Kraken - Cryptocurrency & Bitcoin News ...

LitecoinMarkets

This is a subreddit devoted to long-term and short-term trading of Litecoins.
[link]

Litecoin

For discussion about Litecoin, the leading cryptocurrency derived from Bitcoin. Litecoin is developed with a focus on speed, efficiency, and wider initial coin distribution through the use of scrypt-based mining.
[link]

Ethereum Classic

Ethereum Classic is an open, decentralized, and permissionless public blockchain, that aims to fulfill the original promise of Ethereum, as a platform where smart contracts are free from third-party interference. ETC prioritizes trust-minimization, network security, and integrity. All network upgrades are non-contentious with the aim to fix critical issues or to add value with newly proposed features; never to create new tokens, or to bail out flawed smart contracts and their interest groups.
[link]

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submitted by zxcxcv101 to u/zxcxcv101 [link] [comments]

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

SKRIBBL WORD LIST

Pac-Man
bow
Apple
chest
six pack
nail
tornado
Mickey Mouse
Youtube
lightning
traffic light
waterfall
McDonalds
Donald Trump
Patrick
stop sign
Superman
tooth
sunflower
keyboard
island
Pikachu
Harry Potter
Nintendo Switch
Facebook
eyebrow
Peppa Pig
SpongeBob
Creeper
octopus
church
Eiffel tower
tongue
snowflake
fish
Twitter
pan
Jesus Christ
butt cheeks
jail
Pepsi
hospital
pregnant
thunderstorm
smile
skull
flower
palm tree
Angry Birds
America
lips
cloud
compass
mustache
Captain America
pimple
Easter Bunny
chicken
Elmo
watch
prison
skeleton
arrow
volcano
Minion
school
tie
lighthouse
fountain
Cookie Monster
Iron Man
Santa
blood
river
bar
Mount Everest
chest hair
Gumball
north
water
cactus
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bridge
short
thumb
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Nike
flag
Paris
eyelash
Shrek
brain
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playground
ice cream
Google
dead
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spoon
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Spiderman
black
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yellow
Germany
Adidas
nose hair
Deadpool
Homer Simpson
Bart Simpson
rainbow
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building
raindrop
storm
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windmill
fidget spinner
yo-yo
ice
legs
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mouth
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Fanta
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Pinocchio
tear
nose
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Olaf
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Hello Kitty
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guitar
Hulk
Grinch
Nutella
cold
flagpole
Canada
rainforest
blue
rose
tree
hot
mailbox
Nemo
crab
knee
doghouse
Chrome
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Barack Obama
hot chocolate
Michael Jackson
map
Samsung
shoulder
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parking
forest
full moon
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apple seed
Donald Duck
leaf
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Italy
finger
seed
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brush
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wrist
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Kirby
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overweight
hot dog
house
fork
pink
Sonic
street
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arm
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full
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Yoshi
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Android
Finn and Jake
price tag
Tooth Fairy
bus stop
rain
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Batman
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Thor
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electric guitar
belly
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ice cream truck
bubble gum
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Pink Panther
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Japan
thin
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spaghetti
Phineas and Ferb
broken heart
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Wonder Woman
Squidward
Mark Zuckerberg
twig
red
China
dream
Dora
daisy
France
Discord
toenail
positive
forehead
earthquake
iron
Zeus
Mercedes
Big Ben
supermarket
Bugs Bunny
Yin and Yang
drink
rock
drum
piano
white
bench
fall
royal
seashell
Audi
stomach
aquarium
Bitcoin
volleyball
marshmallow
Cat Woman
underground
Green Lantern
bottle flip
toothbrush
globe
sand
zoo
west
puddle
lobster
North Korea
Luigi
bamboo
Great Wall
Kim Jong-un
bad
credit card
swimming pool
Wolverine
head
hair
Yoda
Elsa
turkey
heel
maracas
clean
droplet
cinema
poor
stamp
Africa
whistle
Teletubby
wind
Aladdin
tissue box
fire truck
Usain Bolt
water gun
farm
iPad
well
warm
booger
WhatsApp
Skype
landscape
pine cone
Mexico
slow
organ
fish bowl
teddy bear
John Cena
Frankenstein
tennis racket
gummy bear
Mount Rushmore
swing
Mario
lake
point
vein
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smell
chin
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Dracula
airport
kiwi
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incognito
Pluto
statue
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low
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blindfold
tuna
controller
Paypal
King Kong
neck
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weather
Xbox
tiny
icicle
flashlight
scissors
emoji
strong
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firefighter
salmon
basketball
spring
Tarzan
red carpet
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coral reef
nose ring
caterpillar
Wall-e
seat belt
polar bear
Scooby Doo
wave
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grass
pancake
park
lipstick
pickaxe
east
grenade
village
Flash
throat
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Asia
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Gru
country
spaceship
restaurant
copy
skin
glue stick
Garfield
equator
blizzard
golden apple
Robin Hood
fast food
barbed wire
Bill Gates
Tower of Pisa
neighborhood
lightsaber
video game
high heels
dirty
flamethrower
pencil sharpener
hill
old
flute
cheek
violin
fireball
spine
bathtub
cell phone
breath
open
Australia
toothpaste
Tails
skyscraper
cowbell
rib
ceiling fan
Eminem
Jimmy Neutron
photo frame
barn
sandstorm
Jackie Chan
Abraham Lincoln
T-rex
pot of gold
KFC
shell
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acne
avocado
study
bandana
England
Medusa
scar
Skittles
Pokemon
branch
Dumbo
factory
Hollywood
deep
knuckle
popular
piggy bank
Las Vegas
microphone
Tower Bridge
butterfly
slide
hut
shovel
hamburger
shop
fort
Ikea
planet
border
panda
highway
swamp
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lightbulb
Kermit
headphones
jungle
Reddit
young
trumpet
cheeseburger
gas mask
apartment
manhole
nutcracker
Antarctica
mansion
bunk bed
sunglasses
spray paint
Jack-o-lantern
saltwater
tank
cliff
campfire
palm
pumpkin
elephant
banjo
nature
alley
fireproof
earbuds
crossbow
Elon Musk
quicksand
Playstation
Hawaii
good
corn dog
Gandalf
dock
magic wand
field
Solar System
photograph
ukulele
James Bond
The Beatles
Katy Perry
pirate ship
Poseidon
Netherlands
photographer
Lego
hourglass
glass
path
hotel
ramp
dandelion
Brazil
coral
cigarette
messy
Dexter
valley
parachute
wine glass
matchbox
Morgan Freeman
black hole
midnight
astronaut
paper bag
sand castle
forest fire
hot sauce
social media
William Shakespeare
trash can
fire alarm
lawn mower
nail polish
Band-Aid
Star Wars
clothes hanger
toe
mud
coconut
jaw
bomb
south
firework
sailboat
loading
iPhone
toothpick
BMW
ketchup
fossil
explosion
Finn
Einstein
infinite
dictionary
Photoshop
trombone
clarinet
rubber
saxophone
helicopter
temperature
bus driver
cello
London
newspaper
blackberry
shopping cart
Florida
Daffy Duck
mayonnaise
gummy worm
flying pig
underweight
Crash Bandicoot
bungee jumping
kindergarten
umbrella
hammer
night
laser
glove
square
Morty
firehouse
dynamite
chainsaw
melon
waist
Chewbacca
kidney
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Rick
ticket
skateboard
microwave
television
soil
exam
cocktail
India
Colosseum
missile
hilarious
Popeye
nuke
silo
chemical
museum
Vault boy
adorable
fast forward
firecracker
grandmother
Porky Pig
roadblock
continent
wrinkle
shaving cream
Northern Lights
tug
London Eye
Israel
shipwreck
xylophone
motorcycle
diamond
root
coffee
princess
Oreo
goldfish
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chocolate
garbage
ladybug
shotgun
kazoo
Minecraft
video
message
lily
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cucumber
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doorknob
glowstick
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Christmas
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hairbrush
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Happy Meal
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table tennis
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pencil case
harmonica
Family Guy
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USB
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second
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hip hop
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Milky Way
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parents
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Doritos
love
table
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Spain
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oxygen
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Cupid
Sudoku
wedding
seagull
spatula
atom
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fortress
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snowboard
conversation
treasure
chopsticks
garlic
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divorce
advertisement
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Mr Bean
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pet food
upgrade
voodoo
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beatbox
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ear
dots
octagon
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summer
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paint
lottery
wife
pirate
sandwich
lantern
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Cuba
archer
sweat
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plank
Steam
birthday
submarine
zombie
casino
gas
stove
helmet
mosquito
ponytail
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spy
jump rope
baguette
grin
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text
workplace
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anglerfish
wireless
Zorro
sports
abstract
detective
Amsterdam
elevator
chimney
reindeer
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perfume
soldier
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magnifier
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backbone
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grasshopper
Vin Diesel
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burrito
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bird bath
battleship
back pain
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Miniclip
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stereo
Jenga
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chihuahua
plow
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otter
magazine
Bomberman
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elder
Romania
champagne
semicircle
Suez Canal
Mr Meeseeks
villain
inside
spade
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jet ski
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crowbar
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Chuck Norris
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carnival
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professor
tricycle
apocalypse
vitamin
orchestra
groom
cringe
knight
litter box
macho
brownie
hummingbird
Hula Hoop
motorbike
type
catapult
take off
wake up
concert
floppy disk
BMX
bulldozer
manicure
brainwash
William Wallace
guinea pig
motherboard
wheel
brick
egg
lava
queen
gold
God
ladder
coin
laptop
toaster
butter
bag
doctor
sit
tennis
half
Bible
noodle
golf
eagle
cash
vampire
sweater
father
remote
safe
jeans
darts
graph
nothing
dagger
stone
wig
cupboard
minute
match
slime
garage
tomb
soup
bathroom
llama
shampoo
swan
frown
toolbox
jacket
adult
crate
quill
spin
waiter
mint
kangaroo
captain
loot
maid
shoelace
luggage
cage
bagpipes
loaf
aircraft
shelf
safari
afterlife
napkin
steam
coach
slope
marigold
Mozart
bumper
Asterix
vanilla
papaya
ostrich
failure
scoop
tangerine
firefly
centaur
harbor
uniform
Beethoven
Intel
moth
Spartacus
fluid
acid
sparkles
talent show
ski jump
polo
ravioli
delivery
woodpecker
logo
Stegosaurus
diss track
Darwin Watterson
filmmaker
silence
dashboard
echo
windshield
Home Alone
tablecloth
backflip
headboard
licorice
sunshade
Picasso
airbag
water cycle
meatloaf
insomnia
broom
whale
pie
demon
bed
braces
fence
orange
sleep
gift
Popsicle
spear
zebra
Saturn
maze
chess
wire
angel
skates
pyramid
shower
claw
hell
goal
bottle
dress
walk
AC/DC
tampon
goatee
prince
flask
cut
cord
roof
movie
ash
tiger
player
magician
wool
saddle
cowboy
derp
suitcase
sugar
nest
anchor
onion
magma
limbo
collar
mole
bingo
walnut
wealth
security
leader
melt
Gandhi
arch
toy
turd
scientist
hippo
glue
kneel
orbit
below
totem
health
towel
diet
crow
addiction
minigolf
clay
boar
navy
butcher
trigger
referee
bruise
translate
yearbook
confused
engine
poke
wreath
omelet
gravity
bride
godfather
flu
accordion
engineer
cocoon
minivan
bean bag
antivirus
billiards
rake
cement
cauliflower
espresso
violence
blender
chew
bartender
witness
hobbit
corkscrew
chameleon
cymbal
Excalibur
grapefruit
action
outside
guillotine
timpani
frostbite
leave
Mont Blanc
palette
electrician
fitness trainer
journalist
fashion designer
bucket
penguin
sheep
torch
robot
peanut
UFO
belt
Earth
magnet
dragon
soccer
desk
search
seal
scribble
gender
food
anvil
crust
bean
hockey
pot
pretzel
needle
blimp
plate
drool
frog
basement
idea
bracelet
cork
sauce
gang
sprinkler
shout
morning
poodle
karate
bagel
wolf
sausage
heat
wasp
calendar
tadpole
religion
hose
sleeve
acorn
sting
market
marble
comet
pain
cloth
drawer
orca
hurdle
pinball
narwhal
pollution
metal
race
end
razor
dollhouse
distance
prism
pub
lotion
vanish
vulture
beanie
burp
periscope
cousin
customer
label
mold
kebab
beaver
spark
meme
pudding
almond
mafia
gasp
nightmare
mermaid
season
gasoline
evening
eel
cast
hive
beetle
diploma
jeep
bulge
wrestler
Anubis
mascot
spinach
hieroglyph
anaconda
handicap
walrus
blacksmith
robin
reception
invasion
fencing
sphinx
evolution
brunette
traveler
jaguar
diagram
hovercraft
parade
dome
credit
tow truck
shallow
vlogger
veterinarian
furniture
commercial
cyborg
scent
defense
accident
marathon
demonstration
NASCAR
Velociraptor
pharmacist
Xerox
gentleman
dough
rhinoceros
air conditioner
poop
clock
carrot
cherry
candle
boots
target
wine
die
moon
airplane
think
pause
pill
pocket
Easter
horse
child
lamp
pillow
yolk
potato
pickle
nurse
ham
ninja
screw
board
pin
lettuce
console
climb
goose
bill
tortoise
sink
ski
glitter
miner
parrot
clap
spit
wiggle
peacock
roll
ballet
ceiling
celebrate
blind
yacht
addition
flock
powder
paddle
harpoon
kraken
baboon
antenna
classroom
bronze
writer
Obelix
touch
sensei
rest
puma
dent
shake
goblin
laundry
cloak
detonate
Neptune
cotton
generator
canary
horsewhip
racecar
Croatia
tip
cardboard
commander
seasick
anthill
vinegar
hippie
dentist
animation
Slinky
wallpaper
pendulum
vertical
chestplate
anime
beanstalk
survivor
florist
faucet
spore
risk
wonderland
wrestling
hazelnut
cushion
W-LAN
mayor
community
raisin
udder
oyster
sew
hazard
curry
pastry
mime
victim
mechanic
hibernate
bouncer
Iron Giant
floodlight
pear
sad
paw
space
bullet
skribbl.io
shirt
cow
worm
king
tea
truck
pants
hashtag
DNA
bird
Monster
beer
curtain
tire
nachos
bear
cricket
teapot
nerd
deaf
fruit
meteorite
rice
sniper
sale
gnome
shock
shape
alligator
meal
nickel
party
hurt
Segway
Mr. Bean
banker
cartoon
double
hammock
juggle
pope
leak
room
throne
hoof
radar
wound
luck
swag
panther
flush
Venus
disease
fortune
porch
machine
pilot
copper
mantis
keg
biology
wax
gloss
leech
sculpture
pelican
trapdoor
plague
quilt
yardstick
lounge
teaspoon
broadcast
uncle
comedian
mannequin
peasant
streamer
oar
drama
cornfield
carnivore
wingnut
vent
cabinet
vacation
applause
vision
radish
picnic
Skrillex
jester
preach
armadillo
hyena
librarian
interview
sauna
surgeon
dishrag
manatee
symphony
queue
industry
Atlantis
excavator
canister
model
flight attendant
ghost
pig
key
banana
tomato
axe
line
present
duck
alien
peas
gem
web
grapes
corn
can
fairy
camel
paper
beak
corner
penny
dig
link
donkey
fox
rug
drip
hunter
horn
purse
gumball
pony
musket
flea
kettle
rooster
balcony
seesaw
stork
dinner
greed
bait
duel
trap
heist
origami
skunk
coaster
leather
socket
fireside
cannon
ram
filter
alpaca
Zelda
condiment
server
antelope
emu
chestnut
dalmatian
swarm
sloth
reality
Darwin
torpedo
toucan
pedal
tabletop
frosting
bellow
vortex
bayonet
margarine
orchid
beet
journey
slam
marmalade
employer
stylus
spoiler
repeat
tiramisu
cuckoo
collapse
eskimo
assault
orangutan
wrapping
albatross
mothball
evaporate
turnip
puffin
reeds
receptionist
impact
dispenser
nutshell
procrastination
architect
programmer
bricklayer
boat
bell
ring
fries
money
chair
door
bee
tail
ball
mouse
rat
window
peace
nut
blush
page
toad
hug
ace
tractor
peach
whisk
hen
day
shy
lawyer
rewind
tripod
trailer
hermit
welder
festival
punk
handle
protest
lens
attic
foil
promotion
work
limousine
patriot
badger
studio
athlete
quokka
trend
pinwheel
gravel
fabric
lemur
provoke
rune
display
nail file
embers
asymmetry
actor
carpenter
aristocrat
Zuma
chinchilla
archaeologist
apple
hat
sun
box
cat
cup
train
bunny
sound
run
barrel
barber
grill
read
family
moose
boil
printer
poster
sledge
nutmeg
heading
cruise
pillar
retail
monk
spool
catalog
scuba
anteater
pensioner
coyote
vise
bobsled
purity
tailor
meerkat
weasel
invention
lynx
kendama
zeppelin
patient
gladiator
slump
Capricorn
baklava
prune
stress
crucible
hitchhiker
election
caviar
marmot
hair roller
pistol
cone
ant
lock
hanger
cap
Mr. Meeseeks
comedy
coat
tourist
tickle
facade
shrew
diva
patio
apricot
spelunker
parakeet
barbarian
tumor
figurine
desperate
landlord
bus
mug
dog
shark
abyss
betray HUH SO HARD
submitted by Temporary_Scratch_14 to skribbl [link] [comments]

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]

Bitcoin Price Prediction 2021

Bitcoin Price Prediction 2021
What is Bitcoin (BTC)?
Bitcoin is the first decentralized digital currency. Basically, Bitcoin is a peer-to-peer payment system that is not tied to the economy of any country or to the central bank. All actions to issue new coins, process payments, and create accounts are done by equal, independent network participants. Bitcoin uses cryptographic methods to ensure the functioning and protection of the system, but at the same time, all information about transactions is documented on a virtual ledger called the Bitcoin blockchain, which is accessible for everyone to see.
Nowadays Bitcoin is the most famous cryptocurrency in the world and the number one digital currency by market capitalization.
by StealthEX

Bitcoin achievements and future plans

The latest most impactful news from around Bitcoin were the following:
• Bitcoin halving took place on May 11, 2020.
• Bitcoin developers move forward protocol enhancements through soft forks and activating Taproot.
• Bitcoin is the most popular cryptocurrency investment for companies. MicroStrategy, a publicly-listed U.S. invested $425 million in Bitcoin. Square reportedly invested 1% of its portfolio into BTC, demonstrating strength in its long-term growth.
• According to Chainalysis 11.4M Bitcoin are held as long term investment.
• At block height 642,034 on August 3, a billion-dollar transaction took place where it only cost a small amount of 80 cents (0.0008034 BTC at 129.6 sat/vB).
• Over $300,000 in bitcoin grants being raised to support open source development and seeing bitcoin out-perform the price of gold by 100% so far this year.
There is no official roadmap of the Bitcoin project. But according to the official Twitter of the Bitcoin Core developer – John Newbery, in the near future, the Bitcoin team will focus on the Lightning Network. The Lightning teams working on c-lightning (Blockstream), Eclair (ACINQ), LND (Lightning Labs) and Rust Lightning will continue to develop the protocol.

Bitcoin Price History

Source: CoinMarketCap, Data was taken on 15 October 2020 by StealthEX
Current Price $11,403.37
Market Cap $211,161,902,513
Volume (24h) $25,189,472,156
Market Rank #1
Circulating Supply 18,517,493 BTC
Total Supply 18,517,493 BTC
7 Day High / Low $11,698.47 / $10,569.82

Experts Price Predictions

Bloomberg Intelligence

Blomberg analytics says that Bitcoin’s foundation is firming for further price advances.
“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”

Mike Novogratz

Mike Novogratz (CEO of crypto merchant bank Galaxy Digital) hopes that BTC will reach $20,000 highs by the end of 2020.
“This is the year of Bitcoin and if it doesn’t go up now by the end of the year, I might just hang my spurs.”

John McAfee

An entrepreneur John McAfee has attracted public’s attention with his bizarre Bitcoin price predictions for the year 2020.
Twitter, by StealthEX
At the beginning of October 2020, McAfee got arrested for tax evasion charges, so the crypto community probably will not see the end of this bet.

Tone Vays

Famous derivatives trader and consultant, Tony Vays during an interview with IGTV noted his thoughts for BTC price:
“Do we think we go as high as $100,000? I’m not willing to make that statement. For me, I would be happy if the next top was around $45,000, and that can happen quickly.”

Anthony “Pomp” Pompliano

The co-founder of Morgan Creek Digital Assets, Anthony “Pomp” Pompliano is sure that Bitcoin will continue to grow.
“You know there are people who debate what the size of the gold market is but let’s just use easy numbers. Let’s say that it’s $8 trillion. That puts Bitcoin at, depending on how many are lost or stolen, $400,000 to $450,000 today. Do you think that Bitcoin is going to be the equivalent of the gold market? I don’t. It’s better. It’s going to capture more market.”

Bitcoin Technical Analysis

Source: Tradingview, Data was taken on 15 October 2020 by StealthEX

Bitcoin Price Predictions

TradingBeasts BTC forecast

By the beginning of December 2020 BTC price will be $10,271.457 (-9.23%) per coin. TradingBeasts analytics thinks that by end of the year 2021 the maximum BTC price will reach $13,969.59 (+22.51%), while the minimum price could be $9,499.322 (-16.69%) per coin.

Wallet Investor Bitcoin price prediction

According to the Wallet Investor Forecast System, BTC is a good long-term investment. By the end of December 2020 Bitcoin could reach a maximum price of $15,339.20 (+34.51%) while by the end of 2021 its price can be $16,691.80 (+46.38%) per coin.
So, is it profitable to invest in Bitcoin? According to Wallet investor forecast, the long-term earning potential can reach +12.47% in one year.

DigitalCoinPrice BTC price prediction

Based on DigitalCoinPrice forecast Bitcoin is a profitable investment.The BTC average price may grow up to $26,263.42 (+130.31%) till the end of December 2020. While by end of the next year the its average price will be around $23,736.09 (+108.15%).

CoinPriceForecast Bitcoin forecast

CoinPriceForecast thinks that Bitcoin price at the end of 2020 will be around $11,495 (+0.8%). By the end of 2021 BTC price will reach $15,603 (+36.83%) per coin.
As you can see there are a lot of Bitcoin price predictions, but no one knows for 100 % what will happen with its price. One thing is for sure – if you are looking for the best platform to exchange cryptocurrency – StealthEX is here for you.

How to buy Bitcoin at StealthEX

BTC is available for exchange on StealthEX with a low fee. Follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example, ETH to BTC.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your BTC coins!
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected]
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/10/15/bitcoin-price-prediction-2021/
submitted by Stealthex_io to StealthEX [link] [comments]

ExtStock exchange is doing a live exit scam right now

ExtStock exchange is doing a live exit scam right now
Hello,
I got contacted by a friend that deposited money to the unknown exchange "ExtStock" He saw that exchange on Coinmarketcap and others website, pretending having best volume and liquidity.
ExtStock is announing fake volume, and Bitcoin price is 500-600$ higher than others platform.
The situation is that since some weeks, every users has theirs funds locked in the exchange. The support is talking about a "suspect activity", then no answer. They are just buying time.
https://bitcointalk.org/index.php?topic=5238319.0 https://bitcointalk.org/index.php?topic=3049906.msg54360039#msg54360039
I suspect them running a fractional reserve, probably because of a hack, an exit scam, or a bad investment with their customers funds?
But the fact is that they have locked funds and are still tweeting like if everything is normal.
I twitted about the situation to warm users about the exchange: https://twitter.com/anth0mk/status/1255923160643403776 but ExtStock blocked me.

I contacted some projects and platform to stop them supporting Extstock, like the LISK project.

https://preview.redd.it/60icjv4vmrw41.png?width=597&format=png&auto=webp&s=4f6b3fd09341cc0e267782711aed2f8d596a305d

The compagny behind Extstock is "EXCHANGE CLOUD LIMITED" a dormant UK compagny with 1$ as assets
https://preview.redd.it/cmqvo5zbnrw41.png?width=727&format=png&auto=webp&s=23fac0bf66a85acf23260cc218469baef149014f


Please, beware of platforms listed on Coinmarketcap, and others website: a lot of website are paid to list ExtStock between Kraken, coinbase and binance...
submitted by spartanz51 to CryptoCurrency [link] [comments]

Masked Hero’ Calling to ‘Buy Bitcoin’ Amidst the Peaceful Protests and Riots in the US

Bitcoin is taking an active part in the riots across America.
People are protesting since last week over the death of George Floyd, a black man who died while pleading for air as a white Minneapolis officer jammed a knee into his neck.
One protestor in the Los Angeles neighborhood talked about opting out of the current scenario by moving into bitcoin. He said,
“WE LIVE IN A SYSTEM THAT WILL NOT ALLOW US TO THRIVE. […] MY MACRO SOLUTION FOR EVERYONE IS TO OPT OUT AND EXIT THE ECONOMY AS A WHOLE AND THE WAY WE DO THAT IS BY BUYING BITCOIN.”
“Who is this masked hero?” enquired Jesse Powell, founder and CEO of cryptocurrency exchange Kraken on Twitter.
The protests erupted only recently but it needs to be pointed out that in the first five months of 2020, things weren’t going well either. People were under lockdown due to the coronavirus pandemic that resulted in unemployment soaring to nearly 24% with jobless claims since mid-March at a staggering 40.8 million.
While people are struggling to fed their family and pay their rent and mortgages, US Federal Reserve printed money and stocks are flying.
THE DISCONNECT BETWEEN THE ECONOMY AND THE FINANCIAL MARKETS IS NOW THE GREATEST IT’S BEEN SINCE ANCIENT ROME.
This wasn’t the first incident of bitcoin being highlighted during the protests either.
Earlier this week, another protester in Dallas carried a sign saying “Bitcoin will save us,” much to the ire of the people both from inside and outside the crypto industry.
Another one has been in Raleigh, North Carolina, where the poster of the protester read “Bitcoin & Black America” referring to the book authored by Isaiah Jackson.

BITCOIN IS THE PEACEFUL PROTEST.

Crypto industry has also been sharing its solidarity to the cause with Ripple CEO Brad Garlinghouse supporting those “who are fighting to save Black lives,” although he “can’t ever fully understand the pain of our Black community that recent and past events have caused.”
Bitcoin has been a part of protests in other parts of the world as well. Last year, the pro-democracy movement in Hong Kong supported the adoption of the digital currency. Also, in countries like Venezuela, Argentina, Chile, and others, cryptocurrencies played a role.
Markets Rising amidst the Chaos
For the first time in about a month, this week the price of bitcoin also jumped above $10,000 amidst the raging protests, although we are back to $9,500.
But bitcoin isn’t the only one, while many cities are on fire in the US, the S&P 500 enjoyed its greatest 50-day rally in history while struggling with the coronavirus pandemic.
If history is any indication, these 37.7% returns would further expand in the days ahead.
THE #GEORGEFLOYDPROTESTS HAVE HAD ZERO AFFECT ON THE STOCK MARKET.
HERE’S A GRAPH OF THE DOW JONES INDEX SINCE #GEORGEFLYODMURDER. AS YOU CAN SEE, IT JUST KEEPS GOING UP.
THE POOR ARE IN PAIN, THE COUNTRY IS ON FIRE, BUT THE RICH KEEP GETTING RICHER. PIC.TWITTER.COM/TYDIY09PAS
— MATI GREENSPAN (TWEETS ARE NOT TRADING ADVICE) (@MATIGREENSPAN) JUNE 3, 2020
The reason behind this disconnection between the stock market and the economy is the trillions of dollars injected into the market by the Federal Reserve and government. Trader and economist Alex Kruger said,
“EUROPE SHARPLY REDUCING POLITICAL TAIL RISK, JAPAN FISCAL PACKAGE 40% OF GDP, CHINA FEARS OVERDONE AS TRUMP STEPS BACK, ECONOMIES REOPENING, US RIOTS THE MARKET HAS SPOKEN. HENCE WHY SO MUCH GREEN.”
But the widespread civil rest in the US could act as a headwind for stocks. Currently, bitcoin is trading at above $9,600 and is expected to hit $20,000 this year.
submitted by kealenz to GoldandBlack [link] [comments]

Default English word list

Alright so, I took the default database from there https://skribbliohints.github.io/ and with the help of html, I extracted the words to a list separated by commas. It's useful when you want to translate those words into your native language.
Word of advice, when using google translate, do not put all words at once there, it can rapidly worsen the translation.
(And there is a last thing. Their algorithm of picking only custom words is not working really good, at least for me. Meaning that I often get duplicates, despite having a list this big and without duplicates. I'm still trying to find some solution to this, so if somebody is experiencing this as well, share the knowledge please, I will do the same.)
SOLUTION: Thanks for the reply from PepegaWR who identified the cause. I also tested it and there seems to be a custom words limit of 5000 characters. The easiest way in my opinion is to shuffle the words before each session to minimize the impact. Also thanks to the flynger who had the same idea before me :)
Finally, here it is, enjoy the scribbling ^^ :

ABBA, AC/DC, Abraham Lincoln, Adidas, Africa, Aladdin, America, Amsterdam, Android, Angelina Jolie, Angry Birds, Antarctica, Anubis, Apple, Argentina, Asia, Asterix, Atlantis, Audi, Australia, BMW, BMX, Bambi, Band-Aid, Barack Obama, Bart Simpson, Batman, Beethoven, Bible, Big Ben, Bill Gates, Bitcoin, Black Friday, Bomberman, Brazil, Bruce Lee, Bugs Bunny, Canada, Capricorn, Captain America, Cat Woman, Cerberus, Charlie Chaplin, Chewbacca, China, Chinatown, Christmas, Chrome, Chuck Norris, Colosseum, Cookie Monster, Crash Bandicoot, Creeper, Croatia, Cuba, Cupid, DNA, Daffy Duck, Darwin, Darwin Watterson, Deadpool, Dexter, Discord, Donald Duck, Donald Trump, Dora, Doritos, Dracula, Dumbo, Earth, Easter, Easter Bunny, Egypt, Eiffel tower, Einstein, Elmo, Elon Musk, Elsa, Eminem, England, Europe, Excalibur, Facebook, Family Guy, Fanta, Ferrari, Finn, Finn and Jake, Flash, Florida, France, Frankenstein, Fred Flintstone, Gandalf, Gandhi, Garfield, Germany, God, Goofy, Google, Great Wall, Greece, Green Lantern, Grinch, Gru, Gumball, Happy Meal, Harry Potter, Hawaii, Hello Kitty, Hercules, Hollywood, Home Alone, Homer Simpson, Hula Hoop, Hulk, Ikea, India, Intel, Ireland, Iron Giant, Iron Man, Israel, Italy, Jack-o-lantern, Jackie Chan, James Bond, Japan, JayZ, Jenga, Jesus Christ, Jimmy Neutron, John Cena, Johnny Bravo, KFC, Katy Perry, Kermit, Kim Jong-un, King Kong, Kirby, Kung Fu, Lady Gaga, Las Vegas, Lasagna, Lego, Leonardo DiCaprio, Leonardo da Vinci, Lion King, London, London Eye, Luigi, MTV, Madagascar, Mario, Mark Zuckerberg, Mars, McDonalds, Medusa, Mercedes, Mercury, Mexico, Michael Jackson, Mickey Mouse, Microsoft, Milky Way, Minecraft, Miniclip, Minion, Minotaur, Mona Lisa, Monday, Monster, Mont Blanc, Morgan Freeman, Morse code, Morty, Mount Everest, Mount Rushmore, Mozart, Mr. Bean, Mr. Meeseeks, Mr Bean, Mr Meeseeks, Mummy, NASCAR, Nasa, Nemo, Neptune, Netherlands, New Zealand, Nike, Nintendo Switch, North Korea, Northern Lights, Norway, Notch, Nutella, Obelix, Olaf, Oreo, Pac-Man, Paris, Patrick, Paypal, Peppa Pig, Pepsi, Phineas and Ferb, Photoshop, Picasso, Pikachu, Pink Panther, Pinocchio, Playstation, Pluto, Pokemon, Popeye, Popsicle, Porky Pig, Portugal, Poseidon, Pringles, Pumba, Reddit, Rick, Robbie Rotten, Robin Hood, Romania, Rome, Russia, Samsung, Santa, Saturn, Scooby Doo, Scotland, Segway, Sherlock Holmes, Shrek, Singapore, Skittles, Skrillex, Skype, Slinky, Solar System, Sonic, Spain, Spartacus, Spiderman, SpongeBob, Squidward, Star Wars, Statue of Liberty, Steam, Stegosaurus, Steve Jobs, Stone Age, Sudoku, Suez Canal, Superman, Susan Wojcicki, Sydney Opera House, T-rex, Tails, Tarzan, Teletubby, Terminator, Tetris, The Beatles, Thor, Titanic, Tooth Fairy, Tower Bridge, Tower of Pisa, Tweety, Twitter, UFO, USB, Uranus, Usain Bolt, Vatican, Vault boy, Velociraptor, Venus, Vin Diesel, W-LAN, Wall-e, WhatsApp, William Shakespeare, William Wallace, Winnie the Pooh, Wolverine, Wonder Woman, Xbox, Xerox, Yin and Yang, Yoda, Yoshi, Youtube, Zelda, Zeus, Zorro, Zuma, abstract, abyss, accident, accordion, ace, acid, acne, acorn, action, actor, addiction, addition, adorable, adult, advertisement, afro, afterlife, air conditioner, airbag, aircraft, airplane, airport, alarm, albatross, alcohol, alien, allergy, alley, alligator, almond, alpaca, ambulance, anaconda, anchor, angel, anglerfish, angry, animation, anime, ant, anteater, antelope, antenna, anthill, antivirus, anvil, apartment, apocalypse, applause, apple, apple pie, apple seed, apricot, aquarium, arch, archaeologist, archer, architect, aristocrat, arm, armadillo, armor, armpit, arrow, ash, assassin, assault, asteroid, astronaut, asymmetry, athlete, atom, attic, audience, autograph, avocado, axe, baboon, baby, back pain, backbone, backflip, backpack, bacon, bad, badger, bag, bagel, bagpipes, baguette, bait, bakery, baklava, balance, balcony, bald, ball, ballerina, ballet, balloon, bamboo, banana, bandage, bandana, banjo, bank, banker, bar, barbarian, barbecue, barbed wire, barber, barcode, bark, barn, barrel, bartender, base, basement, basket, basketball, bat, bathroom, bathtub, battery, battle, battleship, bayonet, bazooka, beach, beak, bean, bean bag, beanie, beanstalk, bear, bear trap, beatbox, beaver, bed, bed bug, bed sheet, bedtime, bee, beef, beer, beet, beetle, bell, bell pepper, bellow, belly, belly button, below, belt, bench, betray, bicycle, bill, billiards, bingo, binoculars, biology, birch, bird, bird bath, birthday, biscuit, bite, black, black hole, blackberry, blacksmith, blanket, bleach, blender, blimp, blind, blindfold, blizzard, blood, blowfish, blue, blueberry, blush, boar, board, boat, bobsled, bodyguard, boil, bomb, booger, book, bookmark, bookshelf, boomerang, boots, border, bottle, bottle flip, bounce, bouncer, bow, bowl, bowling, box, boy, bracelet, braces, brain, brainwash, branch, brand, bread, breakfast, breath, brick, bricklayer, bride, bridge, broadcast, broccoli, broken heart, bronze, broom, broomstick, brownie, bruise, brunette, brush, bubble, bubble gum, bucket, building, bulge, bull, bulldozer, bullet, bumper, bungee jumping, bunk bed, bunny, burglar, burp, burrito, bus, bus driver, bus stop, butcher, butler, butt cheeks, butter, butterfly, button, cab driver, cabin, cabinet, cactus, cage, cake, calendar, camel, camera, campfire, camping, can, can opener, canary, candle, canister, cannon, canyon, cap, cape, cappuccino, captain, car wash, cardboard, carnival, carnivore, carpenter, carpet, carrot, cartoon, cash, casino, cast, cat, catalog, catapult, caterpillar, catfish, cathedral, cauldron, cauliflower, cave, caveman, caviar, ceiling, ceiling fan, celebrate, celebrity, cell, cell phone, cello, cement, centaur, centipede, chain, chainsaw, chair, chalk, chameleon, champagne, champion, chandelier, charger, cheek, cheeks, cheerleader, cheese, cheeseburger, cheesecake, cheetah, chef, chemical, cherry, cherry blossom, chess, chest, chest hair, chestnut, chestplate, chew, chicken, chihuahua, child, chime, chimney, chimpanzee, chin, chinchilla, chocolate, chopsticks, church, cicada cigarette, cinema, circle, circus, clap, clarinet, classroom, claw, clay, clean, clickbait, cliff, climb, cloak, clock, cloth, clothes hanger, cloud, clover, clown, clownfish, coach, coal, coast, coast guard, coaster, coat, cobra, cockroach, cocktail, coconut, cocoon, coffee, coffee shop, coffin, coin, cola, cold, collapse, collar, color-blind, comb, comedian, comedy, comet, comfortable, comic book, commander, commercial, communism, community, compass, complete, computer, concert, condiment, cone, confused, console, continent, controller, conversation, cookie, cookie jar, copper, copy, coral, coral reef, cord, cork, corkscrew, corn, corn dog, corner, cornfield, corpse, cotton, cotton candy, country, cousin, cow, cowbell, cowboy, coyote, crab, crack, crate, crawl space, crayon, cream, credit, credit card, cricket, cringe, crocodile, croissant, crossbow, crow, crowbar, crucible, cruise, crust, crystal, cube, cuckoo, cucumber, cup, cupboard, cupcake, curry, curtain, cushion, customer, cut, cute, cyborg, cylinder, cymbal, dagger, daisy, dalmatian, dance, dandelion, dandruff, darts, dashboard, daughter, day, dead, deaf, deep, deer, defense, delivery, demon, demonstration, dent, dentist, deodorant, depressed, derp, desert, desk, desperate, dessert, detective, detonate, dew, diagonal, diagram, diamond, diaper, dice, dictionary, die, diet, dig, dinner, dinosaur, diploma, dirty, disaster, disease, dishrag, dispenser, display, diss track, distance, diva, divorce, dizzy, dock, doctor, dog, doghouse, doll, dollar, dollhouse, dolphin, dome, dominoes, donkey, door, doorknob, dots, double, dough, download, dragon, dragonfly, drain, drama, drawer, dream, dress, drink, drip, drive, driver, drool, droplet, drought, drum, drum kit, duck, duct tape, duel, dwarf, dynamite, eagle, ear, earbuds, earthquake, earwax, east, eat, echo, eclipse, eel, egg, eggplant, elbow, elder, election, electric car, electric guitar, electrician, electricity, elephant, elevator, embers, emerald, emoji, employer, emu, end, engine, engineer, equator, eraser, error, eskimo, espresso, evaporate, evening, evolution, exam, excavator, exercise, explosion, eye, eyebrow, eyelash, eye shadow, fabric, fabulous, facade, face, face paint, factory, failure, fairy, fake teeth, fall, family, farm, farmer, fashion designer, fast, fast food, fast forward, father, faucet, feather, fence, fencing, fern, festival, fidget spinner, field, figurine, filmmaker, filter, finger, fingernail, fingertip, fire alarm, fire hydrant, fire truck, fireball, firecracker, firefighter, firefly, firehouse, fireman, fireplace, fireproof, fireside, firework, fish, fish bowl, fisherman, fist fight, fitness trainer, fizz, flag, flagpole, flamethrower, flamingo, flashlight, flask, flea, flight attendant, flock, floodlight, floppy disk, florist, flower, flu, fluid, flush, flute, fly, fly swatter, flying pig, fog, foil, folder, food, forehead, forest, forest fire, fork, fort, fortress, fortune, fossil, fountain, fox, frame, freckles, freezer, fridge, fries, frog, frostbite, frosting, frown, fruit, full, full moon, funeral, funny, fur, furniture, galaxy, gang, gangster, garage, garbage, garden, gardener, garlic, gas, gas mask, gasoline, gasp, gate, gem, gender, generator, genie, gentle, gentleman, geography, germ, geyser, ghost, giant, gift, giraffe, girl, gladiator, glass, glasses, glitter, globe, gloss, glove, glow, glowstick, glue, glue stick, gnome, goal, goat, goatee, goblin, godfather, gold, gold chain, golden apple, golden egg, goldfish, golf, golf cart, good, goose, gorilla, graduation, graffiti, grandmother, grapefruit, grapes, graph, grass, grasshopper, grave, gravedigger, gravel, graveyard, gravity, greed, grenade, grid, grill, grin, groom, grumpy, guillotine, guinea pig, guitar, gumball, gummy, gummy bear, gummy worm, hacker, hair, hair roller, hairbrush, haircut, hairspray, hairy, half, halo, ham, hamburger, hammer, hammock, hamster, hand, handicap, handle, handshake, hanger, happy, harbor, hard, hard hat, harmonica, harp, harpoon, hashtag, hat, hazard, hazelnut, head, headache, headband, headboard, heading, headphones, health, heart, heat, hedgehog, heel, heist, helicopter, hell, helmet, hen, hermit, hero, hexagon, hibernate, hieroglyph, high five, high heels, high score, highway, hilarious, hill, hip hop, hippie, hippo, hitchhiker, hive, hobbit, hockey, holiday, homeless, honey, honeycomb, hoof, hook, hop, hopscotch, horizon, horn, horse, horsewhip, hose, hospital, hot, hot chocolate, hot dog, hot sauce, hotel, hourglass, house, hovercraft, hug, hummingbird, hunger, hunter, hurdle, hurt, husband, hut, hyena, hypnotize, iPad, iPhone, ice, ice cream, ice cream truck, iceberg, icicle, idea, imagination, impact, incognito, industry, infinite, injection, insect, inside, insomnia, internet, intersection, interview, invasion, invention, invisible, iron, island, ivy, jacket, jackhammer, jaguar, jail, jalapeno, janitor, jaw, jazz, jeans, jeep, jello, jelly, jellyfish, jester, jet ski, joker, journalist, journey, judge, juggle, juice, jump rope, jungle, junk food, kangaroo, karaoke, karate, katana, kazoo, kebab, keg, kendama, ketchup, kettle, key, keyboard, kidney, kindergarten, king, kiss, kitchen, kite, kitten, kiwi, knee, kneel, knife, knight, knot, knuckle, koala, kraken, label, laboratory, ladder, lady, ladybug, lake, lamb, lamp, landlord, landscape, lane, language, lantern, lap, laptop, laser, lasso, laundry, lava, lava lamp, lawn mower, lawyer, leader, leaf, leak, leash, leather, leave, leech, legs, lemon, lemonade, lemur, lens, leprechaun, lettuce, levitate, librarian, library, licorice, lid, light bulb, lighter, lighthouse, lightning, lightsaber, lily, lilypad, limbo, lime, limousine, line, link, lion, lips, lipstick, litter box, lizard, llama, loading, loaf, lobster, lock, log, logo, lollipop, loot, loser, lotion, lottery, lounge, love, low, luck, luggage, lumberjack, lung, lynx, lyrics, macaroni, machine, macho, mafia, magazine, magic, magic trick, magic wand, magician, magma, magnet, magnifier, maid, mailbox, mailman, makeup, mall, mammoth, manatee, manhole, manicure, mannequin, mansion, mantis, map, maracas, marathon, marble, margarine, marigold, market, marmalade, marmot, marshmallow, mascot, mask, massage, match, matchbox, mattress, mayonnaise, mayor, maze, meal, meat, meatball, meatloaf, mechanic, meerkat, megaphone, melon, melt, meme, mermaid, message, messy, metal, meteorite, microphone, microscope, microwave, midnight, military, milk, milkman, milkshake, mime, miner, minigolf, minivan, mint, minute, mirror, missile, model, mohawk, mold, mole, money, monk, monkey, monster, moon, moose, mop, morning, mosquito, moss, moth, mothball, mother, motherboard, motorbike, motorcycle, mountain, mouse, mousetrap, mouth, movie, mud, muffin, mug, murderer, muscle, museum, mushroom, musket, mustache, mustard, nachos, nail, nail file, nail polish, napkin, narwhal, nature, navy, neck, needle, neighbor, neighborhood, nerd, nest, network, newspaper, nickel, night, nightclub, nightmare, ninja, noob, noodle, north, nose, nose hair, nose ring, nosebleed, nostrils, notebook, notepad, nothing, notification, novel, nugget, nuke, nun, nurse, nut, nutcracker, nutmeg, nutshell, oar, observatory, ocean, octagon, octopus, office, oil, old, omelet, onion, open, opera, orange, orangutan, orbit, orca, orchestra, orchid, organ, origami, ostrich, otter, outside, oval, overweight, owl, oxygen, oyster, paddle, page, pain, paint, paintball, pajamas, palace, palette, palm, palm tree, pan, pancake, panda, panpipes, panther, pants, papaya, paper, paper bag, parachute, parade, parakeet, parents, park, parking, parrot, party, password, pasta, pastry, path, patient, patio, patriot, pause, pavement, paw, peace, peach, peacock, peanut, pear, peas, peasant, pedal, pelican, pencil, pencil case, pencil sharpener, pendulum, penguin, peninsula, penny, pensioner, pepper, pepperoni, perfume, periscope, person, pet food, pet shop, petal, pharmacist, photo frame, photograph, photographer, piano, pickaxe, pickle, picnic, pie, pig, pigeon, piggy bank, pigsty, pike, pill, pillar, pillow, pillow fight, pilot, pimple, pin, pinball, pine, pine cone, pineapple, pink, pinky, pinwheel, pipe, pirate, pirate ship, pistachio, pistol, pitchfork, pizza, plague, planet, plank, plate, platypus, player, playground, plow, plug, plumber, plunger, pocket, pogo stick, point, poison, poisonous, poke, polar bear, policeman, pollution, polo, pond, pony, ponytail, poodle, poop, poor, popcorn, pope, poppy, popular, porch, porcupine, portal, portrait, positive, postcard, poster, pot, pot of gold, potato, potion, pound, powder, prawn, pray, preach, pregnant, present, president, pretzel, price tag, priest, prince, princess, printer, prism, prison, pro, procrastination, professor, programmer, promotion, protest, provoke, prune, pub, pudding, puddle, puffin, puma, pumpkin, punishment, punk, puppet, purity, purse, puzzle, pyramid, quarter, queen, queue, quicksand, quill, quilt, quokka, raccoon, race, racecar, radar, radiation, radio, radish, raft, rail, rain, rainbow, raincoat, raindrop, rainforest, raisin, rake, ram, ramp, rapper, raspberry, rat, ravioli, razor, razorblade, read, reality, reception, receptionist, record, rectangle, recycling, red, red carpet, reeds, referee, reflection, reindeer, relationship, religion, remote, repeat, reptile, rest, restaurant, retail, revolver, rewind, rhinoceros, rib, ribbon, rice, ring, ringtone, risk, river, roadblock, robber, robin, robot, rock, rocket, rockstar, roll, roof, room, rooster, root, rose, royal, rubber, ruby, rug, ruler, run, rune, sad, saddle, safari, safe, sailboat, salad, sale, saliva, salmon, salt, saltwater, sand, sand castle, sandbox, sandstorm, sandwich, satellite, sauce, sauna, sausage, saxophone, scar, scarecrow, scarf, scary, scent, school, science, scientist, scissors, scoop, score, scream, screen, screw, scribble, scuba, sculpture, scythe, sea, sea lion, seafood, seagull, seahorse, seal, search, seashell, seasick, season, seat belt, seaweed, second, security, seed, seesaw, semicircle, sensei, server, sew, sewing machine, shadow, shake, shallow, shampoo, shape, shark, shaving cream, sheep, shelf, shell, shipwreck, shirt, shock, shoe, shoebox, shoelace, shop, shopping, shopping cart, short, shotgun, shoulder, shout, shovel, shower, shrew, shrub, shy, sick, signature, silence, silo, silver, silverware, sing, sink, sit, six pack, skateboard, skateboarder, skates, skeleton, ski, ski jump, skin, skinny, skribbl.io, skull, skunk, sky, skydiving, skyline, skyscraper, slam, sledge, sledgehammer, sleep, sleeve, slide, slime, slingshot, slippery, slope, sloth, slow, slump, smell, smile, smoke, snail, snake, sneeze, sniper, snow, snowball, snowball fight, snowboard, snowflake, snowman, soap, soccer, social media, socket, socks, soda, soil, soldier, sombrero, son, sound, soup, south, space, space suit, spaceship, spade, spaghetti, spark, sparkles, spatula, speaker, spear, spelunker, sphinx, spider, spin, spinach, spine, spiral, spit, spoiler, sponge, spool, spoon, spore, sports, spray paint, spring, sprinkler, spy, square, squid, squirrel, stab, stadium, stage, stamp, stand, stapler, star, starfish, starfruit, statue, steam, step, stereo, sting, stingray, stomach, stone, stoned, stop sign, stork, storm, stove, straw, strawberry, streamer, street, stress, strong, student, studio, study, stylus, submarine, subway, sugar, suitcase, summer, sun, sunburn, sunflower, sunglasses, sunrise, sunshade, supermarket, superpower, surface, surfboard, surgeon, survivor, sushi, swag, swamp, swan, swarm, sweat, sweater, swimming pool, swimsuit, swing, switch, sword, swordfish, symphony, table, table tennis, tablecloth, tablet, tabletop, taco, tadpole, tail, tailor, take off, talent show, tampon, tangerine, tank, tape, tarantula, target, taser, tattoo, taxi, taxi driver, tea, teacher, teapot, tear, teaspoon, teddy bear, telephone, telescope, television, temperature, tennis, tennis racket, tent, tentacle, text, thermometer, thief, thin, think, thirst, throat, throne, thug, thumb, thunder, thunderstorm, ticket, tickle, tie, tiger, time machine, timpani, tiny, tip, tiramisu, tire, tired, tissue, tissue box, toad, toast, toaster, toe, toenail, toilet, tomato, tomb, tombstone, tongue, toolbox, tooth, toothbrush, toothpaste, toothpick, top hat, torch, tornado, torpedo, tortoise, totem, toucan, touch, tourist, tow truck, towel, tower, toy, tractor, traffic, traffic light, trailer, train, translate, trap, trapdoor, trash can, traveler, treadmill, treasure, tree, treehouse, trend, triangle, trick shot, tricycle, trigger, triplets, tripod, trombone, trophy, tropical, truck, truck driver, trumpet, tuba, tug, tumor, tuna, tunnel, turd, turkey, turnip, turtle, tuxedo, twig, type, udder, ukulele, umbrella, uncle, underground, underweight, 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wrestler, wrestling, wrinkle, wrist, writer, x-ray, xylophone, yacht, yardstick, yawn, yearbook, yellow, yeti, yo-yo, yogurt, yolk, young, youtuber, zebra, zeppelin, zigzag, zipline, zipper, zombie, zoo, zoom,
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Yield Farming in DeFi — the Evolution outcome of the Crypto Industry

Yield Farming in DeFi — the Evolution outcome of the Crypto Industry

Yield Farming in DeFi — the Evolution outcome of the Crypto Industry
Yield Farming (income farming) is one of the key trends actively developing in DeFi. Thanks to this earnings strategy, the Compound project has recently taken off, ranking first in terms of the number of user funds blocked in the protocol.
The Yield Farming investment strategy, or income pharming, is to generate income from the placement of cryptocurrencies on various DeFi-platforms for crypto-lending. Before Yield Farming, the main trend in DeFi was conventional cryptocurrency deposits, bringing in 4–10% returns. However, Yield Farming can generate up to 100% annualized income.

Yield Farming is the main driver of the DeFi sector

The number of cryptocurrencies locked in DeFi (Total Value Locked — TVL) is now $2.29 billion. At the same time, over the past month, the capitalization of funds in DeFi has more than doubled, largely due to the popularity of income pharming. At the same time, the top five DeFi protocols attracted $2.1 billion in crypto assets, or 91.7% of the total TVL volume.
• Compound — $690.8 million
• MakerDAO — $644.7 million
• Synthetix — $396 million
• Aave — $192.4 million
• Balancer — $178.2 million
And the total number of users of these projects was about 230,000.
The sharp rise in interest in Yield Farming is associated with one of the new protocols on the market — Compound. Users of this platform can provide loans or take out loans in nine different cryptocurrencies, for which they receive COMP project tokens. With these tokens, Compund users can make decisions about its future development. In other words, conditional “shares” of the Compound project are distributed to those who provide liquidity to the platform, as well as to those who take loans on it. This largely corresponds to the concept of SAFG (“a simple agreement on the possibility of obtaining the right to control in the future”) as a logical development of other principles of distribution of tokens — SAFE and SAFT.

COMP for BAT

Issued daily at 2880 COMP, which is equivalent to $518,688 at a token price of $180.1. Half goes to liquidity providers, half to borrowers. At the same time, distribution is carried out to each of nine markets (BAT, ETH, USDC, USDT, Dai, REP, 0x and Sai) — to everyone who borrows or takes loans from Compound, in proportion to the interest rate, as well as to their payments for interest or income. The higher the rates for a loan or loan, the more COMP tokens are paid.
At the same time, Compound is constantly updating its token distribution rules. So, according to the latest update from July 2, COMP payments begin to be made based not on interest rates, but on the dollar value of the funds in the transaction. This should eventually lead to more use of stablecoins. For them, borrowing rates can be less than 1%, which is ten times less than for the most volatile asset in DeFi — the BAT token.
It is worth noting that until recently, Compound users received the maximum number of COMP tokens for transactions with BAT. As a result, for the period from June 19 to July 2, the volume of transactions with this asset reached $931 million, which exceeded the total turnover of Ethereum and DAI for the same period. However, another change in the rules sharply increased the volumes of DAI and USDC.

Yield Farming: Borrowing Is Better Than Lending

The changes did not affect the main advantage of Compound — the COMP tokens received by users still cover the cost of borrowing in cryptocurrencies. In other words, Compound users find it more profitable to borrow than borrow (as noted, for example, with the Tether stablecoin). Payments of COMP tokens to borrowers look like a cryptocurrency cashback for participation in the platform — this can be viewed as if, for example, American Express bank shared a small share in the share capital with users for each transaction.
This Compound policy has led to a sharp increase in loans, as well as increased income for those providing liquidity, as they also receive COMP tokens for participating in the platform. Moreover, this cashback is a plus to the interest earned on borrowed cryptocurrencies. Moreover, since borrowers receive payments on loans, liquidity providers can use their own assets to borrow more funds. As a result, their income increases and they again provide liquidity to Compound.

Not only Compound

Compound was not the only one that played an important role in popularizing Yield Farming. So, Aave makes it possible to borrow cryptocurrencies at a fixed rate, and then place them in order to generate income. Aave’s fixed rate is usually higher than Compound’s variable, which means Aave gives more income to those who provide crypto loans. There are also liquidity pools, such as Uniswap, which offer large returns (sometimes at 100% annualized rate), but with higher risks.
While the price of СOMP shows a clear downward trend (research of the Delta Exchange platform claims that this token is five times overvalued), Compound is overgrown with competitors. So, on June 22, the COMP token cost $327.82 (on the day of listing on Coinbase Pro, June 23, at the moment the cost even rose to $427), and on July 12 it was already $180.1. The fall of СOMP is noticeable, but it is worth noting that at the beginning of its emission the token cost only $16. Moreover, about 80% of COMP tokens are distributed among the top 10 addresses in Compound, and the volume of tokens in free circulation is $686 million, which corresponds to a free-float indicator of 38%. It is not high, and this will contribute to the strong volatility of COMP.
Against the background of a decrease in the cost of COMP, the Balancer platform, which provides crypto lending services from a pool of various ERC20 tokens, began distributing 145,000 native BAL tokens to liquidity providers every week. These tokens, like COMP, provide the right to participate in the management of the platform. Of the maximum possible issue of BAL 100 million, 65% will go towards payments.

Risks of Yield Farming

Despite the popularity of Yield Farming among DeFi players, this trend is not without its pitfalls. For example, Ethereum co-founder Vitalik Buterin continues to criticize DeFi, stating that “interest rates that are significantly higher than you can get when working in the field of traditional finance are either an opportunity for temporary arbitrage or are obtained at the expense of not publicly disclosed risks.”
Indeed, when using Yield Farming, the following risks should be borne in mind:
• Cryptocurrencies can be stolen from the platform they are hosted on.
• The participant may borrow too much funds in relation to the crypto deposit placed by him (trading with high leverage), as a result of which the collateral may be lost.
• The collapse of cryptocurrency rates. This factor can be realized if, for example, it turns out that some stablecoins in reality do not have the declared 1:1 collateral.
• The Compound platform will no longer reward borrowers and lenders with COMP tokens. According to the statements of the project team, the program will operate over the next four years — during this time 42% of the total token emission will be distributed. However, the site has the right to change the rules.
• Systemic risk, within which even small changes in the core principles of Yield Farming can provoke a very strong transformation of this strategy and affect its popularity.
• Scam tokens. Due to the simple asset listing system on the Uniswap site, assets such as a copy of the Balancer token, fake coins of the Curve Finance project, the DYDX token, which can be confused with dYdX, and the Uniswap Community Token, which is not related to the platform itself, appeared on it. As a result, the site issued a warning about an increase in the number of fake ERC20 tokens.

Yield Farming gives hope for the growth of cryptocurrency quotes

But how does Yield Farming affect the crypto market in general? Over the last week of June and the first ten days of July, an additional 2,430 bitcoins were added to Compound, in addition to the 170 already available at that time. The Balancer platform during the same time saw an influx of bitcoins from 126 to 1787. In total, for the implementation of Yield Farming, DeFi protocols are now more than 12,000 BTC. Potentially, an increase in the inflow of bitcoins into this sector of the cryptocurrency market can play a positive role in relation to the dynamics of the growth of quotations of the first cryptocurrency. After all, the growing popularity of Yield Farming supports interest in BTC, which is especially important given that in July, the turnover of this cryptocurrency trade fell by 31% compared to June.
Since most of the DeFi projects are based on the Ethereum blockchain and use the assets of this ecosystem, ether can potentially get an incentive for strong growth. Although the example of XRP and the development of innovations from Ripple shows that such market success is not guaranteed. It is also symbolic that the total capitalization of ERC20 tokens has reached $33 billion, exceeding the total capitalization of ether ($26.6 billion). Messari analyst Ryan Watkins, commenting on this data, said that ether has shown a very modest growth over the past two months, only 20%.
The continued growth in interest in stablecoins and the increase in trading volume with them is also driven by their popularity at Yield Farming. Along with this, stablecoins, which have long become a “bridge” between the world of classical finance and the cryptosphere, also contribute to the rapid emergence of various CBDCs on the market.

Yield Farming meets institutional investors

Yield Farming has become a natural stage in the evolution of the cryptocurrency ecosystem. However, its further destiny, like all DeFi areas, is directly related to ensuring reliable cybersecurity. This is also important from the point of view of investors who invest in infrastructure: it’s a shame, for example, that the dForce platform faced the theft of $24 million in assets, having received $1.5 million in funding from investors a few days earlier.
In this connection, venture funds from Silicon Valley are being invested in the development of infrastructure for Yield Farming. So, ParaFi is investing $4.5 million in Aave, supporting a platform that offers instant cryptocurrency loans without collateral. These are high-risk transactions for the borrower, but it is important that Aave develops further. So, it has service integration with Uniswap. Moreover, Aave became the first DeFi protocol to work with the Tether stablecoin. Plus, the platform now offers a new product — credit delegation, when a depositor can lend their assets to a specific member of the platform in a collateral-free scheme. Both parties enter into a loan agreement, which, thanks to the integration of Aave with OpenLaw, allows such a contract to be securely stored on the blockchain. In fact, this is a real exit for DeFi with Yield Farming to the classic financial market, to work with institutional investors as well.
There is also a trend towards the integration of various platforms into DeFi, which thereby help each other grow. Thus, internal tokens and “synthetic” tokens (cTokens) Compound began to be used in Uniswap. And three projects at once — Synthetix, Curve and Ren — launched a joint pool providing liquidity in the form of tokenized bitcoins.
Also in a short period of time, insurance products targeted at Yield Farming members, such as Nexus Mutual, began to appear on the market. Now the Nexus Mutual team has insured assets in the amount of $8.5 million. Curve Finance is most interested in this opportunity ($1.6 million of assets are insured). Cryptocurrencies for an average of $700,000 are also insured on the Balancer, Compound, Aave and 1inch.exchange platforms.
Yield Farming, along with decentralized insurance products, confirms the opinion of analyst Chris Burniske, who emphasized that DeFi recreates all the elements that are found in classic finance, but on a new, innovative basis. So it cannot be said that Yield Farming is a short-term trend. This segment of the cryptosphere will continue to evolve despite the decline in net margin in it, as seen in the example of Compound.
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ColossusXT Q2 2020 AMA Ends!

Thank you for being a part of the ColossusXT Q2 2020 AMA! Below we will summarize the questions and answers. The team responded to 46 questions! If your question was not included, it may have been answered in a previous question or AMA. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the AMA contest is: ookhimself
Congratulations. I will send you a DM on Reddit.
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Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy-efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize the grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video, and audio streams-all will be reborn as services that live in cyberspace, assembling, and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
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Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of I2P (Armis). These features will protect end-user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end-users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Is there any estimated date for the grid? What will set you apart from the opposition?
A: We are hoping to have something released for the community in Q4 this year. The difference between other competitors is that ColossusXT is putting consumer privacy first and we’re actively in the process of working with federal and state agencies in the United States.
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Q: How do you plan to get people to implement the technology? At your current rate of development, when do you foresee a minimum viable product being available?
A: We have been strategically networking with businesses, and we are currently undergoing the verification process in the United States to make bids on federal and state projects. We are working on an MVP and our goal is to have at least a portion of the Colossus Grid ready by Q4 2020.
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Q: When we can expect any use-case for COLX? A company or service that uses COLX for its activities/tasks.
A: We’re aiming for Q4 of this year to have an MVP, throughout 2021 we will be strategically making bids on federal and state contracts in the United States with a goal to expand operations exponentially.
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Q: Are there any plans to be listed on the more prominent exchanges e.g binance, kraken?
A: Yes, we have applied to some of these exchanges that are considered Tier 1 or Tier 2 exchanges. Many of them upfront will tell you there are no fees associated with the listing, that is not entirely true most of the time. Regardless, have applied and are awaiting more responses as we move forward. Listing on these exchanges often requires that we cannot announce this information until ColossusXT is live on its platform.
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Q: Partnerships are the norm these days in crypto world. Which partnership would you consider feasible, if any, in order to grow the Colossus Grid project?
A: The Colossus Grid is a huge undertaking both in development and business partnerships. We are moving in both these directions strategically. One of the most important partnerships is not really a partnership but approval to bid on state and federal contracts. Working with the governments around the world will be a big part of the Colossus Grid use-case.
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Q: If the ability to annonymise coins is turned off, can CLX still be marketed as a privacy coin? Do we have a date we can start using this feature again?
A: Yes and No. It’s frustrating right now having a lack of privacy for consumers as we don’t see privacy as a feature but a right. EVERY platform online should have some levels of privacy for their consumers, especially as technology continues to evolve and bad actors continue to use your personal information for their own nefarious purposes. Obfuscation will be implemented in the coming weeks, and Armis will follow suit shortly thereafter.
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Q: When can we expect the grid to come out?
A: We are looking at releasing an MVP towards the end of the year. Stay tuned during Q3 and Q4 as we ramp on technical and business developments.
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Q: Can you tell the current budget for development work?
A: Much of the development work budget comes from Core team member's disposable income, we also use the self-funding treasury that Masternode owners vote on each month.
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Q: Will cold staking be implemented somedays? I like the model of Cardano. Hope you will implement kind of Cardano staking in our wallet. I would love the easiness.
A: ColossusXT staking has been enabled since 2017. We have calculators on the website that will estimate your average staking returns and you can join numerous pools to increase your staking power within the pools. Cold staking is on our radar and will make it into the roadmap when our budget allows us.
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Q: Which part of grid technology are you planning first to go live? Storage/RAM/CPU/GPU/all at once? Separately?
A: We will be rolling the Colossus Grid out in two phases. The first phase will be storage, and then we will roll out computing power (RAM/CPU/GPU).
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Q: Is Armis I2P technology in development testphase I mean, I have read something like that… If Armis goes live, will there be some kind of option in deskopt wallet to transfer anonymous or will every transaction be fully anonymous like e.g. monero?
A: We recently had a testing phase with the community earlier this year, there will be another test phase with community participants who sign up. If you’re interested in this stay tuned on our socials and apply when the next testing phase happens All transactions will be fully anonymous behind Armis.
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Q: What programming languate is being used for developing COLX? How well this programming language do you think is more suitable for developing crypto, in comparison with other programing languages?
A: C++ is what we’re using at ColossusXT. Each crypto project is different but with what we're developing at ColossusXT. We are best suited to utilize C++.
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Q: What is the second biggest milestone other than launching the grid network for the team. What do you think of your competition like Golem network?
A: Armis will be a big milestone, and I don’t think we go back to our Polis partnership which allows users in Europe and Mexico (they do plan to expand to the US and other countries) the ability to spend their ColossusXT (COLX) wherever Mastercard is accepted. I don’t think the Golem network is taking consumer privacy far enough, in the blockchain industry I also see a lack of drive to push adoption within the United States. This is likely due to unclear regulations right now. ColossusXT is at the forefront of these issues and we intend to lead blockchain through these somewhat murky waters.
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Q: I don’t have a lot of knowledge about crypto-technology… but are there any risks of sensitive data-hijacks through Colx infrastructure? Will the Colx-grid be available for individuals or only larger corporations, and how would one get access to the computing power?
A: There are always risks with technology. We are doing extensive testing and more testing prior to releasing anything. Consumer privacy is apart of the foundation of what we’re building at ColossusXT and we want to ensure any and all of your personal information is secure and private. As technology evolves, we will be right here evolving with it to ensure that consumer privacy protections are always in place.
The Colossus Grid will be available to anyone with a computer. You will access it through the desktop wallet.
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Q: Do you have any new exchange listings planned in the near future?
A: Yes, but unfortunately with these things, every day it’s not something we can often say before the exchange makes their own announcements. If you have certain exchanges that you prefer, do not be shy and tag us on Twitter letting us and the exchange know. You can also reach us everyday at all hours of the day and night on Discord and Telegram.
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Q: Given that Colx had no ICO, are we able to ramp development efforts in case we have potential partnership deal on the table?
A: It really depends. We strategically spend every dime we spend on development. We do not like even a single penny to be waisted, so we don’t move as fast as the projects that raised millions of dollars, but we continue moving none the less. Ramping up our development is something we are working on by securing additional funding and we’re currently working on securing funding. 😊
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Q: How is the project development advancing? What are your plans for the next 5 years and what more can we expect from ColossusXT?
A: Our development is continuing on at a steady pace, we’re looking to ramp this up over the next year as the Colossus Grid will take much of our time but we’re excited. Over the next 5 years, you can expect the Colossus Grid to be live in all forms (storage and computing power), Armis will be released and we will share many technical details on how this consumer privacy protection rivals some of the other privacy protections in the blockchain industry. We expect to be verified and approved to work with the agencies in the United States long before then as well and will be aggressively pursuing federal contracts to utilize the computing power of the Colossus Grid. In 5 years, we plan to be a key player not just in the blockchain industry, but throughout the world. If you do not know ColossusXT now, expect to in 5 years or less.
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Q: Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of COLX? There are so many privacy coins now, all of them claiming to have better features that ColossusXT. Moving forward, what do the next 10 years look like for ColossusXT in navigating the wave of privacy projects coming. How can ColossusXT continue to shine in the midst of seemingly legit projects that have come to challenge ColossusXT like mimblewimble projects and Monero, Zcoin, ect.?

A: The Colossus Grid and Masternodes will have a strong relationship with each other. When the Colossus Grid goes live we expect the masternode demand to continue to rise. Masternodes are a great incentive mechanism to increase network strength and will play an important role within the Colossus Grid. The more masternodes online, the less available coins in the circulating supply; which we expect will eventually reflect ColossusXT (COLX) coin value.
Over the next 10 years, ColossusXT (COLX) will solidify itself as a key player in the blockchain industry, and outside the blockchain industry. Following our strategic business plans, we intend to be one of the first, if not the first to truly bring government and other businesses into the blockchain industry through the Colossus Grid. Armis will be our defining privacy feature, which we expect in time will begin to be adopted by other projects. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: How have the number of Masternodes (MNs) increased/decreased over time/in the past few years? What proportion (%) of MNs actively take part in Governance? How do you see the number of MNs increasing/decreasing in the next couple of years? Is there a trend upwards or downwards?
Is there a specific number (or range) of MNs the team would like to attain ideally? Is it better to have as many MNs as possible or is there a point at which too many MNs start to have an adverse effect on the performance of the blockchain?
Hope this wasn’t too many questions in one :), Ahmed

A: The number of masternodes in the active network is more or less the same, fluctuating around 200-220. About 40% - 50% of masternodes participate actively in governance (see https://governance.colossusxt.io). We expect a number of masternodes to grow as they will have additional benefits with Colossus Grid (see business plan: http://bit.ly/COLXBPLive).
As the team had no premines, only the dev fund can be used for masternodes which is hard to maintain due to actual budget flow. It’s better to have as many masternodes as possible for the network, there is no adverse effect.
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Q: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?
A: It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.
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Q: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

A: Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the [email protected] initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.
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Q: How will you fight with regulators who are trying to stop privacy coins?

A: We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding. It's time the world stops looking at privacy as a feature and as a right, especially when you read about different applications and platforms using your personal DATA for their benefit. ColossusXT will continue to push this, and we're prepared to lobby this to lawmakers. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

A: The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.
The second part of this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.
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Q: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY
A: The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)
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Q: What would you say is the $COLX killer feature that sets it apart from the rest of the competition.
A: We believe that Armis is our killer feature. We recently had a beta this year with the community and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in the Colossus Grid resource marketplace in the future.
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Q: I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid
A: We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development funds to marketing funds to raise further awareness.
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Q: "Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

A: This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though too much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.
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Q: "For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?
A: ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.
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Q: According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?
A: It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States.
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Q: Does Tokens.net plan any kind of staking ($COLX or other coins)?
A: We will reach out to the tokens.net team and see if they have any plans to allow staking.
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Q: How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?
A: The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.
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Q: Do you have any special development funds for programmers?
A: Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future, we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.
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Q: Why Android Wallet Revision hasn't been done? Any problems?
A: The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.
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Q: Whats the second biggest milestone other than the grid network for COLX team?
A: Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.
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Q: How is COLX team going to contribute to crypto adoption, other than building a robust network?
A: We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.
We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.
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Q: Are their industry partners to COLX that are awaiting your network to go live?
A: Yes, although I hesitate to go into too much detail here. We are talking with business leaders.
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Q: The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?
A: I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.
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Q: I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?
A: Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.
  1. Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
  2. The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
  3. Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
  4. They allow the community voting option of only truly decentralized projects after a thorough screening.
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Q: Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.
A: ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA to running scientific simulations, to even mining PoW cryptocurrencies.
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Q: When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.
A: There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.
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Q: What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?
A: ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.
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Q: Will you try to convince users to trade on tokens.net if so how will you do it?
A: There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.
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Q: How will you try to create liquidity for your pairs?
A: We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being, we can hint this as a side business till we deliver fully operational Colossus Grid.
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Q: How big is a development team of #COLX?
A: The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.
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Q: Do you have some security guys in the team?
A: Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.
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Q: Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?
A: This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid.
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Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
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Follow ColossusXT on:
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AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
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