Binance Singapore cryptocurrency exchange review 2020 ...

12-12 13:23 - '[link] / Can delay xfer for up to 30 days apparently. Would never use this shitty exchange for anything. / [link]' by /u/EmployedAmerican removed from /r/Bitcoin within 0-4min

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Can delay xfer for up to 30 days apparently. Would never use this shitty exchange for anything.
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Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
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Buying bitcoins from Singapore

What is the best ways to buy bitcoins without a lot of hassle if one is in Singapore?
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08-31 04:15 - 'Unfortunately your location does matter for your exchange (where you buy/sell). / Check out r/bitcoinCA for lots of great info. / ShakePay is easy to use, quick to transfer funds to (can use regular Interac e-transfer up t...' by /u/TrueNorth49th removed from /r/Bitcoin within 2-12min

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Unfortunately your location does matter for your exchange (where you buy/sell).
Check out bitcoinCA for lots of great info.
ShakePay is easy to use, quick to transfer funds to (can use regular Interac e-transfer up to your bank/card daily limit), and signup/verification is pretty fast/painless. Fees why buying/selling BTC can be a little high (1.25-2.25% depending on price volatility) but they charge no other fees - including free xfer to your wallet. Use my link and we will each get $10 when you buy your first $100 of BTC.
Newton gets some good reviews as well and is supposed to have lower fees. The verification process with PLAID is a little disconcerting - would suggest avoiding until they implement their new process (supposedly coming soon).
ATMs charge VERY high fees (sometimes over 10%) so would strongly suggest avoiding.
Make sure you know how to use your wallet BEFORE you make any large purchases. Try some small tests, try restoring your wallet, and make HANDWRITTEN copies of your seed words (and PROTECT them!!!).
Move your BTC off your exchange AS SOON AS POSSIBLE. Consider and BTC not in your wallet as being at high risk of being lost. An exchange is NOT like a bank!!
It may seem a little daunting but once your make a few transactions it is pretty straight forward and you will be ahead of 99% of people!!
Shoot me a DM if you have any questions. Long live the queen!! 🇨🇦
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Why i’m bullish on Zilliqa (long read)

Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analysed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralised and scalable in my opinion.
 
Below I post my analysis why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since end of January 2019 with daily transaction rate growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralised and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. Maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realised early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralised, secure and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in amount of nodes. More nodes = higher transaction throughput and increased decentralisation. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue disecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as:
“A peer-to-peer, append-only datastore that uses consensus to synchronise cryptographically-secure data”.
 
Next he states that: >“blockchains are fundamentally systems for managing valid state transitions”.* For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralised and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimisation on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (>66%) double spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT etc. Another thing we haven’t looked at yet is the amount of decentralisation.
 
Decentralisation
 
Currently there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralised nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching their transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public.They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers.The 5% block rewards with an annual yield of 10.03% translates to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS & shard nodes and seed nodes becoming more decentralised too, Zilliqa qualifies for the label of decentralised in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. Faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time stamped so you’ll start right away with a platform introduction, R&D roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalised: programming languages can be divided into being ‘object oriented’ or ‘functional’. Here is an ELI5 given by software development academy: > “all programmes have two basic components, data – what the programme knows – and behaviour – what the programme can do with that data. So object-oriented programming states that combining data and related behaviours in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behaviour are different things and should be separated to ensure their clarity.”
 
Scilla is on the functional side and shares similarities with OCaml: > OCaml is a general purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognised by academics and won a so called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities safety is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa for Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue:
In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships  
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organisations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggest that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already taking advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, AirBnB, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are build on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”*
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They dont just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities) also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiatives (correct me if I’m wrong though). This suggest in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures & Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Early Zilliqa.com Recommendations

Hello Everyone,
Early investor here who is appreciably frustrated by the mismanagement of this project. I won't get into the specifics of the past and would instead like to focus on the right here right now; I'm attempting to do a very detailed overview of the Zilliqa website and the changes I -- and I'm guessing most of the community -- would like to see (I'm basing this on the favourable response to my previous posts). The purpose of this exercise is to not only improve the website but more importantly highlight some of the ways in which Zilliqa needs to change its thinking, attitude, and general verbiage. Why should Zilliqa do this? Because I feel they are obliged to not only build a good product but also make Zilliqa pervasive, showcase the intents and efforts to do so, and as a result proliferate and increase usage/demand of the currency and in doing so, do right by the investors that financed the pursuit of Zilliqa team members' dreams.
Also Zilliqa Team, if you don't have someone like me on your team picking apart every aspect of what you're doing or not doing, I suggest you get one. I get the sense the Zilliqa Team is a tight-knit group, so tight-knit that they're probably often afraid to disagree with one another, instead electing to give out A's for effort. As I'll point out later, that behaviour isn't ethical. The responsibility of Zilliqa Project Team (the ones who were not so cowardice to leave the project), is to build and sustain the advancement of this blockchain's use and popularity for the end goal of adoption and actual ZIL for goods and services use. The flash in the pan across 1 billion was nice but the fact remains this project SHOULD be top 10 by marketcap but right now we are simply getting outworked by other projects putting substantially more effort into business development, or the appearance thereof via marketing, communications, and overall more exciting community engagement,
Without further preface , here are my early Zilliqa.com main page observations:

Zilliqa.com Page:
  1. Please stop being so polite; Zilliqa is not “Enterprise Ready” Zilliqa is “The #1 Enterprise Blockchain of Choice” or “The Best Enterprise & Developer Blockchain in existence”; please, modesty is NOT needed when it comes to educating about and marketing your product. I get the sense that the Zilliqa project is “anti-hype” and in some sense believes that to be an ethical or moral approach to conducting a business in the blockchain space -- BUT, I invite Zilliqa to look at this from another perspective. Investors are the ones who financed this project, and although “the vocal community” – i.e. Redditors, Telegramers, does not likely have angel fund investors in it, we still provided a large portion of our personal funds to make this project successful. Zilliqa’s ETHICAL and MORAL responsibility lies in appeasing the requests of investors who want to see the price of Zilliqa soar. That being said, it’s definitely also ethical and moral to have some measure of truth in your communications and claims but that DOES NOT equate to being unnecessarily vague or humble in your communications approach. Is Zilliqa not the best or one of the best blockchains of choice for enterprises and developers alike? If it isn’t then why do you have Xfers, Mindshare, Aqillz, HgExchange, and the like building on ZIL? The top spot deserves to be had by Zilliqa, but the team has to CLAIM it by PROCLAIMING it. Please, change the mentality from underselling to at least appropriately selling. Zilliqa is beyond ready, it’s one of if not the best blockchains of choice for developers and enterprises alike.
  2. Under “Zilliqa at a Glance”
- Research brought to life: good
- “Mainnet Live Since Early 2019”: Why does that matter? First to use sharding as a scaling solution – why do we care? What’s sharding? Is that what you tell enterprises who might want to use Zilliqa? We were the first to shard? How about we have the fastest, safe, distributed, verifiable ledger on the planet; which enables the development of the highest performance enterprise applications the world has ever seen. Speed, efficiency, irrefutability, all translating to better performance, data, and overall cost savings. Aqillz was created off the mindshare & pepsi co. pilot correct? So obviously, significant cost savings are not only possible but highly probable with a blockchain like Zilliqa to build on.
- Sharding in Practice: Great. No one cares if Zilliqa scales linearly or exponentially; if it scales it scales. Tell me something I don’t know that makes it real for me. “Processing more transactions faster, safer, irrefutably, and at a lower cost than Visa or any payment processor in the world”
- Safe by design contract language – What’s the point of smart contracts, really? Is it automation? Automation to what end? Is it a technical feat to behold? What does it enable? Efficiency? Cost Savings? Cutting out the middle man? Isn’t the middle man just a coder now? When you talk about your smart contract language, tell me why it really matters. Imagine a world where “………………”; you have to tell the enterprise, developer, or end user why they might care.
- Eco-Friendly dual mining: I would change this to: ENVIRONMENTALLY FRIENDLY CRYPTOCURRENCY or AN ENVIRONMENTALLY SUSTAINABLE CRYPTOCURRENCY SOLUTION; SUSTAINABLE AND ENVIRONMENTALLY BITCOIN. This needs to be changed to sustainable in either event because eco-friendly is narrower in scope and doesn’t encapsulate what Zilliqa is actually trying to say here; technically, Bitcoin could even make the claim at this moment in time that it is eco-friendly; destroying or not destroying habitat isn’t the question here, sustainability through cradle-2-grave is the real concern. Bitcoin’s process isn’t environmentally sustainable, but it isn’t directly ecologically harmful. Please choose words specifically and purposefully.
- Blossoming Ecosystem: I have a real gem in terms of marketing to share with Zilliqa here; it gets the point across of what a healthy ecosystem really means for commerce, business, and end users. I’d like for you to specifically inquire for more details on this.
  1. Token Swap Deadline – Put this in a pop-up in one of the corners on the main page; don’t need a randomly placed section of this on the main page; looks unrefined.
  2. Faces of Zilliqa – not a bad idea but it’s fair to say some serious expansion is required here. The amount of effort that has been put in is incredibly lackluster I would put substantially more effort into key players from strategic partner or “friendships”/collaborators as you term them. Again, not entirely sure why this is featured on the main page.
  3. ZILHive – randomly on main page and selectable from the dropdown menu; just the dropdown menu would suffice. Simplicity is a better look on the main page; state only the most important and essential bits of information.
  4. 2 Million Transactions – again quite random and unrefined; could this not be moved under the Zilliqa News page?
  5. Tianwei Liu – this is significant, but again, wouldn’t it be better placed under Ecosystem or “Faces of Zilliqa”?
  6. Unstoppable Domains Video – cool; why is it on the main page?
Overall guys the website’s first page has some good content, I’m just not sure I understand the vision behind randomly jumbling it altogether. Was there any discussion on this at all? I realize you’re all knee deep in technical works but somebody within the Zilliqa Team has to be knit picky and critical of majorly important communication events like the launching of a website.
BTW, probably the 10th time I’ve asked, where is Anquan in all of this? None of my questions have yet to be answered, where is the extraordinary support to the tune of $20 million Zilliqa is supposed to receive from Anquan? Where is the detailing thereof? Why isn’t Anquan under Ecosystem or “Faces of Zilliqa”? Tell me more about what they’re doing with their token sell-off that tanked the price of Zilliqa, would you? You guys said you had 4 years of treasury runway, why then was Anquan’s sell-off and tanking of the price imperative to support YOUR operations? I swear I will bring this up every month until the community gets a respectably specific answer. Stop with the vagueness please and thank you.
I fully expect to be contacted by Zilliqa after this, enough with the slow-going head in the weeds approach. Let’s get some precise, purposeful, and timely efforts in the domain of communications, marketing, and business development.
Thanks for taking the time to read;
Again – HAPPY TO HELP IF YOU’RE IN NEED; WILL WORK FOR MARGINAL SUMS;
Kind Regards,
Zilliqa Project Investor and Proponent
submitted by JustTerrible1 to zilliqa [link] [comments]

High Poloniex FLDC Withdrawal Fee!?!

I'm on a mission to move all my cryptocurrencies off exchanges. I did a test transfer of FoldingCoin (FLDC) off of Poloniex to my Wallet (Counterwallet). The freaking withdrawal fee was 750 FLDC!!! Around the time of the transaction, that comes to about ~$48! If you have hundred of thousand units of FLDC, I guess that would not be a problem but what is the deal here? What am I missing? I do remember reading that Counterparty Assets use the Bitcoin blockchain but that fee is like highway robbery!
Knowledgeable folk on the subject please chime in.
Thanks again,
Squilly_D
submitted by Squilly_D to FoldingCoin [link] [comments]

Difference between PayPal and Bitcoin international money transfer.

I sent 100 euro via PayPal to a friend in Mexico today, and he received 1827.09 pesos (91.98 euro, 8% costs). It will take him 3-4 days to withdraw from PayPal to his Mexican bank account.
I also sent him 100 euro worth of bitcoin. I bought the bitcoin at www.bitonic.nl (Dutch exchange), sent it to him, and he withdrew with www.bitso.com (Mexican exchange). He received 1957.87 pesos (98.56 euro, 1.4% costs) and it took 45 minutes (waiting for 4 confirmations).
Adios PayPal !
submitted by mouwe to Bitcoin [link] [comments]

Guide To Buying Your First Bitcoin In Singapore.

Guide To Buying Your First Bitcoin In Singapore.
Over the past few days, i have been searching for a guide for new Singaporeans to get their first Bitcoin. I have came across a few and find that some of them are outdated and i have decided to do 1 on my own and share it on Reddit to help fellow Singaporeans or those who are interested on how to buy Bitcoin in Singapore.

*I had to removed quite a few pictures due to the limit of 20 pictures per post. I seek your understanding on this.

A Guide To Buying Your First Bitcoin In Singapore
What Is Bitcoin?
It is a digital currency based on the blockchain technology. The currency is completely free from any central authority and transactions are fast and secure.
Bitcoin was envisioned as a utility coin that was meant to take over real money. However, users have found more value in trading the cryptocurrency as an investment commodity.
Where To Buy Bitcoin In Singapore?
As a Singaporean, we have access to a huge number of both local and overseas exchanges. But for a beginner, I would recommend using some of the platform which has simple User Interface(UI) as the exchanges might be too complicated or intimidating for a new user. Below are the 3 platform that I would recommend.
1.Coinbase:US-Based
2.Coinhako:SG-Based
3.Cryptaw:SG-Based
4.Gemini:US-Based
Difference Between Them?

Coinbase Coinhako Cryptaw Gemini
Account Verification Requirement -Personal Details -National ID -Bank Account -Phone Number -Personal Details -National ID -Bank Account -Phone Number -Personal Details -National ID -Bank Account -Personal Details -Passport -Phone Number
Exchange Rate High Fair Fair High
Margin Spread Fair High Fair Fair
Fees Credit/Debit Cards:3.99% Cash:1.49% Cash:1.0% Cash:1.2% Cash:1%
Credit/Debit Card Yes No No No
Bank Transfers/Cash XFers XFers Bank Transfer Wire Transfer
Customer Support Good Fair Good Good
Account Security Google Authenticator Google Authenticator Google Authenticator Authy


Guide to Buying on Coinbase:
  1. Register an account with Coinbase: https://www.coinbase.com
(*Picture removed due to picture limit)
  1. Create an individual account:

https://preview.redd.it/z1mx1ual4pr11.png?width=602&format=png&auto=webp&s=db95ee8677d81da302e67c0bbc880393a894298c
3.Submit your documents for account verification
(*Picture removed due to picture limit)

4.Once you have submitted your documents, you should be directed to this page.

https://preview.redd.it/f9abeq9r4pr11.png?width=602&format=png&auto=webp&s=ac07678e168ffc93dda3ec68884f0f525e0c5480
5.Register an account with Xfers. (You can choose to buy using Debit/Credit card but it comes with a high transaction fee of 3.99%)

https://preview.redd.it/k4ms3vns4pr11.png?width=602&format=png&auto=webp&s=70d7aa2970ad0e6266f11ee6575f3dd0c2384462
6.Click on Buy/Sell on the Coinbase menu bar, select Bitcoin and enter the amount you would like to buy in denomination of SGD/Bitcoin.

https://preview.redd.it/45xnue4u4pr11.png?width=602&format=png&auto=webp&s=881910cdc3a4eb18da3eeac8e06cf42059f54cc5
7.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).


Guide to Buying on Coinhako:

  1. Register an account with Coinhako: https://www.coinhako.com (You can register using your facebook account)
(*Picture removed due to picture limit)
  1. Create an account by filling up the registration form:

https://preview.redd.it/038rswjx4pr11.png?width=602&format=png&auto=webp&s=3b44fe299bedfe3b3699eb505cf364f584d49f4f
3.Submit your documents for account verification:

https://preview.redd.it/4bgnneey4pr11.png?width=602&format=png&auto=webp&s=6e01aee2caff0adc855c55bd3327e077d7edca40




4.Once you have verified your documents, you would be allowed to transfer funds.

https://preview.redd.it/uibnegj35pr11.png?width=602&format=png&auto=webp&s=09b9abd0155b4515025bc0a6eb251df524fed0a3
5.Register an account with Xfers.
( Please refer to Coinbase guide above)
6.Click on Wallet on the menu bar, select Buy beside BTC/SGD and enter the amount you would like to buy in denomination of SGD/Bitcoin.

https://preview.redd.it/4z1x1f855pr11.png?width=602&format=png&auto=webp&s=f1fc7423ad24b2a4595520966ecb671fd968fb6b
7.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).

Guide to Buying on Cryptaw:
  1. Register an account with Cryptaw: https://www.cryptaw.com

https://preview.redd.it/ywad9um68pr11.png?width=1892&format=png&auto=webp&s=b4a9367fedd614b86a597ae4a6d98d3b6705f251
  1. Create an account by filling up the registration form:

https://preview.redd.it/04ztnm8m5pr11.png?width=602&format=png&auto=webp&s=0cf6df03dd61009e45a6c8e7b144a34a900565c9
3.Click on Verify Now for account verification:

https://preview.redd.it/eh9puiro5pr11.png?width=602&format=png&auto=webp&s=51e8bd8343d03bb1016c0706c443daf7ed37234b
4.Submit documents for Account Verification. Click on Show example to see what is expected:

https://preview.redd.it/4y3z0pz36pr11.png?width=602&format=png&auto=webp&s=6c87f6dcc3c29117004d3f8bc7b818ee647d590a




5.Once you have verified your documents, you would be allowed to transfer funds.
https://preview.redd.it/y07ksclq6pr11.png?width=602&format=png&auto=webp&s=222e67fa737b57bca539ca17bc2ed97833533d05
6.Click on Buy on the menu

https://preview.redd.it/kb8jzmir6pr11.png?width=602&format=png&auto=webp&s=881133c1475a269833c3b06f13cc0b16f9c664c0
7.Check and confirm the Order details.

https://preview.redd.it/vwfktgis6pr11.png?width=602&format=png&auto=webp&s=5df5248df7a05d88052cc49e320a13a9e0967ef7

8.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).


Guide to Buying on Gemini:
  1. Register an account with Gemini: https://gemini.com

https://preview.redd.it/tvfd60tx6pr11.png?width=602&format=png&auto=webp&s=431cc0ad743decb98abcc55dbaa78eb8063de831
  1. Create an individual account:

https://preview.redd.it/f78egmmy6pr11.png?width=602&format=png&auto=webp&s=1c4ae9e1c12ab5834ea743acc3c1cbc1673e4d44
3.Submit your documents for account verification:

https://preview.redd.it/1e3sohgz6pr11.png?width=602&format=png&auto=webp&s=c6205597776a0ea24ce355aa2058cdc9dd065ef6


4.Once you have verified your documents, you would be allowed to transfer funds.

https://preview.redd.it/m8cnfda67pr11.png?width=602&format=png&auto=webp&s=0220236fb5c6727179b3e5894e477982b055d673
5.Click on Buy on the menu and choose BTCUSD

https://preview.redd.it/pccr0i177pr11.png?width=602&format=png&auto=webp&s=09152d23ba929dea633da76db7f0a9b40793f4e5
6.You have successfully bought your first Bitcoin. Note that even though the price of Bitcoin is above SGD 8,000 at time of writing, you do not need a lot of money to buy Bitcoin. You can buy a fraction of Bitcoin which is also known as Satoshi(0.00000001BTC).


Through this article, I hope you find the exchange that best suits you. From my experience, I started out using Coinbase. But due to the higher fees and bank fees, I decided to switch to Coinhako after finding out more about them. I used Coinhako for slightly over a year and faced very minimal issues, but most of the time I will have to solve them myself as it takes up to a week for Coinhako Support Team to get back to me regarding my issues. Earlier this year, I came to know of Cryptaw through a friend and after some studying, I decided to switch over to Cryptaw as they solve a few issues I face with Coinhako. No doubt Cryptaw charge a 0.2% higher trading fee, but for the convenience that I am getting with their Bank Transfers deposit and higher trade limit, it is definitely worth it. The reason why I included Gemini was because a few of my friends are trading using Gemini and they told me Gemini provides better support. But in my opinion, Cryptaw is good enough for me as I have never faced any issues with them and their Support Team usually replies within a day.
TL;DR: I am using Cryptaw
Note: Trading of cryptocurrencies involves significant level of risk. Prices of goods, regardless of their nature or substance, have no permanent nature and are subject to constant change. Price fluctuations directly affect the value of assets held by an individual over time. Any good - virtual or not - can both gain value and become worthless over time. Due to the fundamentals of the cryptocurrency trading system’s functioning, it is vulnerable to fluctuations in the level of confidence of market participants, which directly affects the level of demand or supply. The level of confidence can be affected both by purely economic factors and non-economic, including technological ones. Given the above, please thoughtfully decide whether the existing degree of risk involved in the cryptocurrency trading is acceptable for you.

submitted by Aircrypt to Bitcoin [link] [comments]

WHY are we the thirteenth largest cryptocoin market, with more trade and more trend than bitcoin, and yet we do not have a single site trading USD/DOGE??

I have been purchasing coins through my friends account for some time now until finally I decided to register for my own at Virwox.
When I originally registered I thought I could exchange USD for doge, or even doge to Bitcoin right there on the site. But to my dismay, this is not the case. First you have to transfer them to another exchange site to convert your money around a few times, finally enabling you to make the final trade, BTC/DOGE.
This would be all fine and dandy if Virwox didn't have a mandatory 2 day delay minimum on all first transfers....And for people wondering there are no other places you can go to that don't do something similar.
I deposited my money three days ago when I intended to buy doge for .000276 USD and now I'm losing out on a great deal of doge coins when you consider the fact that the doge market GREW BY OVER 2 MILLION DOLLARS in the course of the last day and a half.(jan. 14 - 15). In affect reducing the amount of doge I can now purchase for my bitcoins from 210,000Doge(for 60USD) to 140k.
Edit: I forgot to mention the problems associated with having to exchange between different currencies. Firstly, any deposit into one of these crypto exchange sites take mandatory fees for just about every step in the process. My initial 60 dollar deposit was reduced to 57.65, and when I withdrew my bitcoins from the site there was a mandatory BTC xfer fee of .002 BTC.
Oh but it doesn't stop there, you see, because you have to exchange your coins through so many different currencies before it lands on Doge, you are forced to leave behind tiny increments of your coins in different crypto wallets, as most sites will have a minimum trade amount for a certain currency. Take SLL for example, they only let you convert a minimum of 35 SLL into BTC at a time. So if you have say 100 SLL wanting to be turned into BTC, you will be forced to leave behind 30 SLL, as you don't have the required 105
submitted by thebiglouboo to dogecoin [link] [comments]

Just found out I have no way of cashing out my litecoins.

I'm from Singapore and most of the exchanges I'm able to use only buy/sell bitcoins. Xfers is down so I can't really use Coinbase to sell my cryptos. And in the event that bitcoin fails and litecoin survives, I'm really hodling it forever it seems.
submitted by xModulus to litecoin [link] [comments]

500BTC for House - Viable?

Guy on Gold Coast (Aus) lists his house for 500BTC. At the time of listing 1BTC was AUD $12,804 - net AUD price 6.4Mil AUD.
How viable is this..? (i know, it is a marketing ploy but lets discuss it)
Scenario 1 - you actually have 6.4 Mil AUD in the bank.
==> Totally impractical
Scenario 2 - you go to the bank, under the factional reserve system they write you up a loan, for 6.4 Mil (frac ratio 10% so they have 640k AUD in reserve).
==> Seems even less practical
Scenario 3 - perhaps there are other exchanges around the world with higher daily limits - US? but you likely can't use them unless you are a citizen of that country. Thinking.. use coinbase etc. SWIFT xfer 6.4Mil AUD to USD, then coinbase it from USD to BTC.
As an aside, there is Stamp Duty payable under QLD state laws - though Stamp Duty is calculated against $AUD. if the place is changing hands for a 'trade of agreed value in BTC' - is stamp duty payable still ? how would it be calculated.? to my knowledge the GST and Stamp duty laws specifically reference $AUD, in this sense doing the trade in BTC is akin to trading in clam shells, is it not.?
interesting.. anyone, anyone, Bueller..?
House Link : https://au.news.yahoo.com/qld/a/38039040/queensland-man-lists-luxury-home-for-500-bitcoins/
submitted by pepperjackal to btc [link] [comments]

Satoshi White Paper destroyed / competing # rate

Competing for DA ( EDA ) is killing the market. Both Coins will not servive unless manipulation is in play which means the market has become predictable.
It is quiet obvious that ( Bitcoin War ) has upset the People of China. Well done on how professionally the fork was executed.
Bitcoin ideology of moving millions of $ from A to B has got a man in the middle, yes, you name it, a ( WHOLESALER ) no exchange or bank at point ( B ) = no CASH.
Lets create a practical example. I travel to Sweden and wants to cash out some of my - 30% Bitcoin, how do I go about it ? I would need a bank account to xfer $ from the wholesaler into my " bank account "
Coming back to my point. Was Satoshi WP designed for competition ?
I will leave the thought with you.
LTH BTC + BCC + BTCx2 + ETH
submitted by dietereater to btc [link] [comments]

[R] Question on Bitcoin and Taxes

I have a fair number of Bitcoins. I tend to buy/sell at least once a month. I keep the coins in my local wallet. When I want to trade I xfer them to Zebpay / other exchange and sell there. Till date I have not withdrawn any money back to my bank account.
When I do decide to cash out, will the entire amount be seen as income? Can I reconcile the deposit made with the withdrawn amount and only be taxed on the profits? How this to be declared? My accountant is slightly stupid so I'll need to explain this to him. I've read a few articles online on this subject but they are all sketchy and vague.
My plan is to hodl fairly long term. In the unlikely event that I am rich beyond my wildest dreams, is there scope to open an account overseas and deposit the money there? What are some realistic options?
Looking for advice from people who have experience from being in a similar situation either themselves or via friends & family.
submitted by le_f to india [link] [comments]

Exudous Fee's question

Sorry im a noob. So I bought bitcoin a little while ago ($50). I xfered it to Exudous and let it sat. I am now trying to xfer it to an exchange and on a $47.74 balance, I am charged a $13.08 fee? I have been reading that it is not them, and that the block fee's have skyrockets, which I get. But to almost 30%? I have also read that you can change your priority in some wallets, but I cannot for the life of me find anything with exudous on that.
I am sure I just screwed up and should have done more DD before getting in, but am I understanding this correctly?
Recap: 1 transaction of $50 in, want to do 1 transaction of $47 out. $13 fee? https://imgur.com/a/YIf22
submitted by glhwcu to Bitcoin [link] [comments]

Bitcoin Cash xfer from Bittrex->Binance - Missing in the ether after 10+ confirmations? (BCC? BCH?!)

I sent about $25 from my Bittrex account (Withdraw) to my Binance account (deposit), in Bitcoin Cash. They both call this currency Bitcoin Cash, with symbol BCC. The transaction has >10 confirmations and was placed a few hours ago, but it's not showing up in Binance. Another xfer I did as XVG was successful and happened in minutes.
Now, I'm starting to worry because a couple of sites I've seen are calling Bitcoin Cash by the symbol BCH. Is it possible these two exchanges have a totally different currency and are both calling it BCC? I'm concerned my deposit was of the wrong type and therefore is "Missing". If this were the case, how do I recover my funds, or does it just vanish into nowhere on one of the networks?
Thanks for any info and/or prayers for my poor $25.
submitted by LieutenantTofu to UnofficialBittrex [link] [comments]

[uncensored-r/Bitcoin] Segwit2x did I get this right?

The following post by Drmrstheobsidemonarc is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7mckgl
The original post's content was as follows:
Being a bit of a n00b, I just realised this might affect me. I had BTC in my Exodus wallet, and read a post that suggested they may or may not support a fork (depending on other exchanges). I also have a Binance account... so reading that they would make available any new coins I immediately xferred all my BTC there. Did I get this right, or at least the gist of it?
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

12-27 04:22 - 'Segwit2x did I get this right?' (self.Bitcoin) by /u/Drmrstheobsidemonarc removed from /r/Bitcoin within 31-41min

'''
Being a bit of a n00b, I just realised this might affect me. I had BTC in my Exodus wallet, and read a post that suggested they may or may not support a fork (depending on other exchanges). I also have a Binance account... so reading that they would make available any new coins I immediately xferred all my BTC there. Did I get this right, or at least the gist of it?
'''
Segwit2x did I get this right?
Go1dfish undelete link
unreddit undelete link
Author: Drmrstheobsidemonarc
submitted by removalbot to removalbot [link] [comments]

Help an idiot figure out how to cash out a portion of his bitcoin

been making alot of $$$ with bitcoin lending and localbitcoin. I need to cash out (xfer into usd via bank transfer, western union...doesnt matter)
The sites i am on do not allow me to withdrawl into a usa bank account. Its been so difficult finding an exchange that lets Ppl in USA withdrawl USD.
Please help
submitted by Sapsjr555 to Bitcoin [link] [comments]

Buying Doge in Australia?

Hey guys I'm new to this buying cryptocurrency thing, is there a good website/exchange out there where I can quickly buy Doge? (Or I assume BitCoin to xfer to Doge).
submitted by Trianix to dogecoin [link] [comments]

One man's journey in helping his friend avoid the so-called "Australia Tax" on Steam

tldr; Tried, and failed, to avoid the Australia Tax on Steam. Because, we're all idiots.
Warning : Do not read if you don't want to repeatedly punch yourself in the face. But, if you're like me, you enjoy that sort of thing. That much is true.
Here's the tale of one person (me) attempting to help my friend who absolutely refuses to pay the so-called Australia Tax. For those unaware, the "Australia Tax" is the reality that most electronic goods and software are inexplicably more expensive down here than they are anywhere else. Because, Australia. I don't know.
The thing is, I don't really care that much. But my friend, lets call him Charles, hates it. The problem? Charlie wanted to get a copy of GTA V. Purchasing on Steam wasn't an option and it's the same deal if he were to go retail. Charlie had a dilemma and so with that, he turned to me. I'm the clever problem solver.
We hatched a plan that seemed legit to me. I have a lot of friends in North America, and they're all gamers like us down here. So the plan was to get one of those gamer friends to purchase the game in North America and simply gift it to Charlie. Well...
Charlie, aside from his slightly misguided attempt to curtail perhaps the business expense of Australian customers (whatever those are) or the increased risk of shipping software to this part of the Internet (because snakes or venomous spiders are on the Internet here too), has a small issue. Several in fact. He can be tremendously difficult to get a hold of. When you text him, he'll reply in email. When you email, he'll call you in Skype. When you Skype him, he'll phone you on the phone. I don't understand why, but I'd learn why by the end of this particular tale.
I contact my first friend, Terrence. He agrees immediately and I message him with Charlie's SteamID. I don't pay any more attention as now the deal should be done right? Uh, well, it wasn't long before Terrence sends me a quizzical email asking why Charlie blocked and ignored him on Steam.
Apparently Terrence made several attempts to message and connect with Charlie, but they were wholly ignored. After getting blocked and ignored, Terrence short-circuited and aborted his part of the evil plan. Why ask us to go thru these shenanigans and then block the person that will help you? At any rate, once I texted Charlie with a WTF?? He replied to me on Skype. Why Skype? I have no idea. He explained he thought it was some scammer and refused to cooperate with someone whom was clearly scamming him. Never mind that he explicitly asked for this to happen. Anyway, Terrence was out. And Phillip was in.
Phillip is also an intriguing character. He rails against the government, taxes, traffic, toll roads, you name it. He was not only joining our plan, he was down with it in a big way. Awesome. I explained the plan, gave him Charlie's SteamID and considered the deal done. Little did I know, it wasn't over by a long shot. You see, the SteamID was too complicated (apparently) so it was requested that I give Phillip Charlie's email address. No problem, done. We also agreed that the next time I was in North America (I go frequently) I'd hand over the cash in person, even with a bonus free dinner on me. With this in place, I forgot about it.
Charlie and Phillip don't speak, message or communicate in any way. They are separated by 10,000km of deep ocean and 17 hours of the Sun's Azimuth traversal. But they may as well be in separate places in history too, one where the Vikings have recently vanquished the Stone Age Clan, and the other a gritty gothic castleworld with a cackling mezzodaemon perched at the top.
Since I volunteered to be the intermediary between these two fine geniuii, I had to see if it all went to plan. After I don't hear anything for a couple days, I message Charlie in an attempt to ensure that he is dutilfully checking his email and Steam regularly. I also try to monitor things so that Phillip isn't gifting the prize to some other random Steam user. And this is where it all fell apart. Despite my monitoring and messaging, Charlie never really replies. But I finally get a voicemail asking me when he'd receive the gift? But..I..just texted..you. Why voicemail? I suspected that he'd lost his email password but in that exact moment, I get an email from Phillip immediately demanding, "oh hey, that money transfer should be done soon yeah?". What money transfer? I didn't agree to that! But whatever, I was getting beyond caring and I just wanted everyone to be happy, so just rolled with it. "no problem coming soon". However what I wanted to know was, "Where is the game? Charlie never received it." And it dawned on me why our dinner date was turning into "instant money xfer" - Phillip must have gifted the wrong person!! And to recoup his losses, he'd collect the money, assign blame and finally absolve himself entirely of the situation! Fucker!!
At any rate, Charlie didn't receive the gift. Nothing in Steam, and nothing on email. Phillip wanted his money now. The game was nowhere, and I'm sitting here in shock... wondering where everything went wrong. I was becoming frustrated at this stage, so I had a FUCK IT!!! moment and just decided to BUY THE FCUKING GODDAMN GAME FOR CHARLIE. I'd wire transfer the funds to Phillip, dust off my hands and say "fuck it" again and just call it a loss. Oh well!
So I do this. Well attempt to, anyway. Charlie instantly receives a new copy of GTA V from the Australian store. Australian Tax Gods : 1, Charlie : 0. Then I go to my bank to arrange the wire xfer of the money to Phillip, which now tacks on $22.00 for "banking fees" and exchange rate. One small problem. Phillip's banking details are wrong and I have to go through numerous emails to check them.
And that's when I find an older note from him, buried in various email threads. It says "hey man, sent the package, his email is [email protected] yeah?" And that's when I tell Charlie to go and check his stupid mail again. Every goddamn folder. Every goddamn message. Spam, Saved, Priority, whatever. Open that inbox, dump it out on the table, and find something. Shortly thereafter... I get a message from Charlie:
"It was in Promotions"
OMG. So now he has the game from Phillip. And he has the game from me.
So now I'm out $176.89, Rockstar gets paid twice, the Australian Tax is un-avoided and the Gamer Gods can be heard tittering at this idiot (ME) sitting in the middle wondering why the world has gone full retard. And the latest is that the money xfer between our countries is not easy. Phillips bank doesn't do international transfers. It uses it's parent bank, who then uses an intermediary bank that must go to my bank. That's three banks dealing with a $100 transfer. The form page on my bank doesn't accept "invalid characters in the address" (there aren't any), so yeah, banks are pretty fail. Why can't I use bitcoin again?
Moral of the story? Just pay the fucking Australia tax. And stay the fuck away from Phillip and Charlie.
submitted by covertc to gaming [link] [comments]

mt.gox and coinbase wallets vs DIY

any good articles on some perspective of using these legitimate exchanges vs running your own bitcoin wallet? after taking a lot of time to download all the transactions in my wallet and acknowledging my newbness, i've signed up for mtgox and coinbase. i've seen 5 confirmations in blockchain.info for my transfer from coinbase to mt.gox, but it seems like these guys are just getting in the way. after waiting 5 days to get a legitimate coinbase balance, i want to make it rain, but it seems tedious to xfer btc in and out of these entities.
submitted by kokberg to Bitcoin [link] [comments]

BitCoin Hextra Coin And Everything Crypto - YouTube COINHAKO XFERS SINGAPORE BITCOIN - Top-up. MYR dep and New sign-ups halted. South Korea FUD thoug A+ ZILLIQA - PAY PAL - XFERS - IMF CryptoCom Exchange and Major Singapore Update!  Free $50USD Too! Bitconnect Update - Attempts to Exchange BCC to BTC. Exchange is down.

How is Bitcoin Cash different from bitcoin? Just like Bitcoin (BTC), Bitcoin Cash (BCH) is a peer-to-peer cryptocurrency, which can be sent directly to anyone, anywhere in the world without the use of a third-party intermediary.. There are two differences between Bitcoin Cash and Bitcoin: Bitcoin Cash has a larger block size, which results in lower transaction fees and faster transfers on average. Xfers provides various payment solutions for businesses. Start accepting payments online now. A Major Payment Institution licensed by the Monetary Authority of Singapore for the provision of e-money issuance services. Developer-friendly APIs. Easy-to-use. If you are interested in investing in bitcoin for long term or trading for daily/weekly profits then you will need to use a bitcoin exchange for it.. If you are reading this then you are searching for the best bitcoin exchange for trading or investing that provides a number of features or services with good security, better GUI, and must have good support, etc. Simply link your Xfers account and you can buy and sell. BNB available. Binance Singapore is one of very few places to buy and sell BNB for fiat. Cons. BTC, ETH, BNB, LTC, BCH and XRP only. You’ll have to use a different exchange for trading other coins. No active trading. Binance Singapore is primarily a fiat bridge. It doesn’t offer advanced features or active trading. Go to Binance ... You can also top up your CoinHako account using Xfers, which allows you to buy bitcoins within 10 minutes. Pros. Super fast way to purchase bitcoins in Singapore; Fees are reasonable at 0.9% ; Small amounts of bitcoin may be purchased without verficiation; Trusted and established exchange; Cons. Not private for larger amounts since identity verification is required; Xfer limit is only 100 SGD ...

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BitCoin Hextra Coin And Everything Crypto - YouTube

Bitconnect Update - Attempts to Exchange BCC to BTC. Exchange is down. The father of Lending platforms have fallen what is next. Crypto red sea. Keep the crypto faith. UPDATED How to Buy Bitcoin Ethereum with COINHAKO in Singapore Malaysia Exchange Part 1 - Duration: 15:02. BitCoin Hextra Coin And Everything Crypto 2,012 views 15:02 Bitcoin At $1 Million By 2020 Is Still Possible And Might Be A Discount Says James Altucher - Duration: 13:56. Kitco NEWS 209,474 views Crypto.com Debit Card Review 2020 - Earn, Invest, Exchange & Stake MCO Token! - (Best Crypto Card?) - Duration: 11:08. MDX 10,999 views CryptoCom is launching their own exchange which is going to be very exciting, from a crypto debit card known company into a platform to earn then now exchang...

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