Competition for the banks will ultimately be a good thing. I tend to believe it is in the banks best interest to be involved in fintech. Great article! But Citi's third argument is that "banks benefit from a relatively strong track record of safekeeping assets, and therefore have earned a certain amount of trust and credibility." Given that banks are still fessing up to billion-pound fines almost weekly, the words "trust" and "credibility" are probably not the first you'd associate with large banks these days.That was my first thought when I read that statement, they treat these fines as just part of the cost of doing business, instead of following the rules. |
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This was an enjoyable read I bumped into this morning while browsing through the blockchain news, Why Bitcoin and Blockchain Are Just Getting Started. Yes, there are significant technical and governance challenges for scaling bitcoin. The number of transactions the network can process today is far too low and the security and software development concentrated in too few hands. [...] However, these challenges should be seen as symptoms of bitcoin’s amazing success to date rather than its imminent demise. In barely seven years of existence, bitcoin has moved from a fringe technology for libertarians and drug dealers to a commodity valued at over $5bn (with a 'B'), the basis of over $1bn in venture capital investment.[...] Once you’ve seen the power of a peer-to-peer digital currency and permissionless payment network, it’s hard to unsee them. Bitcoin has opened our eyes and created new expectations for the ways we store and transfer value of all kinds. While we believe in bitcoin specifically, we also see it as just one piece of a growing ecosystem of distributed systems, shared ledgers, and cryptographic technology which will have a profound impact on how we interact, transact, and communicate with each other. [...] Much like the evolution of the internet starting with TCP/IP protocols that have resulted in the web we use today, the revolutionary changes made possible by bitcoin and blockchain will likely take at least five to 10 years to begin to reach their potential. |
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Bitcoin Weekly Recap 2-5-2016Rebit Partners with Pawn Network Cebuana Lhillier. Tesla Purchased with Bitcoin in Finland. SatoshiPay Announces Bitcoin Online Content Monetization Network. Bitcoin Group Misses Funding Goal. http://dcebrief.com/bitcoin-weekly-recap-2-5-2016/
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Just got off a call with Tim and his friend who as an active trader and well versed in bots. Thank you by the way Daniel, and Tim for setting it up. Although the Cryptocurrency markets are unlike any others, we were able to pick up a few things that could be of interest for our bot building program. They may require more advanced calculations, like CryptoBroker mentioned about the bands and x day moving average, but the bot building program can evolve over time and hopefully we can build useful tools for everyone while helping to meet DNotes long term goals.
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Great article Brandon, very thought provoking!
Thanks, I'm hoping this will pique the interest of firefighters around the world and encourage them to learn more about blockchain technology. Excellent article. Is it posted on LinkedIn? Sure is. It can also be found on www.ff4dc.comP.S. http://www.firerescue1.com/ asked if they could re-publish your article with credit. So we may see your article there soon as well. I'm sure it will reach a lot of the right people for it there. |
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I think you are right, that could certainly make it much easier for folks to get involved, and not just in bitcoin. We'll have to add this to the DC recap. |
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Pretty interesting article, Bitcoin as a Corporation. I don't foresee bitcoin becoming a corporation, but some of the arguments are interesting. Bitcoin as a corporation makes sense. What is Bitcoin otherwise? A protocol? A community? These sorts of things do not exist in the legal framework. So, there must be some compromise. When the anatomy of an online creation community is dissected, what’s left to behold is a organizational type structure that reflects the modern institution. The question, then, is simple: Is Bitcoin most like a government, a private corporation, a non-profit or a church? This might be the sort of things discussed in a court of law. Of course, the final decision might have implications for Bitcoin development and users. Now, forget Bitcoin. Let’s look at some Bitcoin 2.0 technologies. In particular, Ethereum. Ethereum took on nearly $20 million worth of bitcoins in a pre-sale. Ethereum does not consider itself a corporation. But, if it were, what it did in terms of the pre-sale is akin to an unregistered stock issuance. Ethereum developers and community, similar to Bitcoin, considers the project an online creation community, not a corporation. But, having taken on $20 million, new stakes are raised for the Ethereum development team. If their vision fails, and many people lose their investment, law enforcement investigations could ensue. In the coming years, how the definition of Bitcoin evolves could have wide-ranging legal implications for the technology and its users. Because protocols, nor online creation communities, fall under heretofore existing regulatory frameworks, a ruling maybe in order to regulate Bitcoin beyond its currency, property and commodity attributes, and regulate it as an entity. |
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Great article Brandon, very thought provoking!
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Some limited features available, namely using purchase by percentage of available bitcoin. DownloadThis would be a limited feature Alpha release, so very limited testing has been done. What is the risk? As long as this is run on a separate PoloniEx account, with limited funds in it, and you do not set the API keys to allow withdrawing (by default withdrawing is disabled), then the risk is probably limited to over purchasing DNotes if the application misbehaves. I don't see that happening, but you never know. How do I set it up? -Register a brand new PoloniEx account. -Once logged into your new PoloniEx account, click the wrench in the upper right hand corner and select API keys. -Create New API key. - Download and unzip the Accumulator.zip file to a folder. -Open Accumulator.exe and enter your API key and Secret, then click save API keys. -Deposit whatever amount of BTC into your new PoloniEx account that you are looking to purchase DNotes with. -Wait for the BTC to confirm. Then you can adjust your bot settings and click the Start Bot button. Some notes: The application breaks the purchases into hourly amounts. If the bot already purchased too much, it will wait an hour before re-calculating. Time is set to UTC time, to match PoloniEx. It does require DotNet 4.5 or higher. If it doesn't work, you will likely need to update DotNet. I won't be providing Mac or Linux versions in the near future, if there is a demand at a later point, we will definitely consider creating them or offloading to a trading bot developer. I am releasing this with limited functionality to give the community an opportunity see how it works and comment. Great instuctions - I've got it set up!  Using the 'Purchase DNotes using __% of your total BTC per day' - just to be sure... I gather this means they are purchased on a declining balance method?? Good, glad it all made sense. Yep, your balance will decline slowly. I forgot to mention, if it can't purchase the minimum it just won't post buy orders. The minimum order is 0.00011 BTC. |
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Since I've never worked with a bot, I will wait at least until the second round of testing.
No worries, I'll see if I can figure in for some extra protection functionality as well, to anticipate problems. |
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Some limited features available, namely using purchase by percentage of available bitcoin. DownloadThis would be a limited feature Alpha release, so very limited testing has been done. What is the risk? As long as this is run on a separate PoloniEx account, with limited funds in it, and you do not set the API keys to allow withdrawing (by default withdrawing is disabled), then the risk is probably limited to over purchasing DNotes if the application misbehaves. I don't see that happening, but you never know. How do I set it up? -Register a brand new PoloniEx account. -Once logged into your new PoloniEx account, click the wrench in the upper right hand corner and select API keys. -Create New API key. - Download and unzip the Accumulator.zip file to a folder. -Open Accumulator.exe and enter your API key and Secret, then click save API keys. -Deposit whatever amount of BTC into your new PoloniEx account that you are looking to purchase DNotes with. -Wait for the BTC to confirm. Then you can adjust your bot settings and click the Start Bot button. Some notes: The application breaks the purchases into hourly amounts. If the bot already purchased too much, it will wait an hour before re-calculating. Time is set to UTC time, to match PoloniEx. It does require DotNet 4.5 or higher. If it doesn't work, you will likely need to update DotNet. I won't be providing Mac or Linux versions in the near future, if there is a demand at a later point, we will definitely consider creating them or offloading to a trading bot developer. I am releasing this with limited functionality to give the community an opportunity see how it works and comment. |
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Great job wiser, you brought up a lot of good points and it is written very analytical. |
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This is a extreme, Russian Finance Ministry Proposes a 2-Year Prison Sentence for Bitcoin Adopters. It is gross that any government can enforce such rules on its people in today's world. Experts of the Russian Interior Ministry and financiers believe that the use of surrogate money threatens not only the Russian economy, but also national security.
Therefore, the Russian Finance Ministry has developed amendments to the Criminal Code, which propose to introduce responsibility for issuing cryptocurrency – fined in the amount of half a million rubles, or sent to correctional work for up to two years. |
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Alt-cap-to-Btc-cap has snuck over 12%.
Interesting, was it 8% just a couple weeks ago? |
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Some serious buying activities on Polo, looks like some confidence is returning Welcome MrZillion, noticed over the past couple of days there has been some buying and the price is fighting it's way back up. From what I can tell you have a strong coin, went up to 7k sat, then down because of strong BTC demand. I see the deepest dip in the rear view mirror and a steady upwards curve ahead. Let's continue the trend Appreciate the confidence MrZillion. We are working hard on the back end to make 2016 our breakout year. Alan is putting essentially what is the summation of life's work into a book and putting it all on the line for DNotes. |
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Some serious buying activities on Polo, looks like some confidence is returning Welcome MrZillion, noticed over the past couple of days there has been some buying and the price is fighting it's way back up. |
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The game plan would be to have a small light weight bot for each strategy. You would have a separate exchange account assigned to your bot. This would make it easy to run multiple strategies on multiple accounts.
So far the ideas for bots are (I will elaborate on features and options later):
Hold the Line - Ensures there is always a buy order with a given price range.
Market Stabilizer - Watches the market for swings in price and reacts to it to stabilize the market. (Without trying to hinder market growth*)
Accumulator - Slowly buys and competes at the best market price.
Bollinger Bands - bid X% inside each bollinger band.
Profit Model Accumulator - Buys low and sells higher with the intention of accumulating DNotes through small profit trades.
Feel free to throw out more ideas, strategies, and discuss what we have so far.
I'll start with features and options for the Accumulator: -Enter API key and Secret, w/Encrypted Save. -Option to purchase DNotes using a percentage of the available Bitcoin in the account per day. -Option to purchase DNotes using a set amount of Bitcoin daily. -Option to set the maximum DNotes purchasing price -Option to set the purchase order within x amount of DNotes, of the highest bid. -Option to save settings. The bot would calculate how much to purchase over the course of the day, and increase the buy amount if it is not within target parameters. Let me know if that sounds like the options you would want in this bot? Sounds great, but I have never used a bot before and have a couple of questions. After I enter the max amount of bitcoin I want to spend or the number of DNotes I wish to buy, the bot will buy and sell(?) with the target of me accumulating my set amount of DNotes?? If I wanted to add extra support on the price floor, could I set up 2 accumulators? One would be set at a regular range and another set at a tighter lower range? This one wouldn't sell DNotes, just try to buy them at the best price while supporting the market. You could absolutely run two accumulators, they would have to run on two separate exchange accounts. To add floor support, running 1 accumulator, and 1 hold the line might be a better option. I will submit the options for the Hold the Line one today to see if that would fit into the strategy you are talking about. Your questions made me realize something, we may want to make sure the bot doesn't move into the range of the sell orders. Another option could be to have a price limit within x DNotes of the lowest sell order. Does this look like it makes sense? Especially in the wording. The bot buying functionality isn't built in yet. It just retrieves data so far. I think I get it. Even though I'm willing to pay up to .00001500 per DNote, because the market sell price is at .00001057, a buy will not be triggered above .00001047. If there was a higher sell price with the market buy price at .00001043, a buy would not be triggered over .00001053. The open buy order at .00001000 is the support floor I want to add for DNotes. Yep that is pretty much it. I'll add a backstop function to this as it will be the first of the bots. Just an update, I'm about halfway done with this one. After that I'll do some testing and make it available as a alpha program. |
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I'm glad we have the opportunity to partner with such a talented team at PayServices. I'm most excited to see how effectively their point of sale terminals are implemented. Many of you may not know this, but when I was younger I spent a couple years in hospitality management at different locations. One of the biggest headaches that caused noticeable losses in revenue came from archaic POS systems going down, forcing us to employ a cash only policy until the machine was fixed. It's about time someone injected some real innovation into that industry!
I agree CryptoBroker, P.S. they are shipping out the first of their butterfly cards: The first cards are shipping out... Don't forget to get yours! Nice I'm going to have to order one soon. It'll be a cold day in hell before I spend any DNotes, but it's good to have for an emergency, or to spend other cryptocurrencies which aren't promising long term investments. Big ideas takes time to gain adoption. Once PayServices gained a minimum scale in participation, this will be really cool. We will continue to work with them in ways we can. I'm actually a little confused about the function of the Butterfly card. Is it basically a debit card on your PayServices account, where you can spend the cryptos within it at the POS? If so, how is the order in which cryptos are converted to fiat determined? For example, if I wanted to spend $20, and I have $15 worth of DNotes and $10 worth of Diamond, do I have a way to set which coin gets converted first? I also get the impression that the Butterfly card is also needed to access certain features within the platform but I'm not entirely sure what those features are or if they are currently available. Anyone here have the card already and know more about it? Edit: I should add that I would't be spending DNotes at this time either (not till the price actually matches the value), but just using it as an example. I think it may be best to post this question on the PayServices thread. I can loosely answer these questions, but I prefer not to, as I want to make sure you get more accurate answers directly from their team. We haven't received a butterfly card as of yet to test it in a live scenario. |
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