Bored? Looking for something to do? Start with this list of things to do in the Sacramento area.
(Credit for the below list has to be given to u/BurritoFueled, who created the original list in 2014 and updated it a year later. Almost two-thirds of the items below are still from that original list. All I’ve done with the list is revive it a little bit by updating dead links and making little tweaks when necessary. Also, thanks to those that submitted new additions to the list last week. Over a third of the below items are new and a lot of the original items have had newer information added onto them.) People are always looking for something to do around here. Maybe you’re a transplant, unaware of what this area has to offer, or maybe you’re a lifelong resident, tired of the same old thing. Well friend, if you fall into the latter category, do not despair. There’s actually plenty of things to do in the Sacramento area – things of interest to almost any lifestyle, personality, or budget. So, whether you’re an athlete, geek, eccentric, hipster, weirdo, sexual deviant or just a normal person looking for a new activity, below is a list of activities for you to try. Please note that it includes only activities that take place at least a few times a year – no one-off events or festivals here. Enjoy this list. If you have any suggestions of your own to add, comment below in this thread. I'll try to keep this as up to date as possible. Away we go. UPDATED 10-6-20 (Note: Due to the current pandemic, some of these activities may be curtailed or not offered at all.)
Become the next Tiger Woods (the golf part, not the cheating, getting your windshield smashed by your wife with one of your golf clubs part). Start by hitting up a driving range at Top Golf or Haggin Oaks.
Purchase the sweetest sweet corn in all the land at the Davis Ranch in Sloughhouse.
When you're done in Sloughhouse, head a little further up the Jackson Highway (just past Rancho Murieta), hang a left on Michigan Bar Road, and cross the bridge (it's safe, trust me!) for one of the most historic, beautiful, and adventurous road trips in the entire area. Make sure you bring a hearty vehicle and avoid during winter and spring.
Check out – or offer your services – at the Oak Park Fix-it Café, a community-powered gathering for repairing and maintaining bicycles, clothing, household items, and the ties that bind a healthy community.
Buy some tricks, attend magic workshops, and become the next David Blaine at Grand Illusions.
Go watch some horseracing at Cal Expo. It’s harness racing from November through April and then traditional horseracing during the state fair. Want to end up with small fortune at the end of your day at the track? It’s easy. Just start your day there with a large fortune.
Watch some high school football! The Sacramento region boasts some of the best high school programs in the state. Check out top notch teams like Grant, Elk Grove, Folsom, and Del Oro to see potential NCAA Division 1 and NFL players of the future.
Watch some college football! Sac State had a huge resurgence in 2019 and UC Davis has always had a solid program. You can also check out the JC teams such as ARC and Sac City.
If Live-Action Role Play (LARP) floats your boat, Sacramento Valley Amtgard has the battles, weapons workshops, and skills classes you've been looking for.
Take a ride on the Sacramento River Train. You can ride the train or power along the tracks yourself with railbikes. They have different train excursions, including beer tasting and wine tasting trips. If you want to book a trip on a weekend, book early.
Want to learn how to fish? Try Fishing in the City from the California Department of Fish and Wildlife. After you’ve learned, check out the blog from FishingBooker on where and when to go fishing and what to expect. For some recent local recommendations, check here, here, here or here.
If fishing tours are more your style, catch your lunch on a guided fishing tour of local waterways.
Take in a play at one of Sacramento's smaller, edgier, more contemporary community theatre companies, like the Big Idea Theatre.
Do you like beer and visiting breweries, but don’t like driving between them? Midtown Sacramento has got you covered! Make a day of it by visiting these breweries, all within easy walking distance of each other: At Ease, Sacrament, Big Stump, Golden Road, Fieldwork, and Alaro. If you don’t mind walking a few extra blocks, you can add Device and Urban Roots to the list.
Ever wanted to learn to sail, kayak or row? You’re in luck! The Sac State Aquatic Center offers lessons for those activities and more.
Antiquing never gets old, right? Visit Midway Antique Mall in Citrus Heights (focusing almost solely on midcentury wares), Antique Trove in Roseville, or the Antique Fair that happens every second Sunday on X Street, under the freeway.
Want to become the next Picasso? You gotta start somewhere, so take a paint and sip class at The Painted Cork in Midtown Sacramento or Historic Folsom.
It’s well known that you can play miniature golf at Scandia, but did you know that there are indoor mini golf courses in the area as well? Try SacMiniGolf in Old Sacramento, Flatstick Pub in DoCo downtown, or even glow-in-the-dark indoor mini golf at Monster Mini Golf in Rancho Cordova or at CaliGlo in Elk Grove.
The Sacramento Cactus and Succulent Society meets, and hosts a talk, at the Shepard Garden and Arts Center in McKinley Park monthly and welcomes guests. They also do field trips and their Annual Show and Sale is a must-see event for plant lovers.
Not to diminish the concert series at Fair Oaks Village Park, but when you hear "concerts in the park", everyone knows that is the Concerts in the Park series in downtown Sacramento. Live local and national acts perform on Friday evenings in the summer, and it’s totally free. If you’re not good with crowds you may want to give this a miss because it is packed!
Vacation or day trip so close, yet feel so far away, along the Delta. Rent a boat, jet skis, a cabin or camping spot, buy some bait and tackle, and/or eat out at various locations on the river.
Take a drive around the world’s smallest mountain range: the Sutter Buttes. You can actually drive around and hike the Sutter Buttes in the same day, however hiking is not free, you must do it as part of a guided group and you have to reserve a spot in advance.
Why is Bitcoin still the king? In-depth research on value drivers
Crypto moves at a lightning pace. But throughout the shifting trends, one thing remains true: Bitcoin is king. Why is that? Bitstamp partnered with the researchers at ByteTree to answer that question by taking a closer look than ever at the value drivers that keep Bitcoin going strong. Highlights of our 50-page report include:
While Bitcoin is generally uncorrelated with the stock market, it shows significant correlation with certain (riskier) stock groups and the real estate market.
Bitcoin and gold are highly complementary assets in a portfolio that should be constantly rebalanced. In an investment sense, Bitcoin is the opposite of gold.
Miner activity follows price and not the other way around. Strong miner selling pressure signals a strong market.
Debunking the stock-to-flow model and presenting the Network Demand model as an innovative way to evaluate the value of Bitcoin.
Multiple ways forward: Scaling through the Lightning Network and fusing Bitcoin with DeFi to enable novel use cases for the oldest cryptocurrency.
Download the full report here: https://www.bitstamp.net/institutional-trading/#marketing-insights Our goal with the report was to look beyond the commonly floated narratives and hype to discover real underlying value drivers that can help inform your investment thesis. We hope you will find the insights helpful when navigating the crypto market!
10/16 Watchlist. Had some big hitters this week on the watchlist and called live in the FREE telegram
10/16 DAILY WATCHLIST [P.S. Only enter positions you feel the most comfortable with. Your money is your soldier only send him into the battle you think you'll win. Some of these I have taken positions. Some I am looking to take positions. I've posted how many shares I own of what multiple times ] PLEASE HEDGE your long holds. For essentially pennies you can come out on a bloody day fine! 🔑KEY🔑 [💎-Long time gold][⁉️-Could go both ways][🚀-I think this is gonna shoot up][🔥-This imo is gonna be a fire stock to make money off of just dont get dumped on][⚠️-Already ran a bit be careful][👀-Watching this one closely][⭐- Huge Catalyst or info] PRIMARY FOCUSES: $MGM⭐ $ADMP $SESN $JMIA ⭐ $GRIL⭐ $FSI 🚀💸PENNYS💸🚀 $FSI - SMASHED earnings. SUPER SMALL float. Already ran a bit but I can see $4 coming potentially. HIGH RISK👀🔥🚀⚠️ $HMHC - Earnings Oct 28th. $2.50 Calls I may grab some. Looks like a medium risk high reward play $UEC - Barcoding Uranium mine. Its only a matter of time until Algo's pick up on this and it runs heavily. Daily/4hr MACD🐮/🐻 👀🔥🚀 $ADMP - Cup & Handle 🐮 ⭐FDA Nov 15th.FDA Likey Approved. ⭐GOLDEN CROSS on the 4hr⭐ MACD are🐮/🐻Support: $0.74/ $0.87 Gap up to $1.02/$1.14 after that the world may never know🔥🚀👀⚠️💎 $SESN - ⭐4th Q Bio news ANYDAY now. ⭐ Support $1.01/$1.16 Resistances $1.38/ $1.44/$1.50🔥🚀👀💎 $PRTY - Halloween is coming up. Daily MACD🐮 This is a constant pump and dump stock. Was $5-7 all last year. Support $1.85/$2.15/ $2.40 Resistance $3.80🔥 $SOLO - Quarterly/Daily MACD 🐮4hr MACD🐻 Support: $2.58/$2.90 Resistances: $3.20/$3.34⭐US Manufacturing Location PR by November⭐🔥👀💎⚠️ $GRIL - Once the volume picks up on this its gonna FLY! This company is undervalued in my eyes. Newish emerging fast "healthy" food. Great concept with little to no competition.4hr MACD🐮 Support $1.40/$1.54 Resistance $1.60/ $1.67/$1.72 ⭐New investor email for guidance I truthfully see $5-7 by next year on this.[LONG]🔥🚀👀💎 💰Honorable Mentions💰 $NOK - Big 5g provider globally. Honestly think this is being slept one and should move up by EoY to $5+.Daily/4hr MACD Daily🐮 👀💎 $NAK - Mine has been waiting for approval for 10+ years. Trump tweeting about it. MASSIVE float [BAD]. If somehow it gets approved this is gonna jet to $4-6💎⁉️ $IDEX - Some PR dropping. I suspect earnings is gonna make this run up heavily [Nov 6th] $RIOT/$MARA -⭐ ONLY if Bitcoin continues to run up.⭐ 💰Non-Pennys💰 $VVPR - ⭐$8.50 offering. Honestly $8-9 entry seems great. Should gap up to $11 when the offering closes sometime in the next week. $VRTX - Looks like a reversal is happening. Only dropped because there study was halted but not stopped forever. $JMIA - OVERBOUGHT Earnings Nov 12th⭐ Amazon of Europe and Africa! Support $10.20/$12.13 Resistance $13. Huge gap to $15/$17/$20 to fill👀🔥🚀⚠️💎 $MGM - One of my classic picks has RETURNED! Earnings. Oct 29th⭐.⭐GOLDEN CROSS on 4hr and DAILY TODAY⭐4hr MACD BREACHING 🐮VERY strong support at $18.08/$20.54. Resistance $21.71/ $21.92/ $22.25. I suspect this will be the last earning to have worry about. This should EASILY be $30-40 in the next 3-5years with the expanding to Japan + BETMGM👀🔥🚀💎 $ACI -⭐ Declared they will providing a dividend. Also won a bid for new locations. Earnings Oct 20th.⭐ I suspect a blowout. This should be a SOLID long term growth hold!👀🔥🚀 $JETS - Airline ETF. With the fed and uncle JPOW 3rd of his name pumping airlines this could zoom zoom zoom to the moon moon moon $PLUG - Alt energy is a thing of the future! Dont expect the lowest level support to he broken.4hr MACD BREACHING 🐮 Daily MACD 🐻Support $15.70/ $16.43[Load zone][LONG]🔥🚀👀⚠️💎 $MCAC - [SPAC] ⭐PLAYBOY⭐ is going public through them. Sheerly off the name.🔥💎🚀👀 $CLSK - Just like PLUG the uptrend is insane. ⭐ 4hr GOLDEN CROSS ⭐Almost NO DEBT! Support $7.98/$9.55. This should gap back to $10.91+ when the offering closes. ☠SABBY IS IN THIS STOCK☠👀🔥🚀 $PLAY - I'm bullish as a bull can be for next Q earnings! Support $13.86/ $14.55 /$15.90⭐4hr GOLDEN CROSS coming Fri⭐Daily/4hr MACD 🐮HUGE Gap up potential to $19/$20. I'd put moneyon earnings being beaten December🔥 $SPAQ - [SPAC] ⭐MERGER VOTE END OF OCT⭐4hr GOLDEN CROSS⭐I see $25 EoY. Daily MACD 🐮 Support $11.90/ $12.99 Resistances $15/ $15.55/ $16.05. Fisker is a PR machine.🔥🚀👀💎 🙏 None of this would be possible without the love and support of you guys! I appreciate each and EVERYONE of you! This group will ALWAYS remain free but if you'd like to donate for my work here ya go. [If you do PLEASE let me know in case I miss it and so I can THANK YOU! 🙏 ❤🖤💙💚🤎💛🧡💜🤍 My Links: ⭐Cashapp: $Hamstackz⭐ ⭐Venmo: $JDH3703⭐ ⭐paypal.me/PhillyDiamondhands⭐ Thanks you once again. I couldn't do this without EVERY single one of yours constant support
This is a follow-up on https://old.reddit.com/Bitcoin/comments/hqzp14/technical_the_path_to_taproot_activation/ Taproot! Everybody wants it!! But... you might ask yourself: sure, everybody else wants it, but why would I, sovereign Bitcoin HODLer, want it? Surely I can be better than everybody else because I swapped XXX fiat for Bitcoin unlike all those nocoiners? And it is important for you to know the reasons why you, o sovereign Bitcoiner, would want Taproot activated. After all, your nodes (or the nodes your wallets use, which if you are SPV, you hopefully can pester to your wallet vendoimplementor about) need to be upgraded in order for Taproot activation to actually succeed instead of becoming a hot sticky mess. First, let's consider some principles of Bitcoin.
You the HODLer should be the one who controls where your money goes. Your keys, your coins.
You the HODLer should be able to coordinate and make contracts with other people regarding your funds.
You the HODLer should be able to do the above without anyone watching over your shoulder and judging you.
I'm sure most of us here would agree that the above are very important principles of Bitcoin and that these are principles we would not be willing to remove. If anything, we would want those principles strengthened (especially the last one, financial privacy, which current Bitcoin is only sporadically strong with: you can get privacy, it just requires effort to do so). So, how does Taproot affect those principles?
Taproot and Your /Coins
Most HODLers probably HODL their coins in singlesig addresses. Sadly, switching to Taproot would do very little for you (it gives a mild discount at spend time, at the cost of a mild increase in fee at receive time (paid by whoever sends to you, so if it's a self-send from a P2PKH or bech32 address, you pay for this); mostly a wash). (technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash, so the Taproot output spends 12 bytes more; spending from a P2WPKH requires revealing a 32-byte public key later, which is not needed with Taproot, and Taproot signatures are about 9 bytes smaller than P2WPKH signatures, but the 32 bytes plus 9 bytes is divided by 4 because of the witness discount, so it saves about 11 bytes; mostly a wash, it increases blockweight by about 1 virtual byte, 4 weight for each Taproot-output-input, compared to P2WPKH-output-input). However, as your HODLings grow in value, you might start wondering if multisignature k-of-n setups might be better for the security of your savings. And it is in multisignature that Taproot starts to give benefits! Taproot switches to using Schnorr signing scheme. Schnorr makes key aggregation -- constructing a single public key from multiple public keys -- almost as trivial as adding numbers together. "Almost" because it involves some fairly advanced math instead of simple boring number adding, but hey when was the last time you added up your grocery list prices by hand huh? With current P2SH and P2WSH multisignature schemes, if you have a 2-of-3 setup, then to spend, you need to provide two different signatures from two different public keys. With Taproot, you can create, using special moon math, a single public key that represents your 2-of-3 setup. Then you just put two of your devices together, have them communicate to each other (this can be done airgapped, in theory, by sending QR codes: the software to do this is not even being built yet, but that's because Taproot hasn't activated yet!), and they will make a single signature to authorize any spend from your 2-of-3 address. That's 73 witness bytes -- 18.25 virtual bytes -- of signatures you save! And if you decide that your current setup with 1-of-1 P2PKH / P2WPKH addresses is just fine as-is: well, that's the whole point of a softfork: backwards-compatibility; you can receive from Taproot users just fine, and once your wallet is updated for Taproot-sending support, you can send to Taproot users just fine as well! (P2WPKH and P2WSH -- SegWit v0 -- addresses start with bc1q; Taproot -- SegWit v1 --- addresses start with bc1p, in case you wanted to know the difference; in bech32 q is 0, p is 1) Now how about HODLers who keep all, or some, of their coins on custodial services? Well, any custodial service worth its salt would be doing at least 2-of-3, or probably something even bigger, like 11-of-15. So your custodial service, if it switched to using Taproot internally, could save a lot more (imagine an 11-of-15 getting reduced from 11 signatures to just 1!), which --- we can only hope! --- should translate to lower fees and better customer service from your custodial service! So I think we can say, very accurately, that the Bitcoin principle --- that YOU are in control of your money --- can only be helped by Taproot (if you are doing multisignature), and, because P2PKH and P2WPKH remain validly-usable addresses in a Taproot future, will not be harmed by Taproot. Its benefit to this principle might be small (it mostly only benefits multisignature users) but since it has no drawbacks with this (i.e. singlesig users can continue to use P2WPKH and P2PKH still) this is still a nice, tidy win! (even singlesig users get a minor benefit, in that multisig users will now reduce their blockchain space footprint, so that fees can be kept low for everybody; so for example even if you have your single set of private keys engraved on titanium plates sealed in an airtight box stored in a safe buried in a desert protected by angry nomads riding giant sandworms because you're the frickin' Kwisatz Haderach, you still gain some benefit from Taproot) And here's the important part: if P2PKH/P2WPKH is working perfectly fine with you and you decide to never use Taproot yourself, Taproot will not affect you detrimentally. First do no harm!
Taproot and Your Contracts
No one is an island, no one lives alone. Give and you shall receive. You know: by trading with other people, you can gain expertise in some obscure little necessity of the world (and greatly increase your productivity in that little field), and then trade the products of your expertise for necessities other people have created, all of you thereby gaining gains from trade. So, contracts, which are basically enforceable agreements that facilitate trading with people who you do not personally know and therefore might not trust. Let's start with a simple example. You want to buy some gewgaws from somebody. But you don't know them personally. The seller wants the money, you want their gewgaws, but because of the lack of trust (you don't know them!! what if they're scammers??) neither of you can benefit from gains from trade. However, suppose both of you know of some entity that both of you trust. That entity can act as a trusted escrow. The entity provides you security: this enables the trade, allowing both of you to get gains from trade. In Bitcoin-land, this can be implemented as a 2-of-3 multisignature. The three signatories in the multisgnature would be you, the gewgaw seller, and the escrow. You put the payment for the gewgaws into this 2-of-3 multisignature address. Now, suppose it turns out neither of you are scammers (whaaaat!). You receive the gewgaws just fine and you're willing to pay up for them. Then you and the gewgaw seller just sign a transaction --- you and the gewgaw seller are 2, sufficient to trigger the 2-of-3 --- that spends from the 2-of-3 address to a singlesig the gewgaw seller wants (or whatever address the gewgaw seller wants). But suppose some problem arises. The seller gave you gawgews instead of gewgaws. Or you decided to keep the gewgaws but not sign the transaction to release the funds to the seller. In either case, the escrow is notified, and if it can sign with you to refund the funds back to you (if the seller was a scammer) or it can sign with the seller to forward the funds to the seller (if you were a scammer). Taproot helps with this: like mentioned above, it allows multisignature setups to produce only one signature, reducing blockchain space usage, and thus making contracts --- which require multiple people, by definition, you don't make contracts with yourself --- is made cheaper (which we hope enables more of these setups to happen for more gains from trade for everyone, also, moon and lambos). (technology-wise, it's easier to make an n-of-n than a k-of-n, making a k-of-n would require a complex setup involving a long ritual with many communication rounds between the n participants, but an n-of-n can be done trivially with some moon math. You can, however, make what is effectively a 2-of-3 by using a three-branch SCRIPT: either 2-of-2 of you and seller, OR 2-of-2 of you and escrow, OR 2-of-2 of escrow and seller. Fortunately, Taproot adds a facility to embed a SCRIPT inside a public key, so you can have a 2-of-2 Taprooted address (between you and seller) with a SCRIPT branch that can instead be spent with 2-of-2 (you + escrow) OR 2-of-2 (seller + escrow), which implements the three-branched SCRIPT above. If neither of you are scammers (hopefully the common case) then you both sign using your keys and never have to contact the escrow, since you are just using the escrow public key without coordinating with them (because n-of-n is trivial but k-of-n requires setup with communication rounds), so in the "best case" where both of you are honest traders, you also get a privacy boost, in that the escrow never learns you have been trading on gewgaws, I mean ewww, gawgews are much better than gewgaws and therefore I now judge you for being a gewgaw enthusiast, you filthy gewgawer).
Taproot and Your Contracts, Part 2: Cryptographic Boogaloo
Now suppose you want to buy some data instead of things. For example, maybe you have some closed-source software in trial mode installed, and want to pay the developer for the full version. You want to pay for an activation code. This can be done, today, by using an HTLC. The developer tells you the hash of the activation code. You pay to an HTLC, paying out to the developer if it reveals the preimage (the activation code), or refunding the money back to you after a pre-agreed timeout. If the developer claims the funds, it has to reveal the preimage, which is the activation code, and you can now activate your software. If the developer does not claim the funds by the timeout, you get refunded. And you can do that, with HTLCs, today. Of course, HTLCs do have problems:
Privacy. Everyone scraping the Bitcoin blockchain can see any HTLCs, and preimages used to claim them.
This can be mitigated by using offchain techniques so HTLCs are never published onchain in the happy case. Lightning would probably in practice be the easiest way to do this offchain. Of course, there are practical limits to what you can pay on Lightning. If you are buying something expensive, then Lightning might not be practical. For example, the "software" you are activating is really the firmware of a car, and what you are buying is not the software really but the car itself (with the activation of the car firmware being equivalent to getting the car keys).
Even offchain techniques need an onchain escape hatch in case of unresponsiveness! This means that, if something bad happens during payment, the HTLC might end up being published onchain anyway, revealing the fact that some special contract occurred.
And an HTLC that is claimed with a preimage onchain will also publicly reveal the preimage onchain. If that preimage is really the activation key of a software than it can now be pirated. If that preimage is really the activation key for your newly-bought cryptographic car --- well, not your keys, not your car!
Trust requirement. You are trusting the developer that it gives you the hash of an actual valid activation key, without any way to validate that the activation key hidden by the hash is actually valid.
Fortunately, with Schnorr (which is enabled by Taproot), we can now use the Scriptless Script constuction by Andrew Poelstra. This Scriptless Script allows a new construction, the PTLC or Pointlocked Timelocked Contract. Instead of hashes and preimages, just replace "hash" with "point" and "preimage" with "scalar". Or as you might know them: "point" is really "public key" and "scalar" is really a "private key". What a PTLC does is that, given a particular public key, the pointlocked branch can be spent only if the spender reveals the private key of the given public key to you. Another nice thing with PTLCs is that they are deniable. What appears onchain is just a single 2-of-2 signature between you and the developemanufacturer. It's like a magic trick. This signature has no special watermarks, it's a perfectly normal signature (the pledge). However, from this signature, plus some datta given to you by the developemanufacturer (known as the adaptor signature) you can derive the private key of a particular public key you both agree on (the turn). Anyone scraping the blockchain will just see signatures that look just like every other signature, and as long as nobody manages to hack you and get a copy of the adaptor signature or the private key, they cannot get the private key behind the public key (point) that the pointlocked branch needs (the prestige). (Just to be clear, the public key you are getting the private key from, is distinct from the public key that the developemanufacturer will use for its funds. The activation key is different from the developer's onchain Bitcoin key, and it is the activation key whose private key you will be learning, not the developer's/manufacturer's onchain Bitcoin key). So:
Privacy: PTLCs are private even if done onchain. Nobody else can learn what the private key behind the public key is, except you who knows the adaptor signature that when combined with the complete onchain signature lets you know what the private key of the activation key is. Somebody scraping the blockchain will not learn the same information even if all PTLCs are done onchain!
Lightning is still useful for reducing onchain use, and will also get PTLCs soon after Taproot is activated, but even if something bad happens and a PTLC has to go onchain, it doesn't reveal anything!
Trust issues can be proven more easily with a public-private keypair than with a hash-preimage pair.
For example, the developer of the software you are buying could provide a signature signing a message saying "unlock access to the full version for 1 day". You can check if feeding this message and signature to the program will indeed unlock full-version access for 1 day. Then you can check if the signature is valid for the purported pubkey whose private key you will pay for. If so, you can now believe that getting the private key (by paying for it in a PTLC) would let you generate any number of "unlock access to the full version for 1 day" message+signatures, which is equivalent to getting full access to the software indefinitely.
For the car, the manufacturer can show that signing a message "start the engine" and feeding the signature to the car's fimrware will indeed start the engine, and maybe even let you have a small test drive. You can then check if the signature is valid for the purported pubkey whose privkey you will pay for. If so, you can now believe that gaining knowledge of the privkey will let you start the car engine at any time you want.
(pedantry: the signatures need to be unique else they could be replayed, this can be done with a challenge-response sequence for the car, where the car gathers entropy somehow (it's a car, it probably has a bunch of sensors nowadays so it can get entropy for free) and uses the gathered entropy to challenge you to sign a random number and only start if you are able to sign the random number; for the software, it could record previous signatures somewhere in the developer's cloud server and refuse to run if you try to replay a previously-seen signature.)
Taproot lets PTLCs exist onchain because they enable Schnorr, which is a requirement of PTLCs / Scriptless Script. (technology-wise, take note that Scriptless Script works only for the "pointlocked" branch of the contract; you need normal Script, or a pre-signed nLockTimed transaction, for the "timelocked" branch. Since Taproot can embed a script, you can have the Taproot pubkey be a 2-of-2 to implement the Scriptless Script "pointlocked" branch, then have a hidden script that lets you recover the funds with an OP_CHECKLOCKTIMEVERIFY after the timeout if the seller does not claim the funds.)
Now if you were really paying attention, you might have noticed this parenthetical:
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash...)
So wait, Taproot uses raw 32-byte public keys, and not public key hashes? Isn't that more quantum-vulnerable?? Well, in theory yes. In practice, they probably are not. It's not that hashes can be broken by quantum computes --- they're still not. Instead, you have to look at how you spend from a P2WPKH/P2PKH pay-to-public-key-hash. When you spend from a P2PKH / P2WPKH, you have to reveal the public key. Then Bitcoin hashes it and checks if this matches with the public-key-hash, and only then actually validates the signature for that public key. So an unconfirmed transaction, floating in the mempools of nodes globally, will show, in plain sight for everyone to see, your public key. (public keys should be public, that's why they're called public keys, LOL) And if quantum computers are fast enough to be of concern, then they are probably fast enough that, in the several minutes to several hours from broadcast to confirmation, they have already cracked the public key that is openly broadcast with your transaction. The owner of the quantum computer can now replace your unconfirmed transaction with one that pays the funds to itself. Even if you did not opt-in RBF, miners are still incentivized to support RBF on RBF-disabled transactions. So the extra hash is not as significant a protection against quantum computers as you might think. Instead, the extra hash-and-compare needed is just extra validation effort. Further, if you have ever, in the past, spent from the address, then there exists already a transaction indelibly stored on the blockchain, openly displaying the public key from which quantum computers can derive the private key. So those are still vulnerable to quantum computers. For the most part, the cryptographers behind Taproot (and Bitcoin Core) are of the opinion that quantum computers capable of cracking Bitcoin pubkeys are unlikely to appear within a decade or two.
Current quantum computers can barely crack prime factorization problem for primes of 5 bits.
The 256-bit elliptic curve use by Bitcoin is, by my (possibly wrong) understanding, equivalent to 4096-bit primes, so you can see a pretty big gap between now (5 bit primes) and what is needed (4096 bit primes).
A lot of financial non-Bitcoin systems use the equivalent of 3072-bit primes or less, and are probably easier targets to crack than the equivalent-to-4096-bit-primes Bitcoin.
Quantum computers capable of cracking Bitcoin are still far off.
Pay-to-public-key-hash is not as protective as you might think.
We will probably see banks get cracked before Bitcoin, so the banking system is a useful canary-in-a-coal-mine to see whether we should panic about being quantum vulnerable.
For now, the homomorphic and linear properties of elliptic curve cryptography provide a lot of benefits --- particularly the linearity property is what enables Scriptless Script and simple multisignature (i.e. multisignatures that are just 1 signature onchain). So it might be a good idea to take advantage of them now while we are still fairly safe against quantum computers. It seems likely that quantum-safe signature schemes are nonlinear (thus losing these advantages).
If you are a singlesig HODL-only Bitcoin user, Taproot will not affect you positively or negatively. Importantly: Taproot does no harm!
If you use or intend to use multisig, Taproot will be a positive for you.
If you transact onchain regularly using typical P2PKH/P2WPKH addresses, you get a minor reduction in feerates since multisig users will likely switch to Taproot to get smaller tx sizes, freeing up blockspace for yours.
If you are using multiparticipant setups for special systems of trade, Taproot will be a positive for you.
Remember: Lightning channels are multipartiicpiant setups for special systems of lightning-fast offchain trades!
I Wanna Be The Taprooter!
So, do you want to help activate Taproot? Here's what you, mister sovereign Bitcoin HODLer, can do!
If you have developer experience especially in C, C++, or related languages
Review the Taproot code! There is one pull request in Bitcoin Core, and one in libsecp256k1. I deliberately am not putting links here, to avoid brigades of nontechnical but enthusiastic people leaving pointless reviews, but if you are qualified you know how to find them!
But I am not a cryptographeBitcoin Core contributomathematician/someone as awesome as Pieter Wuille
That's perfectly fine! The cryptographers have been over the code already and agree the math is right and the implementation is right. What is wanted is the dreary dreary dreary software engineering: are the comments comprehensive and understandable? no misspellings in the comments? variable names understandable? reasonable function naming convention? misleading coding style? off-by-one errors in loops? conditions not covered by tests? accidental mixups of variables with the same types? missing frees? read-before-init? better test coverage of suspicious-looking code? missing or mismatching header guards? portability issues? consistent coding style? you know, stuff any coder with a few years of experience in coding anything might be able to catch. With enough eyes all bugs are shallow!
If you are running a mining pool/mining operation/exchange/custodial service/SPV server
Be prepared to upgrade!
One of the typical issues with upgrading software is that subtle incompatibilities with your current custom programs tend to arise, disrupting operations and potentially losing income due to downtime. If so, consider moving to the two-node setup suggested by gmax, which is in the last section of my previous post. With this, you have an up-to-date "public" node and a fixed-version "private" node, with the public node protecting the private node from any invalid chainsplits or invalid transactions. Moving to this setup from a typical one-node setup should be smooth and should not disrupt operations (too much).
If you are running your own fullnode for fun or for your own wallet
Be prepared to upgrade! The more nodes validating the new rules (even if you are a non-mining node!), the safer every softfork will be!
If you are using an SPV wallet or custodial wallet/service (including hardware wallets using the software of the wallet provider)
Contact your wallet provider / SPV server and ask for a statement on whether they support Taproot, and whether they are prepared to upgrade for Taproot! Make it known to them that Taproot is something you want!
But I Hate Taproot!!
Raise your objections to Taproot now, or forever hold your peace! Maybe you can raise them here and some of the devs (probably nullc, he goes everywhere, even in rbtc!) might be able to see your objections! Or if your objections are very technical, head over to the appropriate pull request and object away!
Maybe you simply misunderstand something, and we can clarify it here!
Or maybe you do have a good objection, and we can make Taproot better by finding a solution for it!
10/11 Weekly Watchlist. [Again, I post one DAILY on the FREE telegram] List is a bit long but I'm watching a bit
10/11 WEEKLY WATCHLIST [P.S. Only enter positions you feel the most comfortable with. Your money is your soldier only send him into the battle you think you'll win. Some of these I have taken positions. Some I am looking to take positions. I've posted how many shares I own of what multiple times ] PLEASE HEDGE your long holds. For essentially pennies you can come out on a bloody day fine! 🔑KEY🔑 [💎-Long time gold][⁉️-Could go both ways][🚀-I think this is gonna shoot up][🔥-This imo is gonna be a fire stock to make money off of just dont get dumped on][⚠️-Already ran a bit be careful][👀-Watching this one closely][⭐- Huge Catalyst or info] PRIMARY FOCUSES: $SQ $MARA⭐ $RIOT⭐ $SOLO⭐ $DBX⭐ $ADMP $SESN $UEC 🚀💸PENNYS💸🚀 🍊The Big Orange man who lives in the house that's white is pumping money into black business and so is JPM. Tickers to watch for this. $UONE $UONEK $CARV $BYFC🍊 $UEC - $WWR pumped because of uranium. Well this is a..... URANIUM MINE. Big brain! Daily MACD 🐮👀🔥🚀 $DPW - Shorts ate this like it was their last meal. This should have another big run with hoe the sectors are pumping. Support $2/$2.23 Resistance $2.37👀🔥🚀 $ADMP - ⭐FDA Nov 15th.FDA Likey Approved.⭐GOLDEN CROSS coming on the 4hr⭐ 4hr RSI OVERBOUGHT 4hDaily MACD 🐮 Support: $0.51 /$0.59/ $0.60 /$0.74 Gap up to $1.14 after that the world may never know🔥🚀👀⚠️💎 $SESN - ⭐4th Q Bio news ANYDAY now. ⭐Daily MACD 🐻 Support $1.01/$1.25 Resistances $1.38/ $1.44/$1.50🔥🚀👀💎 $PRTY - Halloween is coming up. Daily MACD looking to setup. This is a constant pump and dump stock. Was $5-7 all last year. Daily GRAVESTONE DOJI⚰ Support $1.85/$2.15/ $2.40 Resistance $3.80🔥 $KOS - ⭐Reorganized there debt⭐ 4hr HAMMER DOJI 🔨 Daily/4hr MACD🐮 I honestly can see $1.75-$2 shortly. $1 is a HEAVY support. 👀🔥🚀 $SOLO - Quarterly/Daily/ 4hr MACD 🐮GODLY Support: $2.36-$2.45. Resistances: $2.65/$2.74/$2.87/ $2.95/$3/ $3.14. ⭐US Manufacturing Location PR by EoY.⭐🔥👀💎 $GRIL - This company is undervalued in my eyes. Newish emerging fast "healthy" food. Great concept with little to no competition. Daily RSI still slight oversold. Daily MACD 🐮 ⭐Float is legit NANO sized. I truthfully see $5-7 by next year on this.[LONG]🔥🚀👀💎 💰Honorable Mentions💰 $NOK - Big 5g provider globally. Honestly think this is being slept one and should move up by EoY to $5+.Daily/4hr MACD Daily🐮 👀💎 $NAK - Mine has been waiting for approval for 10+ years. Trump tweeting about it. MASSIVE float [BAD]. If somehow it gets approved this is gonna jet to $4-6💎⁉️ $IDEX - Some PR dropping. I suspect earnings is gonna make this run up heavily [Nov 6th] $RIOT/$MARA -⭐ ONLY if Bitcoin continues to run up.⭐ 💰Non-Pennys💰 ⭐SPAC companies are blank check companies looking to merge. If the merge FAILS you are reimbursed $10.⭐ $JETS - Airline ETF. With the fed and uncle JPOW 3rd of his name pumping airlines this could zoom zoom zoom to the moon moon moon $SPWR - Solar power is BOOMING. This has been uptrending for awhile. Support $13.28/$15.43 Resistances are unknown. Daily RSI OVERBOUGHT. 👀🔥🚀🚀⚠️⚠️ $PLUG - WAY 2 HIGH! OVERBOUGHT TO THE EXTREME! Alt energy is a thing of the future! Dont expect the lowest level support to he broken. Support $15.70/$17 [LONG]⚠️⚠️🔥🚀👀💎 $ASO - New IPO. They sell camping goods such as GUNS & AMMO. $CWH is +250% since COVID drop while selling similar goods. New so impossible to map out levels. 🔥🚀👀💎 $KIRK - Cup and Handle! Support $7.41/ $8.77/$10.16⁉️ Resistances $11.87. 4hDaily MACD🐮 ⭐4hr GOLDEN CROSS 9/18⭐Suspect earnings get SMASHED [LONG]👀🔥🚀⚠️ $MCAC - [SPAC] ⭐PLAYBOY⭐ is going public through them. Sheerly off the name.🔥💎🚀👀 $CRSR - ⭐Slept on IPO that just came out. Makes competitive gaming equipment. Super sponsors in ESPORTS which are growing vastely. IMO another great long. ⭐I see a bullflag formed on multiple time frames.[LONG]⚠️🔥👀💎 $CLSK - Just like PLUG the uptrend is insane. ⭐ $9 Offering⭐ 4hr MACD 🐮Almost NO DEBT! Support is around $10. This should gap back to $13+ when the offering closes. ☠SABBY IS IN THIS STOCK☠👀🔥🚀⚠️ $PLAY - I'm bullish as a bull can be for next Q earnings! Support $13.86/ $15.05 ⭐4hr GOLDEN CROSS coming early next week ⭐Daily MACD BREACHING 🐮 4hr MACD 🐮/🐻HUGE Gap up potential to $19/$20. I'd put moneyon earnings being beaten December🔥 $SPAQ - [SPAC] ⭐MERGER VOTE END OF OCT⭐4hr GOLDEN CROSS⭐I see $25 EoY. 4h Daily MACD turning 🐮 Support $11.90/ $12.99 Resistances $15/ $15.55/ $16.05. Fisker is a PR machine.🔥🚀👀💎 $JMIA - Cup and Handle! Huge E-commerce in Europe/Africa. 4hr OVERBOUGHT 4hDaily/Wkly MACD 🐮⭐1+2hr GOLDEN CROSS⭐ Support $9.79/ $10.16 Resistance $10.60-$10.70 [LONG]⚠️🔥🚀💎 $DBX - 5years of constant revenue growth. Huge inverse H&S. Wedge broke out bullish. Daily/4hWkly MACD🐮 Support $18.74/$19.10/ $19.58. Resistance $20.77/$21.29 /$22.76 Gap up to $23.48👀🔥🚀💎 $LCA - [SPAC] Merging with Golden Nugget[gambling]. Should easily hit $20-$25 in the next 4-6weeks. 💎 $SQ - ⭐1% of their ENTIRE company is now in BTC [50m]⭐ this means if BTC goes up it directly benefits them. Not to mention $SQ is just a great long. [LONG]💎👀🔥🚀 $LMND - ⭐90% of their customers are Millennials opening insurance their first time. [This shows HUGE potential long term growth!] [LONG]💎 $NEE - ⭐4:1 Split could run.Think AAPL & TSLA. [LONG]⚠️💎👀 $JWN - 4hr GRAVESTONE DOJI⚰ Daily MACD🐮4hr MACD🐻 Godly Support $11.70/$12.90 Resistance $14.22 [LONG]⚠️💎 🤑Notable Earnings🤑 OCTOBER $DAL - 13th PM📈[Inverse Condors] $JNJ - 13th PM⁉️ $JPM 13th PM⁉️ $UAL - 13th PM/AH?📈[Calls] $BAC 14th PM📈[Calls]⭐ $WFC - 14th PM⁉️ $PYPL Estimated 18th ⁉️ $TUP Estimated 20th📈[Calls] $LOGI Estimated 20th📉[Puts] $LRN - 20th PM/AH?📈[Calls]⭐ $TXN - 20th PM/AH?📈[Calls] $SNAP - 20th PM📉[Puts or Strangle] $HOG - 20th PM⁉️ $NEE - 20th PM 📉[Puts] $LMT - 20th PM📉[Puts] $RTX - 20th PM📈[Calls] $SKX - 20th AH 📉[Puts or Strangle] $NFLX - 20th AH📈[Calls]⭐ $SIX - 20th PM/AH?📈[Calls or Strangles] $BA - 21st PM📈[Calls]⭐ $SAVE - 21st PM/AH?📈[Calls] $ORLY - 21st PM/AH?📈[Calls] $MSFT - 21st AH📈[Calls] $EBAY - 21st AH📉[Puts or Strangles] $CMG 21st AH📈[Calls or Strangles] $KO Estimated 21st📈[Calls]⭐ $AAL - 22nd PM📈[Calls or Strangles]⭐ $T - 22nd PM📈[Calls] $INTC 22nd AH📈[Calls]⭐ 🔥🚀🌾Gold/Silver🌾🚀🔥 $AGC - 2x silver. Aka silver -1% AGC -2%. This is a day or swing trade. Depreciates $SLV - Long term silver hold $JNUG - 2x Gold. Same as AGC but for gold $NUGT/$GLD - Long term gold holds 🔮BET AGAINST THE MARKET🔮 $SPXS - 3X Inverse of SPY [The overall market] Spy +1% SPXS -3%. Spy -3% SPXS +9% [top 500 companies]🐻🐻 $SQQQ - Same as SPXS except top 100 companies🐻🐻 $VXX - Fear index/Volatility Index. This goes up with market feaunsurity. USUALLY inverses $SPY ⚖UPCOMING FDA INFO⚖ $BHC - FDA NEWS ANYDAY $LPCN - FDA NEWS ANYDAY $FBIO - FDA Oct 10th [same drug as TRVN]⭐ $ATXI - Oct 10th [same drug as TRVN]⭐ $SPPI - Oct 24th $KALA - Oct 30th $MRK - Oct 30th $SUPN - Nov 8th ⭐ $ADMP - Nov 15th⭐ $ALKS - Nov 15th $MYL - Nov 16th $EIGR - Nov 20th $LQDA - Nov 24th 🙏 I never intended to make any money from this group. All I truthfully wanted was a community I LOVED! If you choose to donate after a big win or to support my work; it is GREATLY appreciated. [Like too much to put into words lol] If you do donate please PM me; to let me know incase I miss it!🙏 ❤🖤💙💚🤎💛🧡💜🤍 My Links: ⭐Cashapp: $Hamstackz⭐ ⭐Venmo: $JDH3703⭐ ⭐paypal.me/PhillyDiamondhands⭐ Thanks you once again. I couldn't do this without all the support and kindness from this community!
Miners signaling BCHN or any non-ABC implementation risk DDOS. This is most likely why they've signed a document but are not signaling. Keeping blocks silent is a smart move.
The signatures and the absolute fact that they wouldn't pay 8% of their revenue for inferior ABC software is a clear signal that Bitcoin Cash is a working-group style meritocracy, not a dictatorship. This is such a massive win for Bitcoin Cash and decentralized peer-to-peer electronic cash. Keeping BCH decentralized is an absolute requirement for this to work at scale. Thank you BCHN, BU and all of the other incredible implementations for your continued hard work and perseverance despite constant attacks to harm this project. Also, without freedom of expression here in btc Bitcoin Cash would already be dead. Thanks u/memorydealers for allowing this place to remain free of censorship. btc is the only major forum that allows open discussion of ideas, good or bad. This keeps trolls in check and allows the best ideas to float to the top. Bitcoin Cash is the ONLY decentralized peer-to-peer electronic cash system on the planet. All other centralized coins miss the reason for having cryptocurrencies in the first place. Lots of hope from this user since 2012.
Unpopular opinion - the economy has to become dynamic in order for it to have any longevity (and other musings on the progression)
Ain't no one gonna read this but here it goes! The issue of progression has recently been gaining some traction in the community with Klean and DeadlySlob covering this topic recently. Now any solution to this has an inherent issue associated with it - it'll be uncomfortable to someone. Whatever is done, it'll negatively affect someone, just by the fact of change alone. You cannot make something better by not changing anything. So anything you do or don't do, you will alienate a portion of your playerbase. Early/Mid-game vs Late game. Early and mid game is lauded, late game is considered boring. But why? For startes, firefights last longer, require more skill, movement, tactics and outsmarting your opponent. You value your life, you feel respect even for the shittiest of bullets. You have a feeling that the kill is earned. Guns have tons of recoil so you need to pick your shots. It's... I know it's illegal... but it's fun. Late game however is plagued with a number of issues. Gear gets dominated by very similar loadouts that cover approx 10% of the gear in the game. There's nowhere to progress as you've reached the ceiling. The excitement from killing a kitted player diminishes as time goes as the economy saturates. People start being picky with their loot and only the good stuff brings any sort of satisfaction. The hideout provides a steady, predictable stream of income. You let it run long enough it becomes a mindless PVP battleground. Side note - the black and white fallacy of the makeup of the community. Casuals vs hardcores. Rats vs Chads. Whenever a discussion pops up this dichotomy is always present. "Feature X hurts casuals but doesn't bother hardcore gamers playing 8h a day". No. Like anything in life the population of EFT is subject to the bellcurve distribution. There are hardcore sweaties grinding out the kappa within a week and there are also sunday gamers. Then there's everything else in between. Let's keep that in mind. You don't need to be a streamer or play the game as a full time job to make money. We have a discord for 30+ yr old gamers with families and all of us were swimming in roubles and gear after 3 months of the past wipe. Sure it takes us longer than streamers, but still. The meta Taking weapons as an example. Different items have different stats (recoil, ergonomics, etc), some are obviously better than others which obviously makes them more sought after. There are also different ammo types for every caliber. Then lastly we come to the guns which directly tie into the first point, by their base stats and how much those can be brought down/up by attachments. If you have a plethora of items that have different stats, there's sure to be an optimal loadout. If that optimal loadout is always available at an attainable price to the point where you can run it consistently, then there's really no reason to run anything less. This is the meta and at the moment it's basically a synonym for best in slot. Appealing to a greater good such as gameplay variety is in vain because people will do everything to put themselves in the best possible position. If that means running whatever flavor of meta weapon that is - VAL, M4, FAL alongside top tier lvl 5 or 6 armor over and over and over and over again, so be it. We all know that's not the only way to get by in EFT, but all else being equal - top gear puts you on equal footing at minimum. Trash contextualizes treasure. A rare item is not rare if everyone is running it. It's a normal item. Gear minmaxing combined with a ceiling in progression create a situation where the game becomes stale, people get bored and we get chants for a wipe to releave the pressure. Wipes Wipes however, even at set intervals, are not the solution. Every wipe, in the absence of something fundamentally new, gives you (rapidly) diminishing returns. Doing the same quests over and over is an absolute drag. It's my 7th wipe and this time around I've really hit a brick wall with them. Now imagine doing them every 3 months. Maybe just do an inventory and trader level wipe? Yeah, that's just skipping one part of it and arriving at the same point but even quicker, considering how quickly you can make money. The endpoint being - having enough money to run anything you want all the time without the fear of getting broke. Or in the abstract, having a big enough cushion to make any blow from a bad streak become inconsequential. All of that is just a perpetuation of the same sawtooth progression. Grind, saturate, wipe, grind, saturate, wipe. Side note - persistent character vs wiped character I know there have been talks about having two characters - one persistent that's not wiped and one seasonal that is. On paper this might look like a good solution, but there are some problems. POE players would have to chip in, but I reckong, that in a way this might become a form of matchmaking - the persistent character would be a mode for "sunday" players, while the wiped one for the sweats. I mean, maybe that's the way to go, but if the game is to gave any longevity, the persistent character will eventually face the same issues as the current game, it'll just take longer to develop. Unpopular opinion - The economy is just a set of time and effort gated unlocks. There have been multiple ideas to prolong a wipe, but in my view the fundamental issue with those is that they're based off the same linear progression - start from scratch and acumulate wealth until saturation. Some of these ideas include restricting labs till level X, locking behind a quest or just disabling it for a month. The problem with these is that it's just delaying the inevitable, while also giving a direct buff to those who get there first as they'll have the place virtually to themselves. What follows is also the concept of "starting mid wipe", which essentially means that the gear disparity is so big that the further into a wipe, the more difficult it is to catch up. That effort is directly correlated with experience - the more experience you have the easier it is for you to reset or jump in midwipe. Extending a wipe potentially alleviates that by giving people more opportunity to catch up, but also pushes away from coming back/into the game if they recognize that it had passed their personal breakpoint where it's too hard / frustrating. Perpetual mid-game So out of all of that, a clearer picture emerges. We have to somehow find a solution to always have something to work for, but also not give the impression that you're up against an impenetrable wall. That means that the game needs to pivot around something colloquially known as mid game. How would we define mid-game? That's another debate, but for the sake of the argument we could define that as something in the range of:
Armor: Kirasa/6B23-1 to 6B3TM-01M or Uley chest rigs,
Ammo: 5.45 BP to BT, M855 to M856A1, 7.62 PS to TS-45, etc.
That would be the sort of mean loadout you can run on a consistent basis and you'd see the majority of the time. From the sentiment across the community, this seems to be the most enjoyable state of the game, where the sweetspot is in terms of protection and vulnerability, but allowing a lot of headroom for both variety and Solutions Now we must have to remember that there's a number of changes inbound that will alleviate some of the issues:
Armor will get more realistic hitboxes to match the actual armor plates which should flatten the armor progression curve quite a bit and make more ammo more viable.
Suppressors will get durability
Barrell overheating mechanics should alleviate some of the issues with magdumps.
But those are sill far on the horizon. The uncomfortable reality is that in order to truly balance that you have only a few choices. One is to go down the route of typical FPS tropes where every weapon type is perfectly balanced (i.e. shotguns powerfull but limited range, smg's low recoil, high ROF but weaker, dmrs powerful but high recoil and low ROF, etc). I don't think this will be ever a thing in the game. Another one is to make attachments roughly equal and just attribute the differences to the tacticool visual factor. This would be realistic in a way, but would take away from the game. The last one is to price them out. Literally. I'm of the unpopular opinion that endgame should not be a stage, it should be a state. Dynamic pricing I know I know, last time it failed spectacularly. However, that was a different flea market and the implementation was poorly thought out. Since it didn't have a pivot point to relate to it caused widespread inflation of even the most basic items and was prone to manipulation. However the concept in principal has proven itself to work - M995 was essentially priced out of existence and forced people to look for alternatives like M855A1 or M856A1 or different calibers alltogether. Even the sweaties of sweats got a bit excited when they killed someone with 3 60rounders filled with M995. See where I'm going with this? The execution was poor and poorly thought out. But how about a different implementation? Adjust the prices based on how much an item is (or is not) bought compared to other items of the same item type. Most popular items' price (of a specific category) increases, while the least popular one decreases. This could also be coupled with (or as an alternative) an additional rarity factor which would sort of specify how volatile the price is. Continuing the ammo example M995 would have the highest rarity factor and would be very prone to price increases, while the likes of M855 would be considered common and have a much more stable price. Obviously this would be subject to long term trends and would not happen overnight. But the main aim is to dynamically scale the economy to the general wealth of the playerbase around a certain pivot point which we established before as the mid-game. This would be a quite significant blow to the uberchads as they would unironically struggle to maintain a profit from their runs. And yes, some of them would still probably be able to pull this off, but remember what we said about the bell curve? It's just about making them so insignificant in the global player pool that they'd be a very rare occurance. Global item pools This idea has been floated around by Nikita some time ago but we have no ETA on this. In short - for some items, there is only a set amount that is present in circulation. For example there are only X amount of ReapIR's in the entire economy - spawns, traders, player stashes. If everyone hoards them in their stashes - thats where they'll remain. They don't spawn on maps, they're not sold on traders. Only until they're lost they get reinjected into the item pool. This idea should be reserved only for the absolute top tier OP items. Something that you'd get all giddy if found/looted and you'd contemplate taking it out. Side note, the X amount should scale to the active playerbase, which could be something like a weekly or biweekly moving average of people actively playing the game in a set period. Insurance This one is a bit controversial but also attributes to some of the in game inflation and gear recirculation. If you run a large squad, even if one of you dies, there's a high chance someone will survive and secure others' gear. And even if all of you die, something's bound to come back. This might be a bit controversial, but I think group size should have a debuff to the chance of getting your gear back the higher the bigger your squad size, for example an incremental 10% chance for each additional squadmate. Hideout adjustments Right now fuel consumption is static no matter how much stuff is going on. What if the fuel consumption rate was tied to the size of your bitcoin farm and the amount of crafting going on. Additionally hideout appliances could wear out and require maintenance, which would grant them performance debuffs like increased crafting time. Dynamic stocks. Right now stocks are predictable. You have the same amount of items at a set interval. Things like traders missing some items or not getting a restock due to broken supply lines, which can be cheekily tied into... Dynamic global events/quests Such as as getting rid of scavs on a particular location to remove the roadblock. These might be done per player or as a global event where everyone has to chip in. Summary The subject is difficult and solutions are not simple, but what I do know is that eventually Tarkov will have settle into an identity which will come with a sacrifice either at the expense of vision or mainstream popularity. Thank you for coming to my TEDTalk. I'd like to give a heartfelt thank you to the 5 people that read this wall of text.
10/14 Daily Watchlist. Once again posted on the FREE TELEGRAM
10/14 DAILY WATCHLIST [P.S. Only enter positions you feel the most comfortable with. Your money is your soldier only send him into the battle you think you'll win. Some of these I have taken positions. Some I am looking to take positions. I've posted how many shares I own of what multiple times ] PLEASE HEDGE your long holds. For essentially pennies you can come out on a bloody day fine! 🔑KEY🔑 [💎-Long time gold][⁉️-Could go both ways][🚀-I think this is gonna shoot up][🔥-This imo is gonna be a fire stock to make money off of just dont get dumped on][⚠️-Already ran a bit be careful][👀-Watching this one closely][⭐- Huge Catalyst or info] PRIMARY FOCUSES: $SOLO⭐ $LQDA $ADMP $SESN $UEC $ATXI $MGM⭐ $CLSK $PLUG $PLAY 🚀💸PENNYS💸🚀 $LQDA - Mass puts were bought than a huge stop loss raid on NO NEWS. SUPER OVERSOLD. Looking to swing this as a potential gap up comes $ATXI - Huge over reaction sell off to FDA update about their drug. The trials were GOOD! The FDA just expects some stuff. This is catching a falling knife but I believe support was found at $4.50-$4.56. $3.80 looking like Support Resistance $4.75 than a MASSIVE gap up to fill👀🔥🚀 $UEC - Uranium mine. Its only a matter of time until Algo's pick up on this and it runs heavily. 9Daily/4hr MACD 🐮👀🔥🚀 $ADMP - Cup & Handle 🐮 ⭐FDA Nov 15th.FDA Likey Approved.⭐GOLDEN CROSS on the 4hr⭐ Daily MACD 🐮 4Hr MACD 🐻Support: $0.74/ $0.87/$0.93 Gap up to $1.02/$1.14 after that the world may never know🔥🚀👀⚠️💎 $SESN - ⭐4th Q Bio news ANYDAY now. ⭐ Support $1.01/$1.25 Resistances $1.38/ $1.44/$1.50🔥🚀👀💎 $PRTY - Halloween is coming up. Daily MACD BREACHING🐮 4hr MACD🐻 This is a constant pump and dump stock. Was $5-7 all last year. Support $1.85/$2.15/ $2.40 Resistance $3.80🔥 $KOS - ⭐Reorganized there debt⭐ I honestly can see $1.75-$2 shortly. $1 is a HEAVY support. 👀🔥🚀 $SOLO - Decending Triangle broke out 🐮Quarterly/Daily/ 4hr MACD 🐮GODLY Support: $2.36-$2.45/$2.58. Resistances: $2.87/ $2.95/$3/ $3.14. ⭐US Manufacturing Location PR by EoY.⭐🔥👀💎 $GRIL - This company is undervalued in my eyes. Newish emerging fast "healthy" food. Great concept with little to no competition.Support $1.40/$1.54 Resistance $1.60/$1.67/$1.72 ⭐Float is legit NANO sized. I truthfully see $5-7 by next year on this.[LONG]🔥🚀👀💎 💰Honorable Mentions💰 $NOK - Big 5g provider globally. Honestly think this is being slept one and should move up by EoY to $5+.Daily MACD Daily🐮 👀💎 $NAK - Mine has been waiting for approval for 10+ years. Trump tweeting about it. MASSIVE float [BAD]. If somehow it gets approved this is gonna jet to $4-6💎⁉️ $XELA - Small position here. Could gap up to $0.45-$0.48 $IDEX - Some PR dropping. I suspect earnings is gonna make this run up heavily [Nov 6th] $RIOT/$MARA -⭐ ONLY if Bitcoin continues to run up.⭐ 💰Non-Pennys💰 ⭐SPAC companies are blank check companies looking to merge. If the merge FAILS you are reimbursed $10.⭐ $MGM - One of my classic picks has RETURNED! Earnings. Oct 29th⭐. VERY strong support at $18.08/$20.54. Resistance $21.71/$21.92/$22.25. I suspect this will be the last earning to have worry about. This should EASILY be $30-40 in the next 3-5years with the expanding to Japan + BETMGM👀🔥🚀💎 $JETS - Airline ETF. With the fed and uncle JPOW 3rd of his name pumping airlines this could zoom zoom zoom to the moon moon moon $SPWR - Solar power is BOOMING. This has been uptrending for awhile. 4hDaily MACD 🐮 Support $13.28/$15.43 Resistances $17.15. Daily Slight OVERBOUGHT👀🔥🚀🚀 $PLUG - Alt energy is a thing of the future! Dont expect the lowest level support to he broken.4hr MACD looking to setup Support $15.70/$16.43[Load zone][LONG]🔥🚀👀💎 $KIRK - Cup and Handle! Support $7.41/ $8.77/$10.16⁉️ Resistances $11.87. Daily/4hr MACD🐮 ⭐4hr GOLDEN CROSS 9/18⭐Suspect earnings get SMASHED. Daily/4hr Slightly OVERBOUGHT [LONG]👀🔥🚀⚠️⚠️⚠️ $MCAC - [SPAC] ⭐PLAYBOY⭐ is going public through them. Sheerly off the name.🔥💎🚀👀 $CLSK - Just like PLUG the uptrend is insane. ⭐ $9 Offering⭐Almost NO DEBT! Support $7.98/$9.55. This should gap back to $10.91+ when the offering closes. ☠SABBY IS IN THIS STOCK☠👀🔥🚀 $PLAY - I'm bullish as a bull can be for next Q earnings! Support $13.86/ $14.55 ⭐4hr GOLDEN CROSS coming Wed/Thur⭐Daily MACD 🐮/🐻 HUGE Gap up potential to $19/$20. I'd put moneyon earnings being beaten December🔥 $SPAQ - [SPAC] ⭐MERGER VOTE END OF OCT⭐4hr GOLDEN CROSS⭐I see $25 EoY. Daily MACD 🐮 4hr MACD🐻 Support $11.90/ $12.99 Resistances $15/ $15.55/ $16.05. Fisker is a PR machine.🔥🚀👀💎 $DBX - 5years of constant revenue growth. Huge inverse H&S. Wedge broke out bullish. Daily/Wkly MACD🐮Support $18.74/ $19.10 / $19.58. Resistance $20.77/$21.29 /$22.76 Gap up to $23.48👀🔥🚀💎 $LCA - [SPAC] Merging with Golden Nugget[gambling]. Should easily hit $20-$25 in the next 4-6weeks. 💎 $SQ - ⭐1% of their ENTIRE company is now in BTC [50m]⭐ this means if BTC goes up it directly benefits them. Not to mention $SQ is just a great long. [LONG]💎👀🔥🚀 $LMND - ⭐90% of their customers are Millennials opening insurance their first time. [This shows HUGE potential long term growth!] [LONG]💎 $NEE - ⭐4:1 Split could run.Think AAPL & TSLA. [LONG]⚠️💎👀 $JWN - Daily MACD🐮4hr MACD🐻 Godly Support $11.70/$12.90 Resistance $14.22 [LONG]💎 🤑Notable Earnings🤑 OCTOBER $BAC 14th PM📈[Calls]⭐ $WFC - 14th PM⁉️ $PYPL Estimated 18th ⁉️ $TUP Estimated 20th📈[Calls] $LOGI Estimated 20th📉[Puts] $LRN - 20th PM/AH?📈[Calls]⭐ $TXN - 20th PM/AH?📈[Calls] $SNAP - 20th PM📉[Puts or Strangle] $HOG - 20th PM⁉️ $NEE - 20th PM 📉[Puts] $LMT - 20th PM📉[Puts] $RTX - 20th PM📈[Calls] $SKX - 20th AH 📉[Puts or Strangle] $NFLX - 20th AH📈[Calls]⭐ $SIX - 20th PM/AH?📈[Calls or Strangles] $BA - 21st PM📈[Calls]⭐ $SAVE - 21st PM/AH?📈[Calls] $ORLY - 21st PM/AH?📈[Calls] $MSFT - 21st AH📈[Calls] $EBAY - 21st AH📉[Puts or Strangles] $CMG 21st AH📈[Calls or Strangles] $KO Estimated 21st📈[Calls]⭐ $AAL - 22nd PM📈[Calls or Strangles]⭐ $T - 22nd PM📈[Calls] $INTC 22nd AH📈[Calls]⭐ 🔥🚀🌾Gold/Silver🌾🚀🔥 $AGC - 2x silver. Aka silver -1% AGC -2%. This is a day or swing trade. Depreciates $SLV - Long term silver hold $JNUG - 2x Gold. Same as AGC but for gold $NUGT/$GLD - Long term gold holds 🔮BET AGAINST THE MARKET🔮 $SPXS - 3X Inverse of SPY [The overall market] Spy +1% SPXS -3%. Spy -3% SPXS +9% [top 500 companies]🐻🐻 $SQQQ - Same as SPXS except top 100 companies🐻🐻 $VXX - Fear index/Volatility Index. This goes up with market feaunsurity. USUALLY inverses $SPY ⚖UPCOMING FDA INFO⚖ $SPPI - Oct 24th $KALA - Oct 30th $MRK - Oct 30th $SUPN - Nov 8th ⭐ $ADMP - Nov 15th⭐ $ALKS - Nov 15th $MYL - Nov 16th $EIGR - Nov 20th $LQDA - Nov 24th🙏 None of this would be possible without the love and support of you guys! I appreciate each and EVERYONE of you! This group will ALWAYS remain free but if you'd like to donate for my work here ya go. [If you do PLEASE let me know in case I miss it and so I can THANK YOU! 🙏 ❤🖤💙💚🤎💛🧡💜🤍 My Links: ⭐Cashapp: $Hamstackz⭐ ⭐Venmo: $JDH3703⭐ ⭐paypal.me/PhillyDiamondhands⭐ Thanks you once again. I couldn't do this without EVERY single one of yours constant support newsfilter.io/latest/news USE THIS SITE. IT IS YOUR BREAD AND BUTTER. If you see something share it!
Fanboyism, maximalism, interoperabilty, working with others and division of time transcript
Hi everybody, this is Charles Hoskinson broadcasting live from warm sunny Colorado. I wanted to make a video about division of time. I've been recently making a lot of commentary on the ETC ecosystem. I've also reached out to other ecosystems like the Bitcoin Cash ecosystem, the Litecoin ecosystem for a variety of reasons and I noticed that there are some people in the comments and then telegram and twitter and other places say "oh no" focus 100% of your effort on Cardano! Why are you talking to ETC, why are you doing this and doing that? So first off I run a big company. I we have over 250 people. About half of those people wake up every day and they're involved in Cardano. The other half are not so. As the CEO of a company where you have that kind of division there's non-Cardano things I do. Cardano's our largest project, we're heavily involved in it and obviously we wake up every day and we want Cardano to be successful and have billions of users and this is why we are following the process we're following. We're building the technology we're building. It's why we work very hard trying to commercialize it. Every deal we do in Africa, every deal we do in eastern Europe, every deal we do in Asia, we have a Cardano first policy of deploying those deals on that platform and we built that platform to service those deals and as that platform evolves you'll see more use and utility from our sales channels in that respect. That said, one of the pillars of a third generation cryptocurrency is interoperability. It's kind of a silly thing to be a maximalist but then also talk about interoperability. What the hell is the point that? Either you want one chain to rule them all and therefore you don't care at all about talking to other systems or you put your money where your mouth is and you work on those other systems. You build expertise in those systems, you affect changes in those systems so that those systems can partner with our systems and work with our systems. You know the Samsung CEO? He has a division that every day gets up and works with Apple and they work on the motherboards of the iPhone and build memory for them. Do all kinds of cool things and Samsung's division knows what the iPhone is going to look like before any of us knows. At the same time, there's another division at Samsung that wakes up every day and works on phones like the Galaxy to compete with the iPhone. Great companies have the capacity to do these things and we are a great company in that respect we have different and dedicated teams for different products and projects. Now, we will never work on overlapping systems. It's not the case that we're going to have developers go and work on Cardano and something that's a direct competitor of Cardano because it makes no competitive sense for that to happen and I do not view ETC as a competitor of Cardano. It's a proof-of-work system, not a proof-of-stake system. It's a code-is-law system, not a world-financial operating system. It's a system that will always have a smaller group of people in it and always have a smaller set of things to do so time spent there with a completely separate team has no bearing or impact on our ability to deliver things with Cardano. I can't accelerate things above and beyond what the teams can do, for example, today. I'm waiting for Daedalus flight to come out. There is nothing I can do. I can't pick up the phone and call the engineers and say can you ship it 15 minutes faster. The plan, it's been set, the release manager is there, the QA, team's there, everybody knows what to do. There's consensus amongst that team. They're going off to the mountain top, get it done and when it's done they'll let me know and then I'll tweet "new Daedalus is out guys" go play with it and it gives me some work to do of course but until they finish their job there's nothing to do in that respect. The Cardano plans we have are well set , we know exactly what we need to do. Those teams are working hard and I do everything in my power to accelerate things where and when it's safe to do so and everything in my power to get things done. Shelley, for example. We worked so hard to get that out on July 29th, we had almost unlimited overtime. Everyone worked the weekend. Some people worked over 40 days straight to get that release done. Meanwhile half of the company was doing other things in other capacities and working on those projects. None of their work or the other cryptocurrencies we tend to work with had any bearing or impact on our ability to accelerate or decelerate the Shelley work stream. I just want to make sure everybody understands that and for people who have developed a maximalist mindset to get out of that maximalist mindset. There's a place for maximalism, it's called Bitcoin maximalism. If you live there, go there, okay and go believe in that project, in that chain but this is the Cardano ecosystem. It's going to literally work with hundreds if not thousands of different standards over its life. From central banks to other cryptocurrencies to legacy financial operators from the Chases of the world to the Goldman Sachs' of the world. Provisions will be made to build special hooks for these systems including interoperability with permission systems. It's very likely in the next 24 months Cardano will be talking to an instance of Hyperledger Fabric from IBM. Very likely that that's going to happen. It's very likely that we'll consult on a project that does that and no way does this diminish the road map or somehow make Cardano less competitive. It's actually quite the opposite. The fact that we can work with those systems, the fact that we can do things with those systems means that the platform as a whole is intrinsically more valuable. It's easier to sell to Fortune 500 companies. It's easier to get use utility and adoption because people understand that they're not being led down the road of vendor lock-in and regressing back to the old days of internet explorer or what ConsenSys is trying to do with Ethereum, trying to lock everybody into one standard, one system, rather the value proposition we offer. Is true interoperability the ability to move in and out? Furthermore, when you create partnerships with other ecosystems then their success is our success. For example, if the treasury system proposal succeeds in ETC they will be in the market for a permanent treasury system in 2021. We as a community can make the case that we've constructed with Voltaire is a great choice for them and of course we'll try to make that case and if it's successful we provide mutual value and benefit more volume and transactions and activity on the Cardano network, and for ETC they have a best-in-class treasury system that meets the values of that community. The exact same argument can be made for Litecoin, or for Bitcoin cash or for other systems and if you want to see the wrapped Litecoin video that I did earlier in the year it gives a great road map for a potential push there. Furthermore, what if we turn Daedalus into a multi-currency wallet? That's already going to happen because we have a multi-asset standard and so when people issue tokens on Cardano Daedalus will support those tokens sometime in the future. It would be very easy for us to pull Ethereum classic and Litecoin and Bitcoin cash and other ecosystems into the Daedalus wallet. What does that mean? It means that people who live in that ecosystem will be using our technology as their day-to-day experience in hosting for their token! What does that mean if we have a DEX built into that thing? It potentially could create more adoption in use and utility for ada and this is the point we accomplish so much more working together than beating each other down. I am damn tired of the cryptocurrency markets as they are. The fanboys, the trolls, the FUD, the maximalism, the relentless allegations that people you disagree with or hold different tokens are scammers or criminals or bad human beings. It's time we as an industry set this aside and grow up. Just grow up or else what's the point? Why would anybody looking from the outside at all of this chaos and noise and insanity and maximalism want to come play in this pool? It's like you're about to enter a bar and you see a bar fight. Do you keep going in or you turn around and walk away and say I don't want that trouble. I'm going to go down the street somewhere else that's safer and so how will we ever get mainstream adoption, how will we ever make the argument to governments that they should trust their elections, their property, perhaps even the money of their people on our systems if we're incapable of entertaining other ideas, other philosophies and other ecosystems? We don't deserve the right for that responsibility if we're not mature enough to have differences of opinion and be able to welcome other ecosystems into our own. So this video is a call against maximalism first and foremost and second it's a realization that the duties of an executive officer are extensive meaning that there are days I wake up and there are Ethereum days and, by the way, working in that ecosystem gives me and my company exhaustive knowledge on how Ethereum works which allows me then to build a better product than they have and understand where all the bodies are buried: all the flaws in the protocols, the security issues, the performance issues, the smart contract development experience. That intimacy is extremely important to be able to predict, react and also plan a competitive strategy that can take you in a different and better direction. You just don't live in a mono-culture. It's a bad deal, that's the second point. You have many projects. When you have a larger company, some of those projects are completely separate from each other. Some of those projects may have a bit of overlap. We have a philosophy that we don't work on competing products. For example we have done work with horizon (Horizon2020?) and as a consequence of doing work with them we're probably not going to work on zcash at the same time. As long as we have that relationship there we, for example, work on Cardano so we're not going to go work on another proof-of-stake system that wants to be a financial operating system. That would be a direct competitor. For example, Tezos would be happy to jointly author papers and coordinate collaboration but there needs to be a Cardano benefit in that relationship whereas ETC as I've mentioned is a totally different system and it's something that we have as a company historically worked on for years. We started our participation in 2016. We built a full client in that process. Did that have any impact on our ability to deliver Cardano? We had a completely separate engineering team. That team was actually sourced from external companies. Scalac and Atix Labs to begin with and then we built on top of it and it had different product and project management and it was completely written with a different group. So it might as well have been a different company for that matter and I just talked to the team but the Cardano team was doing its own thing so I I think we need to just cut it out. Cut out the maximalism, cut out this idea that there is only one truth. We live in a nuanced world and we live in a world of interoperability. We have to embrace that if we wish to be successful and let us be the adults in the room. Let's be the place where this isn't the bar fight and let's be the place that welcomes everybody. Furthermore, I've noticed some criticism from my own community. When people criticize us and they go to the politics of destruction or personal attacks or yield on criticizing people's intelligence or whatever have you... Cut that out too. Let's be a better community. I repeatedly call upon the Tezos foundation to tell its community to stop criticizing Cardano and calling it's "a scam project". So, I'll call upon my own community, I have seen things that shouldn't have happened. Certain members of Cardano community replying to people over twitter, replying to people who criticize us have resorted to personal attacks and so forth. Again, just ignore them , mute, let's embrace unity, let's embrace being better, yes, occasionally you got to kick people in the teeth especially when people are lying and what you do is you call them out on the lies that they've made. You specifically point out where they have done things that are a bit crazy or disingenuous and dishonest. For example, we had a meeting today with Ethereum classic and it was blatantly apparent to me that this process has been set up to fail and be exclusive and prevent alternative ideas from a certain power structure from being held. So, I made a 30-minute whiteboard video where I not only called it out but I proposed an alternative and said this is how we're going to transcend that process and get to a much more productive way of doing things. Some of the criticism we have is justified because of product delays or because people don't fully understand who we are and what we're trying to do and obviously there's history there. So, first and foremost, let's reply with facts. First and foremost let's reply with dignity and respect and empathy for the other person's position and you know what? If they continue to push forward then you kick him in the teeth and you say it's obvious you don't want to have a conversation. You're a troll, but to my community please do this and please have this level of respect and dignity with others and with each other. For example, we right now have a lot of debates with small stake pools versus large stake pools, there's plenty of people floating around with differences of opinion and our mantra should always be disagree without being disagreeable. People are going to have other values people, are gonna have differences of opinion and people are gonna have different perspectives. You can't change that reality nor should you. We all have the right to think and have differences of opinion but we also should expect a dialog that's fair and has empathy in it and so I call upon everybody to preserve that decorum as we move forward and also understand that some days we wake up we have to do things that are non-Cardano related in order for us all to be successful because not all the world will ever be Cardano related. We always need partners whether it be great pieces of hardware like Ledger and Trezor or exchanges to work with different wallets and sometimes those partners do stuff with us and sometimes those partners do things with other people. We have friends, we have projects we admire and respect. For example, I've expressed repeatedly great admiration for the Algorand project. I think they're doing a phenomenal job and they have great leadership with Silvio Micali. I think the research and the engineering there is top notch. I personally believe Cardano is better. That's because we built it and that's because we think we have a better strategy to market and ultimately the market's going to decide which standards to go with and whether it's going to be many standards or a consolidation. That's not my decision. I just have to wake up every day and fight for the things I believe in. That said, never once have we ever criticized Algorand because they are in essence the model of empathy and dignity and good communication and being very proactive at focusing on solutions when they make announcements. They make announcements about new things that they're doing and new partners that they have and never once have they ever criticized another project or engaged in fanboyism. That's a great community, that's a great project and it's a model for where the space should go and I admire that deeply and greatly especially when you contrast it with other projects that have been less empathetic in their history. We all have our problems, we all have our issues. I know that we all can be better and so that's my final point. Let's do that. Let's be better as an industry. Let's be a bit friendlier and let's invest the time and effort necessary to really understand and listen to each other because ultimately I think that's going to get us where we need to go and be able to get us to a point where we have that adoption of millions and billions of people and fundamentally change the fabric of society. Otherwise we will be victims of our own success and descend into tribalism and descend into sectarian violence and then ultimately destroy the entire industry because it will become co-opted by large companies who use a surface-level marketing to take the brand, take the notion of a blockchain but then install centralized authorities behind them and in which case we've lost. I don't want that to happen I want the movement to succeed. I want us to understand each other and I enjoy having great competitors sometimes working with them sometimes fighting them in the battle of the markets, in the markets of ideas and ultimately I think we as a community have a chance to also be a model for everyone else. So, let's do that. Thank you... Video: https://www.youtube.com/watch?v=RXQrm18XhQ8
10/18 Weekly Watchlist Been on the telegram for almost 2 days boys
10/18 WEEKLY WATCHLIST [P.S. Only enter positions you feel the most comfortable with. Your money is your soldier only send him into the battle you think you'll win. Some of these I have taken positions. Some I am looking to take positions. I've posted how many shares I own of what multiple times ] ⭐BIG weeks for earnings coming up +Election news! Be prepared for crazy volatility!⭐ 🔑KEY🔑 [💎-Long time gold][⁉️-Could go both ways][🚀-I think this is gonna shoot up][🔥-This imo is gonna be a fire stock to make money off of just dont get dumped on][⚠️-Already ran a bit be careful][👀-Watching this one closely][⭐- Huge Catalyst or info] PRIMARY FOCUSES: $MGM⭐ $ADMP $SESN $JMIA ⭐ $GRIL $FSI $LCA $ETTX⭐ $CRBP $NOK 🚀💸PENNYS💸🚀 $ETTX - ⭐Solid pipeline. Big insider buys. Presentations Oct 22st-25th⭐ Huge gap to fill to $2.50/$2.75/ $3.05. Support $2.05👀🔥🚀⚠️ $CRBP - ⭐200k in shares bought on the buzzer! Either shorts really covered hard or SOMEONE knows something. Support $1.07👀🔥🚀 $FSI - SMASHED earnings. SUPER SMALL float. Already ran a bit but I can see $4 coming potentially. HIGH RISK👀🔥🚀⚠️ $HMHC - Earnings Oct 28th. $2.50 Calls I may grab some. Looks like a medium risk high reward play👀🔥🚀 $UEC - Barcoding Uranium mine. Its only a matter of time until Algo's pick up on this and it runs heavily. 4hr RSI approaching oversold! Daily/4hr MACD🐮/🐻 👀🔥🚀 $ADMP - Cup & Handle 🐮 ⭐FDA Nov 15th.FDA Likey Approved. ⭐GOLDEN CROSS on the 4hr⭐ 4hr MACD are🐮Support: $0.74/ $0.87 Gap up to $1.02/$1.14 after that the world may never know🔥🚀👀⚠️💎 $SESN - ⭐4th Q Bio news ANYDAY now. ⭐4hr MACD 🐮 Support $1.01/$1.16 Resistances $1.38/ $1.44/$1.50🔥🚀👀💎 $PRTY - Halloween is coming up. 4hr MACD🐮 This is a constant pump and dump stock. Was $5-7 all last year. Support $1.85/$2.15/ $2.40 Resistance $2.62/$2.82🔥 $SOLO - Quarterly MACD 🐮⭐ 4hr GOLDEN CROSS⭐Support: $2.58/$2.90 Resistances: $3.20/$3.34⭐US Manufacturing Location PR by November⭐🔥👀💎⚠️ $GRIL - Once the volume picks up on this its gonna FLY! This company is undervalued in my eyes. Newish emerging fast "healthy" food. Great concept with little to no competition⭐4hr GOLDEN CROSS coming⭐.Daily / 4hr MACD🐮 Support $1.40/$1.54 Resistance $1.67/$1.72 ⭐New investor email for guidance I truthfully see $5-7 by next year on this.[LONG]🔥🚀👀💎 💰Honorable Mentions💰 $NOK - ⭐Earnings Oct 29th⭐4g contract for the moon QUITE LITERALLY⭐Big 5g provider globally. Honestly think this is being slept one and should move up by EoY to $5+.Daily/4hr MACD Daily🐮 💎 $NAK - Mine has been waiting for approval for 10+ years. Trump tweeting about it. MASSIVE float [BAD]. If somehow it gets approved this is gonna jet to $4-6💎⁉️ $IDEX - Some PR dropping. I suspect earnings is gonna make this run up heavily [Nov 6th] ⭐Earning Nov 9th $RIOT/$MARA -⭐ ONLY if Bitcoin continues to run up.⭐ 💰Non-Pennys💰 $VVPR - ⭐$8.50 offering. PT Updated to $40.Honestly $8-9 entry seems great. Should gap up to $11 when the offering closes sometime in the next week.💎👀 $LCA - [SPAC] Merging with the Golden Nugget.⭐ 100k block buy at buzzer [$1.5m]. Descending triangle broke out🐮 Support $13.60 Resistance $14.74/$15.30 gap to $16.50. This could very easily hit $25-30 EoY👀🔥🚀💎 $JMIA - 4hdaily OVERBOUGHT. Huge cup and handle. I expect a pull back before re-entering. Earnings Nov 12th⭐ Amazon of Europe and Africa! Support $10.20/$12.13 Resistance $15.67. Huge gap to $17/$20 to fill👀🔥🚀⚠️💎 $MGM - One of my classic picks has RETURNED! Earnings Oct 29th⭐.⭐GOLDEN CROSS on 4hr and DAILY TODAY⭐4hr MACD 🐮VERY strong support $18.08/$20.54. Resistance $21.71/$21.92/$22.25. I suspect this will be the last earning to have worry about. 1h4hr HAMMER DOJI🔨This should EASILY be $30-40 in the next 3-5years with the expanding to Japan + BETMGM👀🔥🚀💎 $ACI - ⭐ Declared they will providing a dividend. Also won a bid for new locations. Earnings Oct 20th.⭐ I suspect a blowout. This should be a SOLID long term growth hold!🔥🚀 $PLUG - Alt energy is a thing of the future! Dont expect the lowest level support to he broken. 4hr RSI approaching Oversold ! Daily MACD 🐻Support $15.70/ $16.43[Load zone][LONG]🔥🚀👀💎 $MCAC - [SPAC] ⭐PLAYBOY⭐ is going public through them. Sherly off the name.🔥💎🚀 $CLSK - Just like PLUG the uptrend is insane. ⭐ 4hr GOLDEN CROSS ⭐Almost NO DEBT! Support $7.98/$9.55. This should gap back to $10.91+ when the offering closes. ☠SABBY IS IN THIS STOCK☠👀🔥🚀 $PLAY - I'm bullish as a bull can be for next Q earnings! Support $13.86/ $14.55 /$15.90. Breaks $16.33 it flys⭐4hr GOLDEN CROSS coming⭐Daily MACD BREACHING 🐮HUGE Gap up potential to $19/$20. I'd put money on earnings being beaten December🔥 $SPAQ - [SPAC]Cup and handle. Handle looks finished⭐MERGER VOTE END OF OCT⭐4hr GOLDEN CROSS⭐RSI Approaching Oversold! see $25 EoY. Support $11.90/ $12.99 Resistances $15/ $15.55/ $16.05. Fisker is a PR machine.🔥🚀👀💎 🤑Notable Earnings🤑 OCTOBER $TUP Estimated 20th📈[Calls] $LOGI Estimated 20th📉[Puts] $LRN - 20th PM/AH?📈[Calls]⭐ $TXN - 20th PM/AH?📈[Calls] $SNAP - 20th PM📉[Puts or Strangle] $HOG - 20th PM⁉️ $NEE - 20th PM 📉[Puts] $LMT - 20th PM📉[Puts] $RTX - 20th PM📈[Calls] $SKX - 20th AH 📉[Puts or Strangle] $NFLX - 20th AH📈[Puts]⭐ $SIX - 20th PM/AH?📈[Calls or Strangles] $BA - 21st PM📈[Calls]⭐ $SAVE - 21st PM/AH?📈[Calls] $ORLY - 21st PM/AH?📈[Calls] $MSFT - 21st AH📈[Calls] $EBAY - 21st AH📉[Puts or Strangles] $CMG 21st AH📈[Calls or Strangles] $KO Estimated 21st📈[Calls]⭐ $AAL - 22nd PM📈[Calls or Strangles]⭐ $T - 22nd PM📈[Calls] $INTC 22nd AH📈[Calls]⭐ 🔥🚀🌾Gold/Silver🌾🚀🔥 $AGC - 2x silver. Aka silver -1% AGC -2%. This is a day or swing trade. Depreciates $SLV - Long term silver hold $JNUG - 2x Gold. Same as AGC but for gold $NUGT/$GLD - Long term gold holds 🔮BET AGAINST THE MARKET🔮 $SPXS - 3X Inverse of SPY [The overall market] Spy +1% SPXS -3%. Spy -3% SPXS +9% [top 500 companies]🐻🐻 $SQQQ - Same as SPXS except top 100 companies🐻🐻 $VXX - Fear index/Volatility Index. This goes up with market feaunsurity. USUALLY inverses $SPY ⚖UPCOMING FDA INFO⚖ $SPPI - Oct 24th $KALA - Oct 30th $MRK - Oct 30th $SUPN - Nov 8th ⭐ $ADMP - Nov 15th⭐ $ALKS - Nov 15th $MYL - Nov 16th $EIGR - Nov 20th $LQDA - Nov 24th 🙏 None of this would be possible without the love and support of you guys! I appreciate each and EVERYONE of you! This group will ALWAYS remain free but if you'd like to donate for my work here ya go. 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Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses. Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes. First, some background. Here is a summary of how custodians make us more secure: Previously, we might give Alice our crypto assets to hold. There were risks:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are! "On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid". "Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since." "As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!" "Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?" "Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party." "Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!" "What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven." "Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!" "We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies. And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often". How many holes have to exist for your funds to get stolen? Just one. Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so? If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security. The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle. And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet? Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds. So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever. Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see. It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation. A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance. Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.) Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive. Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today. Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well. Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do. Facts/background/sources (skip if you like):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
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