Cryptocurrency leaped from being an academic concept to reality with the creation of Bitcoin in 2009. While Bitcoin attracted other growing cryptocurrency companies in succeeding years, it captured a significant number of investors and traders around the world. Now, millions of people already earned from crypto trading, and there are still hopefuls trying their luck in trading. One of the best ways to limit the risk of the volatile trading market of cryptocurrency is to be good in decision making and having the right knowledge about trading. The best way to do so is through reading, there are millions of crypto trading books that are just waiting to be studied.
Mastering the Elliot Wave: Presenting the Neely Method by Glen Neely & Eric Hall is one of the most recommended books a crypto enthusiast should read before trading. The book explores the Elliot Waves and how they can be used as indicators of market trends. Elliot Waves are a concept developed by R.N. Elliot in the 1930’s and at its most basic can be thought of as a way to predict the psychology of large groups of people. He had developed his wave theory in response to the current idea of the time that stock markets were chaotic, random and unpredictable. Elliot claimed people traded in repetitive cycles and that his formula could illustrate the patterns inherent in these systems. Despite some of his detractors’ unease with the intuition associated with his method, Elliot made complete, accurate predictions of market movement.
Another book a crypto trader must-read is the Fibonacci for the Active Trader by Derrik Hobbs. Considered to be one of the top crypto trading books by most articles. It introduces the reader to this mathematical concept developed by Italian mathematician Leonardo De Pisa in the 13th century. The Fibonacci Sequence can be represented as a series of numbers in which each subsequent number is the sum of the previous two numbers. This sequence can be carried on ad infinitum and has some very interesting qualities. Hobbs explains the way that this sequence is used in trading clearly and concisely, making this text great for new traders, or anyone that has never incorporated the Fibonacci Sequence into their approach. Hobbs lays out the basics of different tools such as projections, extensions, and retracements and the purpose the Golden Ratio can play in their implementation. The collection of knowledge from these two books is necessary for crypto enthusiasts to survive the volatile world of crypto trading.

I am a 28M; I started watching porn a tiny bit at 19/20. This story is going to be a bit crazy and I feel like a horrible damaged person quite a bit. Warning that it gets a little dark. Please stop reading whenever you want.
Pre-story: I lost my best friend in 7th grade when he showed me porn. I told my mom and she stopped letting me see him. I thought it was an evil thing and watching it was the worst thing you could do. I never even had the temptation to watch until I was 19/20.
Why I started: My computer got hacked and I lost $5,000 my Sophomore year of college. While trying to figure out what happened and to get better anti-virus software, the IT person accused me and basically told my mom that it was most likely adult/porn websites that caused it. I feel like my mom sided with him. I tried to tell him I don't go on those sites, and he repeated to my mom that it was almost certainly from porn. Then he told me some good antivirus software that should work.
I was upset over his accusation, upset over losing $5,000, and as a 19 year old virgin who did not even know what a vagina or sex looked like, and who had zero luck with women in college, I thought maybe I should just take a peak at porn. I was very lonely and stressed out trying to get straight A's in college. I looked up a lot of non-nude images for weeks before I built up the courage to look up a picture of a vagina. Oh how innocent I was.
I eventually followed a link to a porn site. Watched a little, then more, then more. I was a very good student who put all my self worth on my school grades. I would motivate myself to study with porn. Watch more when I got a good grade. Etc. Etc. I don't think I watched too much during this time period. I kept taking 18 credit hours per semester and did graduate with a 3.9+ gpa with 2 majors and a minor; basically top of most my STEM classes.
But by now I was depressed and burnt out. Mostly from classes, but also from a job, a sport I did well at, and the porn. I was constantly doing something. I had strived so hard for good grades and now everyone was pushing me to make money. After all my self worth came from grades, I had to switch it to money. I was so burned out it was hard to apply for jobs. I did get one a year after graduating, but i watched more and more porn as i lost more and more hope of finding a job that year. As a straight A perfect student who was unable to land any job for so long, I felt like a failure.
The job was extremely stressful and i started watching porn every day afterwards, eating dinner, going to bed and watching a little more to numb myself before going to work the next day. This continued for a year and a half. The job made me hate my life. The porn was not helping. I would stay up until 1 or 2 am watching it (2-3 hours per day) and being tired the next day at work. Oh well, I hated the job so i did not mind.
I was 24 years old now. Never had a kiss. Hardly a hug with a woman. I had done so good at school, was working a stressful job, but felt utterly alone, hated, and immense shame from the porn. I had saved up enough money that I decided to quit the job and travel the world for a year or two and try to regain some sanity. By now I was severely depressed and almost suicidal. Maybe travelling would help.
And that would have been fine. And it was. But I felt like i failed everyone. They were all expecting the super smart kid to be wildly successful at work. Then i just up and left and I could tell people started treating me like an unemployed loser. self esteem crashed even more. Depression was getting worse and worse and worse. I kept watching more and more porn up until the date I left to start travelling. The only way I could stop hating myself so much was to take the attitude of "I don't give a fuck what anyone thinks about me, no matter what". I had enough money saved up from work to coast for 3-5 years. By all objective measures I was successful and would have been fine taking a year off. But mentally I was all wrong, completely lonely and isolated, all I wanted was for one women to fall in love with me and go travelling with her for a year.
But I had no idea how to ask anyone out. Nobody seemed interested in me. So I made the wise (lol) decision of visiting a strip club. Maybe just try and talk to an attractive women and keep the conversation going. Maybe it would help with other woman. I had fun. Had no idea what a lapdance was, but got one of those. The closest a women had ever been to me. It was fun but expensive... and I went back a few more times while travelling.
Simultaneously my ultra-competitive fear of failure streak led me into trading cryptocurrencies obsessively. I monitored prices almost constantly. 60, 70, 80, 100 hours per week. My year of travelling ended up being 3 months of travel and 9 months of obsessively trading cryptocurrencies. Even more than 100 hours per week - Every waking moment of my life was on the computer analyzing markets. But it was stressful. I needed the porn. I would watch more and more. I was trading while watching porn. Trading while masturbating.
If I made a large amount, I would go to a strip club. If I was travelling in a country where prostitution was legal - well - I hired a prostitute. Didn't even have sex with them. Didn't want to lose my virginity to one. I was so stressed and mentally broken that I just needed somebody to hug. One of them straight up told me to stop watching porn. But I couldn't. I am sorry Natalia :(
These sexual distractions and the massive amounts of porn helped keep my mind off of trading on the exact moments I needed to not think about it. A convenient escape. I don't know if I would have done as well trading that year had I not had this distraction. That year i had multiple days making $5k+. That year I bragged to a stripper giving me a lapdance that I made $25k over the weekend. That year I traveled to 15 countries. That year a massage lady in asia gave me a happy ending massage and I begged her for another. That year I felt like i failed my parents/friends/extended family by quitting a shitty job. That year I stopped caring about what anyone thought about me. That year I barely escaped suicide. That year I turned $20k into $1 million from trading.
The following year I bought a house, a car, did more travelling. Watched way, way, way too much porn.
I felt so guilty over the porn. So guilty seeing strippers, cuddling with hookers, getting a hand job. I turned to femdom porn. The first one was funny - woman humiliating men. Clearly roleplay, for fun, a little bit silly. laughed the first time i saw one. But i needed it to be real. I needed women to tell me how much they hated me and I needed to believe it. I needed to feel like I had failed all women and let them destroy me. So I convinced myself they were real. POV femdom videos where they verbally shred me. Tell me to stay locked in my closet the entire weekend, tell me to drink a lot of alcohol, tell me to go broke for them and beg them to let me drink enough water to survive. Over and over I would watch these videos. Becoming sadder and sadder and sadder. Never able to actually cry. Just sadder and sadder and sadder. How badly I wanted to just cry for the first time in 5 years. Never anyone knowing what I was doing. The successful 25 year old millionaire.
I tried to hire a prostitute to verbally degrade me. She looked at me so sad, sitting naked before her, and told me "There is nothing about you I can humiliate". We cuddled instead. And I tried to cry. I went back to see her again. This time I wished to be tied up and tickle tortured. She laughed and agreed. I told her i liked it because it was the only thing that could make me smile. I saw her again one final time 6 months later. She remembered I liked to be tickled because it made me smile. I had forgotten why I liked it. But she remembered.
Went to a sex therapist. She said I needed to stop feeling guilty about porn, masturbation, about it all. Never wanted to hurt anyone. I hurt myself the most. Still watch a lot of porn but I am trying. Wrote a book about trading. Practice my sport 4 days a week. Trying to get back into studying for fun. Feeling less burned out and ready for something new. I have already seen all the (legal - never had any desire to see anything illegal) porn there is. Nothing else left to see is what i tell myself. But still watching it too much.
But maybe there is something left to salvage.
I was going to watch porn today. But i wrote this instead. Maybe tomorrow I will read it instead.

I know that this may seem obvious to most of you here, but I'd just like to make a PSA for all of the newcomers here.
The crypto space and even the general online investing space these days is full of scams.
So now that you know that, here's how to spot one:

They offer you guaranteed % returns on your investment. Anyone advertising guaranteed % returns on your investment is a scammer. Almost every time without fail. The higher the rates, the more likely they are to be a scam. If they are offering anything more than 5% per year without acknowledging that it is a high risk investment is most likely a scam.
They make you lock up your funds for a set period of time. This is a very common part of Ponzi schemes. It is done so that new investors cannot withdraw their funds for a long time. This means that their money can be used to pay off the first few investors which came before them and they can only withdraw their funds after the set period of time. The scammers then use this lockup time to attract new investors, allowing them to pay off the previous investors. This cycle repeats until the scheme runs out of new investors to pay off the old ones.
The way they make their money isn’t made clear or is hidden behind a general explanation such as “an advanced trading algorithm” (see BitConnect’s “trading bot”.)
As a general rule, the more a website or developers talks about the price of a crypto asset or the returns it will earn you, the higher the likelihood of it being a scam. This is just a general rule though since many legitimate projects just go all out when it comes to marketing, probably just to pump their own bags.
Nobody will trade for you. Many people say they will trade for you or you should add them on What’sApp to join their “trading program”. Nobody who is actually a good trader will do this. Good traders don’t share their secrets and they don’t make money fast enough or consistently enough to offer their services to other people even if they wanted to. Usually these types of scammers will get you to send them your money “for them to trade with” and as soon as they get your money they will disappear.
Their website just seems off. This is where an eye for detail is important. For the infamous BitConnect Ponzi scheme, they only let you trade their “cryptocurrency” on their own website’s exchange. That never made sense to me (this is of course not to say that just because you can buy a coin on a legitimate DEX like Uniswap means it isn’t a scam. For example, HEX is definitely a very clever, detailed Ponzi scheme with a token you can buy on Uniswap, but it is nonetheless scam to line the pockets of its asshat of a founder). Another example of this is what appears to be a Ponzi scheme which a Reddit user PM’d me asking me if it was legitimate (I believe the user is younger than most users here and is new to the crypto space so it is very understandable and I’m glad he asked me first). The website is www . backingfx . com (I don’t want to directly link a scam website here, but you can fix the link and see it for yourself if you are curious). This site promises 50%+ per day on your investment which they make by “trading” and you have to lock up your funds for at least two weeks. They have a fancy looking website but other things just seem off like their generic statement about “working with big companies” and no more details. Also, their about us section is sounds like it was translated and not written by a native English speaker as it says: Backingfx platform is at your service with its user-friendly features, secure infrastructure and applications that make a difference. Nobody would say it like that. It would normally be something like The BackingFX team is here to help you, not the platform itself is “at your service”. Finally, they also contradict themselves by having their offices listed as a generic Manhattan invesment office building yet their website says they are based in the UK! Everything wrong about this site could be a post of its own but that’s not what this post is about.
They are doing a "giveaway" where you deposit crypto into their wallets and they say they will send you more crypto back. This is the oldest crypto scam in the book and people still fall for it. If someone wants you to send them your crypto for any reason, they probably intend on stealing your crypto since crypto transactions are basically irreversible.

Anyway, there are more telltale signs to look out for which you can find outlined in many articles on the internet if you search something like “how to spot a scam or Ponzi scheme”. I have outlined the main ones above so you should be armed well enough to spot one in the future.
Finally, I’m sure some of you may now be suspicious of ETH 2.0 staking as it will likely yield you 3-10% annually and you have to lock up your ETH. However, there important differences between the details of ETH 2.0 staking and scams offering guaranteed returns. First, there are detailed technical reasons for having to lock up ETH for ETH 2.0 staking. This is because building a bridge between ETH 1 and ETH 2.0 is a lot of extra work and adds many more attack vectors so having to lock up funds is the only option. Unlike a Ponzi though, when you will finally be able to move your ETH again will happen at the same time when phase 1.5 or phase 2 goes live whereas a Ponzi would be a set period of time from when you deposited your funds so when you get access to your funds again will be different for different users. This way, the Ponzi does its best to ensure that there is time for new users to pay you back. ETH 2.0 on the other hand doesn’t need to do this so anyone can lock up their ETH whenever and they day they will be able to move it again will be when the functionality for transactions will be added to ETH 2.0. Also, ETH staking offers you a yield on your Ether, not a guaranteed yield in dollars. This is an important distinction to make as it means that the returns in dollars are not guaranteed. Finally, with ETH 2.0, your returns themselves aren’t guaranteed since you could get slashed if you act maliciously on the network or if your staking node is offline a lot.
Anyway, stay safe out there and remember, if things seem too good to be true, they probably are.

Zap FAQ!
Q: Where Can I find a roadmap?
A: An updated Road-Map is in development right now and will be released with the new web design.
Q: Who is in the ZAP team?
A: Admin please fill in
Q: Is there a progress report?
A: There are monthly updates from the Zap team on their official medium channel
Q: Is there a ZAP wallet?
A: ZAP is a ERC20 token and you can store it on any compatible wallets
What is the Zap Protocol
The Zap Protocol is a decentralized bonding curve curation market providing access to data providers and other services through algorithmic token generation.
The protocol provides developers numerous templates to easily build their decentralized applications (dapps). As well, oracles listed on the market can provide the valuable data needed for dapps either built on the Zap protocol or on another blockchain ecosystem to function.
What’s an Oracle?
An oracle is the means by which off-chain information can be fed into a smart contract or another decentralized application. They are a necessity for the functionality of decentralized products which are dependent on off-chain data. Oracles are capable of actuating autonomous economic activity on the blockchain.
What’s the Oracle Problem?
The greatest issue holding back the adoption and scalability of smart contracts has been the lack of choice and availability of relevant oracles for real-world data feeds. This has been called the “oracle problem” as this lack of choice in data leaves smart contracts vulnerable to malicious attacks by bad actors who would benefit by feeding false information into a smart contract.
What’s the Solution?
While many have attempted to create a ‘more perfect oracle,’ Zap created a decentralized marketplace to encourage the creation of new oracles and the curation of existing ones. Using a multi-party oracle, developers can aggregate data from multiple sources in order to ensure any bad actors / bad data are algorithmically eliminated as outliers. As well, the utility of bonding curve technology provides the decentralized world an indicator as to how valuable the oracle is (more on this below).
Ultimately, Zap is not in competition with existing oracles but rather provides a protocol where oracles such as these can exist and compete for subscribers. This approach offers the choice and trust needed to advance the adoption of smart contracts and decentralized applications. A competitive marketplace of oracles that are both useful for subscribers and profitable for service (data) providers is the best approach to this problem.
What is a Bonding Curve?
A bonding curve is a smart contract which acts as an algorithmic market maker offering full liquidity based on a predetermined and immutable pricing structure. In fact, the Zap protocol is credited with coining the term “bonding curve.”
The price is determined by how much Zap is staked in the contract. Anytime someone bonds, they lock their Zap and receive a secondary token redeemable for the service or product provided. As well, the secondary token can be sold back at the contract for the price determined by the smart contract based on the amount of pooled Zap. Once redeemed or sold back to the contract, the secondary token is burned and the price will adjust as such. If the secondary token is redeemed the service provider receives a payment of Zap from the Smart Contract and the secondary token is burned. If the secondary token is traded back to the smart contract, the service subscriber will receive Zap and the secondary token will be burned. The cost of the service can be greater than or less than when you originally bonded to the bonding curve.
This following is a simple example of a x² bonding curve.
What’s Bonding?
In order to interact with a specific oracle using the Zap Protocol, you must first bond Zap tokens to that oracle, locking that Zap in a pool and producing a number of secondary tokens dependent on the predetermined algorithmic price at any given time. In the specific case of data, the templates for developers produce an oracle-specific token which is non-transferable, non-divisible, and worth one query of data. Other use-cases allow you to trade the secondary ERC20 token outside the bonding curve smart contract which issued it and trade on other exchanges or use the token outside the Zap protocol.
An oracle’s creator sets the supply/price function which then gives users the ability to discover and gravitate towards bonding variables that incentivize truth and profit. As more users bond Zap to a specific oracle, the price of that individual oracle’s secondary token will follow its predetermined pricing curve. This is a distributed form of reputation which is part of the way the Zap protocol solves the oracle problem, as described above.
What’s Unbonding?
Users can, at any time, redeem their secondary token for the product or service being provided or trade it back to the bonding curve smart contract for Zap at the current exchange rate. Both of these scenarios are called unbonding. This technology, moreover, rewards early adopters of valuable oracles as they can now redeem the service bought at a lower price than what others pay or can trade the secondary token back to the smart contract bonding curve for more Zap than was originally bonded.
Bring it all together
In short, the Zap/secondary token bonding curve mechanism is designed to attract users to the protocol by incentivizing service providers to populate an emerging ecosystem with new oracles, incentivizing speculators to fund oracles they predict will be useful in the future, and ultimately curating a rich and dynamic field of oracles along with decentralized applications for subscribers to choose from.
The bonding curve acts as a decentralized exchange with full liquidity as the price is preset and determined by the amount of Zap bonded to the contract. The bonding curve smart contract is the algorithmic market maker which facilitates any of the trades or redeeming of services.
Not only does this solve the oracle problem, but it also offers the emerging web3 world a protocol that it can build and grow on. For example, the world is pushing for the tokenization of everything and yet, this is not possible when centralized exchanges ask for exorbitant listing fees / volume requirements and current decentralized exchanges lack liquidity on traditional buy/sell order books. As well, many tokenized assets might only have a handful of non-fungible tokens created making it that much more difficult to find or establish a market.
Due to the bonding curve, however, the Zap protocol offers a fully liquid decentralized exchange in which the world can instantly buy, sell, and redeem products and services in a peer-to-peer network.
What are some use cases?
Here is a few of the use cases possible using the Zap protocol:

Data (oracle) monetization
Issue a new ERC20
Create a DAO
Decentralized Competitions
Fundraising
Development Bounties
Tokenization of Property
Tradable Futures Market
Zap Wrapped Token

What are some partnerships?
As of July 2020, Zap has officially announced partnerships with the following companies and projects:

CoinGecko
Cafe Joe USA
BitUnits
Howdoo
Energy Ledger
JuJu Rental

Many are in the works and in the process of becoming official. Check back for an updated list.
What Blockchain does Zap Operate on
The protocol was first developed on the ethereum blockchain but has since been expanded to work with the EOS blockchain as well. We continue to explore additional blockchains in which to provide compatibility with the Zap protocol.
How is Zap different from other projects?
While we do not like to compare ourselves directly to any other projects, we can speak to who we are. We built a fully decentralized and permissionless protocol which we believe will lead to the “killer Dapp” as it offers so much versatility in its utilization of oracles, bonding curves, and smart contract templates.
Where can I keep up to date with the project?
Twitter: @ZapProtocol
Facebook: @ZapProtocol
Discord: discord.gg/pvHzemX
Telegram: t.me/ZapOracles
Medium: The Zap Project
LinkedIn: Zap
GitHub: The Zap Project
How do I access the Zap protocol?
You can access through the following portal link: Platform Portal
What is the difference between chainlink & zap?

Zap's token has utility unlike chainlink. Zap is an ecosystem for companies, retailers, artists or just normal citizens to create tokens & oracles. These can be made in a couple of minutes. You can instantly sell them through their decentralized exchange. Each token or oracle is based on a predefined pricing curve named Bonding Curve. When creating your token/oracle you set your own pricing curve, just drag n drop. Your token/oracle starts with 0 supply. When someone buys supply gets created and price moves along your price function. When someone sells, supply gets burned and price move lower along the pricing curve. This mechanism eliminates market makers & the need for liquidity. Which are both a huge problem in the markets right now! The advantage for holding zap now is when people start using the platform the value of zap will rise due to adoption of the ecosystem. To create, use & trade these tokens & oracles people have to buy zap. When you exchange your zap for a particular token/oracle your zap will be sent to a pool. This could lead to an even lower circulating supply which can boost the price even more. Price will move up due to adoption/usage of the infrastructure & not because of price speculation like Link and 90% of all other tokens. The oracles via zap can be implemented in smart contracts & dapps. You will be able to trade data like you're trading cryptocurrencies right now. I could go on and on, with zap there are unlimited possibilities. [Written by Ben Gravis]

Via

TL,DR: I recently retired after 40+ years in the software development industry. I thought you guys and gals might like to hear how things were “back then”. I apologize if this is too far off topic for this subreddit. If it is, point me in the right direction, and I'll quietly go away.
Sorry for the wall of text. I put the TL,DR up front to save you from mental pain and suffering.
Let me set the stage. It’s my sophomore year of high school. I grew up and lived in a large metropolitan city in the western US. More specifically in an upper middle class neighborhood in an upscale school district. Computers were things of science fiction. They were large, room sized monstrosities requiring special accommodations, and cadres of specially trained operators to keep them running. They were made by the likes of IBM, Univac, and others. This was years before desktop microcomputers would become available. IBM PC’s, Microsoft, Apple, etc didn’t exist. Unix was still a closely held trade secret of Bell Labs, a subsidiary of the Bell Telephone system. Linux was decades away.
My school district owned an IBM 370 mainframe for doing scheduling, grading, payroll and other administrative tasks. They had just purchased for students and teaching purposes a new “mini-computer”. It was a Hewlett-Packard 2000C time-shared computer. It was capable of supporting 32 users dialed in over telephone lines via 110-300 baud modems. The operating system was a simple BASIC interpreter. The district installed one or more ASR 33 teletypes in each high school. My school had a small room off of the math department where 3 of these were housed.
My high school offered a one quarter class in programming in HP BASIC, a derivative of Dartmouth BASIC. The class was taught by the math department and focused on using the computer to solve math problems. Typical programs were less than 100 lines in length. On a whim, I signed up to take the class. The class was interesting, but what I really enjoyed was the open access to the computer room after hours. I spent many hours tinkering and playing, writing programs to do whatever struck my fancy. By the end of the one quarter programming class, I had far surpassed the teacher’s abilities, and he recruited me to teach the class the next quarter as “independent study”. This was when I wrote my first program on contract. It was a simple data analysis program to analyze and produce statistics pulled from surveys done by the local chamber of commerce.
By the next year, the district had made arrangements to allow classes in conjunction with the local community college. This was an early version of “concurrent enrollment”. I took a class in computer operations taught using the IBM 370 owned by the school district because the college did not yet own a computer. Here I wrote a few simple programs in COBOL, but mostly learned to hang mag tapes, mount disk packs, change the paper and the ribbon in the line printer, and to wire "programming" cards for the various peripherals such as the card reader, the card sorter, and the card punch.
Fast forward a few years. I had graduated from high school, and spent a couple of years travelling out of the US in a third world country. When I came back, things had changed in the computer world. Computer stores were popping up all over the place selling desktop microcomputers. These were the likes of the Altair 8800, IMSAI 8080, Northstar Horizon, and Radio Shack TRS-80. I enrolled in an electrical engineering / business / computer science program at the university and was learning FORTRAN 4, COBOL, and PDP-8 assembly. None of these would be important to my future career. Stay tuned…
It was during this time that I walked into a local computer shop, and sat down at one of their computers to entertain myself. Within a few minutes I had written a short program to scroll a sine wave up the CRT screen. It looked something like this

10 LET X=0 20 PRINT TAB(SIN(x)*40+40),”*” 30 LET X=X+.3 40 GOTO 20 50 END

The proprietor walked in at this point, saw what I had done, and hired me on the spot. You see, while microcomputers brought computing within the price range of the masses, almost no software existed to make them useful. Likewise, programmers were extremely scarce. Over the next couple years, I wrote for them a complete accounting package for small business, including accounts receivable, accounts payable, payroll, inventory, and general ledger modules. This was quite an accomplishment on a system sporting 32K bytes of RAM and 360K bytes of floppy disk space.
Unfortunately, this job didn’t pay terribly well. I earned less than $3 per hour (about $10 in today's dollars). So I started a second job doing data entry on the graveyard shift at a local food processing plant. I was pretty good and soon was doing all the paperwork in about 2 hours.This gave me a lot of spare time, so I began writing programs to automate various office tasks.
About this time, the C programming language was released to the public from Bell Labs. I picked up the first edition of the Kernighan and Richie “The C Programming Language”” book. It still has a place of honor on my bookshelf in my office. Soon, BYTE magazine published the entire source code for a Small-C compiler, written in C. I typed the whole thing in, and using one of the university computers got it to compile and run, bootstrapping my way to having it run under the Digital Research CP/M operating system on an Intel 8080 based microcomputer.
By the mid 1980’s, microcomputers were definitely a thing. IBM had produced the PC, Bill Gates and crew had become successful with Microsoft MS-BASIC interpreter and MS-DOS, Compaq had successfully defended the first IBM PC clone, and we were off to the races.
Over the following decades, I worked for a variety of companies. Doing software for accounting, banking, computer based training, flight simulation, telephone infrastructure, classified stuff I still can’t talk about, and most recently, cryptocurrency.
I’ve learned and used a variety of languages and scripting tools including BASIC, FORTRAN 4, COBOL, Assembly, C, C++, dBase II, dBase III, Pascal, Perl, Bash, Go, Python, HTML, Scala, and probably a few others I’ve forgotten about. My specialty, and what I consider my best language, is plain old C, especially embedded application code under Linux.
As I said above, I’ve recently called it quits and retired. I miss the camaraderie of coworkers, the thrill of solving difficult problems, and the satisfaction of seeing your code used far and wide around the world. I do not miss impossible schedules, corporate bureaucracy, shrinking benefit packages, and unknowing and uncaring employers.
Don’t get me wrong, I will keep coding. Probably not huge systems. My latest are little embedded projects for Arduino and Raspberry Pi controllers.
It’s been a wild ride, and I’d do it again. It’s kept food on the table, a roof over my head, enabled me to travel the world, and be a part of something bigger than me. What more could a guy ask?
Edit: Thanks for all the kind comments! It makes me feel warm and fuzzy about the next generation of coders. I’ll come back and read more comments in the morning, my wife just poked her head into my office and gave me that look that says “Get your butt off of Reddit, and into bed or I’m locking the door and you’re sleeping on the couch.” G’nite ladies and gents!

Below is a rundown of letters J-L of Epstein's contacts. Last year, I wrote about letters A-C. You can check that out here (https://www.reddit.com/conspiracy/comments/cpis3n/a_brief_rundown_of_the_first_ten_pages_of_jeffrey/).
I also wrote about letters D-F on July 5, 2020. You can check that out here (https://www.reddit.com/conspiracy/comments/hlrba8/a_notsobrief_rundown_of_letters_df_in_jeffrey/).
I posted letters G-I on July 13, 2020. You can check that out here (https://www.reddit.com/conspiracy/comments/hqko0y/a_notsobrief_rundown_of_letters_gi_in_jeffrey/). There are some misspelled names. Epstein entered their names like this.
I have bolded some of the more interesting connections and information, but there could be much more that I overlooked. I hope something here strikes an interest in someone and maybe we can get more investigations out of this. Please, if you know anything more about any of these people than what is presented here, post below. I am working off of the unredacted black book found here: https://www.coreysdigs.com/wp-content/uploads/2019/07/Jeffrey-Epsteins-Little-Black-Book-unredacted.pdf
J-L
Jackson, Michael (Samuel Gen): Yes, this is a reference to MJ the singer. However, the numbers listed are not MJ’s. They belong to Samuel Gen, a lawyer for a financial advisor (Jerry Seinfeld’s brother-in-law) who worked for MJ for a while. This one was a reach for Epstein.
Jacobson, Julian: Likely a reference to a Managing Director at several London-based investment firms.
Jagger, Mick: World-famous lead singer of the Rolling Stones. Has been seen in photographs with Ghislaine Maxwell. Actress Rae Dawn Chong claims she slept with Jagger when she was 15 years old.
Jagger, Hatti: Former fashion director for Vogue, Harper’s, and Tatler. Also works as a celebrity stylist and at fashion shows.
jake: Not enough info.
Jameel, Mohammed: Saudi Arabian businessman. CEO of Abdul Latif Jameel, a collective of family-owned businesses that specialize in transportation, investing, and real estate. Royal pervert Prince Andrew infamously partied on Jameel’s yacht during the 2011 London riots (source: https://www.mirror.co.uk/news/uk-news/prince-andrew-frolicks-on-yacht-with-mystery-147496).
James, Susie: Founder and owner of 123 Send Ltd, a company that provides payment terminals.
Janklow, Linda: Literary agent and wife of Mort Janklow, the primary owner of Janklow & Nesbit Associates, the largest literary agency in the world. Attended a party hosted by Sony Pictures with Epstein, although they are not pictured together (source: https://www.patrickmcmullan.com/search/?event=5b3ef4fb9f92906676446c21). In 2007, Ghislaine Maxwell threw an exclusive party (80 carefully selected guests) at her NYC townhouse to celebrate the opening of a new shop by designer Allegra Hicks (granddaughter-in-law of Earl Mountbatten, who you can read more about in my G-I Epstein thread under India Hicks’s name). One of the eighty guests was Julie Landlow, daughter of Linda and Mort.
Jarecki, Nancy & Andrew: Andrew is a filmmaker, co-founder of Moviefone, and was a producer on Catfish, the documentary that launched the popular MTV show. Andrew’s family was reportedly friends with Jeffrey Epstein. There is an EXCELLENT thread on the connections between the Jarecki family (especially Andrew and Nick’s father, Henry) and Epstein here (source: https://threadreaderapp.com/thread/1200044576947556352.html). Quick summary: Henry was born in Nazi Germany; flew on the Lolita Express; is an expert in psychotropic drugs; owns two islands in the British Virgin Islands; founded the first youth center in the British Virgin Islands; lived 2 miles from Epstein in NYC; owns and donates to many sketchy foundations, schools, and organizations; has donated at least $1 million to leftist organizations). Andrew’s wife Nancy created bettybeauty, a company that specializes in hair dye for your nether regions (not kidding).
Jarecki, Nick: The movie director brother of Andrew and son of Henry Jarecki (see link under Andrew & Nancy Jarecki for more info). Reportedly dated Courtney Love (also in Epstein’s ‘Black Book’) in 2015. Photographed with Ghislaine Maxwell at a Gucci party (source: https://www.gettyimages.com/detail/news-photo/ghislaine-maxwell-and-nick-jarecki-attend-gucci-hosts-a-news-photo/591605562).
Jason (canada): Not enough info. Could be artist Jason Wasserman based out of Canada. The second number listed traces back to Station 16 Gallery in Montreal.
Javier: Javier Banon is former Co-head of Merchant Banking at Lehman Brothers and current Founding Partner of Trilantic Europe.
Jeffries, Tim: Ownedirector of Hamiltons Gallery in London. Best known for dating models Elle Macpherson, Claudia Schiffer, Kylie Minogue and Sophie Dahl (also in Epstein’s ‘Black Book’). Jefferies has attended fundraisers for ARK Academy and the NSPCC. He truly cares about children.
Johnson, Richard & Nadine: Nadine is a millionaire public relations guru. Nadine is a good friend of Ghislaine Maxwell’s. Some clients of Nadine Johnson include spirit cooking extraordinaire Marina Abramovic and hotelier Andre Balazs, good friend of Ghislaine. Richard is one of the most well-known gossip columnists and was the editor of Page Six for twenty-five years. There is a great thread detailing the Johnsons’ ties to the Clintons, Balazs, and others here (source: https://threader.app/thread/1162148078981394432). Basically, Richard Johnson is friendly with the Clintons and, as Page Six Editor, purposely did not report or downplayed stories on the Clintons and Nadine’s clients. He also took bribes. Considering Nadine is a good friend of Ghislaine, it would not be a stretch to assume that Richard could have buried stories on Maxwell and Epstein. I could spend 10 pages on the shady connections these two have.
Johnson, Lucy: Not enough info.
Jones, Ann & Mick: Mick is the guitarist of Foreigner, an immensely popular rock band in the ‘70s and ‘80s. His wife, Ann, is a jewelry designer, and friend of Ghislaine. Ann Jones was photographed at a party with Ghislaine and Donald Trump in 1997 (source: https://www.the-sun.com/news/85818/epstein-madam-ghislaine-maxwell-milked-billionaire-dad-and-threw-lavish-parties-with-beautiful-women/)
Josephson, Barry & Jackie: Barry is a producer and the former President of Production for Columbia Pictures. Jackie is his ex-wife and also a producer.
Karella, Kalliope: Wife of Prince Pierre d’Arenberg. Kalliope is a good friend of Ghislaine Maxwell.
Kastner, Ron: No info found.
Katz, Anton & Robin Plant: Anton is CEO and co-founder of Talos Trading, which specializes in cryptocurrency. Anton and Robin are friends of and have been photographed with Ghislaine (source: https://www.patrickmcmullan.com/search/?person=5b3ef50c9f929066764df255).
Katzeneilenbogen, Mark: Long-time investment banker who used to be based out of South Africa.
Keeling, Sarah: There is a Sarah Keeling in London who is a former British government official with 20 years of experience in national security and intelligence experience, however, the phone number listed has a 410 area code, which leads back to eastern Maryland. Inconclusive.
Kegan, Rory: A nightclub designer and creator. Co-founder of the exclusive, celebrity-filled London nightclub, Chinawhite. Prince Andrew (source: https://www.thesun.co.uk/news/9818190/prince-andrew-pictures-cast-doubt-epstein-sex-slave/) and Prince Albert of Monaco are regulars. Chelsea Clinton has been there, as well (source: https://www.standard.co.uk/news/bright-night-for-china-white-6299739.html). Other patrons include: Prince Andrew, Kate Middleton, George Clooney, Leonardo DiCaprio, and more.
Keidan, Amanda: Owner of Keidan Jewelry.
Keidan, Jon: An entertainment executive-turned-venture capitalist. As an entertainment exec, Keidan worked with John Legend, Dave Matthews Band, and Nappy Roots. Keidan serves on the Council of Foreign Relations, a powerful group that some believe determines foreign policy. Former and current members include former presidents, current and former politicians, business magnates, and celebrities (https://www.cfr.org/membership/roster).
Keller, Georgie: Interior designer.
Kellette Frayse, Caroline: Fashion editor at Vogue and Tatler (both magazines constantly come up in Epstein’s contacts). Former girlfriend of Imran Khan, whose name has come up frequently. Passed away in 2014. Her husband, Jean-Marc Fraysse, is a French investment banker.
Kelmenson, Leo-Arthur & Gayl: Leo was an advertising and marketing guru who has been credited with saving Chrysler. Friend and advisor to Lee Iacocca, former President of Chrysler. He worked as Special Project Officer for the U.S. Department of State under President John F. Kennedy and AG Robert F. Kennedy. He had tons of connections. His former maid accused him of sexual harassment in 2010 (source: https://www.nydailynews.com/new-york/maid-harassment-suit-claims-ad-exec-leo-arthur-kelmenson-madman-pervy-mad-men-wannabe-article-1.156915). Kelmenson died less than two months after the story came out.
Kennedy Cuomo, Andrew & Kerry: Andrew is the current governor of New York. It’s no secret that Cuomo is willing to look the other way on sexual deviancy as long as he receives a payoff. Cuomo halted a probe into the handling of Harvey Weinstein’s case in New York after receiving $25,000 from Weinstein’s law firm (source: https://www.vice.com/en_us/article/bjbqg4/andrew-cuomo-received-dollar25000-donation-from-harvey-weinsteins-law-firm). Andrew’s brother, CNN Host Chris Cuomo famously told viewers “not to get caught up in the intrigue of who Epstein’s friends are” (source: https://www.realclearpolitics.com/video/2019/07/11/cnn_cuomo_lets_not_get_caught_up_in_the_intrigue_of_who_was_friends_with_jeffrey_epstein.html). Perhaps, he was covering for his brother. Kerry Kennedy is Cuomo’s ex-wife of fifteen years, the daughter of RFK, and a close friend of Ghislaine Maxwell. Supposedly, Kennedy provided Ghislaine with informal illegal advice (source: https://www.splicetoday.com/politics-and-media/the-nth-word-and-m-theory).
Kennedy Jr. Ted: Son of Ted Kennedy and nephew of JFK and RFK. Ted Jr. dabbled in politics and currently works as a lawyer. His father, Ted, was a notorious sexual abuser (allegedly).
Kennedy, Bobby & Mary: Bobby is the son of RFK and nephew of JFK. Bobby is a known drug abuser and philanderer. Bobby kept a sex journal detailing his conquests while he was married (source: https://nypost.com/2013/09/08/rfk-jr-s-sex-diary-of-adultery/). His ex-wife, Mary, committed “suicide” two years after their divorce. Before committing suicide, Mary told a friend that she “feared for her life” and Bobby told her that she “would be better off dead” (source: https://www.dailymail.co.uk/news/article-3231043/How-serial-cheater-Bobby-Kennedy-Jr-strutted-family-home-exposing-private-parts-demanded-m-nage-trois-wife-Mary-went-public-Cheryl-Hines-telling-Mary-things-easier-killed-herself.html).
Kennedy, Ethel: Widow of RFK Sr. and mother of eleven, including Bobby Kennedy, Kerry Kennedy, and Joseph Kennedy II.
Kennedy, Jo: Joseph Kennedy II is the son of RFK Sr. and Ethel. Served in the House of Representatives from 1987-1999. In 1973, Joseph was convicted of negligent driving after paralyzing a young woman. He was fined $100.
Kennedy, Senator Edward: Brother of JFK and RFK, Ted Kennedy served as U.S. Senator of Massachusetts for 47 years. Besides politics, Ted is best known for the Chappaquiddick incident in which a young female speechwriter for RFK drowned to death when he lost control of his vehicle while driving across a bridge. He was charged with leaving the scene of an incident and given a two month suspended sentence. Ted was also notorious for his extramarital affairs. Senator Kennedy once hosted a party at his house attended by Bill Clinton and Lynn Forester de Rothschild. Rothschild wrote a letter to Clinton afterwards in which she mentions that they spoke about Epstein (source: https://www.dailymail.co.uk/news/article-7283825/Jeffrey-Epstein-injured-jail-cell-following-possible-suicide-assault.html). It is unclear what was said or what Rothschild’s connection could possibly be.
Kersner, Sol: South African accountant and hotel and casino magnate who died of cancer in 2020. Kerzner was a close friend of Donald Trump. They even worked together to create The Palm, a man-made island off the coast of Dubai (source: https://www.ft.com/content/46393280-d9f9-11da-b7de-0000779e2340). Kerzner was also close friends with Sarah Ferguson, Duchess of York (https://www.gettyimages.com/detail/news-photo/sarah-ferguson-the-duchess-of-york-sol-kerzner-chairman-and-news-photo/83768272), Naomi Campbell (https://www.gettyimages.ca/detail/news-photo/naomi-campbell-and-sol-kerzner-pose-backstage-during-the-news-photo/82869744), and Bill Clinton (https://www.dailymail.co.uk/news/article-8144647/As-Sol-Kerzner-dies-aged-84-RICHARD-KAY-looks-riotously-louche-life.html). Kerzner was very good friends with Nelson Mandela and built his casino resorts with Gerard Inzerillo, who you can read about in my G-I ‘Black Book’ thread.
Khayat, Antoine, Jana, & George: Jana is an heiress and businesswoman. Jana is the niece of Galen Weston, a close friend of Prince Charles. George is her brother and CEO of Associated British Foods. Jana’s husband, Antoine, is a former banker and currently runs their vineyard.
Kidd, Jemma: Kidd is a British makeup artist, fashion model, and aristocrat. Married to Arthur Wellesley, Earl of Mornington, the son of the Duke and Duchess of Wellington, making her a Countess. Kidd is an interesting figure with elite connections. From 2005-2012, Ghislaine Maxwell served as Director of Jemma Kidd Make-Up Limited, a U.K. makeup company, which was founded by Kidd. Not only did Ghislaine serve as Director, but she was also a shareholder, along with the Rothschild family (source: https://nationalpost.com/news/world/in-hiding-for-years-epstein-accomplice-ghislaine-maxwell-spotted-in-l-a-burger-shop). If you click around the PDFs on this website (https://beta.companieshouse.gov.uk/company/05340072/filing-history), you can see everything. The 16 JUN 2006 PDF on page 3 shows you a list of Officers and shareholders of the company. Jemma Kidd has also attended charity events for the National Society for the Prevention of Cruelty to Children (NSPCC) (https://www.alamy.com/stock-photo-beckham-nspcc-party-jemma-kidd-106882170.html). Her sister, Jodie, is also a huge supportefundraiser of the NSPCC, as well as the Help a London Child and Monsoon Accessorize Trust charities, both of which help out disadvantaged children (source: https://www.looktothestars.org/celebrity/jodie-kidd).
King, Abby: No info found.
Kirwin Taylor, Charlie & Helen: Charles is an investment banker. He was former CEO of Credit Suisse in Switzerland, an investment firm which shows up a few times through Epstein’s contacts. His wife, Helen, is a journalist.
Kirwin Taylor, Peter: British financier. Was a member of the Pilgrims Society (https://isgp-studies.com/pilgrims-society-membership-list), a group that has included the Rothschilds, Rockefellers, and other elites amongst its ranks.
Kissinger, Dr. Henry A: Former U.S. Secretary of State and National Security Advisor under Nixon. Kissinger has long been accused of committing war crimes (ex: carpet bombing Cambodia, installing fascist governments in Chile and Argentina, genocide, extending our stay in Vietnam, etc) yet somehow managed to win a Nobel Peace Prize in 1973. Kissinger once said, “Military men are dumb, stupid animals to be used as pawns for foreign policy.” Kissinger served with Epstein on the Trilateral Commission. Kissinger has also been a member of the Bilderberg Group, the Council on Foreign Relations, the Aspen Institute, and Bohemian Grove. Long thought to be an advocate for a globalist New World Order, Kissinger is a scumbag of the highest order. His connections with Gates, the Clintons, Bush Sr. and Jr., the Rockefellers, and the Rothschilds are well-documented. If anyone here has ever done any research regarding the NWO, you have undoubtedly seen Kissinger’s name several times.
Klee, Rupert & Charlotte de: Rupert is a Director with Oakridge Group, a property development and investment company. His wife, Charlotte, is the producer of the religious plays at Wintershall.
Klesch, Johnathan: Former Director of Klesch Trading, which specializes in industrial commodities. It has offices in Russia, Malta, Surrey, and in London, down the block from Buckingham Palace.
Koch, David: Co-founder of Koch Industries, a diversified manufacturing conglomerate. Koch Industries has stolen oil from Indian reservations, committed hundreds of polluting, labor, and workplace safety violations. When he ran on the Libertarian ticket as the vice presidential nominee in 1980, Koch aimed to abolish Social Security, Medicare, Medicaid, welfare benefits, and minimum wage. Koch and Epstein were friends. Epstein even attended a party at Koch’s Southampton home (https://www.dailymail.co.uk/news/article-7270735/Jeffrey-Epstein-Trumps-closest-advisers-Wilbur-Ross-Rudy-Giuliani-Steve-Mnunchin.html). Koch has also been photographed with Ghislaine Maxwell (https://www.reddit.com/KochWatch/comments/dcjth3/david_koch_ghislaine_maxwell_getty_images/). Thankfully, Koch died last year.
Kohl, Astrid: A businesswoman involved in pharmaceuticals. Married to Prince Alexander of Liechtenstein. Daughter-in-law of Prince Philipp of Liechtenstein. Niece of former German Chancellor, Helmut Kohl.
Kotic, Boby: CEO of Activision Blizzard, a video game holding company. Used to run several electronic companies. From 2003-2008, he was a director at Yahoo! In 2012, he became a non-executive director of Coca-Cola.
Kotze, Alex Von: British businessman involved in the tech industry.
Kravetz, Anna: Not much info found. Has a degree in finance from Wharton School and used to live on Park Avenue in NYC.
Krooth, Caryn: A successful real estate agent based out of Los Angeles
Kudrow, Alistar: No info found.
Lal, Dalamal: Director of Akron Corp. & Akron (Nig.) Ltd., a food and beverage import company based out of Nigeria.
Lalaunis, Demetra: Daughter of Ilias Lalaounis, a pioneer in Greek jewelry and a world renowned goldsmith.
Lambert, Christopher: Well-known actor.
Lambert, David: Former partner, managing director, and VP at Goldman Sachs.
Lambert, Edward: Lampert is a billionaire hedge fund manager and former CEO of Sears. Lampert graduated from Yale University in 1984 where he was a member of Skull and Bones. Rumored pedophile David Geffen gave Lampert $200 million to invest in 1992, when Lampert was just 29 years old. Lampert made Geffen $1 billion.
Lambos Duff & John: Karen “Duff” Duffy is an actress, model, and TV personality. She has had memorable roles as the love interest in “Blank Check” and as JP Shay in “Dumb and Dumber.” Duffy has battled with sarcoidosis, a deadly central nervous system disease, since the mid-’90s. She credits Harvey Weinstein with saving her life (https://nypost.com/2000/10/03/coping-with-class-this-model-patient-suffers-in-style/). John is a former banker with Morgan Stanley and current President of GCA-US, an investment banking company.
Lang, Caroline: An art expert and Chairman at Sotheby’s Switzerland.
Lange, Dieter: Former Partner at WilliamHare, an international law firm with offices in London, Berlin, the U.S., Beijing, and Brussels. Passed away in 2010.
Larsen Janet: The only one I can find is a Business Psychologist based out of London.
Laurie, Jonathan: Founder and CEO of Cheyne Capital Management, an alternate investment fund firm.
Lavlada, Laura D.B. de: Laura Diez Barroso is a Mexican businesswoman. She sold her stock in Televisa for $726 million in 1993. Since then, she has been the head of several other companies.
Lawford Christopher & Jean: Christopher was an actor and relative of the Kennedys. His uncles were JFK, RFK, and Ted Kennedy. Many of his relatives appear in Epstein’s ‘Black Book’. His first wife, Jeannie, was an ad-sales associate for New York Magazine.
Lawton Paul: Two British businessmen with the same name come up. Both have extensive resumes. Could be either one.
Lazar, Christopher & Marie: Christophe seems to be a realtor in Paris, but I am not completely sure.
Le Bon, Simon & Jasmine: Simon is the lead singer of Duran Duran. His wife, Yasmin, is/was a fashion model. Yasmin is represented by Models1 in London. Models1 also represents Epstein and Ghislaine’s friend, Naomi Campbell. Le Bon has been accused of sexual assault in the past (https://www.freep.com/story/news/2018/07/12/simon-le-bons-accuser-sex-assault-claim-speaks-out-awful/777106002/).
Le Fur, Jean-Yves: French businessman and magazine creator. He was once Princess Stephanie of Monaco’s ex-fiance. More notably, Le Fur was the one who discovered supermodel Karen Mulder (his girlfriend at the time) on the floor after she attempted suciide. Mulder blew the lid off the rampant rape and sexual abuse that she and her modeling colleagues had suffered at the hands of businessmen, royalty, celebrities, and government officials. She was even the protege of Epstein collaborator (allegedly), Jean Luc Brunel (https://www.miamiherald.com/news/local/article238351108.html).
Le Marg Willie: No info found.
Lea, Piers: CEO of Learning Technologies Group, a workplace digital learning company.
Leeds, Jeffrey: Co-founder and Managing Partner of Leeds Equity. One of Leeds Equity’s partner companies is Endeavor Schools, which runs private preschools, primary schools, and secondary schools in Florida and 11 other states (https://www.leedsequity.com/news/articles/leeds-equity-partners-completes-investment-in-endeavor-schools). They are also partners with Fusion Educational Group (now Fusion Academy), which runs a chain of private secondary schools (https://www.leedsequity.com/news/articles/leeds-equity-partners-completes-investment-in-fusion-education-group). Former teacher Kris White, now the head of Fusion Academy in Palo Alto, allegedly told a student that he was in love with her and wrote her a note saying he was “obsessed” with her. (https://www.mercurynews.com/2020/07/12/teachers-named-in-presentation-high-sex-investigation-kept-working-as-bay-area-educators-for-years/). This story was just published on July 12, 2020. Hypothetically, if one wanted to procure underage children, it would certainly help if the head of the school was on board and possibly a pedophile himself. According to this former teacher at Fusion Academy, “many students struggle with learning differences, behavioral issues, and/or addictions” (https://www.glassdoor.com/Reviews/Employee-Review-Fusion-Academy-RVW21260629.htm). In other words, the downtrodden and vulnerable. Fusion Academy refers to itself as a non-traditional school that focuses on individual students. Seems like a great opportunity. Leeds was also good friends with Epstein (https://nymag.com/nymetro/news/people/n_7912/) and has close ties to Colin Powell and Rudy Giuliani (https://nypost.com/2016/09/14/colin-powell-wont-vote-for-her-because-of-bill-clinton/).
Lefcourt, Jerry: Famous lawyer who defended Epstein in 2007. That same year, Epstein donated $250,000 to the Washington-based Foundation for Criminal Justice, where Lefcourt was a board member.
Lester, Dominick: Founder and owner of MortgageFlex Systems, a mortgage lending company.
Levine, Phillip: Ex-Miami Beach mayor and close friend of Bill and Hillary Clinton. He claims that he doesn’t know how Epstein got his contact information… all 13 phone numbers, including those of his driver and housekeepers (https://www.miaminewtimes.com/news/ex-miami-beach-mayor-philip-levine-listed-13-times-in-jeffrey-epsteins-black-book-11242116)!
Liman, Doug: Popular Hollywood director and producer. He directed Swingers, The Bourne Identity, and a couple of Tom Cruise movies.
Lindeman-Barnet, Sloan & Roger: Sloan has been a New York Times bestseller and an on-air and print reporter for NBC, ABC, and Reuters. Sloan and Roger also sit on the board of the Spence School in New York City, a private K-12 all-girls school (https://www.spenceschool.org/2017---news-detail?pk=999120). Her husband, Roger, is the founder of beauty.com and Chairman and CEO of Shaklee, a highly successful nutrition company. Donald Trump, Melania Trump, and Ghislaine Maxwell all attended the publication party for Sloan’s book in 2008 (https://www.gettyimages.com/detail/news-photo/ghislaine-maxwell-anton-katz-and-robin-katz-attend-sloan-news-photo/619921016 ; https://www.gettyimages.co.uk/detail/news-photo/donald-trump-melania-trump-sloan-barnett-and-roger-barnett-news-photo/619921180).Other guests included Steve Mnuchin, Epstein and Maxwell chum Carol Mack, and a bunch of others also featured in Epstein’s ‘Black Book’ (Colin Cowie, Anton and Robin Katz, and Vittorio Assaf).
Lindemann, Adam & Elizabeth: Adam is a billionaire investor and art gallery owner. Brother of Sloan (mentioned just above). Elizabeth is his ex-wife. She is often photographed with many other people mentioned in Epstein’s ‘Black Book.’
Lindemann, George(Sr.) & Freida: Now-deceased billionaire father of Sloan and Adam. George was the CEO and Chairman of Southern Union, a pipeline company and served as Vice President of the Metropolitan Opera Association of NYC. His wife, Frayda, is the President and CEO of the Metropolitan Opera.
Lindsay, Alex & Jaclyn: Alex is a war documentary maker who rents out his loft at the address Epstein has listed (https://www.independent.co.uk/property/house-and-home/property/spheres-of-influence-72014.html).
Lindsey, Ludovic: Racecar driver.
Lindsley, Blake: Actress who was in two movies directed by Doug Liman (also in Epstein’s book) - “Swingers” and “Getting In.”
Linley, David: Princess Margaret’s son, Queen Elizabeth II’s nephew, and first cousin of Prince Charles and Prince Andrew. Linley is a furniture maker and the 2nd Earl of Snowdon. He used to be the Chairman of Christie’s auction house in the UK.
Liogos, Babis: No info found, but one of the numbers traces back to Thylan Associates, a real estate and investment firm.
Lister, Paul: Likely the director of legal services and company secretary for Associated British Foods, or it could be a conservationist. Not sure which.
Livanos, Arriette: I believe this Arietta Livanos, wife of Greek shipping magnate, Stavros Livanos. Arietta passed away in 1986.
Lo Cascio, Robert: Founder and CEO of LivePerson, a tech company that develops conversational commerce. LoCascio was photographed with Ghislaine at an after party in 2012 (https://www.gettyimages.com/detail/news-photo/ghislaine-maxwell-and-robert-locascio-attend-osklen-spring-news-photo/1169681572).
Loeb, Alex: Alexandra is the daughter of John Loeb, former U.S. Ambassador to Denmark under Reagan and former Delegate to the United Nations. John Loeb was also a special advisor to Nelson Rockefeller. Alexandra is also a descendant of the Lehman family (Lehman Brothers). Alexandra graduated from Spence Day School for Girls (mentioned earlier under Sloan and Roger Lindemann-Barnett).
Lonsdale, Richard: British investment banker.
Lorenzoti, Eva Vivre: Founder of luxury online retailer, Vivre.com and is a TV spokesperson/personality. Good friend of Ghislaine Maxwell. Maxwell and a couple of Rockefellers were guests at her house for a dinner party in 2010 (https://hauteliving.com/2010/11/doris-world-eva-lorenzottis-dinner-party/105102/).
Lorimer, John & Lottie: John works as a private investor and as a realtor. His wife, Lottie, is an interior designer.
Louthan Guy J: Prolific British film producer and former boyfriend of actress Liz Hurley (also in Epstein’s book).
Love, Courtney: Famous drug addict, musician, and actress who likely killed her husband, Kurt Cobain. Courtney famously claimed that Prince Andrew showed up to her house late one night in 2000 looking for sex. She has since retracted this claim. The entries under Love’s name all say ‘Dana’ next to them. This is Courtney’s ex-boyfriend, Dana Giacchetto. Giacchetto was considered to be the “stockbroker to the stars” and was friends with JFK Jr, Leonardo DiCaprio, Johnny Depp, and many others. He ripped his clients off of millions. Even more telling, Giacchetto was involved in a sex abuse case against X-Men director Bryan Singer (https://www.yahoo.com/entertainment/news/leonardo-dicaprios-convicted-ex-money-manager-denies-bryan-050000120.html). He died in 2016 after he partied too hard and overdosed (https://www.hollywoodreporter.com/news/dana-giacchetto-dead-stockbroker-stars-902383).
Lowell, Ivana: Guinness heiress who wrote about Harvey Weinstein’s sexual abuse while she worked at Miramax in her book back in 2010 (https://www.irishcentral.com/culture/entertainment/guinness-heiress-spoke-out-about-predator-harvey-weinstein-7-years-ago). She also dated Harvey’s younger brother, Bob.
Loyd Mark: No info found.
Lucas, Colin: The godfather of Boris Johnson, England’s current Prime Minister. Lucas is a British historian and university administrator. Served as Vice Chancellor of Oxford University from 1997-2004.

Me llegó esto. Alguno holdea LINK?
Dear Valued Investor,
Zeus Capital, the asset management firm and activist investor, has published an extensive report on LINK, Chainlink’s proprietary token, making a clear case why investors should exit long positions in this cryptocurrency, as the inflated price is enormously out of sync with the company’s dressed-up appearance and shaky fundamentals.
The report unveils severe discrepancies between the token’s intrinsic value of USD 0.07 and its current market price of USD 8.50, revealing downside risk in excess of 99%.
After having performed an in-depth research of Chainlink, Zeus Capital has built a very strong conviction that the company, its product, and the LINK token are a near-complete fraud.
Here are the key takeaways of the short sale thesis:

There is abundant evidence of market manipulation with traits of classic “pump and dump” techniques, such as trading on inside information, front-running the general public, unsubstantiated claims of progress, artificial transactions to imitate adoption, bogus partnerships announcements, and any other trick in the book to drive up the price prior to dumping LINK onto innocent investors.
The two founders behind Chainlink, are constantly selling LINK from their vast reserves into the market, as well as at a substantial discount from the current price to selected institutions over-the-counter (OTC), thus incentivizing purchasers to lock in profits by quickly selling it further, creating an inevitable downward spiral.
LINK’s characteristics, such as the lack of a functional decentralized ecosystem, combined with recent decisions by the Securities and Exchange Commission (SEC), leave no doubt that LINK will be classified as a security token, thereby putting the whole enterprise and the investors at substantial risk of anything from dealing in unregistered securities to court orders for the disgorgement of proceeds.
LINK’s tokenomics model is broken with an inherent conflict of interest between holders, clients, and the founding team with regards to the pricing of LINK - we have no doubt that a clash and a crash are imminent.
The people behind the project are a handful, mostly remote, part-time consultants, focused on marketing and community building with very little professional and/or leadership experience. It begs the question of how an overdressed oracle-development project could justify a market cap in excess of $2.75 billion while purporting made-up progress with almost no IT software developers on its staff and fronting business operations out of a co-working space.
Chainlink’s service offering is prohibitively expensive and it makes no economic sense for companies to adopt its oracle solutions. MakerDAO, UniSwap, Compound, etc. are internally-developing alternatives, which will eventually render the promise of LINK obsolete.
The few software developers associated with the project are making frequent but cosmetic changes to the code in a never-ending product beta, while executives who previously took the bait are either fleeing the project or trying to avoid association with it.
Three independent valuation methods suggest that the token is massively overpriced, as its intrinsic value is estimated to be in the 0.05 to 0.20 USD range at best.

Access the Full Investigative Report on Why Chainlink is the Crypto’s Wirecard The Chainlink Fraud Exposed.
About Zeus Capital
Zeus Capital is an international asset management company focused on alternative investments, market inefficiencies, and event-driven opportunities. Zeus Capital deploys capital based on an unparalleled combination of deep fundamental research, predictive analytical tools, and cutting-edge technology to derive alpha-rich investment ideas.
Linda Stone
[linda@zeus-capital.com](mailto:linda@zeus-capital.com)

You could scour Facebook marketplace or your countries equivalent for something listed far below its resale value, buy it, and resell it yourself. Or, if you find something on there that is broken, you can try to fix it and resell it. You can also drive by dumpsters at apartment complexes in nice neighborhoods, I found a $400 stationary bike recently just outside of one. Sell that shit for profit.
If you own a truck, trailer, or large SUV/van, offer to haul trash to the dump for people. It's a necessary service, and you can sometimes get stuff you can resell from doing this. $50 a load should be enough to underbid anybody that actually does this as a business. Change this amount based on going rates in your country. Advertise in rich areas for best results.
Steal. Get a bolt cutter, grab some bikes. Walk off with an unguarded lawnmower. Grab some switches from Bestbuy and book it. All that other good stuff. I don't recommend it, just be safe if you do it. Wear a facemask, social distance, and run. Don't fight, ever. (Unless you're getting paid Fight Club style, then that's cool.)
This can get you some cash, but it really is not the fastest way of making money. You could sign up for beermoney sites. Swagbucks is solid if you have a decent phone you can download and play games for $2-$45, or take surveys and shit. They also have an offer where if you use a referral code to sign up you get an offer where once you make $5 we each get $5. My Swagbucks referral link is here. I personally like it, and they are reliable and pay quickly. Another common one is Hideout tv, which lets you watch videos for small amounts of money. Put it on an old phone on a charger, and let it run and you should make some money in a few days time.
Stock trading: There are other sites out there, but I personally prefer Robinhood. It's easy to use and allows you to trade in options and cryptocurrencies all for free too. If you do this check out wallstreetbets for advice on investing. Here is my link for that one: http://join.robinhood.com/davidr1085 If you sign up normally you get nothing if you sign up using that link we each get a free stock. Most of them are sub $10, some of them are above that.
Scams- they are a bit distasteful, but just head on over to IllegalLifeProTips for these.
Get a side job/hustle. Pizza delivery, uber driver, washing cars in a bathing suit (Ironically for the less hot among us), become a stripper, mentor someone on a skill only you know, do unskilled labor or handyman work etc.
Are you talented at baking, cooking, bartending etc? Utilize your skills. Offer to deliver homecooked meals to your neighbors, sell cupcakes at events, offer to cater or bartend at weddings etc.
Make money off making things. Try your hand at woodworking, jewelry making etc. I recently remade a handle for a knife my buddy's dog chewed up for $30, and made another $150 off a keg lamp i built. If youre good at painting advertise you can paint people's dogs or something for a fee, or just sell your paintings.
Make money off fans: This is a combo one, mix of 7, 8, 9 potentially haha. Make simple stuff fans of different nerd communities will go crazy over and sell them at cons. If you make simple items really well you can make tons of money off selling them, or prints you make at conventions. There is a fee to get in and it requires a good deal of quality merch, but it will fly off your table those weekends.

In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.

This framework was developed through a study of 96 past exchange hack/scam/fraud events. It prevents all historic cases where funds were lost in cryptocurrency exchanges.
Typical securities frameworks will cost Canadians millions of dollars (ie Sarbanes-Oxley estimated at $5m USD/yr per firm). Implementation costs of this proposal are significantly cheaper.
Canadians can maintain a diverse set of exchanges, multiple viable business models are still fully supported, and innovation is encouraged while keeping Canadians safe.

Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.

Background and Justifications

Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.

Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/9k31yy1bdcg51.jpg?width=936&format=pjpg&auto=webp&s=99bcb7c3f50b272b7d97247b369848b5d8cc6053

ABSTRACT

In this research report, we present a study on Kyber Network. Kyber Network is a decentralized, on-chain liquidity protocol designed to make trading tokens simple, efficient, robust and secure.
Kyber design allows any party to contribute to an aggregated pool of liquidity within each blockchain while providing a single endpoint for takers to execute trades using the best rates available. We envision a connected liquidity network that facilitates seamless, decentralized cross-chain token swaps across Kyber based networks on different chains.
Kyber is a fully on-chain liquidity protocol that enables decentralized exchange of cryptocurrencies in any application. Liquidity providers (Reserves) are integrated into one single endpoint for takers and users. When a user requests a trade, the protocol will scan the entire network to find the reserve with the best price and take liquidity from that particular reserve.

1.INTRODUCTION

DeFi applications all need access to good liquidity sources, which is a critical component to provide good services. Currently, decentralized liquidity is comprised of various sources including DEXes (Uniswap, OasisDEX, Bancor), decentralized funds and other financial apps. The more scattered the sources, the harder it becomes for anyone to either find the best rate for their trade or to even find enough liquidity for their need.
Kyber is a blockchain-based liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
The protocol allows for a wide range of implementation possibilities for liquidity providers, allowing a wide range of entities to contribute liquidity, including end users, decentralized exchanges and other decentralized protocols. On the taker side, end users, cryptocurrency wallets, and smart contracts are able to perform instant and trustless token trades at the best rates available amongst the sources.
The Kyber Network is project based on the Ethereum protocol that seeks to completely decentralize the exchange of crypto currencies and make exchange trustless by keeping everything on the blockchain.
Through the Kyber Network, users should be able to instantly convert or exchange any crypto currency.

1.1 OVERVIEW ABOUT KYBER NETWORK PROTOCOL

The Kyber Network is a decentralized way to exchange ETH and different ERC20 tokens instantly — no waiting and no registration needed.
Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber’s fully on-chain design allows for full transparency and verifiability in the matching engine, as well as seamless composability with DApps, not all of which are possible with off-chain or hybrid approaches. The integration of a large variety of liquidity providers also makes Kyber uniquely capable of supporting sophisticated schemes and catering to the needs of DeFi DApps and financial institutions. Hence, many developers leverage Kyber’s liquidity pool to build innovative financial applications, and not surprisingly, Kyber is the most used DeFi protocol in the world.
The Kyber Network is quite an established project that is trying to change the way we think of decentralised crypto currency exchange.
The Kyber Network has seen very rapid development. After being announced in May 2017 the testnet for the Kyber Network went live in August 2017. An ICO followed in September 2017, with the company raising 200,000 ETH valued at $60 million in just one day.
The live main net was released in February 2018 to whitelisted participants, and on March 19, 2018, the Kyber Network opened the main net as a public beta. Since then the network has seen increasing growth, with network volumes growing more than 500% in the first half of 2019.
Although there was a modest decrease in August 2019 that can be attributed to the price of ETH dropping by 50%, impacting the overall total volumes being traded and processed globally.
They are developing a decentralised exchange protocol that will allow developers to build payment flows and financial apps. This is indeed quite a competitive market as a number of other such protocols have been launched.
In Brief - Kyber Network is a tool that allows anyone to swap tokens instantly without having to use exchanges. - It allows vendors to accept different types of cryptocurrency while still being paid in their preferred crypto of choice. - It’s built primarily for Ethereum, but any smart-contract based blockchain can incorporate it.
At its core, Kyber is a decentralized way to exchange ETH and different ERC20 tokens instantly–no waiting and no registration needed. To do this Kyber uses a diverse set of liquidity pools, or pools of different crypto assets called “reserves” that any project can tap into or integrate with.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
All this swapping happens directly on the Ethereum blockchain, meaning every transaction is completely transparent.

1.1.1 WHY BUILD THE KYBER NETWORK?

While crypto currencies were built to be decentralized, many of the exchanges for trading crypto currencies have become centralized affairs. This has led to security vulnerabilities, with many exchanges becoming the victims of hacking and theft.
It has also led to increased fees and costs, and the centralized exchanges often come with slow transfer times as well. In some cases, wallets have been locked and users are unable to withdraw their coins.
Decentralized exchanges have popped up recently to address the flaws in the centralized exchanges, but they have their own flaws, most notably a lack of liquidity, and often times high costs to modify trades in their on-chain order books.

Some of the Integrations with Kyber Protocol
The Kyber Network was formed to provide users with a decentralized exchange that keeps everything right on the blockchain, and uses a reserve system rather than an order book to provide high liquidity at all times. This will allow for the exchange and transfer of any cryptocurrency, even cross exchanges, and costs will be kept at a minimum as well.
The Kyber Network has three guiding design philosophies since the start:

To be most useful the network needs to be platform-agnostic, which allows any protocol or application the ability to take advantage of the liquidity provided by the Kyber Network without any impact on innovation.
The network was designed to make real-world commerce and decentralized financial products not only possible but also feasible. It does this by allowing for instant token exchange across a wide range of tokens, and without any settlement risk.
The Kyber Network was created with ease of integration as a priority, which is why everything runs fully on-chain and fully transparent. Kyber is not only developer-friendly, but is also compatible with a wide variety of systems.

1.1.2 WHO INVENTED KYBER?

Kyber’s founders are Loi Luu, Victor Tran, Yaron Velner — CEO, CTO, and advisor to the Kyber Network.

1.1.3 WHAT DISTINGUISHES KYBER?

Kyber’s mission has always been to integrate with other protocols so they’ve focused on being developer-friendly by providing architecture to allow anyone to incorporate the technology onto any smart-contract powered blockchain. As a result, a variety of different dapps, vendors, and wallets use Kyber’s infrastructure including Set Protocol, bZx, InstaDApp, and Coinbase wallet.
Besides, dapps, vendors, and wallets, Kyber also integrates with other exchanges such as Uniswap — sharing liquidity pools between the two protocols.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
Limit orders on Kyber allow users to set a specific price in which they would like to exchange a token instead of accepting whatever price currently exists at the time of trading. However, unlike with other exchanges, users never lose custody of their crypto assets during limit orders on Kyber.
The Kyber protocol works by using pools of crypto funds called “reserves”, which currently support over 70 different ERC20 tokens. Reserves are essentially smart contracts with a pool of funds. Different parties with different prices and levels of funding control all reserves. Instead of using order books to match buyers and sellers to return the best price, the Kyber protocol looks at all the reserves and returns the best price among the different reserves. Reserves make money on the “spread” or differences between the buying and selling prices. The Kyber wants any token holder to easily convert one token to another with a minimum of fuss.

1.2 KYBER PROTOCOL

The protocol smart contracts offer a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources. ● Aggregated liquidity pool. The protocol aggregates various liquidity sources into one liquidity pool, making it easy for takers to find the best rates offered with one function call. ● Diverse sources of liquidity. The protocol allows different types of liquidity sources to be plugged into. Liquidity providers may employ different strategies and different implementations to contribute liquidity to the protocol. ● Permissionless. The protocol is designed to be permissionless where any developer can set up various types of reserves, and any end user can contribute liquidity. Implementations need to take into consideration various security vectors, such as reserve spamming, but can be mitigated through a staking mechanism. We can expect implementations to be permissioned initially until the maintainers are confident about these considerations.
The core feature that the Kyber protocol facilitates is the token swap between taker and liquidity sources. The protocol aims to provide the following properties for token trades: ● Instant Settlement. Takers do not have to wait for their orders to be fulfilled, since trade matching and settlement occurs in a single blockchain transaction. This enables trades to be part of a series of actions happening in a single smart contract function. ● Atomicity. When takers make a trade request, their trade either gets fully executed, or is reverted. This “all or nothing” aspect means that takers are not exposed to the risk of partial trade execution. ● Public rate verification. Anyone can verify the rates that are being offered by reserves and have their trades instantly settled just by querying from the smart contracts. ● Ease of integration. Trustless and atomic token trades can be directly and easily integrated into other smart contracts, thereby enabling multiple trades to be performed in a smart contract function.
How each actor works is specified in Section Network Actors. 1. Takers refer to anyone who can directly call the smart contract functions to trade tokens, such as end-users, DApps, and wallets. 2. Reserves refer to anyone who wishes to provide liquidity. They have to implement the smart contract functions defined in the reserve interface in order to be registered and have their token pairs listed. 3. Registered reserves refer to those that will be cycled through for matching taker requests. 4. Maintainers refer to anyone who has permission to access the functions for the adding/removing of reserves and token pairs, such as a DAO or the team behind the protocol implementation. 5. In all, they comprise of the network, which refers to all the actors involved in any given implementation of the protocol.
The protocol implementation needs to have the following: 1. Functions for takers to check rates and execute the trades 2. Functions for the maintainers to registeremove reserves and token pairs 3. Reserve interface that defines the functions reserves needs to implement
https://preview.redd.it/d2tcxc7wdcg51.png?width=700&format=png&auto=webp&s=b2afde388a77054e6731772b9115ee53f09b6a4a

1.3 KYBER CORE SMART CONTRACTS

Kyber Core smart contracts is an implementation of the protocol that has major protocol functions to allow actors to join and interact with the network. For example, the Kyber Core smart contracts provide functions for the listing and delisting of reserves and trading pairs by having clear interfaces for the reserves to comply to be able to register to the network and adding support for new trading pairs. In addition, the Kyber Core smart contracts also provide a function for takers to query the best rate among all the registered reserves, and perform the trades with the corresponding rate and reserve. A trading pair consists of a quote token and any other token that the reserve wishes to support. The quote token is the token that is either traded from or to for all trades. For example, the Ethereum implementation of the Kyber protocol uses Ether as the quote token.
In order to search for the best rate, all reserves supporting the requested token pair will be iterated through. Hence, the Kyber Core smart contracts need to have this search algorithm implemented.
The key functions implemented in the Kyber Core Smart Contracts are listed in Figure 2 below. We will visit and explain the implementation details and security considerations of each function in the Specification Section.

1.4 HOW KYBER’S ON-CHAIN PROTOCOL WORKS?

Kyber is the liquidity infrastructure for decentralized finance. Kyber aggregates liquidity from diverse sources into a pool, which provides the best rates for takers such as DApps, Wallets, DEXs, and End users.

1.4.1 PROVIDING LIQUIDITY AS A RESERVE

Anyone can operate a Kyber Reserve to market make for profit and make their tokens available for DApps in the ecosystem. Through an open reserve architecture, individuals, token teams and professional market makers can contribute token assets to Kyber’s liquidity pool and earn from the spread in every trade. These tokens become available at the best rates across DApps that tap into the network, making them instantly more liquid and useful.
MAIN RESERVE TYPES Kyber currently has over 45 reserves in its network providing liquidity. There are 3 main types of reserves that allow different liquidity contribution options to suit the unique needs of different providers. 1. Automated Price Reserves (APR) — Allows token teams and users with large token holdings to have an automated yet customized pricing system with low maintenance costs. Synthetix and Melon are examples of teams that run APRs. 2. Fed Price Reserves (FPR) — Operated by professional market makers that require custom and advanced pricing strategies tailored to their specific needs. Kyber alongside reserves such as OneBit, runs FPRs. 3. Bridge Reserves (BR) — These are specialized reserves meant to bring liquidity from other on-chain liquidity providers like Uniswap, Oasis, DutchX, and Bancor into the network.

1.5 KYBER NETWORK ROLES

There Kyber Network functions through coordination between several different roles and functions as explained below: - Users — This entity uses the Kyber Network to send and receive tokens. A user can be an individual, a merchant, and even a smart contract account. - Reserve Entities — This role is used to add liquidity to the platform through the dynamic reserve pool. Some reserve entities are internal to the Kyber Network, but others may be registered third parties. Reserve entities may be public if the public contributes to the reserves they hold, otherwise they are considered private. By allowing third parties as reserve entities the network adds diversity, which prevents monopolization and keeps exchange rates competitive. Allowing third party reserve entities also allows for the listing of less popular coins with lower volumes. - Reserve Contributors — Where reserve entities are classified as public, the reserve contributor is the entity providing reserve funds. Their incentive for doing so is a profit share from the reserve. - The Reserve Manager — Maintains the reserve, calculates exchange rates and enters them into the network. The reserve manager profits from exchange spreads set by them on their reserves. They can also benefit from increasing volume by accessing the entire Kyber Network. - The Kyber Network Operator — Currently the Kyber Network team is filling the role of the network operator, which has a function to adds/remove Reserve Entities as well as controlling the listing of tokens. Eventually, this role will revert to a proper decentralized governance.

1.6 BASIC TOKEN TRADE

A basic token trade is one that has the quote token as either the source or destination token of the trade request. The execution flow of a basic token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for ETH as an example. The trade happens in a single blockchain transaction. 1. Taker sends 1 ETH to the protocol contract, and would like to receive BAT in return. 2. Protocol contract queries the first reserve for its ETH to BAT exchange rate. 3. Reserve 1 offers an exchange rate of 1 ETH for 800 BAT. 4. Protocol contract queries the second reserve for its ETH to BAT exchange rate. 5. Reserve 2 offers an exchange rate of 1 ETH for 820 BAT. 6. This process goes on for the other reserves. After the iteration, reserve 2 is discovered to have offered the best ETH to BAT exchange rate. 7. Protocol contract sends 1 ETH to reserve 2. 8. The reserve sends 820 BAT to the taker.

1.7 TOKEN-TO-TOKEN TRADE

A token-to-token trade is one where the quote token is neither the source nor the destination token of the trade request. The exchange flow of a token to token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for DAI as an example. The trade happens in a single blockchain transaction. 1. Taker sends 50 BAT to the protocol contract, and would like to receive DAI in return. 2. Protocol contract sends 50 BAT to the reserve offering the best BAT to ETH rate. 3. Protocol contract receives 1 ETH in return. 4. Protocol contract sends 1 ETH to the reserve offering the best ETH to DAI rate. 5. Protocol contract receives 30 DAI in return. 6. Protocol contract sends 30 DAI to the user.

2.KYBER NETWORK CRYSTAL (KNC) TOKEN

Kyber Network Crystal (KNC) is an ERC-20 utility token and an integral part of Kyber Network.
KNC is the first deflationary staking token where staking rewards and token burns are generated from actual network usage and growth in DeFi.
The Kyber Network Crystal (KNC) is the backbone of the Kyber Network. It works to connect liquidity providers and those who need liquidity and serves three distinct purposes. The first of these is to collect transaction fees, and a portion of every fee collected is burned, which keeps KNC deflationary. Kyber Network Crystals (KNC), are named after the crystals in Star Wars used to power light sabers.
The KNC also ensures the smooth operation of the reserve system in the Kyber liquidity since entities must use third-party tokens to buy the KNC that pays for their operations in the network.
KNC allows token holders to play a critical role in determining the incentive system, building a wide base of stakeholders, and facilitating economic flow in the network. A small fee is charged each time a token exchange happens on the network, and KNC holders get to vote on this fee model and distribution, as well as other important decisions. Over time, as more trades are executed, additional fees will be generated for staking rewards and reserve rebates, while more KNC will be burned. - Participation rewards — KNC holders can stake KNC in the KyberDAO and vote on key parameters. Voters will earn staking rewards (in ETH) - Burning — Some of the network fees will be burned to reduce KNC supply permanently, providing long-term value accrual from decreasing supply. - Reserve incentives — KNC holders determine the portion of network fees that are used as rebates for selected liquidity providers (reserves) based on their volume performance.

Finally, the KNC token is the connection between the Kyber Network and the exchanges, wallets, and dApps that leverage the liquidity network. This is a virtuous system since entities are rewarded with referral fees for directing more users to the Kyber Network, which helps increase adoption for Kyber and for the entities using the Network.
And of course there will soon be a fourth and fifth uses for the KNC, which will be as a staking token used to generate passive income, as well as a governance token used to vote on key parameters of the network.
The Kyber Network Crystal (KNC) was released in a September 2017 ICO at a price around $1. There were 226,000,000 KNC minted for the ICO, with 61% sold to the public. The remaining 39% are controlled 50/50 by the company and the founders/advisors, with a 1 year lockup period and 2 year vesting period.
Currently, just over 180 million coins are in circulation, and the total supply has been reduced to 210.94 million after the company burned 1 millionth KNC token in May 2019 and then its second millionth KNC token just three months later.
That means that while it took 15 months to burn the first million KNC, it took just 10 weeks to burn the second million KNC. That shows how rapidly adoption has been growing recently for Kyber, with July 2019 USD trading volumes on the Kyber Network nearly reaching $60 million. This volume has continued growing, and on march 13, 2020 the network experienced its highest daily trading activity of $33.7 million in a 24-hour period.
Currently KNC is required by Reserve Managers to operate on the network, which ensures a minimum amount of demand for the token. Combined with future plans for burning coins, price is expected to maintain an upward bias, although it has suffered along with the broader market in 2018 and more recently during the summer of 2019.
It was unfortunate in 2020 that a beginning rally was cut short by the coronavirus pandemic, although the token has stabilized as of April 2020, and there are hopes the rally could resume in the summer of 2020.

2.1 HOW ARE KNC TOKENS PRODUCED?

The native token of Kyber is called Kyber Network Crystals (KNC). All reserves are required to pay fees in KNC for the right to manage reserves. The KNC collected as fees are either burned and taken out of the total supply or awarded to integrated dapps as an incentive to help them grow.

2.2 HOW DO YOU GET HOLD OF KNC TOKENS?

Kyber Swap can be used to buy ETH directly using a credit card, which can then be used to swap for KNC. Besides Kyber itself, exchanges such as Binance, Huobi, and OKex trade KNC.

2.3 WHAT CAN YOU DO WITH KYBER?

The most direct and basic function of Kyber is for instantly swapping tokens without registering an account, which anyone can do using an Etheruem wallet such as MetaMask. Users can also create their own reserves and contribute funds to a reserve, but that process is still fairly technical one–something Kyber is working on making easier for users in the future.

2.4 THE GOAL OF KYBER THE FUTURE

The goal of Kyber in the coming years is to solidify its position as a one-stop solution for powering liquidity and token swapping on Ethereum. Kyber plans on a major protocol upgrade called Katalyst, which will create new incentives and growth opportunities for all stakeholders in their ecosystem, especially KNC holders. The upgrade will mean more use cases for KNC including to use KNC to vote on governance decisions through a decentralized organization (DAO) called the KyberDAO.
With our upcoming Katalyst protocol upgrade and new KNC model, Kyber will provide even more benefits for stakeholders. For instance, reserves will no longer need to hold a KNC balance for fees, removing a major friction point, and there will be rebates for top performing reserves. KNC holders can also stake their KNC to participate in governance and receive rewards.

2.5 BUYING & STORING KNC

Those interested in buying KNC tokens can do so at a number of exchanges. Perhaps your best bet between the complete list is the likes of Coinbase Pro and Binance. The former is based in the USA whereas the latter is an offshore exchange.
The trading volume is well spread out at these exchanges, which means that the liquidity is not concentrated and dependent on any one exchange. You also have decent liquidity on each of the exchange books. For example, the Binance BTC / KNC books are wide and there is decent turnover. This means easier order execution.
KNC is an ERC20 token and can be stored in any wallet with ERC20 support, such as MyEtherWallet or MetaMask. One interesting alternative is the KyberSwap Android mobile app that was released in August 2019.
It allows for instant swapping of tokens and has support for over 70 different altcoins. It also allows users to set price alerts and limit orders and works as a full-featured Ethereum wallet.

2.6 KYBER KATALYST UPGRADE

Kyber has announced their intention to become the de facto liquidity layer for the Decentralized Finance space, aiming to have Kyber as the single on-chain endpoint used by the majority of liquidity providers and dApp developers. In order to achieve this goal the Kyber Network team is looking to create an open ecosystem that garners trust from the decentralized finance space. They believe this is the path that will lead the majority of projects, developers, and users to choose Kyber for liquidity needs. With that in mind they have recently announced the launch of a protocol upgrade to Kyber which is being called Katalyst.
The Katalyst upgrade will create a stronger ecosystem by creating strong alignments towards a common goal, while also strengthening the incentives for stakeholders to participate in the ecosystem.
The primary beneficiaries of the Katalyst upgrade will be the three major Kyber stakeholders: 1. Reserve managers who provide network liquidity; 2. dApps that connect takers to Kyber; 3. KNC holders.
These stakeholders can expect to see benefits as highlighted below: Reserve Managers will see two new benefits to providing liquidity for the network. The first of these benefits will be incentives for providing reserves. Once Katalyst is implemented part of the fees collected will go to the reserve managers as an incentive for providing liquidity.
This mechanism is similar to rebates in traditional finance, and is expected to drive the creation of additional reserves and market making, which in turn will lead to greater liquidity and platform reach.
Katalyst will also do away with the need for reserve managers to maintain a KNC balance for use as network fees. Instead fees will be automatically collected and used as incentives or burned as appropriate. This should remove a great deal of friction for reserves to connect with Kyber without affecting the competitive exchange rates that takers in the system enjoy. dApp Integrators will now be able to set their own spread, which will give them full control over their own business model. This means the current fee sharing program that shares 30% of the 0.25% fee with dApp developers will go away and developers will determine their own spread. It’s believed this will increase dApp development within Kyber as developers will now be in control of fees.
KNC Holders, often thought of as the core of the Kyber Network, will be able to take advantage of a new staking mechanism that will allow them to receive a portion of network fees by staking their KNC and participating in the KyberDAO.

2.7 COMING KYBERDAO

With the implementation of the Katalyst protocol the KNC holders will be put right at the heart of Kyber. Holders of KNC tokens will now have a critical role to play in determining the future economic flow of the network, including its incentive systems.
The primary way this will be achieved is through KyberDAO, a way in which on-chain and off-chain governance will align to streamline cooperation between the Kyber team, KNC holders, and market participants.
The Kyber Network team has identified 3 key areas of consideration for the KyberDAO: 1. Broad representation, transparent governance and network stability 2. Strong incentives for KNC holders to maintain their stake and be highly involved in governance 3. Maximizing participation with a wide range of options for voting delegation
Interaction between KNC Holders & Kyber
This means KNC holders have been empowered to determine the network fee and how to allocate the fees to ensure maximum network growth. KNC holders will now have three fee allocation options to vote on: - Voting Rewards: Immediate value creation. Holders who stake and participate in the KyberDAO get their share of the fees designated for rewards. - Burning: Long term value accrual. The decreasing supply of KNC will improve the token appreciation over time and benefit those who did not participate. - Reserve Incentives:Value creation via network growth. By rewarding Kyber reserve managers based on their performance, it helps to drive greater volume, value, and network fees.

2.8 TRANSPARENCY AND STABILITY

The design of the KyberDAO is meant to allow for the greatest network stability, as well as maximum transparency and the ability to quickly recover in emergency situations. Initally the Kyber team will remain as maintainers of the KyberDAO. The system is being developed to be as verifiable as possible, while still maintaining maximum transparency regarding the role of the maintainer in the DAO.
Part of this transparency means that all data and processes are stored on-chain if feasible. Voting regarding network fees and allocations will be done on-chain and will be immutable. In situations where on-chain storage or execution is not feasible there will be a set of off-chain governance processes developed to ensure all decisions are followed through on.

2.9 KNC STAKING AND DELEGATION

Staking will be a new addition and both staking and voting will be done in fixed periods of times called “epochs”. These epochs will be measured in Ethereum block times, and each KyberDAO epoch will last roughly 2 weeks.
This is a relatively rapid epoch and it is beneficial in that it gives more rapid DAO conclusion and decision-making, while also conferring faster reward distribution. On the downside it means there needs to be a new voting campaign every two weeks, which requires more frequent participation from KNC stakeholders, as well as more work from the Kyber team.
Delegation will be part of the protocol, allowing stakers to delegate their voting rights to third-party pools or other entities. The pools receiving the delegation rights will be free to determine their own fee structure and voting decisions. Because the pools will share in rewards, and because their voting decisions will be clearly visible on-chain, it is expected that they will continue to work to the benefit of the network.

3. TRADING

After the September 2017 ICO, KNC settled into a trading price that hovered around $1.00 (decreasing in BTC value) until December. The token has followed the trend of most other altcoins — rising in price through December and sharply declining toward the beginning of January 2018.
The KNC price fell throughout all of 2018 with one exception during April. From April 6th to April 28th, the price rose over 200 percent. This run-up coincided with a blog post outlining plans to bring Bitcoin to the Ethereum blockchain. Since then, however, the price has steadily fallen, currently resting on what looks like a $0.15 (~0.000045 BTC) floor.
With the number of partners using the Kyber Network, the price may rise as they begin to fully use the network. The development team has consistently hit the milestones they’ve set out to achieve, so make note of any release announcements on the horizon.

4. COMPETITION

The 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain.
As a crypto swap exchange, the platform also competes with ShapeShift and Changelly.

5.KYBER MILESTONES

• June 2020: Digifox, an all-in-one finance application by popular crypto trader and Youtuber Nicholas Merten a.k.a DataDash (340K subs), integrated Kyber to enable users to easily swap between cryptocurrencies without having to leave the application. • June 2020: Stake Capital partnered with Kyber to provide convenient KNC staking and delegation services, and also took a KNC position to participate in governance. • June 2020: Outlined the benefits of the Fed Price Reserve (FPR) for professional market makers and advanced developers. • May 2020: Kyber crossed US$1 Billion in total trading volume and 1 Million transactions, performed entirely on-chain on Ethereum. • May 2020: StakeWith.Us partnered Kyber Network as a KyberDAO Pool Master. • May 2020: 2Key, a popular blockchain referral solution using smart links, integrated Kyber’s on-chain liquidity protocol for seamless token swaps • May 2020: Blockchain game League of Kingdoms integrated Kyber to accept Token Payments for Land NFTs. • May 2020: Joined the Zcash Developer Alliance , an invite-only working group to advance Zcash development and interoperability. • May 2020: Joined the Chicago DeFi Alliance to help accelerate on-chain market making for professionals and developers. • March 2020: Set a new record of USD $33.7M in 24H fully on-chain trading volume, and $190M in 30 day on-chain trading volume. • March 2020: Integrated by Rarible, Bullionix, and Unstoppable Domains, with the KyberWidget deployed on IPFS, which allows anyone to swap tokens through Kyber without being blocked. • February 2020: Popular Ethereum blockchain game Axie Infinity integrated Kyber to accept ERC20 payments for NFT game items. • February 2020: Kyber’s protocol was integrated by Gelato Finance, Idle Finance, rTrees, Sablier, and 0x API for their liquidity needs. • January 2020: Kyber Network was found to be the most used protocol in the whole decentralized finance (DeFi) space in 2019, according to a DeFi research report by Binance. • December 2019: Switcheo integrated Kyber’s protocol for enhanced liquidity on their own DEX. • December 2019: DeFi Wallet Eidoo integrated Kyber for seamless in-wallet token swaps. • December 2019: Announced the development of the Katalyst Protocol Upgrade and new KNC token model. • July 2019: Developed the Waterloo Bridge , a Decentralized Practical Cross-chain Bridge between EOS and Ethereum, successfully demonstrating a token swap between Ethereum to EOS. • July 2019: Trust Wallet, the official Binance wallet, integrated Kyber as part of its decentralized token exchange service, allowing even more seamless in-wallet token swaps for thousands of users around the world. • May 2019: HTC, the large consumer electronics company with more than 20 years of innovation, integrated Kyber into its Zion Vault Wallet on EXODUS 1 , the first native web 3.0 blockchain phone, allowing users to easily swap between cryptocurrencies in a decentralized manner without leaving the wallet. • January 2019: Introduced the Automated Price Reserve (APR) , a capital efficient way for token teams and individuals to market make with low slippage. • January 2019: The popular Enjin Wallet, a default blockchain DApp on the Samsung S10 and S20 mobile phones, integrated Kyber to enable in-wallet token swaps. • October 2018: Kyber was a founding member of the WBTC (Wrapped Bitcoin) Initiative and DAO. • October 2018: Developed the KyberWidget for ERC20 token swaps on any website, with CoinGecko being the first major project to use it on their popular site.

Full Article

A Detail List Of Defi Coin

Lending

Aave - an open source and non-custodial protocol to earn interest on deposits & borrow assets
Akropolis - an undercollateralised lending protocol aiming at DeFi yield optimisation and interest-rate sharing
Atomic Loans - a lending platform that accepts trustless BTC collateral via custom Bitcoin scripts
bZx - a decentralized protocol that enables lending and borrowing for margin trading
Compound - an open-source money market protocol on Ethereum that lets users lend or borrow assets against collateral
DeFiner - a globally available, decentralized lending marketplace to securely borrow and lend digital assets through smart-contracts
Force Protocol - an open financial platform providing a wide range of financial services including lending, banking and stablecoins
Maker - a decentralized credit platform on Ethereum that supports Dai, a stablecoin whose value is pegged to USD and backed in ETH or BAT
Nitrogen Network - a decentralized P2P network for secured loans
Swap Rate - a DeFi interest rate swap tool built on the Opium protocol

Trading

Augur - a decentralized oracle and peer-to-peer protocol for prediction markets on Ethereum that lets anyone create a market around the outcome of any real-world event
ACO - a decentralized and non-custodial options trading protocol
Balancer - a non-custodial portfolio manager, liquidity provider, and price sensor
Bancor - a protocol on Ethereum for non-custodial token exchange using pooled liquidity
DeversiFi - a high-speed, non-custodial Layer 2 exchange built with STARKs technology, allowing for 9,000+ tps with deep liquidity, low fees, privacy and speed.
DEX AG - a trading interface that finds you the best price from 11 different DEXes
dYdX - a non-custodial trading platform on Ethereum geared toward experienced traders
Gnosis Protocol - a fully decentralized trading protocol that allows anyone to add any trading token pair
Hegic - an on-chain peer-to-pool options trading protocol built on Ethereum
Helena - a smart contract platform with gamified prediction markets
Jelly Swap - a peer to peer trading tool across different blockchains using atomic swaps
KyberSwap - a permissionless cross-chain atomic swap protocol, enabling trading of tokens across different chains
Leverj - a secure and decentralized high performance plasma based exchange
Local Ethereum - a non - custodial peer-to-peer ETH marketplace featuring end to end encryption and on -chain escrow.
Loopring DEX - a non-custodial Layer 2 DEX built on top of the Looping protocol
Market Protocol - a protocol on Ethereum which offers tokenized leverage trading of any asset through synthetic pricing
MCDEX - a decentralized derivatives trading platform for perpetuals & futures
MerkleX - a decentralized exchange that uses a decentralized clearing network. Merklex allows traders to set limits on what can happen to their funds.
Nuo Network - a non-custodial platform on Ethereum that provides a decentralized debt marketplace. Users can lend, borrow, or margin trade any supported cryptoasset
Ren - a provider of inter-blockchain liquidity for all decentralized applications
Set Protocol - a protocol designed to create, manage, and obtain baskets of tokenized assets
Synthetix - a decentralized platform on Ethereum for the creation of Synths: on-chain synthetic assets that track the value of real-world assets
Tokenlon - a DEX with off-chain matching, and on-chain settlment via 0x
UMA - a decentralized protocol to enable the creation, maintenance, and settlement of financial contracts for any underlying asset
Uniswap - a fully decentralized on-chain protocol for token exchanges on Ethereum that uses liquidity pools instead of order books
Veridex - a Mesh connected 0x relayer with trading, swap and market making tools

Payments

Flexa - a payment network that enables merchants to accept digital currencies without the risk of fraud or volatility through off-chain collateralization.
Fuse - a blockchain payment integration for businesses
Request Network - an open network for transaction requests. It allows anyone to create, store and access invoices and receipts in a universal, decentralized network.

Wallets

Alpha Wallet - a mobile-based wallet built for Dapps. Do everything with only a few taps.
Argent - a secure smart contract wallet built for simplicity, security and usability.
Ash - a wallet interface focused on DeFi asset management powered by Melon Protocol
Atomex - a multicurrency HD wallet with built-in hybrid atomic swap exchange
Coinbase Wallet - a non-custodial, DeFi enabled mobile wallet that lets you securely store your tokens and collectibles
DEXWallet - a mobile wallet for decentralized finance
Eidoo - a non-custodial wallet that allows users to store, exchange and transact cryptoassets with a wide range of DeFi services and tools
Math Wallet - a multi-chain non-custodial wallet with embedded browser functionality and DApp store
Meet.One - a multi-chain DeFi wallet, non-custodial and easy-to-use
Monolith - a decentralised banking alternative, powered by Ethereum
My Crypto - an easy to use app that helps you create, import, and manage all your wallets
My Ether Wallet - a free, easy-to-use and open-source client-side interface that helps you interact with the Ethereum blockchain
Gnosis Safe - a secure way to manage funds and interact with decentralized applications on Ethereum
HB Wallet - a non-custodial DeFi-enabled wallet available on multiple platforms
Poketto - a wallet that you can actually show to your parents

Interfaces

Bamboo Relay - a 0x relayer built to trade, lend, and borrow tokens directly from your wallet.
Dca.land - an automated & decentralized dollar cost averaging tool
DDEX - Decentralized Margin TradingTrade with leverage and earn passive income in DeFi
DeBank - an all-in-one DeFi wallet with on-chain DeFi stats
DeFi Saver - an easy to use management portal for MakerDAO CDPs and compound protfolios
DeFi Snap - a simple dashboard that helps visualize all DeFi assets and liabilities
dForce Network - a decentralized finance protocol, starting with the first synthetic indexed stablecoin - USDx
Dharma - a peer-to-peer marketplace on Ethereum for non-custodial lending and borrowing of cryptocurrencies built on an extensible open source protocol
EasyCDP - an interface for MakerDAO that vastly simplifies the process of opening and managing a CDP
FiatDex Gateway - a simple browser-based interface to interact with the FiatDex protocol which allows users to trustlessly swap fiat to crypto
Frontier - a mobile interface integrating all DeFi Protocols and Wallets, enabling users to Track, View & Manage positions in real-time without giving away their private keys
InstaDApp - an intuitive interface on top of the MakerDAO protocol that’s optimized for users lacking advanced technical or financial experience
iearn.finance - a simplified aggregator that optimizes lending into the highest yielding protocols
Melon - an open-source, community-run protocol for asset management on Ethereum. Melon lets users create, manage, and invest in decentralized funds composed of ETH and ERC20s
Totle - a decentralized liquidity provider where you can swap and transfer tokens while automatically getting the best prices from decentralized exchanges
Unspent - a dashboard for all crypto and open finance activity: investing, trading, lending & borrowing
Zerion - an easy to use trustless banking interface utilizing popular DeFi protocols

Infrastructure

0x - a protocol for p2p exchange of tokenized assets. ZRX is the governance token that allows to vote on protocol upgrades, and earn liquidity rewards shared by liquidity providers.
Ampleforth - a digital-asset-protocol for smart commodity-money.
Augmint - a smart contract platform that issues stable tokens targeted 1:1 to the EUR backed by collateral
Betoken - An open crypto fund managed by code and meritocracy
Connext - a non-custodial layer 2 payment-channel technology that enables off-chain, instant payments with low (or zero) transaction costs, helping scale the Ethereum network and paving the way for use cases like micropayments
DAI - a decentralized stablecoin soft-pegged to the US Dollar
DFOhub - an Ethereum-based Research & Development project that provides a framework for DFO's, on-chain companies with proprietary assets and voting tokens as programmable equities
EPNS - a service that allows dApps, Smart Contracts & Services to send push notifications to their users in a decentralized way
Lightning Network - a Layer 2 protocol on top of Bitcoin that seeks to improve scalability by moving small and frequent transactions off-chain, allowing for fast peer-to-peer transactions and low fees.
Liquidity Network - a Layer 2 scalability solution that enables gas-less, near-instant trustless transactions & token swaps
Loom Network - a DPOS layer 2 scaling solution that allows developers to run large-scale applications on top of Ethereum
Loopring - an open source protocol for decentralized exchanges designed to provide matching-as-a-service, and its orders are unidirectional and do not differentiate takers and makers giving complete control to traders
mStable - a single standard unifying stablecoins swapping and lending that also reduces friction and fragmentation
Neutral - a meta-stablecoin system built using a basket of multiple stablecoins to generate a lower volatility token with a reduced risk profile
Nest - a decentralized and transparent price oracles network
Nexus Mutual - a decentralized insurance platform where people can share risk particularly against smart contract bugs, failure or other black swan events
Opyn - an insurance and risk management layer for DeFi
PhishFort Protect - a crypto open source browser plugin that protects users in the DeFi space from phising
pToken - a trustless and trasparent 2-way peg to teleport tokens across blockchains, without friction
rDAI - a DeFi primitive that splits principal and interest in DeFi investments, and streams accrued interest to chosen addresses
Reserve - a decentralized stablecoin protocol enabling global and frictionless payments
Tokentax - an easy to use cryptocurrency & DeFi taxes calculator
USDx - USDx is a decentralized and synthetic indexed stablecoin introduced by dForce. USDx's underlying stablecoins include USDC, TUSD and PAX
WBTC - an ERC20 token that is backed 1:1 by bitcoin.
xDai - an Ethereum sidechain with 5-second block times, low gas prices, and a native token that’s also called xDai.

Analytics

0x Tracker - a trade explorer for 0x protocol and decentralized ERC20 token price index
Coin Interest Rate - a dashboard showcasing borrowing and lending rates for USDC and DAI
DefiScan - a read-only DeFi profile explorer for Compound, Uniswap, and SpankChain
Etherscan - a block explorer and muti-purpose analytics platform for Ethereum
Eth Gas Station - a consumer oriented metrics & analytics platform for the Ethereum gas market
Loan Scan - a dashboard showing the best rates to earn passive income or lowest rates to borrow crypto
UniswapROI - a calculator to help you analyze your investments in Uniswap and find the best liquidity pools
Whois0x - a database of wallet addresses and their linked social media accounts that also provides easy to understand DeFi stats for each address

Education

Defi Nerd - a lending & borrowing reviews and rates comparison ressource for crypto assets
DeFi Prime - a list of the best Decentralized Finance Products
Defi Rate - a trusted resource for DeFi research, news and interviews with a strong focus on lending rates
EthHub Weekly Newsletter - a trusted resource on all things Ethereum

Podcasts

Chris Blec - a collection of demos for various DeFi products, targeted to beginner & intermediate users.
Into the Ether Podcast - a podcast focusing on all things related to Ethereum, the leading blockchain for decentralized applications.
Wyre Podcast - a podcast where Thomas Scaria interviews founders of top DeFi projects twice a month. Giving insight to their business as well as the technical challenges that they have overcome.

Newsletters

Bankless - the ultimate guide to crypto finance written by Ryan Sean Adams
DeFi Tutorial - a newsletter focused on teaching and educating readers about DeFi with hands on video tutorials
DeFi Value - a place to better understand and evaluate Decentralized Finance
DeFi Weekly - a weekly in-depth review of technical achievements within decentralized finance
Dose of DeFi - a weekly newsletter that specializes in deep dives on topics in the space
EthHub Weekly Newsletter - a collection of the week's Ethereum and cryptocurrency news curated by the founders of EthHub
The Defiant - a curated list of daily news in the DeFi space explained and conensed down to a digestable level by Camila Russo

Communities

Concourse Open Community - an open community of builders, enthusiasts and researchers working towards a free, bountiful and decentralized future for everyone
Dai para principiantes - a spanish-first Dai and Defi educational website, tutorials & active community
DeFi Nation - a DeFi-oriented community featuring discussions, walk-throughs, Q&A calls and more
Ethereum Italia - an Ethereum focused community in Italy with a strong presence on all social media
Hola DeFi - a DeFi product directory for the Spanish-speaking community

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