Hey guys I want to address some of the conspiracy theories and give my opinion on what happened here based on the information we know. This post is meant to highlight what we know so far. #1 Gerald is Dead Yes, Gerald is dead. We know this because we have a copy of his certified Canadian Death Certificate and the funeral home in Nova Scotia was contacted and verified his funeral service https://preview.redd.it/9165wu1l2be21.jpg?width=1914&format=pjpg&auto=webp&s=133a624b8cc3b4361f945175fbbf27a3d2fe45ee #2 He made a huge mistake by not having a backup plan for the cold storage I believe this is false. A man like Gerald who was the CEO of the largest Canadian crypto exchange and knows as much about block chain as he did does not simply let it slip his mind that he didn't have a backup. There is a reason Gerald did not allow anyone but him access to the cold storage. There is a reason that he wanted to be the only person to see that cold storage. And I believe he did not leave any way to access it in the event of his death on purpose. There are several reasons this may be. I believe that he may have been using users fiat and crypto to pay other user withdrawls in a ponzi scheme and did not want this revealed to anyone else in the company. I feel more likely he had been using users stored crypto to trade in the hopes of making quick trades to make a profit for himself then return the borrowed crypto to cold storage. Gerald alluded to this in a comment he made about moving users crypto on to other exchanges as outlined in Jennifer Robertson's affidavit. https://preview.redd.it/4yyz1htq2be21.png?width=801&format=png&auto=webp&s=5daf1c290705dd38586c61231d8ba473d24bfd74 There would be no logical reason to move users cryptocurrency from cold storage on to another exchange unless it was being used for trading purposes. This was carried out without consent from the holders of that cryptocurrency and it is not stated in the Quadriga terms of service that their funds would be removed from Quadrica and on to another exchange. To move a users crypto to an exchange makes no sense for the following reasons. Once it is transferred to an exchange a network fee is paid from that crypto, to bring it back to the cold storage another network fee is charged. For example if Gerry was transferring a users 1 BTC from cold storage, by the time it returned to cold storage it would have 2 fee's deducted from it. So when the user withdraws their 1 btc how is the full 1btc returned? Where did those fee deductions get returned from? Also, as we can see gerry's cold storage was very secure so it makes no logical sense. I feel we will never know what he was really doing but I feel he was not managing users funds appropriately which is why he would not allow anyone else to access it and went to the grave with this to protect his reputation and family from criminal investigation. #3 Jennifer Robertson is NOT Involved I do NOT believe that Jennifer Robertson was in any way involved in Gerald Cotten's inappropriate business transactions. She has now brought forward 2 court petitions this month. The first was to call a meeting of Directors to immediately address what was going on and have everyone at Quadriga court ordered to attend. Keep in mind that for a month prior no staff from Quadriga requested a meeting for restructuring. Jennifer would have been unaware that only Gerald had access to the cold storage but staff at Quadriga would have definitely known how their funds were stored and made no effort to halt the site or notify anybody of what was occurring until Jennifer went to court to demand a meeting. Secondly, she brought forth a second petition on her own without staff from Quadriga to immediately halt the site and to request the court and Ernst & Young to manage Quadriga funds. Jennifer Robertson has also paid for all of these court proceedings from her personal funds. https://preview.redd.it/cvbgyciu2be21.png?width=773&format=png&auto=webp&s=ab5ee9a7c7525b591f803134e442f67997690e18 Jennifer has also hired a private security professional on her own to crack into Gerald's laptop. Chris McBryan is a 27 year veteran of the RCMP and has extensive knowledge of cyber security. This man knows his stuff and is very competent in cracking users laptops from his years of criminal investigations https://preview.redd.it/sg7ma5aw2be21.jpg?width=789&format=pjpg&auto=webp&s=a55995e3bd71b3971b3b4b4b76e607ca694d651c #4 The Orphanage Gerald did travel to India to participate in the building and opening of the Orphanage he sponsored and bear his and Jennifer's name. https://preview.redd.it/eccjxavx2be21.jpg?width=960&format=pjpg&auto=webp&s=656ffe6f8217a56264abb75d06cc9505a33d1151 This may seem like a really far fetched thing to do and makes the story of his death seem like some made up story but in fact Angel House was featured on an episode of NBC's "Minute to Win It" game show. It is very possible Gerry and Jennifer saw this show and thought it was a great cause to get involved with. https://preview.redd.it/d60e7l123be21.png?width=1437&format=png&auto=webp&s=2fa9333b8b9788d92cc419ceafe68249e549fd8f Gerry and Jennifer chose the $21,350 project to sponsor a 12 child home which is the lowest value orphanage project Angel House offers aside from building a well. In closing, I have lost a 5 figure sum and I'm as scared and angry as all of you but we need to review all the facts. I do not want to make this post go on forever so I will do these in a number of posts to gather the information I have and present it as best I can. I realize that people will disagree or have their own opinions be so far this is what I believe has happened.
Hey guys I want to address some of the conspiracy theories and give my opinion on what happened here based on the information we know. #1 Gerald is Dead Yes, Gerald is dead. We know this because we have a copy of his certified Canadian Death Certificate and the funeral home in Nova Scotia was contacted and verified his funeral service https://preview.redd.it/dbx6pp4ntae21.png?width=1878&format=png&auto=webp&s=f33268ba82a52b2e8ed00cae37f19f1aaadfa0d5 #2 He made a huge mistake by not having a backup plan for the cold storage I believe this is false. A man like Gerald who was the CEO of the largest Canadian crypto exchange and knows as much about block chain as he did does not simply let it slip his mind that he didn't have a backup. There is a reason Gerald did not allow anyone but him access to the cold storage. There is a reason that he wanted to be the only person to see that cold storage. And I believe he did not leave any way to access it in the event of his death on purpose. There are several reasons this may be. I believe that he may have been using users fiat and crypto to pay other user withdrawls in a ponzi scheme and did not want this revealed to anyone else in the company. I feel more likely he may have been using users stored crypto to trade in the hopes of making quick trades to make a profit for himself then return the borrowed crypto to cold storage. Gerald alluded to this in a comment he made about moving users crypto on to other exchanges as outlined in Jennifer Robertson's affidavit. https://preview.redd.it/21yphrktvae21.png?width=816&format=png&auto=webp&s=f0eacbfc11ebfd03f42ac3a890569cbbfe40e1e4 There would be no logical reason to move users cryptocurrency from cold storage on to another exchange unless it was being used for trading purposes. This was carried out without consent from the holders of that cryptocurrency and it is not stated in the Quadriga terms of service that their funds would be removed from Quadrica and on to another exchange. To move a users crypto to an exchange makes no sense for the following reasons. Once it is transferred to an exchange a network fee is paid from that crypto, to bring it back to the cold storage another network fee is charged. For example if Gerry was transferring a users 1 BTC from cold storage, by the time it returned to cold storage it would have 2 fee's deducted from it. So when the user withdraws their 1 btc how is the full 1btc returned? Where did those fee deductions get returned from? Also, as we can see gerry's cold storage was very secure so it makes no logical sense. I feel we will never know what he was really doing but I feel he was not managing users funds appropriately which is why he would not allow anyone else to access it and went to the grave with this to protect his reputation and family from criminal investigation. #3 Jennifer Robertson is NOT Involved I do NOT believe that Jennifer Robertson was in any way involved in Gerald Cotten's inappropriate business transactions. She has now brought forward 2 court petitions this month. The first was to call a meeting of Directors to immediately address what was going on and have everyone at Quadriga court ordered to attend. Keep in mind that for a month prior no staff from Quadriga requested a meeting for restructuring. Jennifer would have been unaware that only Gerald had access to the cold storage but staff at Quadriga would have definitely known how their funds were stored and made no effort to halt the site or notify anybody of what was occurring until Jennifer went to court to demand a meeting. Secondly, she brought forth a second petition on her own without staff from Quadriga to immediately halt the site and to request the court and Ernst & Young to manage Quadriga funds. Jennifer Robertson has also paid for all of these court proceedings from her personal funds. https://preview.redd.it/r4ddzv3rxae21.png?width=838&format=png&auto=webp&s=108fb3965b77dfbe949a423e6914707e5cf1481a Jennifer has also hired a private security professional on her own to crack into Gerald's laptop. https://preview.redd.it/zyjfcz4ryae21.png?width=797&format=png&auto=webp&s=899d859d285c8061380f563a74e2809b7ed555f4 Chris McBryan is a 27 year veteran of the RCMP and has extensive knowledge of cyber security. This man knows his stuff and is very competent in cracking users laptops from his years of criminal investigations https://preview.redd.it/gvbxomj7zae21.png?width=783&format=png&auto=webp&s=e299797793d430791a54d30c2fce3e006e4bc979 #4 The Orphanage Gerald did travel to India to participate in the building and opening of the Orphanage he sponsored and bear his and Jennifer's name. https://preview.redd.it/7ykxeffg0be21.png?width=1273&format=png&auto=webp&s=3bbc5e76db2335470d701685085f9d4d74edb01e This may seem like a really far fetched thing to do and makes the story of his death seem like some made up story but in fact Angel House was featured on an episode of NBC's "Minute to Win It" game show. It is very possible Gerry and Jennifer saw this show and thought it was a great cause to get involved with. https://preview.redd.it/1qpaz53q1be21.png?width=1444&format=png&auto=webp&s=c6c96bec9250323b38a0a6d6e9a1b955b8d6355a Gerry and Jennifer chose the $21,350 project to sponsor a 12 child home which is the lowest value orphanage project Angel House offers aside from building a well. In closing, I have lost a 5 figure sum and I'm as scared and angry as all of you but we need to review all the facts. I do not want to make this post go on forever so I will do these in a number of posts to gather the information I have and present it as best I can. I realize that people will disagree or have their own opinions be so far this is what I believe has happened.
Coinsquare, the largest Canadian crypto exchange, bought the decentralized exchange StellarX. How this event will affect the price of the XLM Coin. At this moment, positive results are not noticeable.
Google to Allow Regulated Crypto Exchanges to Buy Ads in U.S. and Japan - Mt. Gox Trustee Confirms Liquidation of $230 Million Worth of Bitcoin and Bitcoin Cash - Canadian City Threatens to Pull Plug on World's Largest Bitcoin Mining Farm - MJAC Conference
Investment Thesis: Why investing in POW.TO (Power Corporation of Canada) now is an investment in a future high market cap Wealthsimple IPO
I have seen some posts here wondering about the wisdom of investing in Wealthsimple's parent company, Power Corporation of Canada (POW.TO). I decided to look more into this, decided to post my investment thesis and research on why I, long-term, I have a very bullish view on Wealthsimple (and by extension POW.TO), and why I think this is equal to being an early stage investor in a Wealthsimple IPO.
Ownership: Power Corporation of Canada (POW.TO) (83.2% ownership)
AssetsUnderMangement: $5.4 billion, as of June 30, 2020 (4.9 billion in June 30, 2019)
Wealthsimple Invest (ETF Roboadvisor service), WS was one of the first-movers in this space in Canada and offered robo-advising as part of its initial product in 2015. WS claims to have largest digital investing presence in Canada (70% of the market) (reference).
Wealthsimple Cash, a savings account service
Wealthsimple Trade, a commission free trading app where users can buy and sell ~8,000 stocks and ETFs
Wealthsimple Crypto, a commission free cryptocurrency trading app, currently in beta
SimpleTax.ca, a free tax-return service used by ~1 million Canadians per year, acquired in late 2019
WS has had many successful rounds of funding and a vote of confidence from both its parent POW.TO and other multinationals investing in fintech.
Last year WS received a $100 million dollar investment led by Allianz X, the start up investor arm of German financial services giant Allianz
WS has had 7 total investing rounds, totalling $266.9 million (reference)
WS has been extremely aggressive in targeting growth areas. Wealthsimple’s CEO Mike Katchen has said he wants to position the company as a “full-stack” financial services company. Here are some of their current expansion areas:
UK and USA Expansion - in 2017, they started offering similar investing services in the UK and the US (reference and reference).
Socially Responsible ETFs - WS recently partnered with Mackenzie Investment to offer socially responsible ETFs with a social and environmental focus. Although probably not something that older investors care about, this is particularly important for younger investors who want to make sure their investments are socially responsible
Cryptocurrency - WS is currently testing a beta service of their cryptocurrency app, and offering fee-free cryptocurrency trading, similar to Wealthsimple Trade. Whatever your views of cryptocurrency (I'm of the view that I can in some cases be part of a portfolio to hedge against risk), it's here to stay. Earlier this month, WS was the first company in Canada to register with the Ontario Securities Exchange Commission (reference). My sense is that crypto will face increasing regulations and scrutiny in the coming years, which will be a good thing for WS which is a step ahead of the game (reference). Even Google is starting to look into relaxing its restraints on crypto (reference).
Other full-stack services - WS has been mum on what other services they might offer, but insurance, mortgages, and chequing accounts could be other areas of disruption. (Reference)
WS is run by young guys who have big ambitions and plans for the company. Sometimes there are CEOs with the intangibles that can really drive a company's growth, and from what I can glean, I think the company has a lot of potential here in terms of vision by its leaders. You can read more about the founders here
Michael Katchen, CEO, Background: Led product and marketing at a start up called 1000memories, a Y Combinator startup later acquired by Ancestry.com. Worked for McKinsey & Company.
Brett Huneycutt, COO, Rhodes Scholar... not much else I know about the guy
Quote sfrom CEO: Michael Katchen On being laughed out of the boardroom when he proposed his idea for Wealthsimple:
Within the last month, Wealthsimple has also opened an office in London. Katchen said a push into the European market is “possible” as its “ambitions are global,” but right now the Canadian and U.S. markets are “a lot to chew.” It is a far cry from the company’s early days: Katchen said he was “laughed out of the boardroom” for laying out a global vision for Wealthsimple at a time when they had just $1.9-million in funding and 20 users***.***“It’s a very personal mission of mine since I moved back from California, to inspire more Canadian companies to think big and to think internationally about the businesses that they’re building,” he said. (reference)
On Wealthsimple's growth in the next 10-15 years:
Wealthsimple has more than $5 billion in assets under management and 175,000 customers in Canada, the U.S. and U.K. He sees that reaching $1 trillion 15 years. “We’re just getting started,” he said. “Our plans are to get to millions of clients in the next five years.” (reference)
Brand Value and Design
Out of all the financial services company in Canada, WS probably has the most cohesive and smart design concept across its platforms and products. I see the value in Wealthsimple in not just the assets they have under management, but also the value of the brand itself. I mean, what kind of financial services company makes a blog post about their branding colour scheme and font choices? Also see: Wealthsimple’s advertisement earlier this year capturing 4 million views on Youtube. There also seems to be very strong brand awareness and brand loyalty amongst its users. I think a lot of users find WS refreshing as a financial services company because they cut through the "bullshit" and legalese, and try to simply things for the consumer. They also have their own in house team of designers and creative directors to do branding, design, and advertising, and this kind of vertical integration is generally unheard of in the financial services industry (reference).
Interestingly, the CEO’s ultimate goal is to take the company public. Therefore, I see an investment in POW.TO as being an early stage pre-IPO investor in WS (reference).
The goal is to get Wealthsimple to the size and scale to go public, something that Katchen said he’s “obsessed with.” While admitting that an IPO was still a few years down the road, Katchen already has a target of $20 billion in assets under administration (AUA) as the tipping point (the company recently announced $4.3 billion in AUA as of Q1 2019) (reference)
Ultimately, my sense is that a spun-out Wealthsimple IPO eventually be worth a lot, perhaps even more than POW.TO at some point. Obviously the company is losing money right now, and no where even close to an IPO, and there are still many chances that this company could flop. The best analogy that I can think of is when Yahoo bought an early stake in Alibaba (BABA) back in the early 2000s, and there came a point where their stake in BABA was worth more than Yahoo’s core business. I think an investment in POW.TO now is an early investment in WS before it goes public. (reference)
Expansion problems. In the UK, they reported significant losses and despite increasing users. (reference). The US is also an especially competitive space with lots of similar competitors.
The robo-advising, fintech space is highly competitive now, and the Big Five Banks and other investment/trading companies could easily start offering low-cost or commission free trading
Competitors such as Robinhood could also expand into the Canadian market and take out a huge chunk of WS's userbase
The X Factor
What I find particularly compelling about WS is they have aggressively positioned themselves to be a disruptor in the Canadian financial services industry. This is an area that has traditionally been thought to be a firewall for the Big Five Banks. There is also a generational gap in investing approaches, knowledge, and strategy, and I think WS has positioned itself nicely with first-time investors. My sense is that COVID-19 has also captured a huge amount of young adults with its trading app in the last few months, who will continue to use Wealthsimple products in the future. The average age of its user is around 34. As younger individuals are more comfortable with moving away traditional banking products, I think Wealthsimple’s product offering offers significant advantages over its competitors.
Power Corp is a Good Home
Currently POW.TO is trading at $26.30, down from its 52-week high of $35.15. I see an investment in POW.TO now as fairly low risk, and while WS grows, and there is also the added benefit of a high dividend stock. One of the most confusing things I found about Power Corp was its confusing corporate structure where there were two stocks, Power Financial Corp, and Power Corp of Canada. Fortunately, in Dec 2019, they simplified and consolidated the stocks, which also simplifies the holding structure of WS. I currently see POW.TO has a good stock to hold as well if you're a dividend holder, with a dividend of 6.86%. Also, POW.TO is patient enough to bide its time and let its investment in WS grow, unlike a VC that might want to sell it quick. For example, the reason why WS went with POW.TO instead of the traditional VC route is explained here:
Katchen has directly addressed the question of why he did not go the traditional VC route recently, saying: If you are a business that requires perhaps decades to achieve the vision you have, well, if you’re not going to be able to generate the kind of returns that venture needs is they will force you to sell yourself, they will force you to go public before you’re ready, or they will just forget about you because you’re going to be a write off. And so Katchen essentially flipped Wealthsimple to Power Financial. Power is well known as a conservative, patient, long-term investor. (https://opmwars.substack.com/p/the-wealthsimple-founders-before)
My belief is there is a huge unrecognized potential in POW.TO's massive ownership stake in WS that will be realized maybe 5-10 years down the road. I didn't really dive into the financials of POW.TO in relation to WS's performance, because the earnings reports do no actually say much about WS. I'm aware of the main criticisms that POW.TO is a mature company and dividend stock that has been trading sideways for many years, and the fact that WS is currently not a profitable company. I am not a professional investor, and this is just my amateur research, so I certainly welcome any comments/criticism of this thesis that people on this subreddit might have! (Please be gentle on me!).
Last time I threw somethin up here ya ghosted. I ain't gon trip but hope this wake some ya up. Bitcoin, however you feel about it (I say imperfect but better than fiat) is halving. If you don't have a coinbase or tzero wallet you can still get a bag. Robinhood Bitcoin Stocks: RIOT - Riot blockchain owns the largest Bitcoin mining farm in North America, facilities in Oklahoma and Upstate NY. They acquired the facility in NY last month as well as bought new gear to keep up with competition as Bitcoin miner rewards half. They are well positioned moving forward to be one of the farms that continue producing Bitcoin. MOGO - Canadian financial services firm that allows customers to buy Bitcoin through their app. They have a solid customer base they help with financial wellbeing through tracking debt/spending. OSTK - No longer a pennystock but I know some of ya can up ya g. Before CEO Pat Byrnes flamed out he funneled his companies resources into bitcoin/blockchain technology. Tzero is owned by overstock and they are in the process of being approved to not only exchange crypto but regular stocks as well. OTC stocks (ToS got em) Grayscale Investments GBTC, GDLC etc - Heavy with instutional backing. It's a Bitcoin trust, they own a ethereum trust if that's your thing and then digital cap fund. Still iffy? Look up Paul Tudor Jones since billionaires are smarter than the rest of the population combined. I would post sources but ya Google/Yahoo Finance/Reddit/Pocket work the same. Disclaimer: I am long and own multiple positions on these stocks. Lastly, I expect Bitcoin to dip sometime over the next week due to coin laundering (deadass, not gonna speak further on it rn). Just a heads up Edit: Riot operates at the largest Bitcoin mine in a partnership with Coinmint.
This is your ITB Media Daily Crypto Brief for Friday, June 12, 2020. In Mainstream Financial News. CNBC reports: Goldman Sachs unintentionally sparked a war with cryptocurrency evangelists - https://cnb.cx/3cNxNG6 Goldman Sachs unintentionally sparked a war with cryptocurrency evangelists. “Cryptocurrencies including bitcoin are not an asset class,” Goldman Sachs declared in a slide deck released ahead of an investor call on Wednesday. Bloomberg Headline: Quadriga Downfall Stemmed From Founder’s Fraud, Regulators Find - https://bloom.bg/2AmzFsm The Canadian securities regulator has taken the rare step of publishing its findings on its 10-month investigation into QuadrigaCX, whose collapse in 2019 caused at least C$169 million ($125 million) in losses for 76,000 investors in Canada and abroad. QuadrigaCX shut down in January 2019, weeks after Cotten died unexpected while on his honeymoon in India, leaving behind a mystery of what happened to the Bitcoin and other cryptocurrencies on the platform. The Asia Times Reports: Why India could be the next crypto hub https://bit.ly/3cUCRZn Here are four key forces driving crypto adoption in India: Currency fluctuations and mismanagement Scale Legalisation and regulation Huge domestic and foreign remittances Wall Street Journal Headline: Cyber Daily: Oversight of Cryptocurrency and Other Financial Technology Is Evolving - https://on.wsj.com/3dNMKZT Oversight of Cryptocurrency and Other Financial Technology Is Evolving. Good day. ... Hackers attacking cryptocurrency exchanges in the last 18 months have stolen millions of dollars of bitcoin and other digital currencies. Plus, a large share of cryptocurrency trades appear to be fake, some researchers say. Forbes Headline: Bitcoin Falls More Than 8% As Crypto Markets See Red - https://bit.ly/2At253P Bitcoin prices dropped by more than 8% today, approaching the $9,000 level as digital currency markets suffered widespread losses. The world's most prominent cryptocurrency fell to as little as $9,108.47 close to 1 p.m. EDT, CoinDesk figures show. In Crypto Publications headlines. Cointelegraph reports: Karpeles Says Mt Gox Verdict May Set ‘Dangerous’ Precedent - https://bit.ly/2YwXHIY Karpeles Says Mt Gox Verdict May Set 'Dangerous' Precedent. A day after a Tokyo court upheld charges against him, Mark Karpeles, the former owner and CEO of Mt. ... On June 11, Tokyo District Court Judge Mariko Goto struck down Karpeles' appeal to a previous charge of tampering with financial data CoinDesk.com headline: Why This Dev Built a ‘Centralized Ethereum’ on Top of Bitcoin’s Lightning Network - https://bit.ly/2MQekKl Pseudonymous developer Fiatjaf has created Etleneum, which he describes as a “centralized” version of Ethereum that runs on payments from Bitcoin’s Lightning Network. Hence the name, a portmanteau of “Ethereum” and “Lightning.” (If that’s too subtle, the Etleneum logo is a diamond shape like Ethereum’s with a lightning bolt running through it.) Like Ethereum, Etleneum has “contracts,” automated agreements over what rules need to be met before money can be dispensed. The contracts are public like Ethereum’s, and like the world’s second-largest blockchain by market capitalization, Fiatjaf’s platform is open to anyone to use. Cryptonews.com reports on its front page: Stock Sell-Off Eases While Bitcoin Follows Stocks Again - https://bit.ly/3dVvj9T As of press time on Friday morning (08:33 UTC), bitcoin was down by 3% over the past 24 hours to trade at a price of USD 9,491. The loss comes after the number one cryptoasset briefly traded above the USD 10k mark early yesterday morning UTC time, before a sharp sell-off sent it all the way down to the USD 9,050 level.
For Those Who Want to Make Some Speculative Gains in Crypto
FYI, there are assets that you can hold in a registered account that are a good proxy for crypto prices, which is primed for another massive run-up in 2021. See: https://www.tradingview.com/symbols/TSXV-HIVE/ Hive is a Canadian-based Ethereum miner and traded on the TSXV exchange, and also eligible to be held in a registered account. Ethereum is the 2nd largest crypto currency by market cap, and is strongly correlated to BTC as well, so this is a great way to play the crypto markets and expand your TFSA capacity with some speculative capital gains. Be advised however that these assets are NOT investments, and there is no way to gauge their fundamental value. Don't bet too much either, and protect your profits with stop loss orders. HIVE has already rallied more than 100%. I feel it can easily double your principle.
Quit Programming Job and Unemployed for two years. Need help/advice!
Hi guys, I'm 30yo male and I had quit my software engineering job at the end of 2017. I had a significant investment in bitcoin/cryptos and the pace of which it was appreciating was maybe a bit overwhelming for me. I had by no means enough to retire or anything but it was a low six figure amount and it felt like I would have enough financial resources for a few years. I had trouble concentrating on my job and I was really dreading going to work everyday. It was also a slow time and there was very little work, likely since my boss was getting married in another country at the time, where he took 1 months off and 1 month off remote. I had quit during this time. I used some of the money to put a down payment on a sports car(not lambo) a few months before I had quit. A lot of things were occurring near the same time. I had gotten into a relationship after three years of being single and I decided to take off and travel to Asia with her. I came back after a month and started getting into lifting more seriously and hired a personal trainer over the next 5-6months. During this time my relationship had ended and my mom and I decided to purchase a condo, in which I was living in. I was responding to more and more recruiters through linkedin for an engineering role but as I took it more seriously I would get turned down at either the onsite coding interview or final interview. At this time I was pursuing dating, interviewing and lifting. Reflecting back, it feels to me that lifting was my main priority at the time, as I was learning and growing a lot from it, and it just felt good. I had gotten into another relationship and but getting increasingly frustrated with the lack of job offers. Sometime later I had lost about 70% of my bitcoin/crypto investments when the largest Canadian bitcoin exchange went under. A little while after my relationship ended again and I decided to sell the car. It was at this time I gave up the job search and started travelling to europe for the next 6 months, while also renting out my condo to a small family. I had sort of a rough plan, in which one of the side projects I was coding to update my portfolio would be turned into a business. I found someone on upwork to help me finish build the app, but while in Europe our relationship fell through as they weren't meeting deadlines so I took a product management course in the US, where I decided my next steps were to become a product manager. After the course until where I am now, I moved back with my mom and I've been communicating with companies and recruiters but have only made it to one on-site. Its nice to be back with the family again but I really want to find work again. Since I got back I haven't been able to sleep and I've been growing miserable from being unemployed. Friends are progressing in their careers and I feel like I'm behind now. I'm happy to have experienced a lot of the things over the past while but it feels like a lot of it was a waste of time. I just want to find a job again. I have roughly 25k car debt, 12k bitcoin/crypto. 0 cash savings. Live in Ontario, Canada. No degree. Worked as a software engineer for 2-3 years after coding bootcamp Any thoughts or advice is appreciated.
kraken.us Customer Support Number +1(888)-780-0222 Get Help Now If any Issues u/WeirdAcanthocephala6
📷 kraken Customer Support Number +1-888-780-0222 In this guide, we’ll learn everything there is to know about the Coinbase vs Kraken rivalry! So, you’re on our way to becoming a crypto buff and you’re ready to get trading! But, where do you start?! Cryptocurrencies aren’t like bread, eggs, and milk. We can’t go down to our local store to get them, and Amazon definitely isn’t sending them with next-day delivery! Instead, we need to go to an online cryptocurrency exchange. Essentially, these exchanges help us swap our local currency into cryptocurrency. They also provide a platform for trading cryptocurrencies, selling them and storing them. But with so many options available, which should you choose? Kraken and Coinbase are some of the largest and most reputable online currency exchanges. However, it’s also important to understand their differences. Back in 2011, the founder of Kraken, Jesse Powell, was working at the largest cryptocurrency exchange of its time, Mt. Gox. There had just been two major hacks, and security was becoming difficult to manage. Bitcoins were going missing. If this continued, the future of crypto was bleak. Jesse thought that he could do a better job. He knew he could create a secure cryptocurrency exchange which would help people trust in the system and bring crypto into the mainstream! So, he created Kraken. He focussed on security when creating Kraken; hackers were never going to get past his security system. And so far, it has worked — Kraken has never been hacked. Now, Kraken aims to be the exchange that offers the widest range of cryptocurrencies that you can buy using fiat currencies (USD, EUR, JPY, etc.). After its public refusal, Kraken expressed an intentionto return service to New York residence pending the removal of what it perceived as unfair and counterproductive licensing. Coinsetter, announced to clients in December 2015 that it would thenceforth impose a $65 fee to offset the cost of the very same BitLicense Kraken refused to afford. In absorbing Coinsetter, and by extension Cavirtex, the following month, Kraken opened up its platform to residents of 37 other states, and to all Canadian residents. Alongside this deal, Kraken announced partnerships with payment providers SynapsePay in the U.S. and Vogogo in Canada, in order to provide its newest clients with access to fiat deposits and withdrawals respectively. One month later, Kraken announced the completion of its Series B round of investment lead by SBI Investment, a prominent Japanese venture capitalist firm under SBI Holdings. Following this investment round, Kraken announced two major acquisitions that year: Dutch exchange CleverCoin, which was acquired in June, and Glidera, a wallet service allowing users to directly fund Glidera bank accounts with fiat for the purchase of cryptocurrencies on the Kraken exchange. Kraken's reputation for security was challenged amidst 2016's buildout of partnerships and acquisitions. Multiple claims emerged in the latter half of July via news media and social networks that clients’ accounts had been compromised and funds stolen. As Kraken went silent reportedly for investigation, users threatened to alert and petition the FBI's Cyber Crimes Division for redress. Within a month, Kraken presented clarification that ‘Kraken’ was never compromised; that is, after internal investigation, the security team reached the conclusion that Kraken systems, servers, and databases were not accessed by malicious attackers due to any identifiable vulnerability for which they would be responsible. The company attributed affected users’ missing funds to phishing and man-in-the-middle attacks, and stressed the importance of enabling Kraken websites security features, such as two-factor authentication for withdrawals or the Global Settings Lock to restrict unfamiliar IP access. In the aftermath of the hack that wasn't, Kraken asserted recognition of their continued responsibility to protect clients, and stressed equally so, the client's responsibility in protecting him- or herself.
Customers of the bitcoin exchange lost all the money because its head died
For almost a year, the story with one of Canada's largest cryptocurrency exchanges, Quadriga CX, has been going on. In early 2019, the company announced the death of the head of the company — 30-year-old Gerald Cotten. She added that only he knew the passwords and keys to the wallets where tens of thousands of users ' bitcoins are stored. This was ostensibly his security measure, but because of this, Quadriga CX cannot refund customers. Such an unusual situation, as well as mysterious details from the past and the circumstances of Cotten's death, have led to theories that the head of the exchange actually fabricated his death to hide with users ' cryptocurrency-that's $ 160 million. By December 2019, suspicions had reached such a stage that Quadriga CX depositors demanded the exhumation of the body. All to make sure that Gerald Cotten is really dead and not hiding with their bitcoins. One person for all passwords Cotten's death was announced in January 2019, with 9 December 2018 as the date of death. According to Quadriga CX, the CEO of the company died from complications of Crohn's disease on the way to the opening of an orphanage in India. And his death was not the only tragedy-the exchange's customers learned that only he had access to their bitcoins. We are talking about "cold" wallets without access to the Internet, which are considered one of the most reliable means to store cryptocurrency. Passwords from them and encryption keys knew only Cotten, according to Quadriga CX, as he wanted to ensure maximum security. As a result, the cryptocurrency savings of more than 75 thousand people were in limbo. That's about $ 160 million. The wife of the deceased Jennifer Cotten said she tried to find recovery codes, but "repeated intensified searches" came to nothing. "My husband did most of his business from his encrypted laptop, but I don't know the password," she said. According to Jennifer, over the hacking of the laptop fought several experts and one managed to crack email. But the messages there are supposedly not just encrypted, but self-destruct. On January 28, the Quadriga CX website went offline, and representatives of the company almost stopped communicating with customers. Then there was speculation on Reddit: what if Gerald Cotten faked his death to appropriate the money for himself? And together with journalists, they began their investigation. Reasons for doubt The doubts of Quadriga CX customers can be understood: there are many suspicious factors in the story. It all started with the cause of death-Crohn's disease, a chronic inflammatory bowel disease that rarely ends in death. According to Reddit users, Cotten "died extremely well" in India, where there are more opportunities to fake a death than in Canada. The wife of the head of Quadriga CX published the death certificate as evidence, but she was no longer believed. Further-more. Cotten had changed his will two weeks before his trip to India, leaving his wife a large inheritance. Among the items in the will: two houses in different regions of Canada, two cars, a yacht and a small Cessna 400 plane. Cotten's total assets are nearly $ 10 million. At the same time, Quadriga CX experienced financial problems throughout 2018. The crypto exchange entered the market in 2013 and became one of the local leaders, but since the beginning of 2018 it has been "at war" with The canadian Imperial Bank (CIBC), which froze $ 22 million without an established owner. At the same time, customers began to complain that they could not access the cryptocurrency. According to the publication Decrypt, the popularity of the platform gradually fell, and Cotten blamed the traditional banking system of Canada, which put a spoke in the wheels of the cryptocurrency community. In early December, representatives of Quadriga CX announced that the problems with CIBC were solved-a few days before the death of the head of the company. In February, the Nova Scotia Supreme court appointed audit firm Ernst & Young to review all financial transactions of the cryptocurrency exchange. The Agency's investigation revealed "significant problems and irregularities" in the management of the Quadriga CX. According to experts Ernst & Young, those encrypted" cold " wallets were not 160 million dollars, but several hundred thousand. Presumably, Cotten transferred large amounts of client deposits to his personal accounts, hidden behind pseudonyms. The widow Cotten disavowed her husband's actions, saying she knew nothing about it. Auditors managed to track down and return a small part of the funds to customers, another part was paid by Jennifer Cotten. But thousands of crypto investors were still left without their deposits. Quadriga CX started the procedure of bankruptcy. Skeletons in the closet The most active clients of the cryptocurrency exchange, confident that Cotten is still alive, organized an investigative Telegram chat "Quadriga Uncovered". The number of participants in the chat numbered 500 people, periodically there were journalists and even FBI agents who were also interested in the story. In total, according to media reports, four different services from different countries are involved in the case. Internet detectives began to study Cotten's youth and discovered that as early as 2003 He was an active user of the TalkGold forum, where "high-yield investment projects"were shared and discussed. Most of them are classic financial pyramids. Cotten supposedly launched at least a few similar projects, promoting them on the forum. He was 15 years old. At some point, Cotten met Michael Patrin, with whom They later founded Quadriga CX. Representatives of the canadian cryptocurrency industry recalled that Patrin appeared in the community suddenly: "It quickly became clear that he is not who he claims to be. Sometimes he introduced himself as Michael from India, sometimes as Michael from Pakistan, sometimes as Michael from Italy. But he knew what he was doing." Canadian media claim that Michael Patrin is the pseudonym of Omar Danani, and he used to live in California. Danani was found guilty of fraud and money laundering, he spent 18 months in prison. He was linked to the website Shadowcrew, where stolen credit cards and Bank card numbers were traded. In 2007, Omar was released, after which he allegedly moved to Canada and changed his name. Initially he was Omar Patrin, and a year later he became Michael Patrin. The co-founder of Quadriga CX has denied this information several times. To dig and prove The story of the cryptocurrency exchange has been going on for more than a year. Quadriga CX users have filed a class action lawsuit against the platform, but it is already considered bankrupt. During this time, journalists and Internet detectives have formulated three main versions of what could happen to 160 million dollars in cryptocurrency. Cotten did die, but his death was used to hide the fact that the Quadriga CX had no money. The company was experiencing financial difficulties, the head of the company transferred money to himself, and the startup itself could "burn out" on unsuccessful cryptocurrency trading. Perhaps, after Cotten's death, the management decided that it was possible to cover their tracks with a story about passwords from wallets; Quadriga CX-originally a fraudulent firm through which Cotten and Omar Danani (aka Michael Patrin) engaged in money laundering. This is indicated by details from the past of both co founders of the company; The failure of the Quadriga CX is simply the result of terrible management of the company. As the business grew, Cotten failed. There are approximately 215 cryptocurrency exchanges in the world. 36 exchanges closed for various reasons. Perhaps the story of Quadriga CX is just another failure in the cryptocurrency market. Many interlocutors of canadian journalists from employees of cryptocurrency companies, as well as doctors specializing in Crohn's disease, believe that Gerald Cotten died for real. But if so, depositors are unlikely to get their money and bitcoins back. So it's probably easier for them to believe in a conspiracy. In December 2019, users of the Quadriga CX demanded that Cotten's body be exhumed. Law firm Miller Thomson, representing the interests of investors, justified this "questionable circumstances" of the death of the head of the company. Cotten's widow and former Quadriga CX management oppose the grave opening. The decision on exhumation will be made by the spring of 2020 More https://www.youtube.com/channel/UCmYpavSD9aALIt_lhde2Ewg?view_as=subscriber
Happy Halloween! Audit Statuses of Canadian Cryptocurrency Exchanges
Halloween is a wonderful time of year! Businesses and consumers alike dress up, children go door to door naively asking strangers for candy, and everyone parties celebrating things like death and evil. In the spirit of Halloween storytelling, let me tell you a scary story. There once was a Canadian cryptocurrency exchange. It had one of the simplest user interfaces, the CEO was well known in person and trusted throughout the country for over half a decade, and it had several deposit and withdrawal methods. It was the first to register as a money services business and for much of its history, it was one of the most legally compliant exchanges. It even looked to be headed for public listing on the TSX. The exchange operated for 6 years, assuring users that all funds “are stored in cold storage, using some of the most secure cryptographic procedures possible.” Unfortunately, while we celebrate Halloween by dressing up and wearing masks once a year, the wonderful people who brought us this exchange played “dress up” for over half a decade and time will only tell if there are any more “masks” to come off in this story. There’s no better or more fitting time to explore one of the darkest realities of the Canadian cryptocurrency space - exactly what is backing any of the cryptocurrency on Canadian exchanges. It’s easy to lose sight that there are real people behind these funds. Most people spend most waking hours working for their money. It literally is their lives. Impacts to victims are not just financial, but psychological and social as well. Victims of exchange fraud go through depression, anxiety, and trauma. They lose their trust and faith in humanity. They withdraw from friends and family in shame and humility. In the spirit of exploring dark and evil things, let’s examine exactly what evidence there is that any of your crypto is backed on any Canadian exchange. This is a continuation of research I’ve been working on since May/June. I hope it will be enlightening and help you better protect your funds that you worked hard for. I’ve done a detailed analysis of all Canadian exchanges I could find that handle any sort of custody of funds, and grouped them into 3 categories:
Not Audited. The only assurance I was able to find that any crypto on the exchange is backed are their words. I was unable to locate any public audit or report of an audit.
Audited. This means that at some point in the past, the exchange invited someone with a reasonable level of credibility, who they showed the wallets to. This person/group, at that point, was sufficiently convinced that funds were actually held by the exchange.
Proof of Reserves. An advanced real time public audit algorithm. It shows that funds exist right on the blockchain, validates access to those funds, and uses a hash tree to enable any customer to verify that their balance is included in the total.
Non-Audited Exchanges (“trust us, we haven't spent your money, we promise")
Bitvo - The service “utilizes a proprietary cold storage solution”. Proprietary, as in, definitely better than established non-proprietary solutions. If you can’t withdraw, they “will credit your account for [their] withdrawal fee”. They’re not an MSB that I could find, nor are they audited. Coinfield - MSB. No audit. Luckily it’s the "most secure trading platform in Canada" - though apparently not the other 150+ countries, including Estonia where they’re based. No matter which country you pick, the “Security” page still says "most secure trading platform in Canada". Coinsmart - MSB. Not sure what "[i]ndustry leading cold storage" is, but luckily they’re so "accountable to [their] clients, community and to each other" and "committed to being open and honest" that they don’t need any audit. Coinut - MSB. Also "the most secure cryptocurrency exchange platform". In addition to not using multi-sig and "not us[ing] USB drives, as the online computer may be infected with virus", they also don’t use audits. Einstein - You can get “your money deposited and withdrawn faster than any other exchange”. As one customer said "With so many hacks and exit scams, it gives me confidence knowing Einstein is backed by hard-working people just like me." Just check the user experience on their subreddit from their "220,000+ satisfied customers". EZ-BTC - As they said, “All your coins are kept in cold storage. They’re safe.” They have “strong security”. The supposed presence of physical ATMs was one of the strategies to build customer confidence and they promised 9% annual return on stored funds. NDAX - MSB. Luckily also “Canada’s most secure trading platform” with "fast withdrawals". I couldn’t find any audit but at least there’s a full page risk disclosure and disclaimer. You can sleep peacefully knowing that they’re legally protected. Netcoins - MSB. The best assurance I could find of solvency is that they “can process large transactions”. Although they don’t waste time with audits or links at the bottom of their website, apparently “[a]ll transactions happen quickly and securely” “within the same day”. Newton - MSB. “No-fees”! Your funds are stored in the "professional custody" of Balance, which doesn’t appear to be a registered MSB. I couldn't find any audit of the funds but they "audit [their] policies and controls". They "publish the reports", but I couldn't find any reports. Simply storing funds somewhere else doesn’t give any assurance they cover customer balances. QuadrigaCX - Operated since 2013, with “vast cryptocurrency reserves” right up to the end. "Bitcoins that are funded in QuadrigaCX are stored in cold storage, using some of the most secure cryptographic procedures possible." Their "cryptographic" procedures are so secure that nobody can access any funds, even now! Shakepay - MSB. Many will trust the raccoon mascot promising “commission-free” trading. No audit found but the “majority of all digital assets on Shakepay are stored securely offline”. Whatever this means, it’s good to know that up to half might not be.
Audited Exchanges ("so and so swears we didn't spend your money, you can trust them, we showed them once before")
Overall assessment: Bitbuy has a long history of buying/selling bitcoin without custody, and is likely too new to offering custody to have been hacked yet. The fact they have taken proactive steps shows promise.
According to the site, they "undergo annual 3rd party financial statement audits", but don’t mention by whom. According to “Newswire”, it’s a firm called MNP LLP.
I was unable to find any published report on the audit, which was completed prior to January 17th, 2019.
Overall assessment: It’s hard not to be a fan of Medium articles describing proactive steps that a company is taking, however without an actual report it can be difficult to assess the integrity of the reserves.
No audit is mentioned on their website, however multiple news sources report that one occurred. According to TechVibes, the audit was completed "by a national accounting firm whose identity is protected under an NDA", which is the best I was able to ascertain from several news sources.
A report about the audit was found as early as September 27th, 2018. TechVibes indicates "the audit covered the operational years of 2015, 2016 and 2017 for Coinsquare, and concluded an “unmodified opinion,” which means the financial statements from those years are “free from material misinformation.”" Other articles had even less information, and I was unable to find any published report.
Overall assessment: The fact that an audit was completed is a great step in the right direction, however the fact the firm is undisclosed by NDA, the audit is completely unmentioned on their website, and minimal details are available should be concerning. It also may be concerning that they claim to be "[t]he most secure trading platform" and also "100% proprietary". This would imply the team at Coinsquare is smarter than established security standards by experts all around the world at protecting your funds, contradicting recently reported incidents.
Kraken - Not a registered MSB in Canada (that I could find)
“So and so” is Stephan Thomas, CTO of Ripple.
The page literally says the audit was done "over the past several weeks", and since the page doesn’t have any date you might assume it’s recent. But look closely at the screenshot and you’ll see a date in 2014! Yes, that’s 5 years ago!
Overall assessment: While it certainly feels good to know an audit was done, the opinion of one individual from 5 years ago doesn’t say much about the state of anything today and they openly admit all kinds of limitations.
Proof of Reserves ("here's your money, right here right now on the blockchain, and here's a proof that we included your balance in that total")
Rather than depend on outdated audits (or lack thereof), it’s actually possible to use the blockchain and cryptography to enable a public real-time audit. This can give assurance to every customer that their balances are fully backed. Giving everyone the ability to check the integrity of balances will keep us all safer. It immediately exposes any fraud, and in most major hacking cases there was advanced hacking that went unnoticed ranging from months (Bitgrail), or years (Mt. Gox). Having an aware public reduces the number of people trading on fraudulent exchanges, and can pressure the exchange to shut down trading or resolve the hack faster, so less funds are permanently lost. To help explain exactly what this is and how it works, I’ve started a detailed tutorial. I did not come up with this algorithm - it was created in 2014 by a guy named Gregory Maxwell. Sometimes cryptography can be hard to understand. Hopefully this tutorial is simple:
Given what can often be at stake, I had hoped that maybe one of the “audited” exchanges might embrace Proof of Reserves. Sadly I haven’t had any such luck. Bitbuy:
Actually they reached out to me in response to one of my posts on Reddit July 14th, asking for detailed feedback on their services.
I provided an extensive summary of my research (I’d just put together descriptions of every exchange for a business plan.)
As of today, that response, which included Proof of Reserves among a multitude of other suggestions, is still unanswered.
On the 4th of July I actually got a response from them to a casual mention where I was recommending their exchange (based on the Medium articles).
Their response, which didn’t address the Proof of Reserves, included the statement “All coins on our platform are 100% secured offline in cold storage“. On their site, Coinberry shows 15 minute withdrawal times in one of the screenshots. Perhaps they have a team standing around “offline” and ready to service withdrawals 24/7.
My subsequent response to them was not answered.
On their website they expressly give reasons why they don’t want "public knowledge of exchanges’ or wallet providers’ bitcoin wallets and total holdings".
They claim it has an effect on security, however public keys do not enable any access to funds - only private keys can. One would hope that their security of funds doesn’t depend on not knowing which wallets they own, since the blockchain is pretty public.
They also claim an effect on user privacy, which is important. Nobody should have any illusion that transactions to or from an exchange are secret in any way. I would highly recommend using privacy coins and setting up new wallets regularly, given that transactions are completely public on the blockchain already.
I was unable to get any clarification, either in live chat or multiple Reddit posts. Understandable, given the size of their operation.
Given that this was their stance after Mt. Gox, it seems unlikely to change based on recent events half a decade later affecting a much smaller exchange.
As such, the bottom line is that present exchanges don’t want to share public keys and offer the kind of transparency which is necessary to enable customers to know their funds are backed. Attempting to get answers doesn’t reveal them, and I’m left with an unnerving silence not unlike the end of Halloween night, like I’m asking questions nobody should ask. Having spent the last 8 months of my life watching and being part of a large group of people suffer through a grueling bankruptcy, where we’ll be “lucky” to only lose 90% of our funds, I want this fixed. I don’t want to live in a reality where fraud can happen just buying/selling on the largest and most trusted exchanges. Especially now that I’ve learned blockchain provides the capability for even greater transparency and a level of public audit far beyond even what's possible with fiat. If you feel the same way, I invite you to join Quadriga Initiative, where we are fighting for a Proof of Reserves future and also enabling businesses to help Quadriga victims with an innovative token recovery project. Every sign-up helps us reach our goal and launch the project! If any information in this post is incorrect, please let me know so I can fix it! Thanks! I’m happy to update the audit status of any exchange given reasonable evidence, or provide a review of any other custodial exchange I might have missed.
A public, online discussion with u/Ted_on_Reddit: Some ideas on where we go from here.
At the request of u/Ted_on_Reddit in a response to my post yesterday, I'm writing this colloquy to express some ideas on the Community moving forward as intelligently and as openly as possible, and in an effort to move Kin from the beginnings of mass adoption right smack into the middle of it. I'm going to differ from the opinions of some, and that's OK. All I ask is that we disagree agreeably, and express ourselves with respect and thoughtfulness. I try to listen and learn--at some times I’m more successful than others, but I do try. As a relatively new developer, I've been able to gain a significantly different viewpoint from the pure HODLer I used to be. As a HODLer, I bought the idea that all we needed was the 'new, big exchange' and then we'd be all set. Mission accomplished! Cash out and hit the beach… well, not really, but you get the idea. My perspective has changed. With new info, new goals, new concepts, my viewpoint has shifted. And to be honest, the goals of many people who hold Kin will not always be the same. It must be acknowledged that for some Kin HODLers, their only goal at this point is to minimize their losses and move on, as quickly as possible. Obviously, I'm not one of those people. Many people, perhaps even most, want to see Kin succeed wholesale, and want to see Kin grow to the universally accepted, widely used electronic currency it is on the path to becoming. This is the group I identify with, and am working to make that vision become reality. Some do not, though, and we need to stop expending resources trying to cater to these “squeaky wheels.” We've seen a lot of negative things happen in recent months. All projects suffered through the crypto doldrums, but once the skies cleared in early 2019 and there was promise of real movement, the SEC's actions served to crush the value of the project. We’ve all suffered at the hands of the USGov. Looking back, it's now easy to see that u/Ted_on_Reddit and the entire team had been spending significant time and resources in a failed attempt to appease the SEC and to clear the road to continue the important work of building the ecosystem. That effort failed--because as the entire world learned in the 1930's, you can't placate a bully who is on a mission to destroy you. Those efforts, that time, and all the resources expended are now lost, and the SEC has launched it's attack. Hiding didn’t help, and in fact may have emboldened the SEC as a malicious regulatory actor. So where do we go from here? I'd like to share some thoughts. Unlike most HODLers, I believe that our salvation does not lie simply in onboarding Kin into big exchanges. Recall that in early 2018, Kin reached it's all-time high on small, less liquid exchanges. There was no Binance, no CoinBase for Kin, and still the price rose to $0.00135. Why? Excitement. Interest. That, and some amount of FOMO. That's not to say that bigger, more liquid exchanges aren't important. they obviously are, especially for a worldwide ecosystem that needs access to the movement of a ubiquitous financial asset. But the exchanges aren't the generator of increased prices, they simple facilitate its movement. They make moving value easier, and they provide the invaluable ability for the Devs of the system to meet their financial obligations as they create value for all users. So, yes, big exchanges and more liquidity are obviously necessary and need to come about, but they are not the driving force in the growth of the ecosystem, or in the value of Kin. What Kin needs now is excitement. Interest. Kin needs to be lodged in the public's mind. The Kin Foundation is working hard to capture developers’ excitement and interest in developing with Kin... and that's very important. To my eye, however, there must begin a very strong, outward and obvious public marketing campaign in parallel. So without further delay, here are my thoughts on where we might go from here. Marketing u/Benji5656 mentioned a new marketing push, and that’s great news. We have a new marketing team, and the push for new Developers is continuing. I believe Kin should also strongly begin pursuing the attention of the average user. Until consumers are aware of what Kin is and seeking it out, the single track physics of Developers being enticed to create platforms and apps with Kin will make for slower, if not halted growth. A dual (or more) track approach, where Kin is being marketed to both the Dev and the consumer, will create demand from both directions, and will create a sense of urgency in the minds of Developers who seek the attentions of their users. One segment that bears analysis are Teens and Millennials. Teens and millennials are, I believe, an untapped (or undertapped) segment of humanity. They have time, focus, and they almost all have phones. This segment is interesting because the teen user grows into an adult user. The plasticity of young minds make the segment more open to the concepts of cryptocurrencies, while their youth also leaves them less attached to fiat and the trappings of overt modern life--full time jobs, debt, and the societal expectations generated in older people by years of exposure to years of expenditure-driven advertising. They have time, they have experience, and they have interest. In other words, they aren’t yet caught up in the work-earn-spend-debt-work cycle. Their interest will drive Developer onramping from the opposite direction… and I believe will expedite the growth of the ecosystem. Additionally, I believe that this youth-centric marketing focus should begin in Asia. Asian societies seem to have less emotional attachment to Fiat currencies, and are generally more tech savvy. The Asian millennial is generally more Cryptocurrency literate, and is used to greater phone usage and cellular tech access. Generally, as Kin is being marketed as a ‘non-crypto crypto,’ cryptoliteracy is not as big of an obstacle as it might be in western society, but in Asia, there is notably less knowledge friction, generally speaking. This is a significant positive aspect. Starting in Asia, a strong and aggressive marketing push/educational program to bring Kin into the public eye would set the stage for follow-up growth, and would entice Asian Devs to onramp and build with Kin. So much of the groundwork has already been done to allow Devs to incorporate Kin quickly, easily and seamlessly into their apps… it is time now to provide them with the desire to make the decision and come aboard. You do that with direct marketing to them, and on the other side of the equation, by creating extant demand for Kin, in their users. Asia makes sense as a place to start for the reasons outlined above, but also because the US Government has less influence and reach there. As an aside, I believe that there should be a strong declaration/acknowledgement of the reality that Kin (and perhaps Kik) are both Canadian entities, and are definitively not from the United States. This will also be a very real positive in Asia with the current political climate. Emphasize Kin’s Canadian origins and heritage and leverage the US Government’s very real perception as a bully and bad actor. Partnerships As we’ve all seen, the onboarding of teased and promised partnerships has stopped. It’s not unexpected, considering the situation, but the reality is that the Kin Foundation needs large and well-funded partnerships that can onboard users and bring the growth and gravitas that a large partner could bring. Since the USGov is overtly subverting that process (at least in the Exchange realm), it stands to reason that the KF should court access and business ties with companies that are more resistant to or innoculated against the repercussions of the SEC. The biggest White Knight: Where is TenCent? This Chinese multinational tech giant is one of the top ten most valuable companies in the world, is the world’s larges gaming company, and is worth over $400 Billion source. In addition to being one of the world’s largest social media, streaming media and investment companies, it is also launched China’s first online bank. Of note, TenCent is incorporated in the Cayman Islands, though it’s headquarters are in Shenzhen. It owns at least 12% of Snap, Inc, and is an investor in Kik Interactive. If it needs to be said, I will say it directly. Kin should approach TenCent for an overt, physical partnership--not an investment. China’s cryptocurrency rules notwithstanding, incorporation of Kin into the gaming and banking arms of Ten Cent’s immense and widespread network of companies and assets would make Kin an instantaneous player in the world of Cryptocurrency. It would drive the value of Kin significantly higher, and would instantly nullify much of the SEC’s enforcement actions against Kik. Every non-Facebook Platform for Social Media Snapchat, listen up! Every non-FB platform faces an existential threat from FB today. This includes--but is not limited to--Snapchat, Reddit, Medium and Twitter. FB is growing like a tumor, and can not be stopped by individual companies or projects. It may be stopped by regulators, but to date, they have shown little interested in punishing actual wrongdoing by FB, preferring to attack smaller, less worrisome entities whose actions are not actually bad, but are the product of regulators’ laziness and lack of foresight in creating a safe, level playing field. As a result, Facebook, a demonstratively “bad actor” in the tech and social media world, is allowed to continue to grow, bully and assimilate others. An overt, aggressive pitch should be made to every non-Facebook social media and technology company, especially those outside the United States (for obvious reasons). Finally, let me offer this last opinion. u/Ted_on_Reddit, resume and continue your AMAs. Be in sight, be loud, and be available. The Community needs to see and hear from you, my friend. The days of hiding and hoping the USGov would leave us alone are over. Shots are fired, we’ve been attacked, and it’s time for leadership from the front. You’ve begun making more appearances, and that’s great. They’ve mostly been in the realm of the legal fight, and that’s totally understandable. But now, the legal fight is well in progress, and most everyone who cares about it is in the loop. I believe it’s time for you to pivot back to bringing Kin to the forefront because of what Kin is, not because of the legal fight. I want to see you selling the concepts and excitement that Kin is bringing, to everyone, not just to Developers. Developers, the public, and the cryptocurrency world needs to see you, see your team, and see you talking about Kin. They need a specific introduction to Kin. There will be questions about the legal side, of course, and definitely answer them. And indeed, perhaps a boilerplate reference to a website explaining everything is appropriate. But I strongly believe the pivot should always be back to Kin and what we’re all building. Additionally, I believe Kin should reinstate user buys in Kinit. I understand the expense in selling gift cards at a 1 cent par value--perhaps they price could be made to float more and reflect the fiat value--but why would a developer start offering their users a way to buy goods and services when the KF isn’t doing that? Again, leadership. Smart, aggressive and bold. Lead from the front. You are the face and the identity of Kin. We need to see you, hear you and be updated by you, often and openly. You’ve taken the first steps in that, and it’s appreciated. Let’s continue the process. It will not be easy, and there will be difficulties. After what we've all been through, however, the time is now, and the opportunity exists to drive Kin to the forefront. More Liquidity, More, Bigger Partnerships, and a beginning of USER DRIVEN MARKETING These are my ideas for you, Ted. I hope some of this resonates with you and with the Community. Thank you for your attention and consideration, and for the invitation to discuss these concepts.
https://preview.redd.it/qhn34f9h2ll31.jpg?width=1024&format=pjpg&auto=webp&s=d63e3253fb0b1704abcd91c1a5a951f1ad98785f This is Fresh-Vision’s report on the results of a study on the crypto industry. As we know, there is a large number of blockchain projects, their followers and opinion leaders. Therefore, among their numbers there will always be strict adherents who consistently will advocate their positions. In this regard, we have decided to interview random people in order to find out their independent opinion and get their rating. https://preview.redd.it/6muyvzsi2ll31.jpg?width=1024&format=pjpg&auto=webp&s=12b7d0502dbe82bab487f5f44d442d7f548f5956 Duration of the research: August 2019 Location: Los Angeles Number of surveyed: 500 Aim: To find out who has a more presentable appearance in order to be considered as a leader Question: Who do you consider to be a leader in the crypto industry? https://preview.redd.it/plr3sp8k2ll31.jpg?width=1024&format=pjpg&auto=webp&s=a21d400d611cb4bbdfc9dbb370a9e0d9fe703700 Proposed choices: Changpeng Zhao (CZ) - Chinese-Canadian business executive, the founder and CEO of Binance, one of the world's largest cryptocurrency exchange by trading volume. Adam Todd - CEO & Founder of Digitex Futures, a zero-fee non-custodial cryptocurrency futures exchange. Vitalik Buterin - Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine. Craig Wright - Australian computer scientist and businessman. He has publicly claimed to be the main part of the team that created bitcoin, and the identity behind the pseudonym Satoshi Nakamoto. Igor Chugunov - CEO & Founder of Credits Blockchain Platform, an open-source and lightning-fast blockchain for dApps. Justin Sun - tech entrepreneur, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent. John McAfee - British-American computer programmer, businessman and political activist. Dan Larimer - software programmer and cryptocurrency entrepreneur, creator of the cryptocurrency platform BitShares, co-founded the blockchain Steem, and is currently CTO of Block.one. Also the creator of the DPOS consensus algorithm and Graphene technology. Long Vuong - Founder and CEO at Tomochain, public EVM-compatible blockchain. Graphic presentation: https://preview.redd.it/kbgnvgam2ll31.jpg?width=1024&format=pjpg&auto=webp&s=2aafe910f6ca4402d3e720db9100dec464a3ca14 Results: A public survey was conducted among US residents who did not have an idea and information about the above opinion leaders in the crypto industry. Their response relied solely on the visual trust and external presentability of participants. According to the survey, Craig Wright got 41% of the votes thereby taking the first place in trust and charisma among respondents. He is the one who is promoted to the leading position in the crypto industry. John McAfee as a person who has experience in political elections and is probably recognizable by many in this vein takes second place in the survey. The third place goes to the young businessman Igor Chugunov, known in the crypto community due to the promising opportunities of his blockchain platform. https://preview.redd.it/l3er6tyn2ll31.jpg?width=1024&format=pjpg&auto=webp&s=6a54077c391eb3bc85190f1a13dcd9c93e34f517 These are the results the survey has shown, but what is your opinion on this matter? Can Craig Wright take a leading position in the industry and make it great again? Who do you think will be the face of the crypto industry according to this list?
The deceased owner of the now-defunct Canadian crypto exchange QuadrigaCX was allegedly transferring user funds off the exchange and using them as a security for his own margin trading on other platforms. “Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten. It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.” In addition, Cotten reportedly created fake “identified” accounts on Quadriga under multiple aliases “into which unsupported Deposits were deposited and used to trade within the platform.” This, Ernst & Young, states, resulted in “inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users.”
Russian hackers, not North Korean, may be the bad actors behind probably the biggest ever theft from a cryptocurrency exchange. Japanese newspaper Asahi Shimbun reports Monday that virus variants known to be linked to Russian hackers have been found on employee computers at the Tokyo-based Coincheck exchange. According to the report, the malware found at the exchange had been emailed to employees and included types called Mokes and Netwire, which allow malicious distributors to gain access to victims’ machines and operate them remotely. Mokes apparently first appeared on a Russian bulletin board in 2011, while Netwire has been around for 12 years.
Social media giant Facebook has released the white paper for its long-awaited cryptocurrency and blockchain-based financial infrastructure project on June 18. According to the paper, Facebook’s global stablecoin, dubbed “libra,” will operate on the native and scalable Libra blockchain, and be backed by a reserve of assets ostensibly “designed to give it intrinsic value” and mitigate volatility fluctuations. The new cryptocurrency will be governed by a not-for-profit, Switzerland-based consortium — the “Libra Association” — which counts Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber among its founding members. Facebook ostensibly plans to expand the association to around 100 members by the time of Libra’s launch in the first half of 2020.
Bitcoin’s price has set another new high for 2019, reaching $9,599 before retracing slightly to end Thursday’s trading. The move to fresh 2019 highs comes after the bitcoin price dropped to as low as $8,919 on June 18 before a surge of buying pressure pushed prices back above $9,000 within the same day.
Visa, Mastercard, PayPal, and Uber are all backing Facebook’s new cryptocurrency, according to a new report. The Wall Street Journal reported Thursday that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
Users can get some of the best market rates and 24/7 customer support. One of the unique features of Changelly is that users can exchange crypto assets in exchange for a 0.5% crypto-conversion fee without any verification or ID proof. Join Changelly Now!!! Coinsquare. Coinsquare is a Canadian cryptocurrency exchange and was founded in 2015. We have listed Bitvo (www.bitvo.com) second as it is the most feature-rich platform in the Canadian landscape.Established in 2018, Bitvo is a cryptocurrency exchange that facilitates buying, selling and trading cryptocurrencies through its best-in-class website and mobile applications. Bitvo offers seven different cryptocurrencies, including Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, Dash Canada's Largest Cryptocurrency Exchange Found to Have Operated Like a Ponzi Scheme. allowing customers to fund their accounts solely with Canadian dollars or bitcoin. crypto asset trading platforms are an emerging area in which the regulatory regime is still evolving and carry with them numerous risks. In light of those risks, there Coinsquare was a decent but highly flawed Canadian bitcoin and crypto exchange. The relaunch has greatly improved the product, though the liquidity gap with Quadriga is difficult to over come. Relaunched platform much improved A Crypto Exchange CEO Dies—With the Only Key to $137 Million. after the 30-year-old CEO of a major Canadian exchange died, Quadriga grew to be one of Canada’s largest exchanges
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