Allows DeFi Dapps to access all Decentr’s dFintech features, including dLoan, dPay. Key innovation is that the protocols is based on a user’s ability to leverage the value of their data as exchangeable “currency”.
A tradeable unit of value that is both internal and external to the Decentr platform.A unit of conversion between fiat entering and exiting the Decentr ecosystem.A way to capture the value of user data and combines the activity of every participant of the platform performing payment (dPay), or lending and borrowing (dLend), i.e a way to peg PDV to tangible/actionable value.Method of payment in the Decentr ecosystem.A method to internally underwrite the “Deconomy.
Simon Dedic - chief of Blockfyre: https://twitter.com/scoinaldo/status/1283787644221218817?s=20https://twitter.com/scoinaldo/status/1283719917657894912?s=21
Spectre Group Pick : https://twitter.com/SPECTREGRP/status/1284761576873041920https://twitter.com/llluckyl/status/1283765481716015111?s=21
Patrons of the Moon/Lil Uzi: https://t.me/patronsofthemoon/6764
tehMoonwalker pick who is a TOP 5 influencer per Binance:https://twitter.com/tehMoonwalkestatus/1284123961996050432?s=20https://twitter.com/binance/status/1279049822113198080
Holochain was one of their earliest supporters and they share a deep connection (recently an AMA was conducted in their TG group): https://medium.com/@DecentrNet/decentr-holochain-ama-29d662caed03
submitted by Smart_Smell to Robopay [link] [comments]
Cryptomarketing in 2020: successful application of strategies from MLM and the beauty industry
Over the past decade, the crypto-industry has proven to be a unique industry with a specific audience, which requires a no less specific approach. In this regard, in 2020, the advertising activity of crypto companies is significantly different from that to which banks and various financial companies resort. Industry leaders prefer not to rely on traditional online advertising on Facebook, Instagram and YouTube. They follow a different path: they work with bloggers (opinion leaders and influencers), rely on MLM marketing referral programs and actively organize various contests and sweepstakes with generous prize pools. The CoinDesk portal claims that crypto marketing this year is strikingly reminiscent of marketing in the beauty industry, and here it is no less effective.
General conceptMichelle Fan, a blogger with a million YouTube subscribers, is using the same techniques to spread skin care life hacks and the idea of financial freedom through bitcoins. Moreover, she assures that the leaders of the crypto industry, like her, use marketing schemes from the beauty industry, even if they themselves do not know about it.
Both areas prefer to use the DTC (Direct to Customer) business scheme, independently creating and then promoting and selling goods / services, working as closely as possible with the community. Sales are built through aggregated retail platforms like Amazon, Etsy and Shopify, or even through accounts in popular social networks.
Industry leaders in developing countries often resort to the latter option, where large sites like Amazon simply don’t work or aren’t popular. For example, Michelle Haber, a bitcoin maximalist from Libya, made it clear in CoinDesk’s comment that social networks and chats are today the most effective way to distribute goods / services in crypto topics. He said that local traders in order to “educate” the audience help buy hardware wallets, selling them through groups on social networks. Buying yourself Trezor or Ledger in another way is often simply impossible.
Work with opinion leadersMichelle Fan is not the only person from the crypto-community who notices the similarities with the beauty industry. So, Maria Paula Fernandez, who actively uses the services of the DeFi sector and is seriously interested in the topic of skin care, gave the CoinDesk portal a similar comment.
She notes that in both cases, society has become accustomed to relying on the opinion of society itself, rather than trusting the views of the world’s leading media. Therefore, in both sectors, the so-called influencers are very popular — opinion leaders and bloggers who disseminate information among their audience on YouTube, Instagram, TikTok and other social networks, receiving a reward for this.
Crypto-companies very often, like firms from the beauty industry, provide their products to opinion leaders for review and further “instruction” of their subscribers. Maria Paula Fernandez does not see anything shameful in this. Observing the experience of bloggers, subscribers begin to acquire a kind of crypto-education and disseminate the information through the word of mouth. Thus, the crypto-community grows.
The most successful bloggers over time can count on sponsorship from one or another crypto company.
For example, the podcaster Marty Bent, whose show is now funded by Unchained Capital and Square, the developer of Cash App, witnessed this scenario. The latter, by the way, in addition to Bent sponsor also podcast Joe Rogan and rapper Lil B.
Many other large companies, including the Kraken exchange, have resorted to this strategy. They are just as interested in sponsoring reputable content creators who promote products among loyal subscribers. The U.S. exchange sponsors the Reckless VR crypto start-up, founded by Udi Wertheimer for crypto-conferences in virtual reality, and the famous podcast Peter McCormack, who launched his own media brand Defiance last year. Having started his career as a hobby, McCormack turned it into a business of his life, thanks to which he earned about $1 million for 2019.
With all this, working with bloggers is a great opportunity to enter foreign markets. This is understood at Crypto.com, where they use opinion leaders to attract the Russian-speaking and Turkish-speaking community. Does this approach give a result? Judge for yourself: over the past six months, the number of startup users has doubled and currently stands at more than 2 million people.
Referral Bonuses and MLM MarketingThe development of products within the community often turns into MLM marketing strategies, which require the presence of referral bonuses and bonuses “in depth” — favorite schemes of cosmetic brands. They use a multi-level reward system for attracting partners, where you can usually get a bonus not only for personally invited, but also for “friends of friends and their friends”. Thus, opinion leaders who distribute crypto products often receive a portion of the funds that people invited by them will pay for the product / service.
The relevance and effectiveness of the trend is confirmed by the fact that these methods are not shy to use not only crypto start-ups, but also top cryptocurrency companies, widely known throughout the industry. A prime example is SatoshiLabs, a company that manufactures and distributes Trezor wallets. The head of communications, Iva Fizerova, confirmed that she is actively resorting to “affiliate marketing” with bloggers as an alternative to paying them for direct advertising.
No less vivid examples are the largest crypto exchanges Binance and Gemini, which managed to succeed not without the help of referral systems copied from the multi-level marketing campaigns Avon and Mary Kay, which they have been using for decades.
Instagram blogger Chjango Unchained has been earning good bonuses for several months running after posting a referral link to Gemini on her profile. When her subscribers register on the exchange and buy cryptocurrencies worth more than $100, she receives $10 in BTC. According to her, she is doing a good deed. The blogger wants people who are interested in her opinion on digital money to start their crypto path on Gemini, and not, for example, on Coinbase, because the latter charges “crazy commissions”.
Referral system bonuses are a typical phenomenon for many crypto companies, and successful bloggers are happy to use this. A prime example is Michael Gu, known by the pseudonym Boxmining. It has been distributing information about digital money since 2012, having gathered an audience of more than 200,000 subscribers on YouTube and more than 3,500 participants in Telegram chat during this time.
Despite the fact that the manufacturer of hardware wallets Ledger does not sponsor its activities, it places referral links in the video descriptions and collects voluntary donations from subscribers. As you might guess, he feels rather well. At the same time, he emphasized that user activity during the coronavirus pandemic is only growing, especially after YouTube began to put sticks in the wheels of the creators of crypto-content.
Gifts, contests and sweepstakesMaking a small gift is a great way to introduce an audience to a new product. In the cryptocurrency market, this has long been relevant.
Coin creators eagerly carry out airdrops and bounty campaigns, allowing the crypto community to test the new coin. A similar approach is popular in the beauty industry. Samplers of perfumes and branded magazines with smells have led many girls to buy full-fledged versions of the fragrance.
In addition to the cryptocurrency developers themselves, a similar approach is also used by cryptocompanies of a different direction, which cannot conduct airdrops due to their technical features (for example, this is true for manufacturers of hardware wallets). Therefore, they organize more classic contests and sweepstakes. For example, they play a wallet for reposting on social networks or videos published on YouTube.
It is noteworthy that cryptobrands in this area are even more active than cosmetics manufacturers. They work not only with trusted bloggers with many subscribers, but also help to become less “untwisted” users. Therefore, they periodically assist them in organizing draws in order to attract subscribers who could potentially become new customers.
Iva Fizerova from SatoshiLabs confirmed that Trezor manufacturers periodically help users attract new followers through the distribution of gifts. Moreover, this approach brings excellent results. By working with the community this way, they have managed to sell hundreds of thousands of wallets. But most importantly, a reputation of the brand has formed around the product, warmly received by the audience. And this effect is so strong that the company simply does not see the point in spending money on traditional expensive advertising.
Most importantly, despite all the problems of 2020, including the coronavirus pandemic, which seriously hit the global economy and, accordingly, people’s wallets, demand for products did not fall. This approach remains effective, while the percentage of successful conversions in traditional advertising has probably decreased. Fizerova noted that over the past three months they have recorded a steady increase in demand for goods. Moreover, they even had to solve delivery problems, if only the buyers got the desired devices in a timely manner.
A similar approach and results are observed with other manufacturers of hardware wallets. Thus, Rodolfo Novak, co-founder of Coinkite, confirmed the growth in demand for products, despite the pandemic. Working with the community is their main marketing strategy, because it really gives results. Over the past three years, they donated about 50 wallets to YouTube reviewers. Novak is proud that their “users help other users.” According to him, this approach allows you to sell products at a lower price, since the cost of goods does not include high costs for familiar marketing campaigns.
Are marketing strategies effective? More thanThe cryptocurrency market relies on marketing strategies that have established themselves in the beauty industry, which in the new field are no less effective. Maximum performance is achieved with a killer combination of all three of the above methods. It’s about when the founders of cryptocompanies themselves become opinion leaders. Just look at Changpen Zhao, the head of Binance, or Justin Sun, the project manager of TRON. Both entrepreneurs are bloggers with a huge army of subscribers and are personally engaged in the promotion of their brands, regularly rewarding their audience with pleasant gifts.
It’s easy to guess why industry leaders rely mainly on this type of marketing. Advertising products in the traditional way is expensive, especially for startups, behind which there are still no attractive products with a good reputation. But more importantly, crypto products are quite complex in themselves, so they often need detailed explanations, which are difficult to implement in the framework of traditional advertising. Agree that selling a bottle of Fanta with a new taste is much easier than a hardware cryptocurrency wallet, especially since most people don’t understand what it is.
On top of that, regular advertising is complicated by the fact that media giants regularly block crypto content.
In such a situation, marketing borrowed from the beauty industry seems to be the most acceptable and most effective option. By focusing their marketing budgets on opinion leaders and working with the community, cryptocompanies achieve the desired result, even taking into account the coronavirus pandemic. The crypto community is getting bigger and stronger every day. But the best part is that this growth cannot be stopped.
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News by Coindesk: Max Boonen
Carrying on from an earlier post about the evolution of high frequency trading (HFT), how it can harm markets and how crypto exchanges are responding, here we focus on the potential longer-term impact on the crypto ecosystem.
First, though, we need to focus on the state of HFT in a broader context.
Conventional markets are adopting anti-latency arbitrage mechanismsIn conventional markets, latency arbitrage has increased toxicity on lit venues and pushed trading volumes over-the-counter or into dark pools. In Europe, dark liquidity has increased in spite of efforts by regulators to clamp down on it. In some markets, regulation has actually contributed to this. Per the SEC:
“Using the Nasdaq market as a proxy, [Regulation] NMS did not seem to succeed in its mission to increase the display of limit orders in the marketplace. We have seen an increase in dark liquidity, smaller trade sizes, similar trading volumes, and a larger number of “small” venues.”Why is non-lit execution remaining or becoming more successful in spite of its lower transparency? In its 2014 paper, BlackRock came out in favour of dark pools in the context of best execution requirements. It also lamented message congestion and cautioned against increasing tick sizes, features that advantage latency arbitrageurs. (This echoes the comment to CoinDesk of David Weisberger, CEO of Coinroutes, who explained that the tick sizes typical of the crypto market are small and therefore do not put slower traders at much of a disadvantage.)
Major venues now recognize that the speed race threatens their business model in some markets, as it pushes those “slow” market makers with risk-absorbing capacity to provide liquidity to the likes of BlackRock off-exchange. Eurex has responded by implementing anti-latency arbitrage (ALA) mechanisms in options:
“Right now, a lot of liquidity providers need to invest more into technology in order to protect themselves against other, very fast liquidity providers, than they can invest in their pricing for the end client. The end result of this is a certain imbalance, where we have a few very sophisticated liquidity providers that are very active in the order book and then a lot of liquidity providers that have the ability to provide prices to end clients, but are tending to do so more away from the order book”, commented Jonas Ullmann, Eurex’s head of market functionality. Such views are increasingly supported by academic research.
XTX identifies two categories of ALA mechanisms: policy-based and technology-based. Policy-based ALA refers to a venue simply deciding that latency arbitrageurs are not allowed to trade on it. Alternative venues to exchanges (going under various acronyms such as ECN, ATS or MTF) can allow traders to either take or make, but not engage in both activities. Others can purposefully select — and advertise — their mix of market participants, or allow users to trade in separate “rooms” where undesired firms are excluded. The rise of “alternative microstructures” is mostly evidenced in crypto by the surge in electronic OTC trading, where traders can receive better prices than on exchange.
Technology-based ALA encompasses delays, random or deterministic, added to an exchange’s matching engine to reduce the viability of latency arbitrage strategies. The classic example is a speed bump where new orders are delayed by a few milliseconds, but the cancellation of existing orders is not. This lets market makers place fresh quotes at the new prevailing market price without being run over by latency arbitrageurs.
As a practical example, the London Metal Exchange recently announced an eight-millisecond speed bump on some contracts that are prime candidates for latency arbitrageurs due to their similarity to products trading on the much bigger CME in Chicago.
Why 8 milliseconds? First, microwave transmission between Chicago and the US East Coast is 3 milliseconds faster than fibre optic lines. From there, the $250,000 a month Hibernia Express transatlantic cable helps you get to London another 4 milliseconds faster than cheaper alternatives. Add a millisecond for internal latencies such as not using FPGAs and 8 milliseconds is the difference for a liquidity provider between investing tens of millions in speed technology or being priced out of the market by latency arbitrage.
With this in mind, let’s consider what the future holds for crypto.
Crypto exchanges must not forget their retail rootsWe learn from conventional markets that liquidity benefits from a diverse base of market makers with risk-absorption capacity.
Some have claimed that the spread compression witnessed in the bitcoin market since 2017 is due to electronification. Instead, I posit that it is greater risk-absorbing capacity and capital allocation that has improved the liquidity of the bitcoin market, not an increase in speed, as in fact being a fast exchange with colocation such as Gemini has not supported higher volumes. Old-timers will remember Coinsetter, a company that, per the Bitcoin Wiki , “was created in 2012, and operates a bitcoin exchange and ECN. Coinsetter’s CSX trading technology enables millisecond trade execution times and offers one of the fastest API data streams in the industry.” The Wiki page should use the past tense as Coinsetter failed to gain traction, was acquired in 2016 and subsequently closed.
Exchanges that invest in scalability and user experience will thrive (BitMEX comes to mind). Crypto exchanges that favour the fastest traders (by reducing jitter, etc.) will find that winner-takes-all latency strategies do not improve liquidity. Furthermore, they risk antagonising the majority of their users, who are naturally suspicious of platforms that sell preferential treatment.
It is baffling that the head of Russia for Huobi vaunted to CoinDesk that: “The option [of co-location] allows [selected clients] to make trades 70 to 100 times faster than other users”. The article notes that Huobi doesn’t charge — but of course, not everyone can sign up.
Contrast this with one of the most successful exchanges today: Binance. It actively discourages some HFT strategies by tracking metrics such as order-to-trade ratios and temporarily blocking users that breach certain limits. Market experts know that Binance remains extremely relevant to price discovery, irrespective of its focus on a less professional user base.
Other exchanges, take heed.
Coinbase closed its entire Chicago office where 30 engineers had worked on a faster matching engine, an exercise that is rumoured to have cost $50mm. After much internal debate, I bet that the company finally realised that it wouldn’t recoup its investment and that its value derived from having onboarded 20 million users, not from upgrading systems that are already fast and reliable by the standards of crypto.
It is also unsurprising that Kraken’s Steve Hunt, a veteran of low-latency torchbearer Jump Trading, commented to CoinDesk that: “We want all customers regardless of size or scale to have equal access to our marketplace”. Experience speaks.
In a recent article on CoinDesk , Matt Trudeau of ErisX points to the lower reliability of cloud-based services compared to dedicated, co-located and cross-connected gateways. That much is true. Web-based technology puts the emphasis on serving the greatest number of users concurrently, not on serving a subset of users deterministically and at the lowest latency possible. That is the point. Crypto might be the only asset class that is accessible directly to end users with a low number of intermediaries, precisely because of the crypto ethos and how the industry evolved. It is cheaper to buy $500 of bitcoin than it is to buy $500 of Microsoft shares.
Trudeau further remarks that official, paid-for co-location is better than what he pejoratively calls “unsanctioned colocation,” the fact that crypto traders can place their servers in the same cloud providers as the exchanges. The fairness argument is dubious: anyone with $50 can set up an Amazon AWS account and run next to the major crypto exchanges, whereas cheap co-location starts at $1,000 a month in the real world. No wonder “speed technology revenues” are estimated at $1 billion for the major U.S. equity exchanges.
For a crypto exchange, to reside in a financial, non-cloud data centre with state-of-the-art network latencies might ironically impair the likelihood of success. The risk is that such an exchange becomes dominated on the taker side by the handful of players that already own or pay for the fastest communication routes between major financial data centres such as Equinix and the CME in Chicago, where bitcoin futures are traded. This might reduce liquidity on the exchange because a significant proportion of the crypto market’s risk-absorption capacity is coming from crypto-centric funds that do not have the scale to operate low-latency strategies, but might make up the bulk of the liquidity on, say, Binance. Such mom-and-pop liquidity providers might therefore shun an exchange that caters to larger players as a priority.
Exchanges risk losing market share to OTC liquidity providersWhile voice trading in crypto has run its course, a major contribution to the market’s increase in liquidity circa 2017–2018 was the risk appetite of the original OTC voice desks such as Cumberland Mining and Circle.
Automation really shines in bringing together risk-absorbing capacity tailored to each client (which is impossible on anonymous exchanges) with seamless electronic execution. In contrast, latency-sensitive venues can see liquidity evaporate in periods of stress, as happened to a well-known and otherwise successful exchange on 26 June which saw its bitcoin order book become $1,000 wide for an extended period of time as liquidity providers turned their systems off. The problem is compounded by the general unavailability of credit on cash exchanges, an issue that the OTC market’s settlement model avoids.
As the crypto market matures, the business model of today’s major cash exchanges will come under pressure. In the past decade, the FX market has shown that retail traders benefit from better liquidity when they trade through different channels than institutional speculators. Systematic internalizers demonstrate the same in equities. This fact of life will apply to crypto. Exchanges have to pick a side: either cater to retail (or retail-driven intermediaries) or court HFTs.
Now that an aggregator like Tagomi runs transaction cost analysis for their clients, it will become plainly obvious to investors with medium-term and long-term horizons (i.e. anyone not looking at the next 2 seconds) that their price impact on exchange is worse than against electronic OTC liquidity providers.
Today, exchange fee structures are awkward because they must charge small users a lot to make up for crypto’s exceptionally high compliance and onboarding costs. Onboarding a single, small value user simply does not make sense unless fees are quite elevated. Exchanges end up over-charging large volume traders such as B2C2’s clients, another incentive to switch to OTC execution.
In the alternative, what if crypto exchanges focus on HFT traders? In my opinion, the CME is a much better venue for institutional takers as fees are much lower and conventional trading firms will already be connected to it. My hypothesis is that most exchanges will not be able to compete with the CME for fast traders (after all, the CBOE itself gave up), and must cater to their retail user base instead.
In a future post, we will explore other microstructures beyond all-to-all exchanges and bilateral OTC trading.
Fiber threads image via Shutterstock
If you happened to read my previous post, you would know WeChat group chats plays a phenomenal role to connect the Chinese crypto circle. The night of July 12th, a unique interview took place in one of those WeChat groups. You may even say the first of its kind.submitted by ox3tv to u/ox3tv [link] [comments]
On the one end is my friend Matthew Roszak, co-founder and chairman of Bloq; on the other, there are 499 women--all of them blockchain entrepreneurs and journalists from different parts of China.
I worked as the host of the event. Questions were collected from all members in advance. During the next hour and half, we discussed with Matt his experience as an investor, his insights on the future of blockchain, and the launch of his latest project, Metronome.
Here is the complete interview. I have tried to keep it as close to the chat history as possible, though minor tweaks were made for easier reading. Enjoy!
Matt: So cool to be here -- and talk about my favorite subject in the world :-)
Bianca: It is my favorite subject as well and glad to do this with one of my favorite people in this field.
Matt: I am so thrilled you asked me to be a part of this special chat -- ever since you produced that blockchain documentary, your star has been rising higher and higher -- congrats Bianca! I see so many amazing women entrepreneurs on this channel -- super impressive!
Bianca: Many incoming questions. We have selected a few. First of all: You’re an experienced blockchain investor. How did you start investing in cryptocurrency? By contrast, what’s your view on the future of Wall Street?
Matt: When I started out I was so inspired by bitcoin -- it was a true innovation, an invention (on the scale of a Nobel prize for Satoshi) and became a social movement.
I initially invested in bitcoin, then invested in over 20 companies in the blockchain space -- bridges, roads and tunnels -- think wallets, exchanges, miners, payment processors, software layers, etc. -- that helped me create a mental roadmap on this space back in 2012/2013. More importantly, I met some of the most amazing entrepreneurs in this ecosystem -- folks like CZ at Binance, Ted at Xapo, Charlie at Litecoin, Bobby at BTCC and even my co-founder Jeff Garzik.
My co-founder Jeff is a rare bird -- he worked on the Linix kernel with Linus Torvalds (creator of Linux) -- and worked on the Bitcoin kernel with Satoshi -- these are two of the most important open source projects in history -- so grateful to have him on my team and as my dear friend…
I hosted dinners in every city I traveled to -- about 20-40 people -- that helped me build great relationships and guide my thesis in this space.
I thought Wall Street/institutional investors would have been in crypto more substantially by now -- there is very little institutional money in our space -- the infrastructure to accommodate them, namely custody platforms, is being built however not in the format nor risk tolerance they are comfortable with -- that will change and we will see a lot of money flowing in by the end of this year with 2019 being a breakout year for institutional adoption.
Bianca: You participated in the first ICOs. What are the lessons you learned from those experiences?
Matt: I originally was a bitcoin maximalist -- I was lucky to change that thinking as it would have made me miss other networks like Ethereum, Qtum EOS and many others -- this space is a movie, and not a static picture -- the innovation is rapidly developing and it creates unprecedented opportunities for entrepreneurs and investors.
Another key point is that I am an investor, and not a trader -- so I buy and hold for the most part -- and that discipline has served me well.
Bianca: Compared to bitcoin or ETH, what are some innovations of Metronome?
Matt: From a tech standpoint, Metronome (MET) is an autonomous network -- meaning there is no author or founder influence or control on the code since its launch -- autonomous networks will be some of the most powerful and valuable networks in all of crypto -- they are also very hard to build as we saw first hand with the DAO, which broke ETH in half -- that project was way different, very complicated and poorly built, hence it's fate -- but getting autonomous networks right is in many ways a key part of this decentralized future we are all building and investing in.
The other key tech component is that MET is the world's first cross-chain crypto -- meaning MET is born on Ethereum but will be able to move to any other EVM (Ethereum Virtual Machine) -- think ETC, QTUM, RSK/BTC, etc. -- like a boxcar on a railroad that you can move to another track -- this creates a new dimension and relationship between the user and MET where you self govern where your MET resides -- we even called our whitepaper an Owner's Manual :-)
I do not think people will be moving their MET around from track to track, but from a longevity and durability standpoint -- it has staying power even if ETH or any other underlying rail goes away in the future (as you can move it).
So we created MET as an expression of many years of watching the crypto space and believed there was room for more innovation.
The other thing that I am proud of is that the proceeds from the auction didn't go to a foundation or a company, they went into code (a smart contract) -- and all that smart contract does is provide liquidity and price support to the MET community through a decentralized exchanger -- all engineered for the benefit of the MET users/community.
Bianca: Talking about the auction, Metronome used the descending price model during Initial Supply. Did you observe a lower auction price (for instance, due to buyers using bots to do last-minute biddings), thus bringing fewer funds to the pool than you had expected?
Matt: The auction raised about $12MM USD in proceeds during the most difficult week in crypto in 7 months -- we are very proud of the fact that the network launched, the system works, and there were no security issues -- the future is incredibly bright for Metronome!
Most other projects raise money and launch several years out -- MET was made alive at launch! -- again, very difficult to build and create these systems -- I am so proud of the team!
Bianca: What are the differences between working at private equity and crypto investment? How do you normally evaluate a blockchain project?
Matt: OMG sooooo different -- private equity (and even traditional venture) and crypto are two different planets.
The common denominator in how you approach people in PE or VC or crypto is people -- you always back people -- no whitepaper or product roadmap is going to build themselves.
We are in the early days, so great people are raising lots of money with just a whitepaper -- pretty soon the bar will be raised to ensure projects have a working product/protocol -- the bar will raised even further to have users and utility and metrics on that network.
With the total crypto market cap of $250 billion, we are still in the stone ages for crypto -- we have a lot of building and adoption ahead of us -- feels like early Internet or early mobile days -- big fun ahead!
Bianca: Vitalik just commented “I definitely hope centralized exchanges go burn in hell.” What’s your take on centralized exchanges such as Bitfinex, Binance, and Fcoin?
Matt: Oh boy, good question -- well I think we are watching the evolution of all of this -- we need certain infrastructure to get from A to B in crypto adoption -- even centralized exchanges and wallets -- they are not for everybody but serve an important purpose and address a market need for folks that have no clue how to manage private keys.
In the exchange space I love watching innovators like CZ and team at Binance -- they created an incredible platform, with a tokenized model that many are trying to emulate -- imitation is the greatest form of flattery ;-) they also have a strategy on how to construct a decentralized exchange.
So if you are not innovating and looking to decentralize, your business model may be at risk in the future -- however decentralized applications like this are hard to build and rely on infrastructure and tech that has not been built or not ready for prime time -- decentralization is a journey.
Bianca: Many governments are tightening on crypto regulations. Where do you think the government policy on crypto can go?
Matt: Historically technology innovation has always outpaced regulations -- we are seeing that play out big time in crypto.
I am inspired by what Singapore, Switzerland, Malta, Barbados and other countries are doing to attract projects and innovation to their boards in our industry.
Lots of jurisdictional arbitrage is playing out -- countries smell the crypto ;-) and want to bring jobs, innovation and investment to their borders.
This happened before with online gaming, hedge funds, etc. -- however with crypto, these networks can be trillion dollar blood vessels of value.
Bianca: Given the current market situation, what suggestions do you have for investors, entrepreneurs, and service providers?
Matt: Never has a technology frontier like crypto had the potential to impact power centers like Wall Street and Silicon Valley -- that is and will continue to be tested with crypto.
MONEY = POWER (old adage)
MONEY = TECHNOLOGY (with crypto)
TECHNOLOGY = POWER (new adage)
Bianca: Any story you can share when you sent bitcoins to Clinton and Branson? What were their attitudes towards crypto and blockchain?
Matt: Several years back bitcoin was so abstract to people outside of our industry -- I used to always keep a physical bitcoin on me to use as a conversation starter -- I love the Kialara physical bitcoins -- they are works of art and exposes a cool reaction when I give them to people -- the physicality always helps in a discussion over dinner or a drink -- gives tangible to the intangible ;-)
I was fortunate to meet some great people and try to open their minds to this new technology frontier -- I gave bitcoin to: Richard Branson, Bill Clinton, Steve Wozniak, Robin Wright and many more -- Branson is an inspiration for me in how he conducts business and gives so much back to society and the environment.
Bianca: Last question from the group member: do you think the market value of many digital coins will return to zero?
Matt: My sense is that about 90%+ will go to zero -- I think BTC and ETH will continue to do very well as they are the two "gateway cryptos" for new money (institutions) coming into this ecosystem -- that logic will spread to the top 10-20 large and mid-cap cryptos -- speculative network effects will kick in -- we are still in the investment and speculative phase crypto (like it or not) -- once there is real utility, transactions and throughput, we will see which networks wil remain for the long haul -- the potential here is tens of trillions of value -- we have a long way to go…
Bianca: Before you go, would you like to share your feelings today? Do you have any other words for the ladies in the 499 WeChat Group? :)
Matt: Once more, I am so honored to spend time with you all -- super impressed by the women in this group -- this is the best time to build, invest and be a part of one of the most important societal shifts in history!
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