office in Jakarta, Taiwan, Tokyo, Shenzhen, São Paulo and London. These are the places we have physical offices and house approximately 100 full time employees of Pundi X. The positions open from Pundi X are legal associate in Singapore and other offices. We are looking for more R&D people, especially in Taiwan. We are looking at marketing and PR people in different parts of the world. And we are looking for POS distributors. As a POS distributor, you will work with our business development team and also our technical team to roll out many XPOS which you have a network to control in your local market. * **Would you consider removing the KYC to allow u.s. holder to stake and be rewarded?** Zac: We would love to have more users, including US. However, our compliance and legal advisors have not allowed us to accept US holders to stake and be rewarded. I’m sorry to say that but this is after serious consideration to make such a decision. In fact, it is a very hard decision because we have healthy user base in the US. will continue to monitor the situation in the different markets and be compliant. There are also ways to be rewarded when using XWallet service without KYC. We are looking into to explore more on this and launch new features. Hopefully we are able to bring the beta version for you to test this week or next. **On XPhone*\* * **Where are we on pre-sale announcement of Xphone? It was highlights of Q2 goal. If we are getting delay, that’s ok. But at least community will have some clarification why it’s getting late and when approximately it coming?** Zac: Pre-sale order will start this month. It’s likely the end of July. Pre-sale will take place in different channel including the official website and XWallet. Apart of our own channel, the pre-sale will go live on a 3rd party channel. People will be able to pre-order crypto either in crypto or in fiat. * **Can you discuss in AMA, is participants can pay with Crypto or Credit/debit card or in both ways?** Zac: As a crypto company, we prefer payment in crypto, but fiat, Visa, MasterCard, and other traditional payment methods will be accepted on different pre-order channels. Stay tuned for pre-order which will happen in late July. * **Will the Xphone be open to purchase in all regions of the world?** Zac: Yes, pre-orders will be able to be done on-line, and products will be shipped from our offices to users in different parts of the world. * **Will the blockchain mode on the Xphone be operable during the testnet or will this function not work until mainnet?** Zac: XWallet and XPhone are the first channel and avenue for Function X testnet, so once the testnet is operateble, we will start to engage certain services on XWallet and XPhone into Function X testnet, and ultimately into mainnet. Slowly but surely. * **Does Xphone have hard protective cover,extra Sim slot, also is it enhanced with ip68 water rating?** Zac: XPhone will not be waterproof, so please do not submerge XPhone into water. XPhone will definitely be eavesdrop-proof because we’re using a blockchain mode, only you and you control your own conversation. * **Which country accept the Xphone?** * **Will I also be able to use the SIM-card?** * **The blockchain modus will work in every country (what in the absense of nodes)?** * **Will the XPhone I buy now support updates in the future?** Zac: People from any country will be able to buy XPhone on-line. You will be able to use a SIM for we have built a SIM slot. Wherever you are, the XPhone can be turned on to become a node. Will XPhone support future updates? Yes, of course. Just like the XPOS, we support silent update. It will be like how we support XPOS, many updates. The updates will always be supported on XPhone. **On Function X*\* * **When is the detail white paper coming for FunctionX? Why the team is very resistive to have well documented white paper? We need scientific approach and well documentation on FunctionX to have developers to be more involved.** Zac: Yes, developer involvement is a key criterion of the growth of Function X. We have done 2 things, one is that we have set up Function X Foundation which is led by David Ben Kay and will involve third party adviser and board members. Second, we have set up a developer relations team led by one of our own members as well. This team will work on creating developer documents, developer demos and sample, so that excellent developers can tap into working with Function X resources. The first version of developer documentation is ready in English and Chinese. We are still polishing up the documents and hopefully to release them soon. We are also working with third party developers, and are engaging at least 2 third party developer companies, so that we can help create their services on Function X and also XWallet. We are hoping to showcase a smooth and usable service to the audience, we think this is the key criterion of the Function X growth. Thank you for this suggestion. We need to update more often on github developer documentation as well. As for the white paper, we did not have one per se because Function X did not do an ICO. But we will continue to update our white paper and include not only technical details, but also details on the chain and how we can get more developers and users so that the future hardware will be added as a node and you will be rewarded financially, at least through our ecosystem genesis fund. Please stay tuned and there are a lot of things going on in the company. Each and one of us is working hard. * **Why does the FX ecosystem need a decentralized OS?** Zac: The mantra of Function X is decentralization and having private control of your data. A full private control of your data comes with a decentralized system not just in transmission of your data, but with the operating system built fully for decentralization , which includes a transmission protocol replacing http. The apps uploaded into Function X will be decentralized as well as the data that is stored on the app, which means that how BitCoin or crypto assets are verified on different nodes will also be part of the way we store data and content. The decentralized OS is key to fulfilling a decentralized environment for a more private and free usage. * **What about FX are you most excited about?** Zac: We are actually creating a shift of how people view of blockchain and how decentralization is not just about transacting commercial commodity, but also data, including your identity, are all decentralized. That is what we are most excited about. The only way for us to achieve this is to have developer support, for we need the developers to build on the foundation we have to offer those exciting services. * **We understand that developing a new blockchain is time consuming. As a community we are in a dark space to understand where exactly the development of FX right now.** Zac: We are working hard on creating the testnet and eventually the mainnet. For the latest updates of Function X, what I can encourage you to do is to go on and subscribe to the Function X telegram group where discussions are made. We have formed the Function X Foundation and created the developer relations team, so that the Function X progress will go smoother and with more partnership from outside, whether it’s developers, third party companies, teleco, etc. * **When FX goes live on the mainnet, will FX coin be used to stake and earn NPXS? how will staking work on that new mainnet?** Zac: The NPXS/NPXSXEM staking will last till March 9, 2020 as announced. What we are committed is to create more use cases. For FX tokens, the use cases will be focusing on the Function X Chain and the use cases on Function X that include DApp on Function X and different hardware/software services. * **When fx testnet will be available?** Zac: First I would like to thank you for your constant support. In Q3, we plan to open Function X testnet so that we will be migrating and creating certain use cases that can be used on Function X testnet, starting with our own XWallet. Which means, the XWallet will migrate some features into Function X testnet, and slowly followed by our other Pundi X products, including XPhones, XPASS, Open Platform and Function X own developer related products from third parties.
A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment. To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space. Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex. As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous. About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now. The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC. https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404 The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’. https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/ When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents. https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1 https://imgur.com/a/aANAsL3) If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient. Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well. LinkedIn - https://archive.is/Q66Gl https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation. In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”. https://imgur.com/urJbe10 Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes. Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime. His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such. This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money? https://archive.fo/lk1lH#selection-3671.46-3671.55 Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
Hi Bitcoiners! I’m back with the 29th monthly Bitcoin news recap. (sorry a bit late this month) For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in May 2019 Adoption
TomoChain - Binance AMA Recap - In case you missed it!
TomoChain’s AMA with Binance was recently held on Oct. 19th, 2019 with CEO Long Vuong sharing all the latest updates about TomoChain’s products and potential future projects. https://preview.redd.it/yz3h0tqgc2u31.jpg?width=1600&format=pjpg&auto=webp&s=1a888e829057030e17ea4cb67828afb2455c6811 *** Below is a brief recap of what happened during the AMA *** Segment 1: Richie from Binance asked Long Vuong 5 questions. Richie: Among different blockchains and cryptocurrency projects, what are some key features that set TomoChain aside? What does TomoChain have that other projects don’t? Long: Some key features which set TomooChain aside include:
PoSV consensus: TomoChain uses an innovative consensus method called POSv (Proof of Stake Voting) which gives an incentive to all TomoChain token-holders to play an active part in staking across a network of 150 high-quality masternodes, and to monitor their performance and governance actively. Our staking-governance Dapp, TomoMaster, is recognized as one of the leading staking platforms in the industry. With our PoSV consensus protocol, TomoChain provides:
/ At least 2k TPS while still enhancing security through Double Validation. / 2-second block-time and transaction confirmed within almost 4-second. / Significantly improvement of user experiences and adoption of blockchain.
Double Validation and Randomization: Strengthens Tomochain’s security, reduces fork and nothing-at-stake attacks, and makes TomoChain unique among other Proof-of-Stake-based blockchains.
EVM compatible: Every Ethereum smart contract can be effectively run with almost instant transaction confirmation. Porting time:
/ From Ethereum to TomoChain. / 2From Tron to TomoChain: 8h.
Rich set of our own products: that enable a variety of platforms for end-users to interact seamlessly with blockchain technology, including TomoWallet, TomoMaster, TomoScan, TomoZ, TomoX.
/ TomoZ — Zero Friction Protocol — the first on-chain protocol that offers the ability for any user to pay transaction fees with the same token the user is holding. / TomoX — a secure and efficient relayer-masternode decentralized cryptocurrency exchange protocol that empowers a diverse system of relayers, MM providers, and independent projects to work together.
Privacy: Lastly, token privacy on TomoChain will be forth-coming in 2020, and the details for implementation will be revealed in due course.
Richie:Since mainnet’s launch 10 months ago, what are some key achievements for TomoChain? And does TomoChain has any plans to keep up with this productivity in the future? Long: Since our mainnet launch, TomoChain has continuously built our ecosystem strong and stable, resulting in:
Being a stable chain running that can handle 2000 tx/s.
50% TOMO staked in the smart-contract for the masternode governance system.
16 active dapps build on top of TomoChain and almost 6000 monthly active users, with a variety of new games and dapps being created.
TomoZ’s mainnet launch, a protocol that allows users to pay transaction fees with their own native token without having to hold TOMO, as well as to help users create their own token in 2 minutes. After the launch, a number of token with TRC21 standards has been made through TomoIssuer.
Richie:Which area does TomoChain focus on at the moment? (DeFi, Dapps,..) and which products/projects are you developing to support it? Long: TomoChain aims to build a safe and credible DeFi system that everyone can benefit from globally, with our recent launch of TomoZ — fees by any token protocol, our decentralized exchange protocol TomoX coming in a couple of weeks, and many more projects in plan for the future. TomoChain opens up a wide playground for developers to creatively build their own dapps and games. We have an enthusiastic high-tech team that can support you with problems you may have while creating your product. TomoChain’s most recent Dappathon Competition just ended, with 9 final contestants who’ve brought a whole new gaming experience for our community. Thus, many new games are coming up on our platform, encouraging even more developers and game lovers to join. So keep an eye out to try out some of our new games! Richie:TomoChain has launched TomoZ’s mainnet in August. Can you elaborate on the product and comment on the amount of interest with individuals/businesses you’re seeing in this product? Long: TomoZ — Zero Friction Protocol — provides inroads to mainstream users who find crypto to be unnecessarily complex. It is the first on-chain protocol that offers the ability for any user to pay transaction fees with the same token that the user is holding. TomoZ removes the friction of having to hold native blockchain coins/tokens to send to other wallets or to interact with dapps. Users/customers of all businesses using our solution will have a smooth experience without even knowing that they are using the blockchain and cryptocurrency technology. Tokens issued with the TomoZ protocol follow a new standard called TRC-21 (TRC is the abbreviation of TomoChain Request for Comments). Everyone can create a TRC-21 token on TomoChain in a few clicks using TomoIssuer — a user-friendly token issuance dashboard. No need to spend thousands of USD hiring blockchain developers. For DeFi apps, TomoZ can be tailored for issuing stablecoins. Digital wallets and payment systems can be set up via TomoZ protocol very fast and cost-effectively. Richie: The testnet of your flagship product — TomoX — the DEX protocol is to be rolled out soon. What sets TomoX apart from other DEX protocols? Long: TomoX Testnet is to be launched in a couple of weeks. TomoX Protocol is our relayer-masternode decentralized cryptocurrency exchange protocol. Compared to the current state of the art DEX architecture, TomoX Protocol has quite a lot of advantages, which have been described in detail in our paper (http://bit.ly/33EgSl7), the most notable are as follows:
Performance: TomoX Protocol is integrated into the core TomoChain blockchain consensus layer, which can potentially handle many thousands of transactions per second. Furthermore, with the Relayer-Masternode architecture, the heavy computational load of the matching engine in masternodes can be substantially moved to Relayers’ local matching engine. Performance of the TomoX Protocol can therefore potentially be an improvement when compared to most of the existing DEXs.
Liquidity: This is a chicken and egg problem. Traders do not join most of the existing DEXs because there are not enough orders on these DEXs to match. With the Relayer-Masternode architecture, each relayer can focus on understanding their relevant markets and trading pairs — thus the potential for better and targeted marketing strategies to attract more traders to participate in the ecosystem.
Full decentralization: Most of the existing DEXs are semi-decentralized. TomoX Protocol, on the other hand, is fully decentralized because the order book database, matching engine and trade execution mechanism is decentralized to all masternodes. This decentralization power in TomoX can significantly reduce front-running risks that currently appear in some centralized exchanges or semi-decentralized exchanges.
Security: Centralized exchanges can have significant security issues as they centrally manage a large of amount of assets, and traders on centralized exchanges do not have control of their private keys. TomoX and non-custodial exchanges solve this problem because the users have complete control of their assets. In practice, some DEXs require traders to deposit their assets, while TomoX does not impose this requirement, and is completely non-custodial regarding user assets.
Cost: TomoChain provides near-zero transaction fees, which significantly reduces trading fees compared to most existing DEXs.
SEGMENT 2 — Long asks questions to the chat. Each question is linked with a google form, which will be accepting answers in 3 minutes. Q1: When was TomoChain listed on Binance? August 24th, 2019. Q2: Which TOMO trading pairs are available on Binance.com? TOMO/BNB, TOMO/BTC, TOMO/USDT and TOMO/USDC. Q3: What is the name of TomoChain’s consensus? PoSV — Proof of Stake Voting. Q4: Name TomoChain’s most recent product and its mainnet launching date? TomoZ — August 20th, 2019. Q5: The testnet of which TomoChain’s product will soon be launched? TomoX. SEGMENT 3 — Chat asked Long questions. 3 Rounds of questions opened up, and Long chose 5 questions from each round the answer. Below are some of the highlighted questions Long gave answers to: Q1:Vietnam has very few successful projects, what is the problem? Does TomoChain have any plans to support other projects in Vietnam and contribute to building a stronger Vietnamese community? Long: I consider TOMO and TomoChain being in a very good term right now, given that we have a strong and decentralized community of Masternodes and stakers securing the chain 24/24 every single day. Furthermore, good things take time to happen, even Bitcoin took a few years to create strong values. Comparatively, TomoChain would need more time to develop and mature, expanding our reputation and values to the world. Q2:If Ethereum figures out their scaling issues, then projects like Tomo will not be able to compete. How will you respond to it? Long: That’s no issue actually. There are other dimensions to compare that TomoChain still proves to have advantage on, such as blocktime. TomoChain has a 2 second blocktime while Ethereum’s is about 15s, which makes TomoChain more suitable for gaming and other activities that need fast interaction. Also, target audience and the community usage of the network can be very different too. Q3:Among some technology key points such as: Sidechain, Privacy, Shardchain, how far are Tomochain going in each aspects at the moment? What are your main focus in terms of technology at the moment? Long: Side-chain technology is doable (can be designed and built) but we focus on the mainchain at the moment. Sharding has some serious drawbacks as inter shard communication can break smart-contract composability and this is a very serious issue. The next major research area we are working on is privacy. Q4:TomoChain has so many outstanding features in the form of TOMO WALLET, TOMO MASTER, TOMO SCAN, etc. to name a few. But, do you have real users and partners that use your services and what marketing strategies do you have to draw new users as without marketing no matter how good the product is nobody cares? AIS-X generated its AIS token with the TRC21 standard on TomoChain. Can you elaborate more on this and its purpose? Is the number 150 high-quality masternodes fixed or dynamic? Long: We do have a variety of real users using our products on a daily basis. For example: TomoWallet has around 1000 daily active users, which mean around 1000 people open the app and do something every single day. The number has actually been quite stable for the last few months. Moreover, I feel that the crypto space is still very small, so TomoChain and other crypto and blockchain projects are trying our best to push the number of users. Of course the more the merrier. So my invitation to all of you to download the app and spend sometimes with TomoChain community :) Q5:Ethereum developers seem to be loyal (or stubborn if you prefer) to Ethereum and might wait for Ethereum to scale because I haven’t seen any major ETH dapp switching to Tomochain (or other blockchain project), so how will Tomochain persuade/attract blockchain developers (solidity developers specifically) to build on Tomochain or migrate their dapps from Eth to Tomo? Assuming that the need for higher TPS in the dapps will trigger this onboarding of developers might not work necessarily and is too passive of a strategy IMO. For example, Thundercore protocol is also EVM compatible & faster (1200 TPS) than Ethereum but solidity developers are not building there either. So what’s Tomochain/Tomoteam strategy in this regard? Long: I don’t believe in bribing or buying developers (from Ethereum or elsewhere) to build on TomoChain. It is not the way to build an authentic community. We want to build a community with real interests and determination to help grow TomoChain ecosystem. Thus, till now, we fortunately have been working with some awesome teams such as TomoSwap, PigFarm etc. Our goal is to continue to build reliable products, and increase users experience when it comes to blockchain in general, and join TomoChain specifically.
Following up on my other post which shared only a few high level points I thought people would be interested in, here's a more in-depth summary of the meetup. THIS IS VERY LONG! I don't really have a TL;DR beyond my other short highlight thread, but I think there are some other high level summaries. This is for those who want a very thorough recap of what was discussed. I'm happy to update this with anything shared in the comments which I remember and think is additive to the summary, definitely didn't catch every single thing. I'm leaving out a few talking points/questions that either 1) I didn't totally catch, 2) provided no incremental information or 3) were just bad questions (there were some). Sunny's Speech Sunny began with a history of blockchain, from the bitcoin whitepaper to the first few alt coins to the advent of Ethereum. He then went on to discuss the extent to which these various stages involved meaningful/useful innovation: original alt coins did not, ethereum of course did, but is heavily flawed for enterprise use. He then went on to discuss what those primary flaws are and how VeChain is trying to solve them (scalability, governance, cost, etc.) He noted that technology is not blockchain's biggest obstacle, it's adoption. He talked about how, although some people will tell him to "get lost or something" he doesn't really believe in full decentralization. I think his point was that although it's nice in theory, it just isn't really practical, and it's a bad approach in particular for trying to get this new blockchain technology adopted in the mainstream. This goes back to something he said in another interview at some point - you can't just come in with totally new, radical technology outside the existing framework and replace everything that exists from the outside. You have to start within the existing framework, show people what's possible, and then change the system from the inside out. He went on to discuss what he sees as problems with some of the existing projects. Talked about how projects in the top 20 have ecosystems worth 2 billion dollars, hold hundreds of millions of dollars worth of their own tokens to be used for the project's development etc., but they don't have a CFO. He thinks that should concern people. I don't remember exactly where it fit in the narrative, but he discussed valuation/speculation. He pointed out that they have a number of their university research partners trying to work out token valuation models. He made a general point that more utility should equal more value, the implication being VeChain will have more real utility (and should therefore have more value) than any other blockchain. They had a slide showing some calculations and pointed out that if you look at the known metrics, the dividends, etc., the price of Google's stock is 85.7% speculation. Only $161 of it's $1,128 value (at the time they ran these numbers) can be tied to the current value. For Tencent, it's 93.5% speculation. He jokingly pointed out that in crypto it's about 99.99%, but I think one of the unspoken points here is that it's silly to think that on mainnet launch speculation about the future value is going to go away and you'll just have token value based on current Thor production. That isn't how markets or valuation work. He then basically mocked people complaining about the code not yet being open source, and there being no whitepaper - the people who think these are red flags and that the project might be a 'scam'. As if PwC and DNV GL didn't do extensive diligence. On this point, I'll quote GarzyWarzy from another thread: "Sunny mentioned that the crypto community as a whole doesn’t seem to appreciate the level of reputational risk that these multi billion dollar enterprise partners take by publicly backing a blockchain startup (“what do people think would happen if PwC backed us and we failed in 6 months?”). As an investment banker who deals extensively with corporate governance issues and every type of business risk imaginable, I will add my two cents that this risk is massive and that is it a clear sign of extensive diligence and extreme trust in the VeChain team to execute their business plan for developing their ecosystem. Always remember, “it takes many years to build a reputation, and seconds to ruin it”." I'm a corporate lawyer and couldn't agree with this more. The people who think a whitepaper (which they likely wouldn't even understand) is more reassuring than the endorsement by DNV GL, PwC, Draper and Breyer (who would never, ever make such an investment without extensive due diligence) have no idea how things work in the corporate world. DNV GL and PwC are recommending VeChain to clients, and Draper and Breyer have made investments through their funds, where they have a fiduciary duty to the investors in those funds. The amount of diligence that occurs before taking those reputational and legal (negligence, breach of fiduciary duty, etc.) risks is truly exhaustive. Back to adoption, Sunny went on to compare blockchain to TCP/IP, as he's done in the past. Most people use email every day, but do they care about TCP/IP? Of course not. Blockchain will be the protocol infrastructure for things people use every day, whether they know it or not. At this point, continuing to talk about adoption and use cases, he mentioned that they signed a top 3 insurance company in China as a client, and he also mentioned a CRM use case that's in the works. He said the whitepaper will be out in a few days, and will explain a lot of what they're doing/what they're trying to do, and what some of the use cases are. They are focused on developing as many practical use cases as possible - this is how you get adoption. Once the use cases are defined, you can start "developing killer dApps" in relation to them. I think this is, to some degree, a subtle shot at Ethereum - his point here being that developing lots of dApps on a platform doesn't really mean much unless those dApps actually relate to a practical, defined real world use cases which ensures they will be used and adopted. The whitepaper took so long because, in Sunny's words, his "english sucks" and after he wrote it, his teams needed to double, triple, and quadruple review/edit/refine what he wrote so that it is in professional english. Back to adoption, he stated there are around 13/14 crypto projects they are working with who intend to use VeChain (either porting over from Ethereum or launching an ICO on the platform. More on this in the Q&A section). One of them is a company that already generates $50 million/month in revenue and want to 'blockchain-ize' their business. He pointed out here this is a company that isn't just interested in padding their coffers - they have money, that isn't an issue. These are the types of projects they like to work with. They aren't interested in being a 'shitcoin generator' (this was said by Sunny in the Q&A and got a laugh and round of applause). Last point on this, he noted that BitOcean is taking so long because the "Japanese government are being assholes". That's a direct quote. Sunny is hilarious. I can't overstate how likable he is - he comes off as a down to earth, cool, funny and easy going guy. Kevin's Speech Next, Kevin spoke. This was a short update on authority nodes and the mainnet. He mentioned that most projects have masternodes as basically a marketing tool, they aren't that meaningful or necessary. VeChain's authority masternodes are essential to the ecosystem. You can not become an authority node if you can not meaningfully contribute to growing the ecosystem. There is no room for negotiation on this. They aren't interested in having random people running validating authority nodes for profit and nothing else. As far as the application process, they received over 100 applications and are expecting more (authority node application and monitoring process will be ongoing to make sure VeChain has the best authority nodes possible and that each node is continuing to fulfill all of its obligations). As far as the applicant pool, they were about 71% enterprise, 29% individual. About 52% China, 23% America, then a mix of HK, Singapore, Japan, and others. He then addressed the mainnet. Internal testing is done, they are now moving on to the public alpha testing, which is by invite only and is not the open source phase. This phase starts today and includes a number of professional firms auditing the code: PwC's cybersecurity team, secureware.io, Slow Mist, and Hosho. They will also be putting a bug bounty on Hacken eventually, finding a critical vulnerability could get you up to 2000 VEN tokens. This private testing will go on for a few weeks, before the public testing begins in early June which involves the code becoming open source - as of now, they expect it to start in the first week or two of June. Then, he announced the 1 VEN to 100 VET token split. The example he gave was talking to friends about buying Bitcoin - some responded "it's already $8000, I can't buy a bitcoin I can't afford it". Kevin would respond, well actually you can buy .001 bitcoin if you want... and then they'd lose interest. I think what he's getting at is they want to be prepared for years down the road when demand is enormous - they don't want people dealing in fractions. Yes, I'm also sure they are aware of the implications for this in terms of price and the attractiveness of a 5 cent token verses a 5 dollar token. I don't deny that. Look at fucking Tron. The Q&A Session Someone asked about how the authority nodes will be monitored. Kevin explained there will be a dedicated team for this. They are serious about having the highest quality authority nodes and holding them to the standards they expect. There will be a quarterly review process, and any issues will be brought to the Steering Committee, which may decide to remove/replace an authority nodeholder if they aren't contributing and fulfilling their obligations. He noted that the whitepaper will include a thorough section on their governance model. Question about it being difficult, currently, for companies (especially in the west) to find out how to contact them and work with them. What are VeChain's plans in terms of a business development team, marketing, etc. Sunny explained that while obviously they'll have an internal BD team, and this is being built out, they also want to heavily leverage the resources of the community. In a way, the community will be a giant business development team, and they will create standard toolkits for the community to use to market/introduce VeChain to people in the first instance. The guy then asked what if I got you Pfizer - that's enormous, what's my incentive? Sunny responded there will be rewards in VET tokens for bringing them clients. I don't remember what the exact question was, but it was noted at this point that although the private, consortium chain is an Ethereum fork, the mainnet was built from scratch and is not an Ethereum fork. They did intentionally use the Ethereum Virtual Machine, though, so that Ethereum dApps can be easily ported over to VeChain. It sounds like they expect this to happen quite a bit. They also talked about how they went through the web3 libraries and 80% will be able to work directly with VeChain. They want interoperability, compatibility, and ultimately, an easy transition for Ethereum developers and dApps. Someone asked about them building out their own IoT business or letting others do the IoT work. Sunny talked about how he believes IoT is the way to connect blockchain to the physical world. There was a story not worth sharing about why they initially acquired an IoT team, but he gave this example: when Apple first released the app store and the ability to develop, nobody knew how or used it. So, Apple built the apps themselves and basically showed everybody what was possible and how to do it by example. So too will VeChain take this approach. They are partnering with IoT manufacturers and developing some of their own IoT solutions, and they'll continue to do this, but the point isn't to dominate IoT. They are showing the world by example what can be done in terms of IoT on the VeChain platform, and they ultimately want people/enterprises to be able to create their own value and their own IoT solutions on the VeChain blockchain. Anyone who wants to do so will be able to. Question about enterprises buying once the enterprise pool runs out - what happens if enterprises aren't comfortable doing what all of us have done (wiring money to a fiat gateway exchange, buying bitcoin/ethereum, moving it to binance, buying in the market, transferring out of binance, etc.). Kevin isn't really worried about this. They are talking to exchanges and service providers about it, they're talking to Circle about fiat pairing, etc., but realistically Kevin can see that exchanges are becoming more advanced and that ultimately they will be institutionalized in a way that basically just mitigates this concern. Question about storage of VET tokens after mainnet. There will be a mobile wallet launch at the exact same time. This mobile wallet will 1) facilitate the token swap from VEN to VET (most people will probably do this on exchanges, but eventually you'll be able to do it in the mobile wallet if you missed doing it on an exchange), 2) have a module that shows you what kind of node you are, 3) automatically receive your generated Thor, and 4) eventually allow you to hold other ERC-20 tokens. They also mentioned that although they're talking to ledger, etc. they are developing their own hardware wallet. Kevin explained this is essential for enterprises serving as authority nodes or holding large amounts of VET. They aren't going online and ordering a ledger and setting it up. VeChain needs to be able to provide this service and assurance for them, and they will. This is why these guys are lightyears ahead in terms of enterprise adoption. They've thought about these things. Question about 'competitors' like Waltonchain. First, Sunny goes "who?" and Kevin goes "what's Waltonchain?" But then Sunny went on by saying the "right" thing - there are no competitors in such a fledgling industry. He would love to hold hands with the other blockchain projects trying to do good things, and walk into the future together. He thinks projects can learn from each other and help each other. They aren't trying to crush competitors or beat anyone or anything like that. However, Sunny also jokingly asked "Seriously, why do people think Waltonchain is our competitor? We are what, 15th biggest project, and they are...?" He also went on to say that he is judging some competition or tech demo later this month on the 26th-28th, and that Waltonchain is the demo product. He thinks this is sort of funny, but also said if their product is great and the demo is good, there is no reason he wouldn't support them, vote for them, etc. Question about Breyer and Draper relationships. Draper is invested in many cryptocurrency projects and many companies, has tons of connections, and he gives VeChain a way of talking to all of those projects/companies. Breyer was the one who set them up with the research team at a Chinese university, he was the link to Circle to discuss fiat onramps, etc. The connections these guys bring are tremendous. I should note here that in a small group conversation with Kevin during the networking portion after the speeches, which was initiated by GarzyWarzy (perhaps he can elaborate further), he confirmed that Breyer and Draper are both meaningfully invested in tokens, not just equity of the technology portion of the company. Some clown actually used up time to ask "is CCK here?" Sunny said someone asked him this at Harvard also, and he was absolutely adamant that he doesn't know who this person is or how they are getting the information they have. He did not comment on it beyond that. He clearly thought it was a dumb question and said seriously that once and for all, he really doesn't know who it is. Question about how many projects will be running on the mainnet day 1. Sunny said it's hard to say for sure, but that there are currently between 20 and 25 use cases deployed on the consortium chain, all of which will be moved over in the first few months. He also mentioned the 15ish crypto projects that will be moving over to or launching on the platform, and the fact that their client pipeline is now over 250. He transitioned a bit from this point to discuss how they "don't want to be a shitcoin generator". If you come to them with a project that is just an ICO with a whitepaper and no product, no proof of concept, etc., they're not going to want you to launch that. They would rather invest in you if they think you're a good project, help you develop those things, prove out what you're trying to do, then help you launch a serious ICO or dApp with a real use case. Again, they are all about practical use cases, this is the path to adoption. That said, the project will be open source ("you guys asked for open source, so") there will be some shitcoins, it's unavoidable. I think that covers most of what I remember. Hope you all enjoy!
Getting DigiByte listed on Binance - Progress update
There’s been a bunch of requests lately to get DigiByte listed on Binance. I’m here to confirm today that the hold-up in doing-so is not due to anything in our control. Let me set the scene for you: We have been listed on approx 2x exchanges per week, every week, for the last few months. This has been in part due to some of the Foundation and some incredibly dedicated community members, again keeping in mind none of this is paid work. I want to take this opportunity to acknowledge the many hours that these people put in, filling out forms, chasing exchanges, getting information and technical details to them. Then, we find out there are other exchanges that we’re listed on, without our knowledge. Again, that’s fantastic, and because we are a decentralized blockchain with the source-code open and freely available on Github, this means there’s nothing preventing Exchanges from doing this. Because the DigiByte Core Wallet has it’s basis on the Bitcoin Core Wallet, if an Exchange has integrated Bitcoin or Litecoin, they have the technical know-how to integrate DigiByte, and it’s not a difficult task. Back to Binance. There is a form that Binance request new sign-ups complete. A pretty standard practice, basically to weed out the time-wasters and brand new ICO’s that aren’t worth anything at all. Totally cool, and so this was filled out earlier last year, and again just one day after Christmas. No problems there. Since then, Binance have requested the completion of a NDA form. Unfortunately this NDA form is completely not applicable to DigiByte, as we are not a central company, we're not an ICO that raised funds, nor do we take any percentage of each newly minted block as other coins do. I’m sure you’re all well aware that DigiByte relies on the donation of time of all its Foundation Members, as none of us have been given any DigiByte by anybody to survive on, and once the Foundation has been fully established then down the line decisions will be made regarding how those funds are best spent. For now though, everything is done from the generosity of the hearts of those in the Foundation and community, because we believe in this project, it’s merits, and what it stands for. So this NDA form, we can’t in good faith sign it, as it’s not applicable to us and legally there’s no point in putting ourselves into a situation where things aren’t clear. However, it begs the question: Why is there an NDA form required at all? Anybody can list DigiByte on their own Exchange, and it doesn’t require us to be made privy to any technical or financial details about a company. They basically download the wallet, as you and I would, integrate it into their Exchange through RPC calls to the digibyted, and that’s about it. The RPC / P2P port details are all in the BitcoinTalk thread. No NDA required, and the listing can be completely done without any input / help from the DigiByte Foundation, community or developers. It gets better though: On the application form (Keep in mind this has been completed twice now), there are a number of things such as:
You accept that Binance reserves the right to de-list your coin at any time, for any reason, solely at Binance's discretion. * With the answer options being: - Yes, I agree. - No, no need to hit the submit button.
That’s fair, there is no problem with them de-listing DigiByte if they want, Exchanges do it all the time for coins and ICO’s that have a very small volume. DigiByte however has done a few thousand BTC daily volume just on Bittrex alone (Just using them for comparison). Even with the admirable 0.1% fees that Binance charges, that’s still a few BTC every single day in trading-fees alone, which makes it seem like DigiByte would be a worthwhile investment for them to add on their own accord. So the problem with us accepting donations from the community as an attempt to pay a listing fee to get on to Binance, they could still de-list DigiByte at any time for no good reason, we have to agree to that before they’ll actually accept the submission. On top of this even if we do pay the “Listing fee”, DigiBytes acceptance on to the Exchange is not guaranteed. We would have no come-back for that, no repercussions, nothing that we can do to prevent it. The CEO even states in his “Tips for getting listed”:
High fee does not guarantee listing, but it may increase your review priority. If you don't want to pay a listing fee, simply put 0. Free market will determine the rest.
It gets better, On top of the NDA requirement, there is no TOS or similar at Binance. While in my eyes this doesn’t prevent DigiByte from being listed (DigiByte is on a few Exchanges without terms of service thanks to their own initiative), it does mean that this isn’t an ideal scenario. Why is this not an ideal scenario? Because there is no legal recourse for any of the users, no obligation to help them, and if they were to take the “Listing fee”, they can literally just take it and run. I don’t think it would be very responsible of the DigiByte Foundation to arrange crowd-sourcing the funding, for a venture such as this, where there are absolutely no guarantees at all. While we admire the enthusiasm of the community and your willingness to assist, the last thing we want is for it to all be for nothing. If the community is really keen on donating to a project, we would recommend donating to the recent development that has been undertaken on the iOS wallet, headed up by a community members company. This will be a big step forwards for DigiByte and fills a gaping hole in our arsenal (See: https://github.com/Racecraft/digibytewallet-ios for donation link at the bottom of the page) In the mean time, we are still pursuing avenues to get us listed, while maintaining true to our honor and integrity, and doing all that we can to look out for the community. Besides, Binance would make more than this within a few days worth of listing us, based on trading-fees alone, so the "requirement" of a listing fee just does not make sense. Edit: Made a poor attempt at fixing the formatting coz apparently I still suck at the markup required here to make it look pretty
We are a free society united by the basic idea of freedom and justice, separated from geographical, religious, ethnic and gender prejudices, we reaffirm this document, and we promise to protect freedom and benefit people always and everywhere.
The PORTBITX project team creates a service whose main idea is to provide a mobile and convenient system where users and cryptocurrency owners can receive a wide range of services.
1 The essence of the project
The project team asks you to support the creation of a high-tech, simple, convenient and honest ecosystem for people who need to protect their rights and freedoms and use the right to be anonymous and financially independent. The mission of the project is to create a service for storing and exchanging cryptocurrency assets, and also to become a tool allowing to conduct trading operations regardless of geographic location or language skills. Advantages of the project:
Affordable and user-friendly interface;
More than 1500 types of cryptocurrency assets;
A large number of types of cryptocurrency pairs;
The possibility of profit from the service PORTBITX;
The ability to influence the strategy and operation of the service
PORTBITX, by voting;
Anonymity and confidentiality of the person;
Investing in other projects on the PORTBITX platform;
Creating your own projects;
Minimum commission for exchange operations;
Minimum commission in trade operations;
No or minimal transfer fee for PORTBITX.
2 State of affairs
Owing to ignorance or low awareness of people about the nature of cryptocurrency assets, cryptoindustry is mythologized in modern society. This applies to both ordinary people and officials in authority. As a rule, in the minds of people there is more confidence in traditional financial instruments than in technology during their development, for example blockchain (the inability to change the information block / blockchain chain).History knows many examples when the governments of different countries, guided by the interests of their citizens, inadvertently led to the decline of advanced civil initiatives. This time is a period of complex formation of crypto-economics and state relations, which is still in the making. The project that we present to your attention has no borders between countries and peoples. And we, a group of enthusiasts, would very much like to cooperate with large government organizations. But, to our deep regret, the states currently at the stage of formation of their cryptocurrency policies make mistakes that negatively affect the crypto community. The market of cryptocurrency assets, which has a ten-year history of development, is very sensitive to various statements by officials. However, unqualified criticism cannot withstand the global trend. And no one can stop the future. With all the desire, time does not stand still, technologies themselves continue to evolve, new technologies, new projects, new views that can be upgraded in the distant future, as well as processes of government and regulation themselves, to introduce innovative elements into them. We do not expect the distant future, and many tools are available now. And we have something to offer you. This is especially relevant against the backdrop of the upcoming global financial crisis, with the inevitable decline in trust in state financial institutions; cryptocurrency have high chances of becoming more popular in the absence of other technological alternatives. As we noted earlier, there is a lack of awareness among people about Blockchain technology and cryptocurrencies. These technologies are extremely undervalued, since there is much more benefit in them than one can imagine. In the cryptocurrency assets industry itself, there are fraudsters at this time who are trying to steal or fraudulently get your money. At the same time, there are many honest crypto projects that can not be realized due to stereotypes of perception of them as fraudulent. Objectively, they could be judged by their work and projects that have been successfully implemented. In principle, it is necessary to be cautious in terms of investing in any projects, even if they are guaranteed by reputable people or companies. No reputable person or company can match the level of guarantee and security of your assets, as in the Bitcoin blockchain.In any case, the decision to invest is yours, not imposed by restrictions, and the responsibility lies with you. According to Road Map, we intend to fulfill all the terms of the agreement with our participants. We do not promise you a high yield of our tokens, we put all our experience into the overall welfare of the project and each user. There will be no delisting on the service until the community votes for the opposite. Our risk is collective. We urge you to make an adequate and balanced choice, instead of imposing any other opinion on you. We are not supporters of aggressive marketing. There are many cryptocurrency assets and it’s difficult for a regular user to store and exchange them, as well as use them in everyday life.
User choice is limited, since most centralized services such as crypto exchanges, have only 3-4 major currencies for converting all the others;
the inability to use a large number of different pairs – many exchange services cannot provide such an exchange;
many centralized services require identity verification;most services do not provide remuneration for owning company tokens or users do not share company profits among themselves;
some centralized services hide revenues earned during Hardfork;
almost no one service does not give the right to address strategic issues
for the service. The right is always for the service;
public opinion can not affect the cryptocurrency service;
There is no way to verify the accuracy of data provided by a cryptocurrency service.
These are problems that affect users and cryptocurrency in general.
The PORTBITX project guarantees compliance with all of its obligations and user rights. We integrate community communications into our PORTBITX service. Users are offered the following functions:
We do not limit users in choosing their currency conversion. the ability to exchange and trade any cryptocurrency assets. The user can exchange one cryptocurrency asset for any other. For such operations in the PORTBITX service, a multitude of cryptocurrency pairs is presented;
No verification. Anonymity will be respected under any circumstances. The right to conceal one’s identity is necessary primarily for people living in countries that do not respect human rights, where freedoms are violated and where the law does not work for the benefit of people;
distribution of service profit for all members of the PORTBITX community under the terms of the user agreement;
obtaining additional coins or tokens received in consequence of Hardfork (fork). Disclose all income received during the occurrence of a fork, the distribution takes place on the conditions provided by the company performing the fork;
affect portbitx. Members of the PORTBITX community have the right to vote on the terms of the user agreement. Voting is closed, the results are publicly announced after the end of the voting;
we update the local blockchain online, which contains information on all movements of funds;
facilitating and expanding the functions of exchange operations. We are designed to solve difficulties in the exchange or sale of any cryptocurrency asset to the desired;
transaction speed of more than 20,000 per second within the ecosystem, which will instantly make online purchases with a minimum commission;
the creation of a sub-ecosystem is intended to facilitate the popularization of the crypto world and expand the horizons for trade and manufacturing enterprises;
for cryptoindustry, we create a new kind of cooperation with users and set a new trend in the formation of a conscious and free society.
Direct market competitors are all decentralized and centralized services related to the purchase or sale of cryptoactive assets, as well as services that provide storage services on a cold or hot crypto wallet. More than 16 thousand services and more than 2 thousand types of cryptocurrency assets. We have the opportunity to offer our clients a reliable and open service for the storage and exchange of cryptocurrency assets. The main competitors are such large cryptocurrency exchanges like Binance, Bitfinix, Bitrix, etc. These multibillion-dollar projects that can affect the entire market and regulate pricing also have millions of crypto communities. This position is deserved by their work. There are, of course, disadvantages associated with the opacity of their activities, unlike us, but in general they play an important role in the cryptoindustry. Their trading volumes are impressive and inspiring, their mistakes lead to sharp price fluctuations in the crypto market. There are still crypto exchange. In comparison with the leaders, they are significantly inferior in the volume and number of users. These exchanges include the bulk of all crypto exchanges on the market. There are also exchange services on the market that allow you to exchange fiat money for cryptocurrency assets. Most often the commission is quite expensive. For example, they can range from 1% to 20%. Such a high commission can be explained by the fact that the locations where buyers and sellers are located have government restrictions or are prohibited. In addition to all of the above, there are closed groups in social networks or instant messengers. There, people discuss and agree on the price and method of payment. Commissions are often not high from 0% to 5%, but one should not hope that such operations can be safe, since personal meetings are always accompanied by a risk to life or health. Exchange transactions in the onion network may have no guarantees at all that the transaction will be successful. In deep web, everything works on credibility / reputation, and the higher the seller’s rating, the higher the likelihood of a successful outcome of the transaction. In the same place, you can sell tagged or stolen cryptocurrency assets. For this, there are special mixing sites to hide the criminal trail. These types of exchange operations are the most unreliable. For this reason, one of the safest types of exchange operations is large centralized cryptocurrency exchanges. Such centralized services, sometimes using their position, impose their own rules, which leads to a loss of users’ material values. PORTBITX is designed to empower cryptographic protection for maximum convenience and simplicity, as well as to protect the funds and personal data of users. PORTBITX connects all cryptocurrency assets into one transport hub and creates highly efficient curvilinear isolation of the currency to make cryptocurrency as safe and close to people as possible.
A registered user of the PORTBITX portal can be any person supporting the general idea of a free society. Our users are anonymous and financially independent, with the right to vote and the right to receive common incomes obtained by the operation of the portal and the activity of the crypto community PORTBITX. For whom we create a service:
owners of cryptocurrency assets;
people who want to participate in the development of the crypto industry;
people who want to make a profit in the crypto market actively or passively;
people who want to maintain their right to anonymity;
people want transparency and publicity;
It can be ordinary housewives, entrepreneurs, unemployed, self-employed, freelancers, people who invest in the future, wealthy investors, etc. One of the advantages of the service is anonymity, which gives anyone the right to save and earn around the world online, without fear that tomorrow they will be forced to pay some strange fees or licenses. Service users are interested in the distribution and real use of cryptocurrency. Self-regulating community PORTBITX, respecting the rights of all project participants. Service users are:
The user of the service does not have PORTBITX tokens frozen in his account;
Service user with the right to profit;
User with the right to profit and the right to vote.
For trust in the trade service there will be a seller rating for all types of goods and services presented. There will be a book of reviews about each seller, where each buyer has the right to leave a review about the product or service. This scheme is actively used in Darknet. The basic principle: the more positive reviews, the more trust. Each seller values his authority and thus provides the best possible product or service. The expression “customer is always right,” works because no one wants to lose their customers.Currently, according to blockchain.com, there are used 34 million people who hold their funds in Bitcoin. The remaining number of users is difficult to calculate, but according to our modest calculations, there are at least 2 times more other users in any other currency. This suggests that there is still a great demand on the market for services of safe storage and exchange of cryptocurrency assets.
Bounty is a reward of users for PR-activity: subscriptions on forums, maintenance of topics in local language versions, translation of documents into a local language, publications in social networks, blogs and so on. The terms of the bounty are published in the user profile of the section Terms and conditions of the bounty campaign. To participate in the bounty campaign, bounty hunter, you need to register on the site PORTBITX. You agree to the terms and conditions of the Bounty campaign if you register and do Bounty Hunt. Tasks and their description are listed in the special section “Bounty Hunt”. Each task is individual and has its own characteristics, so bounty hunters are invited to carefully study the conditions of each task. Rewards are described in each task separately. The results of remuneration depend on the correct execution of the task.The remuneration is charged to the user’s personal account in the personal account. There is also a payment history for completed tasks. After the last fundraising stage, all information will be deleted in favor of the anonymity of users. We will also delete information about site visits and personal information that was required to specify to receive a reward. In the case of a request by third parties for data, we did not have information that could harm bounty hunters. The bounty budget is 14,325,893 PORTBITX. The distribution of tokens in stages is as follows: Stage 1 – 6,325,000 PORTBITX; Stage 2 – 4 000 000 PORTBITX; Stage 3 – 4 000 893 PORTBITX. Distribution of PORTBITX tokens:
Remuneration for completed tasks – 9,283,178.7 PORTBITX;
Referral system by activity – 1 031 464.3 PORTBITX;
Investment Referral System – 11,250 – 4,011,250 PORTBITX.
If the ICO is not successful, the invested funds will be returned to investors, and the reward for bounty hunters will be canceled. For this reason, we regulate and monitor the social activity of the bounty hunters so that the conduct of all ICO stages is successful. For bounty campaigns, an application to the technical department is provided in order to correct them immediately in case of errors, as well as to assist the bounty hunters in carrying out their tasks. We are building a healthy community, so we ask that the personal opinion and evaluation of the project PORTBITX of each participant be objective and adequate. Each participant in the campaign bounty is our representative, and for us it is important to have a clear understanding of the face of responsibility and benefit that the community carries out.
On the market there are many companies involved in the exchange and storage of cryptocurrency assets. The number of such services is more than 16,000 and this is not the limit, but it is precisely in the face of fierce competition that truly unique and competitive projects are born. This market situation motivates us to create a truly useful and necessary service in order to make the range of our service available to a wide range of people. Recently, according to Google Trends, interest in cryptocurrency has fallen significantly. Now interest has rolled back to the area of 2016-17. Cryptocurrency industry continues to function and develop. Now on the blockchain, you can create your own e-government, your own elections and currency, everything is limited only by the imagination of all industry participants. The ecosystem is actively developing for the use of cryptocurrency in trading operations. Governments and regulators in different countries are seeking greater transparency in the cryptocurrency industry. Some, such as the Japanese government, license and regulate crypto exchange and services. In Japan, cryptocurrency has long been accepted as a means of payment in many outlets. In states with despotic regimes and an unstable economy, one of the few tools for the preservation and enhancement of assets is Bitcoin, for this reason in these countries the rate can differ greatly from the average market rate. The financial crisis and the instability of markets around the world continues to cause fear among people. In some countries want to ban circulation of dollars. Gold cannot be bought in the usual way and owners may experience some difficulties in working with it. Gold has long ceased to be a means of payment. The priority for us is the safe storage of cryptocurrency assets, maximum user convenience and integration, the popularization of the cryptoindustry in everyday life. In order for cryptocurrency assets to be used and an integral part of human activity, we want to form a stable market. At the moment, the capitalization of the entire market for a number of years fluctuates in the range of $ 100– $ 300 billion. The range of exchange operations ranges from $ 13-16 billion per day. The number of cryptocurrency assets represented on the markets is more than 2000 types. The dominance of the main cryptocurrency Bitcoin is in the range of 49-52% of the entire market. The tendency to reduce the main quotes scares potential investors, but this is not a reason for surrendering positions to a multi-million dollar audience of crypto enthusiasts. The reason why people continue to create new projects and new systems for exchange and transactional systems is the benefits they bring to humanity. In the market, as well as around the world, there are many unscrupulous developers who need to fight. We are engaged in creating and securing the credibility of the cryptoindustry so that the user can choose a reliable service or network, and not imposed by anyone. This is one of the fundamental aspects of a free community. The right of choice for the user, “the client is always right” is an integral part of the philosophy of the PORTBITX project. By the level of their responsibility, transparency, advanced thought, innovation, in the future, the work of PORTBITX will judge all cryptomir. The better we, PORTBITX work for the good of society, the more trust we have and the more users use the PORTBITX service. PORTBITX is part of a new culture, part of an ecosystem where the core value is reputation based on trust. This is a project where reputation is more important than money, and utility and service to people is more important than ostentatious hospitality and external gloss, and the safety of the assets of our project participants is more important than our profit indicators. Capitalization is growing steadily from year to year. At the beginning of 2017, the capacity of the crypto market was around $ 19 billion. Now capitalization has grown to $ 200 billion. The growth is colossal, but the market is still young and there will be many more challenges on the way to which all market participants will have to respond. And our participants will be the most prepared. The number of new blockchains and new projects is growing, and the number of participants in the crypto market is also growing. As a result, the attitude of people to the cryptoindustry is changing for the better, just like the cryptoindustry itself. In 2017, the known cryptocurrency assets were less than 800 species, but now their number has grown. Now on the market represented more than 2,000 species. Not all assets are honest, there are those whose purpose is to obtain short-term profits, which badly affects the reputation and trust in the cryptoindustry. But, if we recall the story of the beginning of our amazing world, then the price for one Bitcoin was $ 0.00000003. Since then, the situation in the cryptoindustry has changed dramatically.In the future, the cryptoindustry market is waiting for great popularity and that is why reliable and honest services for the storage and exchange of cryptocurrency assets like our project will be needed. Sharp volatility is such because the market is relatively young and has not reached even a tenth of its potential and capitalization. Therefore, the time in which we live is just a starting point. The world has already passed the Rubicon and there is a long and interesting road ahead. The potential market we can serve in the future is more than one billion users. Now this market is slightly less than 50 million users. Experts expect that in the future cryptocurrencies will replace the official fiat money.
PORTBITX is a digital portal for storing, exchanging and trading cryptocurrency assets, as well as a platform for selling goods and services for cryptocurrency. The service is managed by the community by voting. Voting topics are offered through a special application in the voting section. Service has three main areas. Secure storage of cryptocurrency. Secure storage of over 1500 different cryptoactive assets. Safety is ensured by safe cold the repository. The service itself is not directly connected to the repository to prevent the penetration of potentially dangerous programs. The security of user data in the service itself is protected by a local block chain. The entire database and operations are recorded on the principle of a distributed registry. Hacking one server should do this with hundreds of others located in different places. Mining in this block chain is not performed because all the costs of maintaining such security are borne by the service itself. The PORTBITX development team is fully responsible for the security of cryptocurrency assets and for the operation of the service. One of the most vulnerable links in the safety chain is the human factor (concerns not only users, but also developers). For this reason, it is necessary to double-check scenarios, conduct stress testing and carefully select personnel. Exchange This is a portal for exchanging all available cryptocurrency assets for any other. The number of assets available on the portal will be recorded in the blockchain for a reliable display of the volume, the number of wallets, users and information on all the operations performed since the launch of the main network will also be indicated in the blockchain. Any cryptocurrency asset can be exchanged for any other if it is in demand. The market decides for itself how and in what to trade. All exchange orders will be visible in online charts. Potentially, we will add more than 2,500,000 pairs to the portal, but not immediately, but in parts and as each cryptocurrency asset is checked. Also the choice for coins or tokens will always be behind the PORTBITX community. After each vote, all results will be published in the section “Voting” and on the official website of the service. The portal has a convenient interface and an open registry, i.e. users will be able to monitor and control the network with developers. Also, with certain voting results, there may be additions to the network.In the future, we want to release the service in free navigation and stop controlling the network. If we succeed, we will open source code and create jobs for miners. Marketplace Marketplace is valid for the sale of services and products for cryptocurrency. High-quality and convenient service. All transactions on the Marketplace are recorded in the main register of the local blockchain. A wide range of products available advertising products and services, two types of payment (with a guarantee and with a reputation) to choose from. The following portal functionality: Voting / referendum An important component of the PORTBITX portal is voting / referendum. A variety of topics and surveys can be submitted to a vote, directly related to the PORTBITX community and the portal itself. For example, changes in tariff rates, adding new tokens, adding new services and additions to the service. The right to vote is the right to decide the fate of the community, the right to find the best solution to the problems, the right to be free, honest and fair. One voice is 5000 PORTBITX. (this limit can be lowered if the community decides on a general vote). Since tokens can be sold on third-party services, they cannot automatically take part in voting. Also, all available tokens on the portal should be frozen for a period of voting that lasts no more than 24 hours, starting at 00:00 Central European Time. Tokens are frozen through the user’s personal account in the voting section.Persons who do not have enough tokens for voting, but having the right to profit PORTBITX have the opportunity to see the voting results, as well as to make their proposals for the next vote. Persons who do not have enough tokens for the right to vote and the right to profit will have the opportunity to group together for collective voting. Results and coverage of all voting results will be immediately published after the end on the portal’s main page. A vote is considered legitimate if a quorum gains 65% of the total number of votes. The decision on the outcome of the vote can be made if the number of those who agreed to 100% of those who participated in the vote is 60%. Voting can be repeated if uncrowded by a majority. In this case, the proposal will be revised. The deadline for a deferred vote may pass unplanned within two weeks after the end of the first vote. If, in the second ballot, the majority of votes will also not reach the bulk of 60%, then this issue will be postponed or canceled and will not be considered within the next 6 months. The right to vote is not just an opportunity to influence the portal, it is the will of the community that developers must obey. The right to profit The right to profit is obtained by freezing tokens through the user’s personal account for a period of at least one month. The number of tokens needed to make a profit of at least 1000 PORTBITX. The calculation of the distribution of profits are as follows. All profits from all services provided by the service for a certain period of time in the tokens in which the activity was performed are distributed in relation to all community members who have frozen the tokens directly on the service portal. The profit is distributed in the same currencies in which it was received on the service. In the event that the frozen asset of the PORTBITX tokens is defrosted ahead of time, then the profit it receives during this period will be distributed among the other participants whose tokens remain frozen. Participation in the project is proved by deed and rewarded, in all fairness. All profits, namely the estimated profits of users during and at the end of the period can be tracked and seen in the registry on the main page accessible to all interested parties. PORTBITX developers do not hide revenues and honestly share them with the community. Each user has the opportunity to check the registry and find their own account.Maximum openness and transparency is the key to trust and success of the service.
10 Road Map
Website creation ICO PORTBITX.com;
Conducting and forming a trust sheet (trust list is the journalists and investors who will participate in the ICO);
Stress tolerance testing;
Starting a Bounty Company;
1st stage ICO: Software;
Creation and improvement of software for the portal;
Testing and announcement of results in the form of a report, publicly;
Running a test version of the portal;
Launch of the 2nd Bounty Company;
2nd stage ICO technical equipment of the portal;
Technical equipment and process debugging;
Create mobile version;
Expansion of cryptocurrency pairs;
Launch of beta portal version;
Launch of the 3rd Bounty Company;
3rd stage ICO final part of the main project;
Creating a cryptocurrency exchange;
Creating an ecosystem (attracting entrepreneurs and trading companies to the project);
Creating a trading platform for entrepreneurs and freelancers;
Testing the trade portal;
Maximum expansion of cryptocurrency pairs;
Adaptation and testing of the mobile version;
Launch of a commercial portal for entrepreneurs and freelancers;
Launch of the mobile version of the portal;
Enhance user data security;
Official launch of the portal (second birthday).
11 Economy and Demand
All information on the movement of funds and their spending will be published on the official website of the company in a special reporting form. All actions performed by PORTBITX will be covered in the news section of the company’s website.The voting results and the timing of their holding, as well as the topics discussed for voting will be in the user’s personal account in the “voting” section.To date, only about 80 million people have a cryptocurrency, store it or use it in payments. Now there’s practically no way to find a person who hasn’t heard about bitcoin or blockchain at least once. The cause of mistrust is people who undermine the true face and good intentions of the founding pioneers of the cryptoindustry. The market is too small and hypervolatil, but this trend will continue only for some time, until the total market capitalization reaches 1 trillion. USD This milestone will further open the way to even more people who want to be part of the crypto world. A larger number of participants will make this market more stable and less prone to hypervolatility.Unfortunately, there are many scammers and individuals who undermine the basis of the industry, and its usefulness. Therefore, the PORTBITX development team creates a service safe for the safety of users’ funds. According to statistics provided by Blockchain.com from March 2018 to February 2019, the number of new users who registered new cryptocurrency wallets increased from 23 million to 33 million. Based on the data obtained, it can be concluded that there is a need for reliable storage of their cryptocurrency assets. The year 2019 is a preparatory platform for an even larger number of users, so we decided to create a portal for the ecosystem of the cryptocurrency industry.
12 Project Team
One of the important factors in the decision making for an investor is the transparency and fame of the team that works on the project. An investor can check team members, evaluate and decide on investments. The knowledge and experience of the team is a kind of guarantee that the project will be implemented, but as is often the case in real life, this may be far from reality. In the cryptoindustry, nothing can be 100% sure. Any ICO defaults to scam. If you have doubts about our decency, we suggest investing a small amount. By collecting the minimum amount, we will demonstrate in practice that we are credible, because our goal is to benefit the community. Founders of PORTBITX Co-founder and Technical Director Steve Man Co-founder and CEO of CharleySJ Director of Marketing and Public Relations MAD Phoenix Director of Methodology and Legal Support at PenA
The minimum capitalization of the project at the first stage is 1,450 ETH. The minimum total capitalization of the project will be 56,000 ETH. The maximum capitalization of the project can reach more than 160,450 ETH. Tokens will be issued in the amount of 143,258,928.57142. Share will be up to 8 decimal places. ICO is calculated in three stages. We create a product that meets modern requirements and market challenges. Additional issue is not provided. After the last stage of the ICO, all assets not sold will be destroyed. We initially limit the emission of tokens in order to avoid a large amount of excess asset. Being part of the PORTBITX community means having the privilege of voting and profit of the service. And that means – to understand the idea and share the philosophy of the cryptoindustry and with full responsibility to approach the decisions that will affect the community. The opportunity to receive a bonus will be among the participants of the Bounty campaign and among ICO investors, but by decision of the crypto community. Return of investment will be carried out in several ways. By obtaining distributed service profit Due to the possibility of selling a token at the market price, which can be ten times higher than the initial cost. The token will be based on the ERC20. The predicted price of a token at the end of an ICO can be about $ 3.7. The projected service revenue for the first year may be more than $ 500 million. Pricing can be changed if there is an ETH price manipulation before release. The news about the name and the release of tokens will be announced in the official news, so you should not give in to manipulation.
14 ICO Features
Jurisdiction: Blockchain The number of tokens is 143 million. On ICO 80.225 million On a bounty campaign of 14.3 million The developers and founders of 34.382 million, and the maintenance of the service 14.3 million. Distribution will be carried out automatically. The following fundraising is provided: Stage 1 – 1,450 ETH Stage 2 – 10,000 ETH Stage 3 – 149,000 ETH Pricing and limits 1st stage ICO 1 PBX = 0.002 ETH 1 ETH / 0.002 = 500 PBX 5 ETH / 0.0015 = 3 333.33333333 PBX 10 ETH / 0.001 = 10,000 PBX Rules of the first stage: The minimum amount to raise funds 1,450 Price is limited to pricing policy. Bounty company 6 million Refund in case of not reaching the minimum amount to raise funds 2nd stage ICO 1 PBX / 0.003 ETH 1 ETH / 0.003 = 333.33333333 PBX 5 ETH / 0.0025 = 2,000 PBX 10 ETH / 0.002 = 5,000 PBX 3rd stage ICO 1 PBX / 0.004 ETH 0.5 ETH / 0.004 = 125 PBX 1 ETH / 0.0035 = 285.71428571 PBX 5 ETH / 0.003 = 1 666.66666666 PBX 10 ETH / 0.0025 = 4,000 PBX
15 Legal aspects
Placement of the company – Blockchain. This is due to the fact that we approach the project with full responsibility and are aware of the consequences of our actions, as well as due to pressure from some states and their unfriendly policy to the cryptoindustry. Also, the service will not be present fiatnye currency, as their existence is not combined with the philosophy of our company. We will temporarily not specify the location of the company, as well as disclose the names of developers for the safety of their rights to life, health and freedom. Since we consider ourselves a free community, some data for the sake of security for the sake of this freedom will be hidden from outsiders. We guarantee a refund in case of unsuccessful first stage at 100% minus the miners commission. This is important because the tools incorporated in the first stage are necessary for creating the kernel and the subsequent imposition of software modules. We considered options for direct investment in the project from private investors, but since these investors could influence our strategy and policies, and since they could take some of the functions from the community, we decided to invest in our project as a community by Ico. The risk of investing in our project, of course, is great, but we want to build a really useful service for the industry as a whole and for each user of the service separately. Therefore, we enable the community to judge us by our work.
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