Guide for creating a trading journal / transaction spreadsheet for Cryptocurrency Exchange Trading
A trading journal allows you to keep track of currency trades and returns. This is a very simple spreadsheet system, and you can replicate columns B and C over and over again to continue a chain of trades. This trading calculator / tracker assumes you are selling DOGE (high) for BTC and buying DOGE (hopefully low) for BTC. You can substitute any currency as long as you have the prices from the order book. This does not constitute trading advice. You can and likely will lose money if you trade altcoins on exchanges. Columns in Excel or Google Spreadsheets would be aligned to A, B, and C, with rows aligned to 1 through 9. If aligned properly, all the formulas should work.
Mkt Val (DOGE/BTC)
Approx Return %
It will look like this:
Mkt Val (BTC/DOGE)
Approx Return %
This example can be read as follows: You sold 1000 Dogecoin at a rate of 0.000002 Bitcoin, with a sell fee of 0.2%. This sale resulted in you receiving 0.001996 Bitcoin. You then placed a buy order for 1003.01507538 Dogecoin with a buy fee of 0.2%. This resulted in you receiving 1003.01507538 Dogecoin after fees, for a profit of 1.00904523 Dogecoin or 0.00000602 BTC or 0.3% (depending on your metrics). To put this in perspective, you made $0.003416 USD as of 2/28/2014. :) Notes:
Foremost, please correct me if you see an error!
It's useful to format all cryptocurrency values to at least 8 decimal points (i.e., down to 1 satoshi).
"Fee %" is expressed as a decimal for ease of calculation.
"Profit/Loss (BTC)" will allow you to see returns in BTC / Satoshi (this is useful for determining a profitable spread).
"Approx Return %" should be rounded to just two decimal places and used as a sanity check.
Consider conditionally formatting "Profit/Loss (BTC)" and "Approx Return %" to turn red/green depending on whether they are positive or negative.
Necessary Disclaimer: no rule breaking intended. No price manipulation intended. I only want to share verifiable facts/links and my analysis. If I am doing anything against the rules please let me know and I will do my best to fix it ASAP. I trade crypto, including LINK, and I am currently short on LINK. This is not financial advice; this is just for my own record and to start a discussion for anyone who might want more transparency around LINK.
I believe there is a lot of misinformation, uncertainty, and unanswered questions about the LINK token, the Chainlink ecosystem, the SmartContract parent company. I also believe that LINK's current price is unjustified based on fundamental factors like usage/business case/current customers/future potential. So I'm raising some points and asking some questions. What is this post? Why should I care? How do I use it? Read or skim it. It's about the LINK token, the Chainlink ecosystem, and the parent company SmartContract. It's about why I believe the price of the LINK token may be currently driven mostly by hype and not backed by standard market fundamentals like usage/economics. Update 9 AUG: reorganizing, rewriting this post and moving supporting data/sources into "appendix" comments below on this post. The previous versions of this post and my comments elsewhere were too emotionally charged and caused more division rather than honest, evidence-based, productive discussion and I sincerely apologize for that. I have now rewritten it and will continue to update it.
Threshold signatures, staking, on-chain SLAs: How real are these, is there a roadmap, how will this benefit users, is there any evidence of users currently *wanting* to use chainlink but needing these features and actively waiting for Chainlink to launch these? Staking: for there to be a valid incentive for users to stake LINK, it has to return around 5% annually because anything substantially under that would have users putting their money elsewhere (https://www.stakingrewards.com/cryptoassets) (not counting speculative capital gains in terms of LINK's price, but price gain per token/coin applies to all other crypto projects as well). Currently, for stakable cryptos, around 30-80% of their total supply is staked, and a good adjusted reward is on the order of 5% as well (some actually negative, some 10%+). The promise of staking incentivises people to buy and hold more LINK tokens (again, many other crypto projects have staking already live). That 5% reward will ultimately have to come from the customers who pay Chainlink oracle nodes to use their services, so it's an extra 5% fee for them. Of course, in the near future, the staking rewards *could* be subsidized by the founders' reserve wallets. Threshold signatures: addressed below in a comment. On-chain SLAs: [TODO] Here's supposedly Chainlink's agile/project planning board. (TODO: verify that it is indeed Chainlink's, and then analyse it) https://www.pivotaltracker.com/n/projects/2129823
I manually traced EVERY single inbound transaction/source of funds for the above 4 (not counting #1 as 10 LINK is negligible). 2 & 3 are 99.99%+ genesis-funded, being ACTIVELY topped up by a genesis wallet, last tx 4 days ago, 500,000 LINK. #4 has been funded 36 times over the past year and a half (that's 36 manual exports and I did them all). They all come from the 0x27158..., 0x2f0acb..., and https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x1f9e26f1c050b5c018ab0e66fcae8e4394eb0165 (another address like the 0x2f0acb that I went through and checked EVERY SINGLE inbound source of funds, and it's also >99.9% genesis-funded - one tx from Binance for 6098 LINK out of a total ~6,560,000 inbound LINK from genesis wallets), and two other addresses linked to Binance (0x1b185c8611d157a67d9a9d5261b0d2bd52c0bb78, 10,000 LINK and 0x039ac18afe298747c51c85e7c8f0d67c327f3883, 1,000,000 LINK) The 0x039ac... address funded the "Chainlink: Aggregator" address with 127,900 LINK, and the 0x1b185... with about ~9,600 LINK). So yes, it's technically possible that someone not related to Chainlink paid for the ETH / USD price feed because some funds do come from Binance. However, they only come from two distinct addresses. Surely for "240+" claimed partnerships, more than TWO would pay to use Chainlink's MOST POPULAR price feed? That is, unless they don't pay directly but to another address and then Chainlink covers this one from their own wallets. I will check if that's in line with Chainlink's whitepaper, but doesn't that throw doubt on the whole model of end-users paying to use oracles/aggregators, even if it's subsidized? I provide you this much detail not to bore you but to show you that I went through BY HAND and checked every single source (detailed sources in Appendix B) of funds for the OFFICIAL, Chainlink-listed "ETH/USD" aggregator that's supposedly sponsored by 10 DeFi partners (Synthetix, LoopSpring, OpenLaw, 1inch, ParaSwap, MCDEX, FuturesSwap, DMM, Aave, The Force Protocol). Yet where are the transactions showing that those 10 partners have EVER paid for this ETH/USD oracle? Perhaps the data is there so what am I missing? This ETH/USD aggregator has transferred out ~76,000 LINK to I guess the data providers in increments of .33 LINK. It has 21 data providers responding. I will begin investigating the data providers themselves soon. And those middle addresses like 0x1f9e26... and 0x2f0acb...? They have transferred out hundreds of thousands if not millions of LINK to exchanges. And that's just ONE price pair aggregator. Chainlink has around 40 of these (albeit this one's one of the more popular ones). SNX / ETH aggregator is funded 100% by genesis-sourced wallets, only 3 inbound transactions: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xe23d1142de4e83c08bb048bcab54d50907390828 Some random examples (for later, ignore these for now) *********** https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x039ac18afe298747c51c85e7c8f0d67c327f3883 bought 1,000,000 LINK from Binance in Sept 12 & 15, 2019. (one of the possible funding sources for the ETH / USD aggregator example above) This address got 500,000 LINK from 0x27158... and has distributed them into ~5-10,000 LINK wallets that haven't had any out transactions yet https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x5bcf3edc0bb7119e35f322ba40793b99d4620f1e ************** Another example with an unnamed aggregator-node-like wallet that was only spun up 5 days ago, Aug 5: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x2cbfd29947f774b8cf338f776915e6fee052f236 It was funded 2,000 LINK SOLELY by the 0x27158... wallet and has so far paid out ~500 LINK in 0.43 LINK amounts to 9 wallets at a time. For example, this is one of the wallets it cashes out to: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x64fe692be4b42f4ac9d4617ab824e088350c11c2#tokenAnalytics That wallet extremely consistently collects small amounts of LINK since Oct 2019. It must be a data provider because a lot of Chainlink named wallets pay it small amounts of LINK regularly. It has transferred out 20 times. The most recent transfer out: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xc8c30fa803833dd1fd6dbcdd91ed0b301eff87cf which then immediately transferred to the named "1inch.exchange" wallet, so I assume this was a "cash-out" transaction. It has cashed out via this address a lot. Granted, it also has transfer-out transactions that haven't (yet) ended up in an exchange wallet, eg https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x88e5353a73f38f25a9611e6083de6f361f9b537b with a current balance of 3000 LINK. This could be a user's exchange wallet, ready to be sold, or could be something else. No way for me to tell as there are no out txs from it.
LINK overall transaction, volume, and tx fees
This is to understand how much $ moves through the LINK ecosystem through: nodes, data providers, reserve wallets, wallets linked to exchanges, others. A typical aggregator node tx (payout?): https://etherscan.io/tx/0xef9e8e6dd94ebe9bbac8866f18c2ea0a07408ced1aa77fa04826043eaa55e772 This is their ETH/USD aggregator paying out 1 LINK to each of 21 addresses. Value of 21 LINK ~= $210. Total eth tx fees: .233 ETH (~$88.5, ~42% of the total tx value. If LINK was $4.2 instead of $10, the tx fees would be 100% of the value of the tx). Transactions like this happen every few minutes, and the payout amounts are most often 0.16, 0.66, 1.0, and 2.0 Link. Chainlink’s node/job listing site, https://market.link, lists 86 nodes, 195 feeds, 801 jobs, ~1,080,000 job runs (I can’t tell if this is over the past 2 months or 1.5 years). Only 20 nodes have over 1000 job runs, and 62 nodes have ZERO runs. Usual job cost is listed as 0.1 link, but the overall payout to the nodes is 10-20 times this. The nodes then cash out usually through a few jump addresses to exchanges. Some quick maths: (being generous and assuming it’s 1mil jobs every 2 months = ~6mil link/year = $60,000,000 revenue a year. This is the most generous estimate towards link’s valuation I’ve found so far. If we ignore the below examples where on multi-node payouts the tx fees are more than the node revenue itself, then it’s almost in line with an over-valued (but real) big tech company. For example, one of the latest CHF/USD job runs paid 0.1 LINK to 9 addresses (data providers?) - total $14.4 payout - and paid 0.065 ETH ($24.5) in fees. That’s a $10.1 LOSS on a $14.4 revenue: https://etherscan.io/tx/0xa6351bab810b6864bfebb0f6e1e3bde3c8856f8aac3ba769dd2e6d1a39c0d23f Linkpool’s (one of the biggest node operators) “ETH-USD CryptoCompare” job costs 0.1 link and has 33 runs in the past 24 hours (once every ~44min), total ~78,000 runs since May 30 2019 (once every ~8min). https://market.link/jobs/64bb0845-c4e1-4681-8853-0b5aa7366101/runs (PS cryptocompare has a free API that does this. Not sure why it costs $1 at current link prices to access an API once)
Top 100 wallets (0.05% of ~186,000 total) hold 83% of tokens. 8 wallets each hold over 1% of total, 58 hold over 0.1%. Of these 58, 9 are named exchange/lending pool wallets. For comparison, for Tether (TUSD), the top 100 wallets (0.006% of ~1,651,000 total) hold 35.9% of the supply. 3 addresses hold over 1% of the supply and 135 hold over 0.1%. Of these 135, at least 15 are named exchange/lending pool wallets. LINK’s market cap is $3.5B (or $10B fully diluted, if we count the foundedev-controlled tokens, which we should as there's nothing preventing them from being moved at a moment's notice). Tether’s is $6.9B. Tether has 10 times more addresses and less distribution inequality. Both LINK and Tether are ERC20 tokens, and even if we temporarily ignore any arguments related to management/roadmap/teams etc, Tether has a clear, currently functional, single use case: keep 1 USDT = $1 USD by printing/burning USDT (and yet as of April 2019, only 74% of Tether's market cap is backed by real funds - https://en.wikipedia.org/wiki/Tether_(cryptocurrency))). Given that Chainlink's market cap is now 50% bigger than Tether's, surely by now there's AT LEAST one clear, currently functional use case for LINK? What is it? Can we *see* it happening on-chain?
Chainlink’s actual deliverable products
"What do I currently get for my money if I buy LINK 1) as an investor and 2) as a tech business/startup thinking of using oracles?” Codebase (Chainlink’s github has around 140-200,000 lines of code (not counting html/css). What else is not counted in this? Town crier? Proprietary code that we don't know about yet? How much CODING has Chainlink done other than what's on github? Current network of oracles - only ~20 active nodes - are there many more than the ones listed on market.link and reputation.link? If so, would be nice to know about these if we're allowed! Documentation - they have what seems like detailed instructions on how to launch and use oracle nodes (and much more, I haven't investigated yet) (TODO this part more - what else do they offer to me as an end consumer, and eg as a tech startup needing oracle services that I can’t code myself?)
Network utilization statistics:
Etherscan.io allows csv export of the first 5000 txs from each day. From Jul 31 to Aug 6 2020, I thus downloaded 30,000 tx from midnight every day to an average of 7:10am (so 24 hour totals are 3.34x these numbers if we assume the same network utilization throughout the day). (Summary of all LINK token activity on the ETH blockchain from 31.07 to 06.08, first 5000 txs of each day (30k total) shown Appendix A comment below this post.) If we GENEROUSLY assume that EVERY SINGLE transaction under 10.0 LINK is ACTUAL chainlink nodes doing ACTUAL work, that’s still under 0.1% of the LINK network’s total volume being used for ACTUAL ecosystem functioning. The rest is speculation, trading, node funding by foundedev wallets, or dumping to exchanges (anything I missed?) Assuming the above, the entire turnover of the actual LINK network is currently (18,422 LINK) * ($10/LINK) * (3.34 as etherscan.io’s data only gives first 5000 tx per day which averages to 7:10am) * (52 wk/year) = USD $31,995,329 turnover a year. Note: the below paragraph is old analysis using traditional stock market Price/Earnings ratios which several users have now pointed out isn't really applicable in crypto. I leave it for the record. Assuming all of that is profit (which it’s not given tx fees at the very least), LINK would need a PE ratio (Price/Earnings) of 100 times to justify its current (undiluted) valuation of $3.5 billion of 300 if you count the other 65% of tokens that haven’t been dumped by the founders/devs yet. For comparison, common PE ratios are 32 (facebook), 29 (google), 37 (uber), 20 (twitter on a good year), 10 (good hedge fund returning 10% annual).
Thoughts on DeFi & yield-farming - [TODO]
Why would exchanges who do their due diligence list LINK, let alone at a leverage? 1) that's their business, they take a cut of every transaction, overhyped or not, 2) they're not safe from listing openly bearish tokens like EIDOS (troll token that incentivized users to make FAKE transactions, response to EOS) https://www.coindesk.com/defi-yield-farming-comp-token-explained The current ANNUAL yield on liquidity/yield farming is something like 2% on STABLE tokens like USDC and TETHER which at least have most of their supply backed by real-world assets. If Chainlink LINK staking is to be successful, they'll have to achieve at LEAST that same 2% at end-state. IF LINK is in bubble territory and drops, that's a lot of years at 2% waiting to recoup losses.
SmartContract Team & Past Projects
Normally I don't like focussing on people because it leads too easily to ad-hominem attacks on personality rather than on technology/numbers as I've done above, but I came across this and didn't like what I saw. Steve Ellis, SmartContract's current CTO, co-founded and worked in "Secure Asset Exchange" from 2014 to 2016. They developed the NXT blockchain, issued 1,000,000,000 NXT tokens (remind you of anything?), NXT was listed end of 2013 and saw 3 quick 500%-1000% pumps and subsequent dumps in early in mid 2014, and then declined to . SecureAE officially shut down in Jan 2016. Then at some point a company called Jelurida acquired the rights to NXT (presumably after SecureAE?), then during the 2017 altcoin craze NXT pumped 300 times to a market cap of $1.8 BILLION and then dumped back down 100 times and now it's a dead project with a market cap of $13 million. https://www.linkedin.com/in/steveellis0606/ https://trade.secureae.com/ https://coinmarketcap.com/currencies/nxt/ https://www.jelurida.com/news/lawsuit-against-apollo-license-violations As an investor or business owner, would you invest/hire a company whose co-founders/CTO's last project was a total flop with a price history chart that's textbook pump-and-dump behaviour? (and in this case, we KNOW the end result - 99% losses for investors) If you're Google/Oracle/SWIFT/Intel, would you partner with them?
Open questions for the Chainlink community and investors:
Network activity: Are there any other currently active chainlink nodes other than those listed on market.link and reputation.link? If so, is there a list of them with usage statistics? Do they use some other token than LINK and thus making simple analytics of the LINK ERC20 token not an accurate representation of Chainlink’s actual activity? If the nodes listed on the two sites above ARE currently the main nodes, then
PR, partnership announcements: Why is the google tweet still pinned to the top of Chainlink’s twitter? Due to the frequently circulated Chainlink promotion material (https://chainlinkecosystem.com/) that lists Google as one of the key partners, this tweet being pinned is potentially misleading as there isn't anything in there to merit calling Google a "collaborator" or "partner" - just that blockchains/oracles *can* use Google's APIs (but so can most software in the world). Is there something else going on with the SmartContract-Google relationship that warrants calling Google a partner that we're simply not aware of yet?
By buying LINK, what backs YOUR money: If you have bought and currently hold LINK tokens, how comfortable are you that the future promise of your investment growing is supported on verifiable business and technological grounds versus pure, parabolic hype? If after reading this post you still are, I kindly ask you to reply and show how even one of the points I provided is either incorrect or not applicable, and I will edit my post and include your feedback in the relevant section as I have already done from other users.
What have I missed? Of course not 100% of what I've said is infallible truth. I am a real human, and I have plenty of biases and blind spots. Even if what I've provided is technically correct, there may be other much more important info that I've missed that eclipses what I've provided here. Ask yourself: if the current hype around LINK is indeed valid and points to a $100/$1000 future LINK price, then Where’s Chainlink’s missing financial/performance/usage evidence to justify LINK’s current valuation of $10+?
For your consideration, I have provided evidence with links that you can follow and verify, and draw your own conclusions. I have made my case as to why I believe the LINK token is currently priced much higher than evidence supports, and I ask you to peer-review my analysis and share your thoughts with me and with the wider LINK/crypto community. Thank you for your time, I realize this is a long post. All questions and feedback welcome, feel free to comment or PM. I won't delete/censoblock (except for personal threats, safety considerations etc). I am a real human but I am not revealing my true identity for obvious privacy/harassment reasons. (If anyone is wondering about my credentials ability to add 2+2 and work with basic spreadsheets: I have previously won a math competition in a USA state, I won an English-speaking country's physics olympiad, my university education is in mathematical physics/optimization engineering, and I worked for a few years in a global manufacturing company doing data analytics, obviously I'm not posting my CV here to verify that but I promise you it's the truth) I’m not looking to spread neither FUD, nor blind faith, nor pure hype, and I want an honest transparent objective discussion. I personally believe more that LINK is overvalued, but my beliefs have evolved and may continue to do so as I research more and understand more about Chainlink, LINK, Ethereum, DeFi, and other related topics, and as I incorporate YOUR feedback. If you think I haven't disclosed something, ask. As always, this is not financial advice and I am not liable for anything that may happen as a result of you reading this!
Summarizing some free trading idea resources I've been using
I've been following many free resources on youtube and twitter to generate trading ideas. Some of them are suspicious; some are more like boasting their wining trades but never post any losing trades. I see many people ask about trading ideas/resources, so I want to briefly share some resources I find useful. Twitter resources:
Instrument: Mostly SPX/SPY/ES
Highlights: TicTocTick is amazingly good at levels, spotting sellers and buyers levels. Everyday he posts his plan for the next day of the following format: If open above X, long/short bias, target Y. If open below X, short/long bias, target Z. Intraday he sometimes send "warnings" of potential big sellers / buyers at certain level. His price target and long/short bias is often right in my experience. His levels are useful for day trades IMHO.
Notes: (1) even with his plan, one needs an actionable plan. (2) He sometimes delete his tweets. His day-by-day and intraday tweets are more actionable than his longer term view. (3) he sometimes tweets political and controversial non-stock related things.
Trade transparency: 0/5 (doesn't post any trades)
Live update in-time: 5/5 (updates very frequently)
Actionable trading plan: 1/5 (good at levels and price targets. need your own plan)
Live interaction: 0/5 (no interaction)
Educational: 2/5 (can learn the technique from other resources. TicTock doesn't teach you directly)
Instrument: Mainly SPY/SPX/ES
Technique: candlestick patterns, Fib levels, support and resistance levels etc
Style: only day trading
Highlights: he diligently post daily plan and many educational resources, sometimes intraday updates. Had many good trades.
Notes: I haven't followed him long but so far so good. He also recently has educational youtube videos.
Trade transparency: X/5 (hard to measure)
Live update in-time: 2.5/5 (updates frequently)
Actionable trading plan: 3.5/5
Live interaction: X/5
Educational: 5/5 (youtube videos)
Technique: candlestick patterns, support and resistance levels, trendlines, channels etc
Instrument: SPX/SPY, Forex, Cryptocurrency,, Gold and Silver.
Style: holding for a few hours for SPX/SPY, swing trade for all
Timeframe: 8H for analysis. Lower time frame for entry.
Trading frequency: 1-2 trades per week.
Highlights: For SPX, he rode the big drop down in March; rode the rally up, and rode some pullbacks down in April. Got chopped in May. Now he's positinoning long. He also did well in Gold and Silverthis month. He only uses candle sticks, support and resistance lines, trendlines, and sometimes true trend indicator. He doesn't use volume though.
Youtube style: 2 videos every trading day: (1) live at 9am ET for 1-2 hours and talk about his plan and market analysis. Sometimes he trades during the live session (enter / exit). (2) after market closes he summarizes the day, and talks about plans for the next day. (3) Every weekend he gives out his technical analysis for the next week.
What I like: His levels on the chart are very good. He is also very transparent about his trades no matter whether it's winning or losing. He also explains the general economic environment.
Trade transparency: 4/5 (not knowing trading size; but knowing entry/exit)
Real-time update: 2.5/5 (two times a day)
Actionable trading plan: 5/5
Live interaction: 3.5/5 (some interaction on youtube live; Jordan responses to youtube comments)
Timeframe: all time frames. Mostly 5min, 1H, 1D, 1W, 1M.
Trading frequency: very frequent. multiple trades per day.
Highlights: Justin is very good at seeing through market maker manipulation and highly manipulated stocks. He often explained his plan and his outlook (especially in OPEX days) in his YouTube channel. The stocks on their weekly watchlist tend to do very well. He does live Q&A on youtube as well everyday where one can ask him to look at a chart.
Youtube style: Three videos by his team every trading day: (1) live at 9:30am ET; does 1-2 live scalping trades. Explains what he thinks of the market. (might discontinue) (2) at noon: summarizes what happened and what he sees is happening later in the day. Some of his trading plans. (3) 4:15pm ET: summarizes today and looking forward to the rest of the week. Videos (1) and (2) include live Q&A. I've asked many questions on youtube. Every weekend has two videos talking about plans for the next week.
What I like: The Q&A and Justin's outlook of the market, his team's stock pick.
The scalping trades in the morning is not very suitable for small accounts since they will trade for example 100 shares of BA (~160) to scalp a few dollars per share.
Even though the stocks on their weekly watchlist does well very, one still need to come up with an actionable plan. Very often say they recommend stock A on Sunday, and on Monday it already gaps up big. They sometimes do YOLO options -- big risk big rewards-- options can go to 0.
Besides the free content, everyone can get a free one-week trial for their paid membership, or a 2-week free trial by winning a lottery game on their youtube ( what I did) or knowing someone in their group and get a referral. What I like about the group: (i) very frequently updates each day on SPY and stocks on the watchlist. (ii) all their positions, Profit / Loss are very transparent. I learned a lot about how to manage trades by observing their live trades. (iii) There are many very experienced traders in the group posting their trading ideas, plans, entry/exit, and there are many live discussions. (iv) There's a "helpdesk" in the group where members' questions will be answered in minutes. I often ask about my trading plan, entries/ targets.
Trade transparency: 0/5 (free content: not knowing entry/exit nor position size);5+/5 (membership\*)*
Live update in-time: 3.5/5 (free content: three times a day);5+/5 (membership\*)*
Highlights: I follow their free Shadow trader swing newsletter, where every few days they post some trading ideas and analysis with actionable plan. Their twitter account will also real-time update their entry/exit and trade management.
What I like: I enjoyed learning what they look at to find a good set-up and how to manage a trade. They also have a spreadsheet tracking all their positions and profit/loss. All the winning/losing trades are transparent.
Notes: Because of the current market volatility, during certain weeks the swing trading performance is quite shaky. Profits (per 100K account with no more than 30K invested each time): 2020YTD: +9K, 2019: +6K; 2018: +30K; 2017: +3K; 2016: +2.5K; 2015: -1.8K.
Trade transparency: 5/5
Live update in-time: 5/5 (updates frequently)
Actionable trading plan: 5/5
Live interaction: 0/5 (newsletter and twitter alerts only)
Educational: 4.5/5 (the newsletter explains set-ups, what sectors they are looking at)
I've spent much time looking for free contents, and I like the ones above. Also looking forward to hearing about other good/bad resources. I might also update this post if there are enough interests. NFA
Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
https://preview.redd.it/b80c05tnb9e51.jpg?width=2550&format=pjpg&auto=webp&s=850282c1a3962466ed44f73886dae1c8872d0f31 Submitted for consideration toThe Great Reddit Scaling Bake-Off Baked by the pastry chefs atOffchain Labs Please send questions or comments to [email@example.com ](mailto:firstname.lastname@example.org) 1. Overview We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too! Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know). To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts. 1.1 Why Ethereum Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract. The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both. Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice. 1.2 Why Arbitrum While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools. Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users. We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth. 2. Arbitrum at a glance Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes. Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability. Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow. Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below. Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn. Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask. Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract. Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details). Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users. Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum. Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain. Limitations Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals. As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit). Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here). So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality. 3. The recipe: How Arbitrum Rollup works For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents: Arbitrum Rollup Whitepaper Arbitrum academic paper (describes a previous version of Arbitrum) 4. Developer docs and APIs For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at https://developer.offchainlabs.com/. Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release. 5. Who are the validators? As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators? Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers. Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators. 6. Reddit Contract Support Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain. Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain. For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2. Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios. In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process. To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum. When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) . The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform. 8. Benchmarks and costs In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking. Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here. Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum. On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support: Over a 5 day period, your scaling PoC should be able to handle:
100,000 point claims (minting & distributing points)
75,000 one-off points burning
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.) We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks). Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c. We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic. Our model. Our cost model includes several sources of cost:
L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system. Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.) 9. Status of Arbitrum Rollup Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade. Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet. 10. Reddit Universe Arbitrum Rollup Chain The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo. If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at email@example.com and we'd be more than happy to provide early access. 11. Even more scaling: Arbitrum Sidechains Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide. While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic. The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout. Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator. Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol. Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest. We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help. While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined). 12. How Arbitrum compares We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects. Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components. But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration. About Offchain Labs Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others. Leadership Team Ed Felten Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan. Steven Goldfeder Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons. Harry Kalodner Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
Which of these classes should I take for the most competitive resume?
Thanks in advance. College senior here, I have exactly two free spots left before I graduate. I’m trying to make my resume as competitive as possible with these last two classes. Mostly, I want to increase my technical skills. Which two of these classes/skills would best serve me if I’m applying to a broad range of finance roles (real estate, corporate finance, fixed income, etc.): Financial Data Analytics with Python; Topics covered include but are not limited to single and multifactor portfolio models, portfolio theory and the efficient frontier, algorithmic trading, options and futures, value at risk, etc. Financial Modeling: designed to develop students’ quantitative financial modeling skills and techniques using the Excel spreadsheet. Through learning how to use numerical examples and business cases, students study corporate valuation, weighted average cost of capital (WACC), pro forma statement modeling, portfolio models, and Monte Carlo simulation methods, etc. Blockchain Applications in Finance and Accounting: Introduces the fundamental concepts and an overview of the growing blockchain and cryptocurrency space. Offers a background in fundamental concepts in blockchain technology and functionality. Explores the basics of how blockchains record and verify information, including the related definitions and terminology. Provides an in-depth overview of blockchain applications in finance and accounting. Concludes by examining the legal and regulatory framework, along with potential risks and hurdles faced by blockchain technologies. Applied Financial Econometrics: Studies how to understand and analyze data using a set of analytical tools in financial econometrics when applications such as Excel are not ideally suited for large data sets or when the analysis involves a series of iterative steps that need to be replicated. Techniques include several types of regressions (e.g., ordinary least squares, probit, logit, fixed/random effects, etc.); univariate and matched sample analyses; event studies; and, more recently, text-based methods. Discusses topics related to establishing causal relations—such as the use of instrumental variables, natural experiments, and regression discontinuity—and application of these techniques using econometric software. Thanks again!
Have you ever traded with statistical edge?Our Allen trade talks about backing up the trading network and leveraging it from excellent newspapering. This is a stage that is undermined by many traders but fairly, it can be a crucial factor in boosting your trust and believing in your system. For those interested in this sort of research, you can check out the FTMOStatistical Application. Trading with a Statistical edge Although many traders back-test and record their trades to verify the trading system 's feasibility, monitoring and using the data to maximize both your stop loss and profit goal is a tremendous advantage. Two of the most critical pieces of data that I record when reporting trades is the drawdown and the benefit potential. The drawdown, to be sure, is how far a trade goes against my place before it goes in my favour. Whereas the benefit potential is the maximum distance from my entry which the trade moves in my favor. It isn't important and it's uncommon, in general, that I actually exit the trade. Yet definitely coming out at or as close as can be. Firstly, I record my trades in two ways, using screenshots of the charts themselves where I annotate my entry, date, type of trade and all other relevant details related to my methodology, such as strength and weakness analysis , multiple time frame analysis and correlation. I also note on the map the drawdown and benefit potential of the trade. Then I go through my Excel spreadsheet with main details. See "excel" below. Excel spreadsheet with main details. This includes the date, day, session, pair, time, route, entry price, closing price, type of setup, type of entry, type of exit, drawdown, potential for benefit and outcome. I then let excel do all the heavy lifting for myself as I can sort my trades numerous ways, by day, by session, by pair, by route, by type of set-up etc. But where the really cool stuff is under the "Mind-blowing stats" tab where I have some of the above filterable statistics that will help me to optimize both my stop loss and my benefit goal. Here is a summary of the specification. When you use a risk percentage account to calculate your position size (as you should), so the lower the pause, the larger a position size you will trade in. The stop must, therefore, have a high likelihood of remaining. The vast majority of trading books, guides, videos, etc., advise that after a recent high / low swing, the stop will be many pips. But my trade documents helped me to come up with a statistical advantage for my stoppage placement. As can be seen in the "Drawdown" tag, Trading my Type 1 BO (breakout out) on GBPAUD, 79.55 percent of the time my drawdown was less than 25 pips, although it was just 81.82 percent at 30 pips and 84.09 percent at 35 pips. Statistical Edge Trading So when using a larger pause, an extra loss or 2, the advantage of having a greater size of the place and thereby netting more money makes the extra loss(s) inconsequential. Furthermore, the income goal can also be optimized. Looking at the "Profit Potential" connection and remaining on GBPAUD again for my Type 1 BO trades, we can easily see that almost 80 percent of the time, those trades get between 20 and 30 pips. Statistical Edge Trading (b) It is a perfect place to take off 1/2 of the spot and push the stop to flat. So we can let the rest of the half run to about 50 pips where 59.09 percent of the trades touch. Obviously market conditions aren't always the same, so if you can recognise when they are, i.e. linked moves or strengthening or weakening other classes (commodity pairs or safe haven pairs), then you can make educated decisions about how far a trade will go. Statistical Edge Trading (meme) I hope this information 's helpful to you. Eva " Forex " Canares . Cheers and Profitable Trading to All. About FTMO - They fund forex traders. Just Pass their risk management rules and begin trading for their company. They'll provide you capital up to $300k USD for trading the financial markets. 70% of profits you keep and losses are covered by them. How does it work? How to Become a Funded Forex ,Stocks or CryptoCurrency Trader?
I'm obviously very novice. Here in this sub and other forums, I see a lot of apps and websites used for different purposes. I want to list some of them here and share my understanding, hoping you can find my mistakes, share your experience with these, and maybe introduce other apps/websites you are using.
These apps are kind of like a virtual bank, in some cases, they also give you actual debit and credit cards. People seem to be using these because they are a little bit lose on regulations and also cheaper.
Revolute: I think you can do some trading here as well
TransferWise: used for currency exchange
I have a real bank (Rabo bank in the Netherlands) that also offers a mobile app, though not a good one. so I'm not sure why I should use any of these?
eToro: you can trade cryptocurrencies, gold, and some stocks
Robinhood: seems to be only in the US, not available for the EU users
DeGiro: seems to be loved by many here in the EU for the commission-free ETF transactions, but it has a very long waiting list at the moment and there are many criticisms due to their lending strategy and other shady policies
ETFmatic: It is kinda a Robo-advisor. I'm not sure what it exactly does, or if you can buy specific ETFs or stocks.
Trading 212: Also used for zero-fee ETF investments.
Coinbase Pro: for low fee crypto investments
I can do some investments with my bank's mobile app, as soon as I open the "Rabo Zelf Beleggen" account. I prefer not to use any of these if I don't have to. If I should have any of these then preferably as less as possible.
these websites (some have mobile apps too), provide real-time information. I am using this Google spreadsheet using importhtml and importxml to import and pars some of the information from these websites. I'm also using googlefinance function, though it is not really good.
Morningstar: seems to be the most feature reach and parsing/scraping friendly
Google Finance: seems to be a dead service, like many other Google products
Yahoo Finance: seems to be the least scraping friendly. it changes the structure of their website every now and then
Bloomberg: seems to be very accurate and reliable
Market Watch: also has a nice mobile app where you can follow prices and news
I yet to start my real investments, so I can't comment on what they actually do or which one is better.
JustETF: seems to be the reference for ETFs. it gets its data from etfinfo AFIK.
Quantmatic: seems to use Google spreadsheets. still waiting for their subscription email!
portfolio-performance: which is FLOSS!
I would appreciate it if you could find my mistakes and also share your experiences. Thanks a lot for your kind support in advance.
Looking for a Community/Social Media Manager for a Crypto Company
Community ManageSocial Media Manager About Altcoin Fantasy Altcoin Fantasy is on a mission to make crypto trading fun, accessible, easy and open to anyone, anywhere. Imagine fantasy sports and crypto trading had a baby - this is Altcoin Fantasy in a nutshell. We are a fun and realistic cryptocurrency trading simulation game that combines fantasy sports and crypto trading with all of the fun and none of the risk. We host fantasy trading competitions where our community can learn about and practice crypto trading with virtual money without the risk of losing their own money. Unlike the real market, if they make bad trades, they just start over again. To keep it interesting, we have 20+ different types of trading competitions which require different strategies to win. By competing in our games, anyone wanting to learn crypto or improve their existing knowledge and skills can do so with us. They can also compete against thousands of players worldwide in each competition for $500+ in prizes to really test their skills and learn via social trading. Goals & Objectives
Illustrate Altcoin Fantasy’s core values and strive to achieve our mission:
Help educate people about cryptocurrency and cryptocurrency trading
Provide support to our community of cryptocurrency traders
Grow our community through social media
Promote our brand and web and mobile apps to relevant audiences
Grow our user base by driving new users through social media
Retain our existing members by providing the best user experience possible
Duties & Responsibilities
Solve member-related issues on email and social media channels (Facebook, Instagram, Discord, Twitter and Youtube)
Review and approve user completed tasks and award points for completing the tasks (bounties)
Review and approve sending out user rewards
Manage fantasy trading contests (e.g. awarding points, sending rewards etc)
Create assets for contests (e.g. contest cards, email banners etc)
Social Media Management:
Create a social media strategy consistent with Altcoin Fantasy’s branding to engage existing users and attract new followers
Create and schedule posts on social media channels (Facebook, Instagram, Discord, Twitter and Youtube)
Meet KPIs for growing our followers across social media channels
General admin/executive assistance:
Support the team on any administrative tasks they need assistance with
Research will be required on specific topics
Update spreadsheets for tracking metrics (e.g. user redeemed rewards, contest details etc)
Experience & Requirements
Customer service/support experience required
Must have strong English verbal and written communication skills
Strong organizational skills
Must be detail oriented
Must be dependable, have strong personal responsibility for assigned tasks, accountability and work ethic
Quick learner and adaptable
Must be able to work independently and take the initiative to develop social media strategy and content
Experience with social media management strongly preferred
Dear Crypto friends! Every few months I mention on Reddit how I use a percentage based portfolio management strategy and that I believe it is the "right" way to manage your portfolio. When this comes up I mention the google sheets document I've created over the past three years to organize, view, and react to my portfolio. Every time somebody asks me to share this document, but doing so takes a lot of effort and I've been too lazy. Well last night it happened again and this morning I finally wasn't too lazy. So without further ado here is a way too long post about how I view finances and why I believe you should try to adapt my strategy to fit your needs. *First things first, I am not a financial advisor, I am an internet bozo that you have never met. Don't invest more than you're willing to lose, do your own research, not your keys not your coin, feel free to comment more cliches and I can add them here.* I adhere to the belief that the very first step to proper financial management as an adult is to create a monthly budget for your life. I have used mint for years as a way to track my spending and help me figure out what a realistic monthly budget for my lifestyle is. Once I feel good that my monthly budget is accurate I put 3 months worth of my budget in my traditional credit union savings account, 1 months worth in my traditional checking account and then I direct deposit my paycheck into a third traditional savings account. I then place 3 more months of my budget into a high interest DeFi account. Now I want to pause here because everyone comes from very different financial backgrounds. We all hear "Don't invest more than you're willing to lose" but nobody likes to define this. Regardless of how you feel about USD stability (if you're in this community it's probably because you don't trust fiat) most "experts" believe you're first financial priority as an adult is accumulating a 6 month emergency fund. We live in crazy times and if the past 3 months didn't convince you that an emergency fund is necessary I don't know what to say. I understand that even if you have a minuscule $2,000 a month budget(good luck getting a studio apartment in NYC?) my strategy requires $14,000 before you even start investing in crypto. That is way more than most people actually have and I completely empathize if you are unwilling or feel unable to wait until you have that. If you absolutely can't wait that long, I hope you at least start building towards your emergency fund using a high interest DeFi account (I recommend Nexo, Blockfi or DefiSaver). I am not a financial advisor! Now that I have my bank accounts set up, it is time to invest in my favorite cryptocurrencies. Everyone has their own rules (DYOR!) my rule is, I only invest in coins I use. So for example I feel the C20 token is extremely interesting and I have thought about buying some, however it is an index fund not something I can spend, so at this time I'm not investing in it. I also feel EOS/Steller and some other chains are also really interesting, but same issue, I don't actually use them. What do I use? Personally I regularly spend USD(no shocker there), BTC (I've recently gotten into using the lightning network using the FOLD app), ETH(God's Unchained is better than Hearthstone, fight me!), BCH (Purse has been great!), Nexo, BNB, and Dash. Ok I don't actually spend Dash. Eventually I think I'm going to switch Dash to Monero, but either way I feel holding a privacy coin during extreme civil unrest is reasonable. I'm definitely not here to say one coin is better than another and that my choices are correct. If you want to tell me how much of an idiot I am for using the lightning network or that spending bcash is a scam feel free to do so in the comments, just know that I don't care and I wont read them. DYOR!! Once you have the coins you would like to hold I believe you should set a target % that you want each coin to take of your total portfolio. You can do this by saying everything is equal at 10% or as I do where each coin has it's own target percentage based on how I feel about them. DYOR!!! If the roller coaster meme gets posted and your actual percentage held goes from 10% to 15% using my strategy you would sell off that 5% and distribute it to a coin that hasn't skyrocketed(yet!). Conditional formatting in the document triggers a Green fill when a coin passes 103% of it's target % and a Red fill triggers when a coin drops below 96% of it's target %. That's it, that's my strategy. When the market goes up I trade for some USDC and when it goes down I spend that USDC to accumulate units for the next bull run. It is very simple, but forces you to not care about fancy technical analysis or dollar averaging. Just buy when the market tells you to buy and sell when it tells you to sell. At the end of each day I click the "History" tab, copy the days data and "paste values only(Ctrl+Shift+V)" on the bottom row. When my paycheck comes in I top off my checking account to a full months budget then look to see how much my sheet recommends sending from my traditional bank account to my DeFi savings account. Those of you who are interested I'm attaching a link to my google sheet. It is going to be able to be viewed but not edited so you will need to duplicate it to your own account to use yourself. I have added lots of tiny notes to explain different sections and help you learn how to interact with the data. One issue that may arise is if you try to copy paste the sheet. When pasting formulas, if you go to copy and paste and are only getting values click "view > show formulas" then copy paste. You wont get my many notes and pretty formatting but it's a start. Another issue is with adding the "CRYPTOFINANCE()" script. For instructions and more information. Hopefully you'll be able to duplicate this document without issue, but if not let me know and I'll do my best to troubleshoot. I'm really proud of this document and have put a lot of time and effort into it the past 3 years, so please be kind in your criticisms but by all means give me advice on ways I can improve it more. Percentage Based Crypto Portfolio Template I hope you found this interesting and useful, Sincerely, Clark Kent Edit: One tidbit that I forgot to touch on but that is absolutely necessary to share. The cyptofinance() data pull method isn't perfect. It is not unreasonable for the prices it shares to be 20 minutes delayed. For this reason you should only use the document as a guide. Double check that the price of the coin it is telling to sell is still close to what the document believes it is.
AMA Recap: Heatherm Huang, Co-Founder of Measurable Data Token, discusses how Alternative Data rise midst of Covid Wave
https://preview.redd.it/qvvmwcnr9sa51.jpg?width=1080&format=pjpg&auto=webp&s=454c1e1655920deb772f04071e731ad13e798d1f Guest Bio Heatherm Huang Huang is the Co-Founder of Measurable Data Token (MDT), a decentralized data exchange ecosystem connecting users, data providers, and data buyers and denominates the value of data. As a Serial Entrepreneur, Huang got himself involved in the Research & Development of the world’s first ever talk-and-hold voice chat system, TalkBox, then the number one mobile chat application in China and across Southeast Asia in 2010. The hype around Talkbox had Tencent offering to acquire the mobile chat application that was turned down. Tencent then released a new version of Wechat, that holds the same talk-and-hold voice chat system that Talkbox has, now familiar to all，and it was at that time that Wechat broke the telecommunications industry. Talkbox and its competitors faded in the industry soon after. Huang’s Talkbox venture was adapted in Chinese drama, Entrepreneurial Age, with renowned celebrities, Xuan Huang and Angelababy being the main characters. Kiana Shek Kiana formerly worked as Deputy General Manager of Business at Baidu. Along with her strong financial education background, Kiana holds rich experience in Big Data, AI, finance & international business development. She joined DigiFinex as Co-Founder at the end of 2017, and is committed to build a secure, convenient and transparent environment for high-quality blockchain asset transactions for users globally. She is also an active speaker at different industry conferences around the globe. The AMA Kiana Shek (Left) & Heatherm Huang (Right) Kiana: Hi Heatherm, it's our honor to have you here with us today. Could you please give us an introduction of MDT? Heatherm: Hi Kiana, my pleasure to be here today. Definitely. The MDT is a blockchain-based distributed computing platform with smart contracts securely stored in the Ethereum blockchain. It denominates the value of data in this new economy. It connects users, data providers, and data buyers and denominates the value of data. The MDT launched two products:
MyMDT Data Wallet, a decentralized application (Dapp) based on Ethereum that allows users to get rewarded for sharing anonymous data points and is a user-oriented portal in the MDT ecosystem.
Measurable AI, a business-oriented alternative data analysis platform that turns anonymous data into sophisticated consumer insights.
Kiana: That's such an interesting concept. I am curious to know, and I'm sure so does everyone, how did MDT come about? Heatherm: The mission behind MDT is to solve our own problems. Back in 2016, our team started venturing into data under the guidance under the guidance of Gmail creator, Paul Buchheit. Paul mentioned that the most valuable thing about Gmail is not the service itself, but the data. Gmail data enables Google to create personalized and intelligent products for its users, and helps Google build better artificial intelligence. Our product, Measurable AI, is also built to understand the market by gathering electronic receipts from billions of online consumers, thereby increasing consumer data value. The more familiar we are with the big data industry, the better we can understand its problems. In data, privacy and traceability have always been contradictory issues. Although Google uses user data to provide better services to users, it is still resisted by users to date. As data providers, we often try to prove that our data sources are real, and all data points come from real users of our own platforms. However, to prove this, the privacy and anonymity of real users will be compromised to some extent. On the other hand, data buyers also find it a challenge to ensure that the data products they will get are effective. In data, blockchain can solve this problem. After many years of exploration in the field of consumer products and big data, our team realized that we have to compensate consumers who have contributed valuable data. We finally launched MDT at the end of 2017. We believe that the monetization of user data will be ubiquitous in the future, and we hope to use the results we have established to start this ecosystem. Kiana: Thank you so much for explaining in such detail. I want to know who your target markets are and how you strategize in marketing your products across different regions of the world? Heatherm: Southeast Asia, China, Brazil, and India will be our main target markets. They all have huge potential to expand and sustain the development of Measurable AI. At present, the main promotion channel of MyMDT data wallet is still the mainstream of users based on MailTime. Our upcoming independent app that focuses on the concept of "data cashback" will also become a major promotion channel, and its audience covers not only the cryptocurrency user group, but also the mainstream user group. Promotion services in different regions will be tailored to local market conditions. For example, the most common transaction data in the European and American markets is still credit card data, but in some emerging markets such as China, it is mobile payment data, and the consumer behavior and habits of users are also different. In different countries and regions, we will also adopt different promotion forms and modify our products to suit varying needs. Kiana: Got it. Back to today's topic, what is MDT's alternative data that users should be concerned about? How is it related to MDT? Heatherm: Alternative data refers to unconventional, unexpected, and unidentified potential data. Unlike traditional data sources such as public financial reports, alternative data is not well known. This is where its value lies. Measurable AI is a blockchain-driven alternative data provider at the present day. Kiana: I believe users have a new understanding of alternative data now. Is MDT an option for both data providers and crypto asset investors? How will MDT benefit investors? Heatherm: Alternative data providers are responsible for collecting, cleaning, analyzing and understanding data collected from non-traditional sources. For example, providers can assess the community's response to crypto assets to predict their future value and price movements. Although they are valuable, they do not fully reflect the company's operating conditions. In today's data-driven era, investors need more than endless numbers on spreadsheets. They need insightful data to make informed decisions in the market. Certain financial markets, such as encrypted assets, do not revolve around traditional financial data sources. Cryptocurrencies like Ethereum or Bitcoin cannot be effectively analyzed through financial statements because their prices are determined by factors other than common data sources. Alternative data fills this gap. As the name suggests, alternative data refers to information obtained from non-traditional sources (such as social media and consumer trends), which helps investors have a deeper understanding of investment tools. Kiana: The novel coronavirus (COVID-19) is rampant, has Measurable Data been affected in development? What measures have you taken to counter the challenge for the safety of the team? What contribution has MDT made to society against COVID-19? Heatherm: Due to the pandemic, the MDT team worked at home for 3 months until May when the team returned to office. However, the great impact COVID-19 has on the global economy, the demand for alternative data has increased for hedge fund clients. In the past few months, we have served more than 10 hedge funds and seller research institutions, providing them with first-hand consumer insights for many listed companies to analyze the pandemic's impact on the revenue of these companies and the speed of recovery. A few weeks ago, I accepted an interview with Bloomberg. I mentioned that the recent pandemic and the Luckin Coffee scandal has greatly boosted the demand for alternative data because hedge funds hope to use alternative data to monitor the pandemic's impact on major companies and its recovery rate. This is the value of alternative data. Kiana: What do Alternative Data providers do? Is MDT an Alternative Data provider and Cryptoasset investor at the same time? How does the data benefit the investor? Heatherm: Alternative data providers are the ones responsible for collecting, cleaning, analyzing, and making sense of data collected from non-traditional sources. For example, a provider may assess how the community is reacting to a crypto asset to predict its value and price movements in the future. Though valuable, they don't give the full picture of how a company is doing. In today's data-driven landscape, investors require more than endless numbers on spreadsheets. They need insightful data that is actionable enough for them to make informed decisions in the market. Certain markets like crypto assets also don't revolve around traditional financial data sources. Cryptocurrencies like Ethereum or Bitcoin cannot be analyzed efficiently with financial statements since their prices are determined by factors outside of commonly used data sources. Alternative data fill this gap. As the name suggests, alternative data is information derived from non-traditional sources — like social media and consumer trends — that help investors obtain more in-depth insights on investment vehicles. Kiana: Wow, Alternative Data providers play such a crucial role in the economy. How does MDT ensure that data security and privacy are well protected under regulations like GDPR? Heatherm: In an increasingly digitized world, huge quantities of "alternative data" are being generated every day which can complement or substitute for traditional financial data (such as information on loan payments, defaults and bankruptcies) and open the door to financial services for previously unserved or underserved customers. Data protection and privacy require a new way of thinking and preparation as regulatory or institutional frameworks to protect individuals and firms either do not exist or are rapidly outpaced by technological advances. Kiana: Makes sense. The world will only get more digitized each day. Who do you consider your competitors and why do you think you are better than them? Heatherm: Projects that share similar ideas of compensating users for sharing rewards are DataWallet, and GXChain. DataWallet recently pivoted to a data compliance service platform for startups. GXChian also rewards users for sharing data, however, their focus is on users' personal information for credit checking and user profiling. MDT is focused on anonymous and aggregated consumer transactional data for industry insights' purpose, and we endeavour to never involve any personal data. Although we both reward users for sharing data points, we share different business models and positioning on what type of data to get involved in and how users can monetize over their data. We believe the scenarios MDT creates now is more likely to be adopted by the public.
It involves only aggregated and anonymous data points for a transparent purpose
It is easier for users to get started without privacy issues (on blockchain, but accessed through user-friendly dapps
It benefits the data buyers financially and socially for joining an initiative of a company compensating users for data.
[H] Tb Arcanas [W] $17.5 Crypto each or Dota 2 Play Skins
b/o $17.5 usd in Crypto each Tb arcana Stock: 19 Selling for Crypto or trading for Dota 2 mid tier items. Send me steam offers! I accept BTC/ETH; I might be able to accept other Cryptocurrencies, just ask me. You go first or hire a middleman from this subreddit and you pay fees; no exceptions. Here's my cash rep and you can find my most recent cash deals here. Add me here or send me a trade offer.
Blockchain technology has been one of the hottest trends in the finance sector, with the potential to completely transform business models in a number of sectors. Blockchain works similarly to a massive digital ledgespreadsheet, which is shared by all the members of a decentralized network. While blockchain technology is most frequently associated with confirming Bitcoin payments, it has evolved into a complete technology platform based on adapting decentralized ledgers for operations. So, how does one make money with this new technology platform? Just as many investors have taken advantage of the opportunity to stockpile gold in anticipation of the rising price, other investors are taking advantage of the opportunity to stockpile Bitcoin and a variety of other coins. The transparency and security of blockchain technology makes it attractive for use in a variety of different cases far beyond cryptocurrencies. It can be used in everything from stock trading to ride-sharing to data security. As we move to the mainstream corporations, global entities continue to embrace the technology underlying bitcoin but that many blockchain projects have moved beyond the theoretical or testing phase, to producing real transactions, costs savings and other benefits. There are multiple opportunities that leverage the core underlying technology platform, the digital currency and the significant productivity and process improvements that are resulting from it. Investing in these companies is likely to produce solid long term gains. The improvements in speed and security could be revolutionary as transaction times and trade costs decrease. You could even use blockchain to track property ownership in less developed nations and prevent concert or sports ticket counterfeiting right here in the United States. Specifically, there are the companies that make chips and hardware for crypto mining. There are publicly traded companies that engage in actual cryptocurrency mining. Miners are rewarded with crypto for performing this service and can then sell it on the open market for profit. The gains are then passed on to shareholders. Blockchain is based on a decentralized network. As a result, cloud-based technology companies are in an ideal position to take advantage of the growth of blockchain. Cloud-based companies that provide blockchain services will be a strong bet for growth down the road. Blockchain is poised to disrupt the payment processing industry. It could cut out middlemen – companies like Visa, Mastercard & AmEx – by processing transactions more efficiently. Look for the older players to either take advantage of blockchain and adapt – or find themselves in big trouble. There are even penny stocks for cryptocurrency. While Bitcoin is definitely the most well-known digital currency, there are a variety of specialty coins that have emerged over the last 10 years. In additional to investing in coins, there are a number of young companies that are investing in Blockchain and are listed on the junior exchanges. These companies offer exciting opportunities for growth to investors. Crowdfunding, Angel funding and investing in startups is certainly not a new concept. There has been a tremendous amount of interest in investing in startups built on blockchain technology. As Bitcoin has become increasingly popular and accepted by more mainstream businesses, the number of entrepreneurs interested in experimenting with the technology behind the cryptocurrency has skyrocketed. Yet, as is the case with any other new venture, such startups need funding. Blockchain technology’s cost and speed efficiencies, along with its transparency and security, will likely lead many companies to adopt the technology. Getting in on blockchain stocks now is a great way to be in on the ground floor when the technology really takes off. TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. https://www.traqiq.com/blog/blockchain/making-money-with-blockchain/
Perpetuals, Futures, and Options can present quite a steep learning curve, fear not though as we have an incredible collection of Google Sheets and Excel Spreadsheets to help both the basic as well as most advanced users! We can also strongly recommend reading our Educational and Market Research articles as many traders find them to be invaluable resources. One of our talented Community Managers, Cryptarbitrage, has created and maintains to the best of his ability a series of tools to both help Deribit users learn more about BTC & ETH Perpetuals, Futures, and Options as well support more advanced traders increasing technical needs. A short introduction by Cryptarbitrage: "Although I was aware of options beforehand I only started properly researching them in early 2018 after I discovered the Bitcoin options on Deribit. I do not need much encouragement to build a spreadsheet for something so quickly set about created an Excel sheet that would show me the profit and loss of any options position I entered. This was a great way to learn all the profit and loss formulas for each type of option as well as how different option combinations interacted with each other. As soon as this sheet was complete I was building positions I still didn’t even know the proper names for so was very much learning by doing. It was immediately obvious to me though that options were the type of instruments I wanted to trade. After a few months and once I’d done some more reading and was more confident I actually knew what I was talking about I began creating shareable versions in google sheets and sharing them with the Deribit community." Feel free to ask for some help or guidance in our English Telegram Community. Cryptarbitrage’s Twitter: https://twitter.com/cryptarbitrage Cryptarbitrage’s Telegram: u/Cryptarbitrage English Telegram Community: https://t.me/deribit Deribit's Position Builder Link: pb.deribit.com It is invaluable to be able to see the potential profit/loss, implied volatility of a single or multiple positions quickly, and adhoc. This allows you to check the results of either simulated positions, the live positions of your account, or a combination of these all across multiple instruments including Perpetuals, Futures, and Options at the same time. The Position Builder can be used to analyze the results of either existing or simulated results. As it uses market data from Deribit it provides a quick tool to check the results before adding positions into a portfolio. Development Credit to the core Deribit development team Scenario Risk Analysis “Maximum Pain” - Excel Spreadsheet Link: https://drive.google.com/file/d/1ANS1CgApJCDTX5ZjUwO_fegU7Z-QVSdt/view A resource to visualize the Open Interest at the present moment as well as the current price of maximum pain for option buyers.
Some people have asked about paying taxes on cryptocurrencies and I thought I'd write a post about it. Disclosure:
This is about US taxes only.
This is your money - don't let anyone tell you what to do with it and consult a professional - rather than a random person from the Internets.
My experience is 20 years of trading (and therefore filing taxes). My info comes from tax professionals who file my taxes so take that for what its worth. I'm not a tax person so I hope to get this right.
the information below should apply to most people here. If you're worth $5 billion, why are you here? This stuff doesn't apply to you.
Do I even need to pay taxes? You only need to pay taxes if you sell AND make a profit. If you hold and don't sell, you don't need to pay taxes. If you sell - even if you had that cash for a fraction of a second - you still owe if you made a profit. IRS treats cryptocurrency as property - not currency - and capital gains taxes apply. (Citation) Pro tip: don't mess with the IRS. If they can get Capone, they can get you. If you're off by $5, they won't care but if you're hiding thousands - they'll come after you, find it, make you pay - with penalties and crazy interest rates. It's not worth it. Plus they'll be auditing some accounts and bank accounts with unusual activity. There was an announcement that the IRS will be asking taxpayers if you have any crypto income. Capital losses I'm going to start with this first since it comes into play with capital gains. Capital losses is the total amount you lost during the year. If your net activity results in a loss, you have the following benefits:
you can write off up to $3,000 per year
you can continue writing it off until the entire amount is expunged. For instance, if you have $9,000 of capital losses, you can use the write-off for 3 years presuming you have no more capital gains or losses.
If you lost $9k in 2017, claimed $3k in 2017, and you have $3k in gains in 2018, you pay no capital gains taxes and you have another $3k in capital losses for 2019.
There is no limit to this so if you lost money in the 2008 crash, you can still claim those losses.
Capital gains in this context applies to stocks and cryptocurrencies. You lose money in stocks and make money in crypto? This is equivalent from a tax perspective.
Capital gains Now the fun part. First of all, you have to remind yourself that the only reason why you're paying taxes is because you earned extra income. Congrats! Now you have to pay the piper. There are two types of capital gains taxes:
long-term capital gains taxes: when you hold for over a year, and
short-term capital gains taxes: when you hold for less than a year (obviously)
long-term capital gains taxes are taxed as investment income (i.e. last column from the link called "Other investments").
short-term capital gains taxes are taxed as ordinary income
Quick note: are you poor (i.e. single making < $38,600)? If so, what the hell are you doing playing with cryptocurrency! But fine, if you are then you pay no long-term capital gains taxes. How to calculate your profit/loss There are two typical ways to count it (I'm not going to give you shady advice): FIFO and LIFO.
FIFO: First In First Out
LIFO: Last In First Out
Since this post is already long, here is a link with examples. I use FIFO. As long as you're consistent, you won't have any problems. If you switch between FIFO and LIFO depending on transaction to try to minimize taxes, you could get in trouble for tax evasion. Best to be consistent. You need to create - if you haven't already - a massive spreadsheet of all your transactions and keep it on file for years. Here's what I record:
type (ex: BTC vs. ETH, etc) - that's just for me for statistical analysis but this is in case IRS asks. For stocks, this would be the ticker of the stock
coin purchased (full number with all the decimals)
purchase price (if it was a bunch of partial orders, average out each individual purchase price)
purchase fee if applicable (add up the partial fees too)
sell fee if applicable
Profit formula is simple: (sell price - purchase price) * coin purchased - purchase fee - sell fee. If you sell a portion of your holdings, I'd break up the original purchase in two and track separately. At the end of the year, add all this up (or just have a running total like me). Add capital losses to this. If the number is greater than zero then you likely owe taxes (depending on your bracket). ELI5: progressive taxation Lots of people don't quite understand how progressive taxes work - and this applies to ordinary income (not long-term capital gains taxes). Capital gains taxes are a flat percent based on ordinary income. Let's use the following assumptions for an example:
you make $100,000 per year
you have $25,000 in long-term capital gains
you have $10,000 in short-term capital gains
Note: I'm going to ignore all other things that make taxes lower such as state taxes, exemptions, credits, deductions, etc - especially since there's a new tax plan in the system. I'm only focusing on taxes and capital gains. This means the rate you'll pay is going to be even lower.
That said, with the above, you have $110,000 in "ordinary income" and $25,000 in long-term capital gains. Long-term capital gains: Your income puts you in the 15% investment tax bracket. $25,000 * 15% = $3,750 in taxes. Short-term capital gains are more complex since they're progressive and I'll use "Single" filter for the example:
First $9,700 of ordinary income is taxed at 10% = $970
Next $29,774 is taxed at 12% = $3,572.88
Next $44,724 is taxed at 22% = $9,839.28
$110,000 ordinary income minus $84,200 (top of previous tax bracket) gives us $25,800 which is taxed at 24% = $6,192
Add them up: $20,574.16 total tax which, out of $110,000, is 21.62% tax rate while you're in the 18.7% tax bracket. Adding the long-term capital gains taxes give you:
$135,000 total income
$24,324.16 total taxes
18.02% tax rate
Again: in reality, you'll pay a lot less in taxes due to deductions, credits, and various other adjustments. This is just the pure rate based on the math above. I hope this helps and good luck - I hope all of us have had a very good year but don't forget to prepare yourself for tax season.
P-REP Proposal; ICON, 20% exposure in top crypto event of 2020, reach 100+ universities/corporate partners (BETTER THAN SLICED BREAD), organized by MouseBelt.
Summary: Event site:https://www.ri2020.io/ Event date: May 18th, 2020 P-PREP Commitment Date: April 30th, 2020 Telegram:u/markusreisner We believe we have a strong proposition to market ICON in a meaningful way to some of the largest communities in crypto. The MouseBelt team has the largest global network of over 100+ universities in 20+ countries. Over the last few months, 10+ university blockchain events we were working with got canceled for obvious reasons. Due to that fact, and our understanding of our reach we decided to launch a virtual conference. Since April 10th here is what happened:
We have enrolled over 100+ partners and universities
With BlockTV’s distribution (we are taking over the site for 1+ months) and our post-conference strategy, this content will reach 5+ million views
Over 5000 people have registered between Eventbrite and Facebook (with 21 days to go, we expect 20,000 people registered)
We have invested $70,000 to professionally produce this 72-hour event with BlockTV
We believe we have surpassed Cointelegraph and Consensus in reach and production quality.
We believe this is the #1 conference in crypto currently.
MouseBelt will invest over $70k+ into this event. We would like to have fellow P-Reps invest $20k (this will go 100% to BlockTV production cost). The benefit to the ICON community will be:
Owning 20% of the conference “screen time” at a 50% discount
Increased exposure to over 100+ top universities working on blockchain
Partnership with Anheuser-Busch InBev, and Coca Cola for one of our hackathon events (or similar).
We are open to adding as many additional benefits as possible as we are a part of the ICON community
Background: MouseBelt is a popular blockchain ecosystem consisting of multiple parts:
Top 3 global blockchain accelerator, investing into early to mid-stage blockchain projects
MouseBelt as ICON developers: Our engineering team has implemented token assets on ZenSports (SPORTS), the first STO on the ICON network, and GrowYourBase, the #1 IRC2 application token in market capitalization on the ICON network. Currently, we are developing the Balanced network in concert with ICX_Station, PARROT9, and Iconosphere. Balanced will bring synthetic assets backed by ICX to the ICON network, as well as tokenized staked ICX. This can assist with both a stable asset for payments, and a base for other DeFi applications MouseBelt as a P-Rep: We have been a Main P-Rep most of the time since decentralization of the network and so far had utilized our funds for student education. Such as the “ICON in a box” workshops and the Milwaukee Blockchain Conference, which we sponsored in a direct ICX payment and the second annual payment for UCLA’s blockchain engineering course. REIMAGINE2020, Conference details: Conferences have always been an integral part of the blockchain space to promote projects in the industry. With recent evolutions around the globe, things have changed. They either got canceled or delayed. We have created REIMAGINE2020, a virtual conference. Shared by the ICON Foundation on April 18. We can effectively and efficiently promote ICON to the world through Reiamgine2020 | BlockTV. The driving force behind the conference is: highest quality of Content matched with the best production quality for Video. The funds will allow MouseBelt to promote ICON logo/branding throughout the conference/programming for straight 72 hr of live streaming. Additionally, we have the opportunity to properly place ICON logo/branding in highly favorable on-screen placements (tickers/commercials/plugs and continuous branding) reaching 5M viewers globally. ICX Station is providing a Keynote to drive global interest. Confirmed partners
Influencers we are reaching out to: Chamath Palihapitiya, Adam Back, Ray Dalio, Andreessen Horowitz, Michael Novogratz, Naval Ravikant, Balaji S. Srinivasan, Su Zhu, Charlie Lee, Nick Szabo, Riccardo Spagni, Fred Wilson, Max Keiser, Winklevoss, Air Paul, Michael Arrington, Peter Schiff, Paolo Adroino, Elizabeth Stark, Marc Andreessen, A. Pompliano, Patrick Byrne, Brock Pierce, CZ, Vitalik, Andreas M. Antonopoulos
3. As far as hard data for "attendees" we have two signals:
5000+ attendees on Facebook and Eventbrite, with 3 weeks to go (13X MORE than Virtual Blockchain Week!)
Attendee list includes a mix of media, university representatives, C-level executives, developers, and startup founders
One of the first things that you learn when you enter the cryptocurrency market is that Bitcoin is just the tip of the iceberg - and there is a huge number of altcoins. As you do some research, you realize that there are different exchanges, and you need to have accounts on at least five of them to trade various altcoins. In the end you end up with 10+ accounts, an offline wallet for Bitcoin, and an offline wallet for Ether. https://preview.redd.it/dnoifydgzny31.jpg?width=2400&format=pjpg&auto=webp&s=49b0aa2d84a37236743b9f3c92c88715ebdcfdf6 Very soon, you will realize that keeping track of all of your cryptocurrency investments is not an easy job, and it cannot be done by making entries in a spreadsheet. What is the best cryptocurrency tracker? Where can I find different trading tools? How can I reduce the fees I pay across exchanges? If you have ever asked yourself any of these questions in the last couple of months, then we have a solution for you - SwapZilla. SwapZilla is a unique infrastructure solution that revolutionizes crypto trading. Our clients receive a comprehensive service and access to almost all crypto assets.
#YangGang, Guys, we are lacking on funding and we have technically missed the last 2 fund-raising goals. Yes, we eventually met it when it was extended, but the original time and date was missed. I'm assuming most people in the #YangGang are either maxed out or there aren't enough resources. We seriously need to consider creative ways to fund ourselves, so that we will have wiggle room to pay bills and do what we are passionate about. It's NOW or NEVER! This is it. I've done this on Twitter to essentially no avail, but we need to win it. Not just for America, but the world. Now, there are various ways to do this. #StockBanking, #BankBanking, and #CryptoBanking are the various ways in which we can earn money. I'll start with #Stockbanking first. People are using RobinHood. I'm going to be making a Google Spreadsheet on who has signed up and how much they have left. If you have signed up for Robinhood and need people to sign up using your link, please respond here or DM me your details. The below is my RobinHood referral link: RobinHood Referral Link || Acorns Investment (You get $5, I get $5) INSTRUCTIONS:
Download the Robinhood app. For Android - Android || For iPhone - iPhone
Sign up using the above referral link. You will get a free STOCK.
Verify yourself on the app. You will need to share your SSN details, but don't worry, it is safe and that information is encrypted. You need to verify in order to withdraw to your bank.
After you have verifed your details, tap on the image which looks like a person. On the Android app, it is the last one bottom right. Then tap on Transfers. Tap on ADD NEW ACCOUNT at the bottom and follow the instructions there to add your bank.
After you have added your bank, tap on the image which looks like a zig zag line going up. Ideally you should see your free stock show up there, with the number of shares listed next to it and a $ value represented next to it.
Tap on the stock you want to see, then tap on TRADE. Then, SELL.
You will then be presented with a different screen. Ensure it says MARKET ORDER at the top right. Where it says "Number of Shares", ensure that has 1 next to it. Lastly, tap on the check mark toward the bottom right once you are satisfied.
Finally, go back to the TRANSFER screen we were at earlier, and tap on Transfer to your Local Bank. Rest should be easy.
If you have any trouble with the instructions, or anything like that, please let me know here or dm me on Twitter where my handle is SoldatChristi.
Next up, is #BankBanking with #SoFi. SoFi is just another bank account, that you can sign up for. It has zero fees so you wouldn't need to worry about having any inactive balance on the account. Do read up the entire rules as wells as the terms, in case you are worried or need to get more info. Below is the SoFi sign up link: SoFi Personal Loan (I get $300, you get $100) ChimeBanking (No fees, get a payroll deposit of $200, to receive $50) Now, we have #CryptoBanking, and the most famous one is Coinbase. It's a tried and trusted company, I've been using it for years now to add/withdraw funds when necessary. For joining CoinBase, you get to see some videos, learn, and when you answer questions, you get cryptocurrency. You can then withdraw it to your bank. Second one is Voyager. Coinbase (watch videos and earn $$$) Voyager (Trade for $100, get $25) ABRA (Buying Crypto) -------------------------------------------------------------------------------- These are just some of the ways, in which we can earn money and then deposit into the Yang campaign or whatever we think is best. I implore you all, to consider this.
Getting the spreadsheet to work for you. 1. Install the Spreadstreet add-in for Google Sheets. Click this link to download the Spreadstreet Google Sheets Add-in Excel Spreadsheet For Cryptocurrency Investment Fund Model. Google Sheets to Track Cryptocurrency Prices One of the biggest obstacles that people face when trying to get into cryptocurrency trading is having an efficient way to track the value of the coins that they hold. While there are several premium software options available to track The spreadsheet gives the client relevant information regarding conditions relating to cryptocurrency trading and other assets: one lot's value, floating spreads, commissions, and leverage. The Cryptosheet services come in the form of a downloadable spreadsheet that comes with preprogrammed functionalities to enable secure and accurate analysis of the investor's portfolio. The advanced worksheet is carefully designed to allow beginners to understand the use of a spreadsheet to monitor crypto investments. Cryptocurrency Trading Journal Spreadsheet. Company Info. Trading Journal Spreadsheet, Corp. Greg Thurman Owner / Developer Las Vegas, Nevada (702) 546-9945. The “TJS” Trading Journal Spreadsheet. Trade Tracking and Analysis software, for all: Stocks, Options, Futures, Forex, (UK) Spread Betting, and CFD traders.
Best Cryptocurrency Portfolio Tracker and Spreadsheet Excel 2020
Download historical data for all available cryptocurrency trading pairs from the time a pair is started trading on the particular exchange. Timeframes: 5m, 15m, 30, 1H, 2H, 4H, 1D, 1W - Append new ... Excel Spreadsheet Build-in Trading Terminal - Duration: 19:31. malkari 24,056 views. ... Tutorial: Auto Updating Cryptocurrency Portfolio on Excel Spreadsheet - Duration: 19:11. TRUMP TRADE BOT NULLED SOME ANTIVIRUS DETECTED IT LIKE VIRUS DONT FORGET TURN OFF IT!!! https://bit.ly/2YbXPyT https://bit.ly/2Ydoj2E https://easyupload.io/p... Abbie the Crypto-Parrot outakes. Spreadsheet: https://drive.google.com/file/d/1eIbsaFbUCbiqnN0QI3GQKXnneWU9aKpF/view?usp=sharing Build a cryptocurrency arbitrage spreadsheet in under 10 minutes! - Duration: 8:52. Edgecate 1,403 views. 8:52. How to build Interactive Excel Dashboards - Duration: 52:26.