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      "body": "![Tether Deltec bank Bahamas.jpg](https://cdn.steemitimages.com/DQmXHNYSLh3SFgGEEPXgPDtgZPRt3kNCj9qp9q6ugxsj9tR/Tether%20Deltec%20bank%20Bahamas.jpg)\n\nTether Unlimited has struggled for weeks with their banking relations. But on the November 1, they announced the establishment of new banking relationship with Deltec Bank & Trust Limited from the Bahamas.\n\n![Tether.png](https://cdn.steemitimages.com/DQmZinPrF2NUADmEXQi8BAdbnw8pP76w3HZfTSmndVuyiEG/Tether.png)\n\nEven though Deltec is a 72-year-old financial institution, rumors started circulating about it being on the warning list of Central Bank of the Bahamas.\n\n![Deltec Bahamas.png](https://cdn.steemitimages.com/DQmaXXXpV1rGmQE96NgZwULtvoxJnWQxQMMrdpEPRG73g3D/Deltec%20Bahamas.png)\n\nCentral Bank occasionally updates its “blacklist” in order to alert the public. Those listed are operating in breach of the laws of the Bahamas since they are not listed under the Banks and Trust Companies Regulation Act.\n\nSo, Is Tether’s Deltec Bank on the Warning List?\n\nThe entity called Deltec Financial & Trust Services has been on this list since January 10, 2007.\n\n![Central Bank Bahamas warning list Deltec.png](https://cdn.steemitimages.com/DQmexXKKAD9u2yw6n4Q6CyKzEKvoPNK7xQMUwxZGsixPaWT/Central%20Bank%20Bahamas%20warning%20list%20Deltec.png)\n\nHowever, if we take a closer look at the footnote it becomes clear that Deltec Financial & Trust Services and Deltec Bank & Trust Limited are not the same entity.\n\nTo further address the possible confusion caused by the similar name, Central Bank notes that Deltec Bank & Trust Limited is licensed to work in the Bahamas.\n\n![Deltec bank confusion.png](https://cdn.steemitimages.com/DQmSmc3tUiUqRC2t63gFrm6cmYb4v2nXDmJv21TeCuBibhF/Deltec%20bank%20confusion.png)\n\nNevertheless, both of the entities seem to reside at the same address in Nassau. This makes Central Bank’s statement: “has no relationship, whatsoever” a bit too strong.\n\nAre There Other Issues?\n\nTogether with an announcement, Tether Unlimited shared the letter from Deltec Bank. In the letter, Deltec states that Tether Unlimited holds over $1.8 billion at their bank, which covers the current balance of USDT.\n\n![Deltec Bank Letter -Tether.png](https://cdn.steemitimages.com/DQmam4b2zYhcYTwrnREuNGF6VN9ZQybt927aQoGZZdJfyV4/Deltec%20Bank%20Letter%20-Tether.png)\n\nHowever, it is noticeable that the signature on the letter is not attributed to any particular employee of the bank. Usually, letters of this kind have a printed name and the position of the employee who signed it.\n\nCoined Times has sent an email to Deltec Bank, asking them to confirm the authenticity of this letter. They’ve also asked them to clarify their standard procedure for signatures. However, Deltec Bank has not answered before the publishing of this article.\n\nThe article https://coinedtimes.com/is-tethers-new-bank-blacklisted-by-central-bank-of-bahamas/  will be updated when Deltec Bank answers.",
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      "body": "Congratulations @hodlmodel! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/notifications/firstvote.png)](http://steemitboard.com/@hodlmodel) You made your First Vote\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/voted.png)](http://steemitboard.com/@hodlmodel) Award for the number of upvotes received\n\n<sub>_Click on the badge to view your Board of Honor._</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-steem-power-followers-and-following-added\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmfRVpHQhLDhnjDtqck8GPv9NPvNKPfMsDaAFDE1D9Er2Z/header_ranking.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-steem-power-followers-and-following-added\">SteemitBoard Ranking update - Steem Power, Followers and Following added</a></td></tr><tr><td><a href=\"https://steemit.com/spanish/@steemitboard/presentamos-el-ranking-de-steemitboard\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmfRVpHQhLDhnjDtqck8GPv9NPvNKPfMsDaAFDE1D9Er2Z/header_ranking.png\"></a></td><td><a href=\"https://steemit.com/spanish/@steemitboard/presentamos-el-ranking-de-steemitboard\">Presentamos el Ranking de SteemitBoard</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "body": "Critics argue that decentralized systems do not create trust, that they merely convert one form of trust (in financial institutions) to another form (technology). So, can a trust in a decentralized system be built?\n\nOne can argue that the trust in some of the blockchains has already been built among the early adopters. There’s Bitcoin’s open code which has been thoroughly battle-tested through numerous attempted hacks over the years. If this or a rise in market cap don’t speak volumes about the increasing trust, let’s see what are the advantages of decentralized systems and issues which should be tackled to further increase the trust and maintain it. After all, trust has a dynamic and multifaced character, and the blockchain technology is still in its infancy.\n\n![Blockchain technology use cases.jpg](https://cdn.steemitimages.com/DQmP4tPWUXBmxbrN9nYaLPVZA4PNr7HPpgntTMHfMQ2zJQM/Blockchain%20technology%20use%20cases.jpg)\n\nMotivation\n\nThere is no hidden motivation behind a public algorithm, while the motivations of those who control central authorities can be speculated. Yes, we have to trust technology instead of intermediaries, but decentralized technology doesn’t have any conflicts of interest with its users, while central authority, such as banks or centralized social network, might have. Data privacy breaches, e.g. Facebook – Cambridge Analytica scandal, are partially the reason why decentralized automated governance is so important. Even Cambridge Analytica’s former development manager and a Whistleblower, Brittany Kaiser, became a strong proponent of blockchain usage for data protection. On the other side, gambling cryptocurrency Dragon Coin, that Cambridge Analytica and she were involved with, has raised $320m. This is one of the biggest ICOs to date. However, the price of the coin has crashed 98.50% since the ICO (at the time of writing), raising concerns about the project and its team. One of the biggest problems came to focus after The Times revealed that one of its supporters is a famous Macau gangster. Cambridge Analytica’s fling with ICOs is a great example of how important it is to do your own research on teams behind projects, before getting involved in crowdfunding.\n\nTamper-proof and Transparency\n\nMajority of blockchains are being made in a way that they cannot be interfered with, due to their consensus algorithms checking transmitted data for coherency and authenticity. The process of tampering with the blocks is expensive and complicated for larger cryptocurrencies. The time and monetary cost to trick the system far exceed the gain, and with the coming economy of scale and calculations getting more and more difficult, the chances are becoming even slimmer for some. The cost of attacking Bitcoin would currently be over $8 billion, and that’s just the cost of the cheapest hardware without the cost of setting it up and running it.\n\n![51-attack-bitcoin-cost billions.png](https://cdn.steemitimages.com/DQmSdJSWGjrhcBzmL36tJeQz4FyK9ApJxnXqsUfWtt9trCG/51-attack-bitcoin-cost%20billions.png)\n\nThat said, coins with much less hash power, such as Monacoin, Bitcoin Gold, Zencash and Litecoin Cash, have recently been hit with a 51% attack. You can compare the current theoretical cost of the attacks on different blockchains here www.crypto51.app, and as you can see, some are very cheap to attack. There are possible solutions to this which ICOs could consider, such as PoS, Coins built on top of other networks, Merged mining, Interchain linking, Penalty System for delayed block submission, Multi-Algo mining etc…\n\nBlockchains can digitally secure contracts and store them in transparent, shared databases, where they are cryptographically protected from deletion, tampering, and revision. Immutability can be of great importance to many sorts of data: currency transactions, intellectual property, equity, information, reviews, agreements, tasks, digital assets – which makes blockchain a general-purpose technology. Blockchain can also lower privacy and censorship risk. Even the UN is exploring the ways to utilize these features. UNOPS teamed up with IOTA to see how the project’s distributed ledger can help the UN increase efficiency through streamlining of workflows, supply chains, and payments, and prevent corruption through transparency. The UN called it “the world of Industry 4.0“.\n\n![Should-we-trust-blockchain-technology-1280x720 (1).jpg](https://cdn.steemitimages.com/DQmWfevaXEPi8XKFu6AQETepuxbNug129agTPMgs1gbWhty/Should-we-trust-blockchain-technology-1280x720%20(1).jpg)\n\nUser-friendliness\n\nCryptos are not user-friendly – yet. Most of the losses in legitimate crypto projects come from insufficiently informed users and the technology which has not yet been simplified enough for mass market usage. Non-compliance with recommended safety procedures, as in the case of improper use of wallets, transactions, password generation or keeping, has often lead to loss of funds. Cryptos, in general, are in the early stages of development and not enough attention is given to the ordinary end user. That said, Average Joe will be able to become his own bank when we reach a point in which safety procedures become user-friendly. Projects which start catering to end user, sooner rather than later, will gain a comparative advantage.\n\nFOMO and FUD\n\nEven though speculations, hype, fraudulent ICOs, pumps, and dumps, are not the inherent feature of blockchain technology, they are currently some of the most important reasons why people lose trust in it. Newcomers need to do a lot of research to understand the product and its value, to avoid getting tricked by FUD and FOMO. Most of the ordinary people hastily and speculatively entered the market and got burned during the FOMOed end of 2017 and FUDed beginning of 2018. Instead of becoming wary of media hype and social media schillers, many people misplaced their mistrust by dismissing all crypto projects as a scam.\n\n![technology trust.jpg](https://cdn.steemitimages.com/DQmTpHbbmJsN9uRwMngwBFmp3F7yvm2A8nRFFCqAd78Eyst/technology%20trust.jpg)\n\nTraditional and crypto investing/trading have something in common – they are not for the faint-hearted. If you do not have in-depth market knowledge, and can’t control fear and greed, it’s better to avoid trading and investing altogether.\n\nEnvironment\n\nCrypto environment itself is becoming more and more decentralized, thus safer. If the current largest exchange crashed, such as Mt.Gox did in 2014, effects would not be so dramatic. This is because we now have a large number of exchanges with smaller shares in the market. Mt.Gox had a 70% share in the market, making the whole environment centralized and vulnerable. It basically acted as a single point of failure.\n\nAnother potential point of failure is argued to be unaudited Tether and its spread over the exchanges. However, new StableCoins, possibly more trustworthy, with different pegging and stabilization mechanisms are entering the market and should reduce reliance on Tether, as a non-volatile trading pair.\n\nAnother way of looking at the fragmentation of the environment is through the distribution of bag holders. In the early crypto days, ownership of the coins was more centralized than now, partly due to steep emission curve of Bitcoin and its incentive system, which led to a large number of coins being distributed to a small number of miners and investors. Those with the heaviest bags became known as whales, able to influence the value of the coin on the exchanges. The situation has improved since early BTC owners sold or exchanged part of their holdings to other cryptocurrencies. A rapid increase in the number of new investors and crypto projects has led to further fragmentation. Projects with more shallow distribution curves, such as Safex, will ensure the long-term continuation of this trend.\n\n![Safex-emission-curve.jpg](https://cdn.steemitimages.com/DQmPt2CkPV3YMndQkf9JtdTiUR1qaRywey3asjLbPwEBVcz/Safex-emission-curve.jpg)\n\nRegulation\n\nTrust in centralized systems exists largely due to regulations and predictability of outcomes. On the other side, the majority of crypto proponents are opposed to regulations. Unregulated crypto space has so far led to accelerated growth of innovations. However, it also attracted cons and incompetent opportunists. The lack of a safety net has led to a loss of funds in numerous exit scams, Ponzi schemes, thefts, and hacks. Some of the scams were made in such a blatant way, that it is hard to believe certain people were gullible enough to fall for them. There are people who invested $250k in a satirical project, called – PonziCoin, whose founder was shocked with his own success.\n\n![Ponzi-ICO.png](https://cdn.steemitimages.com/DQmZmh6C7Wya6g5AMBiDjhd7MCz5ScFSqsM9xAGX7VVhhK2/Ponzi-ICO.png)\nExcerpt from satirical PonziICO White Paper\n\nBut with all seriousness, some of the scams are so complicated that even sophisticated investors have a hard time detecting fraud. This is mainly because the scam is usualy tied to advanced technology or exotic monetary policy.\n\nA thorough debate is still needed on how to legally improve crypto space without stymying progress. We have even seen some successful self-regulation, e.g. exchanges acting on suggestions of careful governments and organizations. We’ve also seen crackdowns by the not so crypto-friendly governments. It’s left to be debated if mindfully elaborated safety measures in the form of minimal regulations might improve the trust issue among the general public.\n\n\nDo not rush into thinking that blockchain will take the world by storm in a short time. Hype is one thing, but development is still at a very early stage and adoption will probably be more gradual than we think. Some industries will adopt it earlier than others. Social network coins might be among the first to be adopted on a larger scale if we have a look at the ranking of Steemit platform by the number of transactions (blocktivity.info).\n\nMany issues need to be solved before the mass adoption. Starting with technology, security, and regulation, adding up to governance and societal issues. It took more than 30 years for the Internet, TCP/IP, to move through all the phases—single use, localized use, substitution, and transformation—and reshape the economy. The blockchain is more of a foundational innovation than disruptive. It has the potential to create new foundations for global technology systems over the longer term, lead waves of institutional changes and create entirely new business models, building trust along the way.\n\nIn the following articles, I’ll talk about other issues such as price volatility, as well as the debate around immutability vs protection.\n\nLet me know in the comment what you think are the biggest obstacles which we need to overcome in order to build substantial trust in blockchain technology?",
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      "body": "I originally published this research on Coined Times https://coinedtimes.com/how-profitable-are-icos-to-investors/ \n\nThe spectacular rise of Bitcoin has made many investors excited about cryptocurrencies and hopeful that they can make similar gains by investing in Initial Coin Offerings (ICOs). This type of fundraising for blockchain startups has hit major headlines recently, and in many aspects overshadowed venture capital.\n\nICOs are not only used as a fast and regulatory-lax way of funding development. They are also used for distribution of tokens, as widely as possible. Achieving a network effect with decentralized distribution is not an easy task, especially with all the institutional players pouring in recently, attracted by the profits.\n\n\nIt’s difficult not to feel the fear of missing out when you look at the large gains. Nevertheless, just a small portion of people bought at ICO and sold at All-Time High (ATH) price. Moreover, many high ROI (Return of Investment) coins have seen large drops since the peak, some even below the ICO level.\n\nWould $1 Invested in 2013 Have Made You Rich?\n\nThe first ever ICO was Mastercoin’s in 2013, but Next Coin (NXT), launched the same year, was by far the most successful for investors. If you had bought NXT at ICO price and sold at ATH price, your ROI would have been 12,857,043%!\n\n$1 invested would have made you $128,570, while $1,000 would have made you a mind-blowing $128m!\n\n![How-Profitable-Are-ICOs-To-Investors-1280x720-870x522.jpg](https://cdn.steemitimages.com/DQmTSLyMhNZypVAy6SCyN4EkFF79wVPf9671afgk6Lh9Zin/How-Profitable-Are-ICOs-To-Investors-1280x720-870x522.jpg)\n\n2014 was dominated by Ethereum’s ICO. The decentralized software platform for smart contracts, DAOs, and Dapps, became the second most valued cryptocurrency in terms of the market cap, with ETH return of 460,633%, from ICO to ATH. It evolved into the most popular platform for creation of digital assets, as well as liquid cryptocurrency traded for those assets.\n\nThe winner of 2015 was Iota (MIOTA), which uses the directed acyclic graph (DAG) technology called ‘Tangle’ instead of the traditional blockchain, for feeless IoT micropayments. Its ROI, from the start of trading to ATH price ($5,69), was an astonishing 1,323,156%. Iota became one of the top performers in the digital currency space.\n\nAugur (REP), a prediction market platform built on Ethereum, was launched the same year. Its ROI was 21,167% at the peak.\n\nThe average ROI of an ICO launched in 2015 is 26,070% as of press time, according to Coinist directory.\n\nNote: Ethereum is included in these 2015 results.\n\nEven though ICOs in the financial market sector raised the most money in 2016, this was actually a lucky year for investors in blockchain-as-a-service (BAAS) platforms.\n\nA Chinese cryptocurrency and blockchain platform for Dapps, Neo, had an amazing return of 615,056% from ICO in 2016 to ATH. Other successful BAAS platforms, Stratis (STRAT) and LISK (LSK) had 319,821% and 52,545% ROI, respectively. That said, Neo, Stratis, and Lisk are currently down 90%, 93% and 92% since ATH.\n\nA French project, Ark, which plans to connect all the different cryptocurrencies by acting as a blockchain switchboard, had ROI of 109,100% at ATH.\n\nDespite that, 2016 was not all sugar and honey. There was a large number of fails, such as Arcade Token, which got delisted and is now inactive on Coin Market Cap. A similar thing happened to Mexican Bankcoin which dropped 99% since ICO. Let’s also not forget the fall of the most famous pyramid scheme, Bitconnect, with a billions-worth market cap at one point.\n\n![Bitconnect-scam-768x456.png](https://cdn.steemitimages.com/DQmTFrfd7meRG7B72xoZgeW5bKY1joNiDHc4jrj2a1EbjCe/Bitconnect-scam-768x456.png)\n\nCompared to earlier years, a growing number of scams have decreased the average return of projects launched in 2016 to 635% as of press time, according to Coinist directory. However, the average ROI for the top 10 ICOs in 2016 is still high at 2,047.39%. \n\nThere was a stratospheric rise in popularity of ICOs in 2017, the year they went mainstream. Investors in many small offerings had large returns.\n\nThe anonymous team behind privacy-oriented Spectrecoin (XPEC) managed to raise only $20k for development. However, ICO investors, who held until its price peaked, had a 673,900% ROI. However, there was a drastic sell-off in 2018 due to the lack of expected development.\n\nSome projects have raised amazing amounts, such as Filecoin (FIL), used as a decentralized storage solution. However, the $257 million they raised have not helped its ROI rise to astronomic heights. \n\n2017 was a year when governance shortcomings of some of the blockchains became apparent. Cryptocurrencies which offered novel governance solutions, such as delegated proof-of-stake (DPOS), raised the most money.\n\nTezos (XTZ), the DPOS blockchain with innovative AI-helped governance, has raised $232m, $160m of which in just 32 hours. Due to a power struggle at the helm, delay of the launch, lawsuits and a surprise KYC requirement, there was a sell-off as soon as the tokens were claimed. \n\nEOS, another delegated proof-of-stake smart-contract platform, has raised a staggering $4bn in a year-long Dutch-Auction-type ICO. It made it the most successful ICO to date. Although the price dipped due to governance issues after the launch, early backers could still collect some hefty gains. Those who bought at the price of $0.925 have around 500% ROI as of press time. On the other hand, those who bought at 10$ haven’t been so lucky, and would now sell at a loss.\n\nThe Swiss-based Sirin Labs (SRN) has raised $158m with an aim to build the first open source blockchain smartphone. There was 708% ROI from ICO to its peak price; however, its current price is much lower than the ICO price.\n\nThat said, the most profitable projects for investors seem to be those which raised 10x less money, but still enough for development. Some of them are Qtum with 36,503%, Storj with 34,678%, and Binance Coin (BNB) with 21,561% ROI from ICO to ATH.\n\nScams and Fails\n2017 was also a year of numerous scams and fails, such as Centra ICO, whose founders claimed to be building a debit card for cryptocurrencies. They created fictional executives with impressive biographies and lied about partnerships with legitimate businesses. With the help of famous endorsers, including a boxer, Floyd Mayweather, they’ve managed to raise $32 million, while ICO investors lost all their money. SEC charged them with fraud in April this year.\n\nMany other projects are down by over 99%, such as PlusCoin, Bolenum, and Crypto Tickets.\n\nDue to many failed projects and scams, an average ROI of an ICO launched in 2017 is 50% as of press time, according to Coinist directory. The average ROI for the top 10 ICOs in 2017 is 2,297%.\n\nBy the end of 2017, we’d already had a couple of offerings per day, and their numbers are increasing. E.g. there were 20 different ICOs on July 1, 2018, but due to millions lost daily, people became wary of them.\n\nThe fact is that more money is being raised in 2018 than ever. However, the bear market, copycats, and a growing number of scammers are some of the reasons why average returns are diminishing. Investors have become more careful and selective.\n\nAnother trend is a rise in the number of institutional investors. Filecoin’s token sale raised a lot of money since it is regulatory-compliant and provides access to traditional investors.\n\n![profitability of ICOs.jpg](https://cdn.steemitimages.com/DQmNtmdRVSzmrbvD49hVcZgTMP3bysF2fp96XJ15pGY4qK3/profitability%20of%20ICOs.jpg)\n\nICOs have raised $6.3bn from January 2018 to March 2018. That is more than $5.7bn, the amount raised in the whole of 2017. Last year, the largest amounts were raised right after the bullish runs in spring and autumn. FOMO might have helped with that. Five projects raised over $50m in December of 2017. During the bull run of January 2018, ten projects raised over $50m, led by U.Cash ($113.65m). However, none of the ICOs raised that much during the crash in February.\n\nThe money flow has increased since then, with projects such as the gambling coin, Dragon (DRG), raising $407m in March. Although very profitable to founders, Dragon DRG has been bad luck to investors, whose bags have dropped 94% in value so far.\n\nThe money raised in earlier years is peanuts compared to the sums which are being raised now. Still, 56% of recent crypto startups have failed within 4 months of their ICO.\n\nLarge price drops have shown us that the amount of funds raised does not mean the project will turn out to be profitable for investors. Furthermore, some of the ICOs have been envisioned in the same way as pump & dump groups. Namely, pump & dump organizers and the inner circle (similar to ICO founders and some private pre-sale investors) profit from dumping on connected pump & dump groups, the so-called “outer rim”, and bagholders. In the case of ICO, these are late backers and buyers on exchanges.\n\nAmong all the Ponzi schemes, exit scams or overenthusiastic but incapable teams, it is difficult to find a good project. This doesn’t mean that we should dismiss ICOs altogether.\n\nAmong the 2018 ICOs, there are some that survived their first day on an exchange, aka the “drop it like it’s hot” moment, and provided returns to investors.\n\nFor example, investors in the ICO of Zilliqa (ZIL), which scales through sharding of the mining network, have 850% ROI so far.\n\nSo yes, ICOs can be profitable. The situation is also likely to improve for many of the mentioned coins when we get out of the bear market. However, the amount of risk is astonishing. Extreme profits can only come with extreme risks. According to Satis Group, 92% of coins are scams, fails or have gone dead. 2.8% are gradually diminishing and only 5.4% are successful or promising. Many among that 5.4 % will probably fail too.\n\nLooking for a winner is not easy. ICOs are a type of democratized venture capital, but instead of using safer VC models such as milestone financing with checks and balances of milestones reached, the trend is to raise money in the pre-product phase. If you want to invest in one, note that you are actually investing at the riskiest phase of a startup. There’s no guarantee that there will be a product or a functioning right or utility for your token. On top of that, there is a risk of a regulatory crackdown. Speculators or those who get disappointed before the ICO end usually sell on the first day of listing. If those coins reach an exchange at all, that is, as only 8% of the tokens get listed.\n\nThat said, there are genuine new projects out there. They are constantly trying to improve on scalability, governance, security, transaction fees, speed, and user experience. Blockchain technology is in its early stages and this means that the “winner” might be an existing product which evolves. It could also be one that hasn’t even been born yet.\n\nDo your own research. Invest only what you can afford to lose. Look for the experienced and vetted developers, with a proven record of using funds adequately to generate value.\n\nMake sure you also consider proven coins, like Bitcoin (BTC), which didn’t hold an ICO. Bitcoin went from $0.003 in its first transaction in 2010, to $6,000 support in 2018. It has grown 2,000,000 times in the last 7 years.\n\nConversely, if you are risk-averse, you can always invest in S&P, with an average return of ≈10%.\n\nNote: I have ignored the first 2-3 days of trading when calculating All-Time-High, considering that those days can be exceptionally volatile.",
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      "body": "Rather bizarrely, Yobit exchange announced a Pump and Dump of an unnamed cryptocurrency on the 11th of October.\n\n![yobitpump.jpg](https://cdn.steemitimages.com/DQmZu7S4YDz4mCghAoZ2P9n47cz8mjENwjT973U67TSVeC9/yobitpump.jpg)\n\nThey planned to buy one random coin for 1 Bitcoin every 1-2 minutes, 10 times, in the total amount of 10btc.\n\nIn what seemed like ‘we don’t give a damn’ moment, they have even put a countdown timer on their homepage.\n\n![Yobit-countdown-timer-pump-and-dump.png](https://cdn.steemitimages.com/DQmY4DDnDLuZ7t3YkLj62MhzkFPX6ByZ5HQoVfboGY46Gyw/Yobit-countdown-timer-pump-and-dump.png)\n\nThey also made it clear in the email received by their subscribers that “Only one coin will be pumped, not 10”.\n\nAccording to the twitter comments section, followers seemed shell-shocked.\n\nYobit decided to pump Putin Coin!\n\nHowever, it's Pump and Dump of $PUT looked more like a pre-Pump and Dump.\n\nSee how it looked like LIVE on Coined Times: https://coinedtimes.com/yobit-volume-up-181-prior-to-pump-and-dump/\n\nThis tactic has obviously paid off, since their daily volume spiked 181% after the announcement and prior to pump. Yobit is now ranked as 39th exchange on the Coin Market Cap with $33 million daily volume.\n\nThis crypto exchange is hosting 482 cryptocurrencies. 315 of those have less than $100 daily volume as of press time. It is fairly easy to pump and dump them.\n\nEven though Pump and Dump schemes are believed to happen often on exchanges, they are still unlawful. Well, at least in the USA. Some of the exchanges are doing it covertly by organizing giveaways to the top 24hr volume traders. Yobit is the first crypto exchange which has announced publicly their intention by brazenly wording it as “pump and dump”.\n\nThe U.S. Commodity Futures Trading Commission – CFTC is on a mission to investigate and prosecute crypto pump and dump schemes. \n\n![CFTC whistleblowing crypto pump dump.png](https://cdn.steemitimages.com/DQmd5QGNau6tZoMxbodJJJtScaK6stMV2dS7vXrK1ihT6dM/CFTC%20whistleblowing%20crypto%20pump%20dump.png)\n\nAs CFTC said: “Commonly, it is the people pulling the strings who get out first making the most in the scheme, and leaving everyone else scrambling to sell before losing their investment.”\n\nConsidering that Yobit was founded in Russia in 2015, but accepts US customers, it is unclear if CFTC has a jurisdiction to act in this case.\n\nYobit has a history of fraudulent claim investigations. In March 2017, Russian telecommunications regulator Roskomnadzor had apparently opened legislative proceedings against Yobit, according to reports.\n\nWAVES also had an issue with Yobit exchange. Its token appeared as a BTC pair on Yobit at a stage when it was impossible to withdraw it from private Waves wallets.\n\nIt is left to be seen how the crypto community and regulators will react to the Pump. There is a fear this kind of activities may have a broader negative effect due to the potential to attract harsher regulations and restrictions.",
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      "body": "So #bitcoin went up 3% at once. Reason? Take a look at these snapshots:\n\n\nThere were 35.941k btc shorts in 'before' shot (Aug 27, 11:22pm) \n![btc shorts before.png](https://cdn.steemitimages.com/DQmfMaWXCyv8HKXxi2iH5UDnQ1GFH9eSfS62gEuYsJ8Vurx/btc%20shorts%20before.png)\nand dropped to 35.463k btc in 'after' shot (Aug 28, 1:50am) \n![btc shorts after.png](https://cdn.steemitimages.com/DQmTKkvPncXQWVybh1XcsRgjX6s763KMPGwNwM3vT7QytG7/btc%20shorts%20after.png)\n\nso about 500 btc of shorts were closed!\n\nWhen you close a short position you must buy underlying asset, which is $btc... Hence 🚀",
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      "body": "1.2% of total $EOS supply held in leveraged longs. It's floating on thin ice. How bloody will the carnage get when it's at 3$? \n\n![EOS price trading 1.png](https://cdn.steemitimages.com/DQmaJnrydPGrhw3ZZ2UP9cJ6TvfAzw2GkN4vihCEaJHSr4L/EOS%20price%20trading%201.png)![EOS trading 2.png](https://cdn.steemitimages.com/DQmSVCHxNphQ4sk4WzVtn99jXL9ScSG73M1ZjMpanSSbtB4/EOS%20trading%202.png)![EOS trading 3.png](https://cdn.steemitimages.com/DQmUyoi9VV9GN4YPtzKkPZp9G3eJ4npMttA47TqmNir5ZTd/EOS%20trading%203.png)",
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      "body": "In January 2018, breakeven price of BTC mining for large Chinese miners was $3,9k at discounted electricity rates ($0.03/kwh) and $4,8k at industrial wholesale rates ($0,06/kwh), which still makes BTC mining profitable.\nThat said, industrial retail electricity rate of $0,13/kwh is currently not profitable.\n\nhttps://twitter.com/HodlModel/status/1011913902278488064\n\n So, what would happen if the price of Bitcoin fell to completely unprofitable levels even for the largest mining companies, let’s say $1k, and they start fleeing the game?\n\nMajority of past analysis predicted that scarcity of BTC supply will be raising the price of Bitcoin, thus keeping it profitable for miners regardless of decreasing block rewards and increased difficulty. At bearish times like this we can see that this doesn’t have to be the case for extended periods of time.\n\nMany were also implying that BTC bottom price should be equal to breakeven mining price. However, the price of Bitcoin is not really a subject of Labour Theory of Value, but rather of Subjective Valuation. Its value is whatever someone will pay for it, regardless of the effort and money that went into producing it.\n\nWhen Bitcoin price falls, those who mine with the highest electricity costs are first to drop out. With each price fall, more miners stop mining, depending on their breakeven point. Downward trend increases centralization and possibility of 51% attack by the largest pools. Here’s a screenshot of today’s hashrate distribution:\nBitmain’s pools BTC.com and AntPool own 49% of hashing power.\n\n![BTCcom Antpool Bitmain owns 49 percent of hashrate Bitcoin 27jun18.png](https://cdn.steemitimages.com/DQmUE365dcydt7pFW2fP3SErkLpXsX7Bs5bd4Ngaz1VJaDT/BTCcom%20Antpool%20Bitmain%20owns%2049%20percent%20of%20hashrate%20Bitcoin%2027jun18.png)\n\nBitmain probably doesn’t have any reason to abuse the network, however, acquiring 51% of hash power is worrisome because it opens up the possibility for abuse. Think of the potential malicious Bitmain’s employee, hacking or unintentional abuse.\n\nBut let’s assume that 51% attack won’t happen and go back to the price of Bitcoin and the possible situation where there’s a substantial drop in miners. If the network hash rate is low and the time taken to discover a new block is more than 10 minutes, then the network will reduce the difficulty level proportionately to decrease the block discovery time. So, the fall in hashing power will decrease algorithmic difficulty, which means that the remaining miners can mine more with less hashing power, which should keep the rate of production steady.\n\nThat said, algorithmic difficulty is adjusted aprox every 2 weeks (2016 blocks), which is ok if there’s a gradual price drop. However, certain issues could arise if there’s a sudden drop of BTC price, let’s say, from $6k to $1k in just 3 days, because of the long period before the difficulty is adjusted. What could happen in those weeks during which we would have very few miners handling high difficulty algorithms? Please note that this period could be much longer, due to maximum change in block difficulty per 2016 blocks. In this case where we, let’s say, lose 83,34% of the hash rate, it would probably take 4 weeks to be completely adjusted (because of the “Factor of 4” in retargeting adjustments).\n\nEven though this period would be extremely unprofitable, I believe there’s no possibility of all miners quitting, because majority of them are heavily invested, e.g. in equipment. Some of them would be ready to mine at a loss for certain period of time, knowing that the difficulty would be adjusted at some point. Plus, they have lots at stake. There would be less hash power, which means it would take a lot of time to validate transaction. Transactions would pile up and the whole network would function a lot slower for couple of weeks.\n\nSatoshi could have come up with better solution for the frequency of block difficulty adjustment, as this kind of situation would provide huge losses for the most persistant miners, scare and drive others out of the business all together, making the network more centralized and susceptible to 51% attack.",
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      "title": "Breakeven price of BTC mining  I  Bitmain’s 49% Hashrate"
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