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Crypto Trading 101: Simple Charting Patterns Explained

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Chainlink analysis - my thoughts and research

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.

TL;DR:

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.

PARTNERSHIPS

Who has Chainlink partnered with? Who is using Chainlink's technology and network? Who is contributing to developing Chainlink?
Google - this is the pinned tweet on Chainlink's official page. Nothing there about Google using Chainlink services or co-developing with them. Just that blockchains/oracles CAN use google cloud services (APIs?). This is Google Cloud's June 13, 2019 blog post: https://cloud.google.com/blog/products/data-analytics/building-hybrid-blockchain-cloud-applications-with-ethereum-and-google-cloud
Oracle - (TODO. This seems to have potential as some product manager at Oracle has posted that chainlink integration is coming Q3/Q4 of 2020)
SWIFT - the best they've got is a 30 second video with NOBODY from SWIFT present, with a *hypothetical* use case using SWIFT API.
Intel This is the only google result for "chainlink site:intel.com", and it casually mentions that Intel's TEE (trusted execution environment) technology can be used to improve the security of oracles/blockchains. Nothing about Intel themselves using or developing with Chainlink. https://software.intel.com/content/www/us/en/develop/articles/new-confidential-computing-solutions-emerge-on-the-hyperledger-avalon-trusted-compute.html
Another 240+ claimed project integrations:
[TODO] There are so many to keep track of. Every week or even more frequent is yet another integration *announcement*
Current DeFi usage: we've heard that Chainlink "secures" $1 billion in DeFi. But that's not in value locked: https://defipulse.com/ (LINK doesn't even appear on that list). That's just with DeFi data supposedly being priced using Chainlink nodes.
EG Synthetix:
https://blog.synthetix.io/chainlink-decentralizes-first-wave-of-synthetix-price-feeds/ yet where does Synthetix actually PAY to use an oracle? Not visible on-chain, maybe someone will find it.
https://defipulse.com/blog/3-defi-dapps-starting-2020-off-strong/ "... Chainlink's following includes partnerships big and small, including Intel and Google Cloud services" example of misleading/exaggerated partnership claims being circulated.

Chainlink's ROADMAP

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

LINK wallet addresses

As LINK is an ERC20 token on the Ethereum blockchain, all its movements are visible, all the way from the genesis creation of 1,000,000,000 LINK tokens through to aggregator nodes through to cashing out on exchanges. Below are some examples and some reasons why this may be concerning to investors/holders of LINK.
This is one LINK address whale with over 6 million LINK. Looks like some of the funds end up on a Turkish exchange Paribu. https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xc6bed363b30df7f35b601a5547fe56cd31ec63da This wallet has moved out >200,000 LINK in the last 24 hours. Don't know where, go trace it.
Typical data provider example. Lots of named Chainlink oracle nodes pay this address: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x72f3dff4cd17816604dd2df6c2741e739484ca62 Usually 0.16 LINK to this address every few minutes, sometimes 2 LINK. This data provider has sent out ~11,620 LINK out to the following wallet: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xa5d0084a766203b463b3164dfc49d91509c12dab That wallet has cashed out 9,560 LINK to 1inch.exchange (a DEX) over the past year. Has also transferred 6000 LINK to a currently loaded wallet (possibly exchange account ready to sell?): https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x088d50c0bb5381a1205d1182cc21496c6fdc4c62 Another destination accumulation wallet (~493,000 LINK with no out transfers yet) https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x7758e507850da48cd47df1fb5f875c23e3340c50 (unrelated but a sell order of this size would drop LINK's price by 10-30% on Binance, someone check my maths on this) Now tracing back who funds the 0x72f3... data provider, we see a number of named Chainlink Aggregator nodes. Picking one at random, say the TUSD/ETH one: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x73ead35fd6a572ef763b13be65a9db96f7643577 It was last funded March 12 2020 with 5000 LINK. Tracing back the funds we ultimately come to the genesis wallet of the Chainlink network itself, the original source of the 1,000,000,000 LINK tokens in existence. (side note: some interesting-looking transactions there) This is the first child of the genesis wallet that received 100,000,000 from the genesis wallet. https://etherscan.io/tokentxns?a=0xf37c348b7d19b17b29cd5cfa64cfa48e2d6eb8db Last time this wallet transferred out was YESTERDAY for 500,000 LINK. Now this doesn't prove anything, DYOR, but to me it looks like the genesis wallets are slowly cashing out through the aggregator nodes, making it look like the oracle node network is being actively used (which it is, but it's not the end customers like AAVE/NEXO paying the LINK required to power oracles, it's SmartContract itself). I know that this is just ONE aggregator node, but I've seen the same behaviour from their other named nodes - go check for yourselves.
If you trace chainlink oracle funds to their source, you can find some of the original addresses. Some of these early on (around 1000 days ago) were linked to AfroDex labs, which looks like now doesn’t work. http://afrodex.net/#!/trade/AfroX-ETH
Who currently pays Chainlink nodes?
How much of the revenue that Chainlink nodes receive is from potentially third party customers vs internal funding by the Chainlink team wallets?
For example, this is the "Chainlink: LINK / USD Aggregator" wallet.
It has had a total 8,200 LINK deposited from 5 transactions in round amounts (on any of the below links, click the "Analytics" tab to see In/Out balance history), and has so far paid out ~5,156 LINK.
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x32dbd3214ac75223e27e575c53944307914f7a90
It typically pays ~10 wallets 0.16 Link each, a few times an hour, like so:
https://etherscan.io/tx/0x02c595981b935a57cfbe6170656181faac9a16d7a33a123930a716c4abec615a ($45 in ETH fees to transfer $22 worth of LINK, sounds like a lot of overheads)
Where does this aggregator wallet get its LINK funding from?
From ONLY here: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x27158157136384c713bc09a0a7ae81c8391d7f11 (current net balance ~50,000 LINK, total ~5,000,000 million in and out)
Which in turn gets it from ONLY these three, in HUGE amounts:
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xf37c348b7d19b17b29cd5cfa64cfa48e2d6eb8db (6,000,000 LINK)
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xaf40738c6f940519516e043f924b8d05fc0292b8 (just a jump address into the one above, only 3 total tx)
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x1f9e26f1c050b5c018ab0e66fcae8e4394eb0165 (147,000 LINK)
the 0x1f9e2... one got its funding from:
  1. 6098.8 LINK from Binance about a year ago: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x161cdd891e04a77e0458a3ef65c563c4d2064cd6
  2. 12,600,000 from the genesis wallet through one jump address https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xdad22a85ef8310ef582b70e4051e543f3153e11f
  3. 13,000,000 from the 0xf37... wallet above
the 0xf37... in turn got its 50,000,000 (!) LINK from the genesis address which minted the original 1 billion tokens:
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xf55037738604fddfc4043d12f25124e94d7d1780
So the 0x27158... wallet is basically a genesis wallet.
Now let's do the most popular feed on feeds.chain.link, the ETH/USD feed: https://feeds.chain.link/eth-usd, with a wallet address of: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xF79D6aFBb6dA890132F9D7c355e3015f15F3406F#tokenAnalytics
It was first funded in Jan 2020 and has been funded a total of 9 times for a total influx of 108,437.533 LINK, by:
  1. "Chainlink: Deployer" 10 LINK: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x6f61507f902e1c22bcd7aa2c0452cd2212009b61
  2. The 0x27158... genesis-sourced wallet, 20,000 LINK
  3. An intermediary/middle very active wallet (which is 99.998% funded by the 0x27158... genesis-sourced wallet), 52,000 LINK https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x2f0acb9c5dd2a3511bc1d9d67258e5c9434ba569
  4. "Chainlink: Aggregator", 36,427.533 LINK, https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x79febf6b9f76853edbcbc913e6aae8232cfb9de9#tokenAnalytics
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)

Token distribution:

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:

  1. 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
  2. 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?
  3. 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.
  4. 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+?

Conclusion

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!
submitted by Stratocatter to CryptoCurrency [link] [comments]

Former investment bank FX trader: Risk management part 3/3

Former investment bank FX trader: Risk management part 3/3
Welcome to the third and final part of this chapter.
Thank you all for the 100s of comments and upvotes - maybe this post will take us above 1,000 for this topic!
Keep any feedback or questions coming in the replies below.
Before you read this note, please start with Part I and then Part II so it hangs together and makes sense.
Part III
  • Squeezes and other risks
  • Market positioning
  • Bet correlation
  • Crap trades, timeouts and monthly limits

Squeezes and other risks

We are going to cover three common risks that traders face: events; squeezes, asymmetric bets.

Events

Economic releases can cause large short-term volatility. The most famous is Non Farm Payrolls, which is the most widely watched measure of US employment levels and affects the price of many instruments.On an NFP announcement currencies like EURUSD might jump (or drop) 100 pips no problem.
This is fine and there are trading strategies that one may employ around this but the key thing is to be aware of these releases.You can find economic calendars all over the internet - including on this site - and you need only check if there are any major releases each day or week.
For example, if you are trading off some intraday chart and scalping a few pips here and there it would be highly sensible to go into a known data release flat as it is pure coin-toss and not the reason for your trading. It only takes five minutes each day to plan for the day ahead so do not get caught out by this. Many retail traders get stopped out on such events when price volatility is at its peak.

Squeezes

Short squeezes bring a lot of danger and perhaps some opportunity.
The story of VW and Porsche is the best short squeeze ever. Throughout these articles we've used FX examples wherever possible but in this one instance the concept (which is also highly relevant in FX) is best illustrated with an historical lesson from a different asset class.
A short squeeze is when a participant ends up in a short position they are forced to cover. Especially when the rest of the market knows that this participant can be bullied into stopping out at terrible levels, provided the market can briefly drive the price into their pain zone.

There's a reason for the car, don't worry
Hedge funds had been shorting VW stock. However the amount of VW stock available to buy in the open market was actually quite limited. The local government owned a chunk and Porsche itself had bought and locked away around 30%. Neither of these would sell to the hedge-funds so a good amount of the stock was un-buyable at any price.
If you sell or short a stock you must be prepared to buy it back to go flat at some point.
To cut a long story short, Porsche bought a lot of call options on VW stock. These options gave them the right to purchase VW stock from banks at slightly above market price.
Eventually the banks who had sold these options realised there was no VW stock to go out and buy since the German government wouldn’t sell its allocation and Porsche wouldn’t either. If Porsche called in the options the banks were in trouble.
Porsche called in the options which forced the shorts to buy stock - at whatever price they could get it.
The price squeezed higher as those that were short got massively squeezed and stopped out. For one brief moment in 2008, VW was the world’s most valuable company. Shorts were burned hard.

Incredible event
Porsche apparently made $11.5 billion on the trade. The BBC described Porsche as “a hedge fund with a carmaker attached.”
If this all seems exotic then know that the same thing happens in FX all the time. If everyone in the market is talking about a key level in EURUSD being 1.2050 then you can bet the market will try to push through 1.2050 just to take out any short stops at that level. Whether it then rallies higher or fails and trades back lower is a different matter entirely.
This brings us on to the matter of crowded trades. We will look at positioning in more detail in the next section. Crowded trades are dangerous for PNL. If everyone believes EURUSD is going down and has already sold EURUSD then you run the risk of a short squeeze.
For additional selling to take place you need a very good reason for people to add to their position whereas a move in the other direction could force mass buying to cover their shorts.
A trading mentor when I worked at the investment bank once advised me:
Always think about which move would cause the maximum people the maximum pain. That move is precisely what you should be watching out for at all times.

Asymmetric losses

Also known as picking up pennies in front of a steamroller. This risk has caught out many a retail trader. Sometimes it is referred to as a "negative skew" strategy.
Ideally what you are looking for is asymmetric risk trade set-ups: that is where the downside is clearly defined and smaller than the upside. What you want to avoid is the opposite.
A famous example of this going wrong was the Swiss National Bank de-peg in 2012.
The Swiss National Bank had said they would defend the price of EURCHF so that it did not go below 1.2. Many people believed it could never go below 1.2 due to this. Many retail traders therefore opted for a strategy that some describe as ‘picking up pennies in front of a steam-roller’.
They would would buy EURCHF above the peg level and hope for a tiny rally of several pips before selling them back and keep doing this repeatedly. Often they were highly leveraged at 100:1 so that they could amplify the profit of the tiny 5-10 pip rally.
Then this happened.

Something that changed FX markets forever
The SNB suddenly did the unthinkable. They stopped defending the price. CHF jumped and so EURCHF (the number of CHF per 1 EUR) dropped to new lows very fast. Clearly, this trade had horrific risk : reward asymmetry: you risked 30% to make 0.05%.
Other strategies like naively selling options have the same result. You win a small amount of money each day and then spectacularly blow up at some point down the line.

Market positioning

We have talked about short squeezes. But how do you know what the market position is? And should you care?
Let’s start with the first. You should definitely care.
Let’s imagine the entire market is exceptionally long EURUSD and positioning reaches extreme levels. This makes EURUSD very vulnerable.
To keep the price going higher EURUSD needs to attract fresh buy orders. If everyone is already long and has no room to add, what can incentivise people to keep buying? The news flow might be good. They may believe EURUSD goes higher. But they have already bought and have their maximum position on.
On the flip side, if there’s an unexpected event and EURUSD gaps lower you will have the entire market trying to exit the position at the same time. Like a herd of cows running through a single doorway. Messy.
We are going to look at this in more detail in a later chapter, where we discuss ‘carry’ trades. For now this TRYJPY chart might provide some idea of what a rush to the exits of a crowded position looks like.

A carry trade position clear-out in action
Knowing if the market is currently at extreme levels of long or short can therefore be helpful.
The CFTC makes available a weekly report, which details the overall positions of speculative traders “Non Commercial Traders” in some of the major futures products. This includes futures tied to deliverable FX pairs such as EURUSD as well as products such as gold. The report is called “CFTC Commitments of Traders” ("COT").
This is a great benchmark. It is far more representative of the overall market than the proprietary ones offered by retail brokers as it covers a far larger cross-section of the institutional market.
Generally market participants will not pay a lot of attention to commercial hedgers, which are also detailed in the report. This data is worth tracking but these folks are simply hedging real-world transactions rather than speculating so their activity is far less revealing and far more noisy.
You can find the data online for free and download it directly here.

Raw format is kinda hard to work with

However, many websites will chart this for you free of charge and you may find it more convenient to look at it that way. Just google “CFTC positioning charts”.

But you can easily get visualisations
You can visually spot extreme positioning. It is extremely powerful.
Bear in mind the reports come out Friday afternoon US time and the report is a snapshot up to the prior Tuesday. That means it is a lagged report - by the time it is released it is a few days out of date. For longer term trades where you hold positions for weeks this is of course still pretty helpful information.
As well as the absolute level (is the speculative market net long or short) you can also use this to pick up on changes in positioning.
For example if bad news comes out how much does the net short increase? If good news comes out, the market may remain net short but how much did they buy back?
A lot of traders ask themselves “Does the market have this trade on?” The positioning data is a good method for answering this. It provides a good finger on the pulse of the wider market sentiment and activity.
For example you might say: “There was lots of noise about the good employment numbers in the US. However, there wasn’t actually a lot of position change on the back of it. Maybe everyone who wants to buy already has. What would happen now if bad news came out?”
In general traders will be wary of entering a crowded position because it will be hard to attract additional buyers or sellers and there could be an aggressive exit.
If you want to enter a trade that is showing extreme levels of positioning you must think carefully about this dynamic.

Bet correlation

Retail traders often drastically underestimate how correlated their bets are.
Through bitter experience, I have learned that a mistake in position correlation is the root of some of the most serious problems in trading. If you have eight highly correlated positions, then you are really trading one position that is eight times as large.
Bruce Kovner of hedge fund, Caxton Associates
For example, if you are trading a bunch of pairs against the USD you will end up with a simply huge USD exposure. A single USD-trigger can ruin all your bets. Your ideal scenario — and it isn’t always possible — would be to have a highly diversified portfolio of bets that do not move in tandem.
Look at this chart. Inverted USD index (DXY) is green. AUDUSD is orange. EURUSD is blue.

Chart from TradingView
So the whole thing is just one big USD trade! If you are long AUDUSD, long EURUSD, and short DXY you have three anti USD bets that are all likely to work or fail together.
The more diversified your portfolio of bets are, the more risk you can take on each.
There’s a really good video, explaining the benefits of diversification from Ray Dalio.
A systematic fund with access to an investable universe of 10,000 instruments has more opportunity to make a better risk-adjusted return than a trader who only focuses on three symbols. Diversification really is the closest thing to a free lunch in finance.
But let’s be pragmatic and realistic. Human retail traders don’t have capacity to run even one hundred bets at a time. More realistic would be an average of 2-3 trades on simultaneously. So what can be done?
For example:
  • You might diversify across time horizons by having a mix of short-term and long-term trades.
  • You might diversify across asset classes - trading some FX but also crypto and equities.
  • You might diversify your trade generation approach so you are not relying on the same indicators or drivers on each trade.
  • You might diversify your exposure to the market regime by having some trades that assume a trend will continue (momentum) and some that assume we will be range-bound (carry).
And so on. Basically you want to scan your portfolio of trades and make sure you are not putting all your eggs in one basket. If some trades underperform others will perform - assuming the bets are not correlated - and that way you can ensure your overall portfolio takes less risk per unit of return.
The key thing is to start thinking about a portfolio of bets and what each new trade offers to your existing portfolio of risk. Will it diversify or amplify a current exposure?

Crap trades, timeouts and monthly limits

One common mistake is to get bored and restless and put on crap trades. This just means trades in which you have low conviction.
It is perfectly fine not to trade. If you feel like you do not understand the market at a particular point, simply choose not to trade.
Flat is a position.
Do not waste your bullets on rubbish trades. Only enter a trade when you have carefully considered it from all angles and feel good about the risk. This will make it far easier to hold onto the trade if it moves against you at any point. You actually believe in it.
Equally, you need to set monthly limits. A standard limit might be a 10% account balance stop per month. At that point you close all your positions immediately and stop trading till next month.

Be strict with yourself and walk away
Let’s assume you started the year with $100k and made 5% in January so enter Feb with $105k balance. Your stop is therefore 10% of $105k or $10.5k . If your account balance dips to $94.5k ($105k-$10.5k) then you stop yourself out and don’t resume trading till March the first.
Having monthly calendar breaks is nice for another reason. Say you made a load of money in January. You don’t want to start February feeling you are up 5% or it is too tempting to avoid trading all month and protect the existing win. Each month and each year should feel like a clean slate and an independent period.
Everyone has trading slumps. It is perfectly normal. It will definitely happen to you at some stage. The trick is to take a break and refocus. Conserve your capital by not trading a lot whilst you are on a losing streak. This period will be much harder for you emotionally and you’ll end up making suboptimal decisions. An enforced break will help you see the bigger picture.
Put in place a process before you start trading and then it’ll be easy to follow and will feel much less emotional. Remember: the market doesn’t care if you win or lose, it is nothing personal.
When your head has cooled and you feel calm you return the next month and begin the task of building back your account balance.

That's a wrap on risk management

Thanks for taking time to read this three-part chapter on risk management. I hope you enjoyed it. Do comment in the replies if you have any questions or feedback.
Remember: the most important part of trading is not making money. It is not losing money. Always start with that principle. I hope these three notes have provided some food for thought on how you might approach risk management and are of practical use to you when trading. Avoiding mistakes is not a sexy tagline but it is an effective and reliable way to improve results.
Next up I will be writing about an exciting topic I think many traders should look at rather differently: news trading. Please follow on here to receive notifications and the broad outline is below.
News Trading Part I
  • Introduction
  • Why use the economic calendar
  • Reading the economic calendar
  • Knowing what's priced in
  • Surveys
  • Interest rates
  • First order thinking vs second order thinking
News Trading Part II
  • Preparing for quantitative and qualitative releases
  • Data surprise index
  • Using recent events to predict future reactions
  • Buy the rumour, sell the fact
  • The mysterious 'position trim' effect
  • Reversals
  • Some key FX releases
***

Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.
submitted by getmrmarket to Forex [link] [comments]

I keep seeing people making wrong assumptions about the value of COIN, and XYO in general. Hopefully more read this and take note going forward

-“The amount of XYO you receive for 10K coin flucuates based on the price of XYO in USD”. FALSE! Bitcoin and ETH are traded on exchanges directly for $ and these trades dictate their posted “value”. XYO cannot be traded currently for $, and has to be converted into $ through some other crypto. Likely the posted $USD “values” of XYO are calculated from the exchanges for Bitcoin and ETH and their current respective values. Further, the parent company of the app dictates the exchange rate of COIN to XYO
-“The value of XYO went up! Look at my wallet and how much money I’ve made!” NOPE...just no...Yes it’s exciting that the perceived value of XYO has gone up - it’s something we all look forward too. However, you actually haven’t made ANYTHING until you cash it out. The value of XYO could plummet tomorrow - despite all the graphs posted showing “now is a good time to buy because I drew lines on a chart” you truly can’t predict the whims/confidence of the masses when trading crypto. Last, and most importantly, you currently can’t exchange XYO for $ directly - you have to convert it to another crypto and then sell that crypto. Both steps require a HUGE percentage to be taken off the top, which will reduce your profits further. Factor those losses in, and show what your net gain in profit would be (accounting for how much you bought the XYO for in the first place) and that’s more relevant. Or just don’t brag - I and others don’t care that you think you are a millionaire.
coin2xyo.com
submitted by adamkerry21423 to CoinWithUs [link] [comments]

NVidia – Know What You Own

How many people really understand what they’re buying, especially when it comes to highly specialized hardware companies? Most NVidia investors seem to be relying on a vague idea of how the company should thrive “in the future”, as their GPUs are ostensibly used for Artificial Intelligence, Cloud, holograms, etc. Having been shocked by how this company is represented in the media, I decided to lay out how this business works, doing my part to fight for reality. With what’s been going on in markets, I don’t like my chances but here goes:
Let’s start with…
How does NVDA make money?
NVDA is in the business of semiconductor design. As a simplified image in your head, you can imagine this as designing very detailed and elaborate posters. Their engineers create circuit patterns for printing onto semiconductor wafers. NVDA then pays a semiconductor foundry (the printer – generally TSMC) to create chips with those patterns on them.
Simply put, NVDA’s profits represent the difference between the price at which they can sell those chips, less the cost of printing, and less the cost of paying their engineers to design them.
Notably, after the foundry prints the chips, NVDA also has to pay (I say pay, but really it is more like “sell at a discount to”) their “add-in board” (AIB) partners to stick the chips onto printed circuit boards (what you might imagine as green things with a bunch of capacitors on them). That leads to the final form in which buyers experience the GPU.
What is a GPU?
NVDA designs chips called GPUs (Graphical Processing Units). Initially, GPUs were used for the rapid processing and creation of images, but their use cases have expanded over time. You may be familiar with the CPU (Central Processing Unit). CPUs sit at the core of a computer system, doing most of the calculation, taking orders from the operating system (e.g. Windows, Linux), etc. AMD and Intel make CPUs. GPUs assist the CPU with certain tasks. You can think of the CPU as having a few giant very powerful engines. The GPU has a lot of small much less powerful engines. Sometimes you have to do a lot of really simple tasks that don’t require powerful engines to complete. Here, the act of engaging the powerful engines is a waste of time, as you end up spending most of your time revving them up and revving them down. In that scenario, it helps the CPU to hand that task over to the GPU in order to “accelerate” the completion of the task. The GPU only revs up a small engine for each task, and is able to rev up all the small engines simultaneously to knock out a large number of these simple tasks at the same time. Remember the GPU has lots of engines. The GPU also has an edge in interfacing a lot with memory but let’s not get too technical.
Who uses NVDA’s GPUs?
There are two main broad end markets for NVDA’s GPUs – Gaming and Professional. Let’s dig into each one:
The Gaming Market:
A Bit of Ancient History (Skip if impatient)
GPUs were first heavily used for gaming in arcades. They then made their way to consoles, and finally PCs. NVDA started out in the PC phase of GPU gaming usage. They weren’t the first company in the space, but they made several good moves that ultimately led to a very strong market position. Firstly, they focused on selling into OEMs – guys like the equivalent of today’s DELL/HP/Lenovo – , which allowed a small company to get access to a big market without having to create a lot of relationships. Secondly, they focused on the design aspect of the GPU, and relied on their Asian supply chain to print the chip, to package the chip and to install in on a printed circuit board – the Asian supply chain ended up being the best in semis. But the insight that really let NVDA dominate was noticing that some GPU manufacturers were focusing on keeping hardware-accelerated Transform and Lighting as a Professional GPU feature. As a start-up, with no professional GPU business to disrupt, NVidia decided their best ticket into the big leagues was blowing up the market by including this professional grade feature into their gaming product. It worked – and this was a real masterstroke – the visual and performance improvements were extraordinary. 3DFX, the initial leader in PC gaming GPUs, was vanquished, and importantly it happened when funding markets shut down with the tech bubble bursting and after 3DFX made some large ill-advised acquisitions. Consequently 3DFX, went from hero to zero, and NVDA bought them for a pittance out of bankruptcy, acquiring the best IP portfolio in the industry.
Some more Modern History
This is what NVDA’s pure gaming card revenue looks like over time – NVDA only really broke these out in 2005 (note by pure, this means ex-Tegra revenues):
📷 https://hyperinflation2020.tumblr.com/private/618394577731223552/tumblr_Ikb8g9Cu9sxh2ERno
So what is the history here? Well, back in the late 90s when GPUs were first invented, they were required to play any 3D game. As discussed in the early history above, NVDA landed a hit product to start with early and got a strong burst of growth: revenues of 160M in 1998 went to 1900M in 2002. But then NVDA ran into strong competition from ATI (later purchased and currently owned by AMD). While NVDA’s sales struggled to stay flat from 2002 to 2004, ATI’s doubled from 1Bn to 2Bn. NVDA’s next major win came in 2006, with the 8000 series. ATI was late with a competing product, and NVDA’s sales skyrocketed – as can be seen in the graph above. With ATI being acquired by AMD they were unfocused for some time, and NVDA was able to keep their lead for an extended period. Sales slowed in 2008/2009 but that was due to the GFC – people don’t buy expensive GPU hardware in recessions.
And then we got to 2010 and the tide changed. Growth in desktop PCs ended. Here is a chart from Statista:
📷https://hyperinflation2020.tumblr.com/private/618394674172919808/tumblr_OgCnNwTyqhMhAE9r9
This resulted in two negative secular trends for Nvidia. Firstly, with the decline in popularity of desktop PCs, growth in gaming GPUs faded as well (below is a chart from Jon Peddie). Note that NVDA sells discrete GPUs, aka DT (Desktop) Discrete. Integrated GPUs are mainly made by Intel (these sit on the motherboard or with the CPU).
📷 https://hyperinflation2020.tumblr.com/private/618394688079200256/tumblr_rTtKwOlHPIVUj8e7h
You can see from the chart above that discrete desktop GPU sales are fading faster than integrated GPU sales. This is the other secular trend hurting NVDA’s gaming business. Integrated GPUs are getting better and better, taking over a wider range of tasks that were previously the domain of the discrete GPU. Surprisingly, the most popular eSports game of recent times – Fortnite – only requires Intel HD 4000 graphics – an Integrated GPU from 2012!
So at this point you might go back to NVDA’s gaming sales, and ask the question: What happened in 2015? How is NVDA overcoming these secular trends?
The answer consists of a few parts.Firstly, AMD dropped the ball in 2015. As you can see in this chart, sourced from 3DCenter, AMD market share was halved in 2015, due to a particularly poor product line-up:
📷 https://hyperinflation2020.tumblr.com/private/618394753459994624/tumblr_J7vRw9y0QxMlfm6Xd
Following this, NVDA came out with Pascal in 2016 – a very powerful offering in the mid to high end part of the GPU market. At the same time, AMD was focusing on rebuilding and had no compelling mid or high end offerings. AMD mainly focused on maintaining scale in the very low end. Following that came 2017 and 2018: AMD’s offering was still very poor at the time, but cryptomining drove demand for GPUs to new levels, and AMD’s GPUs were more compelling from a price-performance standpoint for crypto mining initially, perversely leading to AMD gaining share. NVDA quickly remedied that by improving their drivers to better mine crypto, regaining their relative positioning, and profiting in a big way from the crypto boom. Supply that was calibrated to meet gaming demand collided with cryptomining demand and Average Selling Prices of GPUs shot through the roof. Cryptominers bought top of the line GPUs aggressively.
A good way to see changes in crypto demand for GPUs is the mining profitability of Ethereum:
📷 https://hyperinflation2020.tumblr.com/private/618394769378443264/tumblr_cmBtR9gm8T2NI9jmQ
This leads us to where we are today. 2019 saw gaming revenues drop for NVDA. Where are they likely to head?
The secular trends of falling desktop sales along with falling discrete GPU sales have reasserted themselves, as per the Jon Peddie research above. Cryptomining profitability has collapsed.
AMD has come out with a new architecture, NAVI, and the 5700XT – the first Iteration, competes effectively with NVDA in the mid-high end space on a price/performance basis. This is the first real competition from AMD since 2014.
NVDA can see all these trends, and they tried to respond. Firstly, with volumes clearly declining, and likely with a glut of second-hand GPUs that can make their way to gamers over time from the crypto space, NVDA decided to pursue a price over volume strategy. They released their most expensive set of GPUs by far in the latest Turing series. They added a new feature, Ray Tracing, by leveraging the Tensor Cores they had created for Professional uses, hoping to use that as justification for higher prices (more on this in the section on Professional GPUs). Unfortunately for NVDA, gamers have responded quite poorly to Ray Tracing – it caused performance issues, had poor support, poor adoption, and the visual improvements in most cases are not particularly noticeable or relevant.
The last recession led to gaming revenues falling 30%, despite NVDA being in a very strong position at the time vis-à-vis AMD – this time around their position is quickly slipping and it appears that the recession is going to be bigger. Additionally, the shift away from discrete GPUs in gaming continues.
To make matters worse for NVDA, AMD won the slots in both the New Xbox and the New PlayStation, coming out later this year. The performance of just the AMD GPU in those consoles looks to be competitive with NVidia products that currently retail for more than the entire console is likely to cost. Consider that usually you have to pair that NVidia GPU with a bunch of other expensive hardware. The pricing and margin impact of this console cycle on NVDA is likely to be very substantially negative.
It would be prudent to assume a greater than 30% fall in gaming revenues from the very elevated 2019 levels, with likely secular decline to follow.
The Professional Market:
A Bit of Ancient History (again, skip if impatient)
As it turns out, graphical accelerators were first used in the Professional market, long before they were employed for Gaming purposes. The big leader in the space was a company called Silicon Graphics, who sold workstations with custom silicon optimised for graphical processing. Their sales were only $25Mn in 1985, but by 1997 they were doing 3.6Bn in revenue – truly exponential growth. Unfortunately for them, from that point on, discrete GPUs took over, and their highly engineered, customised workstations looked exorbitantly expensive in comparison. Sales sank to 500mn by 2006 and, with no profits in sight, they ended up filing for bankruptcy in 2009. Competition is harsh in the semiconductor industry.
Initially, the Professional market centred on visualisation and design, but it has changed over time. There were a lot of players and lot of nuance, but I am going to focus on more recent times, as they are more relevant to NVidia.
Some More Modern History
NVDA’s Professional business started after its gaming business, but we don’t have revenue disclosures that show exactly when it became relevant. This is what we do have – going back to 2005:
📷 https://hyperinflation2020.tumblr.com/private/618394785029472256/tumblr_fEcYAzdstyh6tqIsI
In the beginning, Professional revenues were focused on the 3D visualisation end of the spectrum, with initial sales going into workstations that were edging out the customised builds made by Silicon Graphics. Fairly quickly, however, GPUs added more and more functionality and started to turn into general parallel data processors rather than being solely optimised towards graphical processing.
As this change took place, people in scientific computing noticed, and started using GPUs to accelerate scientific workloads that involve very parallel computation, such as matrix manipulation. This started at the workstation level, but by 2007 NVDA decided to make a new line-up of Tesla series cards specifically suited to scientific computing. The professional segment now have several points of focus:
  1. GPUs used in workstations for things such as CAD graphical processing (Quadro Line)
  2. GPUs used in workstations for computational workloads such as running engineering simulations (Quadro Line)
  3. GPUs used in workstations for machine learning applications (Quadro line.. but can use gaming cards as well for this)
  4. GPUs used by enterprise customers for high performance computing (such as modelling oil wells) (Tesla Line)
  5. GPUs used by enterprise customers for machine learning projects (Tesla Line)
  6. GPUs used by hyperscalers (mostly for machine learning projects) (Tesla Line)
In more recent times, given the expansion of the Tesla line, NVDA has broken up reporting into Professional Visualisation (Quadro Line) and Datacenter (Tesla Line). Here are the revenue splits since that reporting started:
📷 https://hyperinflation2020.tumblr.com/private/618394798232158208/tumblr_3AdufrCWUFwLgyQw2
📷 https://hyperinflation2020.tumblr.com/private/618394810632601600/tumblr_2jmajktuc0T78Juw7
It is worth stopping here and thinking about the huge increase in sales delivered by the Tesla line. The reason for this huge boom is the sudden increase in interest in numerical techniques for machine learning. Let’s go on a brief detour here to understand what machine learning is, because a lot of people want to hype it but not many want to tell you what it actually is. I have the misfortune of being very familiar with the industry, which prevented me from buying into the hype. Oops – sometimes it really sucks being educated.
What is Machine Learning?
At a very high level, machine learning is all about trying to get some sort of insight out of data. Most of the core techniques used in machine learning were developed a long time ago, in the 1950s and 1960s. The most common machine learning technique, which most people have heard of and may be vaguely familiar with, is called regression analysis. Regression analysis involves fitting a line through a bunch of datapoints. The most common type of regression analysis is called “Ordinary Least Squares” OLS regression, and that type of regression has a “closed form” solution, which means that there is a very simple calculation you can do to fit an OLS regression line to data.
As it happens, fitting a line through points is not only easy to do, it also tends to be the main machine learning technique that people want to use, because it is very intuitive. You can make good sense of what the data is telling you and can understand the machine learning model you are using. Obviously, regression analysis doesn’t require a GPU!
However, there is another consideration in machine learning: if you want to use a regression model, you still need a human to select the data that you want to fit the line through. Also, sometimes the relationship doesn’t look like a line, but rather it might look like a curve. In this case, you need a human to “transform” the data before you fit a line through it in order to make the relationship linear.
So people had another idea here: what if instead of getting a person to select the right data to analyse, and the right model to apply, you could just get a computer to do that? Of course the problem with that is that computers are really stupid. They have no preconceived notion of what data to use or what relationship would make sense, so what they do is TRY EVERYTHING! And everything involves trying a hell of a lot of stuff. And trying a hell of a lot of stuff, most of which is useless garbage, involves a huge amount of computation. People tried this for a while through to the 1980s, decided it was useless, and dropped it… until recently.
What changed? Well we have more data now, and we have a lot more computing power, so we figured lets have another go at it. As it happens, the premier technique for trying a hell of a lot of stuff (99.999% of which is garbage you throw away) is called “Deep Learning”. Deep learning is SUPER computationally intensive, and that computation happens to involve a lot of matrix multiplication. And guess what just happens to have been doing a lot of matrix multiplication? GPUs!
Here is a chart that, for obvious reasons, lines up extremely well with the boom in Tesla GPU sales:
📷 https://hyperinflation2020.tumblr.com/private/618394825774989312/tumblr_IZ3ayFDB0CsGdYVHW
Now we need to realise a few things here. Deep Learning is not some magic silver bullet. There are specific applications where it has proven very useful – primarily areas that have a very large number of very weak relationships between bits of data that sum up into strong relationships. An example of ones of those is Google Translate. On the other hand, in most analytical tasks, it is most useful to have an intuitive understanding of the data and to fit a simple and sensible model to it that is explainable. Deep learning models are not explainable in an intuitive manner. This is not only because they are complicated, but also because their scattershot technique of trying everything leaves a huge amount of garbage inside the model that cancels itself out when calculating the answer, but it is hard to see how it cancels itself out when stepping through it.
Given the quantum of hype on Deep learning and the space in general, many companies are using “Deep Learning”, “Machine Learning” and “AI” as marketing. Not many companies are actually generating significant amounts of tangible value from Deep Learning.
Back to the Competitive Picture
For the Tesla Segment
So NVDA happened to be in the right place at the right time to benefit from the Deep Learning hype. They happened to have a product ready to go and were able to charge a pretty penny for their product. But what happens as we proceed from here?
Firstly, it looks like the hype from Deep Learning has crested, which is not great from a future demand perspective. Not only that, but we really went from people having no GPUs, to people having GPUs. The next phase is people upgrading their old GPUs. It is much harder to sell an upgrade than to make the first sale.
Not only that, but GPUs are not the ideal manifestation of silicon for Deep Learning. NVDA themselves effectively admitted that with their latest iteration in the Datacentre, called Ampere. High Performance Computing, which was the initial use case for Tesla GPUs, was historically all about double precision floating point calculations (FP64). High precision calculations are required for simulations in aerospace/oil & gas/automotive.
NVDA basically sacrificed HPC and shifted further towards Deep Learning with Ampere, announced last Thursday. The FP64 performance of the A100 (the latest Ampere chip) increased a fairly pedestrian 24% from the V100, increasing from 7.8 to 9.7 TF. Not a surprise that NVDA lost El Capitan to AMD, given this shift away from a focus on HPC. Instead, NVDA jacked up their Tensor Cores (i.e. not the GPU cores) and focused very heavily on FP16 computation (a lot less precise than FP64). As it turns out, FP16 is precise enough for Deep Learning, and NVDA recognises that. The future industry standard is likely to be BFloat 16 – the format pioneered by Google, who lead in Deep Learning. Ampere now does 312 TF of BF16, which compares to the 420 TF of Google’s TPU V3 – Google’s Machine Learning specific processor. Not quite up to the 2018 board from Google, but getting better – if they cut out all of the Cuda cores and GPU functionality maybe they could get up to Google’s spec.
And indeed this is the problem for NVDA: when you make a GPU it has a large number of different use cases, and you provide a single product that meets all of these different use cases. That is a very hard thing to do, and explains why it has been difficult for competitors to muscle into the GPU space. On the other hand, when you are making a device that does one thing, such as deep learning, it is a much simpler thing to do. Google managed to do it with no GPU experience and is still ahead of NVDA. It is likely that Intel will be able to enter this space successfully, as they have widely signalled with the Xe.
There is of course the other large negative driver for Deep Learning, and that is the recession we are now in. Demand for GPU instances on Amazon has collapsed across the board, as evidenced by the fall in pricing. The below graph shows one example: this data is for renting out a single Tesla V100 GPU on AWS, which isthe typical thing to do in an early exploratory phase for a Deep Learning model:
📷 https://hyperinflation2020.tumblr.com/private/618396177958944768/tumblr_Q86inWdeCwgeakUvh
With Deep Learning not delivering near-term tangible results, it is the first thing being cut. On their most recent conference call, IBM noted weakness in their cognitive division (AI), and noted weaker sales of their power servers, which is the line that houses Enterprise GPU servers at IBM. Facebook cancelled their AI residencies for this year, and Google pushed theirs out. Even if NVDA can put in a good quarter due to their new product rollout (Ampere), the future is rapidly becoming a very stormy place.
For the Quadro segment
The Quadro segment has been a cash cow for a long time, generating dependable sales and solid margins. AMD just decided to rock the boat a bit. Sensing NVDA’s focus on Deep Learning, AMD seems to be focusing on HPC – the Radeon VII announced recently with a price point of $1899 takes aim at NVDAs most expensive Quadro, the GV100, priced at $8999. It does 6.5 TFLOPS of FP64 Double precision, whereas the GV100 does 7.4 – talk about shaking up a quiet segment.
Pulling things together
Let’s go back to what NVidia fundamentally does – paying their engineers to design chips, getting TSMC to print those chips, and getting board partners in Taiwan to turn them into the final product.
We have seen how a confluence of several pieces of extremely good fortune lined up to increase NVidia’s sales and profits tremendously: first on the Gaming side, weak competition from AMD until 2014, coupled with a great product in form of Pascal in 2016, followed by a huge crypto driven boom in 2017 and 2018, and on the Professional side, a sudden and unexpected increase in interest in Deep Learning driving Tesla demand from 2017-2019 sky high.
It is worth noting what these transient factors have done to margins. When unexpected good things happen to a chip company, sales go up a lot, but there are no costs associated with those sales. Strong demand means that you can sell each chip for a higher price, but no additional design work is required, and you still pay the printer, TSMC, the same amount of money. Consequently NVDA’s margins have gone up substantially: well above their 11.9% long term average to hit a peak of 33.2%, and more recently 26.5%:
📷 https://hyperinflation2020.tumblr.com/private/618396192166100992/tumblr_RiWaD0RLscq4midoP
The question is, what would be a sensible margin going forward? Obviously 33% operating margin would attract a wall of competition and get competed away, which is why they can only be temporary. However, NVidia has shifted to having a greater proportion of its sales coming from non-OEM, and has a greater proportion of its sales coming from Professional rather than gaming. As such, maybe one can be generous and say NVDA can earn an 18% average operating margin over the next cycle. We can sense check these margins, using Intel. Intel has a long term average EBIT margin of about 25%. Intel happens to actually print the chips as well, so they collect a bigger fraction of the final product that they sell. NVDA, since it only does the design aspect, can’t earn a higher EBIT margin than Intel on average over the long term.
Tesla sales have likely gone too far and will moderate from here – perhaps down to a still more than respectable $2bn per year. Gaming resumes the long-term slide in discrete GPUs, which will likely be replaced by integrated GPUs to a greater and greater extent over time. But let’s be generous and say it maintains $3.5 Bn Per year for the add in board, and let’s assume we keep getting $750mn odd of Nintendo Switch revenues(despite that product being past peak of cycle, with Nintendo themselves forecasting a sales decline). Let’s assume AMD struggles to make progress in Quadro, despite undercutting NVDA on price by 75%, with continued revenues at $1200. Add on the other 1.2Bn of Automotive, OEM and IP (I am not even counting the fact that car sales have collapsed and Automotive is likely to be down big), and we would end up with revenues of $8.65 Bn, at an average operating margin of 20% through the cycle that would have $1.75Bn of operating earnings power, and if I say that the recent Mellanox acquisition manages to earn enough to pay for all the interest on NVDAs debt, and I assume a tax rate of 15% we would have around $1.5Bn in Net income.
This company currently has a market capitalisation of $209 Bn. It blows my mind that it trades on 139x what I consider to be fairly generous earnings – earnings that NVidia never even got close to seeing before the confluence of good luck hit them. But what really stuns me is the fact that investors are actually willing to extrapolate this chain of unlikely and positive events into the future.
Shockingly, Intel has a market cap of 245Bn, only 40Bn more than NVDA, but Intel’s sales and profits are 7x higher. And while Intel is facing competition from AMD, it is much more likely to hold onto those sales and profits than NVDA is. These are absolutely stunning valuation disparities.
If I didn’t see NVDA’s price, and I started from first principles and tried to calculate a prudent price for the company I would have estimated a$1.5Bn normalised profit, maybe on a 20x multiple giving them the benefit of the doubt despite heading into a huge recession, and considering the fact that there is not much debt and the company is very well run. That would give you a market cap of $30Bn, and a share price of $49. And it is currently $339. Wow. Obviously I’m short here!
submitted by HyperInflation2020 to stocks [link] [comments]

Deep Dive on the first Reddit Points, $DONUT Token 🍩 🍩 🍩Very Attractive, Low-Cap Opportunity 💎

DONUT TOKEN 🍩 🍩 🍩

TL;DR:


Fun fact, @cslarson (head moderator of ethtrader and founder of DONUTS as far as I can tell) was actually hacking on SourceCred before DONUTS happened. He, along with @lkngtn and @jvluso had recently coded up credao at a hackathon, a project that mints ERC-20 tokens in an Aragon DAO according to Cred scores, when he got the call from Reddit offering support for prototyping DONUTS on ethtrader. Can’t blame him:)
... 👇👇👇

MAIN POST:

Funnily enough, this is actually an alpha: right now you can ‘farm DONUT’ by contributing to ethtrader through high-quality memes, discussions, comments etc. Just by being an active member of the community, you can earn DONUT 🍩 tokens which you can sell for real $ETH. I’ll explain later why people would want to buy DONUT. Or, you can HODL them, which is highly recommended. Based on the last rewards distribution (https://www.reddit.com/ethtradecomments/i48u9g/new_donuts_distribution/) if you earned a mere 100 or so Karma points in the sub, you would have received 10,000 DONUT tokens which you can then sell for ETH on a growing list of exchanges, namely Uniswap (which has growing liquidity).
This is an example of what DeFi and Ethereum are all about and is one of the more significant community-focused projects. You have all sorts of crummy community tokens out there but none have the ecosystem to back them up. Don’t get me wrong, I’m not saying DONUT is a $LEND, $COMP, etc but it ticks all the boxes to be considered a moon-shot: meme-worthy, existing network effect, undeniable utility, Reddit-backing, AragonDAO support, and more.
...
The Ethtrader Group is a 100% community-run subreddit-collective where the governance token DONUT 🍩is used to vote on proposals regarding tokenomics. Slashing supply, changing tokenomics and other decisions can be made in their AragonDAO with the more DONUT 🍩 you hold resulting in higher voting power. It makes sense that Aragon was used seeing as the lead developer Carlson was working on Credao (a similar concept) using Aragon before he was approached by Reddit to work on the very first iteration of their Community Points system before rolling it out across the entire platform. Source. Any member of the community can propose changes by first gauging sentiment through polls in the subreddit (something you need DONUT for by the way), following up with proposals in AragonDAO which require voting (again voting power is tied to DONUT holdings).
...
Growth over time: DONUT 🍩 has thus far followed similar growth trajectories of projects that start out organic, community and product-focused and over time attract real interest, real activity and real growth. This is in opposition to projects that market first and deliver later. DONUT hasn’t marketed anything as the community has focussed internally during the bear market and the ecosystem is relatively new, which is why it isn’t already worth more. I have been trading crypto since 2011 and ALTs since 2014 and I’ve learned to spot these nuanced differences between projects, and the all-important signals. The DONUT token launched in its current state in Jan 2019 with a volume of $30 and a price of $0.0019. But I am going to focus on December 2019 as the start date for a number of reasons: first, due to some teething pains with the direction of Ethtrader & $DONUT some of the team split off, the Token also underwent a shift and you can see on the chart this early phase does not reflect any organic price action. So, starting from the latter date, looking at the chart, you can see an organic price development typical of many promising projects. Slow, steady accumulation, followed by sharper ups and downs with the bottoms rising upwards. I saw this same pattern on pretty much every organic-driven ALT I’ve invested in with success. In the last 2 weeks, ATHs have been broken across the board.
...
Similar successes: Let’s face it. In our funky community, tokens of all kinds can grow astronomically. Even those without a single use-case can grow simply because they are meme-worthy. Think $DogeCoin or $Garlicoin. More recently you have $TEND which is growing in popularity and is currently worth $1 (when I first started writing this post, it was at $0.50. DONUT was at $0.005 and is now touching $0.01).
DONUT 🍩 is unique in that it has potential to be a significant Ethereum meme token on par with these examples but more importantly, it also has tangible use-cases which will ensure the project remains active over a longer course of time, with accessibility open to anyone with spare time to meaningfully contribute to the community. But that isn’t the clincher. The Ethtrader group is large and getting larger with almost a quarter of a million members at the time of writing. That is a valuable audience of highly relevant people interested in cryptocurrency, especially Ethereum. DONUT 🍩is used in a Harbinger Tax style system (whereby someone would use DONUT to buy ad space from the current owner for a price set by that owner. This person would then set a new price — this will be the cost someone who wants it back will need to pay — and then based on this new price there will be a 100% daily tax for as long as you choose to hold the banner for). This adversarial system will ensure you have projects (typically with deep pockets) buying up lots of DONUT 🍩 to ensure they can control the banner, spending those DONUT tokens on getting the banner, and the process will continue over and over. If we enter a new bull market for DeFi, this will be a significant value and liquidity driver as let’s face it, that is prime real estate for brand exposure. I'll draw your attention back to the feedback loop I mentioned in the TL;DR.

Tokenomics:

📸IMAGE: https://imgur.com/a/CnFpfQr
*note, this is just a quick thing I slapped together and shows just one process and one use-case and is not a comprehensive diagram. Hopefully, it is useful anyway.
Deflationary or inflationary?
The DONUT used to buy the banner is always burnt, currently, 3 Million DONUT is burned per month. While there is monthly issuance (the source of contribution rewards), there is also frequent burn events. Currently, the banner is burning 100,000 DONUT per day compared to the 4,000,000 issued per month.
This daily burn can increase or decrease depending on the cost of the banner which can increase or decrease based on what the owner sets it as. This means when demand increases (exchanges, dapps, projects bid for the banner space), the burn rate will exceed the issuance rate, resulting in deflationary tokenomics. Conversely, if the cost of the banner decreases and is below the threshold (as it currently is, only slightly) then technically it will be inflationary.
The deflationary dominance has already proven to be effective seeing as the token started out with 100m units and now on around 90m. Furthermore, the issuance rate can at anytime be slashed if put to a community vote which anyone in the community can initiate, so long as they own DONUT. So, DONUT is also used here as a governance token, the more you have the stronger your vote on such decisions. To use DONUT to vote on community initiatives or a change in the tokenomics, you’ll need to visit their integrated AragonDAO and learn more about the process. This can be found here: https://mainnet.aragon.org/#/0x57EBE61f5f8303AD944136b293C1836B3803b4c0 and is also where DONUT is claimed from.

Takeaways:

Resources:

In the news:

I hope this was in-depth and useful. I have tried to add as much as possible but I have no doubt missed some stuff as well. As always, DYOR and make an informed decision. For me, at this price, it's a no brainer.
submitted by defi-chad to CryptoMoonShots [link] [comments]

Perfect SPY Elliott Wave setup... come get your tendies

Perfect SPY Elliott Wave setup... come get your tendies
SPY just completed a textbook perfect Elliott Wave impulse and is starting a nice looking correction as well. Yes, this is chart crayon drawing and I usually don't pay attention to this stuff, but this market is so insane right now that I actually think this is going to work.
POSITIONS OR BAN
  • SPY drops below 280 before May 29 => 5/29 SPY Iron Condor 300c / 295c 270p / 275p if you are skeptical or 5/29 SPY Put 295 if you are a believer
  • SPY rallies up to at least 290 by June 3 => 6/3 SPY Call 280 (buy when OTM)
  • SPY falls again to at least below 280 by June 5 => SPY 285/290 Call Credit Spread (open @ 290)
If these positions are too advanced for your dumbass autist brain then just buy puts right now.
You're welcome for this actually legit and not retarded DD.
https://preview.redd.it/plxn7wx9b6051.png?width=2298&format=png&auto=webp&s=ba761bcb4c3708499db8917efa2c15ec8dfcd2b7
EDIT: Adding text of a comment I made to explain a bit more since this is actually legit DD and not a joke.
The thing is normally this stuff is bullshit, but it tends to work in super irrational markets. A lot of crypto traders use EWT and it can actually work in those markets. Right now we are in a situation where the Fed's QE has practically guaranteed that the market has liquidity and credit, which is what drives markets. We won't see a massive drop through the floor while liquidity is available. That happens when WAY more people want to sell than buy and so sellers are willing to outcompete each other to execute a trade.
Right now, the market is purely a prediction market detached from fundamentals and with a way more significant than usual retail influence. Retail investors are piling in without knowing what the hell they are doing (AKA MANY OF YOU) and adding to the liquidity but also adding volatility.
But, as soon as we see a correction begin these "investors" will get spooked and we will see a steep drop, followed by a buy back in because STONKS ONLY GO UP and repeat. This is basically textbook Elliott Wave behavior, which ultimately what the theory is about -- predicting emotionally driven trading behavior detached from fundamentals.
submitted by AvailableLight3 to wallstreetbets [link] [comments]

Message to all of my followers:

Hope everyone is having a good ass day today. This might be long. Please upvote so others are more likely to see in their feeds.
I have really wanted to start sharing my other forms of trading with you guys. I trade forex and did well this week betting on usd strength against the safe haven currency Japanese yen.
I’m also invested at $2,200 into a crypto currency called cindicator. I have 392,197 shares. Trying to get to 700,000 for access to their highest tier of trading indicators. I’ve followed this company for a long ass time and their product is great. If the price gets back to its high of $0.37, it’s a 6,959% profit for me. I’m expecting it to hit AT LEAST a dollar during this next bull run due to cnd/btc charts. Crypto currencies are similar to pennystocks in their volatility.
I also have very good evidence that bitcoin is about to start moving up very rapidly. The halving event that pushed it up to $20,000 just happened again two weeks ago. I and probably everyone else are expecting $100,000 bitcoin by October 2021 due to bitcoin stock to flow model. That indicator was designed by some billion dollar hedge fund manager and its accuracy is something I’ve never seen before. Please read the bottom half where it explains how that indicator works. Truly impressive.
I’m also learning how to trade SPY options, and I just made my first winning trade after a week of losing by buying SPY 298c 5/29
So my question is, are you interested in learning other forms of trading? By order of difficulty, we’d start with crypto currency. Mainly bitcoin and a handful of others. It’s pretty straightforward until you get into cold storage. Then forex which is complicated, and options further down the line after I understand them fully. Or if the consensus is forex or options, we’ll start there.
My main goal in Reddit is to make you guys better traders/ investors. One of my next personal goals is to get my series 7 and 65 licenses and do this shit professionally.
I’ve done the math, and if my average return in forex at ~10% per month stays consistent, managing $5,000,000 in client money and charging 20% would mean I make $80,000 a month. I’m currently building my trading history on Oanda as the first step in this process. So if you start seeing me in suits and ties on my streams, you’ll know what’s up.
Let me know if you’re interested. I’m not sure how I would do it. Maybe just include [BTC] in my headlines about crypto currency stuff when I post so that it’s easy to skim over for those not interested. I don’t want to start an isolated subreddit or anything like that.
submitted by trevandezz to u/trevandezz [link] [comments]

I used affiliate marketing to generate over $10,000 to bootstrap my software startup

When my two partners and I started building our cryptocurrency tax software company, we had no money.

The three of us were fresh out of college and broke as can be.
However, that didn’t stop us from chasing our business idea, and it shouldn’t stop you either.
In order to fund the early stages of the company, we turned to affiliate marketing.
Simply, we blogged about the top tools in our “cryptocurrency trading” niche and recommended our favorite products. We would then spread our blog posts across the internet with a simple content promotion strategy for interested readers to find.
This simple and replicable approach got our blog posts ranked on Google and ultimately brought in thousands of dollars in affiliate commissions. This tactic helped us pay for the infrastructure and early costs of getting our software platform off of the ground.
The process we used is dead simple. I explain below exactly how we did it.

Step 1: We identified popular products in our niche that had lucrative affiliate programs

For anyone new to the world of affiliate marketing, it simply works as such: you (the affiliate) promote/market a company’s products or services on the internet. For every product that you sell, you earn a commission.
The first step we took in our affiliate marketing quest was identifying tangentially related products that overlapped with our target market.
Since we were building a product that would automate the capital gains and losses tax calculations for cryptocurrency traders, it made sense to find affiliate programs for other products that cryptocurrency traders (our target market) were likely to use.
Taking this approach meant that our blogging efforts would not only make us affiliate commissions and help fund our company, but they would also progress our own marketing efforts for CryptoTrader.Tax.
People who read our affiliate blog articles would also come across our brand, sign up for our email lists, and possibly even sign up for our tax product.
Other beneficial side effects to these types of blog posts included increasing the domain authority of our website (and thus our SEO “juice”), attracting backlinks, training our Facebook pixel, and serving as future collateral for future partnerships with these companies.
The affiliate strategy would be a win-win-win.
After doing a bunch of Google searching, YouTube research, and online reading about our niche, we identified some great products to promote.
We started with crypto trading bots.
Crypto trading bots automate certain trading strategies for crypto investors, and three years ago, they were becoming very popular.
Additionally, many of the companies offering these types of bots to cryptocurrency traders had great affiliate programs.
We signed up for each of the affiliate programs and started writing our blog posts.

Step 2: Write the content

This part was relatively straightforward. Once we had identified the products that we believed were the best, we tested them out and signed up for the affiliate programs. We then simply wrote blog posts discussing the pros and cons of each platform.
The blog posts were extremely simple.
People would read about the various trading bots discussed in the blog post, and when they clicked on one of the links to the bots we recommended, they actually clicked on our affiliate link.
If they wound up making a purchase, we earned a commission.
Here are links to a couple of the articles we wrote on crypto trading bots:

Step 3: Promote the content

Once the articles were published and live on our site, we followed a simple content promotion strategy.
We would share a link to the article in relevant cryptocurrency trading communities. Reddit was the best community for us.
We would post our articles to subreddits like cryptocurrency, ethtrader, btcmarkets, and countless more to help spread the articles to interested readers.
In addition to Reddit, we’d post in Facebook groups made up of crypto traders, repost the articles on Hackernoon, and tweet about them.
This was the extent of our content promotion. It was super basic.
However, it was just enough to get the posts seeded on the web.
In a relatively short period of time, each of these articles started ranking for relevant keyword searches on Google such as “best crypto bots” etc., and this organic search traffic became our largest traffic source for these affiliate articles in the months to follow.

Step 4: Earn money

Bang bang – the posts were live and they were being distributed around the internet (mostly by Google). We then got to watch the money roll in.
These simple affiliate articles generated thousands of dollars for us once they started ranking on Google for relevant keywords. This money covered a lot of our early hosting and company costs, and allowed us to stay scrappy while focusing on building CryptoTrader.Tax.
We doubled down on this strategy by writing more and more affiliate articles reviewing other related cryptocurrency products to make more and more affiliate income.
This one article we wrote on the best cryptocurrency charting tools single-handedly generated us over $6,000 in affiliate commissions (screenshot of our affiliate dashboard below). Go type in “best crypto charting tools” in Google and you’ll see why!

Conclusion

There are a million scrappy ways to make money online. This type of affiliate marketing was one strategy that we used, and it was extremely effective for financing the early days of our software startup.
I blog about these types of online money-making adventures all the time (like the time I made $13,000 by growth hacking Instagram), and I email all of my best marketing tactics and ideas directly to the people on my email list.
If you want to get the inside scoop on the various digital marketing tactics that I’m using to grow my businesses, simply subscribe to my email list below! No spam ever. Just my best tips and tricks that I’m personally using. I’ll see you in the inbox!
Original article w/ pictures and data available here: https://davidkemmerer.co/affiliate-marketing-to-bootstrap-startup/
submitted by stratguy56 to Entrepreneur [link] [comments]

Monthly Nano News: December 2019 + Year Recap Special

This is what NANO has been up to lately. I don't think I lie if I say it has been quite an amazing year!
See you soon and happy new year! Something nice is coming soon that I have been working on for a while, stay tuned..

December 2019

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

Apr 2019

Mar 2019

Feb 2019

Jan 2019


More news here: https://nanolinks.info/news

https://preview.redd.it/9sw5nkoxlt741.png?width=749&format=png&auto=webp&s=3426d4eafb9430c0304a6d161596102536df4318
submitted by Joohansson to nanocurrency [link] [comments]

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance support number 1844-907-0583 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
Binance support number 1844-907-0583 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-907-0583 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-907-0583's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-907-0583 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-907-0583's headquarters?
This seemingly simple question is actually more complex. Until February, Binance support number 1844-907-0583 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-907-0583 is not under its jurisdiction. Since then Binance support number 1844-907-0583 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. "Wherever I sit, is going to be the Binance support number 1844-907-0583 office. Wherever I need somebody, is going to be the Binance support number 1844-907-0583 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Zhao said Binance support number 1844-907-0583 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Binance support number 1844-907-0583 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-907-0583 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-907-0583, announced that the exchange had frozen the funds. He also added that Binance support number 1844-907-0583 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
submitted by SnooPeripherals4556 to u/SnooPeripherals4556 [link] [comments]

Bitcoin Reaches New All-Time High Hash Rate Just A Week Before Halving

Bitcoin Reaches New All-Time High Hash Rate Just A Week Before Halving

Some Crypto Analysts Consider The Increased Hash Rate To Affect Bitcoin’s Price Positively, As “Price Follows Hashrate”
The largest cryptocurrency to date, Bitcoin, is preparing for its third halving, scheduled at block 690,000, or around May 14. Meanwhile, Bitcoin miners are putting even greater push for validating transactions, which is often referred to as a bullish sign.
The amount of computer power needed to validate a transaction on Bitcoin’s blockchain peaked with a new all-time high on May 3. Crypto speculators consider the halving event as a catalyst for Bitcoin’s price to explode in the months after the reward cut.
Crypto analysis company Glassnode posted a chart on Twitter, marking the bullish exponential curve of hashrate activity. Traders and enthusiasts, who believe in the “price follows hashrate” maxima quickly showed their enthusiasm about the peak. Max Keiser, for example, shared a chart from Bitcoin.com, showing his bullish stance on the future price of Bitcoin.
Source: Glassnode
The correlation between Bitcoin’s price and the hashrate is still not confirmed, but there are some historical hints that such correlation may exist. However, if Bitcoin’s price increases, miners get a bigger reward for mining a block. The price increase leads to more miners joining the race, which increases hashrate as well.
For instance, in September 2018, just moments before the crypto winter, Bitcoin’s network had 56 ExHash-per-second (EH/s) with price per one BTC roughly at $6,500. During the following three months, Bitcoin’s network hashrate fell to as low as 31 EH/s, with a price per BTC around the $4,000 mark.
However, the thesis that more miners are entering the computing pool when Bitcoin is approaching its halving may not be entirely accurate. The halving procedure cuts down the reward per mined block in half. Small and mid-sized miners and mining farms may be forced to shut down operations, as they might not clear their costs for operating the rigs. Some experts believe the hashrate push could be a last “attack” towards making a profit before the reward cut.
Meanwhile, other crypto experts consider the spike to be because of the possible price increase anticipation. The CFO of Boston Trading Co. Jeremy Britton explained that with the increasing scarcity for mining precious metals (like Gold, for example), its price increases. The same principle may be applied for Bitcoin, also.
“When Bitcoin’s price crashed in 2019, its price did not drop below $3,000, because miners didn’t want to sell on loss. The expenses for mining a single block on Bitcoin’s network are around $3,000, without considering the costs for equipment and the Internet”, Britton stated.
The next halving, scheduled for May 14, would further increase the costs per mining a BTC block. “The next possible floor for Bitcoin’s price is around $6,000 because miners won’t agree to sell on loss”, Britton concluded.
Pricewise, Bitcoin failed to overcome and settle above $9,000, as the weekend rally broke above the psychological barrier, but was quickly corrected to trade at $8,719.97 currently. The hashrate peak, however, pushed trading volumes up from May 3 with over $8 billion.
submitted by Crypto_Browser to CryptoBrowser_EN [link] [comments]

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
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