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AMM + Limit Order, Will OneSwap Replace Traditional Exchange?
When a thing is denied, something new starts at a higher level. The update and iteration of the currency circle takes only a few days. On August 13, Yam, the token of a popular DeFi project, plummeted by 98%, while YFI, another DeFi cryptocurrency, outran the digital currency Bitcoin Gold by value under capital operation. According to their familiarity with DeFi, blockchain investors in 2020 can be divided into two categories. The "New" investors are active in DEXs such as UniSwap and Balancer, striving for hundredfold returns on investment amid fake projects, while the "old" investors stick to mainstream cryptocurrencies and advocate value investment in the three major CEXs. Despite its long history, DEX did not prosper until recently. It has processed transactions of over US$520 million in the past 24 hours, and the trading volume for the past week has exceeded the figure across 2019. But still, many people are stranger to DEX. I.Will DEX shuffle the existing trading market? Upon discovering something new, you can describe it, but never evaluate it superficially. UniSwap occupies 55% of the entire DEX market. Celebrities in the circle enjoy discussing the changes brought by UniSwap on social media and how it will change the existing trading landscape. On August 5, Jay, CEO of OKEX Exchange, publicly stated that "UniSwap can hardly replace the current mainstream exchanges." on Weibo. He also listed two reasons:
With insufficient transaction depth, UniSwap cannot support large transactions;
UniSwap cannot set prices independently, but has to follow the prices set by other exchanges.
Unlike private cryptocurrency wallets that gives you total freedom to use your bitcoins or ether as you see fit, Coinbase has placed some limitations with regards to spending and receiving digital currencies. Under Section 6.4 of the user agreement, for example, Coinbase reserves the right to monitor your account and keep track of where you send and receive cryptocurrency to make sure you're not using it for purposes that fall under what's prohibited. "Prohibited Use and Prohibited Business," which can be found under Appendix 1 of the user agreement, covers a wide array of activities and businesses, such as online abuse, gambling, high-risk businesses, illicit drugs, pornography, and pyramid schemes, to name a few. Violating this can result in the sudden suspension or termination of your Coinbase account . While these prohibitions seem reasonable on the surface, It's still worrisome as it technically prohibits us from using our bitcoins on businesses Coinbase deems high risk. This is a slippery slope in and of itself since cryptocurrency exchanges can very well fall under this umbrella. So if you transfer bitcoins to an exchange site like Binance to purchase other less popular cryptocurrencies like monero, Coinbase can potentially suspend or terminate your account without notice and freeze any in-app assets you may have in the process. First, the “trading pair” (or, “currency pair”) is the product being traded. In the above screenshot the product is ETH, and the “quote currency” is USDThis means that traders are buying and selling the cryptoasset ethereum, priced in dollars .The order book shows all the bids and asks at a given time. A “bid” is the price at which a buyer will buy, and an “ask” is the price at which a seller will sell. The order book also shows the aggregate amount of asks and bids (supply and demand) at a given price, called the “market size.” The “depth chart” is another way to visualize the order book, showing cumulative bid and ask orders over a range of prices. Coupled with volume — or, the total amount traded over a given time period — the depth chart provides a good way to measure “liquidity.” Liquidity describes how easy it is to turn an asset into cash. For instance, if ethereum suddenly saw a massive sell-off, there might not be enough buyers, or enough “liquidity,” for sellers to sell to. Lastly, the “mid-market price” is the price between the best “ask” price and the best “bid” price. It can also be defined as the average of the current bid and ask prices. Coinbase operates both an order book exchange, called the Global Digital Asset Exchange (GDAX), and a brokerage, called Coinbase. More advanced traders (including small institutional players, like cryptoasset hedge funds and family offices) buy and sell cryptoassets on GDAX and determine the mid-market price. Coinbase (the brokerage) then allows retail investors to buy and sell cryptoassets at these mid-market prices, and charges a fee on top. In practice, retail investors can buy and sell directly from Coinbase’s brokerage, like they might buy a stock from Scottrade or Charles Schwab. Coinbase’s brokerage range from roughly 1.5% to 4.0% depending on the user’s payment method; due to increased risk, credit cards come with higher fees than bank transfers. Traders on GDAX pay significantly lower fees. Of note, Coinbase’s brokerage buys cryptoassets from GDAX, instead of from an outside exchange. This gives the company a secure in-house source of liquidity. Given how often exchanges are hacked or otherwise compromised, this is quite important; Coinbase’s brokerage doesn’t have to rely on anyone else for liquidity. There are a lot of exchanges on the market that aren’t as trustworthy as they claim to be, which is one of the reasons I am writing this Coinbase review — to show you how legitimate Coinbase is, among other things. So, is Coinbase legit? Well, the truth is, Coinbase is probably as legit as it gets. Just to operate in 30 states of the U.S. alone, it has over 40 different licenses. This ensures their practices are legal and that they handle your money with integrity. If you’re reading this Coinbase review, the first thing you need to know is whether or not you can use this exchange in your region. Coinbase can be used in many countries to do transactions like sending, receiving or storing funds. However, Coinbase’s buy and sell features are only available in 32 developed countries around the world. So, be sure to check whether you can use Coinbase from your country before you attempt to sign up.
In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up. https://preview.redd.it/0v13qoil3cc41.jpg?width=808&format=pjpg&auto=webp&s=e6134bc089c4e352dce10d754dc84ff11a4c7994 However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework. How to Use BitMEX BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash. The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s. Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath. Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long. The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors. https://preview.redd.it/fabg1nxo3cc41.jpg?width=808&format=pjpg&auto=webp&s=6d939889c3eac15ab1e78ec37a8ccd13fc5e0573 Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red. BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed. Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible. BitMEX offers a variety of order types for users:
Limit Order (the order is fulfilled if the given price is achieved);
Market Order (the order is executed at current market price);
Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.
Futures and Swaps
A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts. Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price. BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event. The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.
BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.” There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution. https://preview.redd.it/eg4qk9qr3cc41.jpg?width=808&format=pjpg&auto=webp&s=c3ca8cdf654330ce53e8138d774e72155acf0e7e The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.
BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks. As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin. The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer. https://preview.redd.it/xj1kbuew3cc41.jpg?width=808&format=pjpg&auto=webp&s=68056f2247001c63e89c880cfbb75b2f3616e8fe Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.
BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC). BitMEX supports the following cryptocurrencies:
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Ripple Token (XRP)
EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
5x: Zcash (ZEC)
20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider. The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing. https://preview.redd.it/qcqunaby3cc41.png?width=672&format=png&auto=webp&s=b77b45ac2b44a9af30a4985e3d9dbafc9bbdb77c
The BitMEX Insurance Fund
The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners. Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders. In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners. To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low. Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero. In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market. This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin. https://preview.redd.it/wel3rka04cc41.png?width=669&format=png&auto=webp&s=3f93dac2d3b40aa842d281384113d2e26f25947e Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth. The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits. Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral https://preview.redd.it/is89ep924cc41.png?width=699&format=png&auto=webp&s=f0419c68fe88703e594c121b5b742c963c7e2229 (Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments. The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.) The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits. This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up. Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral https://preview.redd.it/vb4mj3n54cc41.png?width=707&format=png&auto=webp&s=0c63b7c99ae1c114d8e3b947fb490e9144dfe61b (Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments. The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.) The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time). This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
BitMEX does not demand payments from traders with negative account balances.
The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism. This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market. More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms. Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.
How suitable is BitMEX for Beginners?
BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants). This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
**Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
**Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
**Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
**References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
**API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts. In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab. For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community. Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange. This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders. Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.
Is BitMEX Safe?
BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens. BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown. https://preview.redd.it/t04qs3484cc41.jpg?width=808&format=pjpg&auto=webp&s=a3b106cbc9116713dcdd5e908c00b555fd704ee6 In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex. They have email notifications, and PGP encryption is used for all communication. The exchange hasn’t been hacked in the past.
How Secure is the platform?
As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels. Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts. Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section. The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal. All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users. With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds. Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.
BitMEX Customer Support
The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses. https://preview.redd.it/8k81zl0a4cc41.jpg?width=808&format=pjpg&auto=webp&s=e30e5b7ca93d2931f49e2dc84025f2fda386eab1 The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance. BitMEX also offers trading guides which can be accessed here
There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue. BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website. However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides. Visit BitMEX
With Bitfinex announcing its EOS-based DEX will be launched this month on the 25th, DEX of Binance is facing strong competition again.
https://preview.redd.it/jae7b0zweu931.jpg?width=967&format=pjpg&auto=webp&s=2671a92a17bc54915173f55333322d4e53c9219b On June 27, Bitfinex retweeted that EOSfinex, the DEX based on EOS, had completed testing and planned to launch on July 25. This means that after more than a year of development, another centralized trading platform giant has joined DEX. https://preview.redd.it/4wxvbr1yeu931.jpg?width=592&format=pjpg&auto=webp&s=b8bda43ba45952f982ffeeb383c3807c7e90f28b 01. Why are the giants of centralized trading platforms switching to DEX? According to statistics, more than 90% of digital currency assets are traded on centralized trading platforms, which also provide sufficient liquidity for various tokens and are indispensable to the market. However, these centralized trading platforms have significant risks and shortcomings, and news of trading platforms getting stolen comes out every once in a while. From the earliest Mt.Gox incident, to the Bitfinex theft incident in 2016, to the theft of more than 7,000 bitcoin COINS in May this year, every hacker theft event will bring huge losses to the trading platform. According to the statistics of Manwu Technology, since September 2012, trading platforms have been attacked and stolen by hackers for 46 times with a total loss of 2.9 billion dollars. When we put encrypted assets on a centralized trading platform, we have to worry about not only the trading platform being attacked by hackers, but also whether the trading platform itself will steal. In addition, due to the lack of effective supervision of the current digital currency market, the centralized trading platform may even have some black case operation and market manipulation. https://preview.redd.it/9v0xpp5zeu931.png?width=1080&format=png&auto=webp&s=16614ddef975c483c7b850e0372289af311fee11 This centralized management model deviates from the decentralized nature of blockchain. In the long run, maybe DEX is the future. 02. DEX Model In the world of blockchain, the private key is everything, and whoever holds the private key owns the encrypted assets in the corresponding address. In DEX, cryptocurrency assets are held in digital currency wallets that hold their private keys, so security is greatly improved. As long as it's not a human error or a wallet security breach, it's almost impossible for hackers to steal money. When you need to trade, there is no need to register DEX nor recharge separately. You can access DEX directly through wallet authorization, realizing seamless connection between wallet and DEX, which is very convenient. Matchmaking tradeoff between two parties are automatically executed through intelligent contracts in the chain. After the transaction going through, the corresponding digital assets will be automatically transferred in/out of your digital currency wallet, and all the transaction information will be "permanently" recorded on the blockchain, with no organization or individual to tamper with or delete. So, how does DEX make profits? https://preview.redd.it/zl3khi86fu931.jpg?width=880&format=pjpg&auto=webp&s=1a5361c05c988746029e19ea34aa6bc98da7b07b In fact, just like the centralized trading platform, DEX mainly relies on trading fees to make profits but DEX has lower fees compared with the centralized trading platform. There are already plenty of DEX products on the market, including DEX from Binance which was officially launched not long ago. Zhao Changpeng has repeatedly said in public that DEX would be a trend in the future. He Yi said in a recent interview: "Currently, the peak daily trading volume of coindex is equivalent to $16 million, and both the trading volume and the number of users are increasing at a very fast rate." With so many competing products on the market, what's so special about Bitfinex's EOSfinex? 03. The specialty of EOSfinex As one of the largest digital asset trading platforms in the world, in order to continue to push the boundaries of market leading services, Bitfinex officially announced in February 2018 that it would develop an DEX product – EOSfinex, which can provide users with a fast, transparent and reliable trading platform. After more than a year of development and testing, EOSfinex has completed all the preliminary work and is scheduled to launch on July 25. What are the features and advantages of this EOSfinex compared to other DEX on the market? https://preview.redd.it/is8cs6b8fu931.jpg?width=1080&format=pjpg&auto=webp&s=7b1918f1ec6715c995a3d5642f0d3dd517b74cf5 A. EOSfinex offers multiple order types EOSfinex offers a range of order types that provide users with the tools they need to implement successful trading strategies. Market Order: to buy or sell a security at the best available price in the current market. It is widely considered the fastest and most reliable way to enter or exit a trade and provides the most likely method of getting in or out of a trade quickly. If you have a priority order, you should choose the market order. https://preview.redd.it/i58a5ee9fu931.png?width=340&format=png&auto=webp&s=85c0f881bd93a492fc1d547595aadbd46433e1f7 Limit Order: An order to a broker to buy a specified quantity of a security at or below a specified price, or to sell it at or above a specified price (called the limit price). This ensures that a person will never pay more for the stock than whatever price is set as his/her limit. So, if you're not in a rush to buy or sell, limit order is a good choice. Post-Only: To ensure that limit orders are added to book orders and are not paired with existing orders. If your order is in line with the existing order, the submission of the limit order will be cancelled. This order ensures that you pay a market maker's fee and not a counterparty fee, unless paired with a hidden order. IOC: An immediate or cancel order (IOC) is an order to buy or sell a security that executes all or part immediately and cancels any unfilled portion of the order. Release on Trade: If this function is enabled, funds will be transferred to the side chain account after receipt. Sweep Collateral: If this function is enabled, the balance of the trading platform account will be transferred to the side chain account when the order is completed or cancelled. EOSfinex trading platform provides a variety of order types, users can choose according to their different trading needs. B. The trading interface can be customized The EOSfinex trading platform allows traders to customize the trading interface according to their preferences, such as changing the page theme, font and time zone according to their own needs. If you want to further customize UI of EOSfinex, there are eight individual UI components of the trading interface for your to Rearrange: Chart, Balances, the Orders, the Order Book, Order Form, Order History, Trade History and EOX Resources. The EOSfinex UI is built around a drag-and-drop system, and each of these 8 components can be repositioned, resized, or even deleted in any way you want by clicking on the title of each component and dragging it to the appropriate location. C. It’s all on the blockchain to ensure transparency and security EOSfinex is a completely chain-running and extensible trading platform based on the EOS of the blockchain. All the core trading components including order book, matching engine and hosting solution are in the blockchain. That is to say, the whole trading process is operated in the blockchain from the matching of orders and orders by users to the settlement of assets, which not only ensures the transparency of asset transactions, but also guarantees the security of assets. D. Side chain operation EOSfinex will run on a side chain of EOS to ensure higher TPS and a better trading experience for users. E. Lower transaction costs EOSfinex, just like other trading platforms, uses Maker and Taker mechanisms to charge different fees. Generally speaking, the fee of Maker is lower than Taker’s because Maker provides liquidity, while Taker consumes Maker in the deep list and reduces liquidity. EOSfinex has a zero Maker fee and a 0.2% Taker fee, and due to the providing liquidity of Maker, there will be a 0.5% return with it. F. Rely on Bitfinex to ensure the depth of trading Currently, the biggest defect of DEX on the market is the insufficient trading depth and poor user experience. To solve this problem, you need to attract enough users to participate in using DEX. Only with more people, there will be enough trading depth. Bitfinex is one of the world's top established trading platforms and has accumulated a very large user base, which is founded in December 2012. After EOSfinex is officially launched, Bitfinex will definitely lead the flow. Due to the endorsement of Bitfinex trading platform, it is believed that more and more people will participate in the use of EOSfinex. 04. Summary Compared with the centralized trading platform, DEX is more suitable for the decentralized spirit of blockchain. With the development of blockchain technology and the deepening of industry education, more and more people will master the ability of private key management proficiently, and more and more people will experience the pleasure of "managing your own assets, no one can take away" and choosing DEX. Whether EOSfinex, which will be officially launched on July 25, can become the leader of the DEX trend, let's wait for time to find out.
Sign-up for Binance Jersey Fiat Exchange At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users. Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market ( it launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees. Binance Website In our review, we will attempt to outline everything that you must know about Binance, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support. Visit Binance » How the Exchange Works Contents [Show] Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services. The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history. 3Commas This is what the basic view looks like : Binance Trading View The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were. And this is what the advanced view looks like: Advanced View The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath. Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use. Binance Signup & Login To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that. Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange. ID Verification Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH. To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while. Binance Wallets Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens. At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set. How to Trade on Binance Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view. Binance Trading View On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies. Choose currency to buy Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price. Buy and Sell Prices Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ). Buy Order Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice. Supported Crypto Currencies Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well. Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road. They currently offer trading pairs in BTC, BNB, ETH and USDT. Binance Markets Binance ICO & BNB Coin Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders. Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining. Binance BNB Coin If you’d like to read more about the BNB Coin, check out our indepth guide. Binance Fees & Limits At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time. Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals: COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport. Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency. The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency. The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter. Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture. Update: In March 2018 Binance suffered a hacking attempt. The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity. As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc. This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this. Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team. Binance Customer Support Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works. Binance FAQs It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker. Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind. If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process. The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating : After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework. This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange. More good news for Binance, it seems as their profile and reputation within the industry continues to grow. Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ): “After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.” The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange. Launching a Decentralized Stock Exchange More good news recently for Binance is that they are partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets. According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity. This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange. Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has announced the launch of a new Fiat to Crypto exchange named “Binance Jersey“. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market. We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform. Binance Jersey Visit Binance Jersey » At the time of writing they are only offering four trading pairs with more to follow soon: BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license. Wei Zhou, Binance’s CFO released this statement about the launch : “Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”. If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views: Binance Jersey Trading Screen To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies. We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings. Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia. The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future. Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin. The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia. Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification. In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order. Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again. Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include: Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard. Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales. Read: What is an IEO? How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions. The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account. The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB. A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets. Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens. Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014. Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner. Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance. Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese. Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges. Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe.
My weekend with Titanium Blockchain Infrastructure Services, TBIS
This is my first ever blog post so please excuse me if I don’t adequately meet up to your writing expectations or answer all of your questions. Just a warning I tend to be wordy. In the Telegram world, my name is “Titanium Big Fish” and I hold a 6-figure amount of Titanium’s utility token, TBAR. As many of you know, Titanium Blockchain Infrastructure was hacked February 21, 2018. Prior to the hack, I had always been active on the telegram channel and enjoyed talking of our future riches to others as I found myself loving the banter and comradery. Moon landings and Lambo’s were often the fun conversation. Unfortunately, this hack happened immediately after I sold my business and a week after my first child was born. I went from someone mentally retired on Titanium and crypto to someone unemployed with a newborn, having to now bust out my 2011 resume. By February 21st, I was known to the top level in the company as a 6-figure token holder and I was still actively accumulating, so when I noticed A LOT of BAR being dumped on IDEX, I sent a telegram to Richard the COO questioning the ‘sale’ of so many tokens. Much to my surprise, and until today, I have kept this to myself, Richard asked me for my email and to sign an NDA and I was to call into a group chat. Much of what I write here might “bend” this NDA. Besides myself on the call there were a few top-level managers. I was informed that there was a hack. Michael, the CEO sounded extremely upset. I could hear despondence and stress in his voice. Before they decided to go with their plan A, they wanted a token holders’ thoughts. Someone who might have some other insight into a different idea and hear how the community might react. I came up with an idea that was not feasible at the time which was to fork into the ‘ingots’ but Richard said the blockchain would not be ready for a few months and not a solution to stop the hacker from profiting. They then discussed an actual fork, that Richard and James could start working on ASAP. Everyone agreed that the fork was the best idea to prevent the hacker from profiting and TBAR was created at this point. Apparently, the team had previously contacted the exchanges, because our call ended when the IDEX owner called for Michael and Michael had to get off the phone with us to take that call. There were 4 takeaways from this phone conversation that I had. One: I strongly suggested NOT to reveal this hack to the community and to make up ANY excuse but ‘hack’ to the token holders. I knew the mention of that word, would cause the BAR price to plummet and as a large holder I wanted to avoid that. Michael said, that we had to take the high road, and be honest and transparent. I really felt that was a strong statement for him to have made and it was something that I am certain that I would not have been able to do in that moment had I been the CEO. Two: I immediately noticed there was one top level manager NOT on the phone call, the CTO. I had been following Titanium and knew all the management and expected the CTO to be on this call. Literally that week I had run background checks on everyone so when someone was not there, I took notice, especially since his background check had some minor criminal issues. Three: when I asked whom I thought could possibly do something like this, it was evidently clear to me that the others on the call had a definite idea who the hacker was and it seemed Michael even wanted to blurt it out, saying something about not knowing who your true friends are. Four: I found myself somewhat on the ‘inside’ of the company. The next few weeks were basically a nightmare. I had added to my holdings all month leading into the hack and even had a 5-figure order on the books that the hacker grabbed up. To say I was fully invested is an understatement. I became the voice of reason to many on the telegram channel, because I really believe in the project, and knew they would pull through and also suspected they knew whom the hacker was and his being caught was inevitable. Also, hearing Michael and Richards voices on the call to discuss options, gave me confidence that they had nothing to do with this. I also felt it best to be reasonable about my holding and think everything through logically and clearly before taking a negative stance on this. My logic and reasoning led me to fully believe in the team after seeing how hard they were working on resolving this. I always felt, if it was not for Hitbtc, this would have been a minor issue that would have been incredibly resolved quickly, brilliantly and with almost no loss of BAR. Over time, I started to grow closer to Richard and others on the team in my private discussions about the hack and my own Sherlock Holmes investigations. Unfortunately, I am still under my NDA and even now can not reveal things that I know because mostly they are circumstantial or might hinder the investigation. My NDA also prevented me from revealing other things that I had known in the past. For example, when a youtube interview was rescheduled, people blamed Michael for this. He seemed to be an easy fall guy, whom everyone felt just didn’t show up. However, I had known all along that it was cancelled by the interviewer and Michael was actually ready for the interview. One of the team members took the fall blaming themselves for this miscommunication. People questioned this when it was revealed, but I saw it as a team that never places blame on others and never speaks negatively about anyone, nor do they try to counter FUD even when they can and should. To me that is the sign of a company specifically thinking long term. I still have not seen a team member bad mouth anyone or any company (even HBTC). On a whim, I reached out to Richard and said that I wanted to meet him, to see the office and meet Michael. I was concerned about my purchase, of course, and felt as a token holder I needed to see what was going on. There was a blockchain event coming up in LA and I was told that weekend would work as Martha, the CCO, would also be there. For this trip, I rented my own car, paid for my own airfare and rented my own hotel room. Titanium did not pay for me to come out to LA and they did not suggest that I come. Titanium is not paying me to write this nor are they demanding I say or not say anything. I never intended to write anything about my trip and my trip was not intended to answer Q and A for myself, nor did I take notes until the last day. My purpose of the trip was not to learn roadmap details nor product details, so I apologize to those that think I will fill you all in on the goodies. I was told many goodies, but I took them in stride as a big whole positive picture. I went to see if this was a long-term hold, if I should actually buy more, and to meet the humans behind Titanium, to get a feel for them specifically. I have been careful in what I have written as to not excite people too much with mentioning things not fully completed nor have I mentioned things told to me that might violate others NDA and I do not go into detail at all on any road map dates nor many specific products really. For example, we discussed the Element wallet in detail, but I won’t mention it in this blog at all, nor will I mention many of the products being worked on. All I will say is that there are a lot of things going on. It took me 2 weeks to get this blog out, and as we know in crypto 2 weeks is a lifetime, so many of the issues discussed below have been resolved, as well as some of the questions at the end, have already been answered. My initial meeting with Richard and Martha was brief. It was a cordial meeting- the conversation focused on HITBTC, the big hack, the twitter hack, as well as the fud group. I initially asked what the plan was for HITBTC. Richard had told me he was waiting on their contact there to do what is asked of them, and though they seem to want to help, and they have agreed to help, they always seemed to stop short of helping. I asked if HITBTC wanted money to resolve this, he said yes, and he was willing to pay. Plan B, Richard said, will take place very soon. Although It is not an ideal solution, Richard would have to have each of the 1500+ wallet holders left on HITBTC send in proof that they have BAR on HITBTC, prove when that purchase was made, and individually, each wallet will be sent TBAR if they qualified. It would be a slow and tedious endeavor, that would use up a lot of manpower, but it would get done. The conversation then turned to the hacker. I can’t speak to most of this as it is under investigation and I don’t know the full details, neither did Richard nor Martha. We all have our suspicions, and everything is unfortunately circumstantial at this point, so we just had an in-depth conversation on the circumstantial evidence. I can’t really discuss some of this information however, it is my opinion that this hack was a hack of vengeance, and not really for profit for they would have waited for a much better time to hack and BAR was really under the radar at this point with very low volume. This person does not want Titanium to succeed and more so, has a personal vendetta against Michael. The amount of people on this list is very, very small and it seems apparent that this is what the FUD group was set up for. Interestingly, this same person that I suspect is often in the FUD group. I suspect the person that publicly stated they did not want a fork and also publicly insinuated we should have paid the hacker, is to blame. You can all decide on that one… Interestingly, when I asked the telegram group to send over some Q and A, only 1 person asked about the hack. It seems that people are starting to move on from it. The conversation then turned to the twitter hack and the FUD group (note: this group is currently shut down as of the writing of this blog). Much to my surprise these two things did not seem to bother Richard nor Martha very much at all as they were already past this and implemented new company protocols and procedures. They felt that they have done nothing wrong and were not concerned as the price of the token was moving downward with the market and was now currently sitting near or above ICO Ethereum price (actually as I finish this, it is double the ICO ETH price). It seems Richard was focused more on moving forward, hiring and getting the product created and out. Laser focused actually! We all suspected the twitter hacker and this FUD group are related. I suspect the same people. I learned, there is only 1 person that no longer works with the team, that would have access to the ‘released’ database (that was threatened to be released), and that person is active in that FUD group. That person still had access to the websites and I learned, apparently had shut them down a few times over the weeks. Richard said they are not even investigating the twitter takeover as it would not lead to much and they needed to focus on putting resources where they are better served. There were a lot of conversations back and forth between the founder of the FUD group and Richard. The founder of that group, was asking a large sum of ETH to do an AMA right after the hack. She was pretty upset that she was being ignored, to me it just made sense that during this moment of crisis, she obviously would not be priority #1, nor would a discord AMA be worth the price of many dozens of ETH. It is now old news, so lets move on. Prior to my arrival in LA, I received a message from someone on Telegram who had “secret information” and correspondence from Michael regarding moving the office to Europe. This individual had once worked for the team and worked on setting up a possible international office and wanted me to know this information. I thought that would be a great idea, to get away from the regulations of the USA. Initially the person seemed to be telling me this as if it was secret FUD that he had, but when questioning him more, he said this was discussed months earlier and definitely not an escape plan, but more so to expand our offices internationally. I asked Richard his thoughts on moving the company, and he said that there are definitely no plans on doing so, however they do plan on running the DEX exchange in a favorable European country. Malta (where Binance recently opened office), Switzerland and Belarus had all come up, but no decisions were being made as to where. They went as far as looking into the intricacies of opening bank accounts and offices if necessary in these European locations, but it has not moved forward at this moment. More details might be released soon, and if so, it is not FUD, but a well thought out plan by Titanium. They truly thought everything through on this. After about 90 minutes, Richard and Martha were heading to the office to meet Michael and interview 2 new engineers. My takeaway from the initial meeting was that I was surprised to hear Martha had recently just met Michael that morning, in person, for the first time. I had always thought they knew each other well, Michael always acted on the telegram that he was very personal with Martha, but I soon found out he is very warm and friendly to everyone. Richard and Martha had also just recently met face to face and only knew each other from Core through the ICO. My initial impression of meeting Richard is that he does not seem phased by anything. Every amount of FUD thrown his way he seemed to brush off with his answer of “we did nothing wrong, the product will speak for itself”. This seems to be his true belief. He is pretty certain of whom the hacker is, and does show some emotion when discussing that. Regarding the investigation, all Richard could say was that he was told something was definitely happening and news will be released soon. He is pretty calm and collected for someone basically running the helm here. Martha seemed to have her ducks in line and was very passionate about the project. She has the high energy and the knowledge it takes to fill her position with the company. That night I met Richard and Martha in bar in LA. We had a few drinks and the topic of course turned to Titanium. Most of the discussion that we had made me super excited, as it detailed many of the future products. I recall texting “Dr Hodler” the telegram manager, that night and telling him I am loading up on more TBAR (since my trip my position has increased by 5 figures). Much of my memories of the conversation revolved around the master nodes. This is where my NDA really kicks in, so I can’t go into detail about them. I know they will be tiered and they will exist, though Richard mentioned unlike regular master nodes that we know of, because those pay a dividend and as a utility token we have to avoid paying a dividend. They will be blockchain rewards based. So token holders that have master nodes will earn block rewards. This was very well thought out. What I will say, and this was a running theme for the weekend, is that Richard is extremely brilliant. Not the nerdy brilliant, one-subject brilliant or boring brilliant but the type of brilliant that probably knows more about your profession, than you do. The Jeopardy champion brilliant. He thought of so many intricate details on every product and regarding these nodes, and this company, that his excitement, passion and intelligence made me excited. He did go into technical detail on these things, but I would never be able to explain it correctly. It was very detailed and thought out. Though after this evenings conversation, I do see why Michael mentioned Elon Musk once in a telegram chat. What I would later find out about Richard was that at age 12 he was building and taking apart computers, and probably charging more to tutor people in computers, than a doctor was charging. He is someone that can lead Titanium to the top, someone that is motivated to, desires to, has the financial ability to, financial incentive to, and someone that will certainly be a huge success story in anything he wants. I am extremely confident in him and Titanium. Everyone wants to hear Michael speak, but Richard in my opinion is really the man behind the tech here. Unfortunately, like many tech guys (or geeks, though he does not come across as that), he is more comfortable behind the scenes instead of in front of a camera and never seemed to bite on my idea of getting him to do weekly video updates. The next day we met at the Blockchain conference. It was not a great conference, but I did end up meeting 3 guys from the LA office, the amigos as Richard would say. They seemed excited to be working for Titanium. They were all intelligent and high energy, amicable and knowledgeable on this space. They were open to doing whatever it is that Richard asked of them. They were however not engineers and are part of the admin team working with Michael out of the LA office and they were there to help network with some of the youtube speakers at the conference and to get TBIS name out. Eventually one of the guys, Alex, got us in the backroom with the main speaker and a youtube personality that I follow. I was excited that this happened however that youtuber seemed only interested in how we could help him, and since his future ICO seemed like shit to me, that was not gonna happen. One takeaway was that I was a little dismayed at the teams elevator pitch. Hopefully in the future if they get to sit down with a big player off-the-cuff like that, it would be a bit more organized. I know it was the first time something like this might have happened, so next time hopefully they prepare better. Sales is extremely important in this space, and being able to spew EXACTLY what you need, what you do and how you do it, all within 30 seconds, has to be practiced. I can tell it was not. It did not matter because this guy was a dud, even though he was a main youtuber, it just goes to show these youtubers just are out only for themselves. Interestingly, in later conversation, I asked if Titanium ever paid “Supoman” and I was not surprised to hear that they 100 percent never had. Our next stop after the conference was to head to the new office to meet Michael. One of my many reasons for investing into the ICO was because this was a USA based company, something located close enough that I could visit if I needed and because of Michael. When I first met Michael, I could see he was extremely well liked by his staff. A few of the guys that I met had come along to the office, and he hugged them when he saw them and seemed to be very warm, friendly and easy going. I have only heard great things about Michael from people that know him and worked with him and I remember our conversation on the phone after the hack how he seemed pleasant even in crisis. He was very professional as well as friendly, we shot the breeze a bit. It was mostly small talk. I had wanted to bombard him with a bunch of questions, but at the time, it didn’t seem appropriate as I was not one on one with him. Richard had already told me there was an investigation going on, but that it was secret and unless I could get alone with Michael I foresaw that was not going to be answered. He definitely seemed more the sweet, caring, puppy loving, family loving, honest and easy-going type, rather than anything else I could have imagined. I didn’t see any ‘snake oil salesman’, ‘used car salesman’ type at all. In fact, how this guy could have any enemies anywhere actually is surprising. I immediately liked him and could see why he would be good in sales. I assume anyone that does not like him, has clearly never met him. When I thought about the office, I envisioned it where every techie developer on the team would be flown in worldwide, living out of a commune together and working 24/7 on Titanium. I envisioned team brainstorming meetings in a huge conference room with 100s of people running around. Well this I have come to understand is not what happens in the real ICO world. Titanium has a really nice office (the new carpet smell was prevalent) though it was not set up completely. It is perfect size for a start-up and I suspect mostly will be Michael’s home base /private office. Especially since Richard said he was not only not moving to LA, but that he was opening up his own office in Oregon (apparently Eugene is a tech town). Much to my dismay, the LA office is just not going to be an active hub of developers and engineers burning the midnight oil. What I have come to know is that the best developers and engineers, just don’t live in LA, nor do they want to, and I can definitely understand that. So, although Richard interviewed a few developers the day before, that might work in the office, he even said they could probably work from home (after implying he was hiring them). The LA office will house most of the admin people working for Michael and possibly the future sales staff, but really won’t be much of an active office with engineers working so anyone wanting that 24/7 camera set up in the LA office, I have given my two cents that it is stupid idea and a complete waste of time, money and energy as there will not be people burning that midnight oil like I suspected. Previously, Richard had mentioned to me and to the telegram group that they have hired about 40 contractors and subcontracted engineers and Michael agreed with that statement when I brought it up. Richard has also told me they are hiring up to about 60 in total. I was pleasantly surprised to hear such a large number. He said they will be located worldwide and did mention what cities he was advertising in, but I have since forgotten. For the most part, people working for Titanium, will work remotely. Richard did state that anyone working for TBIS moving forward will be solely employed exclusively by TBIS and not allowed to work on any other project but ours. That was also refreshing. Other things that were discussed with Michael was the FUD group. Again, I found it interesting that Michael did not seem to care too much about this group. I was under the impression he did not even know much about them at all. Seems the team doesn’t feel they have anything to worry about. The common theme is that they are a utility token, a product, sold to the public for future use in their ecosystem. When asked by me if they thought about getting a cease and desist on the group, they shrugged off the idea. Interestingly, everyone that bought into the ICO is now up money on TBAR compared to ETN, ETH and probably every other coin used to purchase BAR (unless fiat was used) Titanium is trading spectacularly compared to the rest of the market. One last thing that happened in the meeting with Michael was that when I revealed someone wanted me to reach out to the ex CTO for a conversation with him, Michaels demeanor completely changed. He went from a smiling happy guy shooting the breeze about the office furniture, to a complete 180 turn, becoming a stern father figure telling me exactly not to go play in shit. Basically, he gave me warning that it would be a bad idea and lets just leave it at that. That night we ended up going back to Richards Airbnb. We all played a bit on the telegram and chatted about how inexpensive TBAR was. It was here that one of the main team members that I was with went on IDEX and purchased 12,000 TBAR after confirming the price was just too cheap at .25 cents. I also was told that recently another main team member bought a larger amount of TBAR in the 40 cent range. That was confidence building for me. Then it came up that immediately after the hack happened Richard and Martha confirmed that Richard went through ALL 22000+ wallets, one at a time, to take a snap shot of each wallets BAR holdings, to know who had what at the time. This took many hours. I was impressed. It seems that he has a lot of passion for this company and desire for it to succeed and, also that he doesn’t mind taking a back seat to all the work he does. I felt at that moment that I should write a little blog about my trip so that others can see how much work these guys are doing. Martha is also completely on the ball. She is overwhelmed I am sure with her duties, but seemed to handle everything perfectly in stride. She is also very intelligent and has her Master’s Degree in Communications from an amazing school. So even though she came from CORE, seems she is a great fit for the job. Sunday afternoon we spent a little time going over some questions that were asked of me on the telegram chat. Much like some of my blog, some of the issues and questions have already been resolved. I apologize it took me so long to get this out. I do want to make clear, the purpose of my trip was not for me to get answers to certain questions, it was for me to meet the team, see real substance, and get a better understanding of Titanium, it was not a Q and A session for me. It was about absorbing and getting a feel for TBIS. It was for myself and not really to make this blog. I am not technical, so I could not dig too deep into technical details, if you want those answers, hopefully the new Q and A weekly newsletter will answer those for you. I am under an NDA so some of the questions or concerns that I might have answers to, are tough for me to relay. But here are a few paragraphs of what came from these questions. As far as partnerships are concerned, Titanium is obviously seeking out many strategic partnerships, but the product is high priority right now. Politically it is hard to discuss potential partnerships before they actually happen, so there was no set name of a partner that was mentioned. Nor did I ask. This seemed to be the theme with exchanges as well. There was a mention to me of a few exchanges that were seemingly definitely coming, but they cannot be revealed by me because there are NDA’s with those exchanges and of course things could change. I assure you from what was randomly said to me, possibly by accident, there is a real great one coming. But again, that can always change. Product completion is imperative for acquiring customers as well, but I was happy to hear Richard and Michael are flying to Thailand to meet with a potential customer. That seems to be something Michael mentioned in a video and it was confirmed with me that it was indeed definitely happening. As for seeing Michael more, Michael is now focused on the big picture of Titanium as a whole and will be fostering past and new relationships and partnerships for the most part. Due to this he won’t be available as much for video interviews going forward. Hopefully that changes, but the team feels that it is a positive for him to concentrate on the connections he has first and foremost. Masternodes will be tiered and might be set up like block rewards as opposed to dividends. The larger the amount of tokens, the more possible rewards could be earned……. No word yet on how many tokens are needed for MN, rewards will be based off the new token and not TBAR. 10,000 was recently confirmed as one tier. The way it is set up, the # of tokens will not be diminished in our lifetime, I am not sure exactly where this supply is coming from but when I asked where do the never ending supply of blockchain rewards come from, I was told, block rewards are similar to how bitcoin works and the economy is designed to last longer than any of our lifetimes. Tbar will not be minable. There are plans to un ban everyone that has been banned in telegram and start a new slate, once things clear up with all the TBAR HITBTC nonsense. It might be read only or they might open it back up with a short leash, but that is definitely on the agenda. I myself will probably unban everyone banned to read only shortly. There are no patents at the moment- can’t really patent some of this kind of software but if they can they will try. They are looking into all IP patents however, and any patents they can get, they certainly will. Technical whitepaper- a new version is coming with more tech specs and with a tech write up but not how things will work, that isn’t going to be released. No public github but Richard will write a readme writeup for github explaining their open source stance. Some will be open source but it takes longer to open source. Companies often do this. Telegram for example has their app open sourced and some server tech but not all of it. Titanium is concentrating on only hiring the best people around. When asked exactly how many are currently hired full time the answer was- there were already 35 direct hires and they have some contract employees working on a couple of the projects with them (I guess this is the 40 total mentioned before). The website is being redeveloped because it was still in control of the ex CTO, who actually might have crashed it multiple times and took the ICO site offline a few times. Hmmmm, interesting. Some of the new projects will have one-of-a-kind technology. Some were explained in depth and sound awesome… As far as competitors go, Richard seemed happy that Google and others have been very clear on what they will be creating and he says it is not anything like what TBIS is doing. Here are some other direct questions answered briefly. How can long term holders be rewarded? Staking of their tokens for services as well as Master Node options. Is there an ever a reduction of supply? Burning is being heavily considered as services are being paid for. Premium Michael promised after the hack? ICO supporters will have something. It is not solidified yet, the team can’t wait for ICO buyers to hear about it in the official announcement. When can we expect a working product? They currently have working versions of their product and it’s constantly evolving. Open Betas and Alphas are upcoming but I couldn’t get exact dates yet. Apparently, software design is often tricky but they have a good team and always hiring. As far as some past FUD I would like to answer. Many brought up the home address as the address of record on TBIS website and incorporation. Those of you who question this have clearly never set up a small business in the USA. The process is simple. You can NOT lease an office without a corporate bank account, you can NOT get a corporate bank account without incorporating and you can NOT incorporate without an address. It is all one big catch 22. So, the VAST majority of business have 1 or 2 options. One is to use a home address or maybe a PO Box though I don’t think that is allowed in my state, the other option is to pay a ‘registered agent’ to collect your mail and use their random address. This is what a lot of companies do, but it costs money and there is no need for it. There is absolutely NO FUD nor concern that TBIS used a residential address as their initial address. All of my businesses have been incorporated at a residential address. Also, I ran a background check on the 5 current and an ex main player of Titanium and 4 of the 5 background checks (the 4 current and new employee) were clean as can be, completely stellar, the 5th was not. I also have a friend that works for the FBI. She is a psychological forensic profiler. Now I personally do not have an answer to whom was contacted regarding the hack, but my FBI friend said there is no chance, zero chance that the FBI will discuss any ongoing investigation with any Joe from the general public. She went on to say, unless you are an interviewed suspect or the victim, you would not be told about an ongoing investigation. She was very adamant about this. Even stating, “Do you think they would have fielded your call about Madoff?” However, she went on to say that the FBI would be the wrong people to contact regarding a crypto hack and that a private company that specializes in this stuff would be better, as FBI agents (in her words have no clue about this stuff) and make about 1/3 what a private company would pay their hackers. So, this sums up my visit. I learned many things and I hope I could help you with some of your questions. I know I could not answer the whodunit question nor give a price prediction of the future of TBAR, nor resolve HITBTC for you, sorry. One of the most important things I realized is that this is truly a startup. If you are looking for a quick buck it is probably not happening. I think this frustrates many of you, causing unnecessary FUD. Much like my newborn stretching and kicking and making awkward faces, Titanium is in the newborn phase doing similar things. Finding their strong points, falling down a little, scratching themselves and even maybe a little crying / firing. Eventually, like my son, things will fall into place and what we will end up with is a very successful operation because all the groundwork is being laid right in front of our eyes. I was privileged to see the office blueprints, hear conversations about the hiring of team members, meet the CEO, hear about other offices being started, and the intricacies of products that are being built. I believe that once they overcome the hack and hitbtc and the fud, things will be smooth sailing when they can truly focus on all things positive. Those that are interrupting this process are like the big dumb schoolyard bully that doesn’t realize that instead of picking on the cool nerdy kid, they should join forces with this kid, help him off his feet as this will one day grow into something extremely successful. But like the big dumb bully, unfortunately you just can’t reason with stupid.
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