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      "body": "@cheetah bot is scanning around the net for similar content. It is better to include a link to your article and announce that you wrote it. It is more credible than copying everything here on Steemit.\n\nAnd it is also less work!\n\nAnyway great content, I start following you!\nSee you around!!",
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      "body": "***It’s all about the fees.***\n\nManagement fees, performance fees, entry/exit fees, advisor fees, benchmark fees, trading fees, operating fees, total expense ratios, fund-of-funds fees, fees, fees, fees.\n\nThe traditional mutual fund industry has a myriad web of opaque and confusing charges that are levied on your investment return. [The Tyranny of fees](https://beta.theglobeandmail.com/globe-investor/the-tyranny-of-fees-how-costs-kill-investment-returns/article11578254/?ref=http://www.theglobeandmail.com&) outline by Heinzl (2013), explains how 2% in fees can destroy nearly two-thirds of your returns, see graph adapted by [Vanguard](https://investor.vanguard.com/investing/how-to-invest/impact-of-costs). This can cut you short of thousands of dollars’ worth of growth.\n\n![1 Y5Jm2eo8UfYUwaXRpMWyvw.png](https://steemitimages.com/DQmSGaqi6LDvWqRDBpznqymHrjTshwh952ctErKNdCWxvJ3/1%20Y5Jm2eo8UfYUwaXRpMWyvw.png)\n\nIndices and Exchange Traded Funds(ETFs) have lower fees than actively managed portfolios in the traditional finance space, however, Indices and ETFs do not offer the convenience of investing in Crypto currencies on a secure, one stop, easy solution where one can hold Crypto Indices and ETFs cost effectively.\n\nLooking at Crypto markets, the abundance of fees is drastically reduced, however, there are still costs and other fees which remain high and erode the compounding power of interest and your beta return. If you invest in Crypto you will most likely have two to ten Cryptocurrencies at most. This is due to a ‘homemade’ diversification strategy, the crypto price and due to trading costs.\n\nHolding these Cryptos involves firstly, having to convert fiat currency into Crypto. This involves a fee. Secondly, transferring your Crypto into a wallet for storage or into a Crypto exchange, which, involves a fee. A Crypto exchange will act as a wallet and as a trading platform where buyers and sellers interact. Thirdly, this market place provides numerous Crypto currency conversion rates and pairs, from one Crypto into another, which involves trading fees, bid/sell spreads. Lastly, for some not familiar to trading, bid/ask spreads, can lead to loss of price and hence, your Crypto growth. If you want to transfer this back to an outside wallet or to fiat, withdrawal fees apply.\n\nLooking at similarly placed Crypto providers of diverse portfolios, fees account for anything between 3% — 20% performance fee, entry/exit fees of 0.5 % and withdrawal fees, not to mention conversion fees needed initially to convert your ETH or BTC into that [Token/Crypto X](https://medium.com/hedge-token/crypto-coin-or-token-thats-the-question-12866f0b0b6a).\n\nSome actively managed ‘Crypto hedge funds’ also charge hefty profit sharing fees and performance sharing rules for their Crypto or ICO ‘selections’. These all lead to lower returns for the investors without sufficient risk diversification, ease of use and cost-effectiveness. [It’s all about minimising cost](https://investor.vanguard.com/investing/how-to-invest/impact-of-costs).\n\n![FIRST COMMERCIAL CRYPTO INDEX_fb-01.jpg](https://steemitimages.com/DQmSZEmrnLQ9ZMEAtiP6YiUkj8Js6ATRCEdYf38eXKYMxVm/FIRST%20COMMERCIAL%20CRYPTO%20INDEX_fb-01.jpg)\n\nAt [Hedge](https://www.hedge-crypto.com/) we will price our services competitively and provide investors with instruments that diversify their portfolio in a cost-effective manner. Our fees do not involve multiple transactions, with our Index and CTI rebalancing automatically, providing you with a professionally created rulebook based and convenient way to participate in the Crypto markets without losing downside and exposure to unnecessary risk.\n\nOur total expense ratio will be lower than the competitors, and place cost-effectiveness in the hands of the investor.\n\nThe financial instruments we are creating are Crypto-Indices, Index Instruments and a Crypto Investment Platform. See our Token details or register for [community](https://t.me/joinchat/F5fglQ7DVPV2wi4JK8Mw9A) updates and our whitepaper.",
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      "title": "Why CTIs (Crypto Traded Indices) are cost-effective?",
      "body": "***It’s all about the fees.***\n\nManagement fees, performance fees, entry/exit fees, advisor fees, benchmark fees, trading fees, operating fees, total expense ratios, fund-of-funds fees, fees, fees, fees.\n\nThe traditional mutual fund industry has a myriad web of opaque and confusing charges that are levied on your investment return. [The Tyranny of fees](https://beta.theglobeandmail.com/globe-investor/the-tyranny-of-fees-how-costs-kill-investment-returns/article11578254/?ref=http://www.theglobeandmail.com&) outline by Heinzl (2013), explains how 2% in fees can destroy nearly two-thirds of your returns, see graph adapted by [Vanguard](https://investor.vanguard.com/investing/how-to-invest/impact-of-costs). This can cut you short of thousands of dollars’ worth of growth.\n\n![1 Y5Jm2eo8UfYUwaXRpMWyvw.png](https://steemitimages.com/DQmSGaqi6LDvWqRDBpznqymHrjTshwh952ctErKNdCWxvJ3/1%20Y5Jm2eo8UfYUwaXRpMWyvw.png)\n\nIndices and Exchange Traded Funds(ETFs) have lower fees than actively managed portfolios in the traditional finance space, however, Indices and ETFs do not offer the convenience of investing in Crypto currencies on a secure, one stop, easy solution where one can hold Crypto Indices and ETFs cost effectively.\n\nLooking at Crypto markets, the abundance of fees is drastically reduced, however, there are still costs and other fees which remain high and erode the compounding power of interest and your beta return. If you invest in Crypto you will most likely have two to ten Cryptocurrencies at most. This is due to a ‘homemade’ diversification strategy, the crypto price and due to trading costs.\n\nHolding these Cryptos involves firstly, having to convert fiat currency into Crypto. This involves a fee. Secondly, transferring your Crypto into a wallet for storage or into a Crypto exchange, which, involves a fee. A Crypto exchange will act as a wallet and as a trading platform where buyers and sellers interact. Thirdly, this market place provides numerous Crypto currency conversion rates and pairs, from one Crypto into another, which involves trading fees, bid/sell spreads. Lastly, for some not familiar to trading, bid/ask spreads, can lead to loss of price and hence, your Crypto growth. If you want to transfer this back to an outside wallet or to fiat, withdrawal fees apply.\n\nLooking at similarly placed Crypto providers of diverse portfolios, fees account for anything between 3% — 20% performance fee, entry/exit fees of 0.5 % and withdrawal fees, not to mention conversion fees needed initially to convert your ETH or BTC into that [Token/Crypto X](https://medium.com/hedge-token/crypto-coin-or-token-thats-the-question-12866f0b0b6a).\n\nSome actively managed ‘Crypto hedge funds’ also charge hefty profit sharing fees and performance sharing rules for their Crypto or ICO ‘selections’. These all lead to lower returns for the investors without sufficient risk diversification, ease of use and cost-effectiveness. [It’s all about minimising cost](https://investor.vanguard.com/investing/how-to-invest/impact-of-costs).\n\n![FIRST COMMERCIAL CRYPTO INDEX_fb-01.jpg](https://steemitimages.com/DQmSZEmrnLQ9ZMEAtiP6YiUkj8Js6ATRCEdYf38eXKYMxVm/FIRST%20COMMERCIAL%20CRYPTO%20INDEX_fb-01.jpg)\n\nAt [Hedge](https://www.hedge-crypto.com/) we will price our services competitively and provide investors with instruments that diversify their portfolio in a cost-effective manner. Our fees do not involve multiple transactions, with our Index and CTI rebalancing automatically, providing you with a professionally created rulebook based and convenient way to participate in the Crypto markets without losing downside and exposure to unnecessary risk.\n\nOur total expense ratio will be lower than the competitors, and place cost-effectiveness in the hands of the investor.\n\nThe financial instruments we are creating are Crypto-Indices, Index Instruments and a Crypto Investment Platform. See our Token details or register for [community](https://t.me/joinchat/F5fglQ7DVPV2wi4JK8Mw9A) updates and our whitepaper.",
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      "title": "Why CTIs (Crypto Traded Indices) are cost-effective?",
      "body": "***It’s all about the fees.***\n\nManagement fees, performance fees, entry/exit fees, advisor fees, benchmark fees, trading fees, operating fees, total expense ratios, fund-of-funds fees, fees, fees, fees.\n\nThe traditional mutual fund industry has a myriad web of opaque and confusing charges that are levied on your investment return. [The Tyranny of fees](https://beta.theglobeandmail.com/globe-investor/the-tyranny-of-fees-how-costs-kill-investment-returns/article11578254/?ref=http://www.theglobeandmail.com&) outline by Heinzl (2013), explains how 2% in fees can destroy nearly two-thirds of your returns, see graph adapted by [Vanguard](https://investor.vanguard.com/investing/how-to-invest/impact-of-costs). This can cut you short of thousands of dollars’ worth of growth.\n\n![1 Y5Jm2eo8UfYUwaXRpMWyvw.png](https://steemitimages.com/DQmSGaqi6LDvWqRDBpznqymHrjTshwh952ctErKNdCWxvJ3/1%20Y5Jm2eo8UfYUwaXRpMWyvw.png)\n\nIndices and Exchange Traded Funds(ETFs) have lower fees than actively managed portfolios in the traditional finance space, however, Indices and ETFs do not offer the convenience of investing in Crypto currencies on a secure, one stop, easy solution where one can hold Crypto Indices and ETFs cost effectively.\n\nLooking at Crypto markets, the abundance of fees is drastically reduced, however, there are still costs and other fees which remain high and erode the compounding power of interest and your beta return. If you invest in Crypto you will most likely have two to ten Cryptocurrencies at most. This is due to a ‘homemade’ diversification strategy, the crypto price and due to trading costs.\n\nHolding these Cryptos involves firstly, having to convert fiat currency into Crypto. This involves a fee. Secondly, transferring your Crypto into a wallet for storage or into a Crypto exchange, which, involves a fee. A Crypto exchange will act as a wallet and as a trading platform where buyers and sellers interact. Thirdly, this market place provides numerous Crypto currency conversion rates and pairs, from one Crypto into another, which involves trading fees, bid/sell spreads. Lastly, for some not familiar to trading, bid/ask spreads, can lead to loss of price and hence, your Crypto growth. If you want to transfer this back to an outside wallet or to fiat, withdrawal fees apply.\n\nLooking at similarly placed Crypto providers of diverse portfolios, fees account for anything between 3% — 20% performance fee, entry/exit fees of 0.5 % and withdrawal fees, not to mention conversion fees needed initially to convert your ETH or BTC into that [Token/Crypto X](https://medium.com/hedge-token/crypto-coin-or-token-thats-the-question-12866f0b0b6a).\n\nSome actively managed ‘Crypto hedge funds’ also charge hefty profit sharing fees and performance sharing rules for their Crypto or ICO ‘selections’. These all lead to lower returns for the investors without sufficient risk diversification, ease of use and cost-effectiveness. [It’s all about minimising cost](https://investor.vanguard.com/investing/how-to-invest/impact-of-costs).\n\n![FIRST COMMERCIAL CRYPTO INDEX_fb-01.jpg](https://steemitimages.com/DQmSZEmrnLQ9ZMEAtiP6YiUkj8Js6ATRCEdYf38eXKYMxVm/FIRST%20COMMERCIAL%20CRYPTO%20INDEX_fb-01.jpg)\n\nAt [Hedge](https://www.hedge-crypto.com/) we will price our services competitively and provide investors with instruments that diversify their portfolio in a cost-effective manner. Our fees do not involve multiple transactions, with our Index and CTI rebalancing automatically, providing you with a professionally created rulebook based and convenient way to participate in the Crypto markets without losing downside and exposure to unnecessary risk.\n\nOur total expense ratio will be lower than the competitors, and place cost-effectiveness in the hands of the investor.\n\nThe financial instruments we are creating are Crypto-Indices, Index Instruments and a Crypto Investment Platform. See our Token details or register for [community](https://t.me/joinchat/F5fglQ7DVPV2wi4JK8Mw9A) updates and our whitepaper.",
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      "title": "Crypto Coin or Token? That’s the Question.",
      "body": "@@ -2164,16 +2164,17 @@\n  here:%0A%0A\n+%5B\n Australi\n@@ -2216,18 +2216,85 @@\n  Bitcoin\n+%5D(https://www.ft.com/content/4cd5cc3c-8309-11e7-a4ce-15b2513cb3ff)\n %0A%0A\n+%5B\n Congress\n@@ -2324,18 +2324,96 @@\n  Bitcoin\n+%5D(http://dailycaller.com/2017/08/19/congress-considering-validating-bitcoin/)\n %0A%0A\n+%5B\n SEC: US \n@@ -2454,16 +2454,116 @@\n en Sales\n+%5D(https://www.coindesk.com/securities-exchange-commission-us-securities-laws-may-apply-token-sales/)\n %0A%0A**Abou\n@@ -2576,21 +2576,54 @@\n e**%0A%0AAt \n+%5B\n Hedge\n+%5D(https://www.hedge-crypto.com/)\n , we hig\n",
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      "author": "cheetah",
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      "title": "",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@hedgetoken/crypto-coin-or-token-thats-the-question-12866f0b0b6a",
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      "author": "hedgetoken",
      "permlink": "crypto-coin-or-token-that-s-the-question",
      "title": "Crypto Coin or Token? That’s the Question.",
      "body": "Those that are new to Crypto often use ‘Coin’, ‘Crypto’ and ‘Token’ interchangeably.\n\nHowever, there are some notable differences.\n\n**A Crypto Coin**\n\nThese are often used as a means of payment. A quick and easy way to remember what a coin is, is to look at the underlying objective of the Crypto. Bitcoin, ZCash and Ripple are examples of coins that facilitate payment. The underlying mechanisms sole purpose is to exchange one currency for another. The protocol of exchange is used and exchanged between two parties.\n\n![shutterstock_687484927.jpg](https://steemitimages.com/DQmTUkGWHTvQrdYt9C7EoLG6h8rpkNG2ko1XPJod7e8yS1H/shutterstock_687484927.jpg)\n\n**A Crypto ‘Token’**\n\nA Token differs from a coin. Usually, the Token is a by-product of a smart-contracting protocol i.e. Etheruem, a smart-Token creating language based on Solidity. This is used to create the underlying Token. Solidity code is written to issue these Tokens in exchange for funds or other Crypto coins.\n\nA Token has utility usage, which is, to access a product or service or is used only within a created ecosystem. It is accepted only as payment and is needed to utilize that specific system. Usually Tokens and a DAO (Decentralized Autonomous Organization) can be synonymous, but one still needs to see the underlying objective of the Token. ‘Tokens’ may also contain property rights, that each divisible part is entitled to a reward, incentive, fee reduction or even a part of profits. I will not say distribution or dividend, as the SEC (Security Exchange Commission) may get excited, and call that Token a security, using the Howey rule — some Tokens exhibit an ‘equity’ feature i.e. TaaS. Tokens have value because of their underlying ‘usufruct’ and these are also tradeable on exchanges or peer-to-peer transactions.\n\nCivic, 0x , Golem, Augur, Binance ,Gnosis, Monaco and TenX are Tokens.\n\n**Note**\n\nAs Blockchain gains worldwide adoption, Japan and Australia have legislated Regulation on Coins and Tokens. Given these regulatory changes globally, the US is likely to follow in regulating Crypto Exchanges and Initial Coin Offering (ICOs).\n\nFurther readings on Regulation can be found here:\n\nAustralia follows Japan in move to Regulate Bitcoin\n\nCongress Considering Validating Bitcoin\n\nSEC: US Securities Laws ‘May Apply’ to Token Sales\n\n**About Hedge**\n\nAt Hedge, we highly recommend that you consult an attorney before engaging in any coin or Token ICO.\n\nWe believe Crypto will become a mainstream, regulated asset. For this reason we are creating a hedging portal/platform where Exchange Traded Funds (ETF) and Indices will be traded. This has huge upside potential for extending our product to Institutional and Retail investors. We aim to be the first licensed ETF and Index provider and Platform.",
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      "parent_permlink": "ico",
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      "permlink": "blockchain-the-initial-coin-offering-ico",
      "title": "Blockchain: The Initial Coin Offering (ICO)",
      "body": "@@ -1253,16 +1253,149 @@\n world.%0A%0A\n+!%5Bshutterstock_697109452.jpg%5D(https://steemitimages.com/DQmZVvMjk5BZUtyBM73q1QAnaJBRyMvs8qrUrGk1iSHURy9/shutterstock_697109452.jpg)%0A%0A\n Regulato\n",
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      "title": "Blockchain: The Initial Coin Offering (ICO)",
      "body": "The ICO\n\nIn earlier post we compared the current hype with the gold rush. Today we are touching another aspect of blockchain: the Initial Coin Offering.\n\nThe basics\n\nInitial Coin Offering is, analog to its traditional sister concept, the Initial Public Offering, a crowdsale of a financial instrument. However, this is where the similarities end. While an IPO is a regulated offering of (usually common) stock to the organized market, the ICO is more of a Kickstarter-type of money raising, usually with a candy in the form of hopeful future dividends and/or capital appreciation of the tokens issued. \n\nThe slow response of the regulators has created a legislative void for the first truly democratic start-up financing. The ICO market is ruled by the ruthless Darwinism on both sides, start-ups and investors themselves. New projects are introduced daily, with high hopes of changing the world, but with little hope to actually succeed. On the other side, however, stands absolutely no investor protection. There are zero guarantees that the people running the ICO will not cash in and send postcards from the Caribbean. Many have been burned and even more will be, but also in the meantime helping set up few projects that might actually change the world.\n\nRegulator position as of today\n\nRecently the US Security and Exchange Commission issued an opinion (https://www.sec.gov/news/press-release/2017-131) that the now infamous DAO tokens were considered a security. A closer look at the whitepaper (https://download.slock.it/public/DAO/WhitePaper.pdf) reveals why: token holders received proportional ownership and voting rights, a dividend, and the minority enjoyed some protections against majority exploits. What DAO did differently, besides uniquely solving the Principal-Agent problem with what were basically periodic shareholder meetings, was to avoid the use of Dollars. The SEC saw directly through it, and issued the aforementioned opinion implying that changing a letter in the abbreviation does not change the rules companies have to play by. It is, however, to be noted that the US is ahead of other jurisdictions. In India, for example, the regulatory bodies are shifting responsibility to each other, with the Reserve Bank of India considering crypto currencies commodities, which are regulated by the Exchange Board of India, and it treating them as money, in turn overseen by the Reserve Bank of India, making ICOs a particularly grey area not likely to be cleared anytime soon.\n\nThe SEC opinion was the moment when the ICO model dropped equity-like tokens and started considering utility tokens. The legal risk is smaller – a utility token is conceptually the same as an in-game currency (with the only difference being the variable exchange rate), where the legislation is developed and pretty clear regarding the use, issuance and spending of the tokens. This is likely to curb outright fraud, but not likely to offer equity market-like investor protection and legal recourses against the scammers.\n\nICO as venture financing\n\nThe median amount raised in an ICO is about 2 millions, rivaling the capital raisings of the initial seed rounds in traditional venture capital financing (https://www.smithandcrown.com/token-sale-market-performance/). An argument could be made that the token crowdsale is displacing the traditional forms of capital raising, this position is not supported by the lack of transparency in some projects, limited regulatory oversight, and limited investor due diligence. These conditions have created an environment, where some valuations are fueled by the fear of missing out rather than careful consideration of the project’s merits and market potential. This combination of factors have given rise to projects that could be implemented perfectly fine with an Excel table, but because an ICO is more profitable, they are done through distributed ledgers.\n\nHow to spot a scam: a case study\n\nPlexcoin is a well known scam, catching so much attention, that the Autorité des marchés financiers (Quebec financial regulatory body) issued a warning to potential investors and a cease and desist order for the territory of Quebec (https://lautorite.qc.ca/en/general-public/media-centre/news/fiche-dactualites/monnaie-virtuelle-plexcorps-plexcoin-dl-innov-inc-gestio-inc-et-dominic-lacroix-sont-vises-pa/). Besides a fancy webpage, the project delivers nothing of value. The red flags include:\n\nMisuse of Visa logo\n\nNo team names, history\n\nThe website uses Domains By Proxy, allowing actual owners to remain hidden.\n\nNo whitepaper until AFTER the pre-purchase and refunds only allowed WITHIN the pre-purchase (Plexcorp claims the reason is the trade secrets of their revolutionary technology).\n\nPoor product description, even in the later published whitepaper, no technical summary, just nice-sounding phrases with an occasional “blockchain”, “distributed ledger”, “revolutionary”, “world-changing” etc.\n\nPresence of either online bots or paid trolls, parroting the same answers to doubting questions, introducing themselves as Professor Anton De Mel (https://www.quora.com/Is-PlexCoin-legitimate). \n\nRemember, if it seems too good to be true, it probably is.",
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      "permlink": "why-beat-the-market-when-you-can-own-the-market",
      "title": "Why beat the Market, when you can own the Market.",
      "body": "Active versus Passive Investment Strategies.\n\nAt Hedge Token, we pride ourselves in becoming the leader in our field, being the pioneer in Crypto Exchange Traded Funds (ETF) , Indexing and in hedging instruments.\n\nWe not only care about our product offering but we believe in educating investors, traders, speculators and the wider crypto community. We provide this information, so that any investor can make smart investment decisions.\n\nThere is perhaps no controversy in the investing world more contentious than active versus passive investment strategies. This is not only relevant to the traditional equity market but relevant to crypto markets. This article is written in terms of current financial products but the word ‘share/equity’ in this context, is synonymous with ‘crypto’.\n\nThese two opposing Schools of Thought often clash, with one strategy often trying to outwit the other, in terms of long-term capital appreciation and wealth accumulation for their respective investors.\n\nIn this article we explain the difference, the advantages and disadvantages of each strategy and how Hedge Token fits into the picture.\n\nActive Investment Strategies rely on delivering Alpha\n\nAlpha, in investment jargon, gauges the performance of an investment against a market index. This mainly applies to actively managed investments which utilise mixed asset selections (ETF, SICAV-‘Société d'Investissement À Capital Variable’, Shares, Mutual Funds and Bonds etc.)\n\nThese portfolio constructions are also referend to as ‘stock picking’ and selecting ‘winners’ in generating alpha returns. The reason for a benchmark comparison is to see the performance of the investment in contrast to, the performance of the market's movement as a whole - a type of opportunity cost (the next best alternative). Any surplus above the market return is known as alpha. In order to generate alpha, active managers compile research on share prices and financial projections. Due to the extensive research and analysis involved in beating index returns, actively managed investment fees are much greater than passively managed investments. Although some active managers create alpha for their clients, only a few are able to beat the markets consistently, however, there are a few market anomalies exceeding the index, such as Warren Buffet and George Soros. The Financial Times (2017), outlines some startling facts on active management:\n\n“…Over 10 years, 83 per cent of active funds in the US fail to match their chosen benchmarks; 40 per cent stumble so badly that they are terminated before the 10-year period is completed and 64 per cent of funds drift away from their originally declared style of investing.”\n\nThese are some active global asset managers: Orbis.com , Franklin Templeton, Blackrock, State Street Global Advisors, PIMCO, Aberdeen Asset Management and most Investment bank product offerings.\n\nThe advantages of active management include:\n\n\tThe ability to apply quality standards when selecting investments to achieve desired levels of liquidity, leverage, profitability and return on equity, i.e. subjectivity and choice.\n\tControl over avoiding portfolio concentrations. To some degree, risk can be managed by limiting exposure to certain sectors, industries or companies.\n\tTax efficiency. Enables the collection of capital losses for tax deductions that offset capital gains.\n\nThere are however, some distinct disadvantages:\n\n\tCompany-specific concentration risk. Because active portfolios involve far fewer stocks than passive funds, a decline in one stock has a proportionately greater negative effect than in a passive fund. \n\tFar higher expenses because of trading costs \n\tManagement fees\n\tLoss of investment choice and investment control as an investor, up to the discretion of the portfolio manager.\n\nPassive Investment Strategies reinforce the Random Walk Hypothesis (RWH)\n\nThe RWH posits that markets are efficient in the long-term expounding on the Efficient-Market Hypothesis(EMH). The EMH and RWH prove that performance is a staggered random walk, and  that one cannot consistently generate alpha returns in excess of the equity market in the long-term. Therefore, actively managed investments will lose their ‘winning’ streak the long-run. \n\nJohn C Bogle, advocated the use of passive management investment strategies, where he creating the first retail indexed ETF in 1976. Near 42 years later, here we are today, with the pioneer of index and ETF’s the HMS Vanguard (1787). This iconic ship is the brand of the Vanguard Group, which has over USD 4 Trillion in assets under management.\n\nPassive strategies set out to follow a rule-book approach, an index or collection of shares with the same, diverse or a bundle of characteristics, depending on the index’ purpose. These indices mimic these rules and are not subject to personal ‘Stock Picking’. Not to get confused with investment strategy and investment instrument: ETFs, are a subset of indexed funds. Mutual Funds (SICAV for the Europeans) usually fall under actively managed investment strategies.\n\nMost notable index’ are S&P 500, Russel 2000, FTSE 100, Euro Stoxx 50 and Dow Jones Industrial Average(Dow 30), Nikkei 500, Hang Seng Composite Index, Australian Stock Exchange All Ordinaries Index to name a few. These Indices have predetermined calculation rules and inclusivity rules. E.g. the S&P 500, consists of 500 large capitalisation U.S companies, with a market value weighted index rule. This index is seen as a leading indicator of the U.S stock market and a common benchmark for international stock markets.\n\nThese are some passive global managers in the Index Fund and ETF market: Vanguard, Blackrock, MSCI, FTSE Russel Index funds and Fidelity Index.\n\nThe advantages of passive management include:\n\n\tLow expenses and fees, as there is no need to analyse securities in the index.\n\tRisk diversification as you have bought the ‘market’ as opposed to a single share.\n\tClearly denied rule-book, governance and transparency.\n\tTax efficiency - because the index fund’s buy-and-hold style does not trigger large annual capital gains tax (country dependent).\n\nThere are however, some distinct disadvantages:\n\n\tThe potential for unintended concentrations in some sectors, i.e. during the dot.com bubble, high concentrations of technology companies in large-cap indexes, exposing investors to significant risk.\n\tPerformance limitations. ETF and Indices are built to mimic a groups of stocks rather than to outperform them. \n\tOverall market risk, increased Beta (the measure of exposure to market movements). If the index declines, so does the ETF/Index, as you bought the ‘market’.\n \n![fdsg.jpg](https://steemitimages.com/DQmZWe5JYXWJ5oqz3nWLjpYJdkuZdo1fUFod1tPuVwciFT5/fdsg.jpg)\n\nWhy not take both approaches?\nThe article by CNBC (2017), outlines that when using these two approaches in conjunction, one can deliver the best of both worlds while compensating for the downsides of each strategy, Smart Beta-See Venn diagram below.\n\nAccording to Wharton Business School (2017),\n\n“Passive management generally works best for easily traded, well-known holdings like stocks in large U.S. corporations  ...(’i.e. Apple’).., because so much is known about those firms that active managers are unlikely to gain any special insight. “You should almost never pay for active management for those things.”\n\n“..But in certain niche markets, like emerging-market and small-company stocks, where assets are less liquid, highly volatile and fewer people are watching, it is possible for an active manager to spot diamonds in the rough”.\n\nI could not have put it more succinctly.\n\n![etf.jpg](https://steemitimages.com/DQmTgmVoaNonMQ6zGhv8eLCAcK5Z3Lq4KEsZhiMZ1FrWNdp/etf.jpg)\n\nWhy Hedge Token?\n\nAt Hedge Token, we have set out to create a platform for hedge instruments, indices and ETF which fulfils the risk reduction needs, demanded, by the crypto markets.\n\nUtilising a combination of active and passive Crypto trading strategies in tandem, will increase your risk adjusted return.\n\nJoin us today, The Vanguard of Crypto. \n\nYou can pre-register for our Token Crowd sale on 15 September 2017 or sign up to our newsletter.\nIf you want to know more about us or the team go to www.hedge-crypto.com",
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      "author": "steemitboard",
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      "body": "Congratulations @hedgetoken! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstvoted.png)](http://steemitboard.com/@hedgetoken) You got a First Vote\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "author": "hedgetoken",
      "permlink": "what-do-you-need-to-know-about-crypto-indices",
      "title": "What do you need to know about crypto indices?",
      "body": "Indices play a major role in financial markets. We have all seen the talking heads at CNBC, BloombergTV and other financial television station commenting and discussing what S&P500 has done recently and what it will do in the future. But why are indices so important?\n\nWhen trying to measure how well a particular market has done in the past day, month or year, we need some method to do so. One way is to take every stock on the market (if we are talking about equity markets) and calculate the average return of the market by taking an average of all individual stock returns. But this method has its flaws.\n\nUsing an equal-weighting method will show us how an average stock in the market has done, but that does not represent the market well. Since the number of smaller companies is an order of magnitude larger than the number of large companies, this method of equal weighting (taking an average of all the returns) will put too much emphasis on small stocks.\n\nThis is a major issue since by definition investors have a lot more invested in large companies compared to small ones - looking at the size of the largest 10 US companies shows a market capitalization of 4.5 trillion US dollars which represent about 20% of the whole US equity market. This means that all investors combined (by definition) hold about 20% of their equity investments in the top 10 stocks.\n\nWhen measuring the performance of the market we should, therefore, put more emphasis on the larger companies/stocks/assets that have larger market capitalizations and represent a larger chunk of the investors’ portfolios.\n\n![stock-1863880_1920.jpg](https://steemitimages.com/DQmeHfUP9dE4siSy5BTfQ473RRXJYJmQLxtyEanutcqPRyS/stock-1863880_1920.jpg)\n\nThis is where market-cap weighting comes in. To properly measure market’s return we must simply include the individual assets’ size into the calculation. When we took an equal weighted average before we effectively divided assets return with the number of assets and then summed everything up. In the case of market-cap weighting, we multiply the asset’s return with its weight (size) in the market.\n\nLet us look at a simple example. Imagine we have only two assets with combined market capitalization of 100 billion US dollars. One of them has 60 billion market cap while the other has 40 billion market cap. It is easy to see that we must use 60% of the first asset’s returns and 40% of the second asset’s return to calculate the true return (or performance) of the whole market. If the first asset went up 1% and the other 2%, first one contributes 0.6% (60% x 1%) to the market while the second one contributes 0.8% (40% x 2%) which means that in this case, the market gained 1.4% in value.\n\nNow imagine that the price of the first asset drops so much that its market cap is only 30 billion, and the price of the second asset increases to reach 70 billion market cap. A nice thing about holding the “market portfolio” is that you do not need to adjust your allocation when the prices change - you still have exposure to the whole market even though prices of the two assets in the example have changed a lot.\n\nThis is one of the major reason why passive investors like simple indices that use market-cap weighting. There is no need to rebalance because of the market movement and therefore transaction costs are low (or even non-existent). The rise in ETFs (Exchange Traded Funds) in the past few years is one example of the widening use of indices. These investment funds that trade on exchanges like they are stocks usually use an index provider that calculates allocation to the individual asset in the ETF’s investment universe.\n\nBut this is only a small part of the usability of indices. When large pension funds and other institutional investors try to hedge their risks they often use indices for underlying assets when “creating” financial derivates that give them required exposure. Most of the derivates market is based on some type of indices. S&P500 for example influences derivatives with more than 7.8 trillion US dollars in value.\n\n![bitcoin-2007769_1920.jpg](https://steemitimages.com/DQmPptPKDLvCgw8eQMi3pwhux1WEwG2TgM7G6mGaT4ENGi2/bitcoin-2007769_1920.jpg)\n\nAs the crypto market develops there will be a rising demand for indices such as S&P500 for the equity market. Hedge-crypto.com is developing them.\n\nBut there is a slight problem with calculating indices on crypto markets. Law of one price does not (yet) hold on crypto markets. Efficient market hypothesis, a widely adopted theory amongst financial theoreticians and also practitioners, states (among other things) that if there is a possibility of a risk free trade traders will compete for that trade and essentially eliminate the risk free opportunity. If a company’s stock trades on multiple exchanges the price of that stock should be the same on both exchanges - if it was not, traders would buy the stock on the exchange where it is cheaper and sell it on the exchange, effectively arbitraging the difference away.\n\nCurrently, the price of most cryptocurrencies can vary significantly from exchange to exchange. There are some frictions that make it hard for arbitrageurs to remove the inefficiency from the market and will, therefore, take some time before the law of one price holds in the crypto markets.\n\nIn the mean time, there will be even stronger demand for professionally built and maintained crypto indices. We at Hedge-crypto.com are working hard to bring you professionally designed and maintained indices that will enable you to get inexpensive exposure to the crypto markets - either on the long side or short, with or without leverage. All from one platform. Join us in taming the volatility and inefficiency of the crypto markets. Let us make them better together.",
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      "permlink": "the-importance-of-law-for-the-development-of-ico-companies",
      "title": "The importance of law for the development of ICO companies",
      "body": "At the moment, the capitalization of companies which raised their capital with the Initial Coin Offering (ICO) is extremely high. Their capital is estimated to an $8,185,983,781. It is expected that in the following months it will only get higher due to a growing number of new ICOs. There are already more than 60 ICOs listed for September and it is expected that the number will only increase. However, the number of ICOs in the following months is not the main point of this article. What the ICOs that have already been finished as well as the ones that are still coming are not realizing is the problem of incorporation.\n\nWhy is this so important? Well, if an ICO wants to operate as a standard company in a particular country (have a bank account, etc.), then it has to incorporate in accordance to the law of the country it wants to operate in. Meaning, it has to be in accordance to AML and KZY.\n\n![bitcoin-2643160_1920.jpg](https://steemitimages.com/DQmVYtaZPto4PdGmY8n1NowLR3V4P1N7o7uD48k5VU7hSyd/bitcoin-2643160_1920.jpg)\n\n<h2>Let us first look at the definitions. According to the definition from Investopedia:</h2>\n\nAnti-money laundering (AML) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions.\n\nKnow Your Client (KYC) form is a standard form in the investment industry that ensures investment advisors to know detailed information about their clients' risk tolerance, investment knowledge and financial position.\n\nIn most cases, money launderers hide their actions through a series of steps that make it look as if money that came from illegal or unethical sources had been earned legitimately.\n\nThough AML laws cover only a relatively limited number of transactions and criminal behaviors, their implications are extremely far-reaching. For example, AML regulations require institutions issuing credit or allowing customers to open accounts to complete due-diligence procedures to ensure that these institutions are not aiding in money-laundering activities. The onus to perform these procedures is on the institutions and not on the criminals or the government.\n\nKYC forms protect both the clients and the investment advisors. Clients are protected by having their investment advisor know what investments best suit their personal situations. On the other hand, investment advisors are protected by knowing what they can and cannot include in their client's portfolio.\n\nIt is clear that without doing AML and KYC, ICOs\t will not be able to incorporate in regulated environment that offers security to the investor. This will effect ICOs in two ways. Firstly, those who did not take in consideration this aspect are subject to high-risk penalties, and criminal prosecution. Secondly, ICOs will lose a lot of time and money eliminating irregularities, if this is even possible, so the returns will not be as high. Due to the pressure, the ICO team could even eliminate them. Without conforming to these regulations, companies will not be able to grow and employ, because they will not be able to finance operational costs. \n\nOne of the first to realize this was Bancor, who is now trying to do KYC post festum. \n\nTo sum up, ICO is categorized as raising funds and it should be done in accordance to existing legal frameworks. ICOs who did not respect this will have several problems with incorporation and will have additional costs doing so. This will decrease the price of their token. We estimate that some projects will even fail to incorporate so they will not provide any return to their investors due to their inability to operate. Consequently, the market adjustment will have to come sooner than later and we are on the short side of the market for projects that did not raise capital by the book.",
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      "body": "Congratulations @hedgetoken! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstpost.png)](http://steemitboard.com/@hedgetoken) You published your First Post\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "body": "<h1>It’s a bit like Gold prospecting.</h1>\n\nThe Gold Rush, Tulip Mania and the Railway Boom created a golden epoch, a time of unsustainable, rash exuberance.\n\nThe Gold Rush happened globally in the late 19th Century with new gold deposits being uncovered in the new world: United States, Canada, Australia and South Africa. Any common individual, with a shovel, a gold pan and a handful of dollars could stake for gold. The mass Gold Rush pushed up land prices, food, with mass demand for bars, hotels and mining equipment. Early investors and monopoly service providers grew exceedingly rich in a short span of time.\n\nWe now fast forward to the 21st century, the emergence of Bitcoin, Blockchain technology and the Initial Coin Offering (ICO). Many have likened Bitcoin to “digital gold”. For some who appreciate the history of bubbles and manias, the current crypto space resembles, in some form, a period of FOMO (fear of missing out) economics, a period of extreme hype.\n\nIf you juxtaposition, the Gold Rush to Crypto: Outrageously profitable returns, the flood of easy investment money and the rise of scams in all shapes and forms (send your Ether wallet private keys here) all accumulates in an unsustainable period, where risk is priced cheaply and not taken into account properly. We do not have to look far in history to see this at work. The recent Global Financial Crises in US real estate prices posits a relevant example. Those who benefitted from the crash, hedged their bets.\n\nBeing an active crypto-trader, banking risk professional and fintech advisor, it is always easy to enter the crypto market, just as it was for gold prospectors up until the house of cards came crashing down. Various entry techniques and tools can be used to successfully enter a trade position, such as technical analysis (the use of pattern analysis, charting indicators, volume and price) and financial modelling. Financial models such as the Monte Carlo Simulation use quantitative analysis, to help predict likely outcomes under periods of uncertainty.\n\nThese have shown to be successful in the traditional and crypto investment space for short-term entry positions. The success ratio can be around 75–80 per cent provided you are an experience technical analyst but for the layman, this is significantly lower.\n\nFundamental analysis (deals with balance sheet analysis, economics, the companies ambition and leadership) is still finding its feet in the crypto space, as most of the income generating assets, Tokens and Coins are intangible assets or services, yet to be created.\n\nIn terms of an investment exit strategy, used to lock-in profits, how do you know when have you reached the peak price? and what about the peak, of that peak?\n\nWhat is the tipping point in a market of irrational, emotionally-driven FOMO speculators, trader’s investors and the Unknown, Unknowns?\n\nThe answer is, as Frank H. Knight (1921), so succinctly put it: “You really don’t know.”\n\n![12.jpg](https://steemitimages.com/DQmfDGoxsvebaHiGowYJ3Lj7QaPEhmDzvqj2vQpvMinje3o/12.jpg)\n\nBlack swan events, the unknown, ‘unknowns’ (changes in regulation, geopolitical tension), crypto hard-forks , unpredictable investor behaviour and investment bias, all cloud our judgement when it comes to profit taking. Benjamin Grahams’ (1949), ‘The Intelligent Investor’, explains the characteristics of successful investing. This entails covering positions at peaks and troughs to shield against destructive downside risk and to protect upside profits in under both bull/bear market conditions.\n\nThe crypto markets are characterised by price breakouts and violent volatility spikes. Even the notable, “Blue Chip Cryptos” exceeding USD 500 million in size (Ethereum, Zcash, Bitcoin, NEM, Ripple) have experienced these effects whilst growing their market capitalisation. Ethereum has surged more than 5000 per cent (June, 2017) since January 2017 and NEM 10000 per cent in the last two years.\n\nThe only protection an intelligent investor can have is using Hedging instruments and techniques to cover these exposures. Price drawdowns can result in additional time from the peak, needed to recoup your investment loses, and thus, your investment opportunity being ineffectively used.\n\nThe infant crypto market still needs to develop the correct Risk pricing. This is where Hedge Token fits in. Hedge token specialised in a “basket” of cryptos tracking an index, allowing for risk diversification, cost reduction and an instrument for hedging.\n\nLet’s face it, when price point of inflections are near and your investment returns are on the edge, hedge.\n\n<h1>About Hedge Project</h1>\n\nHedge Project is focused on developing the platform for hedge instruments for crypto markets that will enable crowdsale supporters, technology evangelists, and crypto investors to manage the risk exposure they have on the market. The platform will include the possibility to trade indices, basket of cryptocurrencies or single derivatives.\n\nVanguard is a pioneer in index tracking funds and ETF, with over USD 4 trillion in assets under management. Hedge Token will be the Vanguard of Crypto ETF’s.\n\nThe financial instruments we are creating are Crypto-Indices, Index Instruments and Crypto Investment Platform.\nKeywords: Risk Diversification, Crypro-Indices, Hedge, FOMO Economics, Risk pricing, Vanguard\n\n<h1>Can you imagine if you had a hedge?</h1>\n![ncbv.jpg](https://steemitimages.com/DQmQ4qxGkD8oCskcYiGWePYxxcJD9htTeykHdXw8WiRGXpG/ncbv.jpg)\n![stages_bubble.png](https://steemitimages.com/DQmT4haTiKGnvbxgfm1x5jGfLhMp9QVLWxhQiyHty1LVVjy/stages_bubble.png)",
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