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Bob The Magic Custodian

Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):

submitted by azoundria2 to QuadrigaInitiative [link] [comments]

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submitted by KAZIMH2 to credit_cards [link] [comments]

Numbers on the screen or how digital payment systems make the market fair?

Numbers on the screen or how digital payment systems make the market fair?
Continuing the trend of practicality characteristic of the XXI century, paper money is gradually disappearing from our lives, giving way to more practical digital storage. However, the digitized banking that we now use every day is still far from perfect. For starters, it is completely controlled by third parties. No one owns the numbers they see on the screen — control is entirely owned by third parties, such as banks.
Banks create money out of thin air, and credit is a prime example of this. Money is no longer printed when someone takes out an overdraft or mortgage-it is simply created out of nothing. Moreover, these banks charge disproportionately high fees for the services they provide, and these services are outdated and impractical today.
For example, it is impractical to pay a Commission to spend your money abroad, as it is impractical to wait a few days to verify the transfer of a small amount from You to your relative. All this makes no sense in the interconnected and instantaneous world in which We live today.
Thus, the monetary system has ceased to be practical, it is replaced by a higher form of value storage. In this particular case, it is replaced by a faster and safer system that eliminates expensive operations and gives control to the person.
Money that you have in your Bank account can be considered a virtual currency since it does not have a physical form and exists only in the Bank book. If they lose the book, your money will simply disappear. These are just numbers that you see on the screen. The numbers are stored on the hard drives of Bank servers.
Do you open a regular app and think you have money? They are just bytes of the computer system. Today’s global payment infrastructure moves money from one payment system to another through a series of internal Deposit transfers between financial institutions. Since these transfers occur in different systems with a low level of coordination, the calculation of funds is slow, often 3–5 days, capturing liquidity.

How do payments work?

When you make a money transfer, for example, from your Bank card to the Bank card of a friend or acquaintance, you see an instant transfer, so to speak, moving numbers from you to the Recipient. For the user, the transfer is carried out instantly, and the exchange of obligations between the participants of the process takes place within 3–7 days, the User does not know about it and hardly ever thinks about it.
When you make a payment at a supermarket or any other point of sale, at the time of payment, information from the POS-terminal is sent to the acquiring Bank — then the acquiring Bank sends a request that passes through the payment system (Visa or MasterCard) and then transmitted to Your Bank, which confirms the operation. At this point, there is no write-off of funds. The funds are temporarily held, and the actual withdrawal will take place within a few days, the maximum processing time is up to 30 days.

Currency transactions and payments abroad

You may have noticed that after making a transaction in a different currency, such as yen or dirhams, or any other currency that differs from the currency of your account or buying an item abroad, the amount charged may differ from the amount that was reflected immediately after payment.

Why is this happening?

As soon As you have made a transaction with Your Bank card — the local Bank transfers the information to the payment system: Visa or MasterCard — the payment system converts the currency used into the billing currency.
Billing currency — the currency that will be used for payment with the payment system by your Bank that issued the card. For the US, the billing currency is the dollar, in Europe — the Euro.
The billing currency may also differ depending on the issuing Bank — the Bank that issued your debit card. For example, some banks use the billing currency — Euro when making payments with MasterCard cards in the United States, which will lead to additional costs when converting euros into dollars.
If the payment is in other currencies, the payment scheme will become more complicated and, accordingly, its cost will be more expensive. The transfer rate from one settlement currency to another is set by the payment system: Visa and MasterCard.
If the currency of your Bankcard is the same as the currency of the payment system, the payment will take place without additional operations. For example, You have a dollar card, you make a payment in dollars in the United States, and if you make a payment with a dollar card in Europe, your Bank will convert the amount at its exchange rate, which will lead to additional costs. There are exceptions, some European banks can use dollars for settlements, but this is more an exception than a rule.
Also, if, for example, you pay for purchases in China using a Bank card in euros, then double conversion is inevitable.
Thus, payment in dollars is universal all over the world, except for the European Union countries. The dollar is a global currency and is therefore often used for binding in international settlements.
Now we understand that due to differences in the account currency and the differences in the VISA or MasterCard payment system, additional conversions may occur, which will lead to additional bank fees. as a result, the actual payment amount will differ from the amount debited from your card.
In addition to paying for conversion in the payment system and paying for currency conversion in your Bank, some banks charge an additional fee for conducting a cross-border transaction.

Where do we lose money when making debit card payments?
  1. Currency conversion by the payment system;
  2. Euro-Dollar, or in the case of processing payment via MasterCard in Turkey, Turkish lira-Euro and additional conversion on the side of the issuing Bank (your Bank) Euro — Dollar.
  3. Currency conversion by an acquiring bank;
  4. The difference between the exchange rate on the purchase date and the write-off date. We purchased at a rate of 0.91 euros per dollar, and the write-off occurred at a rate of 0.94 euros per dollar.
  5. A large number of currency conversions.
  6. The greater the number of them, the more we will lose when buying. For example, when paying in the UAE or China, buying a product for the local currency, we understand that the number of conversions increases several times.
If we touch on the topic of international translations, we will encounter additional nuances:
  • This is the payment processing time. International payments can be processed within 3–5 days, as mentioned above, which in our dynamic time — it interferes with the comfortable use of the system.
  • Restrictions on the amounts;
  • Possible requirements for certain documentation for payment confirmation;
  • Additional fees and commissions, sometimes hidden fees.
It is not always possible to make a transfer quickly and when necessary due to these restrictions. All this confirms the complexity of the operations and additional commissions that the user pays.

Сryptocurrency exchanges

And now back to the numbers on the screen, this topic affects not only banks but also centralized cryptocurrency exchanges:
  • You top up your Deposit on the exchange in cryptocurrency-then you use numbers inside the exchange, and real funds are most often stored on “cold storage” for which administrators or other responsible persons are responsible.
  • Only when you make a withdrawal from the exchange to your wallet-you are sent real funds (tokens or cryptocurrency).
The same applies to centralized applications and online services that deal with cryptocurrencies:
There are many services, both online and apps, that are centralized, regardless of what they will be called: Bitcoin wallet or bitcoin exchange. This means that when you add funds to an account in such a wallet, the funds are stored on the developecompany’s side. In simple words, all your funds are stored in the wallets of the system’s creators.
If you use a centralized app, you have a risk of losing funds. Although the application is called cryptocurrency, it does not affect its main principles — it is decentralization.
In other words, using systems where there is a Central authority, especially in the cryptocurrency market — the risk increases, so we recommend using decentralized systems for storing currency to reduce risks to a minimum.
Decentralization is the process of redistributing, dispersing functions, forces, power, people, or things from a Central location or governing body. Centralization is a condition in which the right to make the most important decisions remains with the highest levels of management.

Peer-to-peer payment systems

The opposite and standard of security and independence are peer-to-peer payment systems. Using the application-level network Protocol, clients running on multiple computers connect to form a peer-to-peer network.
There are no dedicated servers in such a network, and each node is both a client and performs server functions. In contrast to the client-server architecture, this organization allows you to maintain the network operability with any number and any combination of available nodes. All nodes are members of the network.
Tkeycoin is a decentralized peer-to-peer payment system based on p2p principles and the concept of electronic cash. P2P technology is a fairer means of mutual settlements between users and companies around the world. Modern payment systems are imperfect and may depend on the will of high-ranking officials.
The main goal of Tkeycoin is to create universal products that will make financial transactions more accessible, profitable and secure.

What do decentralized systems protect against?

Using decentralized tools, for example, a local Tkeycoin wallet or a Multi-currency blockchain tkeyspace wallet — Your funds belong only to You and only You can use them, which eliminates the risks of third-party bankruptcy, and such a decentralized architecture can also protect against natural disasters. Given that there is no central server that can be damaged in a natural disaster, the system can work even if there are 2 nodes.
In addition to force majeure situations, you protect your funds from theft and any sanctions from third parties-in our time, this is very important. The owner of Tkeycoin does not need Bank branches, does not need additional verifications, and does not need permission to use, transfer, or even transport Tkeycoin. You can easily carry $1 million worth of Tkeycoin in your pocket and even in theory not know any troubles.
Besides, it is extremely convenient and safe to store even multibillion-dollar capital in Tkeycoin. Imagine that you have a lot, a lot of money, and you need a safe place to store it. Where do you apply? Of course, the Swiss Bank, Yes, but it can easily freeze your accounts and you can easily lose your savings. In recent years, many banks are actively fighting against gray non-cash funds (including offshore ones), and every month more and more legal proceedings are organized on this basis.
The fact is that serious money, for the most part, has a gray tinge, and only a tiny fraction of billions and millions are clean for the law. That is why their owners are often called to court, subjected to pressure, forced to leave the country, and so on. If your money is stored in Tkeycoin, you will not be subjected to such pressure and will avoid the lion’s share of troubles that usually accompany accounts with many zeros.
Using peer-to-peer systems — you will not be called by a Bank Manager and require documents or a fraudster who asks for Your card number and SMS for confirmation. This is simply not the case, wallets are encrypted, and using different addresses guarantees privacy.
As for fees for transfers, there are no Visa or Mastercard payment systems, as well as additional fees that we discussed above.

How are payments made in the Tkeycoin peer-to-peer payment system?
As soon as you sign a transaction, it is sent to the blockchain and the miners are engaged in its confirmation, for which they take a symbolic Commission. Let’s look at an example, the key rate is $1, the transfer fee will be 0.00001970 TKEY or 0.00000174 TKEY.
0.00001970 TKEY=$0.00001970 0.00000174 TKEY=$0.00000174
Accordingly, commissions are almost zero. In Europe, on average, you will pay $15–20 for a small Bank transfer.
For example, now sending 1 million dollars to BTC, You will pay a Commission in the area of ≈3–8 dollars. Just think, 1 million dollars, without restrictions, risks, and sanctions, and most importantly, the transaction will be the available day today, and you paid an average of ≈5 dollars for the transfer.

Transactions in the Tkeycoin blockchain

Now let’s touch on the topic of how a transaction in the blockchain goes. Once you have sent a transaction, it will be available to the Recipient. The transaction takes place instantly and the User sees not” numbers on the screen”, but real funds-cryptocurrency. This is very convenient when you make any transactions and the Recipient needs to make sure that the payment came.
In the full node-there is a choice of confirmation blocks — this is the amount after which you can use the received cryptocurrency. When sending, you can select the number of confirmations:
• 2 blocks≈10 minutes • 4 block≈40 minutes • 6 blocks≈60 minutes • 12 blocks≈120 minutes • 24 blocks≈4 hours • 48 blocks≈8 hours • 144 blocks≈24 hours • 504 blocks≈3 days • 1008 blocks≈7 days
As we can see, you can also set a weekly confirmation if necessary. The minimum recommended number is 3 blocks. by default, the full node (local wallet) has 6 blocks installed. The presence of this number of confirmations ensures that Your block will not be forged and will be accepted by the network.
Each new transaction that receives network approval is sent to mempool, where it waits for miners to confirm it. When a miner takes a transaction to include it in the next block, it automatically receives the first confirmation.

Generating blocks in the TKEY network

A block in the TKEY network is generated within 6–10 minutes. the network automatically corrects the complexity and time of block formation. Thousands of transactions or a single transaction can be placed in a block.
Transactions work faster in the TKEYSPACE app because we have already enabled new algorithms and this is now the fastest and most convenient way to exchange various digital currencies.
Anyway, using the full node is also one of the safest ways to store and send Tkeycoin cryptocurrency, and most importantly, the full node stores a full copy of the entire blockchain, which benefits the network and provides protection from information forgery.
The more popular the project becomes, the more load is placed on the network itself. For example, 10,000 transactions passed in one block that was processed quickly, while the other 10–20 transactions in another block hung for a longer time, so temporary “pits” may appear. To deal with them, we are working on implementing additional chains-separate chains that are created for cross-transactions, which ensures fast payments under heavy load.
For the global system — we get a shipment around the world in 6–10 minutes, in cross-chains in 10 seconds. In comparison with the global payment system, which processes cross — border payments within 3–5 days, this is a huge advantage. If we add liquidity to this, we will get a perfect payment system.
Also, you should not forget that if you did not sync with the network and sent a transaction, the transaction may hang in its memory pool and you will have to perform several actions to solve this situation. Here we must understand that syncing with the network is an important point because if you have a connection failure in the Internet Bank, the payment will also not be processed. After all, it will not be sent to a specialist for confirmation.
If you are currently experiencing any delays with transactions, this is due to the transition of CPU mining to GPU, as soon as miners switch to new mining methods, the confirmation of blocks will be consistently fast.
In conclusion: blockchain is a new technology and many terms, concepts and how it all works are still difficult for many to understand and this is normal from innovation.
In many countries, the word cryptocurrency and blockchain are synonymous and no one wants to understand the reality, most people believe that if the blockchain, it means it is related to trading on the cryptocurrency exchange. No one thinks about the real usefulness of certain solutions that will become commonplace for Us in the future.
For example, the Internet banking system dates back to the ’80s of the last century, when the Home Banking system was created in the United States. This system allowed depositors to check their accounts by connecting to the Bank’s computer via their phone. In the future, as the Internet and Internet technologies develop, banks are beginning to introduce systems that allow depositors to get information about their accounts via the Internet. For the first time, the service of transferring funds from accounts was introduced in 1994 in the United States by the Stanford Federal Credit Union, and in 1995 the first virtual Bank was created — Security First Network Bank. But, to the disappointment of the founders of the project, it failed because of strong distrust from potential customers, who, at that time, did not trust such an innovation.
Only in 2001, Bank of America became the first among all banks that provide e-banking services, the whole user base for this service exceeded 2 million customers. At that time, this figure was about 20 % of all Bank customers. And in October of the same year, 2001, and the same Bank of America took the bar in 3 million money transfers made using online banking services for a total amount of more than 1 billion US dollars. Currently, in Western Europe and America, more than 50% of the entire adult population uses e-banking services, and this figure reaches 90% among adult Internet users.
Life changes, and in the bustle of everyday work — we do not even notice how quickly all processes change.
We are experiencing a technological revolution that is inevitable.
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

Understanding Fundamental Effects on Price

Another really huge issue with the btc community in general, and this reddit especially, is the lack of nuance on price. And again, an unwillingness to accept critique.
There are several scenario that can play out with price, but in some of those scenario, we may even see a huge price pump, while *still failing at adoption*. And I think that's an important distinction to make. Just because wallstreet pumps the price for reasons that only concern the rich and institutions, does not equate to adoption. It does not equate to us making vital changes for the betterment of the network and adoption. It just doesn't.

Wallstreet is perfectly content with hyper regulated bitcoin that is totally irrelevant for the common man and unadopted and unused, they are perfectly fine treating bitcoin as a glorified sovereign bond and international form of settlement. That is how the institutions and rich see it. They see it much like they see bonds and gold, and are willing to treat it as such. This is even a positive in some regard because it brings monetary transparency into the banking and wealth sector.

But it does not address cypherpunk, emancipatory politics, or global poverty, or individual sovereignty. And it is acheived largely through extreme centralization and hyper invasive surveillance. Be clear, they can pump the price to 250,000 while still controlling everything through Patriot Act, AMLD5, NDAA, and FACTA and the banking secrecy Act. All of which Bitcoin is entirely ideologically incompatible with. But that's just fine, because the rich already comply with those laws (mostly). They already price in the regulatory and compliance costs of an institution, of an offshore tax haven.

That's just it. IT's fine for them to do this to btc, because the laws are designed for them. They create the barriers only they can afford to play in, while hurting it for everyone else.

The average common man in the world, and any developing country should be able to easily acquire btc without kyc. Period. It shouldn't be a surveillance state. I recently listened to Peter McCormack interview a darkmarket guy and I completely agree. We need to engineer away from on ramps, we need to engineer away from payment gates that involve fiat, and we need to all use coinjoiners and mixing technology. It needs to be the standard. There are so many reasons to use coinjoining for non illegality. Privacy is a fundamental need.

And internet 4.0 for finance is contingent on a lot of technology. These aren't really coins either. It is backbone technology to better facilitate bitcoin. But we have to have layer two solutions. It doesn't matter whether it's RSK or plasma, or both, we just need the secondary layer to pay for distributed processing, server function, matching, liquidity, file storage, atomic swaps, network gas, etc. DeFi network value cannot be conflated with the supply and demand of btc itself, we don't need permissioned side chains, we need permissionless open source side chains and interoperatibilty platforms that will protect the privacy of bitcoin and facilitate it on decentralized exchanges. On exchanges that cannot be taken down. To do that we need staggering amounts of technology innovation and thoroughput, that will require people to host nodes, mine and stake these ancillary services to protect the backbone of bitcoin commerce.

Anyone who is into toxic maximalism. Let it be known that you are willfully promoting corporate bitcoin supported by massive centralized players who will treat it as a bond or settlement statist instrument. You're promoting the support of bitcoin on an entirely captured regulatory framework and an entirely captured unsafe unsecure regular internet controlled by the clearnet and amazon and google and heavily surveiled. .Org just privatize for fuck sakes. And any DNS can be compromised, any .com site can be siezed. This normal backbone is entirely inappropriate for bitcoin. Centralized exchanges and payment apps like cash app are entirely inappropriate for bitcoin.

You should be able to visit a IFPS site, connect a hardware wallet to any DEX or DAPP and immediately trade with the same speed and liquidity of binance and bitmex. The user interface should be simple and approachable to the layman. We need a liquidity interbank controlled by SPV server and dark node. Payment incentives for people to host liquidity to the network on plasma, radon, cosmos, uniswap, eventually all the DEX will simply be connected by interchain liquidity.

Crypto has to be extremely unfettered. The regulators and wallstreet have strangled it and will continue to do so. Some people have forgotten that this is a battle for financial sovereignty and protection against wealth confiscation. Only when they realize that they can't control us, will they be forced to sit down at the legislative table and negotiate with common people. You have to bring your government to heel.
submitted by samdane7777 to Bitcoin [link] [comments]

Bitcoin Isn't Meant For Conventional Westphalianism (Republicanism)(Statism)

Let me give you an idea of the vantage point and perspective I come from.
I *am a quant, and a trader, and someone well read in law* I hate wallstreet, because I understand how the western economy works, and obviously I understand the technicals of trading and quant work. So I know the angles they play. And I understand regulatory behavior, I have a background in environmental regulatory work ( left because it's corrupt no surprise).
You people obsessed with price at any cost or calling everything FUD have no long term view of things. If we get a economic collapse, a real crash, *the happening*, Bitcoin is going into the hundreds again. At this point, bitcoin is dependent on wallstreet, dependent on the same economy we supposedly disagree with.
They've written the laws in the united state to only benefit the rich and institutions, and banned us off almost all exchanges. The only thing americans can use are basically three major names with piss poor liquidity and catastrophic fees. No one even talks about this. You HAVE to trade on unregulated exchanges to get by. Losing binance was a massive loss. The rich and powerful in united states have plans for bitcoin totally antithetical to cypherpunk.

We don't just need mainstream adoption, we need mainstream adoption of bitcoin WITH mainstream adoption of things like bisq and wasabi. This needs to become the norm, and yet they instead are planning on geofence locking bitcoin on a system of white listed exchanges, institutions, and wallets, trapping and tagging kyced bitcoin.

The thing people have to realize is that the money laundering that is done, is done through Deutsche bank and HSBC and the likes, by the drug cartels, human right violating dictators, war criminals , shell companies for defense companies and spin offs of intelligence agencies. It's all done with cash and the us dollar and banks. The worst people who run the super PAC for election, the worse people who hold trillions offshore and dominate the third world with multinational corporations, Russian oligarchs, all of them use the system and its loop holes to do all the things that they are trying cite as a reason to impose on bitcoin all of these extreme regulations.

They want secrecy for themselves. Period. They want to control and oppress us, and use secrecy for themselves. Most of the reason western governments are broken is because of multinational conglomerate and monopolistic economic cartels buying out regulatory agencies. Period. It's called a inverted totalitarianism. (From Lawerence Lessig's Lost Republic). The economic cartels own the regulatory agencies. No regulatory body in the united states does what it really should do. But more often the opposite, specifically to protect industry, and their trillions offshore. The people who have all this wealth and control these profit entities don't even keep the money in the states or pay taxes. The truly rich live above the law while wrecking democracy.

They want to have the ability to do the worst possible shit with the same level of secrecy that monero implies. So not only do we need encryption and privacy coins and features and anonymous untraceable access to bitcoin just to protect ourselves from them, we need to empower ourselves by having the same level of financial access that they do.

Think about it. What is the effect of the rich institutions making so many loopholes that allow them to move money and participate in functions of the market that the average person is prohibited from? It encourages and enables their ability to subvert democracy secretly with the very financial crimes they accuse of us.

So we need to take very deadly serious interchains and DAPP and DEX and DEFI, the wasabis, the mixers, monero, commerce adoption, and INFRASTRUCTURE that supports it. You people acting like maximalist can be so dense FFS. OPSEC. The world doesn't need bitcoin full node on backdoored windows 10 with zuck and the nsa watching you take a shit. The hardware and ancillary gear and infrastructure that supports bitcoin matters. Linux matters, user interface matters, commerce acceptance matters, server technology and security matters, even the processor matters, there are IBM and RISC V chips now,. The internet and bitcoin along with it needs to be violently dragged into open source models. Corporatization and closed gardening and the mcdonaldification of bitcoin is going to end in tragedy.

Bitcoin really is intended to be an anarchist apparatus. Bullshit to the citadel loving maximalist power tripping on some sort of libertarian randian american centric fantasy. You need to pay attention to why democracy doesn't work, why our political systems are broken, why these aspects of government only seem to empower the worst aspect of wallstreet criminality and financial crisis. Because it's how a late republic behaves, it's inherent in the flaws of republicanism, in electoral politics, in these hierarchical regulatory bodies, which are in no way self governing.

Our regulatory bodies are the literal opposite of Don't trust, Verify
but more Don't verify, Trust.
submitted by samdane7777 to Bitcoin [link] [comments]

GF notified by IRS about accounts she didn't know about. (US)

GF got a letter from the IRS stating she has not been reporting income from stocks as well as having an offshore account. None of these things is true, as far as she knows; unfortunately it's possible her ex-husband does know about it.
When she got married she was very young (19) and through their entire relationship he would have her sign documents and she did so willingly without even looking at them. She did it with their first house and didn't even know how much the house cost. She wasn't allowed to look at the mail that came to their home. She didn't know what bills were being paid or anything, he did all the financial responsibilities within that marriage.
He loved playing the stock market and this is the only way she sees how they were able to afford the lifestyle they had at the time. Now, many many years later she received a letter from the IRS basically saying she is being investigated for tax fraud.
What legal ground does she have if she "willingly" but "unknowingly" signed and opened accounts for this purpose? If this is indeed done by her ex-husband does she have any legal footing to shift this entirely onto him? The divorce was extremely clean, no lawyers or anything. Assets were not split as she just took her belongings in her car and left, leaving him with everything so I doubt any disclosure of assets was performed.
Also a couple years ago she had to sign her name off of the deed for their house and she didn't even know she was on it at the time.
Not sure how serious this could be, its the IRS so of course it's not a simple manner but clearing it up seems like it could be impossible if she was not involved in someone forging her name. If the assets are in her name and have been drawn upon by her ex-husband (because she obviously hasn't) would that give her some evidence of her unintentional involvement? Even if she was unintentionally involved does that even matter to the IRS?
It is possible though that maybe the iRS is coming after her for any tax evasion her ex-husband performed during the marriage. I don't know the laws on how long something like this could go without being pursued by the IRS (if a statue of limitations even exists for the IRS).
Of course this is all assuming her ex-husband had anything to do with this and it's not just some kind of mistake or form of mistaken identity on the IRS's part (wishful thinking).
Luckily everything we share together is in my name completely, the house, the vehicles, nothing of significant value has her name attached to it currently. Thankfully I hadn't signed anything over to her as I initially planned on doing so to cover her in case something bad happened to me.
So today at work I get notifications that one of my accounts has been logged into from a different address. I do some checking, verify IP addresses and notice that the address is close. I check my works IP, not it. I check the location I'm at, not it. I check the IP address of my home and it matches.
I have a server I RDP into (my plex server) and my google account is attached to it. I check my Gmail and see some old bitcoin services I signed up for but never used had been accessed from my IP address as well.
I've locked down my server but now I'm slightly paranoid. My GF is not very tech savvy. Yet with this info that was presented today about the IRS and minutes later my home IP address being used to login to accounts..I dont know.
I doubt the 2 are connected but man is this starting to feel like some kind of weird movie plot!!
submitted by ThinkGFisToast to legaladvice [link] [comments]

Would it be worthwhile to build a 1Broker knock-off, or too risky?

TLDR: I built a 1Broker knock-off but after seeing 1Broker's fate, I wonder if it's even worth pursuing.


I've been working on a Bitcoin-denominated prediction market in my spare time as a way to learn jQuery. I've met some really cool Bitcoin enthusiasts and traders on Reddit over the years and we just bet each other on the site for fun.

(I won't post the link here because I don't want this to come across as a promo, but rather as a question).

Compared to 1Broker, my work is admittedly 'amateur hour' stuff because well, I'm an amateur -- but we enjoy it. My plan was to grow the exchange, increase liquidity and stability, hopefully narrow the bid/ask spreads and open it up to other non-US Bitcoin enthusiasts and traders.

But after reading what happened to 1Broker, I'm wondering if my project should be scrapped. I thought I was safe by avoiding all of Broker1's mistaks: used non-US unseizable TLD (top-level domain), offshore registrar, offshore servers, paid for everything in Bitcoin, never deal with fiat, no corporate structure, lock out US users, etc. Further, I force users to assert non-US residency in order to register. But 1Broker did a lot of this stuff too and still got smacked down by the feds.

Do you think I should just abandon the project and find another hobby or are there some simple steps I can take to protect myself? Example: Should I use Tor instead of clear web? Should I block IPs originating from the US instead of just having user click the non-US checkbox at registration? As a one-man shop, I don't have the infrastructure to ask each and every user for personal information to prove they're not in the US. Even if I did, I think it's an invasion of privacy, especially for a user who just wants to bet $30 on a game or short the price of Gold.

Anyway, I'm kind of on the fence on this one. If you were me, would you just shut it down and move on, or look for a path forward?

submitted by gale_boetticher_9 to 1Broker [link] [comments]

Notes from the Hearing Today

Apologies for typos and grammatical errors; wanted to get this out as soon as possible for those that weren't able to watch the live stream. Cleaned up formatting to make it more readable.

While this isn't a 100% word-for-word transcript, the overtone of the meeting should have been conveyed. SEC and CFTC want protections for consumers, but don't want to outright ban crypto. I was under the impression that both agencies were well-educated, but understaffed. They both want to introduce protections for customers and investors and go after scam artists, but don't want to impose any restrictions or regulations that would be bad for crypto as a whole (both from a security perspective, and a technological innovation perspective). Overall a huge positive.

Sen. Shelby
Sen. Shelby
Sen. Shelby
Sen. Shelby
Sen Reed
Sen Reed
Sen Reed
Ms. Warren
Ms. Warren
Ms. Warren
Ms. Warren
Ms. Warren
Ms. Warren
Sen. Kennedy
Sen Kennedy
Sen Kennedy
Sen Kennedy
Sen Kennedy
Ms. Masto
Ms. Masto
Ms. Masto
Sen Shelby
Sen Shelby
Ms. Warren
Ms. Warren
Ms. Warren
submitted by cembry90 to CryptoCurrency [link] [comments]

You can now buy webhosting with Monero.

We started this year, hosting a quality web hosting for ideal prices. First we started with Bitcoin now we are pleasure to announce that we are accepting Monero. Monero has a great privacy and that is best thing for our new clients.
Why to choose us instead of other web hosting? Imagine in other hosting providers you need to provide your details to share your privacy, and some of them require your number to confirm or your identification card. We are negative to this, because we are making you anonymous.
There Terms of Usage offcourse, we are not OFFSHORE hosting, we are totaly LEGAL hosting, we provide only web hosting where you can host LEGAL things only. We have high speed servers in Netherlands.
You can order one of our packages, starting from 5$. After payment is made you will get instant activation, check client panel and your email after payment is confirmed via CoinPayments.
Visit us and give a try
submitted by deltamk to Monero [link] [comments]

Maybe we should get a thread of people who can help with the technical side of things?

Instead of being buried in the other thread-perhaps those who have programming knowledge that might be beneficial can post here. Just a thought.
submitted by slimshady2002 to RedditNZB [link] [comments]

What are some tips for torrent site operators?

In light of the recent shutdown of KAT and Torrentz, I thought it'd be pertinent to start a collection of tips and advice for potential future operators of trackers / torrent index sites. So, asking the /trackers community, what steps would you guys take to avoid being shutdown?
Is this a decent list? What should be added or corrected?
  1. cuddle-buddy - link
  2. sillycyco - link
  3. NytronX - link
  4. trackersec_throw - link
  5. pjcnet - link
  6. mildlyincoherent - link
  7. itsmecire - link
submitted by Mal_Dovah to trackers [link] [comments]

Is this a good way to launder bitcoins into your bank account?

Is this a good way to launder your bitcoins? Start a popular website that offers a service like the Internet Archive (which currently accepts Bitcoin for donations). Start a public donation campaign in the style of Wikipedia and Internet Archive saying how you need to keep the servers up and running, with a huge sitewide banner on top of every page, and accept credit card, PayPal, and Bitcoin. Funnel your drug money into your website through tumbled bitcoins.
The Erotic Review also accepts Bitcoin. I wonder if they launder any money through that.
How fast, how slow should you do it?
Should you funnel these bitcoins into your domestic checking account, or should you funnel these bitcoins into an offshore Cayman Islands account?
submitted by throwaway1025187 to Ozark [link] [comments]

Our most recent AMA with Marcin Zduniak discussing the latest technological developments at

Our most recent AMA with Marcin Zduniak discussing the latest technological developments at
AMA with CTO Marcin Zduniak
We conduct regular AMA sessions on our official Telegram channel. Join us to ask questions and get the latest news and updates from
Marcin, Hello everybody!
Q. Are we still on time to get FX, API and App by end of the year (i.e. less than 4 weeks from now)?
OK, heavy topics just from the beginning,
Let's start with FX: We have an internal commitment for a specific date: Dec. 27th and dedicated team works tirelessly to make it happen. No delays or unexpected events so far, we are on track although it is very tight timeframe, but...Please note this is Phase 1 of a 2 Phase launch. Phase 1 being FX being available to exchange clients only and crypto only deposits. Phase 2 which we’re expecting completion in early Q1 of 2019 will have stand-alone sites for our FCA & OffShore Entities, TIO Markets UK Ltd. & TIO Markets Ltd... These stand-alone entities will allow clients to register directly from the site and will allow funding in crypto and a variety of fiat methods. Additionally, there will be a complete affiliate program offering top-tier CPA programs with state of the art tracking software.
So, back to the topic, mobile experience next:
So, you already know we work on a couple of mobile products: iOS and Android mobile native trading applications and also on the mobile-friendly version of our exchange website. The most significant changes related to the mobile-friendly website are planned for the release this Monday and there will be most likely 1-2 subsequent releases improving some smaller UI experience defects on the subsequent Mondays…
As for the mobile native apps: iOS is planned to be dev-complete and ready for internal testing next week. We are planning to involve some of our dedicated community members in the Beta testing phase as soon as the app code is signed off by our security experts after the review of the potential security holes…
As for the Android, it will come around 2 weeks later, but we still believe we will be dev ready this year. It means that the iOS version should be released to the public by the end of this year and Android in early January after all the alpha, beta and security tests are concluded.
Q. Hey Marcin, recently I saw something new in exchange. It had smooth and have many tuning actions for it. It is ok. But I think our developing speed in should more rapidly. Update maybe more twice of week and finally result must be perfect. Do use end users are tester for this new main functions: FX, app.
A. I disagree, for now. With the size of our team, once-a-week releases seem to be balanced. We can focus the whole 1 week on the delivery and one day on the shipment. If we are going to ship more often we will produce less in this time. Some companies practice daily shipment -- it might be something we will consider some time in 2019, but at this moment it does not really make sense here.
Marcin: “You asked about API too, let me finish with your first question please. Some of our institutional partners and liquidity providers already use our API interface since a couple of months, but this was not yet the API we intended to open for the general consumption…”
Xalat: “Exactly. Volume is mostly driven by bots, hence APIs are important”
Marcin: “We have dedicated team who worked on the trading API and also market data feeds API that we could offer widely. The API is ready, we are now conducting functional tests, load tests and security penetration tests on it…”
Q: When can we start using the exchange from the algo-trading tools that would require robust API access?
A. The plan is to have all the test steps concluded early next week and if no serious defects found we should be able to release it in the production environment in another 1-2 weeks, i.e prior to the end of this year. We’ve take meticulous care and time to ensure we’ll be offering one of if not the best API solution available, and hope to attract quite a few institutions with its robust functionality.
Q. What kind of query/minute can we expect as limits? In market fetching and throwing orders please?
A. We are targeting to be able to sustain 100 txs/s for now with our current load tests. But some further scalability improvements are also in making (bit the delivery date early next year).
Q. Any news on the fiat trading platform?
A. We are in the technical preparation phase of this project, as the business discussions already concluded. No specific release date yet, but it should not take too long (definitely early Q1).
Q. Are you planning for bug bounty programs or acknowledgements for reporting security vulnerabilities?
A. No formalized bounty program planned so far, but fair security vulnerability disclosures of serious security issues to [[email protected]](mailto:[email protected]) will be definitely appreciated and rewarded.
Q. Would different platforms have different websites with various measures of KYC procedures, or will there be a uniform account system behind?
A. Can't answer to this yet, compliance related topics to Phase 2 are not 100% ironed out yet.
Q. Do you user’s end users as tester for this new main functions: FX, app.
A. We have a dedicated QA team, so this is for the manual tests. But we are also concluding work on our. A automation extensive tests suite. It should make our future deploys much smoother and of higher quality, more issues should be discovered before the actual change is deployed to the live servers.
Q. Will we start seeing more ERC20 tokens soon? They don't require as much work as the separate blockchains if I've understood correctly?
A. Correct, another 4-5 is going to be added next week.
Q. Would the market maker bot start working again after the upcoming of APIs?
A. Market maker already works, using our private api, no plans to change it in the near future. But the new api will be used by the other 3rd party partners and potentially by other market makers.
Q. Marcin what is your plan in relation to the Bitcoin Cash split?
A. Generally, exchanges took a side either on the SV or ABC fork. Our initial plan before the fork even happened was to support one or the other depending on which chain would prevail, but we never took any side... Right now it is clear both forks are here to stay, hence the decision is to support both. Before we open the deposits and withdrawal options we need to implement replay attack protection to our internal wallet addresses, as the respective forks did not implement it as part of their own code changes.
It is not really something that we wanted to do, as we preferred to focus on the new coins implementation, but as the fork happened we have no option, we took some of our engineering’s off from the other chains integration and work related to the replay attack protection is ongoing. We will most likely resume trading next week, and open deposits and withdrawals for both forked chains in the following week. Though don’t treat it yet a firm commitment.
Q. Besides the new stuff, how is the rework of the older code coming along?
A. We are not dumping anything, nothing like that. But more automated tests and more code coverage clearly shows where the defects are and where the team focus has to be put. It is an ongoing process, what will in fact never ends (refactoring of the code is part of the development process).
Q. How about a simple community voting tool which Tokens / Coins to add to the Exchange?
A. Yes, we’re going to be implementing this, once we’ve put all the “basic” chains and additional ERC-20 tokens that are currently missing from the exchange.
Q. what about Partner With Fund To Allow US Participation in Liquidity Pool? A lot of Americans waiting for this!
A. That’s not necessarily a tech issue, legal will handle this, and obviously everyone will be advised accordingly
Q. Can you comment and market predictions Q1 2019 encryption?
A. Any market comments, views, will be coming from Dave Hannigan, our Chief Dealer who in addition to his daily market commentary, will start popping onto Telegram from time to time.
Q. Besides the new stuff, how is the rework of the older code coming along?
Very good, we’ve brought on quite a few blockchain dev’s that have been working through the previous code, and much has been revised respectively.
Q. What was the reason for fast-tracking MakerDAO Implementation?
It really wasn’t fast tracked per se, but rather part of our weekly deployments. I’m comfortable enough now with the exchange to be more aggressive in adding tokens, and Dai was one of the tokens that we were able to add for the 10th.
Q. In your opinion, what would be the best addition to the product to attract the average Joe - FIAT currency or the mobile app?
I don’t believe there is any ONE thing that will attract the average Joe, but rather a combination of everything. The average Joe, in our opinion, is looking for the most well rounded exchange offering the most features and configurability. Hence the reason we’re focusing on implementing much as I have discussed.
submitted by tradeio to TradeIOICO [link] [comments]

BEWARE all ICOs and ICO issuers!!!!! Part 2

For Part 1, please visit: Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer. BEWARE all ICOs and ICO issuers!!!!! Part 2
Luvdub Coin recently made a public announcement for our airdrop and in less than 1 week, received submissions ranging in the thousands despite our intense KYC-AML procedure.
At this time, I felt compelled to write an article due to the alarming frequency of fraudulent activity and stolen data our verification team has witnessed in these past few days.
This article is broken into two parts and you are reading the second part, "What ICO issuers need to be aware of."
  1. Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer.
  2. What ICO issuers need to be aware of.
This is by all means not a comprehensive list and I do not suggest that you rely solely on this article to make any decision that may have an impact on your privacy, security, or life. I, nor anyone at Luvdub Coin or Luvdub Nation Inc. can be held responsible for what you do with the information provided. You are the only person who can make sure your data and privacy is safe.
What ICO issuers need to be aware of. So you hear all about the ICO craze where massive amounts of capital is being poured into a burgeoning industry. With ICOs like Telegram raising 1.7 billion dollars on its private sale alone or the Venezuelan government raising $735 million dollars for their oil backed cryptocurrency, you think, why can't I do this?
While the allure of starting an ICO may sound endearing, keep in mind there are grave consequences if poorly executed. I'm not just referring to fines or imprisonment from government agencies either but the potential for your ICO to adversely impact the lives of hundreds or thousands of innocent individuals across the world. If you fail in your execution, your ICO participants will suffer too.
Assuming that your intentions are pure and that you really are trying to create a solution for an unmet problem, I'd like you to consider several aspects of an ICO that are crucial to your project.
  1. Jurisdiction
  2. Security
  3. Values
--- Jurisdiction
Where you and your ICO participants reside matter
While every country, state, or city may have their own perspective on the regulation of ICO offerings, it's paramount to the survival of your ICO to understand these laws. Not adhering to their requirements can have dire consequences such as receiving a fraud suit filed by the SEC.
Since we are a company incorporated in New York, I will briefly discuss some aspects to be aware of during an ICO from our stand point. Some of these include the exclusion of unsophisticated investors, verifying and defining accredited investors, FinCEN compliance, and a slew of other matters.
In December 2017, SEC (Securities Exchange Commission) chairman Jay Clayton stated that all ICOs he came across should be classified as securities. This meant that ICOs that didn't comply with existing securities regulation faced scrutiny by the SEC. ICOs now are required to register with the SEC for their ICO and to undergo an extra layer of complexity in a murky world. Some alternatives to registration include:
Regulation D Rule 504: This rule allowed for companies to offer and sell up to $5,000,000 worth of securities within any 12-month period. The purchasers of the securities are to receive "restricted" securities where they cannot be sold for at least six months or a year without registering them. There are no limit on the number of investors. Regulation D Rule 506(b): This rule prevents general solicitation or advertisement to market the securities. Companies are allowed to sell to an unlimited number of accredited investors and up to 35 other purchasers. Even with the 35 other purchaser stipulation, all non-accredited investors would have to be considered "sophisticated" where they have sufficient knowledge and experience in order to effectively evaluate the merits and risks of the investment. The company would also provide information to investors that are free from false or misleading statements.
Regulation D Rule 506(c): This rule allows for general solicitation as long as: 1) The investors in the offering are all accredited investors; and 2) The company takes reasonable steps to verify that the investors are accredited investors, which could include reviewing documentation, such as W-2s, tax returns, bank and brokerage statements, credit reports and the like.
Regulation S: This rule allows for foreign investors to partake in securities purchase as long as the sale is made in an offshore transaction to a buyer outside the US. Also keep in mind that the tokens are to be considered "restricted" securities and not permissible to be resold under certain circumstances for a specific time frame.
Accredited Investors: Accredited investors can be individuals with an earned income that exceed $200,000 (or 300,000 together with a spouse) in each of the past two years, where they reasonably expect the same for the current year. They can also be individuals or together with a spouse having a net worth over $1 million excluding the value of their primary residence. Other accredited investors can be entities where all equity owners are accredited investors or trusts with assets exceeding $5 million.
We're still watching you
Even if you do register your ICO appropriately, there are still other safeguards that must be put in place. Any deviation from certain requirements can result in significant ramifications for your ICO which would adversely affect your community involved. Some things to consider are:
FinCEN: The Financial Crimes Enforcement Network (FinCEN) has established certain requirements in regards to the exchange of securities/money/value. Some of these requirements include the registration for BSA (Bank Secrecy Act) E-filing to transmit data for questionable transactions. They also require that certain protocols are created and implemented by the ICO organizers to ensure that a standard is set by the organization.
OFAC Sanctions List: Following the terror attacks of 9/11, the USA PATRIOT Act was created to thwart specific money laundering and terrorist financing activities. This prevented certain individuals from conducting transactions with personnel on the OFAC Sanctions List.
KYC-AML: If you aren't supposed to deal with terrorist organizations or individuals who finance such activities, how would you know? By complying with KYC-AML(Know your customeAnti-money laundering) procedures. Some of these include:
1) obtaining customer identifying information from each customer prior to account opening; 2) verifying the identity of each customer, to the extent reasonable and practicable, within a reasonable time before or after account opening; 3) making and maintaining a record of information obtained relating to identity verification; 4) determining within a reasonable time after account opening or earlier whether a customer appears on any list of known or suspected terrorist organizations designated by Treasury and 5) providing each customer with adequate notice, prior to opening an account, that information is being requested to verify the customer's identity.
![img](sxflhigbwk411 " Privacy matters")
With the advent of the internet, the dissemination of information has increased exponentially. This revolution does come at a price where large scale hacks that jeopardize sensitive data appear to be a common occurrence. For our submission process, we noticed a plethora of stolen data being photoshopped to pass our KYC-AML procedures. Here are some things to help protect the data of your users and to comply with specific regulations:
Encryption: This alone should be a standard for all things. It's the difference from making your data public to the world or confining it. The minimum expectation is to have TLS (Transport Layer Security) for all transmissions over the internet. You may take this a step further and register your company for a positive EV-SSL certificate. You may also force https encryption through your site and apply forced https through your browser via an extension. Consider encrypting your hard drives and all other devices that store sensitive data as well.
IP Restriction: If there is sensitive data on any of your servers, please restrict entry to only the IP addresses that require access.
Backups: Servers blow up. Data gets lost. Code ruins everything. $!*& happens. Make sure you back up your data so that if anything goes wrong, you are able to revert back to a normal state for operation. Also, when dealing with sensitive information, you can also consider utilizing a device that is not physically connected to a network (air gap). Some people choose to turn off the WI-fi or disconnect the Ethernet cable but whatever you decide, think security first.
Formatting OS: Unless you're running Tails OS (Operating System), you may want to consider formatting the OS every few months. This can help reassure that anything malicious that made its way onto your computer can be effectively wiped.
Password Managers: If you aren't utilizing a password manager for your devices, start doing so now. You should not have the same password for multiple sites/apps. It's also a good idea to change your passwords every now and then.
2-factor Authentication: For sensitive information, you should look into 2 factor authentication. This requires a second step in order to access your site/files/app. Sometimes it is done through email, through text message, or using an app like Google Authenticator or Authy.
VPN: VPNs (Virtual private networks) are services that allow for you to access the internet with a different IP address. This helps to ensure that if someone obtains your IP, they would think that you are at another location thus ensuring your privacy and security. VPNs are generally inexpensive for the value and security they provide.
Scripts: If you are using Firefox, Chrome, etc., consider downloading an extension that blocks/restrict client-side javascript on the web browser. While it may make web pages more interactive, certain sites can add malicious code such as Cross-Site Scripting (XSS) attacks. Keep in mind that deactivating javascript can cause certain sites to malfunction.
Ad blockers: Whatever ad blocker you choose, use it. There have been reports of sites pushing phony updates and other phishing attempts through redirects. In general, if you see an ad, don't click on it.
Email: Aside from never clicking on links, you should consider using plain text email as opposed to html. It is a lot easier to hide unsafe links through html. This is why whenever Luvdub Coin sends you an email from an official email address, you will ONLY receive it in plain text.
We lay out the foundation for success in the future
No matter what occurs in life, your decisions are based on your values. It is the experiences you encounter that determine your responses to your circumstances. If your team has strong leadership that is based on universal truths, you are able to accomplish anything and weather the storms. Without clear values and a mission, success becomes elusive and differences of opinion become divisive to the team.
Mission Statement: What is the purpose of your company/ICO? Are you looking just to reap tons of cash or do you want to make something better? Without a clear direction, your team will not have the focus to accomplish anything at its highest potential. Make a difference. Accountability: Do you see the world through the lens of a victim or someone who's powerful? Do you make excuses or own your faults? Do you have the make it happen factor? If you are ever in a situation that requires action, ask yourself, "which one of these mental states am I in?"
1) Unaware/unconscious of the problem. 2) Blaming others. 3) Making excuses. 4) Wait and hope the problem washes over. 5) Acknowledge that there is a problem. 6) Own the problem. 7) Find solutions. 8) Getting into action. Be powerful, not a victim.
Integrity: One of the most difficult aspects of leadership is integrity. Mean what you say and say what you mean. Do the right thing. When your back is up against the wall, it's your integrity that stands out and determines if you stand by your word. When the chips are down, it is our discipline that holds ourselves to the highest standard and to never deviate from righteousness. If someone is offering a kickback, don't accept. If there's a conflict of interest, kindly decline. We at Luvdub Coin do not accept offers for marketing services/ promotions that require any of our tokens or other forms of payment in exchange for social media referrals, youtube reviews, website listing, etc. without a disclaimer attached. Any underhand transactions not only creates distrust in the community but effectively tarnishes the value and reputation of a company/token.
That's it for our ICO ramble!
The world of cryptocurrency is still in its infancy but if we hold ourselves and others to the highest standard, we can propel the human race forward. I wish that your upcoming ICO does as well as you could have ever dreamed!
Please help spread the word and let's all do the right thing.
This has been the second and last part of my ICO ramble.
For Part 1, please visit: Why ICO participants should AVOID ICOs unless they ABSOLUTELY TRUST the issuer.
GET INVOLVED at Also check out our other sites: Telegram | Facebook | Github | White Paper | Youtube | Reddit | Twitter | BitcoinTalk
submitted by luvdubnation to LuvdubCoin [link] [comments]

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