Coinbase will Cryptsy-Opfer entschädigen - BTC-ECHO

Bob The Magic Custodian



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

BittyTax - New open source project for cryptoasset accounting/audit/tax tools

BittyTax - New open source project for cryptoasset accounting/audit/tax tools

BittyTax
I wrote this code last year to do my own tax return as at the time there was nothing available for UK tax rules. I decided to make it open source here https://github.com/BittyTax/BittyTax.
It’s command line tools only at the moment, but I’m working on next version which will integrate directly into Excel to make it a bit easier to use.
I've done a lot of testing and some friends have used it for their tax returns, but bear in mind it is still in beta.
If you get any problems or there's any feature you would like added, please raise an issue here.
It currently handles these data file formats:
Wallets:
  • Electrum
  • Ledger Live
  • Qt Wallet (i.e. Bitcoin Core)
  • Trezor
Exchanges:
  • Binance
  • Bitstamp
  • Bittrex
  • ChangeTip
  • Circle
  • Coinbase
  • Coinbase Pro
  • Coinfloor
  • Cryptopia
  • Cryptsy
  • Gatehub
  • OKEx
  • Poloniex
  • TradeSatoshi
  • Uphold
  • Wirex
Explorers:
  • Etherscan
Historic price data for fiat/crypto are taken from these sources:
submitted by nanonanouk to BitcoinUK [link] [comments]

I worked so hard on this app! But now its ready for my crypto loving friends! :)

Introducing Interactivecrypto, a complete cryptocurrency application for your smartphone and tablet. With easy to use tools to keep track of all your cryptocurrency investments. Get detailed price and market information for individual altcoins all in one place.
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📱Android: https://play.google.com/store/apps/details?id=com.interactive_crypto.app
📱Iphone: https://itunes.apple.com/us/app/interactive-crypto/id1291765934?mt=8
🌟Highlights of the Interactivecrypto App🌟
✅ Crypto Coverage: Analysis on popular and most traded cryptocurrencies, such as: Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Bitcoin Cash, Tronix, NEO, EOS, ZCash, DASH, Monero, Lisk, Binance Coin, IOTA, OmiseGo, NEM, Stellar and many other altcoin reviews.
✅ Historical Data and Charts: Unique platform with real-time charts to analyze crypto trends like a pro. Candlestick charts and market details for every altcoin.
✅ Price Alert Notifications: Keep track of significant price changes for your virtual currencies and digital assets. Set customized alerts and get automatically notified when the price of a certain Cryptocurrency crosses the set threshold.
✅ Watchlist: Create a watchlist and add unlimited coins. Easily follow and monitor all your assets and holdings, along with real-time detailed information on each altcoin.
✅ Hundreds of Cryptocurrencies: Track 100+ cryptocurrencies including: BTC, ETH, ETC, XRP, LTC, NEM, DASH, NEO, ZEC, XMR, BCH, LSK, IOTA, BNB, VEN, EOS and many more coins!
✅ Bitcoin News: Stay up to date with the latest Cryptocurrency and mining news. Read about the latest Bitcoin and Altcoin trends and reports. Receive daily technical coin analysis from our experts.
✅ Altcoin Reviews: Stay informed with the latest Crypto coin reviews.
✅ Compare 30+ Exchanges: Coinmama, Coinbase, Bitstamp, ANXPRO, HitBtc, BTC-E, BTCChina, Huobi, Kraken, ItBit, Bitbay, Cryptsy, Bter, Bitfinex, Clevercoin, Bitmarket, Gatecoin, QUOINE, Bittrex, BL3P (Bitonic), Poloniex, Bitcurex, EXMO, CEX.IO, Vaultoro and many more.
✅ Over 10 Languages: Our app is available in English, Francais , Deutsch, Italiano, Español, Portuguese, Türkçe, русский, العربية , فارسی, 日本の, 台湾, 日本語, 中文
submitted by pmoneycrypto to litecoinforbeginners [link] [comments]

I worked so hard on this crypto app!

Introducing Interactivecrypto, a complete cryptocurrency application for your smartphone and tablet. With easy to use tools to keep track of all your cryptocurrency investments. Get detailed price and market information for individual altcoins all in one place.
👀Visit our Website👀 https://www.interactivecrypto.com
🔻Download the App for Free! 🔻
📱Android: https://play.google.com/store/apps/details?id=com.interactive_crypto.app
📱Iphone: https://itunes.apple.com/us/app/interactive-crypto/id1291765934?mt=8
🌟Highlights of the Interactivecrypto App🌟
✅ Crypto Coverage: Analysis on popular and most traded cryptocurrencies, such as: Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Bitcoin Cash, Tronix, NEO, EOS, ZCash, DASH, Monero, Lisk, Binance Coin, IOTA, OmiseGo, NEM, Stellar and many other altcoin reviews.
✅ Historical Data and Charts: Unique platform with real-time charts to analyze crypto trends like a pro. Candlestick charts and market details for every altcoin.
✅ Price Alert Notifications: Keep track of significant price changes for your virtual currencies and digital assets. Set customized alerts and get automatically notified when the price of a certain Cryptocurrency crosses the set threshold.
✅ Watchlist: Create a watchlist and add unlimited coins. Easily follow and monitor all your assets and holdings, along with real-time detailed information on each altcoin.
✅ Hundreds of Cryptocurrencies: Track 100+ cryptocurrencies including: BTC, ETH, ETC, XRP, LTC, NEM, DASH, NEO, ZEC, XMR, BCH, LSK, IOTA, BNB, VEN, EOS and many more coins!
✅ Bitcoin News: Stay up to date with the latest Cryptocurrency and mining news. Read about the latest Bitcoin and Altcoin trends and reports. Receive daily technical coin analysis from our experts.
✅ Altcoin Reviews: Stay informed with the latest Crypto coin reviews.
✅ Compare 30+ Exchanges: Coinmama, Coinbase, Bitstamp, ANXPRO, HitBtc, BTC-E, BTCChina, Huobi, Kraken, ItBit, Bitbay, Cryptsy, Bter, Bitfinex, Clevercoin, Bitmarket, Gatecoin, QUOINE, Bittrex, BL3P (Bitonic), Poloniex, Bitcurex, EXMO, CEX.IO, Vaultoro and many more.
✅ Over 10 Languages: Our app is available in English, Francais , Deutsch, Italiano, Español, Portuguese, Türkçe, русский, العربية , فارسی, 日本の, 台湾, 日本語, 中文
submitted by pmoneycrypto to btc [link] [comments]

I worked so hard on this app! But now its ready for my crypto loving friends! :)

Introducing Interactivecrypto, a complete cryptocurrency application for your smartphone and tablet. With easy to use tools to keep track of all your cryptocurrency investments. Get detailed price and market information for individual altcoins all in one place.
👀Visit our Website👀 https://www.interactivecrypto.com
🔻Download the App for Free! 🔻
📱Android: https://play.google.com/store/apps/details?id=com.interactive_crypto.app
📱Iphone: https://itunes.apple.com/us/app/interactive-crypto/id1291765934?mt=8
🌟Highlights of the Interactivecrypto App🌟
✅ Crypto Coverage: Analysis on popular and most traded cryptocurrencies, such as: Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Bitcoin Cash, Tronix, NEO, EOS, ZCash, DASH, Monero, Lisk, Binance Coin, IOTA, OmiseGo, NEM, Stellar and many other altcoin reviews.
✅ Historical Data and Charts: Unique platform with real-time charts to analyze crypto trends like a pro. Candlestick charts and market details for every altcoin.
✅ Price Alert Notifications: Keep track of significant price changes for your virtual currencies and digital assets. Set customized alerts and get automatically notified when the price of a certain Cryptocurrency crosses the set threshold.
✅ Watchlist: Create a watchlist and add unlimited coins. Easily follow and monitor all your assets and holdings, along with real-time detailed information on each altcoin.
✅ Hundreds of Cryptocurrencies: Track 100+ cryptocurrencies including: BTC, ETH, ETC, XRP, LTC, NEM, DASH, NEO, ZEC, XMR, BCH, LSK, IOTA, BNB, VEN, EOS and many more coins!
✅ Bitcoin News: Stay up to date with the latest Cryptocurrency and mining news. Read about the latest Bitcoin and Altcoin trends and reports. Receive daily technical coin analysis from our experts.
✅ Altcoin Reviews: Stay informed with the latest Crypto coin reviews.
✅ Compare 30+ Exchanges: Coinmama, Coinbase, Bitstamp, ANXPRO, HitBtc, BTC-E, BTCChina, Huobi, Kraken, ItBit, Bitbay, Cryptsy, Bter, Bitfinex, Clevercoin, Bitmarket, Gatecoin, QUOINE, Bittrex, BL3P (Bitonic), Poloniex, Bitcurex, EXMO, CEX.IO, Vaultoro and many more.
✅ Over 10 Languages: Our app is available in English, Francais , Deutsch, Italiano, Español, Portuguese, Türkçe, русский, العربية , فارسی, 日本の, 台湾, 日本語, 中文
submitted by pmoneycrypto to ethdev [link] [comments]

I worked so hard on this app! But now its ready for my crypto loving friends! :)

Introducing Interactivecrypto, a complete cryptocurrency application for your smartphone and tablet. With easy to use tools to keep track of all your cryptocurrency investments. Get detailed price and market information for individual altcoins all in one place.
👀Visit our Website👀 https://www.interactivecrypto.com
🔻Download the App for Free! 🔻
📱Android: https://play.google.com/store/apps/details?id=com.interactive_crypto.app
📱Iphone: https://itunes.apple.com/us/app/interactive-crypto/id1291765934?mt=8
🌟Highlights of the Interactivecrypto App🌟
✅ Crypto Coverage: Analysis on popular and most traded cryptocurrencies, such as: Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Bitcoin Cash, Tronix, NEO, EOS, ZCash, DASH, Monero, Lisk, Binance Coin, IOTA, OmiseGo, NEM, Stellar and many other altcoin reviews.
✅ Historical Data and Charts: Unique platform with real-time charts to analyze crypto trends like a pro. Candlestick charts and market details for every altcoin.
✅ Price Alert Notifications: Keep track of significant price changes for your virtual currencies and digital assets. Set customized alerts and get automatically notified when the price of a certain Cryptocurrency crosses the set threshold.
✅ Watchlist: Create a watchlist and add unlimited coins. Easily follow and monitor all your assets and holdings, along with real-time detailed information on each altcoin.
✅ Hundreds of Cryptocurrencies: Track 100+ cryptocurrencies including: BTC, ETH, ETC, XRP, LTC, NEM, DASH, NEO, ZEC, XMR, BCH, LSK, IOTA, BNB, VEN, EOS and many more coins!
✅ Bitcoin News: Stay up to date with the latest Cryptocurrency and mining news. Read about the latest Bitcoin and Altcoin trends and reports. Receive daily technical coin analysis from our experts.
✅ Altcoin Reviews: Stay informed with the latest Crypto coin reviews.
✅ Compare 30+ Exchanges: Coinmama, Coinbase, Bitstamp, ANXPRO, HitBtc, BTC-E, BTCChina, Huobi, Kraken, ItBit, Bitbay, Cryptsy, Bter, Bitfinex, Clevercoin, Bitmarket, Gatecoin, QUOINE, Bittrex, BL3P (Bitonic), Poloniex, Bitcurex, EXMO, CEX.IO, Vaultoro and many more.
✅ Over 10 Languages: Our app is available in English, Francais , Deutsch, Italiano, Español, Portuguese, Türkçe, русский, العربية , فارسی, 日本の, 台湾, 日本語, 中文
submitted by pmoneycrypto to Ripplexrp [link] [comments]

Cross chain transactions. Problems and solutions

As cryptocurrency is becoming more popular as it replaces conventional banks, we are beginning to notice some of its problems. A fundamental flaw of some of the most dominant coins on the cryptocurrency (i.e. Bitcoin, Ethereum, and Litecoin) is their inability to be transacted for other currencies without a centralized entity arbitrating the trade. This decreases the scalability of crypto and makes peer to peer transactions very difficult.
Exchanges are not solution
Currently, most digital assets and currencies rely upon third-party exchange software such as Binance, Coindesk, and Coinbase as a way of arbitrating peer to peer trade. This way of transacting is more susceptible to being exploited by hackers or failing from human corruption or manipulation. Even worse, the funds that are illegally acquired are unable to be recovered and refunded to users resulting in cataclysmic losses. Such losses have occurred in instances like the attack on the MtGox exchange which resulted in the loss of $700,000,000 worth of BTC, the Cryptsy hack which resulted in the loss of $9,500,000 worth of Bitcoin and Litecoin, and the Bitstamp attack which resulted in the loss of $5,100,000 worth of bitcoin.
We need smarter peer to peer transactions
Not only do thousands of people lose the money that they worked hard for, but these attacks ruin bitcoins public perception and cause people to have bad connotations about the new technology. Moreover, the more secure ways to transfer funds to different coins requires that coins be converted into different currency twice which depletes the amount of money your new coins are worth because of the exchange fees, making coin exchanging not only inefficient, but also a waste of money. Although the current way of trading coins has shown to be inefficient and dangerous, many professionals speculate that atomic cross chain trading won’t become a viable solution to this problem until 2019, but some coins are already paving the way to smarter peer to peer transactions. These blockchain technologies are using something similar to a lightning network, an instantaneous and anonymous system in which peers can exchange currencies with a virtual contract that is verified when the ledgers of two peers are fairly transferred to the wallets of the two peers.
Atomic cross chain technology. What’s advantage?
The beauty of this system is that it is programmed so that if a peer doesn’t complete their demand, all currency is refunded making the system much safer and less prone to fraud. In addition, all decisions regarding the trade are made by the computer eliminating the risks of human corruption. This system is another layer of code that can be applied on top of the blockchain to increase its interoperability which means that none of the traditional blockchain technologies security features are lost. A coin that enables users to exchange distinct coins without a third party with atomic cross chain technology will be able to optimize the way in which funds of different currencies are transferred.
One promising coin in this sector of technology is Quark.Market.
The initial coin offering has implemented an additional layer to their blockchain that makes cross chain exchanging super easy. Users can do fast and simple exchanges of their coins without liquidity fragmentation, a problem with most other coins that aren’t compatible with each other which results in users losing money on their trade while the exchanges rack up money. Quark will allow users to trade their coins without losing substantial amounts of money or risking their accounts being expropriated all while keeping their transactions secret so as not to impact the market. The new ICO’s promising features may revolutionize the simplicity and security of peer to peer cross chain transactions.
submitted by quarkmarket to BlockchainStartups [link] [comments]

I worked so hard on this app! But now its ready for my crypto loving friends! :)

Introducing Interactivecrypto, a complete cryptocurrency application for your smartphone and tablet. With easy to use tools to keep track of all your cryptocurrency investments. Get detailed price and market information for individual altcoins all in one place.
👀Visit our Website👀 https://www.interactivecrypto.com
🔻Download the App for Free! 🔻
📱Android: https://play.google.com/store/apps/details?id=com.interactive_crypto.app
📱Iphone: https://itunes.apple.com/us/app/interactive-crypto/id1291765934?mt=8
🌟Highlights of the Interactivecrypto App🌟
✅ Crypto Coverage: Analysis on popular and most traded cryptocurrencies, such as: Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Bitcoin Cash, Tronix, NEO, EOS, ZCash, DASH, Monero, Lisk, Binance Coin, IOTA, OmiseGo, NEM, Stellar and many other altcoin reviews.
✅ Historical Data and Charts: Unique platform with real-time charts to analyze crypto trends like a pro. Candlestick charts and market details for every altcoin.
✅ Price Alert Notifications: Keep track of significant price changes for your virtual currencies and digital assets. Set customized alerts and get automatically notified when the price of a certain Cryptocurrency crosses the set threshold.
✅ Watchlist: Create a watchlist and add unlimited coins. Easily follow and monitor all your assets and holdings, along with real-time detailed information on each altcoin.
✅ Hundreds of Cryptocurrencies: Track 100+ cryptocurrencies including: BTC, ETH, ETC, XRP, LTC, NEM, DASH, NEO, ZEC, XMR, BCH, LSK, IOTA, BNB, VEN, EOS and many more coins!
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How to buy Bitcoin with Credit Card on Binance - World's ... Ethereum Whale Sell Off - Bitcoin Price At $13,700 ... Bitcoin Bot - Mintpal, Cryptsy, Bittrex, BTC-E and many others Crypto Tutorial: Move Bitcoin to Friends Easy Peasy Breezy ... how to open Binance account to buy bitcoin or crypto - YouTube Bitcoin Trading Bot BTC-E, Cryptsy, CampBX, Bitstamp, BTCChina Skadea Crypto News EP02 Mastercard, Binance Ermittlungen ... Altcoin Bitcoin Trading Bot Kraken, Binance, Coinbase, Bittrex, Poloniex, etc

Binance Coin $ 30.30 1.11%. Chainlink $ 11.10 1.05%. Polkadot $ 4.18 3.96%. Cardano $ 0.109097 3.01%. Litecoin $ 49.25 3.16%. Alle Kurse. Geldwäsche-Skandal Coinbase will Cryptsy-Opfer entschädigen . Startseite; Aktuelle Artikel im Überblick ; Tech; Sicherheit; Geldwäsche-Skandal : Coinbase will Cryptsy-Opfer entschädigen . von Polina Khubbeeva. Am 15. Januar 2020 14. Januar 2020 ... LEGACY IMPORTS: bitcoin24 BitMarket BTC-E Bter BX Thailand CampBX Cobinhood CoinedUP Coins-E CryptoBridge Cryptopia Cryptsy MintPal Mt.GOX NovaExchange QuadrigaCX TradeSatoshi Vircurex WEX Zyado; Exchange Imports (API) API IMPORTS: Bibox Binance Bitcoin.de Bitfinex Bithumb BitMEX Bitpanda Bitstamp Bittrex Bleutrade BTC Markets Bybit CEX Images via Bitcoin.com, District of Florida Case 9:16-cv-80060-KAM Document 123, Pixabay, Cryptsysettlement.com and the Crypsty archives. Bitcoin-Sprengstoff: Optionen, Wale und Stable Coins; Bitcoin verstehen: Darum geht es wirklich; Jetzt handeln: Bitwala. Ein Bankkonto, Krypto-Wallets & Trading vereint. Jetzt Kryptowährungen kaufen und verkaufen über das kostenlose Konto von Bitwala. Plus500. Schnelleinstieg für den Handel von Krypto CFDs. Kryptowährungen handeln bei einem der führenden Anbieter für Krypto CFDs. Bitcoin ... All trade should be made via USD, Bitcoin or Litecoin; while, Cryptsy has put a limit of 6 pairs that can be purchased from the exchange. There were also some issues with the fees involved on Cryptsy because the bid-ask spreads were a little high. You can read more about fees in the section below. As for ease of use, the system may look quite messy in many respects, but trading is actually ... Kryptowährungen wie Bitcoin kann man bei Binance nicht ohne Email-Bestätigung auszahlen. Die Hacker brauchten eine Idee, wie sie dennoch an die Gelder kommen könnten. Die Angreifer legten für die gehackten Konten Handels-API Zugänge an, mit Hilfe derer sie auf allen gestohlenen Konten automatisch handeln konnten. Der Kniff war nun, mit eigenen Konten einen wenig liquiden Krypto-Coin zu ...

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How to buy Bitcoin with Credit Card on Binance - World's ...

In todays video we discuss the bitcoin and ethereum price movements. We also go over a whale who has sold 4000 ETH on binance. Last but not least we go over ... how to open Binance account to buy bitcoin or crypto binance link: https://www.binancezh.pro/en/register?ref=XW91KRSO buy crypto and bitcoin by binance excha... This kind of bitcoin bot usually is a paid bot, but this one is opensource and free. It's easy to configure, user-friendly and created by the community. We are always looking for more suggestions ... One of the best bitcoin trading bots on the market, compatible with a lot of exchanges and with weekly updates. This kind of bitcoin bot usually is a paid bot, but this one is opensource and free. Cardano News und Tutorials: https://skadea-news.de Twitter: https://twitter.com/skadea_news Youtube: https://www.youtube.com/channel/UCRt8-XsZfzZFtJn4kv37-QA... 🌃 Sit down one-on-one with me in today’s how to move bitcoin on mobile easy peasy breezy tutorial. Guys as you know Bitcoin is now on a bullrun, reaching 15k... How to buy Bitcoin with Credit Card on Binance - World's Largest CryptoCurrency Exchange Link : https://www.binance.com/es/register?ref=Y7W9JLID This video i... https://www.haasonline.com/?ref=1 Trade bitcoin in your sleep, drop loss, scalping, big trades , small trades, all styles are possible with this bot. https:/...

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