Bitcoinity.org

HUOBI – THE EXCHANGE BUILT FOR THE FUTURE - A HONEST REVIEW BY AN USER

HUOBI – THE EXCHANGE BUILT FOR THE FUTURE - A HONEST REVIEW BY AN USER
HUOBI – THE EXCHANGE BUILT FOR THE FUTURE
A HONEST REVIEW BY AN USER
https://preview.redd.it/3il28cidztt41.png?width=313&format=png&auto=webp&s=b7c7ccafde202532977305d9be044ba9c7f88e42
Leon Li founded Huobi in 2013, a former computer engineer at Oracle. Huobi Global is a digital asset and crypto currency exchange headquartered in Singapore. Huobi also has local exchanges in South Korea, Japan, and through its strategic partner, the United States.
The Huobi Group, the parent company of Huobi Global, has received venture capital finance from prominent Beijing based ZhenFund and American VC firm Sequoia Capital.
The Huobi Global exchange serves traders in 130 countries. Through Huobi Global, traders can access almost 200 crypto and stable coin assets. Huobi users can download trading clients on both mobile and desktop devices.
Huobi has traded over US$1.2 trillion in digital assets, and at one time it was the world’s leading exchange by volume, capturing 50% of all global trading volume.
In terms of security, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. However, Huobi has implemented the ‘Huobi Security Reserve, in which Huobi has set aside 20,000 BTC reserved for users who have lost funds either due to hacks, or exchange failures.
Ease of use
The UI is clean, user-friendly and perfectly designed with all the basic requirements for a crypto-trader. The charting software is provided by Tradingview, which is exactly what you want.
https://preview.redd.it/nm2fr51mztt41.png?width=602&format=png&auto=webp&s=16c406a4eec33a1c28d2bcb5330bee6b043fc359
Huobi OTC
Huobi’s OTC exchange is a good initiative. The Huobi OTC exchange allows users to trade funds peer-to-peer which doesn’t affect the market price of the underlying asset. The OTC trading-desk, with transfer options like bank-transfers, PayPal, WU, Paytm, UPI, IMPS, Alipay & many others, is an easy to use payment gateway. With a secure exchange to diversify your investment, right next door, too with effective list of Buy and Sell options for BTC, ETH, USDT and EOS coins.
https://preview.redd.it/66c2zr2oztt41.png?width=602&format=png&auto=webp&s=41899be5c02791f9f5323b957ad13d092b5275f7
Huobi Lite
Huobi Lite App provides a convenient channel for everyone to buy cryptocurrencies at the best prices. Tailor-made for beginners, traders, and users.
We can download the App directly from the respective iOS Store or Google Play Store. Alternatively, we may access via the link: https://lite.huobi.com/download
https://preview.redd.it/tw8p8cmpztt41.png?width=260&format=png&auto=webp&s=88f4d4d45b8b287d452f02547adfd187f2b09977
On Huobi Lite, you can buy Bitcoin with your local currencies, credit card, or exchange cryptocurrencies tokens, with zero fees at competitive prices. Huobi Lite currently supports MYR / HKD / VND / USD (Credit Card deposit only), with more to come in the future.
Huobi Derivative Market (Huobi DM)
Margin Trading
Huobi Global launched Huobi Derivative Market (Huobi DM) exchange to selected countries. It provides margin trading, with very low daily loan interest rates of 0.1%. Margin Trading allows users to increase their investment exposure given a limited base principal to enjoy multiple returns.
3-Steps taken in Margin Trading:
  1. Request for Loan
  2. Trade on Margin (Long/Short)
  3. Repay Margin Loan and Interest
With the introduction of Cross Margin on Huobi, users will have to explicitly input the respective margin type before executing the above 3 steps. Balances on the Cross Margin balance does not show on the Isolated Margin balance.
Huobi Futures
Huobi Futures is a kind of digital currency derivatives. Users can make a profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment.
The Huobi Futures Contract adopts spread delivery. When the contract expires, all open positions will be closed at the index-based last-hour arithmetic average price, instead of physical delivery.
BTC/ETH/EOS/LTC/XRP/BCH/TRX/BSV/ETC Contracts are available on Huobi DM. Contracts are priced in USD, with corresponding digital currency (BTC/ETH/EOS/LTC/XRP/BCH/TRX respectively) as margin to open positions, and PnL is also settled in corresponding digital currency.
Weekly, bi-weekly and quarterly contracts are available in Huobi DM. Weekly contracts will be settled on imminent Friday; Bi-weekly contracts will be settled on next Friday; Quarterly contracts will be settled on the last Friday of March, June, September and December.
Choices of leverage: 1x, 5x, 10x, 20x
Huobi Perpetual Swap
Huobi introduced Perpetual Swaps on March 27, 2020 (GMT+8). Huobi Perpetual swap is a kind of digital currency derivatives. Users can make a profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment. Similar to a margin spot market, its price is close to the price of the underlying reference index. The main mechanism for anchoring spot prices is the cost of funds. Perpetual swap have no delivery date. Users can always hold it. Perpetual swap are settled every 8 hours. After each settlement, the realized profit/loss and unrealized profits/losses are transferred to the user account balance.
Partial Liquidation
Huobi Futures adopted partial liquidation to help position holders reduce liquidation risk. Users with large positions and high leverage bear high risk. Huobi Futures releases partial liquidation with the aim to lower possible losses due to high price volatility thus giving users better trading experience.
Under partial liquidation mechanism, when liquidation is triggered, instead of liquidating all positions at once, the system reduces positions gradually till a grade whose margin ratio is great than 0. Full liquidation will only occur when the margin ratio of tier 1 upper limit net position still fails to be great than 0.
Trading Fees
The Huobi exchange has a fair trading fee structure. Every asset traded via Huobi Global is subject to a 0.2% trade fee, for both market makers and takers. Further, Huobi Global has introduced a tiered fee system which offers competitively lower fees for high volume traders. VIP membership gives access to various fee reductions and other benefits.
Huobi Prime
Huobi Prime, the Launchpad platform which we can call Direct Premium Offering (DPO), does share some similarities with initial exchange offerings (IEO) like Binance Launchpad, but it is unique as it is not a fundraising platform, and any coins purchased on the platform are immediately deposited into the users’ wallets and tradable on Huobi Global. Huobi Prime offers its users early access to the coins of premium projects, which can be bought using its native crypto currency, the Huobi Token. To avoid dumping, Huobi has implemented an innovative idea of a period of tiered price limits.
Huobi FastTrack
Huobit FastTrack, rebranded from Huobi Prime Lite, is a new listing model. Wherein, all participants will have a direct say in what projects are listed on Huobi Global and when. In addition, winning voters will get access to quality tokens at below market rates. The program also provides much needed exposure and a straightforward listing process.
Huobi Wallet
https://preview.redd.it/6iux5zotztt41.png?width=602&format=png&auto=webp&s=fef6f6d6813ec82a70df28b160fe18ba2237daba
Huobi Wallet is the official mobile wallet of Huobi Group, a leading global digital asset financial service provider. It is a multi-chain asset management tool that provides native support for various types of blockchains and all of the ERC20 tokens. So far Huobi Wallet supports BTC, BCH, LTC, ETH, ETC, USDT and all ERC20 tokens.
Huobi wallet is the first wallet to expand support to cover seven stablecoins including, Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), Dai (DAI), Stasis EURS (EURS), and Tether (USDT).
Huobi Wallet is built based on the core principle of security-first. The wallet gives back its users, complete control of their private keys. In simple terms, You own your assets. The wallet is backed up with mnemonics, so in future when you want to import your wallet, it’s just simple few clicks.
Currently, the wallet is compatible with both iOS and Android devices and you can download both from here (www.huobiwallet.com/en)
Huobi Chain
Huobi launched Huobi Chain’s Testnet (“the Testnet”) on February 29th 2020 (GMT+8). Huobi Chain is China’s autonomous cum compliant-ready blockchain platform, and is committed to providing a global, blockchain-based, digital asset infrastructure. Huobi Chain is committed to providing a high-performance, blockchain-based, global digital asset infrastructure. Once the Mainnet goes live, Huobi Chain will announce HT- related events: e.g. pledge HT to be a Super Node, etc.
HT Lock & Mine (Huobi Pool)
Huobi launched HT Lock and Mine operations on 25th July 2019 (GMT+8). Users who lock HT tokens receive daily HPT rewards. Specific reward quantity will depend on lock option period selected, quantity locked and Huobi Pool’ s mining hash power and daily float.
DPOS Rewards: All Huobi Global users with more than 1,000HPT holdings in their HBG account will receive DPOS mining rewards. Currently, token reward received under DPOS mining include EOS, TRX, CMT, ONG, IOST, ATOM, IRIS, LAMB。
Huobi Support
Users of the Huobi exchange can access 24/7 live chat and Huobi help center. Those facing issues can also open a support ticket to have their issue resolved by an expert representative immediately.
The Huobi Group has a very active YouTube channel, featuring Huobi Talk, where it posts user tutorials, detailed guides, and crypto currency information for traders.
What I like the most about Huobi
  1. An established platform that’s been operating since 2013, which is a long time in the crypto world.
  2. Highly secured with decentralized exchange structure, which helps to resist DDOS attacks. Huobi has never suffered a large hack.
  3. Huobi Security Reserve of 20000 BTC to compensate users’ loss of funds.
  4. Dedicated, fast and 24/7 customer support.
  5. Regulated in major jurisdictions.
  6. User interface is very smooth and clean.
  7. Over 230 crypto assets are available.
  8. User education program is good initiative.
  9. Separate trading desk for institution and firm size users.
  10. Very transparent about its operations, listings and projects.
  11. Huobi Wallet is secured and very easy to operate.
  12. Huobi mobile app is smooth and very easy to use.
  13. Competitive fees.
  14. Has taken serious steps towards avoiding wash trading.
  15. Impressive array of trading pairs.
  16. Has given more important on community participation, like voting for listing, mining pool, Huobi Knights program etc.
  17. I like Huobi Prime because of following reasons: -
(a) Purchased tokens are immediately deposited into user’s accounts,
(b) As projects launch exclusively through Huobi Prime from day one, all users get assets at the best price.
(c) Tiered price limits on the platform protect both investors and projects from immediate dump.
  1. Huobi screen projects and launches which are only the best. I don’t have to worry about poor or scammy projects.
  2. Burning of HT is a great move and it would benefit long term holders.
Join Huobi by click here: https://www.huobi.com/en-us/topic/invited/?invite_code=7zkb4
Visit
Huobi Global: https://www.huobi.com/en-us/
Join Indian Group: https://t.me/huobiglobalindia
Global telegram Channel: https://t.me/huobiglobalofficial
Join Huobi by click here: https://www.huobi.com/en-us/topic/invited/?invite_code=7zkb4
submitted by VinayTM to HuobiGlobal [link] [comments]

Why Verge Needs DigiShield NOW! And Why DigiByte Is SAFE!

Hello everyone, I’m back! Someone asked a question recently on what exactly happened to XVG – Verge and if this could be a problem for DGB – DigiByte - Here: DigiByte vs Verge It was a great question and there have been people stating that this cannot be a problem for us because of DigiShield etc… with not much explanation after that.
I was curious and did a bit more investigating to figure out what happened and why exactly it is that we are safe. So take a read.

Some Information on Verge

Verge was founded in 2014 with code based on DogeCoin, it was initially named DogeCoinDark, it later was renamed Verge XVG in 2016. Verge has 5 mining algorithms as does DigiByte. Those being:
However, unlike DigiByte those algorithms do not run side by side. On Verge one block can only be mined by a single algorithm at any time. This means that each algorithm takes turns mining the chain.
Prior to the latest fork there was not a single line of code that forced any algo rotation. They all run in parallel but of course in the end only one block can be accepted at given height which is obvious. After the fork algo rotation is forced so only 6 blocks with the same algo out of any 10 blocks can be accepted. - srgn_

Mining Verge and The Exploit

What happened then was not a 51% attack per say, but the attacker did end up mining 99% of all new blocks so in fact he did have power of over 51% of the chain. The way that Verge is mined allowed for a timestamp exploit. Every block that is mined is dependent on the previous blocks for determining the algorithm to be used (this is part of the exploit). Also, their mining difficulty is adjusted every block (which last 30 seconds also part of the exploit). Algorithms are not picked but in fact as stated previously compete with one another. As for difficulty:
Difficulty is calculated by a version of DGW which is based on timestamps of last 12 blocks mined by the same algo. - srgn_
This kind of bug is very serious and at the foundation of Verge’s codebase. In fact, in order to fix it a fork is needed, either hard fork or soft fork!
What happened was that the hacker managed to change the time stamps on his blocks. He introduced a pair of false blocks. One which showed that the scrypt mining algorithm had been previously used, about 26 mins before, and then a second block which was mined with scrypt. The chain is set up so that it goes through the 5 different algorithms. So, the first false block shows the chain that the scrypt algorithm had been used in the recent past. This tricks it into thinking that the next algorithm to be used is scrypt. In this way, he was essentially able to mine 99% of all blocks.
Pairs of blocks are used to lower the difficulty but they need to be mined in certain order so they can pass the check of median timestamp of last 11 blocks which is performed in CBlock::AcceptBlock(). There is no tricking anything into thinking that the next algo should be x because there is no algo picking. They all just run and mine blocks constantly. There is only lowering the difficulty, passing the checks so the chain is valid and accepting this chain over chains mined by other algos. - segn_
Here is a snippet of code for what the time stamps on the blocks would look like:
SetBestChain: new best=00000000049c2d3329a3 height=2009406 trust=2009407 date=04/04/18 13:50:09 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000a307b54dfcf height=2009407 trust=2009408 date=04/04/18 12:16:51 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=00000000196f03f5727e height=2009408 trust=2009409 date=04/04/18 13:50:10 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=0000000010b42973b6ec height=2009409 trust=2009410 date=04/04/18 12:16:52 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000e0655294c73 height=2009410 trust=2009411 date=04/04/18 12:16:53 ProcessBlock: ACCEPTED (scrypt) 
Here’s the first falsified block that was introduced into the XVG chain – Verge-Blockchain.info
As you can see there is the first fake block with a time stamp of 13:50:09 for example and the next is set to 12:15:51, the following two blocks are also a fraudulent pair and note that the next block is set to 12:16:52. So essentially, he was able to mine whole blocks - 1 second per block!

The “Fix”

This exploit was brought to public attention by ocminer on the bitcointalk forums. It seems the person was a mining pool administrator and noticed the problem after miners on the pool started to complain about a potential bug.
What happened next was that Verge developers pushed out a “fix” but in fact did not really fix the issue. What they did was simply diminish the time frame in which the blocks can be mined. The attack still was exploitable and the attacker even went on to try it again!
“The background is that the "fix" promoted by the devs simply won't fix the problem. It will just make the timeframe smaller in which the blocks can be mined / spoofed and the attack will still work, just be a bit slower.” - ocminer
Ocminer then cited DigiShield as a real fix to the issue! Stating that the fix should also stipulate that a single algo can only be used X amount of times and not be dependent on when the algo was last used. He even said that DigiByte and Myriad had the same problems and we fixed them! He cited this github repo for DigiByte:

DigiShield

It seems that the reason that this exploit was so lucrative was because the difficulty adjustment parameters were not enough to reduce the rewards the attacker recieved. Had the rewards per block adjusted at reasonable rate like we do in DGB then at least the rewards would have dropped significantly per block.
The attacker was able to make off with around 60 million Verge which equals about 3.6 million dollars per today’s prices.
The exploit used by the attacker depended on the fact that time stamps could be falsified firstly and secondly that the difficulty retargeting parameters were inadequate.
Let’s cover how DigiShield works more in detail. One of the DigiByte devs gave us this post about 4 years ago now, and the topic deserves revisiting and updates! I had a hard time finding good new resources and information on the details of DigiShield so I hope you’ll appreciate this review! This is everything I found for now that I could understand hopefully I get more information later and I’ll update this post.
Let’s go over some stuff on difficulty first then I’ll try giving you a way to visualise the way these systems work.
First you have to understand that mining difficulty changes over time; it has to! Look at Bitcoin’s difficulty for example – Bitcoin difficulty over the past five months. As I covered in another post (An Introduction to DigiByte Difficulty in Bitcoin is readjusted every 2016 blocks which each last about 10 mins each. This can play out over a span of 2 weeks, and that’s why you see Bitcoin’s difficulty graph as a step graph. In general, the hash power in the network increases over time as more people want to mine Bitcoin and thus the difficulty must also increase so that rewards are proportional.
The problem with non-dynamic difficulty adjustment is that it allows for pools of miners and or single entities to come into smaller coins and mine them continuously, they essentially get “free” or easily mined coins as the difficulty has not had time to adjust. This is not really a problem for Bitcoin or other large coins as they always have a lot of miners running on their chains but for smaller coins and a few years ago in crypto basically any coin other than Bitcoin was vulnerable. Once the miners had gotten their “free coins” they could then dump the chain and go mine something else – because the difficulty had adjusted. Often chains were left frozen or with very high fees and slow processing times as there was not enough hash power to mine the transactions.
This was a big problem in the beginning with DigiByte and almost even killed DogeCoin. This is where our brilliant developers came in and created DigiShield (first known as MultiShield).
These three articles are where most of my information came from for DigiShield I had to reread a the first one a few times to understand so please correct me if I make any mistakes! They are in order from most recent to oldest and also in order of relevance.
DigiShield is a system whereby the difficulty for mining DigiByte is adjusted dynamically. Every single block each at 15 seconds has difficulty adjusted for the available hashing power. This means that difficulty in DigiByte is as close as we can get to real time! There are other methods for adjusting difficulty, the first being the Bitcoin/Litecoin method (a moving average calculated every X number of blocks) then the Kimoto Gravity Well is another. The reason that DigiShield is so great is because the parameters are just right for the difficulty to be able to rise and fall in proportion to the amount of hash power available.
Note that Verge used a difficulty adjustment protocol more similar to that of DigiByte than Bitcoin. Difficulty was adjusted every block at 30 seconds. So why was Verge vulnerable to this attack? As I stated before Verge had a bug that allowed for firstly the manipulation of time stamps, and secondly did not adjust difficulty ideally.
You have to try to imagine that difficulty adjustment chases hashing power. This is because the hashing power on a chain can be seen as the “input” and the difficulty adjustment as the corresponding output. The adjustment or output created is thus dependent on the amount of hashing power input.
DigiShield was designed so that increases in mining difficulty are slightly harder to result than decreases in mining difficulty. This asymmetrical approach allows for mining to be more stable on DigiByte than other coins who use a symmetrical approach. It is a very delicate balancing act which requires the right approach or else the system breaks! Either the chain may freeze if hash power increases and then dumps or mining rewards are too high because the difficulty is not set high enough!
If you’ve ever taken any physics courses maybe one way you can understand DigiShield is if I were to define it as a dynamic asymmetrical oscillation dampener. What does this mean? Let’s cover it in simple terms, it’s difficult to understand and for me it was easier to visualise. Imagine something like this, click on it it’s a video: Caravan Weight Distribution – made easy. This is not a perfect analogy to what DigiShield does but I’ll explain my idea.
The input (hashing power) and the output (difficulty adjustment) both result in oscillations of the mining reward. These two variables are what controls mining rewards! So that caravan shaking violently back and forth imagine those are mining rewards, the weights are the parameters used for difficulty adjustment and the man’s hand pushing on the system is the hashing power. Mining rewards move back and forth (up and down) depending on the weight distribution (difficulty adjustment parameters) and the strength of the push (the amount of hashing power input to the system).
Here is a quote from the dev’s article.
“The secret to DigiShield is an asymmetrical approach to difficulty re-targeting. With DigiShield, the difficulty is allowed to decrease in larger movements than it is allowed to increase from block to block. This keeps a blockchain from getting "stuck" i.e., not finding the next block for several hours following a major drop in the net hash of coin. It is all a balancing act. You need to allow the difficulty to increase enough between blocks to catch up to a sudden spike in net hash, but not enough to accidentally send the difficulty sky high when two miners get lucky and find blocks back to back.”
AND to top it all off the solution to Verge’s time stamp manipulation bug is RIGHT HERE in DigiShield again! This was patched and in Digishield v3 problems #7
Here’s a direct quote:
“Most DigiShield v3 implementations do not get data from the most recent blocks, but begin the averaging at the MTP, which is typically 6 blocks in the past. This is ostensibly done to prevent timestamp manipulation of the difficulty.”
Moreover, DigiShield does not allow for one algorithm to mine more than 5 blocks in a row. If the next block comes in on the same algorithm then it would be blocked and would be handed off to the next algorithm.
DigiShield is a beautiful delicate yet robust system designed to prevent abuse and allow stability in mining! Many coins have adopted out technology!

Verge Needs DigiShield NOW!

The attacker has been identified as IDCToken on the bitcointalk forums. He posted recently that there are two more exploits still available in Verge which would allow for similar attacks! He said this:
“Can confirm it is still exploitable, will not abuse it futher myself but fix this problem immediately I'll give Verge some hours to solve this otherwise I'll make this public and another unpatchable problem.” - IDCToken
DigiShield could have stopped the time stamp manipulation exploit, and stopped the attacker from getting unjust rewards! Maybe a look at Verge’s difficulty chart might give a good idea of what 1 single person was able to do to a coin worth about 1 billion dollars.
Here’s DigiByte’s difficulty steady, even and fair:
Maybe our developers could help Verge somehow – but for a fee? Or it might be a good way to get our name out there, and show people why DigiByte and DigiShield are so important!

SOURCES

Edit - Made a few mistakes in understanding how Verge is mined I've updated the post and left the mistakes visible. Nothing else is changed and my point still stands Verge could stand to gain something from adopting DigiShield!
Hi,
I hope you’ve enjoyed my article! I tried to learn as much as I could on DigiShield because I thought it was an interesting question and to help put together our DGB paper! hopefully I made no mistakes and if I did please let me know.
-Dereck de Mézquita
I'm a student typing this stuff on my free time, help me pay for school? Thank you!
D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
submitted by xeno_biologist to Digibyte [link] [comments]

Best of Buttcoin: 2014

There's been some fantastic work done in this subreddit spreading disinformation researching, criticising, and debunking bitcoin and its sacred cows over the past year, which I would like to celebrate.
So here's some posts I saved on bitcoin-related topics. But I started saving things too late... So if you have and/or remember any great posts from the past year, dig them up and post them here.
Also, unironically, maybe someone should start a buttcoin wiki

First, three pieces of investigative journalism from Buttcoin's top minds. Here Charlie_Shrem examines the environmental impact of bitcoin mining. Key finding: For every Bitcoin transaction, 47 kilograms of CO2 is released into the atmosphere from the miners alone.
Current hash rate: 261,900,382 GH/s
Number of transactions per day: 71,331
If we assume rather conservatively that 1GH/s = 1 watt on average, then this would mean 261,900,382W is being used to power the network. We can simplify this to 261,900 kW.
Some miners can do better than 1W per 1GH/s, but many if not most do worse (i.e. 2W per 1GH/s to 10W per 1GH/s).
Going by the figure of 0.527kg CO2 / kWh found on this page,
0.527kg CO2 x 261,900 kW x 24 hours = 3,312,511.2 kg CO2 per day
Now,
3,312,511.2 kg CO2 / 71,331 transactions = 46.44 kg CO2 per transaction
For comparison, even going by this Coindesk Article, an ATM produces daily 3.162kg in CO2 emissions.
0.25kwH x 0.527kg CO2 x 24 hours = 3.162kg/day.
That means that the carbon emission for one Bitcoin transaction is equivalent to about 15 ATMs processing perhaps hundreds or thousands of transactions in a day combined.

Earlier this month Frankeh abruptly interrupted remittance-focused annular onanism by issuing a challenge: to find a single instance where bitcoin works out cheaper than a fiat alternative. In case you need to ask... Nope.
Right, there's a bunch of circlejerking happening in /Bitcoin right now so I think it's time to cut through the bullshit one way or another.
Country to send money to.
The biggest remittance markets are China, Indian and the Philippines.
I believe that since /Bitcoin often gives the Philippines as an example of successful Bitcoin remittance then it is the perfect country to use in our challenge.
Country to send money from.
According to this wikipedia article Malaysia and Canada have the biggest expat Filipino communities. 900,000 and 500,000.
So I think we should do the calculations based on both countries.
The methodology
Most people are not paid in Bitcoin. This is a fact. So for our calculation you must start with fiat, and end in fiat. We're not doing these calculations based on future utility of Bitcoin (No, neo. I'm saying...), we're doing them on the current utility.
We will also be doing a bank to bank remittance, because that is nice an constant. We don't need to take into account pick up locations Bitcoin remittance allows and pick up locations normal remittance allows. They'll vary too much.
Time will also not be taken into account, as time doesn't actually matter when it comes to remittance. Now, Bitcoiners might shout about this particular rule but let me explain my logic behind this.
A foreign worker gets paid every Friday. They start the remittance process on the Friday and regardless of if it takes 0, 3, or 5 days their family back in their home country just needs to base their life around money coming in on remitters pay day + 0, 3, or 5 days. Time taken is of no real value when it comes to remittance. All that matters is that it consistently arrives on day x.
As such, any remittance services that take over 5 working days are to be ignored for the sake of this challenge.
The amount
The amount is going to be 25% of the average wage in each of the countries. This isn't extremely scientific because it doesn't particularly need to be, and the figures are hard to come by.
So 1826.75 MYR for Malaysia and 1,398 CAD for Canada.
Don't bother complaining about these, they're just examples.
Few more ground rules
  • We're going to be going from bank/bank card to bank regardless, so we're not interested in banking fees on either side. They will be the same regardless of Bitcoin or WU (for example)
  • It must be from local fiat to foreign fiat.. You can't palm off the conversion fee to the receivers bank to keep fees down.
  • Any remittance service can be used, as long as Bitcoin is involved for people fighting the Bitcoin corner and Bitcoin isn't used for people fighting the WU (or similar) corner.
  • You must go through the process and document all the fees for each. Fees to look out for are currency spreads, transaction fees on exchanges, etc

Finally a recent thread, but commendable all the same. Hodldown presents some research leading to facts overturning years of knowledge in the bitcoin wiki. Even us shills have been laughing at bitcoin's pathetic capability of 7 transactions per second. It turns out, we were out by at least a factor of 2:
The average number of transactions per block right now is: 665 transactions
The average block size is 0.372731752748842mb.
That means the average transaction is 0.00056049887mb. Which means 1mb of transactions (the limit) is 1784 transactions
Assuming a 10 minute block (a whole other can of worms) that means there is 10*60 seconds.
1784/600 isn't 7. It's a 2.97.
Bitcoin at a technical level can not handle even 3 transactions per second.

In one of the frequent bitcoin user invasions, PayingWithActualMone outlines why the "solution in search of a problem" isn't that great of a solution to much either.
On the transaction side: the Bitcoin community seems convinced that banks are ripping them off (which imo they are not), and that it can be fixed by applying some magicsauce over a transaction that is facilitated by banks regardless. So far in practice I haven't seen any evidence of the 'fast' 'cheap' and 'easy' transactions, like most recently with Mollie. They usually compare the fees of BTC>BTC transactions to the fees of Chase Mastercard > a fucking nomad in the Sahara (with consumer protection) to prove their point. The community also seems convinced that the entire world banks the way America does, not realizing that in Europe banking has been dirt cheap for years.
And the security... oh boy the security. Half the population can't manage to go without a virus for one year (not an actual statistic), and now you expect them to secure their coins? People are dumb as shit, and software is always one step behind the exploits. We could of course create Bitcoin banks, but then there isn't much left of the original idea.
On the 'intrinsic value' side: what the hell is wrong with people. If the underlying product is no good in any aspect, why is it worth much? Right now (that's like 5 years after introduction mind you) BTC is used in 3 types of transactions: Silk Road, SatoshiDice & extremely questionable transactions. It does its job well in that aspect, and that's all it will ever be. The community just turned the technology into a giant ponzi, and they don't care as long as they get paid. The people actually doing business in Bitcoin probably don't care about the price that much.

Someone who deleted their account, on the argument that merchant adoption is a cause of the price drop:
That's just an excuse butters use for the price going down.
There's no real difference between selling bitcoin for fiat and exchanging bitcoin for goods and services. Both are a form of sale of bitcoin, an expression of preference for something other than bitcoin.
If on balance, there's more flow of bitcoin into fiat, goods or services than there is a corresponding opposing flow, then it is simply the market expressing the view that bitcoin is overvalued. Therefore, the reduction in the value of bitcoin (as valued in fiat) is a sincere expression of the market's view of what the correct price for bitcoin is.
Think of an example: A true believer has 20 BTC. He exchanges 10 BTC with Dell for a whizzy server. Dell (or another intermediary) sell the 10 BTC at an exchange in return for fiat. The market price of BTC goes down.
The price goes down, simply because a true believer cut his bitcoin holding, he got out. He thought having a server now was worth more to him than 10 tickets to the moon. Which is an expression of a negative view of the future value of bitcoin. A simple "aggressive" sale in trading parlance.

A late entry from jstolfi. A concise description of the Satoshi/Bitcoin origin story .
My understanding is that "Satoshi" had been trying to solve the technical problem of convincing a bunch of anonymous, volunteers to maintain and protect a distributed ledger, with no central authority.
He thought that he had a solution, in the form of a protocol that included PoW, miner rewards, longest chain, etc. The solution seemed to work on paper; but, as a good scientist, he started an experiment in order to check whether it would also work in practice.
For that experiment to be meaningful, it would have been enough if the coin was mined for several years only by a few hundred computer nerds, with the cooperation of some friendly pizza places and bars.
The US$ price of the coin was not important to the experiment, and it was never meant to be a weapon for libertarians, a way to buy drugs or evade taxes, a competitor to credit cards or Western Union, a sound investment or item for day-trading. All those "goals" were tacked onto it afterwards.

bob237 comments on the the absurdity of coinbase and it's touted 'rebuy' scheme,
It gets even better than that, actually. A lot of bitcoiners don't like 'losing' bitcoin, and so coinbase added a popular 'repurchase bitcoin' feature that automatically debits your bank account to replenish the BTC in your coinbase account after a purchase.
The ultimate result then is that you pay coinbase fiat, they take their cut, and then send that fiat on to the merchant. All 'bitcoins' used in the middle of the transaction are not really bitcoins, but just abstractions in coinbase's internal [off-chain] accounting system.
It's a crap version of paypal, no consumer protection and a ton of fees hidden in the spread when you buy your chuck-e-cheese tokens from them.

saigonsquare explains why ubiquitous tipping isn't the the killer app that it has been touted as, and why bitcoiners may fail to grasp this
Most people understand that there are different sorts of interaction. There are purely social interactions, there are quid-pro-quo interactions, and there are market interactions. Mixing those up causes embarrassment and insult. I wouldn't try to pay my mother-in-law ten bucks for cooking Christmas dinner, and I certainly wouldn't try to pay her ten cents. If a waiter suggests I try the raspberry tart, I won't get away with offering to bake him some cookies next week in compensation; if an office mate suggests I have a slice of her birthday cake, I'll be insulted if she brings me a bill for it. If I spend an hour helping my friend move apartments and he thanks me, I'm fine; we're friends helping each other out. If he pays me two bucks, I'm insulted; he's canceled the social nature of the interaction and instead simply bought my labor for a fraction of its going rate. I'm up two bucks but down a friend.
Ancapspergers, not particularly understanding any sort of interaction more complicated than buying a cheeseburger at Wendy's, assume that all interactions are a form of market transaction, and set pricing accordingly. Normal humans get offended by a penny shaving, because it cancels the social nature of the interaction and turns it into a market transaction--and then informs the recipient that his contribution to the transaction was of negligible value.
submitted by occasionallyrude to Buttcoin [link] [comments]

Urgent: Will Bitcoin Hit 20K This Week The Bitcoin 200 Moving Average + MACD Equals = Lambo - YouTube Bitcoin Cash Token Wallets Have Arrived! 1 CENT Average Transaction Fees & More Bitcoin Cash News How To Trade Bitcoin Cryptocurrency for Beginners - YouTube Buy ONE Bitcoin Your Time Is Running Out [2020]

Right off the bat – you can’t mine a bitcoin. You can mine a block of bitcoins. Update February 2020. The Bitcoin hashrate jumped almost 3x since same time last year. We were at 43 TH/s and now we are at around 120 TH/s. So we keep breaking records in terms of hashrate and with the halving date approaching, bitcoin mining profitability for small players is decreasing. You would be better ... This 'time leap' makes the software the most consistent trading app on the planet. Award-winning trading app . The Bitcoin Trader app has won a number of awards. The most recent awards we have had the honor of receiving is getting #1 in the trading software category for the US Trading Association. ... Get live exchange rates with our all-in-one currency converter, transfer money and track your transfers on the go with our mobile app. 2020. USForex Inc. dba OFX or its affiliates. This year, when Bitcoin together with all its worshippers celebrates its 10th birthday, is the best time to get all your ducks in a row. I want to tell you what I think about the latest trends and near future of the first crypto. Hopefully, it will help you to answer the main question — to buy or not to buy. Register now with BitcoinAverage & get fast free access to our trusted current and historical bitcoin prices for 160+ currencies, accounting tools & more

[index] [26604] [44261] [43059] [19791] [28987] [10588] [37865] [14425] [8278] [35511]

Urgent: Will Bitcoin Hit 20K This Week

Bitcoin Price: Now Is The Time To Buy Bitcoin Published March 24, 2017 I want take a second to tell everyone why it’s time to buy bitcoin and it’s BEEN time to buy bitcoin for a long time. This video is unavailable. Watch Queue The finest in Bitcoin news! Stay informed by watching our official channel! Are you interested in learning how to trade cryptocurrency with the pros? Then cl... What if you bought BITCOIN EVERY 2 WEEKS from ALL TIME HIGH? Dollar cost averaging Bitcoin explained - Duration: 8:39. The Traveling Trader 15,399 views. 8:39. BITCOIN TO $50,000 - THE FEDERAL ... GET OUT OF THE MARKET! YOU'RE BEING PLAYED!! Rich Dad Poor Dad Author Robert Kiyosaki and Bitcoin YOU'RE BEING PLAYED!! Rich Dad Poor Dad Author Robert Kiyosaki and Bitcoin - Duration: 36:53.

#