Bitcoin ATM Startups Say They're Booming, Thanks in Part to Venezuela - CoinDesk Bitcoin ATM usage is surging, especially in Latin America, where Venezuelan refugees and others are seeking ad hoc banking solutions.
Bitcoin ATM Project - creators of the original campaign to bring Bitcoin ATMs nationwide in the US and release of a crypto-debit card
Bitcoin ATM Project is the original campaign to bring crypto-ATMs nationwide in the United States and to release a crypto-based debit card that can be used at these ATMs and supporting merchants. http://www.bitcoinatmproject.com Based on the amount of funding received during the crowdfund, the Project aims to distribute up to 3,000 ATMs - with a goal of placing one in every county across the United States. The Bitcoin ATMs being distributed are made by Genesis Coin, the Genesis1 and the 2-way Satoshi1. Genesis Coin is the industry leader in Bitcoin ATMs - having 728 of the 1591 machines currently in operation worldwide today. These ATMs currently support the purchase and sale of Bitcoin, Lite Coin, and Dogecoin. Support for Ether, CryptoCoins, and possibly other cryptocurrencies will be added during the initial design process. The Bitcoin ATM usage fees aim to be among the lowest in the world at 3.5% to buy and 4.5% to sell. The CryptoCoin debit card is a crypto-to-crypto payment mechanism where funds are sent and received in cryptocurrency. A cardholder's account stores access to various forms of cryptocurrency which can by using the card transfer funds to a merchant or receiver. Card usage is compatible with existing hardware - Square or similar company's card readers alongside using our Point of Sale App. These readers can be purchased for little to no cost and would be easy for any merchant to get and begin using. This convenience would encourage many retailers to begin accepting Bitcoin and other crypto. Operating outside the VISA/Mastercard network allows for a true crypto-to-crypto card to exist and be owned and used with complete anonymity if desired. The CryptoCoin card can be used for transactions at our Bitcoin ATMs - it allows for a convenient way to purchase and withdraw various forms of cryptocurrency without the need to remember or carry lengthy passwords or private keys. Card usage is protected by PIN and 2FA (two-factor authentication). Merchants are charged a low fee of 2.5%. Cardholders will receive a 50% discount on ATM transaction fees, and receive 1% cashback on store purchases and .75% cashback on ATM transactions, in the form of CryptoCoins. CryptoCoins (CCO) are backed by the accumulation of fees in an Asset Contract. The CCO Asset Contract will accrue a 1% fee on transactions using the CryptoCoin debit card as well as all Bitcoin ATM deposits and withdrawals. Fees will be paid in the cryptocurrency used for each transaction, thereby forming a portfolio of various cryptocurrencies. CryptoCoin holders will receive a pro-rated share of this portfolio quarterly. Please read our Whitepaper and the pages on our site for more information. Bringing Bitcoin ATMs nationwide would revolutionize and reshape the economic world of today by granting nearby access to everyone in the country a new, valuable financial tool. Its potential uses are endless - but it all depends on everyone having access to these machines. People who have no technical knowledge at all would start using Bitcoin and other cryptocurrency, and Bitcoin would be more of a household name than it is today. Being able to buy and sell Bitcoin instantly 24/7, without having to mess with an exchange or any human interaction or any security risks. Send money to anyone across the country and they can withdraw it instantly without huge transfer fees like other money transfer services. People who can't get bank accounts can start using Bitcoin. It goes on and on... Read the site, tell us what you think about it, and really think about what could happen or how things might change in America if there was instantly thousands of Bitcoin ATMs across the country, close enough to each person so that they could have access to one at anytime! Alongside this, if everyone could have a crypto-based debit card, allowing them to conveniently store access to all their crypto-wallets in one place, and to use it as if it were a regular fiat based credit/debit card. The two ideas go hand-in-hand, for Bitcoin and the card to become more popular and widely used, the Bitcoin ATMs need to exist nationwide.
Can I use the old USD in the bank (lollars) to buy online?
Most banks have very low internet limits. We're talking about $15-$20 per month limit. It is expected that all banks decrease this limit to 0 soon. That being said, banks are not treating customers equally. You might have a better internet limit than other people. Call your bank's call center and ask about your internet limit.
Can I use my LBP card to pay online?
Banks stopped all fx transactions (changing from LBP to USD). So the answer to this question is 99% of the time no. That being said, banks are not treating customers equally. You might have a better internet limit than other people. Call your bank's call center and ask about your internet limit.
Amazon/Expedia/Steam/Other website is showing the items in LBP and the invoice and total are in LBP, can I use my LBP to pay it?
No. Amazon and other websites show their invoices in all currencies around the world depending on where you're opening the website from. They only accept USD. When you click to purchase, Amazon will attempt to bill your card in USD. Your bank will refuse to exchange from LBP to USD and the payment will be declined.
My sister thinks she's getting married to a pro wrestler...
I apologize but this may be a bit long. Mind you, this started around November of last year. My sister is severely mentally ill. She lives with my dad (who's a single parent) and doesn't really get out much. They're a HUGE fan of WWE and looks forward to the events. Her all time favorite is TJ Perkins. She used to spend most of her time on the internet and that's when she started looking up dating sites and looking up ways to contact TJ Perkins. Eventually, after a while, she found someone who claimed to be TJ Perkins. He began to talk to her and convince her the usual song and dance about sending them money or a gift card to help with their family or some other BS. She started buying gift cards with the money she was getting and sending him the codes. She even went to Walmart to wire cash to him until she got flagged for money laundering and my dad was contacted by the cellphone company saying she racked up a bill of a wopping $700 in international calls. He was LIVID. (Luckily, the phone company was able to help him out.) They went to the police, (where the cop was HELLA fuckin rude and asked her directly if she was mentally ill in the worst kind of way.) and they basically told her she needed to stop because what she was doing was illegal. After the cellphone bill, my dad cut off her data and took her computer away so she wasn't able to contact them. My dad then had to take over her funds because she was literally draining her check to give to send to the scammer. He told her that if she needed anything to ask him and he would gladly get it for her. My dad tried to explain to her several times that she was getting scammed and that the person on the other end was not TJ Perkins and that he would never be asking for gift cards or money and that she was being used but it never stuck apparently... Today I saw she was charging her phone in the bathroom and got a few text from a contact named, "my darling husband!!!" It said, "baby, send me the codes." And "baby, go get bitcoin atm" (I have no idea what the heck that is so if anyone knows, please tell me.) and "Baby, I need Amazon gift card. Now!" All of her replies are basically long messages of her saying she can't wait to get married and that she loves him and she's sorry she can't send stuff and doesn't want him to get mad at her and yell at her. (I guess he's calling her too and yelling at her when she doesn't do what he says.) I was pissed scrolling through those messages of my sister just spilling her guts to this guy and only getting responses asking for codes. I didn't really know what to do but block the number since I had her phone in hand but I'm sure he's just going to contact her another way... My question is, is there anyway we can ask the cellphone company to block any numbers that aren't on a certain list or maybe restrict her data usage? I guess maybe like a kids mode or something? I just have no idea what to do to help her understand... UPDATE: The phone company can't really do anything about it. Blocking doesn't stop outgoing texts from the person that blocked the sender so honestly, I'm sure this guy has multiple phones and will text her with a different one. Changing her number won't help either since she would just send him messages through the new number. Update 2: Me and my dad are going to try to talk to her again...I just need this to stop. It's stressing me out because I know she's one step away from sending him too much information and the whole family will be in danger. I just hope she'll listen. Update 3: The actuall TJ Perkins reached out to help me talk to my sister! He was amazing and understanding and I feel like the message got through. Me and my dad will be getting her a replacement phone (the one she has is garbage) and changing her number tomorrow. She felt really bad and was afraid she was going to jail. I told her everything would be fine if she stopped what she was doing now and ignore any other calls or texts that come through. Thank you so much for all your help!!! You have no idea what this means to me and my family! ❤ TL:DR - My sister is getting scammed into sending gift cards to someone posing at TJ Perkins. I blocked the number but I know they will be contacting her through a different one. Can we do something to stop this?
DeFi has come around as the latest best thing, but this was previously held by BCH, ETH, privacy chains, and DOGE before that. We also had people gushing over e-commerce and POS usage of BTC in the real world. I remember when bitcoin ATMs were the answer to more adoption, which seems quaint now. When “nearly feeless and scalable” second layers are built on ETH, we can expect another freak out, but these are typically as forgettable as their names. Look at the YoY dominance of the XRPL technics and the FBA. Look at the institutional and legal groundwork, which takes years to break into. The most hardcore XRP supporters went from fearing arrest (in the early days) to building the world’s only serious upgrade to Swift. Meanwhile, madmaxing it using a unicorn-themed platform with double digit fees is considered smart.
What important crypto events happened last week? Cryptocurrencies The AAVE Token Arrives On Gemini Regulated cryptocurrency exchange Gemini has added support for AAVE (formerly LEND) tokens, of another protocol widely used in DeFi. At the moment, only custody and deposit services are available; trading will arrive shortly. RSK & RIF Integrate DAI Stablecoin The RSK team, which developed a sidechain extension of Bitcoin with support for smart contracts, announced that the stablecoin DAI is now available on its platform. This integration allows users to transfer DAI from Ethereum to the RSK sidechain, making the stablecoin available for usage in a DeFi ecosystem supported by Bitcoin. Litecoin Inches Closer To Greater Privacy With Mimblewimble Testnet The long-awaited Litecoin update, designed to increase the privacy level of the network, has come closer due to the test launch of MimbleWimble technology. Charlie Lee first announced his plans to integrate this technology in early 2019, but progress only appeared with the arrival of the Grin++ developer David Burkett in December 2019. The MimbleWimble update will allow users to hide their transactions and personal data. Projects And Updates Access To DeFi Oracles: Radix Integrates Chainlink Radix announced integration with Chainlink to make DeFi Oracles more accessible to developers, which will facilitate the spread of traditional financial services through decentralized applications. Radix is a first-level Protocol created specifically for DeFi. According to its CEO Piers Ridyard, the data access that developers will get after integrating with Chainlink is vital for providing the best infrastructure to build next-generation DeFi products. Brave Websites And Browser Now Available On TOR Brave web browser, which has user privacy its top priority, has announced that its websites will now be accessed directly from the dark web through .onion addresses. Greater integration with Tor will make users' experience with its services even more secure. Bitfinex Starts Staking On Cardano Bitfenix cryptocurrency exchange has announced the launching of Cardano (ADA) staking. There is no minimum amount to stake, and ADA stakeholders can expect an income of up to 4.3% per annum with weekly payouts. In most cases, users will be able to withdraw funds immediately. Switcheo Launches Zilswap, First Decentralized Exchange DEX On Zilliqa The team of developers of the decentralized trading platform Switcheo will launch an analog of the Uniswap exchange, specialized in trading the DeFi market’s tokens. The exchange named Zilswap will be based on the scalable Zilliqa blockchain and will be the first of its kind. Hacking KuCoin Exchange Hackers Identified The KuCoin exchange's CEO, Johnny Lyu, informed that his team found out who committed the hacking of the site on September 26. In his tweet, he noted that the company has substantial proof of the suspects' guilt and that the case is being handled by law enforcement officials. According to the official statement, the company has enough funds to cover all losses. Bungled Theft Of Bitcoin ATM Puts Canadian Business Out Of Action In the Canadian Kelowna, an attempt to steal a Bitcoin ATM ended with failure. The unlucky burglars could not take the ATM away but caused significant damage to the building by their truck. Regulations A Digital Euro May Be Imminent: ECB Could Launch Digital Euro Project In 2021 The European Central Bank is considering its cryptocurrency project. The decision will be made in mid-2021 after conducting surveys among EU citizens and consulting financial experts. People John McAfee Could Face A 5-year Jail Term Over Concealed Crypto-Assets And Tax Evasion Allegation John McAfee, the founder of the antivirus company McAfee, may end up in prison for tax evasion. His charge includes allegations of cryptocurrency frauds, registration of a property for the third persons, and using false names making bank transactions. Winklevoss-Founded Crypto Exchange Gemini Hires Former Morgan Stanley Exec Gemini crypto exchange has hired Andy Meehan, a former executive at Morgan Stanley investment bank, to expand in the Asia-Pacific region. According to the press release, Meehan will work with regulators "to promote smart regulations that drive adoption in this growing market". Exclusive Interview With David Waslen From HedgeTrade David Waslen, the CEO and co-founder of HedgeTrade, gave CoinJoy an interview in which he talked about new technologies, the accuracy of market predictions, and shared exclusive news about the project. That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
The AAVE Token Arrives On Gemini Regulated cryptocurrency exchange Gemini has added support for AAVE (formerly LEND) tokens, of another protocol widely used in DeFi. At the moment, only custody and deposit services are available; trading will arrive shortly. RSK & RIF Integrate DAI Stablecoin The RSK team, which developed a sidechain extension of Bitcoin with support for smart contracts, announced that the stablecoin DAI is now available on its platform. This integration allows users to transfer DAI from Ethereum to the RSK sidechain, making the stablecoin available for usage in a DeFi ecosystem supported by Bitcoin. Litecoin Inches Closer To Greater Privacy With Mimblewimble Testnet The long-awaited Litecoin update, designed to increase the privacy level of the network, has come closer due to the test launch of MimbleWimble technology. Charlie Lee first announced his plans to integrate this technology in early 2019, but progress only appeared with the arrival of the Grin++ developer David Burkett in December 2019. The MimbleWimble update will allow users to hide their transactions and personal data.
Projects And Updates
Access To DeFi Oracles: Radix Integrates Chainlink Radix announced integration with Chainlink to make DeFi Oracles more accessible to developers, which will facilitate the spread of traditional financial services through decentralized applications. Radix is a first-level Protocol created specifically for DeFi. According to its CEO Piers Ridyard, the data access that developers will get after integrating with Chainlink is vital for providing the best infrastructure to build next-generation DeFi products. Brave Websites And Browser Now Available On TOR Brave web browser, which has user privacy its top priority, has announced that its websites will now be accessed directly from the dark web through .onion addresses. Greater integration with Tor will make users' experience with its services even more secure. Bitfinex Starts Staking On Cardano Bitfenix cryptocurrency exchange has announced the launching of Cardano (ADA) staking. There is no minimum amount to stake, and ADA stakeholders can expect an income of up to 4.3% per annum with weekly payouts. In most cases, users will be able to withdraw funds immediately. Switcheo Launches Zilswap, First Decentralized Exchange DEX On Zilliqa The team of developers of the decentralized trading platform Switcheo will launch an analog of the Uniswap exchange, specialized in trading the DeFi market’s tokens. The exchange named Zilswap will be based on the scalable Zilliqa blockchain and will be the first of its kind.
KuCoin Exchange Hackers Identified The KuCoin exchange's CEO, Johnny Lyu, informed that his team found out who committed the hacking of the site on September 26. In his tweet, he noted that the company has substantial proof of the suspects' guilt and that the case is being handled by law enforcement officials. According to the official statement, the company has enough funds to cover all losses. Bungled Theft Of Bitcoin ATM Puts Canadian Business Out Of Action In the Canadian Kelowna, an attempt to steal a Bitcoin ATM ended with failure. The unlucky burglars could not take the ATM away but caused significant damage to the building by their truck.
Now transactions in the TkeyNet network are instant. You won’t even notice how the TKEY delivers to the recipient. For example, when you send a payment from card to card, and after a few seconds, the money is in the recipient’s possession. Despite the fast speed of transactions, the system has not only preserved its security properties but also strengthened them and still works on the blockchain.
“The chain of information a store on every computer in the network. The addition of information occurs by using cryptographic functions, allowing you to identify the information for any period. When a new data block adds to the TkeyNet network, the integrity of all previous information confirm by the entire TkeyNet, and each node checks its integrity.”
What is it for, and how does the “Financial Marketplace module” work?
TkeyNet combines various assets in a single system, creating instant access to liquidity. Digital exchanges connect to TkeyNet and provide assets for exchange: BTC, USDT, ETH, and others. For example, Kraken connects to TkeyNet and provides digital assets: ETH, ETC. Binance: USD, BTC. Bitfinex: USDT, EOS, etc. Exchanges can provide any assets that trade on their platforms. The blockchain acts as a Registrar of financial transactions. Accounts, balances, and orders store in a distributed registry TkeyNet, and copies of data to distribute across network TkeyNet nodes. Payment routing is implemented in the TkeyNet system, which allows you to track not only balances but also distribute transactions without the participation of any party. The user, in turn, has quick access to transactions with digital currencies, regardless of the blockchain used: Bitcoin, Ethereum, EOS, or any other, transactions are recorded in TkeyNet, and transactions are processed instantly.
“The task of the platform is to automate the interaction of the parties and ensure the convenience of performing operations. — This is the core element of a trusted environment.”
In addition to digital assets, the “Financial Marketplace module” includes working with Fiat currencies, stocks, bonds, as well as raw materials: oil, gas, diamonds, etc. — This means that payment systems, banks, currency exchanges, commodity exchanges, and other financial market participants, are also connected to the TkeyNet blockchain.
Payments between companies in a few seconds
https://preview.redd.it/v84fizszvdp51.png?width=1920&format=png&auto=webp&s=e501b06661b2a960fe75abe07a1aba5177db620d Companies can make payments in seconds, not days. TkeyNet can seriously mitigate the adverse risks of extraterritorial sanctions against the financial system of the countries if such follow. Also, the ability to conduct internal and cross-border transfers through an independent financial channel directly to the counterparty at high-speed is beneficial to business and the state from any point of view. Each user will be able to make quick transfers to counterparty wallets, exchange digital currency for another or fiat money at the current exchange rate.
What else is interesting? — Applications
Developers can connect to TkeyNet and get access to a large-scale pool of liquidity: digital currencies, stocks, precious metals, etc. This solution not only reduces development costs but also allows you to get access to the best prices and fast exchanges. You can create any financial application, regardless of the market usage: a cryptocurrency, or financial markets. Developers can create a digital Bank or exchange, fast connect the app, and TkeyNet using the API.
“By working with partners around the world, we can significantly increase our market share in this business, providing our partners with ready-made tools without risks.”
And also regardless of the applications that will be created by partner developers. The company will provide its interfaces that will provide access to various types of assets — digital currencies: BTC, USDT, ETH, etc.; Fiat currencies: euros, dollars, pounds, etc.; securities and commodity assets. https://preview.redd.it/23whmnm1wdp51.png?width=679&format=png&auto=webp&s=52bf10bf43268f835cff981a110d41528b838a89 Anywhere in the world, at any time, the system user will have access to the desired currency without having to exchange one for another. Also, when implementing the application for NFC payments, it will become even easier to use the system. However, even with the availability of several types of currencies, such as the pound, dollar, and euro, it is easy to make payments abroad.
“According to the World Bank, more than 1.7 billion adults are still not covered by banking services, but two-thirds of them have a mobile phone that can help them access financial services. — This tells us one thing: the traditional banking approach is exceptionally inefficient. Lack of infrastructure: a network of ATMs, fees and deposits, a network of cashiers, and internal money transfer programs are just some named obstacles to creating a real banking experience.”
Imagine that in one app you have access to Apple shares, Tesla shares, gold, precious metals, rubles, dollars, and even oil if you want. TkeyNet — makes this possible. TkeyNet is an industrial solution designed for companies and users at the same time. Since payments in the system are very fast, a person can store and send money in any asset they want. This flexibility creates an open market, which is necessary at present.
TkeyNet back-end — completed. Currently, we are actively working on the front-end side. Regardless of working on the front-end side, the TkeyNet system is tested on an ongoing basis.
mybit.io https://www.coingecko.com/en/coins/mybit-token MyBit is a DeFi protocol designed to help people generate passive income by investing in the IoT ecosystem. Asset managers list projects to MyBit and users can invest in a portion of the asset. If the asset is funded, it will be put to use and, as it generates income, asset investors will be payed. If the asset fails to be funded...all funds will be returned to the investors. Think of owning a piece of an electric vehicle charging stations, solar grid, Bitcoin ATM, industrial robotics....there's many possibilities. There's a cool video on the site that helps with the explanation! This project has been in development for a bit and, after realizing the DAO they were using wasn't efficient, recently finished testing for a V2 launch which features a DAO system more akin to KyberDAO. Also, the mechanism will be similar where MYB tokens will be burned when listing an asset as well as with voting. Current Supply: 179M MYB -> will be reduced with protocol usage due to burns Market Cap: ~1M Exchanges: Kyber, Bancor, Probit (BTC + USDT pairs) [ Previous all time high was around 40c [~$15 pre token swap]. The chart on Coingecko was taken after they did a 36:1 token swap to the current MyBit token. So, in 2017, the project had a 50M+ marketcap with minimal working product and clunky DAO system...hoping the new upgrades can bring it back there! ] *As always, DYOR and never invest more than you are willing to lose*
Bitcoin is (the best) money for reasons different of what you think
Too much people have a bad understanding of money. We all know that here. But even in Bitcoin, we often read this : "Bitcoin is money because it is store of value, medium of exchange and wil be unit of account thanks its fixed supply". This is misleading, those are the functions of money, if a money furfils them well it is a good money but stuff can have these functions without being money.
So what money IS really ?
Simple: a money is a bank IOU. Money is created when a bank gives a loan. Against the IOU, the bank asks the borrower to give it an IOU for the same amount plus interest and Money is destroyed when the principal of the loan is redeem (the bank's IOU vanished, but borower's IOU interest are still there). When we talk about money, we are in fact talking about a banking system, nothing less, nothing more. In the case of fiat money, the central bankers owns the banking systems. The "regulation" is the set of rules of issuance of fiat (the credit issuance work is made by the commercial banks). When the central bank says it wants X% of inflation it sets how well its money is unit of account. "Stabilize the prices", "avoid hyperinflation" truely means "maintain credibility of the banking system". That's why banks are always saved too, they are just the right arm of the central bank to issue credit, they are the money itself. Precious metal like gold are popular as a good way to physically represent an IOU because scarcity and durability make them good collateral in case the bank who issues the IOU disappears but it is not money in itself (it also lacks the medium of exchange function because gold can be faked). Gold standard was just a way to issue IOU so that it furfills the store of value and unit of account function automatically and add medium of exchange function (it is easier to check a dollar is a a real one than gold) creating a very good money. This was the choice of the FED before 1971 (and the dollar becames the international money as it was the best money). So a money is always issued by a banking system as it wish to issue it (meaning it determines who get the loans), a bank provides by its network (of ATMs, of payment processors, of credit agencies...) easy ways to exchange its IOU and backed the IOU to give them credibility. Before all banks were private but when the states started to have one, they centralized all the banking system around it and private banks were forced to issue IOU against state bank's IOU, giving birth to the central banking system and so fiat money (as money = banking system's IOU). State money don't need collateral because you need to pay taxes in state money: the collateral is that you can pay taxes and so not ending up in prison. State money is a violent but hidden freedom restriction.
So now, why Bitcoin is money ?
The Bitcoin's tokens are the IOU of a bank. Who is the central bank ? The Bitcoin protocol. Each node is a bank who applies strict rules of IOU issurance: loans are for miners, preferably the first ones as the supply schedule says. "Run a full node to be your own bank" is litteral, by validating Bitcoin's rules you are like a bank in the current banking system, except the central bank doesn't exist, it is just a protocol you follow with others. The only difference between Bitcoin and classical banking system is that the protocol doesn't ask an IOU to the miners in exchange for the newly created money to destroy it later, it is as if the miners made in fact a deposit of their computational work and the returned IOU value depends of supply schedule and difficulty. Now, is Bitcoin a good money ? The answer is a bit subjective but mainly yes, it is certainly the best money if we look at how it has the three functions of the money (store of value, medium of exchange, unit of account). The IOU are valuable by the same principle of fiat money is valuable: you can use the Bitcoin ledger only if you pay at least the minimum relay fees... in bitcoins ! You also have to pay additionnal transaction fees but you can also pay them to a miner directly in something else but chance are low he found a block himself. Notice however that nothing force you to use the ledger so Bitcoin is peacefull contrary to state money. Bitcoin's IOU are extremly easy to exchange since if you don't find full node for that, you can just build one as soon as you have internet access ! So bitcoins are the absolute best medium of exchange. And finally, unit of account is more subjective but in expectation the best choice is indeed choosing a capped supply to get a form of price stability. So there you have it: Bitcoin is money because it is a (peer-to-peer) banking system. It has the three functions of money. Bitcoin is valuable because you need to pay in Bitcoin's IOU to use its ledger (which is valuable for many applications because it is backed by miners' work). Bitcoin is the best medium of exchange because it is permissionless and decentralized: if there is no bank to process your payment, you can build one for you. And finally, the capped supply is the best way to have a unit of account function when you can't adjust the money supply to the economical context automatically. That's why Bitcoin is the best money for me, if it is not the best it is at least a very good one (many are worse) moreover it is peaceful. PS : what about shitcoins ? Well they have a value to use their ledger as Bitcoin, but that's all. Bitcoin's rules take care of your ability to run a full node, not shitcoins, so they are not good medium of exchange (censorship possible). Shitcoins ledger are not as valuable as Bitcoin's one since it has less work. And finally many of them didn't choose a capped supply and the ones who premined or issue a big part of tokens to funders effectively give them the control of the issuance schedule of IOU, so a node is not a true bank: nothing to insure unit of account. PPS : transaction fees have nothing to do with medium of exchange function. Minimum relay fees is the real taxe imposed to use the ledger and gives value to the token by opening access to the work of miners (it is a commitment to avoid spam). Transaction fees is something else, it is a way for the network to pay miners for their computational work with or without issuing more IOU's depending of the schedule. As miners will mine only if they earn enough money, and as the value of the money first came from this work in the ledger, a valuable Bitcoin-like cryptocurrency can stay valuable only if it has high enough transaction fees (newly issued IOU's included, they are the hidden inflation taxe imposed to all money users if high !). Those transaction fees depends of the congestion which happens when users use the network more than what allows it to stay in consensus, they naturally increase with usage of the ledger and will incitivise miners to mine more in the short term (this will be observed when transaction fees will represent most of the block reward). So the value of the Bitcoin's IOU will also comes from the value of what people can achieve with this ledger when block's subsidy will be lower after some halvings. It is true that transaction fees paid by users (and not issued) restrict the case where the ledger can be used. But the fact that it is used by very few people doesn't make it bad ! (particulary if you can transact IOU's with other networks without the ledger)
Was reading this article on physical Bitcoins https://bitcoinmagazine.com/articles/promise-and-regulatory-challenge-physical-bitcoins and it got me thinking... A lot of people seem to want to be able to associate digital coins to a physical item, that can be exchanged easily in face-to-face purchases. One problem with most of the existing physical coin solutions though is that there's no guarantee that the person giving you the physical coin hasn't copied its secret spendkey already, and won't drain the funds out of the coin as soon as they walk away from you. The key concept I latched onto is this:
Another interesting idea, which has been discussed a few times on Bitcoin Forum (e.g. 1, 2, 3), is that of “hijacking” physical banknotes to carry a value in bitcoin. A physical bill (say a $1 bill) identified by a serial number would be assigned a value in bitcoin (say 0.1 BTC) and used as a physical bitcoin bill, with robust anti-counterfeiting measures automatically provided courtesy of the state. “I found one of those powerful ideas that are so simple, but so odd at first sight, that can go unnoticed,” said Lerner in his 2013 post, inspired by a Bitcoin Forum discussion. “The idea is that people could use fiat banknotes as a medium to transfer bitcoins, for offline Bitcoin payments.” Binding a value in bitcoin to the serial number of a banknote, in such a way as to permit the last bearer to redeem it, seems impossible to do in a watertight and decentralized way, but perhaps a central operator could implement a similar scheme. Lerner’s solution is simpler: “[If] we transfer some BTC to a [unspendable] output which describes the banknote (e.g. country, denomination and serial number), we could bind the BTC to the banknote forever, as long as people believe the banknote represents those ‘destroyed’ BTC,” he said. “[For] the system to work, everyone must agree that those BitBanknotes really hold the BTC value. But you can count on me: I would agree! Why not?”
We could easily apply this concept to Monero. Hash the serial number of a $1 bill (for example - any fiat note would do) to deterministically produce a wallet address. This address would be constructed to have no spendkey, only a viewkey. If you want to spend some Monero in physical shops, first you load up a couple notes by sending XMR to the address of a $1 bill in your pocket. Then you go out into the world and spend the note in an in-person purchase. The vendor accepting your note just scans the bill to get the serial number, hashes it to produce the viewkey, and can immediately confirm whether the claimed XMR value is present. If you load the notes a moderately long time in advance of spending them, then the vendor doesn't even need a live fullnode to verify the balance; maybe a blockchain snapshot from days or weeks earlier will be sufficient. That means notes can be spent and verified even without live mainnet access. As an optimization, since reading the entire blockchain to find the funds owned by the address could take some time, you could print onto the note a QRcode containing the block ID of the block containing the txn that you loaded the funds with. Then the recipient can just do a single blockchain lookup to verify the funds. If this form of usage became commonplace, crypto ATMs could be set to accept these bills too, such that depositing into an ATM can credit a wallet with the equivalent amount of normal, spendable electronic XMR. Just putting this out there, food for thought.
Hi all, First of all, hope you have all had a great start to the new decade. Golem has done an AMA on the 22nd of January and there was a lot to discuss with over 50 questions from all of you. It is somewhat understandable that a lot do not want to read the whole thing. I will try to recap the most 'important' or viable questions for the current state of development. As always, I will include a juicy Tl;dr at the end. General Development Direction and Product Adoption "We believe that decentralization, in the upcoming years, will not only be needed, but will be inevitable. We’re then preparing for when that time comes, as we are aware that Golem will need to grow robuster and then, the worries of low requestor supplies, will be a thing of the past. Taking into account how dependent we have become from corporations we believe that this trend will have to change and we have to be ready. Nowadays, the adoption is not going as quickly as we expected, and as quickly as we all wished for. Not only for the Golem network but for the whole cryptospace. We believe this is a moment to think progressively and overcome doubts by bulding." (Viggith) "We're almost about to become Clay officially. Reaching this milestone gave us a lot of opportunities to learn. As the whole process took quite some time, we could observe the development decisions made in other projects, how the tech stack matured, and how expectations in the community changed shape." "Right now we’re mostly focused on the general platform development rather than working on deep development of integrations. It doesn’t mean that we’re not actively looking for the new ones, we just want to encourage devs to build their own rather then build them interally. However, we have several examples and PoCs that are being integrated - computational chemistry software for one of the scientific research projects from IChO, the transcoding use- case is at its MVP stage. We are also investigating the usage of gWASM for gas price optimization for Ethereum, and we had a PoC for a meta-use case with tools for devops’. We are striving to improve the existing software including Task API, so that the gWASM and Task APIusers will propose new integrations." Task API Launch and Concent Last week, the Task API launched on Testnet which allows users to build their tasks on the Golem Network. This has been perceived to be the largest component that will transition Golem from the Brass stage, to Clay. For more information and elaboration on Concent, see this comment "We worked on the task-api component with a small and agile team, with proper planning and preparation we were able to not have big hiccups. The largest changes where that subtask-id was only unique when combined with task-id. The largest fights with code were about windows exceptions and the issues between twisted and asyncio. Twisted is our old async library, asyncio is the new one that has better native python support. For the mainnet release we would like to have more use-cases, better developer utilities and a lot of testing, by the team and the community. The main focus is to stabilize the task-api" For quick examples of the Task API: "As examples for the task-api we made two apps: `blenderapp` and `tutorialapp`. blenderapp can be run by anyone on the current testnet usingthese instructions. tutorialapp can be build and run locally usingthese instructions ( NOTE: technical ). As for tests we made unit tests on almost all levels: the apps, connecting libraries and golem core. In Golem core there are also multiple integration tests to test integration with core, one for testing blenderapp, one for testing apps while developing them." Other Usecases for Golem on the Horizon "We did some research on integrating BOINC and BOINC-like computations. For now it seems that it is technically possible. But it will require more effort. Recently we are planning to try to cross-compile [email protected] to gwasm application for the start and run it on mainnet. Another possible way is to use the testnet Task API as you mentioned. In general, it would be better to do so on mainnet but we need to wait for the release. (...)Golem should be presented to science oriented researchers and be recognized in voluntary computations. That would improve our userbase, it would contribute to non-profit organizations and, of course, would bring dApps to the non blockchain world. (...) I see that there have been more discussions on reddit and we will review them and speak internally." "Right now we’re mostly focused on the general platform development rather than working on deep development of integrations. It doesn’t mean that we’re not actively looking for the new ones, we just want to encourage devs to build their own rather then build them interally. However, we have several examples and PoCs that are being integrated - computational chemistry software for one of the scientific research projects from IChO, the transcoding use- case is at its MVP stage. We are also investigating the usage of gWASM for gas price optimization for Ethereum, and we had a PoC for a meta-use case with tools for devops’. We are striving to improve the existing software including Task API, so that the gWASM and Task APIusers will propose new integrations." The GNT, Layer 2 and DeFi "We crowdfunded for this project, and GNT has always been a utility token. So, in short, the narrative "the price does not matter" would be neither politically nor logically correct. However, we need to look after the best interests of all users, either golem software users or token holders, that helped us kickstart this venture. (...)So, the GNT should be easy to use directly on the platform. Still, the token should also supplement the platform in other ways (e.g., through community-driven projects on the platform utilizing economic mechanisms envisioned and developed by the community members). The token should also be easy to use in a broader context (e.g., the DeFi), which may or may not result in a direct connection with the Golem platform." "The current model with on-chain payments is not sustainable for Golem and other similar projects which need a trade-off between the cost of transaction, security/finality and timing. When it comes to small (aka micro) payments it’s even more important. It may happen that due to Ethereum congestion one has to pay more for the gas than the computations itself. Here comes the idea for moving payments to layer 2 solutions. Unfortunately currently there is no such in the production which fits our platform needs, though the situation is very dynamic and we can expect suches to appear in the coming months." "It is no secret that we have been thinking about migrating to ERC-20 for a long time. For one reason or another, we always postponed. But with all the 2019 astronomical DeFi growth, the flame was reignited(...). We’ve been working withETHWorkson finding the best approach for migrating GNT to ERC20.We chose to work with this particular company as our goal is to make sure that the passage to ERC20 allows the (new)GNT to be able to adapt to various matters: for instance, to be used for layer 2 scaling solutions, or Universal Logins, gassless transactions, among others. Right now, doing gassless transactions with the current GNT is cumbersome, and there are many solutions in the market that would be a great fit if GNT was ERC20.(...) As we continue the work & research, we may come up with more ideas that go beyond this, but our main focus remains on giving our users the chance to improve their Golem experience, trade without KYC (if they want to) - while we simultaneously look into all the DeFi ecosystem, and see if we can have the chance of using the token in other platforms." New Team Members and GolemGrid "Radek Tereszczuk has joined us in order to work on the long-term vision of the project and how it fits in the overall web 3 vision. He is an inventor, expert and consultant in areas such as IT, telecommunications, statistics, machine learning, genetics and physics. After hours, research on the new class of programming languages based on his own discoveries in graph mathematics. Has 20+ years professional experience in both his own start-ups and big enterprises (mainly banks and insurance), acting as dev / analyst / architect / project and product manager. Kuba Kucharski is joining us as Chief Product Engineering Officer to boost our product and engineering efforts. He has vast experience in leading developer teams and building product organisations. Involved in Blockchain space since 2013, some of his projects being OrisiOracles (smart contract framework built on top of Bitcoin and BitMessage) and Userfeeds (attention economy / blockchain explorer built on Ethereum)." Phillip from GolemGrid has officially joined the team as well, after his support on mainly Rocket Chat. (chat.golem.network). When asked about his product GolemGrid (golemgrid.com) and his working abroad, he said the following: "So far so good. No issues with working remotely for what i’m currently doing. We have an internal chat for the team members, so if there’s any questions one can just type in there and receive an answer fairly quickly. No challenges to GolemGrid. Actually all more helpful since i've got the smart developers around to answers questions about Golem if needed. (...) Currently there has not been any talk of GolemGrid integrating into Golem or something similar. So atm it’s purely separated as it always has been. I myself will always integrate what’s possible with Golem to GolemGrid, so whether that’s ML, Rendering or a third thing, I want to integrate it all when released. I have plans to fiddle with the Task API in the nearest time and see if I can create something unique and useful for others." Events and upcoming Promo "Kubkon’s speaking at FOSSDEM 2020 in Belgium in a matter of days, then he’s heading towards ETHCC 2020 in Paris to spread the word about gWASM even further.The very eloquent Marcin Benke is speaking in April at EDCON. MP is also doing active reach out to conferences to help with programming and intro some Golem angles we’ve not presented before, and maybe more generalized knowledge that our team can share.We’re adding more conferences every month - and most importantly, we will focus on hackathons. You can rest assured that angle will be thoroughly covered, whether local or more international initiatives, we’ll have a lot of news on this front." "We are working on our content schedule for 2020 (including regular blogposts as we’ve been doing), planning to add tutorial videos and workshops / hackathons. The planned marketing activities for the first two quarters of 2020 are going to be targeted towards quite technical people and they are going to be heavily tech oriented (tutorials, docs, hackathons, explanatory videos, workshops etc). The promo video was a representation of the more mainstream marketing that forms part of our long-term goal." Tl;dr Golem has not adopted users as quickly as expected, however that goes for a lot of things in the cryptospace. The focus is currently on making the platform more robust and on UX instead of deep development and integrations. The Testnet API is live. Blenderapp can be run by anyone on the current testnet usingthese instructions. tutorialapp can be build and run locally usingthese instructions ( NOTE: technical ). Other possible use-cases for Golem are BOINC and BOINC-like computations, however these require more effort currently and have been passed on for internal discussion. Several PoCs are being integrated;chemistry software for one of the scientific research projects from IChO as well as gas-optimization calculations for gWASM and a PoC for a meta-usecase with tools for developers. The GNT should be easy to use directly on the platform. The current model with on-chain payments is not sustainable for Golem and other similar projects which need a trade-off between the cost of transaction, security/finality and timing. When it comes to small (aka micro) payments it’s even more important. Golem has not found a layer 2 solution that satisifies their needs. Golem has been working withETHWorkson finding the best approach for migrating GNT to ERC20. They chose to work with this particular company as our goal is to make sure that the passage to ERC20 allows the (new)GNT to be able to adapt to various matters. Their main focus remains on giving our users the chance to improve their Golem experience, trade without KYC (if they want to) - while we simultaneously look into all the DeFi ecosystem, and see if we can have the chance of using the token in other platforms. Radek Tereszczuk, Kuba Kucharski and Phillip from GolemGrid have joined the team and they will help in the fields of long-term web3.0 vision, boosting product and engineering performance and efforts and tech support as well as community support respectively. Golem will be speaking at FOSSDEM 2020 in Belgium in a matter of days and will then be heading towards ETHCC 2020 in Paris to spread the word about gWASM even further. They will also be speaking in April at EDCON, as well as doing active reach-outs to conferences to help with programming. See you all next AMA!
My experience with the faa.st API and why you should probably avoid it.
A little over a year ago I discovered faast a new crypto swapping website from bitaccess, the folks that run a bunch of bitcoin ATMs. I tried it and I was very impressed with the selection of pairs and the speed of the swaps, but the fees felt a little high for me. I stumbled on their API and in hopes I might be able to save myself some coin and maybe even earn some coin by integrating it into some projects I had gestating for awhile, I decided to sign up as an affiliate and build some test cases that utilized their API under conditions that simulate the real world as much as possible. Because their sandbox was so limited I used their live endpoints for testing, creating 439 swaps and completing 43 of them over the course of a few months. 1 in 10 felt like a good number for completions, but I noticed the API would return 500 errors, mostly 503's if there were more than a couple of outstanding swaps. This could be an issue if integrated in an app that got popular because the app would need to call the endpoint for each unique user, but the API provides no way to distinguish new user, new swap vs existing user new swap. Ergo an API that silently limits the number of outstanding swaps, or having it throw an error would create a lot of issues for an end user of any app built on top if the app saw any real world usage at all. After a few months of working with it, I realized it will probably never be reliable enough to work under real world loads so I abandoned it. But because I had completed 43 swaps I did leave some commissions on the table to the tune of 0.013 BTC about $50 ~ $65 at the time. Last month while assessing my crypto positions I noticed the value of that position had climbed and realized it would be a shame to leave $100 on the table, but their affiliate system will not allow you to withdraw any commissions unless they exceed 0.015 BTC. So I decided to just do a few more big swaps to get my commission up to the minimum so I could get it off the table. One of my swaps returned a USDC endpoint instead of TUSD, my code was not prepared for that and sent funds. Once I realized what happened, I freaked out, but I was impressed with customer service's ability to deal with the situation quickly and in a professional manner. Nevertheless I was left wondering why did the API return USDC on TUSD? Maybe a bug in my code, maybe a bug in theirs, I honestly don't know, but it spooked me and I decided to just get my money out as quickly as possible, so I performed more swaps in an effort to finally reach the minimum withdrawal amount. After finally getting it up to the threshold, I initiated a withdrawal and I waited. Then I waited some more, then I waited some more. Finally after 24hrs I decided to send an email to figure out where my money went. I got passed from person to person, until Moe Adham finally responded. I've been dealing with them for 3 days now. I've explained myself repeatedly, my potential use cases and the fact that I never built an app, but only some unit tests. I have yet to receive my money. Here's the truth people. They do have an easy to use API. My experience is that it has been flaky and unreliable, when put into test cases meant to simulate reasonable use, but on the plus side it hasn't had major changes over the year and some of the flakiness might be due to a misconfigured proxy. What concerns me the most is that they do ex-post facto reviews on apps prior to paying any earned commissions. I could understand this if the purpose were to see if the commissions were legitimately earned or not. But that's not the case here. All of my swaps initiated from the same IP address range and out of 43 swaps there were only 5 or 6 unique addresses, all of which I'm in control of. So what faast is doing right now really does have all the hallmarks of a classic stall tactic. First off, there are no questions about use cases asked before signup, and no approval or review process upfront. So why is there one on the backend AFTER commissions are earned, owed and payment expected? Secondly, this review wasn't some sort of automated trigger caused by my first activity. It was only when trying to exit the platform that I started to get the third degree and it wasn't even my exit that triggered it. To get even this far in the process, it took me sending an email asking where the money went that I got any response at all. Had I not reached out to them, I doubt I would have heard anything back from them at all. The experience hasn't all been bad and the company seems legit. faast is owned by the bitcoin ATM company bitaccess and as a result I don't think they are going away any time soon. Furthermore they are in fact responsive to emails which is more than I can say for most exchanges. And as I mentioned I had one swap go awry and they did handle it professionally rather than tell me "to bad, so sad, sux to be you" like a lot of exchanges do. However if you are a developer and looking at their API with hopes of integrating it into anything I'd advise extreme caution.
The API gets flaky under real world loads. The sandbox is severely limited.
The required commission amount is higher than you could expect to earn in a reasonable time frame of a month to a quarter. Even setting my commission rate to the max of 5% in order to ensure I get to the threshold as quickly as possible, it took nearly a year to get there.
They don't appear to be in a position to pay any commissions you would have otherwise earned. At least not without a lot of hassle. Nothing automated there.
The ex-post facto review process seems to be put in place specifically to limit their need to payout.
Their affiliate agreement which Moe was quick to point to, says they don't actually need to pay you the commissions you've earned. Should they, in their sole discretion decide not to pay up, then they owe you nothing.
As result I'd advise aspiring developers to look elsewhere. If they do by some chance decide to pay me, I'll update this thread and let you know. But I know for my part at least, this is my exit and a warning to others to avoid faast . Imagine putting in all the effort to develop a real world app, market it, build a user base and when it comes time to collect your earnings, you find out they aren't actually obligated to pay, don't want to pay and suddenly have "questions" about your app's usage of their API. Imagine a review process where you are left trying to explain very simple concepts like unit testing to their ops manager Moe who appears to not understand the software development lifecycle nor why anyone would want to do unit and integration testing; Instead of intuitively understanding that test cases are required for any serious software he decides to call it spammy and abusive to have a 10% completion rate on swaps. I mean really, if this is a concern why are they not monitoring the endpoints and sending an email asking what's going on, during the actual development cycle? Why is it an issue only AFTER I ask for my money? I don't know what's going on over there. But I'm writing off 0.015 BTC because I know its not likely to ever be returned. YMMV, but as for me, I felt I should give a review and advise caution. Has anyone else had similar problems?
OracolXor Facilitate grass roots mass adoption – Review current state of affairs and present a viable solution
Since Bitcoin inception the traditional way of acquiring the asset is through internet exchanges. The procedure always involves interacting with a bank or financial institution and from there transferring the fiat funds to the exchange, which in turn offers the possibility of converting the fiat into crypto. The process is long and tedious and requires some computer literacy. Recently some more efforts were made to connect directly the consumer with the crypto currency buy process via ATM’s placed in busy areas in various countries. However mass real adoption cannot happen while the ATM’s are the only mean by which the consumers have direct physical contact with a method to acquire a digital asset (Crypto currencies). Not everyone is carrying a public key (a crypto wallet address where the purchased coins should be deposited) on them and most of the general public is still not computer educated enough to comprehend how the process works thus being reluctant to proceed with the purchase. It is very easy to spot the shortcomings of this method when it comes to mass distribution and usage. Keep in mind Most of the areas that have low penetration of ATM’s have good penetration of mobile phones usage and implicitly the use of phone cards is wide spread. By imitating the phone cards distribution model Oracol Xor crypto will become an instant success and will enable anyone in any part of the world, connected or not connected to the internet, to become a crypto currency holder. Furthermore, through this process the consumer will become part of Oracol Xor Platform and will be able to start making mobile payments and purchases using Xor crypto currency.
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