We are going to be giving away 1,000,000 BXMI in the form of a prize draw, bounties, rains and more!

How to join in

Step 1 : Join our discord channel - https://discord.gg/eEjR8N

Step 2 : Register for the BitXMI exchange - https://bitxmi.com

Step 3 : Enter the prize draw : https://bxmigiveaway.com

Make sure to share the news of this giveaway on your social media to be eligable
for the top prizes in the prize draw!

In the discord there will be many bounties, competitions and rain, so make sure
to participate to get your share of the loot!

Hackers Withdrew $ 25 Million from DeFi-Protocol DForce
Kataryna Kovtun April 20, 2020
SHARE

Chinese DeFi platform dForce Foundation lost over 99% of its assets as a result of a hacker attack.
DeFi - Protocol DForce

The attack was carried out through owned by the project an open protocol of the market of short-term capital Lendf.Me. According to the expert, the scammers managed to steal about $ 25 million stored in the smart contract.

“Lendf.me confirmed the attack at 08:45 Beijing time on Sunday at block 9899681”, – writes the Chinese edition Chain News with reference to the representatives of the project.

According to DeFi Pulse, on April 17, the balance on dForce wallets was $ 25.38 million, but by April 19 it had fallen to $ 10,000. Whether all the money was withdrawn by the cybercriminals, or if some of the users managed to pick up the money, is unknown.

Recall that dForce was in 7th place by capitalization among the largest DeFi-projects. Against the background of the attack, the startup left the leaderboard.DeFi Pulse,

Commenting on the incident, CEO Mindao Yang emphasized that now all the efforts of the company’s employees are devoted to investigating the essence of the problem. On the dForce channel on Telegram, Mindao requested that no assets be sent to Lendf.Me.

Double attack
On April 18, Tokenlon DEX developers also reported an attack on the imBTC pool of the Uniswap protocol, the losses from which amounted to about $ 300,000. «Hacker used attack vector against ERC777 tokens on Uniswap. BTC Storage Not Affected», – they said.

Tokenlon DEX developers

The ERC777 format allows you to repeatedly access the smart contract to withdraw funds located in it, which simplifies the task of the hacker. According to Tokenlon, this algorithm was used in both attacks.

A similar method was used during the break-in on The DAO in 2016. Then hackers appropriated about $ 60 million in ETH. The DAO is a crowdfunding platform based on smart contracts and Ethereum technology.

The DAO hacker attack

Read about the secure platform here

Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

As India and most of the world under complete lockdown until 3rd of May'20 and beyond!

As it seems most of forced to WFH and trade from Home only!

How all of you keeping and doing?

also, we believe it will change the way of life and work in the whole world!

BitXmi

[Billion Percent Savings. How Much More Profitable Are Cryptocurrency Transfers]

Billion Percent Savings. How Much More Profitable Are Cryptocurrency Transfers


In the Bitcoin network, transactions are carried out with an incommensurate commission. For example, the Bitfinex exchange for the transfer of $ 1.1 billion paid 70 cents. But this method has a minus, which can overshadow all the benefits.
blockchain network
In mid-April, the Bitfinex cryptocurrency exchange conducted the largest transaction in the Bitcoin network – 146,500 BTC. That amounted to over $ 1.1 billion at the exchange rate at that time. The company said that a small part of the funds was transferred to a hot wallet, the rest was returned to cold storage.

blockchain network

Such transactions of hundreds of millions of dollars are not uncommon in the blockchain network. Almost always they are associated with translations of trading platforms. For example, in February, the Bittrex exchange sent 49,922 BTC ($ 460 million) in one transaction with a commission of $ 0.60. And in January, an unknown company or investor sent 124,946 BTC (about $ 1 billion), but it cost $ 83.

Drop in the number of transactions
The record value in bitcoins also belongs to Bittrex. In December 2019, a series of transactions worth $ 8.9 billion was recorded on the exchange, about 1.3 million BTC were transferred in total. The commission for 21 operations totalled about $ 12.5.

transferred fees

In January, the number of confirmed transactions in the Bitcoin network since its launch exceeded 500 million. At the same time, in March, the number of operations in the blockchain of the first cryptocurrency sharply updated the annual minimum. But the point is not a drop in interest in the asset, but the purpose of such transfers. Some of them are used to move funds, while others are used to record data from third-party services.

For example, the Omni protocol works with the data, on which the Tether stable coin was originally based. Now, the USDT issuer is gradually transferring an increasing part of tokens to the Ethereum network and becoming the main consumer of its computing resources. This is what leads to a decrease in the load on the Bitcoin blockchain.

The benefit over traditional services
Thanks to this, transactions of ordinary users or large transfers on exchanges are faster and cheaper. Conducting small transactions in bitcoin is not profitable since the commission can be disproportionately high. When it comes to large transfers, bitcoin is one of the most effective options.

pay pal

For comparison, the PayPal payment system website indicates that the commission is 3.4% of the total transaction amount for each transaction. For international payments, a commission of 0.4% to 1.5% is charged depending on the country. If Bittrex exchanged 21 transactions for $ 8.9 billion through PayPal, the transfer fee would be at least $ 340 million. This is 2.4 billion percent more than with Bitcoin.

At the same time, the first cryptocurrency is not the most effective digital coin in terms of transferring funds. It is believed that it cannot be used for everyday transactions, both because of the volatility of the exchange rate and because of long and relatively expensive operations. But altcoins solve this problem.

More effective altcoins altcoins
For example, the XRP token was developed by Ripple to solve banking problems. Blockchain project products, such as xRapid, allow you to instantly transfer large amounts to any distance instantly and almost for free. And immediately after the operation, you can withdraw altcoin to fiat to protect against fluctuations in its value.

But while large transfers, which are widely known, are held on the Bitcoin network. Their main difference from classical methods and a huge minus its irrevocability. If one of the Bitfinex employees made a mistake in any sign when sending $ 1.1 billion in cryptocurrency, then the operation could not be canceled. Wallet address numbers look like a long chain of unrelated numbers and letters, so making mistakes is pretty easy.

The main problem of cryptocurrencies
At the moment, this problem is one of the main ones that hinder the wider distribution of a new type of asset. The difficulties lie not only in sending cryptocurrency but also in the ways of its storage. In January, Peter Schiff, a gold supporter and head of Euro Pacific Capital, said that he had lost all his savings in bitcoin because he did not remember a special password.Peter Schiff, head of Euro Pacific Capital

The creator of Ethereum Vitalik Buterin reacted to this.

«I am disappointed in the opinion that supposedly you must be careful and write backups in three places when working with cryptocurrency. We can and should create the best technology for wallets to improve their security ”, — Buterin wrote then.

Now cryptocurrency resembles the Internet and other technologies in the initial stages of development. Few people understood how this works. Logging in was a whole problem. But in the end, technology has developed to such an extent that even children can easily use it. This is exactly what digital money is missing. Once their developmental stage reaches the maximum user friendly, it will be difficult to imagine everyday life without Bitcoin or other coins.

Team Bitxmi

[The Hedge Fund, Its Characteristics, and Strategies]

The Hedge Fund, Its Characteristics, and Strategies

April 15, 2020

Hedge funds are optional investments. Pool funds employ numerous ways of making noteworthy amounts for hedge funds. Often hedge funds utilize derivatives and explore in native, as well as global market, with the aim of making greater returns. However, one must have in mind that these funds are accessible for certified investors. It is so as they need nominal SEC regulation in comparison to other funds.

What is a Hedge Fund?
what are hedge funds?
Those having the least knowledge on what are hedged funds claim this as a bigger term used for investment partnership. However, it involves lesser restrictions encouraging greater investments. Also, one can have a huge range of financial products to choose from for investment. It offers much greater options in comparison to the other traditional investment options. This concept is moreover, a collaboration between an investor and a professional managing the funding related aspects. The prime aim of this collaboration is to fetch money for its funding.

The simplest hedged meaning can be understood as the financial collaboration utilizing pooled funding and executing key strategies for making a significant return for the investors. The strategies used talked above can be of various types. Mostly these include hedge equity strategies, including both long and short types. Many utilize neutral market strategies, as well.

Still having problems in understanding hedge funds, then check out this Awesome Infographics Of hedge Funds.

Convincing for Investors
Convincing for investors
The prime aim behind the hedging of funds is to broaden the investor base. It also enhances the scope of return of the investors, cutting down the risks associated with it. In comparison with the traditional investments, this is more personified. The strategies used in it can be related to traditional trading methods.

The best part of these strategies is that it is beyond the stock market scenarios. The strategies ensure the money flow remains intact, no matter the stock market goes up or comes down. It provides flexibility to the managers to decide whether they should invest more or limiting the stocks as needed. Ultimately, the aim remains is to cut down the level of risk and enhance the scope of return.

Though the concept is getting popular in modern times, it’s certainly not new. In fact, it is very much active for more than a decade past. The good news is that the industry is constantly growing Hedge funds in India, specifically in financial domains, is inspiring.

Hedge Funds and The Strategies Used
Hedge funds involve various strategies. Among these, the macro hedge funding is more popular than the others. This is so as the investment territory ranges from stocks to various economic plans. One may opt between the international funds and nation targeted ones as well.

Most investors prefer investing in lucrative stock deals and limiting extraneous stocks. The strategies involve sometimes keep an eye on the economic policy of the specific nation as well. Figuring out the prospect markets also is one of the hedge fund strategies implemented in modern times.

EMN or Equity market neutral is one of the popular strategies one can find in hedging funds. Here the managers aim at making the most of variances in stock costs. These stocks are meant for a certain kind of industry or the nation. Often these revolve around the traditional approaches of capitalization as well. However, the prime intention always remains about delivering a greater return, no matter the market is dominant or timid.

Safer Strategies
Those looking for a risk-free strategy with a hedge fund may go with a merger arbitrage strategy as well. Here the stocks are bought and traded in concurrence of different companies to ensure profit without any risk associated.

Another safe strategy of hedge funding is the global macro strategy. It takes the cumulative financial and political scenario of different nations as per of their strategy. Through the process, it analyses the marketing scenario impending, and thus calculates the risk factor associate.

There are strategies like volatility arbitrage many go with. Those are equally safer strategies as of the above. But, the global macro strategy is indeed the safest of all. To be specific about volatility arbitrage, it is moreover based on the analysis of the specific commodity or the stocks used. The risk level is nominal, but the knowledge of a specific commodity is essential to achieve success here.

Apart from these, the convertible bond arbitrage strategy is equally popular. It is moreover focused around the acceptable bond and the stocks within. Here the idea of profit-making is through the flow of the market. Ultimately, it is quite a safe option from an investment point of view. But, one should understand the term or concept well. Those who don’t understand may look for hedging meaning in Hindi for greater reference.

What Makes It Distinguishing?
Maintaining a neutral approach has been the underneath concept of hedge funds, like all other funding. The management approach is quite different as well, in comparison with the traditional investors. In the case of hedge funds, the investors are essential to meet the desired amount of net worth.

In general, the total worth should be more than one million, or the yearly earning should be more than two hundred thousand dollars. Distinguishing part about hedging funds is the nominal constraints these involve in comparison to mutual funds, and other equivalent options.

For More Content Like This, Go To Bitxmi Blogs And if You Wish To Stay Updated With Cryptocurrency News Then Do Checkout Bitxmi News

Join Bitxmi Exchange and get $10 worth of 100 BXMI tokens after your first trade!

news.bitxmi.com

Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank.

According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin.

You can read the full news article - https://news.bitxmi.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030/

As we know this new year, a decade would have passed. And this time the Time magazine will be taking out most influential person of this decade list. I was thinking, we should start a petition and as Time include Satoashi's name. He was the one who started the financial revolution.

Thoughts on how we can make it happen?