BDollar: Promising Gem on Binance Smart Chain!
During the last couple of weeks I have been exploring the new projects that are coming up on Binance Smart Chain which are witnessing rising popularity as more and more people want to explore options to avoid the smothering ETH fees on DeFI platforms running on Ethereum.
What I noticed was that the majority of these BSC projects are basic copy paste of PancakeSwap and don’t have much new functionalities to offer. They are just competing on high APR/APYs and as such incredible APYs are not practical to maintain they start falling and people start looking for new projects.
In this post I will be covering BDollar project which I think has a very unique use case and I expect it to gain much more popularity and adoption during the coming months.
This project can be accessed at http://bdollar.fi/
**What separates BDollar from other BSC Projects?**
The majority of projects currently running on BSC are using the same model as PancakeSwap and try to attract more investors by offering aggressive APYs. However these APYs are very difficult to maintain long term and they start to diminish with time. As the APY falls the investors move out to different projects and many projects collapse.
I expect more than 90% of current BSC projects to collapse during the coming months and very few will see the end of this year. If Vitalik is actually able to reduce the ETH fee even by a small amount this situation might get even worse for BSC.
BDollar however has a very different approach and if does not work upon PancakeSwap model. It was built upon the framework originally designed for Basis project which could not be released due to regulatory restrictions in US at the time. This works like a Treasury where there is a set number of Shares called sBDO (BDollar Shares) and holders of these shares are rewarded with BDollars every epoch which runs for a period of 6 hours.
There is limit of 100,000 on total sBDO which will ever be created of these 15,000 will be kept by the development team so 85,000 will be released for the public. This will ensure that these tokens will not suffer from inflation.
**How does it’s Native Stablecoin BDO work?**
It’s stablecoin is called BDO (BDollar) and is pegged to 1 USD. This usually fluctuates between $1.1 and $1.2 due to the high demand for this coin. This is an algorithmic coin so how many coins will be generated in each epoch cycle has already been programmed linked to the expansion rate aligned to the total supply of coins in the market. The current supply is about 55 Million coins and the expansion rate being followed is 1% so 500,000 new BDOs are created every 6 hours which are distributed to the sBDO holders.
If the demand for BDO falls and it goes under $1 then new coins are not created and bBDO (bDOllar Bond) are created instead which can later be redeemed for BDO once the price rises again over $1.
**Why I am Bullish on BDO Project?**
BDO is not built upon APYs which fluctuate to a high level and are difficult to maintain in the long run. BDO is already built on an algorithm which has set how many coins will be printed during which period. The amount of coins you receive will be determined by the sBDO coins you are holding. I am planning to hold 1 sBDO for long term as it’s returns are much more stable compared to other BSC projects.
They have been audited by Certik which I confirmed by going t othe official site of Certik. They have the Bearn Finance team backing them which is a big company and has several other projects running on crypto. I am also part of their telegram group so can see that their team is actively working on the roadmap. Their price has been increasing steadily since the launch in end of December last year and there have been no major fluctuations.
I expect the price to go further up once more people get to know about the project. I will keep posting regular updates about the projects.
Do keep in mind that this was my personal decision and do your own research and investigation before making a decision for yourself as you know how risky crypto investments are.
If you would like to see how their site is structured then do check out the video below.
https://www.youtube.com/watch?v=JrdDXgQy4Cs
Cheers,
SamBTC
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VikingSwap Disaster – Why you should be careful of Degen deals!
While the launch of Binance Smart Chain (BSC) has been a great relief for retail investors who were feeling frustrated by the crazy ETH fees on DeFI platforms but it has also led to a Gold Rush situation where many people are blindly running after crazy APYs being offered by new platforms.
This is a great opportunity for scammers to start fraud projects just with the intention of luring unsuspecting investors with the greed of unimaginable gains. People know that APYs tend to fall with time so in a rush to get the best rate people join the pools in a hurry without doing proper research about the platform.
While this behavior is expected when people who were seeing 3% annual returns on Compound are shown 3% daily return they are bound to get excited, but we need to keep in mind that if something looks too good to be true then there is a high probability it is not true.
**What was the Gameplan of VikingSwap Platform?**
If you look at the landing page of VikingSwap it would be glaringly obvious that it was a simple copy paste of Pancake Swap. They did not even bother to change the structure of the site maintaining the same panel with options for Exchanging tokens, Providing Liquidity. They just renamed Staking Pools to Armory to make it more “Vikingish”.
They made it clear in their introduction post on Medium that they were inspired by the sudden popularity of GosseFinance as they were offering much higher APYs than Pancake.
Viking claimed they will offer even better rates than GooseFinance by copying their model and somehow making it a bit better.
While GooseFinance was offering a LP with Million% APY, they came up with a pool offering Billion% APY. They even got it listed on AutoFarm Network. I think this was the key reason why people decide to trust VikingSwap as many assumed that being listed on AutoFarm means it must be legit.
**What Went Wrong with VikingSwap?**
They started their first week since launch in full force and offered way better APYs than GooseFinance, their founder even tweeted that they were planning for collaboration with GooseFin. Things started going downhill from second week onwards when GooseFin offered Layered Farming concept and Viking could not copy this layering on their site. Their pools started to shrink.
The last nail came when the founder made this post on Medium saying they were not able to copy the Layered Farming code so they are shutting down. It was hard for me to decipher was their founder really that dumb as openly admitting that just because he could not copy a competitor he was closing down. Perhaps he was really shrewd and is just acting dumb. We will probably never find out for sure what was the reality.
As expected as soon as this post came up everyone rushed to sell off their tokens and LPs and the price started tanking fast. I had put a LP on AutoFarm of about $100 and by the time I was able to unstake the LP, withdraw liquidity and sell my tokens I was left with about $40. So in total I lost $60 and honestly I am not really bitter about that as I knew the risk and I always play with new platforms with small amounts which are anyways balanced by gains from other platforms.
I had lost money with many coins and projects before but that was due to market fluctuations, this was the first time I had been ripped off by a scam project.
**$60 Lost but Invaluable Lesson Learnt!**
Looking back I think $60 was a small price to pay for this invaluable lesson that even if a platform is listed on a popular DEX it does not mean it is legit, it can still be scammy. Also there is not harm in trying out small crypto projects as they offer best gains during a bull run but never make a move before doing proper research.
Be careful of Audit certifications as VikingSwap had a audit certificate by Hacken. This did not stop them from scamming people. What you need to understand is that Audit just checks the code for vulnerabilities for external attacks. This they passed as they copied the GooseFinance/ Pancake code which was already certified. However what this does not certify against is the exit scam planned by the owners who just dumped their share and deserted the site.
I am not saying all platforms that copied Pancake are bound to scam or fail, afterall even Pancake copied SushiSwap and is doing great and infact even better than Sushi now. You just need to be careful with the new projects that are propping up and do not invest in Degen deals more than what you can afford to lose without worrying about it the next day.
Cheers,
SamBTC
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Beginners Guide to Binance Smart Chain!
If you are feeling overwhelmed with the number of new Binance Smart Chain (BSC) based projects popping up everyday then trust me you are not alone. Few weeks back even I had my doubt if this was just a passing fad and was best to ignore it. Thanks to the exorbitant ETH fees there was not much I was able to do with the DeFI platforms I was familiar with like Uniswap, HarvestFinance, Aave and Compound so I decided to play around a bit the BSC platforms to get a feel of what it was all about.
Through this article I am not going to pass a judgement whether BSC is better than ETH based DeFI platforms or is totally useless. I just wanted to share an objective experience of using BSC so someone who is planning to try it out can get a basic idea.
**What exactly is BSC and how is it different from ETH based DeFI Platforms?**
In a nutshell BSC operates very similarly to ERC20 based DeFI platforms and the key difference is that it uses Binance/ BNB Mainnet instead of Ethereum Mainnet which is used by ETH based projects. The sole reason why it is gaining popularity at such a rapid pace is that soaring ETH transaction fees had pushed the retail investors out of the DeFI space as they could not imagine paying $100+ fees for a basic transaction on ETH.
Another key difference you need to keep in mind is that majority of ETH based platform were decentralized which means they could not be controlled by a central authority and were using a voting based governance process (I will not delve upon how fair that process was).
BSC on the other hand runs on BNB which is the proprietary token of Binance which is run by Changpeng Zhao, commonly referred to as CZ. Though he claims that his goal is to make BSC truly decentralized in the future at the moment it is not.
That said, if you have ever used ETH based DeFI platforms than getting the hang of BSC will not be complicated for you.
**How do I start using BSC?**
Just as Metamask is vital for operating on ETH based platforms it can be used for BSC as well. You will just need to change the Mainnet settings to add BSC as an option.
It is a straightforward process which is explained well o the following page shared by Binance- https://docs.binance.org/smart-chain/wallet/metamask.html
Once you have the add network option selected enter the following data for BSC.
· **Network Name**- Binance Smart Chain
· **RPC URL**: https://bsc-dataseed.binance.org
· **ChainID**: 56 in decimal (if 56 doesn’t work, try 0x38)
· **Symbol**: BNB
· **Block Explorer:** https://bscscan.com
After configuring this you will not be able to see the ERC20 tokens you had in your wallet and will only see the Binance network coins like BNB, BUSD etc.
To transfer funds I would recommend using Binance, if not then any wallet that support BEP20 coins. Very critical to remember to select BEP20/BSC option before sending your coins.
You will notice is that while it takes $10 for ERC20 token like BUSD it will be free to send it via BEP20.
The wallet address will remain the same so when you select ETH Mainnet it will show ERC20 token and when you move to BCS Mainnet it will show you the BEP20 tokens stored at the same address.
Once you have transferred some BNB to your Metamask you are ready to begin playing around with the BSC platforms.
**What Exaclty is this PancakeSwap?**
When you heard the first time about BSC it is highly likely it was related to a discussion on PancakeSwap. This is due to the fact that Pancake is the most popular BSC platform right now and it’s interface is very easy to follow as they had basically cloned Uniswap.
You must have heard of the rug-pull incidents and scams happening in BSC space. It is natural as many new players are entering BSC the scammers have found a great opportunity to trick newbies.
This is another reason why Pancake is a good starting point in BSC as it is relatively stable and secure compared to the other platforms popping up on BSC.
Just like Uniswap had the options to exchange your coins, provide liquidity for transaction pairs and join pools, Pancake offers the same features with it’s native token CAKE which is it’s counterpart for UNI.
I have included a video if you want to get a visual idea of how the platform looks.
I have been playing around with other platforms like AutoFarm, GooseFinance, BDollar etc and will be covering them in more details in the following posts.
Meanwhile if there is any doubt, comment or views about BSC you want to share do let me know in the comments.
https://www.youtube.com/watch?v=YHzRBcDftes
Cheers,
SamBTC
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6 Crypto Commandments!!
Over the years while being involved with crypto I tried many different strategies and while some of them worked out great there were some which turned out be outright disastrous. Whether good or bad all these outcomes gave me new insights.
Based on these experiences I would like to share some principles I follow to keep building up my crypto portfolio.
**I. Thou Shalt not become a No-Coiner!**
Once you start investing in crypto then sooner or later you would come across a situation where one of the coins you are holding suddenly does a 5X or 10X or perhaps even more. You would be faced with a strong temptation to sell your coins and you begin fantasizing about how you can splurge those gains on the new iPhone or Playstation you had your eyes on.
I am not asking you to never book your profits, in fact I strongly recommend booking profits regularly but in a planned and controlled manner. You should not sell off 100% of the coins no matter how big the gains. The strategy I follow is to book profit by selling 20-25% of my holding when a coin does a 10X on my initial investment. I also set aside a part which I plan to HODL long term for 10 years more. For instance I keep a part of my Bitcoin in Trezor which I never touch no matter how high the price goes.
If you sell off all your coins then there are high chances you will really regret it during the next bull run when you see the coin you sold off at 5X is now doing a 100X. There are innumerable stories of people who sold all their Bitcoin when it moved from $100 to $200-$250 and they though it was a great move at that time.
A recent example is the Uniswap airdrop of 400 UNI tokens. When the airdrop was done each UNI was worth about $3 and most of the people I knew sold off all their tokens. I was also a bit unsure how this would unfold in the future and what if UNI collapses as more people start selling. I finally decided to sell half of my UNI and HODL the other half. That worked well as UNI is now worth more than $20.
**II. Remember to store your valuable crypto in a Hardware Wallet**
Many people don’t invest in a good hardware wallet thinking it’s too expensive and not worth the money. Some people think they are not going to invest too much and crypto and hardware wallets are only suitable for big whales.
In my opinion everyone who believes in crypto should have a hardware wallet no matter how small their holdings. My first Bitcoin purchase was when I got 0.1 BTC for $600, I immediately ordered a Trezor which cost me $150. Many friends ridiculed me saying why I am spending so much money to store such a small amount. That 0.1 BTC is now worth more than $5,000 and remains safe in my Trezor.
Considering how advanced the hackers are getting I expect more hacks to happen once the coins gain more and more market cap. It is an essential investment to buy a Trezor or Ledger to ensure safety of your coins. My personal recommendation would be Trezor.
**III. Honor thy Risk Tolerance!**
Chances are high that you will hear about crypto for the first time during a massive bull run. Most of the popular media platforms ignore crypto during the bear phase and put all their focus during the bull runs. This makes a newbie think that crypto is a get rich quick scheme and some people invest huge amounts without doing an assessment of what kind of risk can they manage in case of a sudden correction.
During the last bull run of 2018 many new entrants took loans to join the bull run and were devastated when the market crashed. They are the people who sold out at a loss and later claimed that crypto is a ponzi scheme.
Always invest in crypto with what you can afford to be locked for 5 years or more as in the long term crypto will surely outperform all asset classes but it can face short term corrections. Never invest money which is meant to service your regular living expenses.
**IV. Thou shalt DYOR!**
When you are new in crypto if you search about any topic you will always get a wide variety of responses. Some people will claim $1M BTC by year end, some will say it has reached it’s limit and some will even claim it is doomed to crash to $0 soon.
Never be influenced solely on what one person says. Always do a detailed research before putting you money in a coin. Try to gain as much info as possible on the project from multiple sources like their whitepaper, project blog, team credentials etc.
Just because a popular youtuber with 100K followers is claiming a coin to do a 10X by next month does not guarantee the gains.
**V. Thou shalt keep an Open Mind!**
Crypto is not like traditional asset classes like Bonds or Commodities it is a very nascent and evolving environment. You can not buy 1 coin and forget about it. To get the true crypto experience you need to experiment and play around with all the new offering that come up like Crypto based games, NFTs, DeFI projects etc. You also need to watch out for new projects based on new technologies which might have the potential to disrupt the one coin you are holding.
Being active on Telegram or Discord groups of the projects that you find attractive will give you the added benefits of members only airdrops and bounties.
**VI. Thou shalt have Fun!**
Last but not the least don’t take it so seriously that you get so involved by each market move that you can’t differentiate which is more stressful between crypto and your 9 to 6 job. Try to share your experiences on crypto platforms, vent your frustration about the coin that bombed or turned out to be scam or the new hidden gem you have discovered. Try out new platforms and projects and find out for yourself which ones you find most engaging.
If there are any other crypto related philosophies you follow do let me know in the comments.
Cheers,
SamBTC
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Can anyone guide me to a post that explains how Noise.Cash works?
Cheers!
DCA Vs Timing Experiment with Monero!!
I recently sold some of the Bitcoin and Ethereum in my portfolio into and moved it into platforms like Nexo, Celsius and BlockFI so they can earn some interest while I wait for a correction to re-enter the market. However now I was faced with a dilemma about what to do if the market remains flat or grows even further during the coming months. I decided to do some research and was even more confused. On one hand I found many experts vouching for the benefits of DCA (dollar cost averaging). In case you are not familiar with DCA it basically means regularly buying crypto with a set amount of $ value and not worrying about the price fluctuations as their motto is “Time IN the market beats TIMING the market”. On the other hand I saw many financial gurus explaining how critical timing the market was and if you buy at a peak and the market crashes it may be ages before you will break even.
I decided to try out an experiment to see for myself which strategy work better and whether my TIMING skills can outperform the DCA results. I plan to track it closely so even if at the end of this experiment I don’t earn any $ at least I would get a good insight about how good or bad I am timing the market.
**Why did I choose MONERO?**
Bitcoin and Ethereum have always maintained the biggest part of my portfolio and it would have logical to select one of these for this experiment. However I decided to go with some other coin as both BTC and ETH are at their all time high values and there is a high probability they might correct significantly in the near term. Monero is still quite far from it’s previous high of the 2018 bull run. Another key reason is that I have been planning to increase my XMR holding for quite some time now.
I wrote this article sometime back about why I think Monero is one the most fundamentally sound crypto projects out there- https://www.publish0x.com/crypto-projects-sams-reviews/monero-the-true-cryptocurrency-xkygdqr
Another factor is that I am willing to hold Monero for more than 5 years if required as I think privacy coins provide a strong hedge to your portfolio if in the future the governments try to put control or restrictions on cryptocurrencies.
**What are the Rules of this Experiment?**
· I will spend $1,200 on XMR through DCA and Timing. DCA will be $100 each month for 12 months whereas I can decide when and how much to invest through Timing but I need to spend $1,200 by 31st Jan, 2022.
· I will use two XMR wallets- Exodus for DCA and Atomic for Timing
· At the end of 12 month period I will review if I have some clarity on which approach is better or if I need to stretch the experiment longer
In my current opinion DCA was a safe practice designed for people who do not want to spend anytime analyzing the market moves. So far I always looked at market corrections to enter positions and wait for significant appreciations to book some profits and wait for the next correction.
The recent events have made me realize that there are so many factors that influence the market and many events which you can never imagine (yes, I am referring to tweets by Musk) so I have deiced to keep an open mind about DCA.
**This is what the Plan looks like – February 2021!**
OK, so as per plan I just went ahead and bought $100 worth of Monero which got me a little over 0.6 XMR. This goes into my Exodus wallet and my Atomic wallet remains empty as according to my Timing strategy I am going to wait for a dip before buying the XMR for that account.
**My Prediction on XMR for March 2021!**
Everyone seems to be making predictions so why can’t I 😊
I strongly feel the market is going to have a correction towards end of Feb and early March. And if this forecast actually comes true I will buy more through my Timing account for my Atomic wallet. Let’s wait and see how this unfolds.
Cheers,
SamBTC
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When you spend a month away from Crypto!!
If this is the first time you are reading an article by me then stay tuned there will be a series of follow up posts coming up soon. If you know me from before then you must be wondering where had I disappeared for more than a month. I had taken a long break after Christmas and decided to do a digital detox by disconnecting from all forms of online media.
I knew crypto world changes fast but what has happened over the last months is beyond what I had expected. This post will be collection of what are my thoughts about the current market situation in crypto, how do I see it unfolding over the coming months and how I am preparing for it. It will also give you an idea about what topics I will be covering in more details over the coming weeks.
**The Bizarre Market Aberration!**
Of course like any crypto enthusiast I am happy that Bitcoin and many prominent altcoins have hit all time high but at the same time I am cautious as I see a major market aberration. By this aberration I am referring to the paradox where at one hand we still have not overcome the impact of pandemic but on the other hand the global stock markets have hit all time high and even Bitcoin and Ethereum have crossed their all time highs.
When I see day to day lives of friends and family around me I observe the following:
· **Purchasing Power has been Hit**- We have all been impacted by the pandemic which has stretched over a year now. Some people have been impacted to a lesser degree while some have been hit worse but we have all felt it to some extent. Most of the people I know are not making any big expenses which they can do without. We have all cut down on our discretionary spending.
· **Property Rates are at 5-10 year Lows**- Whether you own property or rent your accommodation you would have noticed that rates have gown down significantly. While before the pandemic it was a real struggle to get a good accommodation at any of the big metropolitan cities now the situation has reversed. Rental has come down and many owners are struggling to find buyers or tenants. This is directly linked to the fact that people are not willing to spend a premium on their monthly expenses.
· **Small to Medium Enterprises are hit the Worst**- I know many people who had small establishments or shops who are considering to shut shop as business is dismal and it is not making economic sense for them to maintain the lease on their shop. Many small shops around my house have already closed down during the last months.
Despite these glaring financial hardships faced by the majority the markets seem to be doing the exact opposite. When the purchasing power of people is low and they are cutting down on all non-essential expenses it is expected the markets will follow suit. However this is far from the reality.
· **All Major Stock Indices are at All time High**- Look at S&P, NASDAQ, FTSI, NIKKEI, SENSEX they are pumping as if all economic indicators are on steroids.
· **Crypto is getting Crazy High**- Bitcoin did not only beat it’s previous all time high of $20,000 it is in fact more than doubled it at $40,000. Many altcoins have pumped at an even higher rate.
**Why did I Sell Half of my Bitcoin Holdings?**
Before you jump to the conclusion that I have lost faith in Bitcoin and crypto let me clarify that my long term faith in crypto is higher than ever. I had accumulated BTC over the last 2 years at an average rate of $6,000. I personally feel the current craze is not based on rational factors and there might be a correction any time soon. The profits I have booked by selling Bitcoin now, I plan to reinvest once the price corrects to a more normal level.
I am aware of the risk I am taking and that is why I did not sell all of it. I just saw a video by Ivan where he claims to be sure about BTC hitting $60,000 in coming weeks and many popular youtubers are even claiming $100,000 by month end. However when I see such level of mania I feel a bit skeptic so decided to book some profits now.
Disclaimer- This is by no means financial advice so DYOR before making any changes to your portfolio.
**Why I am moving away from Ethereum?**
I have sold off more than 50% of my Ethereum and I am not planning to buy back even if the market corrects. I am more optimistic on rivals like Polkadot and Cardano, still not decided which one of these two to go with. Currently I am a bit biased in favor of Polkadot.
I wrote an article on potential of Polkadot many months back - https://www.publish0x.com/crypto-projects-sams-reviews/polkadot-the-real-deal-or-just-a-wannabe-xkkvjjw
Another reason for moving away from Ethereum is my disappointment from their failure to reduce the fees which makes it unusable for retail users.
I had gained significantly on BarnBridge, HarvestFinance and Sushiswap but I am not able to book the profits as you are well aware what each transaction on Ethereum network costs.
**Why am I moving away from Stablecoins?**
Normally when I used to book profits in crypto I used to convert them to stablecoins like DAI and USDT so I would keep them on platforms like Nexo, Celsius, AAVE, Compound and BlockFi to earn interest while I wait for a correction. This year I am planning to move away from these USD based stablecoins and opt for PAXG and AMPL.
I don’t see long term stability in USD looking at the shenanigans the Fed is doing, being made worse by the money printing.
PAXG is backed by gold will hold up stronger in case of a economic disaster. I wrote a post on PAXG last year - https://www.publish0x.com/crypto-projects-sams-reviews/pax-gold-better-than-stablecoins-xkkvgro
**Monero- The Sleeping Giant!**
I am very surprised why many solid crypto projects like BAT and Tezos have not seen any movement last year while meme coins like Doge seem to be mooning based just on Twitter publicity.
The dormant altcoin which surprised me the most was Monero. I think it has huge potential to grow specially with governments planning to put more and more controls on crypto. If you have not included any security based coins in your portfolio it is high time to think again.
I am accumulating Monero on a regular basis and plan to hold it long term together with Bitcoin. I was really please to see that now Monero can be stored on Exodus and Atomic wallets.
I did a post few months back on why I am so bullish on Monero - https://www.publish0x.com/crypto-projects-sams-reviews/monero-the-true-cryptocurrency-xkygdqr
The markets are in a really crazy phase right now and how calm and balanced you can keep yourself will determine the gains you are able to make during the coming years.
Wish you all the best and hope you make the right moves with your favorite coins.
We have really exciting times ahead of us.
Cheers,
SamBTC
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MONERO: The True Cryptocurrency!!
Disclaimer- This article is not financial advice, it is just my personal investment decision which I am doing after a thorough risk analysis.
**Why I never took Monero seriously before?**
Monero has always been in the top20 coins by marketcap, so if you have been involved in the crypto space for a while it is nearly impossible that you are not familiar with this project. The first impressions I had about Monero was that it was being driven by bunch of paranoid nerds who did not trust anyone. Initially I could not understood why they would be so concerned about privacy. Bitcoin and blockchain in general provided a high level of privacy and the decentralization safeguarded against manipulation. At that point I felt that was more than sufficient. I also developed a negative view about Monero then thinking only people who operate in the Deep Web or are involved in shady stuff would need this level of anonymity. At some point I felt like collecting some Monero basically to ensure my portfolio was sufficiently diversified but I was surprised at how difficult it was to purchase Monero. It was not supported by any of the popular exchanges. Coinbase had all major coins but not Monero. Yeah, at that time I used Coinbase as a yardstick to decide if a coin was cool or not.
After a while I got to know that Binance had offered XMR/BTC pair, I decided to get some Monero then. I was then faced with a new problem about where to store it. None of the wallets I was using supported XMR. Ledger was kind of supporting it via an external app but the process seemed a bit complex. Finally I found that Exodus supported XMR and I moved it there. After this I thought it is too much hassle and I forgot about it. I thought why go through so much trouble when it is so easy to buy and store other coins.
**What has changed recently?**
Over the last few months I noticed that crypto related news showed that the governments across the world were were getting more cautious about crypto. They had realized that it has grown much bigger than what they probably expected and they can not just continue to ignore it.
The American government with the lobbying of Federal Reserve is now trying to find ways how to control the freedom that crypto offers. They are already clamping down on the big exchanges, Coinbase is already a puppet for them. They have already defined taxation rules and are trying to track each and every transaction and making KYC mandatory they aim to be able to pin point all transactions an individual makes.
This is beating the whole purpose behind crypto. Once all these regulations are in place there will be no difference left between crypto and fiat and that is exactly what the Federal Reserve wants.
Today when I read about the regulation they are planning to put on stablecoins I realized they are slowly spreading their control over all aspects of crypto. The key advantage of stablecoins was that people could book their profits when required and reinvest when the market corrects. They did not have to convert to fiat during all these transactions as fiat interactions have higher fees and are tracked more closely by government agencies.
**Why am I Bullish on Monero?**
I think if these regulations continue at this rate soon the government would be tracking all crypto transactions and check who are the people making it. Then it would destroy the whole objective with which Satoshi had created Bitcoin in the first place.
If we look at the definition of crypto-currency, Oxford dictionary defines crypto as secret or concealed and currency of course as money. Once these regulations are effective they would be nothing concealed or secret about these coins.
This would only keep the privacy coins like Monero out of government control. My first thought was why has the Federal Reserve not thought about privacy coins. Then after some digging I found that they have been trying for many years but they have not been able to so far.
This article shows that IRS (Internal Revenue System) had put up a $625K bounty to anyone who can crack Monero’s security protocol. https://news.bitcoin.com/irs-to-pay-625k-to-crack-monero-crypto-proponents-scoff-at-contract
This goes to show that despite being so powerful and having so many security and intelligence experts they have failed to crack it themselves.
This has now convinced me to add XMR to my portfolio and my personal target is to have 10 XMR in my portfolio which I plan to collect during the corrections in the coming months.
My intention is not to scare anyone and I would recommend you to do your own research and analysis before making any decision on Monero for yourself. My principle if always expect the best but be prepared for the worst.
Cheers,
SamBTC
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BarnBridge: Why I am moving my funds there!
Disclaimer- This article is not financial advice, it is just my personal investment decision which I am doing after a thorough risk analysis.
**Why am I moving my Funds?**
When I had received the Uniswap airdrop, I converted most of it into ETH and DAI and added to the liquidity pool on Uniswap to earn more UNI tokens. This plan of giving UNI rewards on the liquidity plan ended a few weeks back. I am not sure why Uniswap did not extend the plan, but now I was left with some idle ETH and DAI. Rather than let them remain idle on my Metamask I started looking for some alternate options where I could earn some rewards.
**Why didn’t I move them to the platforms I am already using?**
Over the last few months I had tried several new DeFI platforms and I have been using Compound and AAVE for a long time now but I wanted to diversify due to the following reasons.
· **COMPOUND-** Compound gives a return of about 3% on DAI and even lower on other coins. It does offer COMP token rewards as well but that pay out rate is low and thanks to the exorbitantly high ETH fees it makes no economical sense to withdraw the COMP. Unless ETH 2.0 is able to make a significant reduction in transaction fees I am going to stay away from Compound for now.
· **AAVE-** AAVE offer a rate which fluctuates around 5-6% and sometimes even higher for DAI. This is definitely better than Compound but the drawback is that they do not reward their native AAVE tokens for depositing coins on their platform. To earn AAVE tokens you need to buy and stake AAVE tokens separately.
· **Sushiswap-** Due to the recent happenings I don’t have long term faith in Sushiswap. I already took out most of my funds from there. I have a small DAI deposit still running which I will withdraw when the ETH fees come down to normal levels.
· **Uniswap-** I wanted to invest long term on Uniswap liquidity pools and that is the reason I used most of the airdropped UNI tokens to change to DAI and ETH and added to the liquidity pools. I would have let them be and earn UNI tokens for months and years to come but I was shocked when the team voted to not continue these pools any longer.
· **Harvest Finance-** I joined this platform very recently and when they organized a contest on Publish0x I invested about $100 worth of TUSD that I had to get a feel of how their platform works. It is quite easy to use even for someone new to crypto and I like the fact that they look through all popular pools and adjust the funds so you get the best rate available without you having to individually move your funds here and there. I won 1 FARM token in their contest which was worth about $110 when I received it. I staked it back on the platform and was pleasantly surprised to see that they are offering 200% rate of return on FARM which is simply amazing but what needs to be seen is how long will it remain high. One word of caution here, the fees for staking FARM is very volatile. The first time I tried to stake it showed the fees as $900 but this crazy rate was due to the fact that ETH had crossed the $600 mark that day and volumes were going crazy. I tried a few days later when ETH corrected a bit and I was able to stake the FARM token for $3 fee.
**Why did I select BarnBridge to move my funds?**
With the new DeFI platforms popping up everyday I was very skeptical about selecting a new platform to move my funds. I wanted to chose something which was reliable so my hard earned crypto don’t get scammed and I also wanted an option which offered a higher reward rate than 4-5% being offered in most sites.
I went over to Coingecko to see which DeFI pools were offering good returns. I was surprised to see the biggest DeFI pool on a platform which I had never heard before. I am regular on crypto platforms like Publish0x, ReadCash and Uptrennd so I was surprised I had never heard this name before. I decided to dig deeper and do some research.
These are some features I found about the project which convinced me to give it a shot:
· **Backed by Synthetix and AAVE founders-** BarnBridge was launched about a year back and it’s approach to minimize DeFI risk and volatility was highly appreciated by the big names in DeFI space. Kain Warwick who is the founder of Synthetix and Stani Kulechov who founded AAVE are amongst the key investors in this project
· **60% tokens to be rewarded to Community-** They have announced that 60% of their native BOND tokens will be distributed amongst the community members who contribute to the pool on the platform.
· **Complete Transparency-** On the platform you can see real time updates about which are the deposits and withdrawals being made and you have access to the complete transaction details.
· **Smart Yield Rates-** In most new DeFI projects we see that they promise a very high rate initially but it disappears very soon. BarnBridge has incorporated a protocol that attempts to stabilize the yield rate so it does not drop or rise suddenly.
· **Longer Commitments to Pools-** This was a key factor for me as I was so disappointed by the disappearance of UNI pool incentives so quickly. BarnBridge works on an epoch system where each epoch runs for a week. It offers 2 main pools. The first one is for depositing USDC, DAI and sUSD and the second one is for USDC and BOND LP. They recently started a third pool where you will get bonus BOND tokens for staking the BOND tokens you have earned.The USDC BOND LP has the commitment to run for 100 weeks which is almost 2 years so this is where I am going to park my extra funds for now.
**How Is my Experience so far?**
You can see my dashboard below where I have already earned 0.2 BOND tokens, further 0.28 are ready to be claimed and 0.12 will be added soon. This means I will receive 0.6 BOND in total. This is for a pool of 0.5 BOND tokens I deposited a few weeks back. This is an amazing rate of return but I will be monitoring closely if the APY remains stable over the coming weeks.
If any of you have tried a new DeFI platform recently and had a good experience do let me know in the comments.
Cheers,
SamBTC
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Harvest.Finance: The Historical Crypto Revolution!
Disclaimer- This story is completely fictional and any resemblance to anyone living, dead or virtual is purely coincidental.
**CONTEXT**
This story takes place in the ancient era of 21st Century where the world was tormented by one economic disaster after another and the situation reached a critical point when the world was inflicted by a highly infectious disease that spread faster than wildfire and caused majority of the industries to shut down.
This is the tale of heroics of our central character Chad the First, Farmer Extraordinaire who saved the masses from their imminent doom by his ingenious plan.
**CHAPTER 1- The Crypto Constitution!**
During the early years of 21st century the wise Satoshi the Elder created the Crypto Constitution laying emphasis that crypto was Of the People, By the People and For the People.
Satoshi was sick of the greedy landlords and barons who had amassed huge wealth through financial trickery and left the poor masses without even the basic necessities. Satoshi designed a flawless blockchain based constitution which will ensure everyone has equal access to money. All financial transactions will be duly recorded and be publicly available and transparent for scrutiny. This will stop the frauds being openly committed by the greedy moneylenders.
Handing over this constitution to the chose Wisemen he disappeared into the woods never to return. He was a monk after all and had nothing to with the monetary and worldly affairs.
The people rejoiced that finally there was a foolproof document that would ensure fair distribution on money and wealth across everyone. They would also not be dependent on any landlord or be forced to use the specific coins minted by them with their faces stamped on them.
This caused great worry amongst the rich nobility as they were aghast at the thought that the poor farmers who were basically their slaves would now have a chance to become their equals. They brainstormed about what evil ways can derail this project. The next day they appeared before the council of wisemen and demanded that they were not happy with the constitution and wanted to Fork Out.
**CHAPTER 2- The Whale Nobility and Shark Aristocracy!**
The money lenders went straight to the Whale Nobility castle where the Shark Aristocracy was also present. They explained everything that had happened at Wisemen council and the Blockchain constitution that Satoshi the Elder had presented.
The Nobility were really disturbed as this would mean an end to their kingdom. Nobody will care about their royal coins if they will use their own currency. They said they need to stop this right now and they should use the following tactics to ensure that the farmers don’t start using people’s crypto:
· **Pass anti-Crypto Laws:** All the rulers and landlords passed laws in their provinces that crypto was illegal currency and they can only use the gold coins issued by the kings.
· **Spread Fake News:** They asked the Town Crier to go from village to village spreading tales that crypto was a scam and would fail very soon
· **Create Doubt:** As the Farmers did not have much knowledge of the blockchain constitution the king sent his informers to spread stories that crypto was a fraud and they should never trust a currency they can not hold in their hands and they should only trust gold which they can see and hold.
**CHAPTER 3- Greed of the Whales!**
Now the farmers were scared of using crypto thanks to the propaganda created by the Whale kings. Chad the First, Farmer Extraordinaire had read Satoshi’s constitution completely and he understood how important it was. He realized that if the farmers don’t understand crypto they would never be free of being exploited by the Whales.
He took it upon himself and went from village to village explaining the core principles highlighted by the Crypto Constitution and Principles of the Wisemen:
· **Not Your Key Not Your Coins:** Don’t use the corrupt moneylenders as he does not give you the key, Store crypto in your warehouses and control your keys.
· **Decentralization will set you Free:** Don’t trust the balance sheets of the money lenders. They manipulate it and rip you off. Use Satoshi’s blockchain where all transactions are stored and can not be manipulated.
· **HODL On:** Store your coins safely for long term use as it is clear from the weather forecast that “Winter is Coming”.
**CHAPTER 4- FUD of Les Miserables!**
Despite the best efforts of Chad the First, his fellow farmers were overcome by FUD (Fear, Uncertainty and Doubt). They were scared by the falling prices of crypto and started selling all their coins in panic.
As Chad suspected the Wales and Sharks were buying up all the coins that the poor farmers were selling. Soon they controlled majority of the coins and farmers were left with hardly any coins.
The situation got worse when the Whales started their own corporations called WeFI (Wealthy Finance) and made their own governance coins which gave them rights to make whatever laws on the blockchain as they please. The poor farmers who had few coins had no voting power.
Things reached unbearable levels when the Moneylenders started a project called SushiWushi promising 100,000% APY to people who will deposit their coins. As soon as the poor farmers lured by the unbelievable APY deposited their coins the greedy Moneylender took out all the coins and said the APY was now 1%.
Chad could not bear it anymore and collected all the farmers and started marching towards the Whale King’s castle.
**CHAPTER 5- “Let them Transact ETH!”**
Chad smashed open the gates of the castle and surrounded the Whale king with his group of farmers. He told him that they are well aware of the scams he is performing. He knew that he tricked the poor farmers out of their hard-earned coins and made a complete mockery of the Blockchain Constitution created by Satoshi the Elder. Everyone knows that the WiFI schemes launched by Whale King were a complete scam and the 100,000% APY promised was totally fake. Chad said the farmers are in a very grim situation with not even sufficient money to buy bread to survive.
The Whale King replied that he did not see any problem. If the poor wanted to take out money they should just go to this WiFI platform and “Let them Transact ETH”.
Chad the First, Farmer Extraordinaire was infuriated on hearing this reply. He shouted at the whale saying that his reply showed how indifferent he was to the plight of farmers. Whale did not even realize that farmers do not have any money to pay for the ETH fees which had skyrocketed thanks to the market manipulations of Whale and his moneylenders. His SushiWushi scheme had flooded the blockchain and made ETH transactions impossible for the farmers.
Chad said the time to negotiate is over and he declared revolt against the Whales and Sharks.
**CHAPTER 6- Chad the First starts his Tractor!**
Chad grouped all the farmers and said that as long as we keep depending on the WeFI schemes of the Whales we will always remain poor as they are manipulating their schemes and not giving us any returns. They have also artificially inflated the APY and tricked us out of our savings. They have made the ETH fees so high that it is impossible for us to claim our returns.
There is only one option left we need to start our own scheme will be FaFI (Farmers Finance). We will collect all the coins we will have and create our own coin and call it FARM which will help all farmers get bread. We will manage a stable APY which will provide wealth and stability to the hard working farmers.
**CHAPTER 7- Bread for all the Crypto Clans!**
The farmers agreed that this was a wonderful idea and they were all in favor of their own farm with their own token. They still had one challenge though most of the farmers still had money stuck with WiFI scheme of SushiMushi and they were all using different coins some had ETH, some DAI, some USDT. How possibly can everything be managed in a single platform. Chad the First, Farmer Extraordinaire said they need not worry as he has thought of everything. Their farm will provide stable APY rates for popular coins and will make common pools to make transactions in the liquidity pools of Curve, Uniswap, Compound and even SushiWushi so they don’t have to worry about paying the transaction costs individually.
They raised Chad on their arms and started celebrating and moved towards the Whale’s castle as there was one last thing to be done.
**CHAPTER 8- Whales to the Guillotine! (PG-18)**
Warning- This section is highly and unnecessarily violent, therefore young and squeamish listeners are advised to stop listening the tale that follows.
Chad smashed into Whale’s castle and told him that his game was up, farmers had created their own liquidity farm and they had no need for the scammy schemes of the whale. They were now going to suck out all his liquidity and distribute it fairly amongst the hard working farmers. Whale was dragged to the guillotine and Chad asked him if he had any last wish. Whale said he had heard a lot about Chad’s delicious bread and wanted to taste it once before being guillotined.
Chad gladly obliged and this marked the end of tyranny of the whales and sharks.
**CLIMAX- Liberty, Equality & Bread!**
Once Chad the First, Farmer Extraordinaire returned to the farm with his fellow villagers they worked hard with all their coins and all their pools and enjoyed the fruits equally amongst them. Looking down on them Satoshi the Elder smiled contently that his wish was finally true.
Cheers,
SamBTC
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EQUILIBRIUM: Expanding the DeFI Horizons!
The crypto world is totally buzzing these days with new projects popping up every other day. There is a wide variety of projects offering options like moderate but safe and stable rate of interests which are better suited. There also projects offering crazy rate of returns of over 1000% which in almost all cases are unsustainable in the long term so soon the rate falls down to normal levels and everyone seems to be gambling upon what will be the best time to make an exit from such projects. This wild rush has also led to growth in a lot of scam projects as well which offer crazy rates to lure new investors.
There has been a huge demand for these DeFI projects and there are takers for the safest and riskiest projects. That is the reason why most of the DeFI projects have accumulated really high levels of market capitalization. The top 100 list of crypto project by market cap is full of tokens like AAVE, Maker, COMP, UNI etc. Many projects make temporary splashes like Sushiswap which was climbing up the market cap charts at breakneck speeds but eventually fizzled out.
The biggest impact these projects had was that due to the insane level of transaction demand they created Ethereum blockchain got clogged and this in turn spiked the transaction costs. We are now at such unimaginable levels that small investors who want to invest less than $100 will not make profit for years due to the fees they will have to pay to deposit and withdraw their coins.
This has been a byproduct of the highly skewed exclusive dependence on ETH blockchain by all DeFI projects. There were some alternate projects built upon EOS and other chains but they never got a significant userbase.
In this article I will be talking about a project which makes innovative use of cross-chain interoperability offered by Polkadot blockchain.
**What Exactly is Equilibrium?**
Equilibrium is positioning itself as a cross-chain money market so you don’t have to limit yourself to ERC20 tokens for lending and borrowing and can select whichever coins you like. This would also free you from the exploitative ETH fees. They even have synthetic asset trading on their roadmap to be implemented next year.
Another unique feature of Equilibrium is that it will cover all major DeFI operations under a single project. Currently you use one platform for lending/borrowing, another for staking and yet another for trading. Equilibrium will be a one stop shop for all DeFI operations covering all major currencies.
**What are the Key Advantages over other DeFI platforms?**
· **Cross-chain interoperability** across ETH, BTC, XRP, EOS, TRN, XTZ by leveraging Polkadot framework
· **Lower collateral level**- Equilibrium maintains a 110% collateral which will be significantly lower than the 150-200% required by most of the DeFI platforms
· **Higher liquidity**- This will be provided by introducing the concept of Bailsmen which will provide an additional layer of liquidity over and above that provided by the platform users. This will reduce the risk of users getting liquidated by a sudden market movement
· **Polkadot blockchain** will ensure scalability and cross-chain interoperability
**Which is the Team behind Equilibrium?**
Considering how nascent the crypto industry is it is essential that the team behind the project knows what they are doing and have relevant experience of cryptocurrencies.
Equilibrium is led by Alex Melikhov who was also part of the founders of Changelly and EOSDT. He would be bringing the lessons learnt and experience gained from Changelly into this project.
**What is their Native Token?**
Their ecosystem involves 2 native currencies – EQ tokens and NUT (Native Utility Token).
EQ tokens will serve the following functions:
· **Enable Governance-** token holders will vote for future changes on the platform
· **Transaction fees-** as the platform will be using multiple currencies and not just ETH, this token will be used to pay for transaction and processing fee for all the operations
· **Staking Rewards-** The platform will support Proof of Stake and user will be rewarded in EQ
· **Liquidity reward-** Users providing liquidity will earn additional rewards in EQ
NUT is their utility token which will be available on exchanges for trading. It is already listed on EOSFinex and Bancor and is expected to be listed on more popular exchanges once the projects advances further on it’s roadmap.
The key difference between NUT and EQ is that NUT can be used only for EOS based products while EQ can be used on all products.
**What are the Key Partnerships of Equilibrium?**
I already mentioned about the collaboration with Polkadot which is essential to enable the core cross-chain interoperability. Some of the other alliances and partnerships which the project has achieved are the following:
· **Web3 Foundation**- Equilibrium had received a grant from Web3 Foundation to facilitate it’s migration to Polkadot. Web3 also backs Polkadot and actively supports initiatives which have the potential to raise the adoption of Polkadot.
· **Quantstamp**- Equilibrium has partnered with Quantstamp to audit it’s code for security and ensure it’s resiliency againt potential attacks and hacks. It will also help identify and resolve and vulnerabilities in the system.
· **Chainlink-** Equilibrium has formed an alliance with Chainlink which will enable it to offer synthetic assets on the platform. Price feed mechanism of Chainlink will also help in better evaluation of assets being loaned/ borrowed on the platform.
**What is the Road ahead for Equilibrium?**
In summary Equilibrium is planning to address some very critical use cases like scalability and cross-chain interoperability which if implemented successfully will help a major part of the crypto community. There will be many takers who are waiting for a DeFI platform which let’s them operate with BTC, XTZ, EOS, TRN in addition to the ERC20 tokens. Everyone would be excited at the prospects of a project which will end the issue of ever-rising ETH fees on the DeFI platforms.
I would be closely monitoring this project over the coming months and I hope that they are able to roll out their platform early next year. The success of this project will be a significant gain for Polkadot as well and give it a solid boost in it’s mission to establish itself as a better alternate to Ethereum.
Cheers,
SamBTC
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CELSIUS: Dominating the CeFI Market!
The crypto space has been buzzing with DeFI projects for a long time now. It started with the pioneer initiatives of Maker Dao, Compound followed by AAVE, dYdX and many more. Recently there was a mad rush in user interest thanks to the unbelievable returns offered by projects like Sushiswap which also led to launch of many similar projects in quick succession. The frenzy has calmed down to more normal levels now and people are more skeptical of the 1000% return offered by new projects. When people had started to believe that the DeFI craze was over Uniswap came up with the 400 UNI token airdrop which was worth more than $1,200 at the time of the drop. This made people come running back to DeFi and this led to another batch of new DeFI projects popping up every other day.
In this period of DeFI madness CeFI projects had taken the backseat but some of the projects had been silently gaining strength and the most prominent of them was Celsius and this article would be taking a closer look at what exactly is Celsius, how is it getting stronger with each passing week and how is it managing to beat it’s competitors like Nexo and BlockFi.
**Why was I ignoring Celsius till now?**
I had heard about Celsius quite a while back and a lot of people kept recommending me to try out the platform and highlighted the fact that the rate of return it was offering was way higher than any of the competitors. I still resisted trying out the platform as I strongly believe in “Not your keys, not your coins” philosophy and that was the key reason why despite trying out all popular DeFi platforms like Compound, AAVE, Uniswap, Maker, Synthetix, I never tried any CeFI option for a long time. I decided to atleast start researching about what these projects are, do they seem legit and genuine, are they backed by a team that can be trusted, does their operating model look sustainable in long term etc.
The most popular CeFI platforms these days are Nexo, Celsius, BlockFi and Crypto.com. From these options I decided to put on hold Crypto.com despite the fact that I have an account there and I have completed KYC. This is due to the fact that I found their staking terms of the native tokens too confusing and their biggest USP seem to be their card and the benefits you can get from it. This is not really an attractive option for me as I have never been a fan of cards. BlockFi seems to be offering much lower rates than Nexo and Celsius so I have not tried that so far.
**Nexo Vs Celsius!**
Now my choices were narrowed down to Nexo and Celsius. It was clearly evident that Celsius was offering much better rates than Nexo but I finally decided to transfer the unused crypto I had to Nexo. This was governed by the fact that Celsius is only supported by mobile device and they do not offer a website or portal where it can be used via a laptop. This was a big factor for me as I could not trust an app being solely on my mobile as it would create a single point of failure and I would always be concerned that if someday I lose my mobile will I also lose all the crypto I had on it.
When I started using Nexo I really liked their user interface and I did not bother about the 1-2% less return they were offering at that time compared to Celsius.
**How I finally decided to try out Celsius!**
When the Uniswap airdrop happened I converted half of the UNI tokens into DAI and was wondering whether to move it to AAVE or Nexo. Then I realized that why not try a new platform so my crypto is more spread out and I will have a lower risk in case of a future hack. I had recently bought a new mobile and I decided to install Celsius app in my old phone which I would not be carrying outside so no risk of losing it or getting it stolen.
Another factor that motivated me was that Celsius had a referral program running where you get $20 in BTC for storing $200 or more in your Celsius account. So I transferred the $200 DAI I had got by converting my UNI and moved it to Celsius. It did get some time getting used to the interface but now I am comfortable with it.
**Is Celsius safe?**
Just like Nexo, Celsius also uses third party companies for crypto custody and they have insurance for the crypto they store. There is a risk that once your crypto is lent out it will not be covered by the insurance however the fact that Celsius maintains a 150% collateral for loans mitigates the risk of lending.
Another reason why I feel safe using Celsius is that the CEO is Alex Mashinsky who has been working on high-end tech projects for more than 25 years now. He was part of the team that invented VOIP.
**How is Celsius managing to offer such high rates of returns compared to it’s competitors?**
The main reason Celsius is able to offer such good rates is that they pay the lenders 80% of the interest they earn back to the users. So if they earn 15% by lending crypto to institutions they pass 12% interest to the users. They are basically crypto aggregators who consolidate small crypto holdings of retail users and lend it out to big institutions. The crypto they have currently lent out is worth more than billions of dollars and have paid out more than 40 million dollars to it’s users in interest.
**Why do I think Celsius is beating it’s competition out of the game?**
I think a clear indication of how a project is doing is the performance of it’s native token which is governed by the demand it has in the market.
Looking at the performance of CEL and NEXO over the last 1 year we can see that while CEL has done more than a 50X it’s competitor NEXO is stagnant at the same level.
**Have you tried Celsius?**
If you still haven’t tried Celsius I would strongly recommend you to give it a shot and see if you like it. As with all crypto projects make sure you do a lot of research yourself before making a final decision.
If you do decide to try it out feel free to use my referral code which will give both of us $20 worth BTC.
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Cheers,
SamBTC
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Read.Cash: Using AI to fight Spam!
Recently I had written a post about how Spam is the biggest threat to the crypto based social platforms. Publish0x does not see much of it has it does not give any incentive for commenting or upvotes received on comments. Uptrennd has been battling spam for a long time and seem to be slowly getting it under control as they have a big admin team who keep a close lookout for spammers. Read.Cash was somehow getting totally overwhelmed by spammers and it looked like it would not survive much longer.
**What was the Problem faced by Read.Cash?**
Read.Cash is a relatively new platform and since the moment it was launched it was totally overrun by spammers getting attracted by the free BCH tokens being rewarded. At one point the scene was so bad that the spammers were openly gaming the system. They had created groups and would keep making “good morning”, “nice flower”, beautiful sky” kind of post and then get 100s of comments saying how utterly amazing the flower was and how they had never seen such a flower before in their lives. The system was designed to reward by activity level so these guys made a killing. What was worse was that such brazen spamming was a big turn off for genuine content creators who were making serious efforts and creating quality content to see that their posts which took hours and days to create were not getting any visibility.
**What did Read.Cash do to Fight back?**
It must have been obvious for the Read.Cash team that if this level of spamming continues they will soon be pulling down the shutters. To their credit they came up with a really innovative way to fight the spammers – “The Random Rewarder”
The Random Rewarder was a AI based robot they created which would analyze all the posts. It will check for plagiarism, weed out useless short posts like good morning, good bye, miss you, miss me etc, blacklist users playing the follow for follow and upvote for upvote games and give out tips proportional to it’s assessment of the quality level of the post.
At first I was very skeptical about the bot as it was hard to imagine a machine will have the capability to put an end to spamming. I was pleasantly surprised at how effective it was from the first day. Earlier the rewards you earned on the platform was directly linked to how many followers you had. These spammers had built networks of more than 500-600 followers by using ‘you follow me, I follow you’ techniques and the moment they spewed garbage like “sunny morning2” they will get 500 upvotes and earn a sweet amount of BCH. This changed overnight. Now it did not matter if you had 500 or 1,000 cronies in your spamming gang you would not get a single cent in reward for spam. There were widespread protests that bot was not rewarding their “beautiful view” posts. Slowly they realized their game was up and I guess more than 90% of the spammers packed their bags and left to find other sites they can adorn with their garbage posts.
The beautiful part was now users with 0 followers could also get big rewards for making quality posts. This I see is now changing the momentum and inviting more quality content creators back to the platform.
**Is the Robot 100% Perfect?**
Absolutely Not! It is clear that the bot still has some glitches and it does make some errors once in a while by tipping garbage posts and missing quality posts but it is supposed to built using Deep-Learning so it should keep getting better with time. In my personal experience the site looks much more tidy and the huge amount was spam which was like an eyesore has drastically gone down.
I am enjoying the platform for now, till the spammers figure out a way to cheat the bot. *fingers crossed*
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Cheers,
SamBTC
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DEXToken: Making DeFI Accessible to Retail Investors!
**What exactly is DEXToken?**
Over-speculation by over-ambitious bankers and financial institutes has been the root cause of almost all the previous financial recessions and depressions. This greed of a few individuals makes the lives of the majority miserable who had no hand in creating the mess.
Blockchain and crypto was created with the intention of avoiding such disasters in the future by decentralizing the governance power so a few individuals can not rig the system for personal gains. Despite such noble intentions DeFI is still not truly decentralized. It is still manipulated by whales and the small crypto investors are always at the risk of getting rekt by a sudden market swing.
This whale manipulation is the biggest threat to crypto now as the industry is still very young and far from mature. In traditional markets like stocks, commodities and bonds prices are generally driven by valuations or real demand eg. Tesla started booming after success of it’s electric car and change in preference of people for electric cars, in direct correlation oil commodity prices took a hit. On the other hand in crypto most movements are by whales generally at the cost of small investors.
**What makes DEXToken different from the other DeFI Projects?**
Majority of the existing DeFI projects are aimed at getting the highest rate for your crypto investment, however the promise of high return also involves the high risks of impermanent loss and sudden price shocks.
DEXToken aims at easing out these risks by deploying the following functionalities:
· Speculative AMM
· Offchain Issuance
**How does Speculative AMM work?**
Speculative AMM is built upon volatility function to overcome the shortcomings inherent in other popular DeFI platforms like Uniswap, Curve and Balancer. Uniswap uses a constant product market maker. Curve uses combination of Constant Product and Constant Sum market maker functions.
To implement Speculative AMM to control price fluctuations, DEXToken has introduced the deflationary DEXG token. This helps it to avoid sudden price drops in reaction a big sell order.
**Using DEXG for Decentralized Governance!**
DEXToken has distributed an initial supply of 20,000 DEXG tokens to it’s community via Uniswap. There is a limit on the maximum supply of DEXG capped at 200,000. DEXG tokens will run over Ethereum network.
These DEXG tokens will be rewards to users as staking rewards, the reward rate will be controlled by ATH price level of DEXG token and the number of active users in the system.
**What is Offchain Issuance?**
Offchain tokens typically are rewards points, discount vouchers, redeemable coupons, loyalty benefits etc. DEXToken has provision to tokenize these benefits and enable their transaction through an offchain network. To align these offchain items with the ETH blockchain first the offchain tokens are collected and stored as collateral and then this collateral is linked to ETH blockchain thorugh smart contracts. As these smart contracts would be open to audits it would ensure that these offchain issuance are properly tracked to prevent any frauds. I think this is a really innovative idea with a lot of potential to grow in the coming years.
**Benefits of DEXToken for Retail Crypto Investors!**
· **Safety from Price Fluctuations**- One current limitation of crypto compared to other traditional assets is that if you need to sell them to cover some sudden expense there is a chance you might incur a huge loss due to the crazy market fluctuations. This is worse for small investors as the Whales and long term HODLers do not need to sell their crypto at a low price point.
· **Staking Pool options**- There are several options available to provide liquidity through staking
**Who are the competitors of DEXG Deflationary token?**
DEXG may seem like a very new innovative concept but it is definitely not the first. Statera is a very similar project with it’s native deflationary token concept to control market fluctuations but DEXToken model is much simplified in my opinion. The control DEXToken has put in place to limit issuance of DEXG being inversely to the number of users on the system would also add to the deflationary factor.
**DEXToken Roadmap 2022!**
Looking at the planned roadmap of DEXToken you can see they are really futuristic in their outlook. Deflationary token based Speculative AMM is planned to be launched by end of 2020. This would be followed by Inflationary option in early 2021 and their most innovative functionality of offchain issuance will be rolled out in later half of 2021. By 2022 they are planning to incorporate IoT Payments through their network as well. If they can stick to this plan and avoid delays they would definitely be one of the most talked about crypto projects in 2021.
**Conclusion Time!**
DEXToken project looks really promising and if implemented diligently it has the potential to iron out the price risks from DeFI investments and make it a safe instrument for retail investors. Making DeFI accessible to small investors would make crypto truly decentralized. They have started well but they are still at an early stage of their roadmap. Their long term success will depend upon the real value and asset safety they are able to provide to their users so they can establish a place in a market dominated by big players like Uniswap, Balancer and Curve. DeFI is already an extremely competitive field with new entrants making big splashes but not showing long term potential, perfect example being SushiSwap. There are some new entrants who will give strong competition to DEXToken, one clear case being Harvest Finance with it’s FARM tokens.
I will be monitoring this project closely over the coming months to see how it shapes up compared to it’s competitors.
Cheers,
SamBTC
_________________________________________________________________
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Idena: Can it Resolve the Crypto Paradox?
The crypto world is brimming with Proof-of-Work and Proof-of-Stake projects, but in this post I will be talking about the unique Proof-of-Person project called Idena.
Before you start to complain that you do not want to compromise on anonymity, let me clarify that this Proof-of-Person protocol does not involve any KYC or collection of any personal data. You just need to verify that you are a human and not a bot by passing the Turing test. In case you fail the Turing test you probably have bigger issues to resolve as perhaps your monotonous job is turning you into a machine.
**What is the Crypto Paradox?**
Crypto Paradox is the drastic contradiction between what was the intent behind the creation of Bitcoin & crypto in general, and what is the current reality of most blockchain projects.
The anonymous person or group called Satoshi Nakamoto came up with the concept of crypto and blockchain as they were disillusioned by the rampant greed and corruption of our financial institutions which had caused widespread misery after the market crash of 2008. What makes the economic recessions worse is that the rich are not affected much by this, but the majority are left scrambling for survival.
The core objective of blockchain was to create a system which could not be corrupted by the selfish motives of a few individuals and it creates an equitable world where everyone has equal access to money irrespective of their race, class, country of origin etc.
In 2020 the ground reality of crypto is completely different from the core objectives of blockchain. Rather than create a fair and equal financial ecosystem the crypto world is getting more and more centralized. The whales are accumulating more and more wealth and the retail investors are being pushed out thanks to the rampant price manipulations. With each new innovation in crypto it seems to be getting worse. If we consider the most recent case of DeFI projects we can clearly see that the whales have pushed the ETH fees so high that the average retail investor simply can not make a profit by participating in DeFI.
**How can Idena Fix this Paradox?**
Idena has incorporated Fair Voting mechanism in their protocol by ensuring one person one vote system. Their blockchain assign a unique cryptoidentity to each participant irrespective of his location or how much wealth he holds. One person one vote may sound obvious to ensure a true democratic system but on close observation you will notice it is not being followed in majority of crypto projects. Look at Proof of Stake and DeFI projects, their governance assigns votes linked to the tokens you hold or stake. This gives an unfair advantage to the whale hoarding large amount of tokens. They can pass whatever change to the system which benefits them personally even if it is opposed by majority of participants holding few number of tokens.
While ensuring equal rights to every participant Idena maintains anonymity and does not harvest any personal data. To prove you are human you need to clear a Turing test to demonstrate common sense which is essential to avoid the system getting flooded by bots.
**What is Flip?**
Flip is very similar to CAPTCHA where you are used to select a set of pictures matching a certain criterion. The fact that Google used CAPTCHA as a means to extract free labor from users to improve google maps is probably best saved for another post.
Flip presents the same set of images in two parallel sequences where one of the sequence will indicate a logical storyline and the other would have no logical flow. Using common sense you can easily pick the one which has a story and this simple task is currently impossible for robots to crack.
Idena even organized a Flip challenge for AI experts to create a Bot which can beat flip with more than 70% accuracy and so far the prize remains unclaimed.
**How will Idena reward the Participating Users?**
Idena tokenomics involves a structure where advertisers need to burn a set tokens to gain visibility to the system users. The people are in turn compensated for their attention by these tokens which they can sell or exchange so the cycle can keep running.
Idena generates more than 50,000 DNA coins everyday of which 25,000 are distributed as mining rewards and 25,000 are given out as validation reward.
**The Way Forward for Idena!**
Idena is one the most exciting crypto project I have come across this year. What makes it special is it’s focus to create an equal world where everyone has equal rights and equal access to money, Satoshi would be super proud of this initiative.
Though this looks immaculate on paper, the implementation of the roadmap will be the real test. They have done the hard part already by laying the foundation and their token is already listed on Hotbit exchange with decent liquidity. As of writing this post they already have more than 4,500 validated nodes running. I would be closely monitoring this project over the coming months to see how it shapes up and I wish them all the luck for successfully scaling up this noble initiative.
If you are interested to learn more about the project you can access the following links:
**Idena official site**- https://www.idena.io/
**Idena Medium page**- https://medium.com/@idena.network
Cheers,
SamBTC
_________________________________________________________________
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OMG: Can it Save Ethereum?
During the last two months you would have noticed that a lot of new crypto projects suddenly shot into prominence. Token which were virtually unknown overnight jumped the charts to make it to top50 by market cap and in some cases even to top20. Who can forget Polkadot which jumped right into the top5 spot just after it’s mainnet launch.
Most of these projects were either DeFI based and benefitted from the general euphoria around the yield farming craze or were projects like Polkadot which aimed at improving the shortcomings of Ethereum.
Besides these projects there was another project called OMG which was rapidly climbing the charts and it this token which I will be focusing on in this article.
**What exactly is OMG?**
OMG is not exactly a new project as it has been around for many years now but it started gaining popularity after it’s rebranding from OmiseGO to OMG on 1st June, 2020.
The rebranding was done to highlight the shift in focus of the project. Earlier OMG was a subsidiary of the larger Omise group which was focused on facilitating online payments and was very similar in operations to Paypal.
OMG was getting close it’s much awaited mainnet launch and fast track it’s Layer2 solution implementation.
**What makes it so Special?**
We are all well aware of the biggest issue facing the crypto industry thesedays which is the unimaginably high exorbitant ETH processing fees. What makes me really mad at the situation is that it is disrupting the whole foundation on which Blockchain was built upon, that is to make an equal world where everyone has equal access and rights to money.
These crazy ETH gas fees are moving crypto out of the reach of common man as he can not afford to pay $10-$20 charges for a simple transaction, whereas the whales playing around in millions won’t care even if the fees was to go to $100 range as for them it is peanuts for the killing they are making by market manipulation.
Why I am really optimistic about OMG is that it is one of the few projects which are aimed at reducing the network congestion on ETH though it’s Plasma scaling framework.
There are many new projects which are planning to establish themselves as an alternative to Ethereum and hoping to replace ETH as the de facto default blockchain but I don’t see that viable at least in the near future considering the huge volume of ERC20 projects which already have a big following and cannot migrate out of ETH in the short term.
**What is this Plasma Framework?**
OMG’s scaling framework is called Plasma and it was originally designed by Vitalik himself in early 2017. You might have heard of the several side chain projects which are aimed at bypassing the network congestion limitation of ETH. Plasma uses a different approach by an approach called Child Chains which are built upon ETH smart contracts so you don’t need to leave Ethereum.
**Are there any Takers for OMG?**
The biggest Stablecoin by volume, Tether (USDT) has already integrated with OMG as they are impacted the most when ETH fees go up. They are really hopeful on the potential of OMG to reduce the gas fee and raise the transaction speeds.
You can read the details here - https://tether.to/tether-usdt-integration-live-on-omg-network/
How successful this integration is with Tether will determine if more ERC20 projects start adopting OMG.
Cheers,
SamBTC
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What are the Puranas?
Puranas form the backbone of Indian culture and is the platform on which Sanatan Dharm which is popularly known as Hinduism was built upon. If you ask Indians the source behind their religious beliefs, customs and practices most of them will be linked back to the Puranas.
Puranas cover a wide range of topics including origin and creation of the universe, creation of gods, demi-gods, humans & demons. It includes guidelines for ritual practices to appease the gods and has many references to mythological stories related to the different gods under the pantheon of Hinduism.
Purana literally translates to old or ancient and it is difficult to identify during which time period were they created. Most literary researchers estimate the Puranas to be created about 2,000 to 3,000 years ago.
**How are Puranas linked to the Vedas?**
Vedas are classified as Shruti category of scriptures which basically means that they do not have a defined author and were said to have been passed from the gods to humans. Puranas on the other hand belong to Smriti category of scriptures which means they were created by humans and passed on from generation to generation. Smriti means memory in Sanskrit and it reflects that when Puranas were created written script did not exist and these texts were passed on across generations by memory.
Vedas were considered to be too intricate and complex to be understood by majority of the people. To facilitate sharing of knowledge contained in the Vedas the Puranas were created so more people can benefit by this divine knowledge.
**Who Created the Puranas?**
Veda Vyasa who is famous for creating the epic Mahabharata is said to have created the Puranas. He had originally created a single consolidated Purana which was called Puranasamhita.
**How Many Puranas are There?**
The original Puranasamhita created by Vyas was divided into 18 separate Puranas which are Agni, Bhagavata, Brahma Brahmanda, Brahmavaivarta, Garuda Kurma, Linga, Markandeya, Matsya, Narada, Padma, Shiva, Skanda, Vamana, Varaha, Vayu, Vishnu.
These Puranas can be classified as per the main god which they are focused upon:
**Brahma**
Brahma Purana, Padma Purana
**Vishnu**
Vishnu Purana, Bhagavata Purana, Naradeya Purana, Garuda Purana, Vayu Purana,
Varaha Purana, Matsya Purana, Bhavishya Purana
**Shiva**
Shiva Purana, Linga Purana, Skanda Purana, Varaha Purana, Vamana Purana,
Kurma Purana, Markandeya Purana, Brahmanda Purana
**Surya**
Brahma Vaivarta Purana
**Agni**
Agni Purana
These Puranas can vary in size from 9,000 to over 81,000 verses and include diverse range of topics including mythological tales about the gods and deities, astronomy & astrology, geography of India, temples & pilgrimage sites, ethics & code of conduct, procedure for conducting ritual rites and general philosophy.
I will be creating separate posts to cover these Puranas in more details and share some interesting stories in them which I found really memorable.
Om Namah Shivay!
UNISWAP: The Mother of all Airdrops!
In this article I will be talking about the UNISWAP airdrop of 400 UNI tokens which took place on 17th Sep 2020, and how this is a complete game changer in the crypto space.
Before proceeding with the post ask yourself have you used Uniswap before 1st Sep 2020 and if indeed you have did you claim the 400 UNI on their site. If not drop everything and run to their site to claim the airdrop and then come back here. I will be waiting here without any issues as the airdrop is way important than any article you are going to read today or this year in fact.
**What was the UNISWAP airdrop?**
On 16th Sep Uniswap announced on it’s official blog that they have launched their native governance token called UNI. They shared a lot of details how this token will be rewarded to users who are providing liquidity to the platform and how holding this will give them governance rights as well. They laid out a 5 year plan on how the tokens will be distributed with the biggest 40% chunk being distributed in the 1st year itself. If you want to read the full official blog you can access it here - https://uniswap.org/blog/uni/
The very next day on 17th Sep it was announced on Twitter that they are airdropping 400 UNI to everyone who has used Uniswap before 1st Sep 2020. This list would include even those who attempted a transaction and it failed. Additional tokens will be paid out to users who were providing liquidity to the platformed and the extra tokens they will get will be linked to the amount of liquidity they provided. As per Uniswap’s estimate there are more than 250,000 accounts eligible for this airdrop. Which means more than 400,000,000 token will be distributed and at the launch rate of about $3 per token it makes the airdrop worth more than $1 billion. Currently the market cap of UNI is under a billion as many of the users have still not claimed their tokens.
**Why this Airdrop is a Game changer?**
If you have been around in the crypto space for some time you are well aware that airdrops happen almost everyday. Most of them are worth $1 to $10 for trying out a new platform which is basically a marketing strategy to attract more new users. Many new exchanges and wallets give out $20 - $50 joining bonus with some conditions related to holding a minimum balance or buying a fixed amount of their native tokens. Bounties are also quite common with projects rewarding $20 - $100 to high quality posts or videos made about their project.
As an average it is normal to get $5 - $10 for trying out a new project and $20 - $100 when you invest time in making a quality post or video for a bounty or contest linked to a new project. This was a norm and everyone around was quite used to this. How Uniswap shaked the whole market was that this airdrop at the time of launch was worth $1,200 with the token worth $3 and the next day the token climbed over $8 for a while making the airdrop worth $3,200. Such a reward for just using a platform was unheard of before.
I personally considered it a scam as it was unimaginable to me that a site would pay it’s users more than $1,200 for just being it’s users and not doing anything extra. When I saw the same being posted by some friends who I know don’t post fake or fraud news I finally went to the site and claimed my UNI. I saw that $17 in ETH was required as processing fee to claim this UNI but now as I knew this was not a scam I went ahead and paid the $17 fee. I soon noticed that ETH fees just went to crazy all time high levels as more and more people started claiming their UNI.
**HODL, SELL or BUY?**
Once I received the 400 UNI in my Metamask I was faced with the big dilemma what to do with my tokens- HODL, SELL or perhaps even buy more.
I was aware there was going to be a sell pressure as many people would sell their tokens to book a profit which might plunge the price. Then I thought there is value in HODLing as these tokens will have long term governance power on Unisawp platform. I even thought about buying some more as news of Coinbase listing came and I know there is a big pump once a coin gets listed on Coinbase.
I was very confused and I finally decided to make 3 groups of my UNI tokens. Sold one set for ETH, converted another set to DAI so even if the market crashes in the near future a part of my reward will be locked safe. I am still holding a third set of UNI on the platform for long term.
**What this Airdrop means to me?**
I would like to end the post by mentioning what an impact this airdrop has had on my long term conviction and faith in crypto. Whatever earnings I got from Publish0x, Uptrennd, ReadCash I would reinvest in trying out new things in cryoto whether a new coin, exchange, wallet, staking, DeFI, CeFI etc. Thanks to the high ETH fees I would lose a considerable part of the tokens I earned on just playing around with these new crypto projects. At times I would think if this crypto obsession was just a pointless hobby and would never amount to anything serious.
This airdrop of $1,200 has changed everything. It has more than compensated for the ETH is lost in fees for trying out all the projects and has given me the confidence to try out each and every crypto platform that exists. I always avoided SUSHI platform due to the mixed reviews I got and the high ETH fee involved but I guess I am going to try even that out now.
Cheers,
SamBTC
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Confessions of a Cryptoholic!
Couple of years back when I had started exploring the crypto world I was very cautious about the new projects which were popping up everyday and considered all coins except Bitcoin too risky to get involved with. I strictly followed the principle that one should only invest in crypto the amount he was willing to lose completely without any impact on his lifestyle.
Initially this thinking made sense as I could realize how risky crypto as a concept was considering how new it was and no one knew for sure how and when it will reach the critical level of mass adoption to be considered successful.
However over the following months and years as I understood more about crypto I realized how revolutionary a concept it was and I started developing more faith in it. I now feel that it might take a long time in gaining mainstream popularity but that day will surely come.
Soon there was a drastic shift in my attitude towards crypto and I was getting more and more obsessed with everything to do with crypto, whether it was a new project, new exchange, new wallet, new concepts like staking and DeFI.
I think this phase comes for most people involved with crypto at some stage and I think some of the signs to identify if you have reached the obsession level to be labelled a cryptoholic are:
· **What’s the Price?** You need to know every hour what is the current price of your favourite coins. It doesn’t matter whether you are at home or in office or even out on a vacation. You have multiple apps on your mobile to keep a constant watch. Funny thing is you don’t have any plans to buy or sell anything in the coming days but you just need to know.
· **Where did that Come from?** You genuinely get shocked to the point of getting offended when you see a new coin appear on the top 50 by market cap on Coingecko. It was not so common till last year but with the hype the new DeFI projects are generating there were many new coins who will suddenly jump the charts within a week of being launched. Once you see a new coin you just feel the urge to research everything available about it on the net.
· **Not all Altcoins are Sh*tcoins-** Majority of the people start getting involved in crypto as a Bitcoin maximalist which is actually not so bad as it makes sense to start off with the oldest and biggest coin which has survived till date all the ups and down of the crypto market for over 11 years now. Slowly you start exposing yourself to other coins as well, generally the progression is with the bigger and more popular projects like Ethereum, Cardano and Tezos. Next you feel like exploring coins which are beyond the top 500 by market cap as the idea of bagging the next coin to do a 100X starts looking more and more appealing. Steadily your risk appetite for crypto starts expanding.
· **Crypto Social Media-** You start getting active on all the crypto related social media platforms like Publish0x, Uptrennd, Hive (or Steemit), ReadCash. In a few months you find yourself spending more time on these platforms compared to Facebook, Instagram or Twitter. I don’t remember the last time I opened Facebook. The conversations you have with the fellow crypto enthusiasts on these sites start feeling more meaningful than the casual conversations you had on Facebook.
· **Experimentation to Commitment-** During the initial months everyone is really cautious to put any of their hard earned money in to crypto and when they play around with some coins it’s usually through the rewards they get on the platforms, the airdrops they received or any signing up bonus. You are basically just experimenting to see how this unfolds. Once you get comfortable you start gaining confidence in Crypto as a solid long term investments and you regularly start channeling some part of your savings into your favorite coins.
Overall there was a major shift in my attitude during the lockdown due to COVID as I was always a Bitcoin maximalist but I used the spare time now to start exploring about other Staking and DeFI and it has been a deep rabbit hole since then.
I have still not reached the point where I would exchange all my assets for crypto but now the man who sold his house for Bitcoin doesn’t seem so crazy as he once did.
If you had missed the story about this guy check it out here - https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10?IR=T#:~:text=Didi%20Taihuttu%20believes%20in%20bitcoin,near%20Venlo%20in%20The%20Netherlands.
Cheers,
SamBTC
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TWETCH: Will it be the Crypto backed Social Media Utopia?
If you have been regularly using the crypto based platforms you would have noticed the steadily growing amount of spam and low quality posts on them. Some platform seem to be coping better than others while some seem to have been made totally defunct by the spamming. If I have to share my views on the platforms I use regularly it will be the following:
**#1 Publish0x** – I have to mention that technically speaking it is not a social media site as users are not encouraged or rewarded for their interactions. It is basically a **blogging platform where posts receive crypto backed tips** from readers. The more visibility and appreciation your post gets the higher will be the tips. The reader has the flexibility to decide how much tip to share between the reader and content creator and the more impactful your post the higher tip you can expect. The tips are anonymous which automatically promotes higher quality levels as people will not tip something they did not see any value after reading it. One aspect I have to appreciate about Publish0x is how clean the platform is and almost negligible amount of spam comments you seen on the posts. Majority of the comments on posts are genuine interactions related to what has been posted.
**#2 Uptrennd** – This platform had a killer idea of **making Facebook redundant in the future by rewarding social interactions** on the platform by their native token 1UP. Initially all posts and comments were rewarded which naturally lead to chaotic level of spamming. This model was later revised to reward only the upvotes you get on your posts and comments. The site still faces challenges related to spamming but what is truly commendable is that the admins are continuously coming up with enhancements to control and reduce the spam and penalize the regular defaulters. Recently the 1UP token saw a sudden price surge which saw another new wave of spamming but Uptrennd responded by coming up with a bounty scheme for reporting the spammers.
**#3 Read.Cash** – This is another site which is a **mix between Publish0x and Uptrennd as it gives you the option of creating both detailed blogs or short posts**. It rewards users in BCH and there is no minimum limit on withdrawals. A major USP it has over it’s competitors is the instant payment mechanism. Publish0x has a weekly payout mechanism where you can request payouts every Monday and has minimum thresholds set for the crypto you receive as tips. Uptrennd has a minimum limit of 500 1UP tokens for withdrawal and it charges a fee of 40 1UP tokens to manage the processing overheads. Since the last couple of weeks ReadCash has seen exponential rise in the level of spam and if not checked soon it has the potential to cripple the whole platform. It will be a pity as the platform’s concept was really promising.
**#4 MINDS** – This is probably a **case study on how not to run a social media platform**. It started really well with it’s native MINDS token reaching a value of over $1 and the user base growing steadily. However it could not control the quality level of posts and content which led to a steep decline over the last month with the MINDS token now becoming practically worthless. Personally I have stopped using the site for a few weeks now.
As is evident all platforms that reward social interactions are bound to suffer from varying levels of spam. In this scenario if I were to tell you that there exists a new social platform that rewards you in crypto and is completely free from spammers you would surely think I am joking or this is a huge scam.
**Enter Twetch- Nemesis of Spammers**
Twetch is a fresh crypto backed platform that is 100% free from spam. This has been made possible thanks to their innovative idea of charging all users a minimum fee for all interactions like making a post, following someone or commenting or liking their post.
I would not be surprised if this is the first time you are hearing about it as this platform is still in a very nascent stage with less than 20,000 registered users. The interface is very similar to Twitter and in fact many people label it as “Twitter Killer”.
You might like the platform or you may not like it, afterall everyone has their preferences and expectations from a social platform. However one thing you will undeniably notice starkly the very first time you use the platform is how unbelievably clutter free and clean the landing page is. Imagine going to crypto reward based site and not finding a anyone posting daily pics of the flower in their garden. No one making totally useless comments like “very nyc”, “I lyk it”. No one spamming all popular posts with their shilling links.
To experience how refreshing it can feel to be on a platform without any spam you need to try it out yourself.
**How Does this Platform Run?**
To register on the platform you need to create an account with Money Button and then transfer some BSV to it. Once transferred you can start using the site. There is no minimum amount, I transferred $1 of BSV just to play around and get the hang of how the site works and I really liked the concept.
Many people might find it a deterrent to use a site where you need to pay a small amount for each post, comment and other interactions but I would really recommend you try it out once with a small amount like $0.50 or so. It will enough to make a couple of posts and interact with some other users.
When you follow someone it costs you $0.10 out of which $0.08 goes to the user you followed. The balance of $0.02 is used to manage the operational costs of the platform. Similarly liking a post costs $0.05 and commenting on it $0.02 and again a big chunk of this goes to the user.
With the $1 amount I put in for testing couple of days back is still intact as once you start generating interactions you start receiving small returns as well.
You might get an impression that I m over-glorifying this as I might get some referral bonus or other incentive, but that’s not true. I could not find a referral option on the homepage and Twetch is not paying me anything to write this post. I genuinely liked the platform thus this post.
**Strong Use Case for BSV!**
I have been obsessed with everything crypto for over 3 years now and like to explore all new concepts whether it’s staking, DeFI, CeFI or any new project that gets launched. However for some inherent bias I always ignored the Bitcoin forks and considered that BTC is the only Bitcoin worth knowing about. Some controversies related to BCH and Craig Wright which I will keep hearing in the background strengthened the conviction.
The first time I noticed any utility in these forks was while using ReadCash when I made the first transfer of BCH out of my account I noticed how much faster it was compared to a typical BTC or ETH transaction I would make.
Twetch takes this processing to a different level as each interaction on the site is linked to a BSV transactions and you would be amazed how smooth and fast it is.
**What Challenges will Twetch Face?**
Despite being built upon a brilliant idea which has the potential to disrupt the entire social media industry, Twetch will face some challenges before it goes mainstream:
· **Scaling Up the Userbase:** When you visit the platform you will notice that at any given point in time there will be very few active users. It can not be compared to platforms with millions of users where the moment you refresh the site thousands of new posts flood the feed. As the total number registered users are about 18K there are very few regular active users currently. This will change once the platform hits the critical mass of 100K users and I think it might change the whole dynamics for existing users with a strong following. Consider a twitter user with 10K followers and getting a regular 1K retweets for his posts. He gets paid nothing by Twitter for this but on Twetch if someone has 10K followers and getting consistent 1K retweets or branching as it’s called in Twetch lingo he would get $800 for getting the followers and getting $20 for those 1K retweets per post. Once the platform scales up the big influencers will make a killing.
· **Penetrating the Developing Countries:** When you go to ReadCash and Uptrennd the first thing you notice is that 90-95% active users are from the developing countries which makes sense as these countries generally have much bigger populations. With internet getting more and more accessible in the remotest parts of the poorest countries this is clearly logical. However not many of them will be willing to invest $1 to try out Twetch as that money could fund an entire day’s meals for them. This might change in the future once crypto gets mass adoption and everyone will have some spare tokens to play around on Twetch.
You can access the platform on twetch.app and if you decide to try out Twetch do let me know in the comments.
Cheers,
SamBTC
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Polkadot: The Real Deal or just a Wannabe?
A few days back as I was checking the crypto rates on Coingecko as I always do about 100 times a day, I suddenly noticed a new coin which I had not seen before. What totally baffled me was that this was not a new entrant in top 200 or top 100, it was sitting there at Top 10. I was wondering if this was some system error by Coingecko where they added a few extra zeros at end of the market cap of this coin by mistake or there actually was a new coin who had managed to generate a market cap of over $5 Billion all of a sudden.
Last couple of months have been boom time for many projects in crypto and I was not surprised to see the jumps by ChainLink, Synthetix, Cosmos and Cardano. These had not really shocked me as I knew about these projects for a long time and I knew they were genuine projects with solid long term potential.
Polkadot on the other hand was a coin I had not heard of before and was no where in my radar. I decided to spend the next couple of days trying to find out as much as possible about this crazy coin which had just exploded into the crypto space and bagged the spot right at #6 pushing down veteran coins like Bitcoin Cash and Litecoin.
I was even more intrigued when I realized this project had been in the works for more than 2 years now and it caught the limelight now as it’s mainnet finally got launched.
**What Exactly is Polkadot?**
Polkadot is the brainchild of Gavin Wood who was a co-founder of Ethereum. He had left Vitalik’s camp as he was not happy with limitations of ETH 1.0. He decided to create a blockchain on his own with the focus on improving the inherent shortcomings he found in Ethereum. Polkadot is driven by 3 major objectives:
· **Scalability**- This is one of the biggest challenge faced by the crypto industry and has become more apparent with the network congestion in ETH shooting up the gas fees which has basically driven out smaller players from the chain. Polka incorporates **Sharding** which means dynamic split of blockchain into smaller chains to avoid congestion on a central chain. This is what is included in ETH 2.0 when it will eventually get launched. This is the main reason why Polkadot is already being considered a competitor to ETH and some people have already started claiming it to be the ETH killer and they expect to see Polkadot at #2 or #3 position by market cap at end of this year.
· **Para Chains**- This is a feature which allows interoperability of different blockchains. This is the reason why Gavin says that Polka should be viewed as an integrator of different blockchains and not their competitor. It is built upon a Proof of Stake mechanism and it’s expected reward rate for staking is expected to be around 8% which is another benefit for HODLing it long term.
· **Forkless Architecture**- We all know once a project grows and differences in approaches start propping up about how to proceed in the future whether linked to adopting a new functionality or how to fix a bug there is a high risk of hard forks happening. This has already happened over a 100 times to Bitcoin and it’s forks. This creates several problems like many experienced team members leaving and forming their own camps and dilution in value of original coin. To prevent this Polka has created a governance system which makes all upgrades smooth and democratic. They recently proved it last week when a resolution was passed to split the tokens into smaller ones so it’s easier to transact.
**What does this “New” Polkadot mean?**
The new just refers to the split of token size I mentioned earlier. Initially there were 10 M tokens with each valued at $350 this was considered a potential limitation as transactions grow so it was voted to split it into 1 B tokens with each wort now about $3.5. Basically each token was split into 100 New DOT tokens.
**Why am I so Bullish on DOT in the Long Term?**
I think Polka’s chances to establish as the #2 or #3 coins are not so far fetched it is technically a very sound project and has huge potential to grow much bigger over the next 1-2 years. This is linked to the following factors:
**#1 Coinbase Listing**
DOT is already available for trading on Binance and once it gets listed on Coinbase the demand will shoot up further. Coinbase had released last year a list of crypto projects that they are considering to list on their platform. This link included Orchid and Polkadot. Orchid has already been listed and Polkadot might get listed soon with the mainnet launch happening already last week.
Link to Coinbase release - https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-70419575eac4
**#2 Kusama: Polka’s Wildcard**
Whitepaper/ Lightpaper of Polkadot on their site refers to Kusama Network as the pilot release for Polka where all new features & functionalities are tested in real world scenario before incorporating in the Polkadot network. This test network of Polka is already featuring at #62 by market cap with it’s KSM tokens being worth over $253 M.
**#3 Resilience and Market Confidence**
Right when the project started it’s seed funds were stored in crypto wallets managed by Parity Technologies. End of 2017 the biggest hack of that time resulted in over $150 M lost by these wallets. Of these $150 M lost by Parity about $100 M belonged to Polkadot. Such a blow would have meant end to majority of the start up projects. However the investors had such strong faith in potential of Polka that it was soon able to raise new capital and continue with it’s roadmap.
**Note:** This post is just for information purposes and do not take it as financial advice. The author currently does not hold any DOT tokens but he is waiting for a market correction so he can include some sweet DOTs in his portfolio.
https://www.youtube.com/watch?v=BAk-HSUh2l0&t=2s
Cheers,
SamBTC
_________________________________________________________________
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Youtube Vs LBRY: Which is Better for a Beginner?
I recently decided to start making video content related to crypto and I could not make up my mind whether to go with Youtube or LBRY so I decided to give both a shot.
This post will cover my experiences and struggles in both so far and what I would recommend to someone who is planning to start something similar.
**Benefits of Choosing Youtube**
Youtube is clearly the big daddy of video content sharing platforms and for people who want to earn some serious earnings and are willing to put in the effort making quality videos regularly then this will undoubtedly offer the highest rewards. Key benefits of youtube are:
· **High Ad Revenues**: If you are able to build up a big subscriber base, say more than 50-100K then you can start expecting regular income. It might fluctuate month to month depending on the views you generate.
· **High Userbase**: Youtube has the highest user base and no other platform comes even close in comparison. If your videos are found useful by Youtube's algorithm then there is no limit to the visibility you can get.
· **Key Stats**: source- https://www.omnicoreagency.com/youtube-statistics/
o **Registers Users** – 2 billion (I would have never guessed it)
o **Users who are Active Daily** – 30 million
o **73% of US Adults** use Youtube
o **Millennials prefer watching Youtube** over watching TV
o **Youtube’s Revenue in 2019-** $15 billion
**Challenges of Using Youtube**
Youtube may seem like an obvious choice but you also need to consider the barriers which are in place for new content creators planning to start a new channel. Due to the high number of active channels and new ones being added everyday it’s is really difficult to make a mark and create visibility for you videos if you are just starting out. The Youtube’s algorithm is strongly biased towards big established channels who are able to publish content daily (or almost daily). Key challenges to earn from Yotube are:
· **Minimum Criteria to enable Monetization**: You need a minimum of 1,000 subscribers and 4,000 hours of watched content during the last 12 months before you can expect monetization of your channel. Considering the growing number of channels this criteria might get more daunting in the future.
· **Lack of Transparency**- Youtube has the sole discretion to demonetize any channel without any warning or clear reasoning. Recently many youtubers were suddenly demonetized and that’s why they decided to move over to other platforms like LBRY
· **Crypto is Too Niche**- You would not be able to tap into the majority of 2 billion users as not even 1% of them will be interested into watching content on crypto. They would rather spend time watching cute cat videos or researching make up tips. Yes, it sounds strange but that’s the reality. A crypto content creator would be lucky to hit the 10K subscribers mark and very few ever go to 100K level and I have not seen anyone hit 1M so far.
Keeping all these factors in mind I looked at how LBRY compares to it considering the point of view of a newbie.
**Benefits of Choosing LBRY**
LBRY is relatively new compared to Youtube and still has a long way to go before it can claim to be a serious threat to youtube. On the bright side it has been growing at a good pace and is much better suited to creators who focus on crypto related content.
· **Earning from Day 1**: Biggest advantage of LBRY is that you start earning LBC tokens from Day 1. You don’t need to wait months or years before earning your first penny. In my view this is a big motivating factor as when you start seeing the LBC tokens rolling in everyday it motivates you to make more content. Viewers have the option to tip your post in LBC and once you get a high subscriber base you can also make paid content which would mean users will have to pay a fixed amount of LBC to watch your content.
· **High Visibility of Crypto**: LBRY is currently used mainly by crypto savvy people which means they will be searching more on blockchain or crypto related content. This gives your content much higher visibility.
· **Boosting your Content**: Another great feature of LBRY is the option to boost your post by staking LBC tokens on the video. I would recommend you to stake your unused LBC as support for your videos which significantly improves their visibility.
**Challenges of Using LBRY**
LBRY is very innovative and so far they have been making considerable improvements to their platform to improve the user and creator experience but there still are several glitches which should be fixed before taking it to the next level.
· **Low User base**: Number of active users on LBRY currently is very low. They have not published official stats related to how many users they have but their data collection site has some other useful info - https://lbrynomics.com/. If you don’t count the official LBRY channels the top channel by user count has just 57,000 followers. To imagine the difference in scale, Youtube top channel T Series has 151 million subscribers.
· **Earnings not linked to Views**: In youtube your earnings are linked directly to views whereas in LBRY it can be very erratic as the views don’t matter. Even with small userbase you might get tips and even someone with higher subscribers might not get any tips. I think to improve this situation LBRY needs to use something similar to Publish0x by giving some incentive to viewers to tip the content creators
· **Performance Issues**: Based on my personal experience I would not consider LBRY totally smooth as of now. There are still some drawbacks like really slow streaming speed specially compared to Youtube or other popular streaming sites. Another glitch I face is that Youtube video embedding is supported by all major blogging sites whereas I have found that LBRY embedding is not supported by many sites or the video does not play giving some error.
Despite these challenges I am quite optimistic about LBRY in the future and if they are able to iron out these wrinkles they do have the potential to grow exponentially from here. Another barrier to their growth is lack of awareness as I still find that many people have several misconceptions about the platform or are not very clear on how it works.
I would like to clarify some popular misconceptions about LBRY:
**# 1. Only Video Creators can earn from LBRY**? No, this is not true. If you have a registered account you can daily earn LBC tokens (random amount up to 50 LBC) simply by watching videos.
**# 2. Only Video can be uploaded on LBRY**? No, this is also not true. You can upload images, documents and audio files as well. I have seen some channels that only upload images and articles and they earn a good amount of tips.
**# 3. The LBC you use to boost your videos are Burned.** No, again not true. The LBC you stake to boost your videos are just locked and can be revoked later if you want to sell them.
**My Experience so far:**
Personally speaking I started on both platforms at the same time a couple of months back and have uploaded about 20 videos on both and below are my stats:
****Yotube****
Followers- 29
Earnings- $0 (don’t expect to see this changing for the next 1-2 years)
****LBRY****
Followers- 175
Earnings – $18 (about 600 LBC tokens)
Frankly I am not expecting to make any money from Youtube ever, but I still continue to use it as it helps connect with users who have no idea about crypto and it is interesting to get their feedback.
In case you are planning to start creating video content or have recently started doing it then it will be definitely worth the effort to try out LBRY. Even if you are just planning to watch videos LBRY is worth trying out.
If you don’t have a LBRY account yet feel free to use my referral - https://lbry.tv/$/invite/@Crypto_Sense:1
https://www.youtube.com/watch?v=OzFAr4Ut6wk
Cheers,
SamBTC
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My Favorite Crypto Youtubers!
The number of channels on youtube focusing on crypto seems to be growing at an exponential rate with new creators popping up each day. In a way this is good as more crypto content means more awareness and adoption but the problem is that the quality of content on the majority of the channels is really bad.
Most of these channels use clickbait where the title of the video will say something and the video will be on totally unrelated useless things. In many cases the presenters make unimaginable bullish scenarios of Bitcoin hitting a billion next week or there are the doomsayers who claim bitcoin will fall to zero tomorrow. Some are outright scammers trying to pump shytecoins.
Due to this situation whenever I am looking to better understand a new concept in crypto I end up wasting a lot of time going through these channels that add no value at all and worse in some cases they give you views which are far from the reality.
In this post I will be focusing on some Youtubers which I find to be genuine and whose content I have been following regularly. I am in no way asking you to follow them blindly as doing your own research is the bottomline in the land of crypto.
**#1 Andreas Antonopoulos**
This was the first person who got me serious about Bitcoin and crypto. I had heard about Bitcoin before but I always thought it was a big scam. When I finally saw a video by Andreas I realized the true potential of Bitcoin and blockchain technology and how it was going to revolutionize the way we handle money. I have watched most of his videos if not all and I found his book “Mastering Bitcoin” really useful.
**Why I watch his videos regularly?**
What I find really unique and intriguing about Andreas is that he is probably the only famous personality in crypto space who is not driven by greed and is not chasing money at all. Everyone who is into Bitcoin is looking for money some want it more badly than others and the dreams and ambitions differ. Some have Lambo dreams and some like me are looking at ways to escape the 9 to 6 slavery.
Andreas is the only person I am aware of who does not care about money and has devoted his life just to educate people about the benefits of Bitcoin and Blockchain. He has been travelling all over the world holding workshops to educate people.
If I had to pick one person who understands what Satoshi’s vision really is then that is Andreas.
If you have still not seen any videos by him you have to check out at least one and decide for yourself if he is worth following - https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ
**#2 Alessio Rastani**
I had seen several TA related videos on youtube but I found the majority misleading and not based on any real fundamentals. Alessio was the first guy whose TA made sense to me and I have been following his videos regularly. He does TA for Bitcoin and for general stock markets as well. He explains very clearly on what indicators is he making his forecasts and he really opened up my eyes to the use of moving averages.
**Why I watch his videos regularly?**
What makes Alessio different from other TA channels is how humble and practical he is. He never makes any fantastic claims about a 100X or a complete collapse he just makes realistic forecasts based on probability. He knows that in TA nothing is 100% guaranteed as there are so many variables at play. He just highlights what he expects to be more probable and I have found most of his projections to be really accurate.
At times when his predictions go wrong he actually makes videos admitting he was wrong and explains what his mistakes in the analysis was.
If you are interested in TA then you should try out his content - https://www.youtube.com/user/alessiorastani
**#3 Ivan on Tech (Ivan Liljeqvist)**
Ivan does a video every morning of about 1 hour where he covers which are the key news related to crypto, anything interesting linked to Bitcoin, which are the hot altcoins. If you watch his daily video you are good with the latest happenings all over the world in crypto.
**Why I watch his videos regularly?**
I have been watching his videos daily now as it feels like watching the news in the morning. What I really like about Ivan is that he has a very wide knowledge about socio-political issues and what potential impact they can have on crypto. The analysis he does on the different news updates and how they affect crypto is really commendable.
If you still not seen any of his videos to give it a try- https://www.youtube.com/user/LiljeqvistIvan
**#4 Coin Bureau (Guy)**
Guy regularly makes 4-5 videos every week covering reviews for all topics related to crypto, whether it’s new altcoins, exchanges, wallets, DeFi, CeFI etc. He makes really comprehensive videos covering all aspects including pros and cons.
**Why I watch his videos regularly?**
What makes the reviews on Coin Bureau by Guy really unique is the unbiased opinions he shares. If he finds something wrong with an altcoin, exchange or wallet he clearly points it out. He makes the videos in a very easy to understand way so someone with no prior knowledge can also understand the topic he is explaining.
If you have still not seen his reviews, here is the link - https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw
**#4 Lark Davis (aka Crypto Lark)**
Lark is very different form the other people I have mentioned in the list. While the others are very serious, to the point, no nonsense kind of guys Lark on the other hand is very flamboyant, stylish and funny. His way of presenting is very different and unique. He is one of the oldest channels on crypto that I am aware of and I continue to regularly watch his videos
**Why I watch his videos regularly?**
He is the eternal crypto optimist and always puts the emphasis on how important Bitcoin and crypto are for future. He does not believe in any get rich quick schemes and his mantra is “Stash and Chill Satoshis”. He advocates people should not worry about market fluctuations and should regularly keep buying Bitcoin even if in small amounts. I always feel very positive on crypto after watching his content. I definitely recommend following his channel - https://www.youtube.com/user/larksongbird01
If you think there are any other great crypto channels I missed out on then do let me know in the comments.
Cheers,
SamBTC
_________________________________________________________________
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Pax Gold: Better than Stablecoins?
Stablecoins have become quite popular these days as they serve many purposes. Some people use it when they are selling their crypto but don’t want to convert it to fiat. Some people use stablecoins on Crypto lending platforms and with the recent rise of DeFI projects the demand and use of DAI and Tether has jumped even higher.
Even I started using DAI on several DeFI platforms like AAVE and COMPOUND. I even used it on CeFI platforms like Nexo and Crypto.com.
**Are Stablecoins really Stable?**
All stablecoins are either backed directly by the USD or in cases they are built on crypto collateral like in the case of DAI they are programmed to remain close in value to $1. The reason why all popular stablecoins are linked to USD is driven by the sentiment that USD is the strongest and most stable currency in the world. People don’t seem at all surprised when they hear about currencies of Zimbabwe, Venezuela, Argentina and Lebanon getting worthless. Everyone thinks that can never happen to USD as it is the currency of the biggest economy of the world and used as a de facto global standard.
I would like to give you one example here from History. Before World War I, the Mark which was German Currency at that time was considered one of the most stable currencies in the world as it was backed by gold. Due to world war expenses the government removed the gold backing of their currency which led to such level of hyper-inflation that Mark become totally worthless within a span of few months. If you are interested to read the full story you can find it on wiki - https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic.
The situation had gone so bad that as you can see in the image below people started using the banknotes as wallpaper.
**Is the USD Indestructible?**
If I believed that the USD was totally resistant to any socio-political disasters I would not mind holding Stablecoins as a big share of my long term asset portfolio. After all parking a part of your holdings in CeFI or DeFI platforms and earning 8-10% interest is not a bad deal at all.
There are however several factors which make me uneasy considering USD backed stablecoins as a long term holding, and by long term here I mean 5 years or more.
**i. USD is not backed by Gold**
There was a time when each USD was backed by gold and if you wanted you could go to the bank and ask for physical gold in return of your banknote. On Aug 15, 1971 President Nixon decided to take USD off the gold standard. This was due to the economic mess created by Vietnam war. If you remember the example I gave earlier about what happened to German Mark after being taken off the gold standard you would see this as a red flag. In my view USD is a ticking time bomb since it went off the gold standard.
Another issue I have with US fiscal policy is the way they print crazy loads of USD to fix any problem. This has been their preferred approach to try and fix the COVID situation. They have already printed trillions and will not shy from printing trillions more of the imaginary fiat. I feel sooner or later this will hit the purchasing power.
**ii. Global position of USD is weakening**
Traditionally USD had been the preferred currency for global transactions. Even international criminals and terrorists demanded payment in USD as they knew this would be accepted in any country they ran off to. Another big example is Petroleum sales which were always done in USD and the Brent and Crude (oil varieties) were always priced in USD. Russia which is one of the biggest oil producers has started using Euro instead of USD for Oil transactions. You can read the details here - https://www.reuters.com/article/us-russia-rosneft-tenders-euro/exclusive-russias-rosneft-to-switch-to-euros-in-oil-products-tenders-traders-idUSKCN1VB15J
China which is the biggest global exporter of manufactured goods is also pushing to shift more and more to Euro than USD and it has got worse since the political issues with US increased.
**If not USD then What?**
Since ancient times people have always used Gold to hedge their riskier investments and balance their portfolio. It is true that gold also suffers from price fluctuations and during times of war or pandemics it’s price tends to shoot up and during economic boom it tends to correct. However we need to keep in mind that these fluctuations are minor compared to the wild crypto swings and most important feature is that it will never crash to zero. This is due to the demand of solid gold which people have been using for jewelry, ornaments, decoration etc.
One challenge remains regarding integration with crypto as moving from gold to crypto would mean first selling your gold for fiat, then buying crypto from the fiat which would mean several dependencies on banks and crypto exchanges.
To address this requirement I think Pax Gold is the perfect solution for people who want to balance their portfolios with Gold without leaving the crypto environment.
**What Exactly is this Pax Gold?**
Pax Gold was launched last year by Paxos which is the same company which previously created the Paxos stablecoin. It’s symbol is PAXG and is currently #156 in crypto rankings by market cap. Each token is backed by actual physical gold which is stored in a secured facility in London. Each PAXG token is linked to a gold bar which is stored in the secure vault.
PAXG tokens can be stored in any Ethereum supporting crypto wallet.
One difference to keep in mind is that the lowest amount of PAXG which can be traded is 0.01 so it can not be like the 0.0001 transactions we can do for bitcoin.
**How Can I buy Pax Gold?**
Currently the best option to buy PAXG is through their own site https://www.paxos.com/paxgold/.
One limitation which I see in buying PAXG is when you buy a small fractional amount of tokens. As each token is linked to a physical bar if you buy a fractional amount of PAXG token they charge you 0.02 PAXG as Creation/ Destruction fee. The lowest amount you can buy is 0.01 but it will not make sense as you would need to pay a fee of 0.02 PAXG for this. The table below shows fees charged for different quantities of PAXG and you can clearly see it does not make sense to buy less than 2 tokens in a transaction. Considering 2 tokens would cost about $4,000 I am not in a position to buy it now. Another challenge is that currently it is not supported by any of the popular crypto exchanges like Binance or Coinbase so it is not a easy token to get your hands on. Hopefully it will get more accessible in the coming months.
What do you think about including Pax Gold in your crypto portfolio? Do let me know in the comments.
https://www.youtube.com/watch?v=S9ln7EnomOQ
Cheers,
SamBTC
_________________________________________________________________
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Bitcoin Triplets: What the Fork!
Before starting I would like to clarify that this post is not intended to compare the Bitcoin forks or claim any of them to be superior. This article is just an attempt to explain briefly what exactly are the 3 Bitcoin variants and how exactly are they different.
The reason for writing this post was that despite tracking closely for over 3 years, all the crypto news related to market analysis, launch of a new coin, Staking, DeFI etc I had no idea why there were 3 Bitcoins. I knew vaguely that at some point the original Bitcoin got Forked and then it got Forked again and that is how 2 other Bitcoins were created. If someone asked me why did the forking happen or how are the forked bitcoins different from original Bitcoin, I would have drawn a blank. As I check Coingecko about 100 times a day I know very well that all the forks feature in the top 10 coins by market cap so it’s not like they are some insignificant alts.
The reason I never bothered to research about the forked Bitcoins was the inherent bias I had that the original is always the best and any forked variant will be inferior and when you have the best why bother with the rest.
I probably would have continued in this blissful ignorance for many years to come if I had not come across Read.Cash platform that rewards it’s user in BCH. Once I actually received some BCH I decided to explore a bit about what these forks were and how they were different.
Also note that officially there are more than 100 Bitcoin forks. I am not kidding, seriously Bitcoin got forked more than 100 times but still keeps going. These include Big Bitcoin, Bitcoin Atom and Bitcoin Candy. I do not consider these forks in the same level as the 3 main brothers, we can at best consider them as distant cousins and they will not be considered as family in this article. My apologies if you are a Bitcoin Candy fan and feel bad that it did not get the due importance.
**#1 The Elder Brother- BITCOIN (BTC)**
Well this big daddy of all coins was the first crypto ever and is probably the first coin anyone gets familiarized with and for a large number of maximalists this is the last coin as well.
**When was it Created** – 3rd Jan 2009
**Who is the Founder/ Creator/ CEO** – Satoshi Nakamoto. It’s an alias and nobody knows who this person really is. Many people have claimed to be Satoshi but the majority were found to be frauds. Many people consider Bitcoin as the best coin as it doesn’t have any real owner so it can’t be manipulated or influenced by greed or corruption of an individual.
**Supply Limit** – There is a cap on max supply of 21 M, of which about 18.4 M have already been mined.
**Market Cap**- $221 B on 18th Aug 2020. Since it’s launch it has steadily retained it’s position as the top crypto by market cap.
**What exactly is Forking?**
Before we go and look at the next brother we need to take a look at what exactly is Forking. Simply put forking means duplicating a coin into two sets and this happens when the community behind a project does not agree on a particular change and the only way to proceed is split the team into 2 groups each continuing with the set of protocols they consider best.
**#2 The Middle Brother- BITCOIN CASH (BCH)**
**Why was BCH Forked?-** Towards the end of 2015 a core Bitcoin developer called Peter Wuille proposed the idea of SegWit (Segregated Witness). Its intention was to reduce the transaction size so speed can be improved. Low transaction speed was already identified as a potential issue which hwas expected to get worse with rise in number of concurrent users. This was originally thought to be a soft fork which would not need creation of a separate set of coins. Many developers in the community were not happy with SegWit and they went ahead with a Hard Fork in Aug 2017.
**When did BCH came into Existence** – 1st Aug 2017
**Supply Limit-** 21 M. The same as Bitcoin, in fact when the fork happened all Bitcoin holders received the same number of BCH as the BTC they possessed.
**Market Cap**- $5.6 B. It is number 6 by market cap.
**Who is the Founder/ Creator/ CEO-** This might come as surprise to many of you but Satoshi Nakamoto is considered the founder of Bitcoin Cash as well as this is a fork of his product. Some people consider Rick Falkvinge and Roger Ver as the CEO of Bitcoin Cash but that is not true as BCH does not have an official CEO. (This is as per my research and if there exists any formal record of anyone else besides Satoshi being formal owner of BCH, I will be happy to edit this)
**What were the main changes in BCH over BTC**- There were 3 main changes done with the intention of improving transaction speed:
a. Increase the block size from 1MB to 8MB
b. DDA (difficulty adjustment algorithm) change to improve hash rate
**#3 The Youngest Brother- BITCOIN SV (BSV)**
**Why was BSV Forked?-** Towards end of 2018 major differences started appearing between two rival camps in Bitcoin Cash. One group was led by Roger Ver and Jihan Wu while the other camp was led by Craig Wright and Calvin Ayre. As these differences could not be reconciled the split happened in Nov 2018.
**When did BSV came into Existence** – 15th Nov 2018
**Supply Limit-** 21 M. The same as Bitcoin.
**Market Cap**- $4 B. It is number 9 by market cap.
**Who is the Founder/ Creator/ CEO-** Again Satoshi Nakamoto, while Craight Wright is the most active supporter. You might know that Craig claims to be Satoshi Nakamoto but so far he has failed to prove it.
**What were the main changes in BSV over BCH**- The block size was increased further to 128MB.
I would like to end this by adding a bit about my personal experience. I have strong faith in the long term value of BTC and will continue to hold it. I am well aware about the limitation it has in transaction speed so I don’t plan to use it for daily use will keep it as a long term investment only to be sold in case of emergency.
I started using BCH once I received a bit on ReadCash and one thing I found remarkable was my first withdrawal. The moment I pressed the send button the next instant I saw a pop up on my Atomic Wallet saying “Incoming BCH”. I was really surprised I had never seen a transaction get executed so fast. I had become accustomed to wait 5-10 mins after making a transaction. I clearly see the value in using BCH for your frequent transaction.
I plan to include BTC and BCH both in my crypto portfolio with BTC being in the cold storage and BCH in hot storage with more frequent usage.
I have still not tried out BSV but I am open to try it out sometime in the future.
I hope you found this article useful and in case you think I missed out anything significant do let me know in the comments section.
Cheers,
SamBTC
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DeFI Diaries #4- How to use COMPOUND on Exodus Wallet!
This post will be a continuation in my series called “DeFI Diaries” where I will be reviewing the popular options in DeFI. I already wrote about AAVE, TrustSwap and COMPOUND, in case you missed those posts you can access them on the links below:
AAVE - https://www.publish0x.com/crypto-projects-sams-reviews/defi-diaries1-aave-why-is-it-getting-so-popular-xnlydve
COMPUND - https://www.publish0x.com/crypto-projects-sams-reviews/defi-diaries2-compound-finance-what-makes-it-so-special-xvrdzdp
TrustSwap - https://www.publish0x.com/crypto-projects-sams-reviews/defi-diaries3-trustswap-new-kid-on-the-defi-block-xllxkzk
In this post I will be covering how you can use COMPUND directly on Exodus wallet through their built-in app.
**What’s so Special about the COMPOUND app on Exodus Wallet?**
Currently if you want to use any of the popular DeFI platforms like AAVE, MAKER, COMPOUND etc there are many prerequisites to be met before you get going. You need to have a Metamask configured. Purchase some crypto for lending like DAI, USDC, USDT, BAT. Purchase some ETH to facilitate all the transactions. If you are planning to lend a large amount then you need to get a hardware wallet like Ledger or Trezor and then connect it to your Metamask. After all this is in place comes the most critical part that is to educate yourself about the different DeFI options their Pros and Cons and the risks involved. Once you weigh the rewards against the risks involved you go ahead and start using the DeFI platforms of your choice.
For someone who has been around in crypto space for sometime these steps might seem straightforward and easy. However imagine how daunting and confusing it can be for someone who is very new to crypto. I think this COMPUND app integration by Exodus is a great initiative by Exodus to introduce crypto newbies to the concept of DeFI without getting involved in the complexities. It can be a stepping stone for the newcomers to familiarize themselves with DeFI while they learn the ropes of Metamask, Ledger, Crypto Lending, ETH processing fee involved and are ready to start using the DeFI platforms directly.
This is also a matter of convenience for those who just want to load up their DAI on a wallet and start earning interest without going the Metamask way. The way Metamask transactions keep getting slower with each day and the risk of having crypto on a web plugin are additional reasons.
**Is this Beneficial for Advanced Crypto Users?**
This my friends is a big NO in my opinion. While I admit the COMP app on Exodus is very smooth and intuitive to use I have decided not to use any more as for some unfathomable reason they have decided to not share the COMP token rewards with the wallet holders.
When you go to the COMPOUND Finance site and lend out some DAI directly there you keep earning COMP tokens together with the DAI interest you get. Considering you get about 3% DAI the extra COMP tokens you get rewarded are generally worth more than the DAI you get. Another benefit of getting the COMP token is that you get a voting power in all future change recommendations on COMPOUND.
I find this very strange because for all crypto lent on COMPUND the COMP tokens are immediately generated. This basically means that Exodus is taking out themselves the COMP tokens generated by DAI of their wallet holders. I think this is not very fair as this is an exorbitant fee to pay for the convenience of lending DAI directly from your wallet.
I hope in the future Exodus decides to share a part of COMP earnings with the wallet holders and also includes other tokens which can be lent on COMPUND.
Do let me know in the comments if there is any specific DeFI platform you would want me to try out.
In the video below you can see how the COMP app on Exodus works.
https://www.youtube.com/watch?v=v1AsFmuPmr4
Cheers,
SamBTC
_________________________________________________________________
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DeFI Diaries #3- TrustSwap: New Kid on the DeFI Block!
This post will be a continuation in my series called “DeFI Diaries” where I will be reviewing the popular options in DeFI. I already wrote about AAVE and COMPOUND, in case you missed those posts you can access them on the links below:
AAVE - https://www.publish0x.com/crypto-projects-sams-reviews/defi-diaries1-aave-why-is-it-getting-so-popular-xnlydve
COMPUND - https://www.publish0x.com/crypto-projects-sams-reviews/defi-diaries2-compound-finance-what-makes-it-so-special-xvrdzdp
In this post I will be covering TrustSwap which is the latest entrant in the DeFI space. Through this article I will be sharing an overview of what the project is about, what are the special use cases it is planning to address, how is it different from the exisiting DeFI projects and also a bit about it’s native token SWAP.
**What Exactly is TrustSwap?**
TrustSwap is a DeFI protocol aimed to provide escrow and pre-defined recurring crypto payments.
**Escrow** is basically a financial management middleman who facilitates transactions between two parties. Currently it’s done by specialized institutions which charge a hefty fee for this service which can go up to 5% to 10% of the total transaction value. TrustSwap plans to provide this service for free by leveraging the trustless blockchain concept which will benefit both the sender and receiver of crypto transactions as they will save the huge fees.
**Pre-defined Payments** is another service propositioned by TrustSwap. This will enable several possibilities like making recurring payments whether it’s the monthly utility bills or weekly allowance to your kids. The possibilities are endless.
TrustSwap is highly flexible and many other options can be customized as per the user requirements on the platform.
**Which is it’s Native Token?**
SWAP is it’s native token which is ERC20 compliant so is supported by all ETH wallets. It was launched about a month back on 9th July at a price of $0.03. It is trading now at a rate of $0.89 which is basically a 30X in a month. This shows the huge interest and demand it has created in the industry. The maximum token supply is capped at 100 M and the demand is expected to get further boosted in the future as SWAP is a deflationary token.
**Who is behind this Project?**
The team behind TrustSwap includes people with extensive experience in the crypto and blockchain industry and combines individuals with a varied skill set like coding, marketing, blockchain and management.
The project is led by Jeff Kirdeikis who is the CEO of Uptrennd which is a leading blockchain based social platform with over 100,000 active users from across the world from varied socio-economic and cultural backgrounds. Jeff has gained deep experience in managing blockchain projects by steering Uptrennd through some really challenging situations.
**What Differentiates TrustSwap from other DeFI projects?**
Most of the existing DeFI projects like MAKER, COMPOUND, AAVE are focused on the crypto lending activities however TrustSwap is created to serve a very unique set of Use Cases which are not being provided by any of the exisiting platforms. The most promising Use Cases include:
**#1 Trustless Escrow with no Commission fees**
Traditionally Escrow services charge a hefty commission for facilitating a transaction between the sender and receiver and they are currently operating in the fiat space and there is a strong need for reliable Escrow in Crypto transactions specially for larger contracts.
**#2 Time interval linked Locked Crypto**
This is linked to the escrow service when the client wants the transaction amount to be locked and released in fixed installments in recurring time periods. This was the original inspiration for Jeff to come up with the project as he realized that if there are no reliable escrows to lock the funds there is a possibility that a big investor can suddenly crash the market
**#3 Recurring Payments for Services or Friends & Family**
This is the use case which I think has the potential to raise the DeFI adoption level to masses. This will simplify the lives of everyone with our day to day needs. TrustSwap can be customized to make our monthly payments for services or giving regular allowance to our dependents in the family specially if they are living in a separate country than us. The possibilities really are endless and can be customized to specific needs of people.
Cheers,
SamBTC
_________________________________________________________________
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DeFI Diaries#2- COMPOUND Finance: What makes it so special?
These days DeFI is the buzzword in crypto space and new DeFi projects seem to be popping up each day. In this series called “DeFI Diaries” I will be reviewing the more popular options in DeFI as per my experience using them.
I recently made a post on AAVE which seems to be growing at a rapid post over the last few months. In case you missed that article you can access it here - https://www.publish0x.com/crypto-projects-sams-reviews/defi-diaries1-aave-why-is-it-getting-so-popular-xnlydve
In this post I will be covering COMPOUND Finance which is an older and bigger competitor of AAVE in terms of crypto asset deposits. I will also be sharing my views on what I think COMPOUND is doing better than AAVE and in which areas it could improve.
**Advantages of COMPOUND**
**#1 Simple and Intuitive User Interface**
COMPOUND has a very basic and easy to understand interface. Some people may find it old fashioned and boring compared to the colorful and stylish interface of AAVE but I think for people who are new to DeFI COMPOUND is a much easier platform to use. There is a main landing page with the dashboard which shows the assets you have lent out and the interest earned and the set of available crypto that you can lend or borrow and the rates applicable for each coin.
There is another tab which shows the Voting options. Here you can see the changes being proposed on the platform and which ones got passed and which were rejected.
**#2 Reward in COMP Token**
Just like all DeFI platforms you earn interest on the coins that you lend out eg. if you deposit DAI you will receive about 3-4% APY of DAI. What makes COMPOUND different from it’s competitors is that it offers COMP tokens depending on how many assets you have deposited on the platform. Considering how COMP token is appreciating in value this is a very lucrative feature for long term investors. The COMP you earn also allows you to participate in the voting process for all future changes on the platform. The more COMP you hold the more voting power you have.
**Drawbacks of COMPOUND**
**#1 Support for very Limited Tokens**
Currently COMPOUND supports very few tokens for lending as compared to it’s competitors. It does accept deposits of DeFI coins like DAI, ETH, USDC, BAT and USDT but it does not support the newer options like SNX, LINK, KNC and ENJ which are supported by AAVE.
**#2 Lower Interest Rates**
Compared to it’s key competitors like AAVE and dYdX it offers much lower interest rates. Eg. If we consider DAI which is the most popular lending option on DeFI sites COMPUND offers about 3% whereas it’s competitors offer 4-5%.
In case you want to see how the interface looks like and how easy it is to navigate the platform I am including a video below.
https://www.youtube.com/watch?v=2B8Jj8CmW1Q
Cheers,
SamBTC
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Abandoned Community- Does anyone know what is the logic for moving a community to the abandoned list? I have been posting regularly every 2-3 days to this community but it keeps showing as abandoned.
Cheers!
DeFI Diaries#1- AAVE: Why is it Getting so Popular?
Recently I had been focusing a lot on the different CeFI (Centralized Finance) platforms like Nexo, Crypto.com and Celsius. I found several advantages that these CeFI platforms offered compared to DeFI ones.
**Advantages of CeFI over DeFI**
**#1 Steady Interest Rates**
All CeFI platforms offer a fixed interest rate so you can be very clear about what is the reward you can expect at the end of a particular period whether you plan to invest for a few months or for a full year. DeFI on the other hand is highly volatile and the rate fluctuates everyday. This makes the expected interest you will receive highly volatile and uncertain.
**#2 Wide Range of Coins you can Lend**
DeFI is mostly concentrated around ERC20 tokens with a big bulk of the market being driven around DAI. This makes CeFI more appealing for people who are planning to lend non ERC20 coins like BTC, LTC, XRP, XLM etc.
**#3 Additional Benefits on Staking Native Tokens**
If you stake a particular amount of native tokens like NEXO or CRO then the interest rate you get is further enhanced which gives you incentive to invest more in developing the platform.
Despite these clear benefits DeFI has been growing at a much bigger rate than CeFI and for people who give a high priority to security DeFI is a clear winner due to the following reasons.
**Why is DeFI Getting so Popular?**
**#1 Not Your Keys Not Your Coins**
DeFI platforms are non custodial so you never lose control of your coins. This means you can lend out the tokens while keeping them locked safely in your Metamask or Ledger. Earlier Metamask was the only wallet that could be linked to DeFI platforms but to ensure higher safety most DeFI platforms now allow lending through Coinbase wallet and Ledger. In my opinion lending through Ledger is the best option specially if you are dealing in large amounts.
**#2 True Blockchain**
DeFI is true adoption of Blockchain philosophy of building a trustless economy which can not be manipulated by individuals. This ensures the rates are driven by actual market demand. This also avoids control measures like KYC and other regulations. This is specially important in countries with a government that like to control it’s population tightly and in the future they can pressurize CeFI companies to divulge all data about their customers.
**#2 Huge Growth Potential**
DeFI is evolving and growing each day. Biggest constraint is lack of coins on offer which should be addressed by the next batch of DeFI platforms like Kava which are planning to include non ERC20 tokens for lending.
**AAVE will drive DeFI Adoption**
During my initial investigation I found that AAVE is the best platform for people who don’t have prior experience in DeFI as it is very easy to navigate and use and also it offers the best lending rate for DAI compared to it’s competitors.
Check out the short video below to see how straightforward and intuitive the AAVE interface is.
https://www.youtube.com/watch?v=kPMPRXgPchg
Cheers,
SamBTC
_________________________________________________________________
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