Odyssey is now in season 4, with the 2020 edition of the hackathon coming up on April 3-5 in Groningen, the Netherlands.

#ODYSSEY2020
21 CHALLENGES TO SHAPE THE 21ST CENTURY
Odyssey connects governments, corporates and non-profits with innovative entrepreneurs from around the world to let them jointly tackle 21st-century challenges. Together, we create an interconnected, multi-stakeholder ecosystem to build a future.

Each season is a 10-month journey starting from problem identification to building the solutions and implementing pilots.

Throughout this journey we bring together stakeholders with whom we articulate the challenges, exchange knowledge and prepare for the 48-hour hackathon, where selected teams develop prototypes, supported by all program partners and 200+ specialized experts, such as legal advisors and financial regulators.

Since 2016, more than 230 prototypes have emerged from the program addressing the challenges of over 40 partners. The goal of each partner is to elevate the best teams and solutions to multi-stakeholder pilots after the Hackathon.

Odyssey is now in season 4, with the 2020 edition of the hackathon coming up on April 3-5 in Groningen, the Netherlands.

Question : T'as compris l'origine de la faillite (ce n'est pas un hack) ?

Encore un exemple que le prix a fait (la propagation de) cette news.

En temps normal cette nouvelle serait restée confiné ailleurs, si pas ignorée.

In summary, he said the issue came from internal system errors that have – for a long period of time – credited users with more transaction-based mining rewards than they should have received. As the company failed to spot this soon enough to remedy the situation, the snowball has grown even larger since the beginning of 2019.

Ne vous inquiétez pas pour mon profil peint en rouge, ne jugez pas les autres par leur statut, allez d'abord voir ce qu'ils publient si vous ne voulez pas faire de mauvaises figures, vous êtes légendaire mais vous ne méritez pas le titre, charlatan!

Même toi n'en donne pas une guigui...

What Are Leveraged Tokens?
Leveraged tokens are ERC20 tokens that have leveraged exposure to crypto.  You can find the list of leveraged tokens here.

For example, take ETHBULL, a 3x long ETH token.  For every 1% ETH goes up in a day, ETHBULL goes up 3%; for every 1% ETH goes down, ETHBULL goes down 3%.

There are currently three leveraged tokens for every future on FTX: BULL (+3x), BEAR (-3x), and HEDGE (-1x).  If ETH goes up 1% during a day, then ETHBULL goes up 3%, ETHBEAR goes down 3% and ETHHEDGE goes down 1%.  If ETH goes down 1% during a day, then ETHBULL goes down 3%, ETHBEAR goes up 3% and ETHHEDGE goes up 1%.

Managing Risk
Leveraged tokens will automatically reinvest profits into the underlying asset; so if your leveraged token position makes money, the tokens will automatically put on 3x leveraged positions with that.

Conversely, leveraged tokens will automatically reduce risk if they lose money.  If you put on a 3x long ETH position and over the course of a month ETH falls 33%, your position will be liquidated and you will have nothing left.  But if you instead buy ETHBULL, the leveraged token will automatically sell off some of its ETH as markets go down--likely avoiding liquidation so that it still has assets left even after a 33% down move.

When Do Leveraged Tokens Do Well?
Obviously the BULL tokens do well when prices go up, and the BEAR tokens do well when prices go down.  But how do they compare to normal margin positions?  When does BULL do better than a +3x leveraged position, and when does it do worse?

Reinvesting Profits
Leveraged tokens reinvest their profits.  That means that, if they have positive PnL, they'll increase their position size.  So, comparing ETHBULL to a +3x ETH position: if ETH goes up one day and then up again the next, ETHBULL will do better than +3x ETH, because it reinvested the profits from the first day back into ETH.  However, if ETH goes up and then falls back down, ETHBULL will do worse, because it increased its exposure.

Reducing Risk
Leveraged tokens reduce their risk if they have negative PnL to avoid liquidations.  So, if they have negative PnL, they'll reduce their position size.  Comparing ETHBULL to a +3x ETH position again: if ETH goes down one day and then down again the next, ETHBULL will do better than +3x ETH: after the first loss ETHBULL sold off some of its ETH to return to 3x leverage, while the +3x position effective became even more leveraged.  However, if ETH goes down and then back up, ETHBULL will do worse: it reduced some of its ETH exposure after the first loss, and so took less advantage of the recovery.

Summary
In both cases, leveraged tokens do well--or at least better than a margin position that starts out the same size--when markets have momentum.  However they do worse than a margin position when markets mean-revert.

A common misconception is that leveraged tokens have exposure to volatility, or gamma.  Leveraged tokens do well if markets move up a lot and then up a lot more, and poorly if markets move up a lot and then back down a lot, both of which are high volatility.  The real exposure that they have is primarily to price direction, and secondarily to momentum.

What Are The Fees?
There are two types of fees on leveraged tokens.  There is a 0.10% creation and redemption fee; note you only pay this if you create/redeem, not if you buy in a spot market or convert.  There is also a 0.03%/day management fee on leveraged tokens.  This is just taken out of the net asset value of the leveraged tokens; you won't see an actual token balance decrease or USD charge in your account.

Salut,

Merci pour les liens, je vais les parcourir après.

Donc si j'ai bien compris, grâce a plusieurs jeux d'algorithme mathématique, lorsque l'on part de la phrase de récup. de 24 mots, elle est convertie en nombre exa (qui est unique et n'existe qu'une fois, vu le nombre très grand de possibilité) ,
ensuite de ce nombre on peut re-créer, avec des algorithme, les différentes clé privées associée a tous les portefeuille que l'on avait sur cette phrase ?

Wait, I'm going to ask Guigui to come into this topic and test this bot. He has a "lot" of money to lose

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