Crypto Bets on the US Election Show Joe ... - news.bitcoin.com

Blockchain Bites: Dorsey Challenges Coinbase, Nasdaq Lists Diginex, Ethereum Miners Profit - CoinDesk

Blockchain Bites: Dorsey Challenges Coinbase, Nasdaq Lists Diginex, Ethereum Miners Profit
The Australian government is investing big in modern technology, Nasdaq saw its first crypto exchange operator listing and revenues are surging for Ethereum miners amid increased network activity.
Australia modernizes Australia will commit A$800 million (US$575 million) to invest in digital technologies as part of its coronavirus recovery plan, Prime Minister Scott Morrison announced Tuesday. The federal plan will see US$256.6 million for a digital identity solution, $419.9 million to fully implement the Modernising Business Registers (MBR) program, $22.2 million for small businesses training to utilize digital technologies and two blockchain pilot programs totalling $6.9 million. “The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses and backs the uptake of technology across the economy,” Morrison said in the announcement.
Nasdaq launch Blockchain services firm Diginex has become the first crypto exchange operator to list on Nasdaq. The stock went live Thursday morning under the EQOS ticker symbol, a nod to the firm’s EQUOS.io trading platform. CoinDesk’s Nathan DiCamillo reports Diginex’s back-door listing came through a merger with a special-purpose acquisition company (SPAC). Diginex CEO Richard Byworth said he expects a mix of global retail and institutional investors to buy shares. Over time, he expects the majority of Diginex shareholders to be U.S. investors because of the Nasdaq listing.
Dorsey responds Twitter CEO Jack Dorsey tweeted his disapproval of Coinbase CEO Brian Armstrong’s mission statement to keep his company free and clear of politics. Dorsey argued that by the very act of being a crypto exchange, Coinbase was always already engaged in politics. “Bitcoin (aka ‘crypto’) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at least acknowledge and connect the related societal issues your customers face daily. This leaves people behind,” Dorsey tweeted. Armstrong made waves this week – in and out of crypto – when saying Coinbase, and its employees, should keep work and activism separate.
Election predictions Putting stake to their claims, many crypto-political gamblers have cast their vote predicting who might win the contentious U.S. presidential election. CoinDesk markets editor Lawrence Lewitinn looked at the data following this week’s first presidential debate and found many are betting incumbent President Donald Trump will lose in November. While bettors on decentralized betting platforms like Augur and futures markets on FTX aren’t as bullish on the challenger, former Vice President Joe Biden, he does have the odds. “Thus what’s true at the time of publication can change on a dime. It is now fewer than five weeks until Election Day. Buckle up!” Lewitinn warns.
Mining profits HIVE Blockchain has reported its best-ever quarter, as the mining firm raked in record fees from the frenzied activity in decentralized finance (DeFi) over the summer. The Toronto-listed mining company released its unaudited results Thursday, saying it mined a total of 32,000 ether (ETH) and 121,000 ethereum classic (ETC) in the second fiscal quarter ending Sept. 30. Per CoinDesk’s price data, that comes to nearly $11.8 million for mining ether, and a further $664,000 for ethereum classic – approximately $12.4 million at time of writing. The figures represent a near 30% increase from the 25,000 ETH that HIVE mined in the first quarter and a 50% increase in the same quarter in 2019.
Stealth launch In the latest effort to smooth a path for buttoned-up investors, Talos, an institutional-grade conduit to the crypto ecosystem, is emerging from stealth mode to serve brokers, custodians, exchanges and over-the-counter (OTC) trading desks. The platform started out in 2018 and is backed by an impressive list of investors including Autonomous Partners, Castle Island Ventures, Coinbase Ventures and Initialized Capital. Over the past year or so, Talos has been quietly onboarding a core group of capital market participants, so that the platform can make its debut in a revenue-generating state.
submitted by SPACguru to SPACs [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoCurrencies [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoNews [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to defi [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to usdt [link] [comments]

Removed comments/submissions for /u/hoogetraps

Hi hoogetraps, you're not shadowbanned, but 14 of your most recent 108 comments/submissions were removed (either automatically or by human moderators).

Comments:

g7x5m6j in sportsbook on 06 Oct 20 (1pts):
NRFI is the stupidest bet. I don’t why so many here do it. It’s one of the most likely innings for a run to be scored. You have the best hitters for each team at the plate.
g7x1hyn in sportsbook on 06 Oct 20 (1pts):
Braves ML and Lakers ML for even money.
g7x1efp in sportsbook on 06 Oct 20 (1pts):
Odds are if they win they cover the run line. Less games than you think are decided by 1 run.
g7wg7hr in sportsbook on 06 Oct 20 (1pts):
The Braves were 2nd in the league in both batting average and runs scored. Yeah total ass
g7upi9n in politics on 06 Oct 20 (1pts):
I’m invisible nobody can see my posts. Lol.
g7ufigg in politics on 05 Oct 20 (1pts):
I hope for a speedy recovery
g7uckdd in politics on 05 Oct 20 (1pts):
Spoken like a true liberal.
g7u9gy9 in sportsbook on 05 Oct 20 (1pts):
I’m jealous of you all with legal sports gambling. Pain the ass to get bitcoin exchange. Buy btc, transfer to wallet, then transfer to book, etc. then worry about btc price. Shit is weak.
g7u5k7s in politics on 05 Oct 20 (1pts):
Vote! Trump Pence 2020.
g7tvz2u in politics on 05 Oct 20 (-204pts):
Vote Republican for the sake of our great nation!
g7emvjb in politics on 02 Oct 20 (0pts):
Thoughts and prayers for the President, First Lady, and all those effected by the virus.
g7ax6wl in politics on 01 Oct 20 (-65pts):
She’s great. Very smart woman and does very well with a difficult job. Easy on the eyes too. Shame how Dems treat her so nasty.
g72rq7l in politics on 29 Sep 20 (1pts):
This sub is moderated the exact same way cupcake.
g6zemtc in politics on 28 Sep 20 (1pts):
Can’t wait to see the look on those CNN peoples faces on election night when they realize Trump won again and their 4 years of orange man bad 24/7 fake news meant nothing.
I'm a bot. My home is at /CommentRemovalChecker - check if your posts have been removed! (How to use)
Help us expose and stand up to social media bias and censorship!
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

Online gambling legislation and regulation. Starting your own gambling product.

Online gambling legislation and regulation. Starting your own gambling product.

Mobile gambling
If you plan to develop an app with the ability to deposit and withdraw real money, then such a product automatically falls into the category of gambling and you will need to license your business for successful operation.
Mobile and Web Based Apps
So let’s talk about the different kinds of online gambling apps available on web and mobile. We’ll be covering both free-play gaming apps and real money casino app games you can find for iOS, Android devices and web browsers.
Mobile gambling is more common for poker, casino, bingo, and skill games. They have advantages in terms of a low barrier to enter the market, instant liquidity, product knowledge, and marketing expertise, minimal infrastructure costs, and the ability to bring a brand to the market quickly. Consequently, this form of gambling does not sit neatly with jurisdictional boundaries. Multiple gambling opportunities are available, including betting on various events and markets, in a relatively simple format. Gambling products can also be integrated into betting on television shows or virtual racing and sports games as well as offering lotteries, bingo, poker and casino games.
Most Popular Gambling Apps
Sports betting, casino, poker and lotteries are the most popular forms of online gambling. However, other forms are available too. These include the following: Bingo, slot machines, different card games, roulette and other game of chance. One of the best things about online gambling and betting apps is the number of choices you have.

Sports Betting

Betting means making or accepting a bet on the outcome of a race, competition, or other event or process, the likelihood of anything occurring or not occurring, or whether anything is or is not true. Today most sports betting is done via mobile-friendly sites and apps.
Today most sports betting is done via mobile-friendly sites and apps.
The introduction of live betting for sports like soccer and tennis means that bettors who are sitting inside stadiums watching games can now pick up their mobile devices and find real-time betting value with the best sports gambling apps. This has really unlocked a door to the future of sports gambling and the popularity of online gambling apps.

Poker

Many sites offer free poker, where no real money is wagered, although in some cases players can accumulate credits that can be exchanged for prizes. This is the case why people are going to play for real money. There is an ongoing debate over whether poker should be classified as a game of chance or skill. The parameters of legal poker playing are still unclear and differ between jurisdictions. Since you are not gambling with money, I’m pretty sure under the law it’s just a video game for now.

Blackjack

Blackjack is the game of choice to many high-rollers and do you know why? Because blackjack is a challenging, logic and skill-based game where your thinking, strategy, and calculations determine the outcome of the game.

Bingo

Bingo is one of the most popular and socially accepted games in the world. Bingo is a traditional form of gambling that has seen considerable innovation in recent years. It is also the only form of gambling recognized in the Gambling Act that does not have a specific statutory definition, the Act providing simply that “bingo” means “any version of that game, irrespective of by what name it is described”. Bingo must be played as an equal chance game. For game to be classed as “bingo” it must meet the Act’s definition of “equal chance gaming” (as opposed to casino gaming). Thus, it: must not involve playing or staking against a bank, and must be a game in which the chances are equally favorable to all participants in the sense that each ticket or chance has the same probability of success as any other.
Licensed bingo is a well-regulated and socially responsible form of gambling that takes place in a safe environment. Many sites offer multiple forms of bingo with different features, types of games, and costs of play. These sites often cater specifically for women and some research suggests that they may appeal to markets who would not typically engage in traditional forms of gambling.

Slots

Slot machine is one of the most beloved game among the gambling community and it has been a part of the industry for a long time. They provide fun and entertainment and their simplicity allows gamers to start playing at once. This can play out in different ways depending on the machine you’re playing. For instance, there’s Pick a Fortune, a five-reel, 20 line game that puts players right in the studio of a television game show, including the potential to play a Deal or No Deal-style bonus round. A super trend over the past few years is mobile-friendly slot games. These apps and websites were developed to enable players to enjoy their favorite games on their smartphones at any time. Another dominant slot trend is licensed branded slots that are based on popular movies, television, and musicians.
Virtual Money vs Real Money
Let’s find out the difference between social gambling and real money gambling, as well as the differences between gambling through apps and gambling through a web browser. It can be quite confusing trawling through all the casinos, slots, and lotteries available, both through your mobile web browser as well as through mobile app stores, in the form of downloadable apps.

Virtual money

The main difference between virtual money and real money gambling is that the in-game virtual currency in social games and gambling-type games is used only like credits that are not paid out as winnings or anything given to player in cash, making these games exempt from gambling regulations.
Virtual money is loaded on user game accounts via in-app purchases in mobile applications or the game balance funding from a card via web based applications.

Real money gambling

Real money gambling via your mobile device is only allowed in countries where laws have been passed that allow for this type of gambling online, or there are no laws in place that prevent it. The payment systems are the legal way of services payment in the gambling app, performing as the intermediary between the gambling facility and the client. With their help, users replenish deposits and withdraw funds to personal accounts in financial institutions. If the application uses the payment system of a well-known brand, that gives players additional confidence in the resource. Nowadays, there is a wide range of payment systems, some of which operate all over the world, other systems are oriented towards the citizens of one or several countries. A number of services accept money of different world currencies, while others allow currency transactions of one state only.
What is an Online Gambling Licensing
The internet has a global audience, there’s no single piece of legislation that covers the legality of online gambling for the entire world. Mobile gambling doesn’t typically accept customers from every single country in the world. It often focuses on certain specific regions.
Instead, most countries have their own local laws that deal with the relevant legal and regulatory issues.
Ultimately, questions of legality all go back to the location of the casino or where the website operates out of. In closed regulatory systems, such as Italy, France, and the Netherlands, licenses, and advertising rights are limited to domestic providers, which must be located within their country’s geographical boundaries and these are only permitted to offer some types of products. Some jurisdictions, for example, Norway, Sweden, and Canada legalize and regulate online gambling, but this is limited to a single site that is owned by the government. Under such an approach, the government becomes the operator and regulator and all revenues are returned to the government.
Remote gambling is generally permitted. That means that an operator that is licensed may provide gambling services to citizens in the country via all forms of remote communication (and using equipment that may be located in the country or abroad). Equally, a remote operator may be licensed to offer gambling services to citizens in any jurisdiction in the world using equipment located in the country. The law provides that, for each type of gambling (betting, gaming, and participating in a lottery), there will be two forms of license available: remote and non-remote forms (land-based). If you provide facilities for remote gambling, online or through other means, and advertise to consumers you will need a license from the licensing jurisdictions or local licensing authorities. Before an online gambling site signs up its first customer, before it accepts its first bet before the first card is dealt, it must be licensed by a recognized governmental entity.
Certain regions in the world have specific legislation in place that allows them to license and regulate companies that operate online gambling sites or provide industry services (such as the supply of gaming software). These regions are referred to as online gambling jurisdictions or licensing jurisdictions.
Depending on what type of entertainment you are going to implement in your internet establishment, you will have to apply for the corresponding permissions. Online gambling laws in Europe vary from one country to the next. The industry is well regulated in some countries and less so in others. There are several online gambling jurisdictions located in Europe. Some of these are members of the European Union (EU), and thus subject to the various rules and regulations of that body, while others are independent. Each of these jurisdictions has an authority that’s responsible for approving gambling sites for licenses that enable them to offer their services legally. They also regulate their licensees.
Countries that Provide Gambling Licensing
Today there are lots of licensing jurisdictions located all over the world and offering different terms for their customers. Depending on the country, licenses can be local, international (distributed in several countries), have a different set of documents for registration, costs of registration and further support, various operating conditions and other special details.

Which gambling license is both internationally recognized?

The government of Ireland offers casino operators, software, and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto, and other gaming-related activities. Ireland Gambling License is one of the most popular license for online casinos worldwide. Ireland has long been recognized as one of the preferred locations for Online Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first-rate telecommunications facilities, and a well established financial services industry. A wide range of gambling sites operates out of Ireland including sports betting, casino sites, poker, bingo, and more.
In stark contrast, the UK is the largest regulated market for online gambling in the world, and corporations are already comfortable exploiting the intersections of gambling and gaming, betting in-play, social gaming, Bitcoin, financial trading and spread betting, betting exchanges, e-sports and, most profitably, mobile gambling. 40% and 60% of online gambling in the UK took place in Gibraltar.

International licensing

Europe is home to the following online gambling jurisdictions: Alderney, Gibraltar, Isle of Man, Malta. Malta is currently the country that is most accommodating to gambling companies, and the license offers whitelisted online gambling in sports and casino games in many European territories. But takes an extreme amount of time in paperwork and background checks. Also, you pay 5% of all your gross profit to the EU.
Among countries offering gambling licensing services, the attention should be paid to Curaçao jurisdiction, which is considered to be one of the most promising for the online gaming business.
Curaçao Internet Gaming Association (also known as Curaçao eGaming) is both a regulator and a licensor, and its licensing works worldwide except Curaçao itself, USA, France and Netherlands. Using Curacao as an example, let us examine in detail the process of obtaining a license, the necessary documents and expenses.
How to get a License on Curaçao
  • Documents necessary for company registration:
  • criminal record;
  • passport scans;
  • bank account confirmation;
  • documents proving payments for utility services.
After the company is registered, an operator can apply for the license providing the following documents:
  • a document certifying the right of domain possession;
  • description of games planned to be used in the project;
  • a list indicating countries of potential operation;
  • illustration of server locations to be used in the project;
  • a copy of the agreement with a software provider.
Gambling license cost:
  • Bank account opening $1000
  • Company registration $3600
  • Company management per year $3600
  • Application processing fee $1000
  • License fee per year $4800
  • Equipment/software fee starting from $1500
  • Server maintenance per year $6000
Apart from that pay for technical support and maintenance every year. The entire license issuing process takes between 2-4 weeks. Curacao Internet Gaming Association (CIGA) also has the power to review a license and, if it finds that an operator has breached a license condition, has the power to impose a range of sanctions including revocation of the license.
Apple and Google Gambling Rules
You’ll be surprised at the limited number of real money gambling app options available on the AppStore and Google Play Store. Most real money casino gaming is done through gambler’s mobile web browsers and not through mobile gambling apps that you’ll find for iPhone and Android phones. Apple allows online gambling applications in a few forms, and not just in places where it is explicitly permitted. They do not allow any payments through the applications – those have to be done on the websites. Apple has far stricter developer guidelines for iOS apps than Google does for Android apps, so it’s fine to assume that whatever you choose to download from iTunes is usually safe, secure, and meets a certain standard.
Any real money casino in the iTunes app is required to have proper licensing and permissions before Apple will approve the app for use or downloads. While Google Play is technically regulated, it is much more loose in what can be hosted.

Apple Store

Gambling, gaming, and lotteries can be tricky to manage and tend to be one of the most-regulated offerings on the App Store. Apple has rules for apps that support real money wagering, including sports betting and poker. Those apps and lotteries must have necessary licensing and permissions in the locations where the App is used, must be geo-restricted to those locations, and must be free on the App Store, and Apple rate even simulated gambling apps as appropriate only for users 17-years-old and up.

Play Store

Google keeps the reigns tight. To be able to successfully upload apps to the Google Play store, developers need to have a valid license for the specific countries they are targeting and comply with their regulations. The app must be free to download and must prevent under-age users from gambling in the app. As a final precaution, all gambling apps are required to display prominent information regarding responsible gambling practices. This brings its policy in line with the Apple App Store.
Countries where gambling is illegal
It is also important to remember that while gambling is growing rapidly in many places, in others it is totally or partially prohibited. As well as in the majority of the US, sports betting is illegal in India, Pakistan, and China, three of the largest gambling markets in the world. Most countries have rules against gambling. Almost all Islamic countries prohibit gambling of every kind, but many turn a blind eye to online gambling or simply do not have regulations in place for this grey area.
In the United Arab Emirates, however, any kind of gambling is prosecuted. National lotteries are the only legal forms of wagering on the Asian country’s mainland. Cambodia, North Korea strictly forbids online and offline gambling amongst its own citizens but allows tourists to participate in these activities.
Qatar is the strictest country of all when it comes to gambling laws. All forms of gambling activities are considered illegal, and even sports betting is not permissible.
Starting your own gambling product
Numerous online casino platforms in the market offer fantastic casino games like bingo, poker, roulette, and many more.
If you have an idea, but don’t know where to start, we advise you begin with a Minimal Viable Product (MVP) to pilot your proof of concept for investors. MVP spotlights your core features and lets your investors know there are bigger and better things to come.
For MVP you do not need a large team, just a few people are enough to create a fully functioning prototype. In the case of successful numbers of your prototype, the further development of a full-fledged product will require more team, resources and time, however you will be sure that your development and your costs will pay off.
submitted by Fgfactory_ua to gamedev [link] [comments]

Bitcoin vs Gold

With central banks around the world debasing their currencies by printing money out of thin air, I have been giving increasingly more thought on converting my assets into hard money. The debate that rages on in my head is which is the superior hard money. Gold, the standard for hard money that has withstood the test of time over millennia, or Bitcoin, the world’s first decentralized cryptocurrency. Here are my thoughts.
Intrinsic Value
Gold is often toted as being superior to Bitcoin because gold, unlike Bitcoin, has intrinsic value as a commodity. That is, there is gold demand for purposes outside the functions of money. Gold is used in a variety of industries such as dentistry, electronic hardware, aerospace, jewelry, glass-making and more. This means that gold will have value whether or not gold is being used as money. Bitcoin, on the other hand, has no intrinsic value. If people do not accept Bitcoin’s monetary functions then it has no value.
However, if we accept Bitcoin as money, then the fact that it has no intrinsic value is a significant positive. A money founded on something of intrinsic value will always be subject to supply shocks. For example, imagine that demand for gold has been increasing steadily as the aerospace industry expands and gobbles up more gold. Then one day, our brilliant scientists come up with an alloy that renders the functions of gold in aerospace obsolete. The value of gold begins to drop rapidly as we no longer buy gold for aerospace and begin to melt down the existing gold components. The value of gold will always fluctuate based on the demand for its monetary and intrinsic properties. Bitcoin has the luxury of not being subject to intrinsic volatility.
In summary, I have some fear of people abandoning Bitcoin as money and as it has no intrinsic value, I could end up with nothing. However, the fact that it has no intrinsic value means that Bitcoin is resistant to supply shocks, making it a superior money with little chance of the demand dropping to zero.
Confiscation
To me, the threat of confiscation is a real one. The United States, Great Britain and Australia have all passed legislation in the past forbidding the ownership of gold. Citizens were required to exchange their gold for government paper. In the United States, failure to comply could have netted you a 10 year prison sentence.
Today private ownership of gold is allowed, but I am not positive this will remain the case. The political climate is becoming dangerous. The wealthy (and wealth creation itself) are increasingly demonized and cries for socialism and wealth distribution are growing ever louder. This coupled with an imminent economic collapse make ripe conditions to destroy wealth, through both inflation and confiscation.
Already I have concerns. If I convert my savings into gold and try to fly from China to the United States, will the government harass me or potentially even confiscate my gold holdings in the future? Even now, the US Customs and Border Protection state that I have to declare currency and monetary instruments in excess of $10,000, failure to do so may result in seizure. With Bitcoin I have no concern. No government can go through my bags and find Bitcoin to confiscate. As far as my understanding of Bitcoin goes, there is no, or very very little, risk of confiscation. Please correct me here if I am wrong.
Divisibility & Distribution
In terms of divisibility and ease of transfer, there is no debate that Bitcoin is infinitely superior. I am looking into making my first purchase of gold and damn is it a pain in the ass. If I wish to purchase it online at a place such as Schiff Gold, I would need a couple of months, at least, before I could hold my tiny gold bar. They suggest that I store any gold I purchase in their Singapore vault, but then I don’t feel like it is truly my gold and would have to pay storage fees. If I wish to purchase it here in China, I need to set up an appointment at a bank, and as much as I love China, I hate the idea of handing over my info to state run banks to make a gold purchase. Also I’m confined to purchasing units of 10g, 20g, 50g, 100g, 1kg. There is no easy way for me to purchase a value amount that is perfectly suitable for me.
All this being said, to me gold has one large advantage and that is its history and global distribution. Central banks around the world have massive gold reserves and it is common for everyday citizens to hold a little gold in wedding bands and other jewelry. Everybody knows and understands gold has value. It may be quite sometime before Bitcoin can achieve the same status. Already countries such as Russia and China have been increasing their gold reserves, undoubtedly preparing for an event where fiat money collapses and the world goes back to a hard money standard. Clearly the bet of these governments is a gold standard. And why not? It is what the world used for thousands of years and governments around the world already have large gold reserves.
At the end of the day, I still choose Bitcoin. I choose Bitcoin because I believe the power of the people will always be greater than the power of the government. Governments can try to maintain power by going back to a gold standard and confiscating the gold of citizens, but if people choose Bitcoin over gold, then it will not matter. Money and power will have become truly decentralized.
submitted by Cramson_Sconefield to Bitcoin [link] [comments]

KYC is absolutely not acceptable for MakerDAO!

I've heard that founder of MakerDAO is not strictly against KYC. I have a message to whole community and specifically to a founder of MakerDAO Rune Christensen. I will explain using concrete examples why having KYC in MakerDAO is a grave mistake and it will lead to MakerDAO fork.
Many people in the first world never actually understand why financial privacy and financial inclusion is important. Even people (in the first world) who seemingly supportive of such ideas are not able to provide any concrete examples of why it's actually important.
Unfortunately, I was born in a "wrong" country (Uzbekistan) and I experienced first hand what financial exclusion actually means. I know first hand that annoying feeling when you read polite, boilerplate rejection letter from financial institution based in first world. So I had to become practical libertarian. I'm going to give you concrete examples of financial discrimination against me. Then I'm going to explain fundamental reasons why it happens. And finally, I'm going to explain my vision for DAI.
Back in 2005, I lived in Uzbekistan. I had an idea to invest in US stocks. I was very naive and I didn't know anything about investing, compliance, bank transfers, KYC etc. All I knew is nice long term charts of US stocks and what P/E means. I didn't contact any US brokerage but I checked information about account opening and how to transfer money there. I approached local bank in Uzbekistan and asked how to transfer money to Bank of New York. Banker's face was like - WOW, WTF?!?! They asked me to go to private room to talk with senior manager. Senior manager of local bank in Uzbekistan asked me why I wanted to transfer money to US. They told me that it's absolutely impossible to transfer money to US/EU and pretty much anywhere. I approached nearly every local bank in the town and they told me the same.
In 2012, I already lived in Moscow and acquired Russian citizenship. I got back to my old idea - investing in US stocks. I called to many US brokerages and all of them politely rejected me. Usually when I called I asked them if I can open an account with them. They told me to hold on line. After long pause, I was able to speak with "senior" support who politely explain me that Russia in their list of restricted countries and they can't open an account for me. Finally, I was able to open an account with OptionsXpress. Next challenge was to convince local Russian bank to transfer money to US. Back then in 2012, I was able to get permission to do so. So you might say - is this happy end?
Fast forwarding US brokerage story to 2017, OptionsXpress was acquired by Charles Schwab. I was notified that my OptionsXpress account will be migrated to Charles Schwab platform. In 2017, I already lived in the Netherlands (but still having Russian citizenship). I wasn't happy with my stupid job in the Netherlands. I called Charles Schwab and asked if I quit my job in the Netherlands and have to return to Russia, what will happen with my account. Schwab told me that they will restrict my account, so I can't do anything except closing my account. So even if I was long term customer of OptionsXpress, Charles Schwab is not fully okay with me.
Going back to 2013, I still lived in Russia. I had another idea. What if I quit my job and build some SAAS platform (or whatever) and sell my stuff to US customers. So I need some website which accept US credit cards. I contacted my Russian bank (who previously allowed me to transfer money to OptionsXpress) about steps to make in order to accept US credit cards in Russia. I've been told explicitly in email that they won't allow me to accept US credit cards under any circumstances.
Back then I still believed in "the free west". So I thought - no problem, I will just open bank account abroad and do all operations from my foreign account. I planned vacation in Hong Kong. And Hong Kong is freest economy in the world. Looks like it's right place to open bank account. I contacted HSBC Hong Kong via email. Their general support assured me that I can open bank account with them if I'm foreigner. I flew to Hong Kong for vacation and visited HSBC branch. Of course, they rejected me. But they recommended me to visit last floor in their HQ building, they told me that another HSBC branch specializes on opening bank accounts for foreigners. I went there and they said minimum amount to open bank account is 10 mil HKD (1.27 mil USD). Later I learned that it's called private banking.
When I relocated to the Netherlands, I asked ABN Amro staff - what's happen with my bank account if I quit/lose my job in the Netherlands and have to return back to Russia. I've been told that I can't have my dutch bank account if I go back to Russia even if I already used their bank for 2+ years.
I still had idea that I would like to quit my job and do something for myself. The problem is that I'm Russian citizen and I don't have any residency which is independent from my employment. So if I quit my job in the Netherlands, I have to return back to Russia. I wanted to see how I would get payments from US/EU customers. I found Stripe Atlas, it's so exciting, they help you to incorporate in US, and even help with banking, all process of receiving credit card payments is very smooth. But as usual in my case, there is a catch - Russia in their list of restricted countries.
Speaking of centralized compliance-friendly (e.g. KYC) crypto exchanges. This year I live and work in Hong Kong. Earlier this year, I thought it would be nice to have an account at local crypto exchange in Hong Kong so I can quickly transfer money from my bank account in Hong Kong to crypto exchange using FPS (local payment system for fast bank transfers). What could go wrong? After all Hong Kong is freest economy in the world, right? I submitted KYC documents to crypto exchange called Weever including copy of my Hong Kong ID as they requested. They very quickly responded that they need copy of my passport as well. I submitted copy of my Russian passport. This time they got silent. After a few days, they sent me email saying that Russia is on the US Office of Foreign Assets Control sanction list, so they just require me to fill a form about source of the funds. I told them that the source of my funds is salary, my Hong Kong bank can confirm that along with my employment contract. They got very silent after I sent them a filled form. After a week of silence I asked them - when my account get approved? They said that their compliance office will review my application soon. And they got very silent again. I waited for two or three weeks. Then I asked them again. And I immediately got email with title - Rejection for Weever Account Opening. And text of email was:
We are sorry to inform you that Weever may not be able to accept your account opening application at this stage.
Exactly the same situation I had with one crypto exchange in Europe back in 2017. Luckily I have accounts at other crypto exchanges including Gemini, one of most compliance obsessed exchange in the world. Although I don't keep my money there because I can't trust them, who knows what might come into head of their compliance officer one sunny day.
By the way, I'm living and working outside of Russia for quite a few years. The situation with crypto exchanges is much worse for those who still living in Russia.
I give you a few other examples of financial discrimination is not related to troubles with my Russian citizenship.
Back in 2018, I still lived in the Netherlands. I logged in into my brokerage account just to buy US ETFs as I always do - SPY and QQQ. I placed my order and it failed to fill. I thought it's just a technical problem with my brokerage account. After a few failed attempts to send buy orders for SPY and QQQ, I contacted their support. What they told me was shocking and completely unexpected. They said I'm not permitted to buy US ETFs anymore as EU resident because EU passed a law to protect retail investors. So as a EU resident I'm allowed to be exposed to more risk by buying individual US stocks but I'm not allowed to reduce my risk by buying SPY because ... EU wants to protect me. I felt final result of new law. By the way, on paper their law looks fine.
And the final example. It's a known fact that US public market become less attractive in recent decades. Due to heavy regulatory burden companies prefer to go public very late. So if successful unicorn startup grows from its inception/genesis to late adoption, company's valuation would be 3-5 orders of orders of magnitude. For example, if valuation of successful company at inception is 1 Mil USD, then at its very latest stage it's valuation would be 10 Bil USD. So we have 10'000 times of growth. In the best case scenario, company would go public at 1 Bil USD 5-10 years before reaching its peak 10 Bil USD. So investors in private equity could enjoy 1000 fold growth and just leave for public only last 10 fold growth stretched in time. In the worst case scenario, company would go public at 10 Bil USD, i.e. at its historical peak. But there are well known platforms to buy shares of private companies, one of such platforms is Forge Global. You can buy shares of almost all blue chip startups. You can even invest in SpaceX! But as always, there is a catch - US government wants to protect not just US citizens but all people in the world (sounds ridiculous, right?). US law requires you to have 1 Mil USD net worth or 200'000 USD annual income if you want to buy shares of non-public company. So if you are high-net worth individual you can be called "accredited investor". Funny thing is that the law intends to protect US citizens but even if you are not US citizen and never even lived in US, this law is still applies to you in practice. So if you are "poor loser", platforms like Forge Global will reject you.
So high-net worth individuals have access and opportunity to Bitcoin-style multi-magnitude growth every 5-10 years. Contrary to private equity markets, US public markets is low risk/low return type of market. If you have small amount of capital, it's just glorified way to protect yourself from inflation plus some little return on top. It's not bad, US public market is a still great way to store your wealth. But I'm deeply convinced that for small capital you must seek fundamentally different type of market - high risk/high return. It's just historical luck that Bitcoin/Ethereum/etc were available for general public from day one. But in reality, viral/exponential growth is happening quite often. It's just you don't have access to such type of markets due to regulatory reasons.
I intentionally described these examples of financial discrimination in full details as I experienced them because I do feel that vast majority of people in the first world honestly think that current financial system works just fine and only criminals and terrorists are banned. In reality that's not true at all. 99.999% of innocent people are completely cut off from modern financial system in the name of fighting against money laundering.
Here is a big picture why it's happening. There are rich countries (so called western world) and poor countries (so called third world). Financial wall is carefully built by two sides. Authoritarian leaders of poor countries almost always want full control over their population, they don't like market economy, and since market forces don't value their crappy legal system (because it works only for close friends of authoritarian leader) they must implement strict capital control. Otherwise, all capital will run away from their country because nobody really respects their crappy legal system. It only has value under heavy gun of government. Only friends of authoritarian leader can move their money out of country but not you.
Leaders of rich countries want to protect their economy from "dirty money" coming from third world. Since citizens of poor countries never vote for leaders of rich countries nobody really cares if rich country just ban everyone from poor country. It's the most lazy way to fight against money laundering - simply ban everyone from certain country.
Actually if you look deeper you will see that rich countries very rarely directly ban ordinary people from third world. Usually, there is no such law which doesn't allow me to open bank account somewhere in Europe as non-EU resident. What's really happens is that US/EU government implement very harsh penalties for financial institutions if anything ever goes wrong.
So what's actually happens is that financial institutions (banks, brokerages etc) do de-risking. This is the most important word you must know about traditional financial system!
So if you have wrong passport, financial institution (for example) bank from rich country just doesn't want to take any risks dealing with you even if you are willing to provide full documentation about your finances. It's well known fact that banks in Hong Kong, Europe, US like to unexpectedly shutdown accounts of thousands innocent businesses due to de-risking.
So it's actually de-risking is the real reason why I was rejected so many times by financial institutions in the first world!!! It's de-risking actually responsible for banning 99.999% of innocent people. So governments of rich democratic countries formally have clean hands because they are not banning ordinary people from third world directly. All dirty job is done by financial institutions but governments are well aware of that, it's just more convenient way to discriminate. And nobody actually cares! Ordinary citizens in rich countries are never exposed to such problems and they really don't care about people in third world, after all they are not citizens of US/EU/UK/CH/CA/HK/SG/JP/AU/NZ.
And now are you ready for the most hilarious part? If you are big corrupt bureaucrat from Russia you are actually welcome by the first world financial institutions! All Russian's junta keep their stolen money all across Europe and even in US. You might wonder how this is possible if the western financial system is so aggressive in de-risking.
Here is a simple equation which financial institution should solve when they decide whether to open an account for you or not:
Y - R = net profit
Where:
Y - how much profit they can make with you;
R - how much regulatory risk they take while working with you;
That's it! It's very simple equation. So if you are really big junta member from Russia you are actually welcome according to this equation. Banks have special name for serving (ultra) high-net worth individuals, it's called private banking. It's has nothing to do with the fact that bank is private. It's just fancy name for banking for rich.
So what's usually happen in real world. Some Estonian or Danish bank got caught with large scale money laundering from Russia. European leaders are ashamed in front of their voters. They implement new super harsh law against money laundering to keep their voters happy. Voters are ordinary people, they don't care about details of new regulations. So banks get scared and abruptly shutdown ALL accounts of Russian customers. And European voters are happy.
Modern money laundering laws are like shooting mouse in your house using bazooka! It's very efficient to kill mouse, right?
Now imagine world without financial borders. It's hard to do so because we are all get so used to current status quo of traditional financial system. But with additional effort you can start asking questions - if Internet economy is so global and it doesn't really matter where HQ of startup is located, why they are all concentrated in just a few tiny places like Silicon Valley and ... well, that's mostly it if you count the biggest unicorns!
Another question would be - why so many talented russian, indian, chinese programmers just go to the same places like San Francisco, London and make super rich companies like Amazon, Google, Facebook, Apple to get even richer? If all you need is laptop and access to internet, why you don't see any trade happening between first and third world?
Well actually there is a trade between first and third world but it's not exactly what I want to see. Usually third world countries sell their natural resources through giant corporations to the first world.
So it's possible to get access to the first world market from third world but this access usually granted only to big and established companies (and usually it means not innovative).
Unicorns are created through massive parallel experiment. Every week bunch of new startups are created in Silicon Valley. Thousands and thousands startups are created in Silicon Valley with almost instant access to global market. Just by law of large numbers you have a very few of them who later become unicorns and dominate the world.
But if you have wrong passport and you are located in "wrong" country where every attempt to access global market is very costly, then you most likely not to start innovative startup in the first place. In the best case scenario, you just create either local business or just local copy-paste startup (copied from the west) oriented on (relatively small) domestic market. Obviously in such setup it's predictable that places like Silicon Valley will have giant advantage and as a result all unicorns get concentrated in just a few tiny places.
In the world without financial barriers there will be much smaller gap between rich and poor countries. With low barrier of entry, it won't be a game when winner takes all.
Whole architecture of decentralized cryptocurrencies is intended to remove middle man and make transactions permissionless. Governments are inherently opposite to that, they are centralized and permissioned. Therefore, decentralized cryptocurrencies are fundamentally incompatible with traditional financial system which is full of middle mans and regulations (i.e. permissions).
Real value of crypto are coming from third world, not the first world. People are buying crypto in rich countries just want to invest. Their financial system and their fiat money are more or less already working for them. So there is no immediate urgency to get rid of fiat money in the first world. So the first world citizens buying crypto on centralized KYCd exchanges are essentially making side bet on the success of crypto in third world.
Real and natural environment of cryptocurrencies is actually dark OTC market in places like Venezuela and China.
But cryptocurrencies like Bitcoin and Ethereum have a big limitation to wide adoption in third world - high volatility.
So the real target audience is oppressed (both by their own government and by first world governments) ordinary citizens of third world countries yet they are least who can afford to take burden of high volatility.
Right now, Tether is a big thing for dark markets across the world (by the way, dark market doesn't automatically imply bad!). But Tether soon or later be smashed by US/EU regulators.
The only real and working permissionless stable cryptocurrency (avoiding hyped word - stablecoin) is DAI.
DAI is the currency for post-Tether world to lead dark OTC market around the world and subvert fiat currencies of oppressive third world governments.
Once DAI become de-facto widespread currency in shadow economy in all of third world, then it will be accepted (after many huge push backs from governments) as a new reality. I'm talking about 10-20+ years time horizon.
But if MakerDAO chooses the route of being compliance friendly then DAI will lose its real target audience (i.e. third world).
I can not imagine US/EU calmly tolerate someone buying US stocks and using as a collateral to issue another security (i.e. DAI) which is going to be traded somewhere in Venezuela! You can not be compliance friendly and serve people in Venezuela.
Facebook's Libra was stupidest thing I've seen. It's extremely stupid to ask permission from the first world regulators to serve third world and create borderless economy. Another stupid thing is to please third world governments as well. For example, Libra (if ever run) will not serve Indian, Chinese, Venezuelan people. Who is then going to use stupid Libra? Hipsters in Silicon Valley? Why? US dollars are good enough already.
submitted by omgcoin to MakerDAO [link] [comments]

Copied and pasted a long thread about the 2020s (part 2)

I have found a very interesting thread in a forum, I decided to copy and paste all the comments that the author of the post had made. The author posted this in 2019, the author also posted another in the past in 2018 about the same subject. But this will be about the 2019 post (part 2)
I won't be sharing the link to the website because I want to protect the identity of the users since it is a mental health forum. But here is the link to part 1: https://www.reddit.com/The2020s/comments/dzpb6l/copied_and_pasted_a_long_thread_about_the_2020s/
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Here we are! Today it is the year 2019, the near end of the 2010s.The 2010s was an interesting decade to say the least, internet use continued to spread like wildfire worldwide with more and more people becoming dependent on the internet. When I was a kid in the 2000s I felt like the odd one out because I was addicted to the desktop and I didn't know many other people who were addicted to computers, but today in the 2010s this seems like the new normal except now most people are carrying desktops in their own pockets (cellphones).
In the 2000s politics was very moderate and there was much less polarization, now polarization is pretty much a growing trend with many people sharing very strong political believes on the internet. The internet became a political tool and metaphorically a source of political fuel in the 2010s, everyone can now share their believes on the internet and inspire a new group of followers, something that the world didn't have or realized it had until the 2010s and we are still getting used to this.
In 2010 there were 6.9 billion people and 1.9 billion internet users, in 2019 there are about 7.8 billion people and about 4.5 billion internet users. Which means that internet use has increased by 237% while the world population has increased by at least 12%.By 2030 the world population is expected to reach 8.5 billion people and more than 7.5 billion people are expected to be internet users, that could very well be 90% of the worlds population. This means that the internet will truly begin to take over the world during the 2020s, it will continue to make big changes on how we will live and how we will communicate, it may become almost impossible to live in the western world without being online.
Climate change is a big issue, in 2010 the global average temperature was 0.62 Celsius above 20th century average, in 2018 it was 0.79 Celsius above 20th century average. The 2018 temperatures may not seem like much but everyone who is informed about the summer of 2018 will agree that it was a very hot year, so hot that record wildfires within the arctic circle happened.By 2030 we could potentially reach 1.5 degrees Celsius of warming since pre-industrial times, again the number does not seem much but the consequences are huge. Mudslides from melting soil will turn mountains in death zones, lower food harvests and nutritional value will increase risks of starvation, loss of fresh water will result in wars over water, the Maldives will be flooded as well as Bangladesh which will cause huge mass migrations, the ice will melt even faster which are increasing sea levels, you get the idea.In the 2020s global warming will become a much bigger problem, but there is no guarantee that enough will be done to cut emissions. Developing countries such as India want nothing more than to have the same quality of life as the western world does, not much can be done to dissuade India until the country suffers greatly from global warming and the potential for growth seems impossible. As long as developing countries believe that growth is possible they will contribute massively to global emissions just as soon as the developed world begin to cut their emissions, and worse yet developing countries often have very high populations which will contribute to global warming even more than it could have done.
In the 2020s there will be a new global superpower which would be decided by 2030, it is unlikely that America will remain the superpower due to its stagnant economy and the potential loss of trade partners in the near future. The most likely contenders for being the next global superpower is Russia and China, this struggle for power could potentially trigger a 2nd cold war. Global relations will change, there has been a growing loss of trust in the 2010s between nations and that trend will continue to escalate during the 2020s while new crises emerge.This loss of trust could result in balkanization in some parts of the world, particularly in ethnically diverse countries such as Papua New Guinea and Tanzania. Countries will begin to do their own thing and ignore international agreements as trust disintegrates, the Paris Agreement and the United Nations might be abandoned in the 2020s.To put it shortly, the world power will likely shift from Anglo-America to Asio-China/Russia, international co-operation and aid may regress into nationalistic autonomy, and from democracy to populism.
Technologically, most breakthroughs will be related to the huge spread of the internet in some way, in other words most technological advances will be adaptations to the way we live with the internet and learning the full capability and power of it. 5g will be adopted reluctantly due to health concerns, but it will be adopted anyway at some point in the 2020s quickly and this will cause even more dramatic changes within our society. If you think our world has changed drastically so far just wait until 5g comes! By 2030 we could have fridges that are connected to the internet, many other inanimate objects would also be connected to the internet and whatever information is processed will be used to benefit companies as well as sniffing out bad behavior. Because of 5g, the 2020s may be the last decade when privacy is possible in society.
Lastly, I am going to talk about generations and their role in the 2020s. Pretty much all Baby Boomers are going to retire in this decade to have their previous role as leaders replaced by Gen X, Gen Y will all be adults and will be trying to make big changes in the world, Gen Z will begin to grow into adults, there will be a new generation in the 2020s (generation beta).
What do you think will happen in the 2020s? Very keen to read your thoughts about this topic!Have a good day.
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reply to user: Honestly I will never be able to answer with confidence about Brexit! I think many people in the parliament don't seem to know what to do, I think most likely Brexit will be on hold until the EU itself fails. Today the EU is already struggling to survive.How will the EU fail? When its financial situation gives European nations the incentive to leave so they can grow their economies by themselves without restrictions, the Syrian refugee crisis (5 million people) destabilized the EU to its core and it was the refugee crisis that started Brexit in the first place.Imagine what would happen to global politics if 20 million migrants went into Europe, it would certainly change a lot of things.
reply to user:Religion could make a comeback in the 2020s, particularly in a scenario where climate change pushes people to turn to religion for comfort. Islam is on a sharp rise due to the fact that they have a lot of children, it will also become the biggest religion in the world in the near future, at that point most people on Earth will be Muslim.I think ISIS largely happened because of food shortages in Syria which resulted in civil war, if a similar thing happened in another vulnerable Muslim country then you can expect another wave of suicidal radicals wrecking havoc and forming another radical group.I have once predicted a similar uprising in North Africa resulting in a mass Christian migration into Europe, the number of Christian migrants could exceed 20 million.
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reply to user: Yeah the idea of the European Union has been a flawed and overly ambitious project right from the start, Europe is quite a divided continent with many countries having a strong sense of identity, trying to make Europe into one country will inevitably backfire. Without much doubt the EU will collapse, however it will live on under a different name by one or a few countries that still cling onto the vision.After EU falls there is a chance that a few more so-called unions may form, these unions may be alliances that share the same political views which could result in a polarization.Germany had a good shot at attempting to rule Europe again though, we tried it and probably won't do it again for a while.
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reply to user: Funny enough I have just very recently found out that the UK is going to have another general election, so far at the moment it looks like Labour is doing well with public approval, it is a likely possibility that Jeremy Corbyn may become the next prime minister.If Jeremy Corbyn becomes the next prime minister that would mean that Brexit will be cancelled, this could cause major polarization and unrest if there are still people who really want Brexit. Who knows what would happen if the majority of pro-Brexiteers protest in the streets because they didn't get what was promised to them? A British revolution is another real possibility.
reply to user:Predicting elections will always be difficult for me because of how uncertain and at times random they all are, who would of thought that Trump would win in 2016? Would Trump win again in 2020? I mean it sounds crazy but if it happened in 2016 then it can certainly happen again in 2020. Although I do think that Trump has less of a chance of winning in 2020.A good thing to take note of is when Trump withdrew from the Paris Agreement much of America didn't follow suite, there are many American companies who still follow the Paris Agreement guidelines because they don't agree with Trump, there are many Americans who have not been implementing Trumps policies.Elections can never be predicted with 100% confidence, but Trump is more likely to lose in 2020 than 2016.
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Thank you all for your replies, they have been smart and intuitive contributions. :-D
Last night I just began researching about the 1920s out of interest (I think I might have mentioned the 1920s in the old 2020s thread). I have just started learning about the 1920s so there is a lot that I don't know about it but there are a few themes that resonates with today trends, which I will mention below.And because I am not well informed about the 1920s the below information would be hypothetical and open to speculation.
The 1920s was an economically prosperous time for the Western World, but the economic prosperity abruptly ended with the Stock Market Crash in 1929 and resulted in the Great Depression in the 1930s. A very similar situation is happening today but is happening much slower and at the moment is less severe, the Stock Market Crash in 2007-2008 resulted in an economic crawl that is still persisting to this day. I have a feeling however that the full effect of the 2007-2008 economic crisis is yet to be felt in full force.
Political movements such as Socialism and Fascism were on the rise in the 1920s-1930s partly because of the economic situation, those parties believed that capitalism is out of control and needs intervention to prevent the degeneration of society. The term supercapitalism was created by Fascists, it pretty much means a degenerated form of capitalism that is doing more harm than good to society.
The blame of the 1929 Stock Market Crash was placed on Capitalism by both Socialists and Fascists, anti-capitalism exploded in the 1930s which resulted in far-left/far-right nations fighting one another by the end of that decade.
Lets say that the next Great Depression is to start in the early 2020s, we already have a lot of young people who have a favorable view on Socialism, on some level there are many people who are blaming Capitalism for the economic crisis. Nations have already been polarizing in the 2010s, so what would happen if we enter the next Great Depression and then a massive surge of Socialism/Fascism happens straight after? The world would be in a very similar situation as the world in pre-WWII.
If the 2020s Great Depression happens then Capitalism in the Western World could end, the more young people has power over America the more likely that the nation will transition into a Socialist state. Kinda ironic because in the 20th century Anglo-America fought against Socialist Russia and in the end capitalism unexpectantly won as the leading world policy, but in the 2020s Russia may abandon their socialist past and turn to capitalism as they take advantage of the new resources revealed by global warming, just as Anglo-America turns Socialist Asio-Russia will turn Capitalist (I'm not sure about China, but I'm pretty sure that India is taking the capitalist route too).
The Arctic will melt a lot during the 2020s, Russia may likely claim most of the new oil reserves which will cause worldwide tension as oil will be running out, America will be stuck with the last remaining reserves of oil in Alaska and Canada which may result in poor relations between Canada and America, eventually China may have most of the oil reserves in the Middle East because I believe that the Middle East will turn to China for economic interests as America begins to lose its grip on the region.
Nothing is forever, everything changes.To those who fear for the future of America I just want to say this, even if America loses influence on the world America will still cling onto their core values in their own home and I can't see America giving up on the American dream, I think that the American dream is redefined by each of its passing generations.
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This is probably the last comment I will post in this thread so I'll be sure to write out anything else I can predict or think about the 2020s, again I may be repeating things but at this point its hard to avoid because I posted quite alot about the 2020s at this point.
I definitely agree with :user: that if WW3 were to happen in the 2020s it would be similar to how WW1 started, everything was fine then suddenly everything wasn't and the world fell into further chaos resulting in a world war.
Currently I believe that the 2020s will start off with a cautious optimism, the decade where Gen X and Gen Y fully realises that the world is in their hands and they will bring about changes. If I could name a main theme of the end of the 2010s I would say 'youth in protest'. A growing number of young people believe that civilization won't be there when they grow up, they see no point in taking part in a society that they believe will inevitably fail due to climate change.
In the 2020s the 'youth in protest' will grow to such a degree that societal values of the 20th century will be rendered obsolete. But where does the cautious optimism comes in? I believe the optimism is the result of hope of a better future as the youth wields more power to make changes. We will likely see a big wave of new famous Gen Z's and who knows what they could contribute to this world?
Today(Nov,2019) we can all sense that things are changing but what if the changes of the 2010s are volcanic rumbles compared to the eruption of the 2020s? The 2020s will likely be a social and societal fragmentation, the crossroads of a post-consumerist world. Baby Boomers are largely responsible for the world we live in today, very soon Baby Boomers will lose their power over the world and that power will be passed onto the younger generations who have different values. Most Baby Boomers favor capitalism, a growing number of younger generations favor socialism.
Conspiracy theories are a growing trend, due to the upheaval of technology it has become easier to believe in conspiracy theories because what was crazy 10 years ago seems feasible today. I think if everyone starts to believe in conspiracy theories then a lack of trust would become so hard to overcome that the government would have no choice but to allow a degree of autonomy. Allowing autonomy would cause more and more lands to demand independence, most of them will be city states like Hong Kong or Singapore.
I can't think of anything else, going to conclude it here.The 2020s would either be the beginning of a new era or a long-winded dying of the present post-consumerist era. The Baby Boomers will recline on their chairs and leave the whole world to Gen X and Y, Gen Z will become adults. I haven't mentioned robots but they will begin to take some of our jobs, which can possibly trigger a neo-luddite movement. WW3 hopefully won't happen, a 2nd Cold War is more likely to happen though. Hopefully there won't be an epidemic like the Spanish flu, in this case it will most likely evolve from a strain of bird flu. Climate change will trigger protests and changes, some fear that its already too late to stop global warming.
Thank you for reading, lets make the 2020s as good of a decade as possible.
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reply to user: Yeah I've been getting a growing sense that a British Civil War might happen, last year I could not see a civil war happening but now it seems like a real possibility, today it is easy to figure out why it would happen. I bet not many people in the 17th century civil war wanted it to happen and didn't think that it would happen but you can learn what ended up happening, Charles I got beheaded and maybe Boris Johnson might meet a similar fate.Not a certainty, I can never be certain but its something worth worrying and preparing for.
In the 2020s, I think the U.A.E is a possible candidate for a world power and I can see them cutting deals from America and making deals with China instead 'The enemy of my enemy is my friend.'. Imagine if America-UK runs out of energy and oil resources, in this scenario it is likely that U.A.E+China+Russia will own all the remaining deposits by then and we may have no choice but to give up a degree of independence in exchange for some of their oil and energy.Another scenario is the race for the last of the remaining resources that our society still largely depends on, the nation that has the most resources will have the most power and nations that lack those resources will form alliances with them for resources in return.We may possibly see the first super-corporations being established, a very large and powerful corporation that may be the true power behind everything and maybe even more powerful than political figureheads.Those super-corporations may become independent nations that have their own goals and projects, mostly they involve technologies for either saving our eco-systems or to control us.
I have once thought about the year 2075, I imagined a huge city (at that time many countries collapsed, civilization largely being left with city-states ran by trillionaires) the city uses mind control technology to maintain order, the A.I is used to help the elites figure out the next best course of action, human clones are used for labor and war, everyone is constantly being watched due to surveillance that will be almost everywhere.The 2020s will be the start of the new world that future generations will recognized as the true 21st century, 2000-2030 will be seen as a transitional period.
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We are only 2 days away from the 2020s, I am going to post about the decade predictions to avoid the regret of not posting it before the 2010s ends. I will have a bit of closure about my 2020s threads now that I'm doing this for the last time, I might be a bit risky and do my best to make a scenario story for fun even though about half of it will be inaccurate haha, since accurately predicting the future is like trying to fly without wings.
But still, some of the predictions I have thought about have already come true even before the 2020s has started, which makes it clear that the world is changing faster than we thought and will continue to increase the throttle. There is already some tension between America and China over trade, at the moment as I write this they have agreed to a truce after a trade war that not many knew about but there is tension and might escalate in the near future, if America attacks another nation again then half of the world will turn against America and will cut all trade-ties with it which would cause America to descend into chaos. In short, America could get sanctioned but other nations will be at risk of being sanctioned if they commit any future acts of aggression.
There would likely be more riots and terrorism, there will likely be a much worse refugee crisis caused both by climate change and acts of aggression by ISIS or a nation. There could be more online communities that provide a source of humanitarian relief and charity, some online communities will run on bitcoin(or other forms of cryptocurrency) so that they can afford more resources to help people with.I have once predicted that there will be a mass migration of Christians from North Africa due to Islamic radicalism, well as of 2019 there already are Christians in Nigeria (North Africa!) being beheaded by ISIS so a mass migration from North Africa is very possible, in fact the whole Arab Spring and its neighbors could produce masses of migrants due to the continuous descent into chaos.
Out of all the Muslim nations Turkey-Saudi Arabia-Iran-U.A.E appear to be the most stable while others are highly vulnerable, I have a good feeling about U.A.E solely because it has many long-term goals to ensure economic security so I can see them having a good influence on Iran and Saudi Arabia, U.A.E will likely make trade deals with China and China could offer U.A.E military protection thus protecting the U.A.E from Saudi Arabia and Iran since the risk of a war going on in the Persian Gulf is high.Dubai will become a more important city and will become a cultural as well as scientific center, much of its workforce would likely be desperate people from South Asia looking for work.
If a new superpower enters world-stage then the West could face sanctions for acts of war against the Arab Spring, especially if the new power is disapproving towards the West, if the West is sanctioned then it will enter a long-term economic depression and could be forced to house refugees.Populism will spread as more people feel like they are living through a crisis, populist candidates appeal to people by presenting themselves as the solution to their crisis. Populism has been on the rise in the 2010s and many people believe that most populist movements have been right-wing, the most common theme of 2010s-populism are anti-immigration and America/Britain first, those populist movements have resulted in Brexit and Donald Trumps presidency.If populism continues to spread in the 2020s then we will see more and more nations implementing anti-emigration policies and we will see them turn away from globalization as they retreat into the concerns of their own nation. The European Union will decay due to countries leaving, the United Nations too will decay as countries start to defy and leave so they can do their own thing, globalization is at a big risk in the 2020s.
Largely due to technology more and more people will begin to lose their jobs, and more people will lose their homes to man-made disasters. Self-driving cars will begin to render Uber Drivers and Taxi drivers obsolete, mass-production is becoming more automatic so more people who work in mass-production will lose their jobs, self-checkout machines in shops will continue to slowly render retailers obsolete. Newspapers are dead, and soon TV will be.Nations will be able to provide more resources with robots but there will be less consumers since not many people would be able to afford to buy many things, this would cause a worldwide economic crisis and we are overdue for a 1920s-style economic crash.What will the government do with all those homeless and unemployed people? Universal income will be the most likely solution but it is highly unlikely that many people would live comfortably since they will have to work very hard to survive and you'd have to be very lucky to get a job, in turn people will begin to reject the government and the system, some (hopefully many) people could turn to online communities to support one another and due to the failing economy will turn to cryptocurrency which they use to support themselves.
The Sagrada Familia will finally be complete, I think it would be nice to make the wonder of Sagrada Familia the icon of the 2020s. Other projects will be completed as well such as The London Super Sewer, The Giant Magellan Telescope, The Square Kilometer Array radio telescope, a few big bridges (and a tunnel for boats in Norway) and a few new railways here and there. There will be at least a few major space achievements thanks to Elon Musk and some privatized science projects will offer few more major breakthroughs in science, the first manned mission to Mars is scheduled in the 2020s but its chance for success is low due to the many risks and dangers, space junk will become a much bigger problem and will need to be cleaned up before we will never be able to leave the Earth. The mission to Mars would likely be re-scheduled or postponed.
3D printing is expected to enter mainstream which in itself will change many things, 3D printing could even render some shops obsolete because you could print whatever stuff you want at home instead of going to a shop looking for what you want, a creator sub-culture may develop from 3D printing enthusiasts.Vertical farms are expected to be erected for the first time in cities, this trend will grow because agriculture is also expected to fail in the long-run so there is a lot of funding put into vertical farming because vertical farming could replace conventional field farming, in the 2020s however vertical farms will only generate a very small percentage of food and its produce would not be sold in mainstream shops for a while.Lab grown meat will be a new growing trend in the 2020s, but its adoption will be slow due to skepticism and lack of popularity.
Will there be wars? Likely more than the 2010s.Because not much has been resolved at 2019 we can expect things to grow more tense, especially since we are all facing an impending global warming crisis and a decline of globalization. Russia and China will become more dominant and influential throughout the world, developing countries will bear the brunt of climate change while the developed countries are increasingly destabilized by the flocks of refugees flooding in, developing countries could be reduced into war-zones like Syria in the 2010s.The trade-wars between America and China could involve other world powers and it could escalate into the 2nd Cold War, with a Cold War there is always the chance of a 3rd World War looming.The west will decay as the western economy worsens, Russia and China would exploit whatever resource they can get with their new influence in a decaying world but their economic growth will be fragile too.China is threatened by the loss of fresh water once the Himalayan ice melts, much of Chinese agriculture is threatened by floods, when the Chinese eco-system fails then you can expect them to attack their neighbours or best-case scenario demand resources from their allies.Russia is threatened by the same thing that will give them economic prosperity, global warming, when the ice melts the methane would doom us all and will also release long-forgotten epidemics into our world, Russia will face a huge refugee crisis coming from the south due to water shortages so you can expect Russia to heavily enforce their borders.European politics will change drastically due to responses from refugees, if Europe refuses most refugees then it is possible that armies of angry refugees could invade Europe in the future.Africa is gaining so much but that growth will not be expected to last due to climate change, water wars reduce some areas into anarchy like Libya in the 2010s, Nigeria-Ethiopia-South Africa would likely be the most prosperous countries of the continent, the African countries that are developing would likely begin to adopt the same lifestyle as the West is living like eating fast food and being online all day long.
I do not know much about South America but some parts appear to be on a verge of political change and turmoil, I do believe that they are at risk for water shortages due to melting ice in the Andes, I can't see them stopping the destruction of the Amazon so that will be ongoing. South America will grow economically but like the rest of the world it will be a highly vulnerable growth.Australia will continue to be burnt alive by wildfires, we should start seeing more and more Australians moving to colder areas such as Tasmania New Zealand and Britain. Indonesia will continue to destroy their rain-forests to make money out of palm oil, don't know what their political situation would be though but would most likely go down the capitalist path.
All in all the 2020s will be a time of disruption, the pace of life will get faster and faster, fake news and deep fakes will spread, misinformation will be rife, as the internet spreads and becomes more disruptive more restrictions will be put on the internet, because we are growing more dependent on technology cyber-attacks or power-cuts could bring us back to the late 20th century, people will grow more scared and desperate and may turn to drastic courses of action if said course of action is the only solution.We are at risk of antibiotic-resistant bacteria and bird flu, obesity and depression will become a bigger burden than it already is, transgender people will be the new normal as people are now coming out as transhuman, in some parts of cities driving a car could be banned because of driverless cars replacing transportation in some city centers, cars are switching to hybrid/electricity as electric car plugs appear in many built-up areas, more and more people have had their DNA stored into a database and I can't say for sure how this data will be used.
Online communities give me hope, and I hope that online communities become so rich with cryptocurrency and popular that when the decaying society that thrived in the 20th century fails we got the new online society to fall back onto and rebuild a new society from scratch instead of trying to rebuilt a society that failed us.
I wish us all the best of luck.
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reply to user: I think you are definitely right about 2020 Britain being pretty much the same as 2019 Britain except that it could get worse especially since the NHS is in the process of being privatized which sucks for me too because I am a Type 1 Diabetic, I am inclined to think that Boris Johnson will resign in the near future just to be replaced by another equally unqualified/unpopular Tory.
I am going to be a bit controversial and biased but I want to blame Democracy for the situation that Britain is in right now and I want to explain why I am skeptical towards Democracy.So the idea of Democracy is to get the public to choose who becomes the leader and its down to the public to make that important choice, but many people do not want to run the country and many people do not know what is best for their country.In a Democratic society the best way to win a vote is to promise the public everything and appeal to them, you don't have to be good at politics to win and you don't have to tell people of your true intentions all you have to do is lie and be charismatic. Politicians probably hire professional psychologists to trick people into voting for them because they know how to trick the system to get them into the position that they both don't deserve or are qualified for.
Its no wonder why Politicians are losing their efficiency, they do it as a job because many politicians do not need to be good at running a country to become the leader and like I said they just need to know what the people want to hear and to put on a charismatic face.I believe that running the country should be reserved for those who want to run the country and have the countries best interest at heart, it should be reserved for professionals who know what they are doing and have had years of training as well as experience.
In a Democracy if you get two candidates, one is a businessman who is very charismatic but only knows about business, the other one is a ex-Sergeant who has had 20 years of experience in the administrative field but he is not as charismatic. Even though the Businessman is less qualified he will win because he is charismatic and knows how to trick people into voting for him instead of the professional, repeat this process and you'll end up with a very ineffective government or circus full of charismatic millionaires who trick and lie to the public to maintain their lofty position in society.
And that is probably how Britain ended up with the government it has, people have been lied to and people don't know who is best for their country so we end up voting for the wrong people or get tricked into believing that Democracy is the best form of government.Sadly Democracy will put Britain(as well as other nations) at risk of a power hungry Populist who will present him/herself as against the present government and will use his/her charisma to appeal to us to make us believe that the Populist is the solution to all of our problems caused by the government, but once the Populist gets elected s/he will show his/her true colors and the public will soon regret their vote.This process will keep repeating itself while we have Democracy, I believe that its not working and maybe we are better off leaving our politics to the professionals elected by professionals.
I also want to thank you for all the replies you posted on my 2020s posts, they have helped keeping the 2020s posts alive. Again, thank you.
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reply to user: Not only that but many people are also misinformed because Democratic candidates lie and be all fake to get votes and on top that they also spread rumors about other candidates or pretty much anything so that they'll get more votes, its bad because not only many people already don't know what is best for their country but they will find it very difficult to know for sure what will be best because of all the lies and misinformation.
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reply to user: Its scary that some people out there actually believe that Jeremy Corbyn is anti-semetic, its such a ridiculous and desperate accusation just to make Jeremy Corbyn look bad and lose. And its scary because if people actually believe those bogus anti-Semetic accusations then it just shows how much the media controls us all.Donald Trump is indeed right about journalists and fake news being an issue, but I think the reason why journalism is such a joke in America is because it is privatized and they are becoming desperate so that they can survive kinda like 'IT' from the Steven King novel.Capitalism and privatization can corrupt journalism because capitalism makes journalism more about money and getting attention so it degenerates into what it currently is, but Donald Trump is very capitalist, which could mean that Donald Trump is a cause of journalism gone wrong and he is getting backlash from the world he helped to create whether he knows it or not.
Journalism does need to be regulated, especially now we are becoming fully aware of how powerful mass media can be. I could be blaming capitalism because of mass media and it could turn out that capitalism isn't to blame after all, but I still believe that its probably best for journalism to just focus on entertainment and to leave actual news to a more professional environment where the professionals highly focus on telling the people about unbiased truths.
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submitted by 1capteinMARMELAD to The2020s [link] [comments]

Cost basis/income tax calculations for BAT earned from ads

So, seeing posts like this one around here is making me concerned. If I simply have Brave Rewards enabled in my browser, and nothing more - I'm not registered as a creatopublisher, I'm not verified with Uphold, I haven't in any way cashed out my tokens - what in the heck do and don't I have to report on my 1040 to avoid getting stuck in a perjury trap?
Every website and Reddit commentor seems to have a different answer on this. Some of the answers are more clearly in line with IRS guidance than others but in many cases there is no clear sense to be had of which is "more reasonable" than the others. Yet since I've had Brave Rewards enabled since mid-2019, it behooves me to "get this right" when I fill out my 2019 tax return, lest the IRS come down on me for being inconsistent with my answers should I have better answers to these questions in future years.
The IRS is clear on one thing: cryptocurrency, in general, is valuable property and treated much like gold or other non-dollar capital assets (whether or not they're intended or used primarily as "money"). If your employer pays you in bitcoin (or gold, or a car, or a cow, etc.), you owe taxes on that income the day you receive it, whether or not you "cashed it out" by selling it for dollars. The IRS expects you to compute a "cost basis" for the property you received by determining its current "fair market value" in dollars, and that's what you report on your tax return. If and when you sell that property for dollars at any later date, that's a separate transaction, which may or may not incur a capital gain or loss (difference in value you received from the sale vs. what it was worth when you originally got the property), and that is reported in its own line on the 1040 (separate from ordinary income, depending on whether you held the property more or less than 1 year before selling it).
So far, so good - that's all straightforward enough and well-precedented since it's the same thing people are used to doing for other capital goods such as stocks/bonds, precious metals, or real estate. It's even straightforward for people who simply trade crypto as an investment, like Bitcoin or whatever. In that case it's no different (tax-wise) from trading gold, and if you do it through a broker like Coinbase, Uphold, etc. you'll probably get a nice statement at the end of the year that breaks it all down and you can import into TurboTax or whatever.
That's still well and good for those who (like many here) are trading BAT as an investment, like any other crypto.
But Brave Rewards's BAT microtransactions are a whole 'nother level of craziness. If we're just using BAT within the Brave ecosystem - receiving it from ads and tipping/auto-contributing it back to publishers - does it ever enter the world of "capital assets" from my perspective as a user? If so, how the heck do I compute my cost basis? How on earth do I know how my BAT balance breaks down in terms of amounts received on particular days, which I absolutely need to know if I'm going to look up BAT/USD exchange rates online to compute cost basis information? Brave currently doesn't provide any sort of "wallet statement" showing transactions in or out of the browser on a date-stamped basis. I know that's planned for "the future", but that doesn't exactly help me for doing my 2019 taxes.
I realize that Brave cannot give "tax advise" per se, ad nauseum. But surely Brave has done some thinking about the tax implications of BAT/Brave Rewards for ordinary users, versus just saying "have fun explaining this to the IRS" - right? We know that Brave can and does make legal statements about what they believe, as a company based on the advice of their corporate counsel, the legal status of BAT is (see e.g. this answer in the official FAQ).
That, of course, doesn't guarantee that the government will see it that way (or that a judge will), but it's at least helpful to know "some professional lawyers spent a lot of time studying this and think the law says X", because that's a heck of a lot more than us randos on the Internet can guess at. At least if we have some consistent guidance, we can know what our story should be to the IRS and keep it straight, because otherwise we're at the mercy of whatever some auditor or administrative law judge might feel like. Maybe they won't go after most small-fry Brave users today, but you can bet they'll demand answers going back years into the past if one of those users were to become rich, or politically active, or otherwise interesting to the IRS at some point in the future. Taxes, after all, are the one area of the law where citizens are for practical purposes considered guilty (or at least, "liable to pay whatever the IRS demands") until proven innocent. (Sad, but too true.)
My case is the simplest possible one for a Brave Rewards user: I'm a resident U.S. citizen who's never "cashed out" my BAT, I'm not a "publisher" or "creator", I haven't received tips, and I'm not verified with Uphold (couldn't if I wanted to, since they're not licensed in my state). I've only ever made four small tips totaling 40.0 BAT with the initial grant I got from the User Growth Pool when installing Brave (because it was going to expire); I've been hanging onto my non-UGP earnings in the hopes that some of my favorite websites/creators will eventually become verified and I can start spreading the wealth around in a more meaningful way than just dumping it on the 1 or 2 sites I visit that are yet verified.
My questions are thus:
1) Is the BAT I receive from Brave Rewards considered to be a capital asset if I'm not holding it as an investment but just leaving it in the browser to be used as intended there (as a way of funneling ad proceeds from advertisers to publishers)? Does it matter if it stays in the browser and never gets withdrawn to an Uphold account? (e.g. does it then just qualify as "internal functionality of the web browser" and not a meaningful valuable thing I can put a dollar amount on, like a McDonalds Monopoly token with a "cash value" of $0.0001?)
2) If my BAT is considered a capital asset, how do I compute my cost basis for income (and future capital gains/losses) purposes? Is every single microtransaction an "income" transaction with its own separate cost basis that I have to track day-by-day? Or is income only realized when Brave deposits my earnings to my browser on the 5th of the month? Or does it only count if/when I connect an Uphold account and "cash out"?
3) Do I have to answer "Yes" to the new 1040 question asking "did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency"? (I haven't touched any cryptocurrency in my life besides what I've gotten from Brave Rewards.) Is BAT a "virtual currency" when used strictly within the context of Brave Rewards, or is it something more along the lines of spendable XP points in a video game which have no value (for me, at least) outside that system?
4) If I have to do detailed cost basis reporting, is there any way I can get my Brave browser to cough up some sort of datestamped transaction history for my Rewards? I realize there's no official UI yet, but is there an internal database or something I can dump? (I'm a professional software developer so I'm willing to "get my hands dirty". Heck, I'd be willing to fire up a debugger on a core dump of the browser if that'll help...better that than being liable for tax fraud...)
5) If all else fails, can I escape this blooming mess by just turning off Brave Rewards, forgetting my wallet key (which I've never backed up), bit bucketing the BAT I've so patiently earned over the last year, and never looking back? Is it too late to do so since I've already received the BAT in tax year 2019 (regardless of what I might do with it in 2020, including thus throwing it away)? I realize that in practice I could probably do so and get away with it, but I want to be right with the law here. After all, even if I report nothing on my 2019 tax return regarding crypto, the IRS could always find my posts here on Reddit and say "see, we have proof that you used Brave Rewards in 2019"... Even if I'm a "small fry" at this point in my life that the IRS won't care to go after, I don't want to have a sword of Damocles hanging over my head for them to trigger if and when they feel like it later in life.
Help me my dudes, you're my only hope! ;-) (And I suspect many, many others are quietly freaking out about this too...)
submitted by gemmy0I to BATProject [link] [comments]

Libra + eUSD = Bitcoin Bull

(Oddly I posted this in /bitcoins and it was no idea why as it meets all rules...)
Here’s my theory around the last 24 hours and why the next year is going to be one hell of a good ride for Bitcoin...
Take a minute and consider how price responded the week Facebook announced Libra... the addition of 2 billion digital wallets, regardless that the focus was not on Bitcoin was a huge positive for us. As the Senate, the Fed.. mainstream media... all poo-poo’d the idea we then saw correlated pullback in price. Recently big names have been jumping ship... further eroding the hope for those +2 billion wallets. Enter the digital dollar discussion....
https://techcrunch.com/2019/10/20/in-a-big-reversal-libra-reportedly-could-peg-its-cryptocurrencies-to-national-currencies/
(Similar article is on Bloomberg behind a paywall if someone can grab it.. )
The timing of this discussion couldn’t be better. Last week the former chairman of the Commodity Futures Trading Commission took out a full page ad pushing the eUSD along with this opinion piece.
https://www.wsj.com/articles/we-sent-a-man-to-the-moon-we-can-send-the-dollar-to-cyberspace-11571179923
And then we had both the European Central Bank and some at our own Fed begin openly considering or endorsing the idea..
Germany’s finance minister in July stated they could not allow Libra, now he’s pushing for a national German cryptocurrency... https://www.theblockcrypto.com/linked/42244/german-finance-minister-olaf-scholz-wants-to-introduce-digital-euro
Members of Congress have formally asked the Fed to get on board..
https://www.coindesk.com/us-congressmen-ask-fed-to-consider-developing-national-digital-currency
And now even the Fed admits it is ‘actively debating’ the idea when just two months ago they stated there was no need or interest to do so
https://www.coindesk.com/top-fed-official-says-us-central-bank-actively-debating-digital-dollar
Even mainstream financial conversation are starting to see the benefits of the eUSD especially as we get closer to the next recession
https://www.marketwatch.com/story/why-the-coming-recession-could-force-the-federal-reserve-to-swap-greenbacks-for-digital-dollars-2019-09-06
The people behind LIbra project are now shifting their position and considering not using a ‘synthetic basket’ of currencies but instead peg the Libra directly to national digital currencies. Even better, Zuckerberg is scheduled to testify in form of Congress Oct 23 (Wednesday) and I will place a strong bet that his response to attackers on the Libra project will be what his team just ‘floated’... “Fine, if you launch a digital currency (eUSD) then we will build on top of that and all (most) of your concerns will disappear.....but if you don’t we are moving forward regardless”.
We will then spend the next 3-4 months watching the debate in Washington to launch eUSD accelerate 10x... with a lot of movement but in general half commitments and vague statements... until eYuan. China has already stated they are working on their own digital currency and while they backpedaled a bit last month, that was likely due to difficulties on the development side (cause, you know...coding is hard) and not a real change in intention or goals. They want a digital currency that allows them to shift the commerce they control to something other then the USD. They do trillions of business with countries other then the US and so the move has real implications (note the US is actually China’s third largest trading partner exporting $1.6 trillion. In 2018). It not only reduces the power the dollar has over them, it helps blunts the impacts US tariffs have on their economy.
Immediately after China’s official announcements, the US will likely act like they’ve been ‘onboard’ to launch the eUSD from the beginning, and are working quickly to get there. These two world leaders, China and US will create far more then Facebooks 2 billion digital wallets... and the new space race to launch a digital currency will have been started for EVERY country in the world. I’d expect the eEuro will announce sometime after China and the US, they tend to need to talk and debate for 2x longer then other countries on major EU policies (which is understandable given their diverse political make-up).
Here’s the timeline I see as realistic:

And to be clear, Bitcoin doesn’t need to be ‘the’ currency... but it will almost certainly be available in 99% of all digital wallets people use. It might not be in the official Chinese or US wallet but no one will use ‘just those’... and it’s digital so it really doesn’t matter. The eUSD and eYuan will trade on the same exchanges you trade bitcoin today, even better the lines between traditional forex trading and crypto trading will almost immediately blur. The confidence in Bitcoin, and blockchain as a whole will SKYROCKET... Imagine 2billion+ crypto onramps... that don't require fiat deposits because your national currency is already digital.
The second greatest thing to happen with Bitcoin price will be an the launch of an ETF.. but I’ll explain why that will happen in the next 12 months as well, in my next post.
Btw, this is obviously all just my opinion and I am posting so that others (possibly smarter then myself) can punch holes and refine the theory. So you don’t need to be a dick, just explain where or why my hypothesis breaks down and let’s figure this shit out.
-peace out.
submitted by bitradr to BitcoinMarkets [link] [comments]

Technical: A Brief History of Payment Channels: from Satoshi to Lightning Network

Who cares about political tweets from some random country's president when payment channels are a much more interesting and are actually capable of carrying value?
So let's have a short history of various payment channel techs!

Generation 0: Satoshi's Broken nSequence Channels

Because Satoshi's Vision included payment channels, except his implementation sucked so hard we had to go fix it and added RBF as a by-product.
Originally, the plan for nSequence was that mempools would replace any transaction spending certain inputs with another transaction spending the same inputs, but only if the nSequence field of the replacement was larger.
Since 0xFFFFFFFF was the highest value that nSequence could get, this would mark a transaction as "final" and not replaceable on the mempool anymore.
In fact, this "nSequence channel" I will describe is the reason why we have this weird rule about nLockTime and nSequence. nLockTime actually only works if nSequence is not 0xFFFFFFFF i.e. final. If nSequence is 0xFFFFFFFF then nLockTime is ignored, because this if the "final" version of the transaction.
So what you'd do would be something like this:
  1. You go to a bar and promise the bartender to pay by the time the bar closes. Because this is the Bitcoin universe, time is measured in blockheight, so the closing time of the bar is indicated as some future blockheight.
  2. For your first drink, you'd make a transaction paying to the bartender for that drink, paying from some coins you have. The transaction has an nLockTime equal to the closing time of the bar, and a starting nSequence of 0. You hand over the transaction and the bartender hands you your drink.
  3. For your succeeding drink, you'd remake the same transaction, adding the payment for that drink to the transaction output that goes to the bartender (so that output keeps getting larger, by the amount of payment), and having an nSequence that is one higher than the previous one.
  4. Eventually you have to stop drinking. It comes down to one of two possibilities:
    • You drink until the bar closes. Since it is now the nLockTime indicated in the transaction, the bartender is able to broadcast the latest transaction and tells the bouncers to kick you out of the bar.
    • You wisely consider the state of your liver. So you re-sign the last transaction with a "final" nSequence of 0xFFFFFFFF i.e. the maximum possible value it can have. This allows the bartender to get his or her funds immediately (nLockTime is ignored if nSequence is 0xFFFFFFFF), so he or she tells the bouncers to let you out of the bar.
Now that of course is a payment channel. Individual payments (purchases of alcohol, so I guess buying coffee is not in scope for payment channels). Closing is done by creating a "final" transaction that is the sum of the individual payments. Sure there's no routing and channels are unidirectional and channels have a maximum lifetime but give Satoshi a break, he was also busy inventing Bitcoin at the time.
Now if you noticed I called this kind of payment channel "broken". This is because the mempool rules are not consensus rules, and cannot be validated (nothing about the mempool can be validated onchain: I sigh every time somebody proposes "let's make block size dependent on mempool size", mempool state cannot be validated by onchain data). Fullnodes can't see all of the transactions you signed, and then validate that the final one with the maximum nSequence is the one that actually is used onchain. So you can do the below:
  1. Become friends with Jihan Wu, because he owns >51% of the mining hashrate (he totally reorged Bitcoin to reverse the Binance hack right?).
  2. Slip Jihan Wu some of the more interesting drinks you're ordering as an incentive to cooperate with you. So say you end up ordering 100 drinks, you split it with Jihan Wu and give him 50 of the drinks.
  3. When the bar closes, Jihan Wu quickly calls his mining rig and tells them to mine the version of your transaction with nSequence 0. You know, that first one where you pay for only one drink.
  4. Because fullnodes cannot validate nSequence, they'll accept even the nSequence=0 version and confirm it, immutably adding you paying for a single alcoholic drink to the blockchain.
  5. The bartender, pissed at being cheated, takes out a shotgun from under the bar and shoots at you and Jihan Wu.
  6. Jihan Wu uses his mystical chi powers (actually the combined exhaust from all of his mining rigs) to slow down the shotgun pellets, making them hit you as softly as petals drifting in the wind.
  7. The bartender mutters some words, clothes ripping apart as he or she (hard to believe it could be a she but hey) turns into a bear, ready to maul you for cheating him or her of the payment for all the 100 drinks you ordered from him or her.
  8. Steely-eyed, you stand in front of the bartender-turned-bear, daring him to touch you. You've watched Revenant, you know Leonardo di Caprio could survive a bear mauling, and if some posh actor can survive that, you know you can too. You make a pose. "Drunken troll logic attack!"
  9. I think I got sidetracked here.
Lessons learned?

Spilman Channels

Incentive-compatible time-limited unidirectional channel; or, Satoshi's Vision, Fixed (if transaction malleability hadn't been a problem, that is).
Now, we know the bartender will turn into a bear and maul you if you try to cheat the payment channel, and now that we've revealed you're good friends with Jihan Wu, the bartender will no longer accept a payment channel scheme that lets one you cooperate with a miner to cheat the bartender.
Fortunately, Jeremy Spilman proposed a better way that would not let you cheat the bartender.
First, you and the bartender perform this ritual:
  1. You get some funds and create a transaction that pays to a 2-of-2 multisig between you and the bartender. You don't broadcast this yet: you just sign it and get its txid.
  2. You create another transaction that spends the above transaction. This transaction (the "backoff") has an nLockTime equal to the closing time of the bar, plus one block. You sign it and give this backoff transaction (but not the above transaction) to the bartender.
  3. The bartender signs the backoff and gives it back to you. It is now valid since it's spending a 2-of-2 of you and the bartender, and both of you have signed the backoff transaction.
  4. Now you broadcast the first transaction onchain. You and the bartender wait for it to be deeply confirmed, then you can start ordering.
The above is probably vaguely familiar to LN users. It's the funding process of payment channels! The first transaction, the one that pays to a 2-of-2 multisig, is the funding transaction that backs the payment channel funds.
So now you start ordering in this way:
  1. For your first drink, you create a transaction spending the funding transaction output and sending the price of the drink to the bartender, with the rest returning to you.
  2. You sign the transaction and pass it to the bartender, who serves your first drink.
  3. For your succeeding drinks, you recreate the same transaction, adding the price of the new drink to the sum that goes to the bartender and reducing the money returned to you. You sign the transaction and give it to the bartender, who serves you your next drink.
  4. At the end:
    • If the bar closing time is reached, the bartender signs the latest transaction, completing the needed 2-of-2 signatures and broadcasting this to the Bitcoin network. Since the backoff transaction is the closing time + 1, it can't get used at closing time.
    • If you decide you want to leave early because your liver is crying, you just tell the bartender to go ahead and close the channel (which the bartender can do at any time by just signing and broadcasting the latest transaction: the bartender won't do that because he or she is hoping you'll stay and drink more).
    • If you ended up just hanging around the bar and never ordering, then at closing time + 1 you broadcast the backoff transaction and get your funds back in full.
Now, even if you pass 50 drinks to Jihan Wu, you can't give him the first transaction (the one which pays for only one drink) and ask him to mine it: it's spending a 2-of-2 and the copy you have only contains your own signature. You need the bartender's signature to make it valid, but he or she sure as hell isn't going to cooperate in something that would lose him or her money, so a signature from the bartender validating old state where he or she gets paid less isn't going to happen.
So, problem solved, right? Right? Okay, let's try it. So you get your funds, put them in a funding tx, get the backoff tx, confirm the funding tx...
Once the funding transaction confirms deeply, the bartender laughs uproariously. He or she summons the bouncers, who surround you menacingly.
"I'm refusing service to you," the bartender says.
"Fine," you say. "I was leaving anyway;" You smirk. "I'll get back my money with the backoff transaction, and posting about your poor service on reddit so you get negative karma, so there!"
"Not so fast," the bartender says. His or her voice chills your bones. It looks like your exploitation of the Satoshi nSequence payment channel is still fresh in his or her mind. "Look at the txid of the funding transaction that got confirmed."
"What about it?" you ask nonchalantly, as you flip open your desktop computer and open a reputable blockchain explorer.
What you see shocks you.
"What the --- the txid is different! You--- you changed my signature?? But how? I put the only copy of my private key in a sealed envelope in a cast-iron box inside a safe buried in the Gobi desert protected by a clan of nomads who have dedicated their lives and their childrens' lives to keeping my private key safe in perpetuity!"
"Didn't you know?" the bartender asks. "The components of the signature are just very large numbers. The sign of one of the signature components can be changed, from positive to negative, or negative to positive, and the signature will remain valid. Anyone can do that, even if they don't know the private key. But because Bitcoin includes the signatures in the transaction when it's generating the txid, this little change also changes the txid." He or she chuckles. "They say they'll fix it by separating the signatures from the transaction body. They're saying that these kinds of signature malleability won't affect transaction ids anymore after they do this, but I bet I can get my good friend Jihan Wu to delay this 'SepSig' plan for a good while yet. Friendly guy, this Jihan Wu, it turns out all I had to do was slip him 51 drinks and he was willing to mine a tx with the signature signs flipped." His or her grin widens. "I'm afraid your backoff transaction won't work anymore, since it spends a txid that is not existent and will never be confirmed. So here's the deal. You pay me 99% of the funds in the funding transaction, in exchange for me signing the transaction that spends with the txid that you see onchain. Refuse, and you lose 100% of the funds and every other HODLer, including me, benefits from the reduction in coin supply. Accept, and you get to keep 1%. I lose nothing if you refuse, so I won't care if you do, but consider the difference of getting zilch vs. getting 1% of your funds." His or her eyes glow. "GENUFLECT RIGHT NOW."
Lesson learned?

CLTV-protected Spilman Channels

Using CLTV for the backoff branch.
This variation is simply Spilman channels, but with the backoff transaction replaced with a backoff branch in the SCRIPT you pay to. It only became possible after OP_CHECKLOCKTIMEVERIFY (CLTV) was enabled in 2015.
Now as we saw in the Spilman Channels discussion, transaction malleability means that any pre-signed offchain transaction can easily be invalidated by flipping the sign of the signature of the funding transaction while the funding transaction is not yet confirmed.
This can be avoided by simply putting any special requirements into an explicit branch of the Bitcoin SCRIPT. Now, the backoff branch is supposed to create a maximum lifetime for the payment channel, and prior to the introduction of OP_CHECKLOCKTIMEVERIFY this could only be done by having a pre-signed nLockTime transaction.
With CLTV, however, we can now make the branches explicit in the SCRIPT that the funding transaction pays to.
Instead of paying to a 2-of-2 in order to set up the funding transaction, you pay to a SCRIPT which is basically "2-of-2, OR this singlesig after a specified lock time".
With this, there is no backoff transaction that is pre-signed and which refers to a specific txid. Instead, you can create the backoff transaction later, using whatever txid the funding transaction ends up being confirmed under. Since the funding transaction is immutable once confirmed, it is no longer possible to change the txid afterwards.

Todd Micropayment Networks

The old hub-spoke model (that isn't how LN today actually works).
One of the more direct predecessors of the Lightning Network was the hub-spoke model discussed by Peter Todd. In this model, instead of payers directly having channels to payees, payers and payees connect to a central hub server. This allows any payer to pay any payee, using the same channel for every payee on the hub. Similarly, this allows any payee to receive from any payer, using the same channel.
Remember from the above Spilman example? When you open a channel to the bartender, you have to wait around for the funding tx to confirm. This will take an hour at best. Now consider that you have to make channels for everyone you want to pay to. That's not very scalable.
So the Todd hub-spoke model has a central "clearing house" that transport money from payers to payees. The "Moonbeam" project takes this model. Of course, this reveals to the hub who the payer and payee are, and thus the hub can potentially censor transactions. Generally, though, it was considered that a hub would more efficiently censor by just not maintaining a channel with the payer or payee that it wants to censor (since the money it owned in the channel would just be locked uselessly if the hub won't process payments to/from the censored user).
In any case, the ability of the central hub to monitor payments means that it can surveill the payer and payee, and then sell this private transactional data to third parties. This loss of privacy would be intolerable today.
Peter Todd also proposed that there might be multiple hubs that could transport funds to each other on behalf of their users, providing somewhat better privacy.
Another point of note is that at the time such networks were proposed, only unidirectional (Spilman) channels were available. Thus, while one could be a payer, or payee, you would have to use separate channels for your income versus for your spending. Worse, if you wanted to transfer money from your income channel to your spending channel, you had to close both and reshuffle the money between them, both onchain activities.

Poon-Dryja Lightning Network

Bidirectional two-participant channels.
The Poon-Dryja channel mechanism has two important properties:
Both the original Satoshi and the two Spilman variants are unidirectional: there is a payer and a payee, and if the payee wants to do a refund, or wants to pay for a different service or product the payer is providing, then they can't use the same unidirectional channel.
The Poon-Dryjam mechanism allows channels, however, to be bidirectional instead: you are not a payer or a payee on the channel, you can receive or send at any time as long as both you and the channel counterparty are online.
Further, unlike either of the Spilman variants, there is no time limit for the lifetime of a channel. Instead, you can keep the channel open for as long as you want.
Both properties, together, form a very powerful scaling property that I believe most people have not appreciated. With unidirectional channels, as mentioned before, if you both earn and spend over the same network of payment channels, you would have separate channels for earning and spending. You would then need to perform onchain operations to "reverse" the directions of your channels periodically. Secondly, since Spilman channels have a fixed lifetime, even if you never used either channel, you would have to periodically "refresh" it by closing it and reopening.
With bidirectional, indefinite-lifetime channels, you may instead open some channels when you first begin managing your own money, then close them only after your lawyers have executed your last will and testament on how the money in your channels get divided up to your heirs: that's just two onchain transactions in your entire lifetime. That is the potentially very powerful scaling property that bidirectional, indefinite-lifetime channels allow.
I won't discuss the transaction structure needed for Poon-Dryja bidirectional channels --- it's complicated and you can easily get explanations with cute graphics elsewhere.
There is a weakness of Poon-Dryja that people tend to gloss over (because it was fixed very well by RustyReddit):
Another thing I want to emphasize is that while the Lightning Network paper and many of the earlier presentations developed from the old Peter Todd hub-and-spoke model, the modern Lightning Network takes the logical conclusion of removing a strict separation between "hubs" and "spokes". Any node on the Lightning Network can very well work as a hub for any other node. Thus, while you might operate as "mostly a payer", "mostly a forwarding node", "mostly a payee", you still end up being at least partially a forwarding node ("hub") on the network, at least part of the time. This greatly reduces the problems of privacy inherent in having only a few hub nodes: forwarding nodes cannot get significantly useful data from the payments passing through them, because the distance between the payer and the payee can be so large that it would be likely that the ultimate payer and the ultimate payee could be anyone on the Lightning Network.
Lessons learned?

Future

After LN, there's also the Decker-Wattenhofer Duplex Micropayment Channels (DMC). This post is long enough as-is, LOL. But for now, it uses a novel "decrementing nSequence channel", using the new relative-timelock semantics of nSequence (not the broken one originally by Satoshi). It actually uses multiple such "decrementing nSequence" constructs, terminating in a pair of Spilman channels, one in both directions (thus "duplex"). Maybe I'll discuss it some other time.
The realization that channel constructions could actually hold more channel constructions inside them (the way the Decker-Wattenhofer puts a pair of Spilman channels inside a series of "decrementing nSequence channels") lead to the further thought behind Burchert-Decker-Wattenhofer channel factories. Basically, you could host multiple two-participant channel constructs inside a larger multiparticipant "channel" construct (i.e. host multiple channels inside a factory).
Further, we have the Decker-Russell-Osuntokun or "eltoo" construction. I'd argue that this is "nSequence done right". I'll write more about this later, because this post is long enough.
Lessons learned?
submitted by almkglor to Bitcoin [link] [comments]

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