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Bob The Magic Custodian



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:

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:
See - all problems are solved! All we have to worry about now is:
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:
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:
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):



Thoughts?
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What is it Bitcoin System

What is it Bitcoin System


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How will it work? Key Options. Will it have a mobile app?
Bitcoin System is an app that uses bots to exchange cryptocurrencies mechanically. Bots such as this one generally claim to be previous the marketplace, that provides them a bonus and allegedly the next likelihood of adulthood
They’re programmed based mostly on advanced algorithms which let them analyse the marketplace and money data at intervals fractions of minutes. They then automatically place the investments for users. A technology which cuts out error utterly is basically used by the programs. These promises are realistic, like others and conjointly most robots guarantee success rates of 90%, they're not.
That’s the reason precisely why we have a tendency to required to examine if it's really legit Bitcoin System to choose. From our history tests, Bitcoin System appears to be legit. As explained earlier, this bitcoin bot has online reviews. In addition, it appears to have made all the disclosures required by users to make informed selections.
Bitcoin System allegedly relies to scan the bitcoin markets and produce trading selections. These algorithms are powered with advanced trading technologies like machine learning and artificial intelligence. The high accuracy that's alleged of Bitcoin System is that it trades on margin. Despite the precision level that's alleged, could be a level of risk in trading with this bot. Do not deposit what you cannot afford to lose
How to Place a Trade With Bitcoin System? Can You Create Cash With Bitcoin System?
To utilize the Bitcoin Systemprogram, you’ll want to make an account.
Finally, insert your phone variety with the right country code and you’ll want to decide on your state of residence. After that, you’ll have the ability to maneuver on.
Currently that you have got a Bitcoin System account, you can strive trading.
You may have $1,500 on the market to trade at crypto along with your demo accounts. To do this, all you have to try to to is click on the”Go to Demo” button on the left side of this screen.

You’ll see 3 figures on the high: overall profit, total equilibrium, and winning transactions (the transactions that have led to gains ).
On the proper aspect of the”Open Trades” tab, there's a slide next to”Auto Trade.” To begin your demonstration transaction and it can turn on. Following a time amount, you’ll observe trades which have been conducted by this platform’s bots
Analyze the results and confirm whether or not this stage is worth your cash. Please note that algorithic cryptocurrency trading involves high risks.
If you have got found the conclusion which you wish to trade cryptocurrencies continue to exist Bitcoin System, then you may must initial deposit money
When you’re there, click the “Deposit” button, and also the web site’s directors can most likely reach out to you with directions on the best way to deposit cash in your account.
Search for his or her email and follow the directions to be ready to finance your Bitcoin System account. Robots such as Bitcoin System link to on-line brokers.
Depending on what agent you'll have completely different payment options out there to deposit your money. You're able to pay with debit and credit cards, some e-wallets along with Bitcoin.
Before that, you’ll need to choose your trading preferences. You’ll have to set up a daily stop reduction, the maximum profits you the amount of trades that you would like to provide daily and wish to create in a very day.

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You’ll additionally would like to select your investment quantity for each trade. Following that, you may also opt for that cryptocurrencies you wish to trade with, based upon your own personal preferences.
You will notice a red circle stating”Away” on the ideal aspect of the display.
Click it to flip . You’re equipped.
All you would like to try to to currently is sit back and watch the robot transaction.
How will it work? Key Options. Will it have a mobile app?
Bitcoin Systemutilizes exactly the identical mechanism . These programs work as follows. You register to an agency, if it's applicable, you make sure your account. Following that, you wish to fund it with cash.
Not all services have specifically the same pricing models. For a few, at which you'll use the bots to trade twenty nine, you always need to pay a group fee each month to maintain your accounts. For others, you have to rent. There’s additionally a further pricing model that's fashionable with businesses that have issued tokens during a 1st Coin Offering (ICO).
For these services, maintain a bound amount to use bots and/or characteristics that are various on the stage, and you would like to induce the indigenous token of the service. You'll set the bots up if you’re ready to hide these fees. You do not would like to try and do a issue besides hoping and waiting your balance can increase once you're done.
Bitcoin System functions in partnership with many robot-brokers. These agents’ responsibilities include providing leverage, easing transactions and managing deposits. For the document, there is a robot not a bank and thus will not have the mandate of deposits. As stated earlier, Bitcoin System agents offer a leverage of around one:1000.
The Verdict! Is it scam? Is it legit?
We have a tendency to have provided the Bitcoin System that a score based mostly on performance, easy use and customer services. The robot is also transparent since it provides all the knowledge that users want to make an educated selection. Bitcoin System incorporates a great deal of great ratings on review net sites like Trustpilot. In the reviews we have a tendency to’ve come across this robot is claime dto be profitable and easy to use. No talent is needed to operate Bitcoin System provided that it's automobile
Though Bitcoin System features a alleged fertility, it is not risk-free. On a leverage of up to one:1000 which means that there’s a likelihood of undergoing losses outside of the 23, the robot trades. Among the disadvantages of Bitcoin System is that it does not have a negative equilibrium protection feature. This suggests that that users who don’t balance the danger are very presumably to blow their trading account.

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Before using this robot browse the risk management guides carefully. Build bound that you deposit exactly what you'll afford to lose. There are a full lot of dreadful stories concerning people who committed their retirement money into margin trading to lose everything. A deposit of $250 may be a smart beginning point with Bitcoin Systemllow the link, enter your details and make a deposit.
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How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


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



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

Offline Multi-Signature

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

Regular Transparent Audits

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

Insurance Requirements

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


Background and Justifications


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

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

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

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

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

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

Current Draft Proposal

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

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

ColossusXT Q2 2020 AMA Ends!

Thank you for being a part of the ColossusXT Q2 2020 AMA! Below we will summarize the questions and answers. The team responded to 46 questions! If your question was not included, it may have been answered in a previous question or AMA. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the AMA contest is: ookhimself
Congratulations. I will send you a DM on Reddit.
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Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy-efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize the grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video, and audio streams-all will be reborn as services that live in cyberspace, assembling, and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
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Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of I2P (Armis). These features will protect end-user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end-users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Is there any estimated date for the grid? What will set you apart from the opposition?
A: We are hoping to have something released for the community in Q4 this year. The difference between other competitors is that ColossusXT is putting consumer privacy first and we’re actively in the process of working with federal and state agencies in the United States.
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Q: How do you plan to get people to implement the technology? At your current rate of development, when do you foresee a minimum viable product being available?
A: We have been strategically networking with businesses, and we are currently undergoing the verification process in the United States to make bids on federal and state projects. We are working on an MVP and our goal is to have at least a portion of the Colossus Grid ready by Q4 2020.
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Q: When we can expect any use-case for COLX? A company or service that uses COLX for its activities/tasks.
A: We’re aiming for Q4 of this year to have an MVP, throughout 2021 we will be strategically making bids on federal and state contracts in the United States with a goal to expand operations exponentially.
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Q: Are there any plans to be listed on the more prominent exchanges e.g binance, kraken?
A: Yes, we have applied to some of these exchanges that are considered Tier 1 or Tier 2 exchanges. Many of them upfront will tell you there are no fees associated with the listing, that is not entirely true most of the time. Regardless, have applied and are awaiting more responses as we move forward. Listing on these exchanges often requires that we cannot announce this information until ColossusXT is live on its platform.
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Q: Partnerships are the norm these days in crypto world. Which partnership would you consider feasible, if any, in order to grow the Colossus Grid project?
A: The Colossus Grid is a huge undertaking both in development and business partnerships. We are moving in both these directions strategically. One of the most important partnerships is not really a partnership but approval to bid on state and federal contracts. Working with the governments around the world will be a big part of the Colossus Grid use-case.
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Q: If the ability to annonymise coins is turned off, can CLX still be marketed as a privacy coin? Do we have a date we can start using this feature again?
A: Yes and No. It’s frustrating right now having a lack of privacy for consumers as we don’t see privacy as a feature but a right. EVERY platform online should have some levels of privacy for their consumers, especially as technology continues to evolve and bad actors continue to use your personal information for their own nefarious purposes. Obfuscation will be implemented in the coming weeks, and Armis will follow suit shortly thereafter.
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Q: When can we expect the grid to come out?
A: We are looking at releasing an MVP towards the end of the year. Stay tuned during Q3 and Q4 as we ramp on technical and business developments.
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Q: Can you tell the current budget for development work?
A: Much of the development work budget comes from Core team member's disposable income, we also use the self-funding treasury that Masternode owners vote on each month.
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Q: Will cold staking be implemented somedays? I like the model of Cardano. Hope you will implement kind of Cardano staking in our wallet. I would love the easiness.
A: ColossusXT staking has been enabled since 2017. We have calculators on the website that will estimate your average staking returns and you can join numerous pools to increase your staking power within the pools. Cold staking is on our radar and will make it into the roadmap when our budget allows us.
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Q: Which part of grid technology are you planning first to go live? Storage/RAM/CPU/GPU/all at once? Separately?
A: We will be rolling the Colossus Grid out in two phases. The first phase will be storage, and then we will roll out computing power (RAM/CPU/GPU).
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Q: Is Armis I2P technology in development testphase I mean, I have read something like that… If Armis goes live, will there be some kind of option in deskopt wallet to transfer anonymous or will every transaction be fully anonymous like e.g. monero?
A: We recently had a testing phase with the community earlier this year, there will be another test phase with community participants who sign up. If you’re interested in this stay tuned on our socials and apply when the next testing phase happens All transactions will be fully anonymous behind Armis.
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Q: What programming languate is being used for developing COLX? How well this programming language do you think is more suitable for developing crypto, in comparison with other programing languages?
A: C++ is what we’re using at ColossusXT. Each crypto project is different but with what we're developing at ColossusXT. We are best suited to utilize C++.
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Q: What is the second biggest milestone other than launching the grid network for the team. What do you think of your competition like Golem network?
A: Armis will be a big milestone, and I don’t think we go back to our Polis partnership which allows users in Europe and Mexico (they do plan to expand to the US and other countries) the ability to spend their ColossusXT (COLX) wherever Mastercard is accepted. I don’t think the Golem network is taking consumer privacy far enough, in the blockchain industry I also see a lack of drive to push adoption within the United States. This is likely due to unclear regulations right now. ColossusXT is at the forefront of these issues and we intend to lead blockchain through these somewhat murky waters.
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Q: I don’t have a lot of knowledge about crypto-technology… but are there any risks of sensitive data-hijacks through Colx infrastructure? Will the Colx-grid be available for individuals or only larger corporations, and how would one get access to the computing power?
A: There are always risks with technology. We are doing extensive testing and more testing prior to releasing anything. Consumer privacy is apart of the foundation of what we’re building at ColossusXT and we want to ensure any and all of your personal information is secure and private. As technology evolves, we will be right here evolving with it to ensure that consumer privacy protections are always in place.
The Colossus Grid will be available to anyone with a computer. You will access it through the desktop wallet.
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Q: Do you have any new exchange listings planned in the near future?
A: Yes, but unfortunately with these things, every day it’s not something we can often say before the exchange makes their own announcements. If you have certain exchanges that you prefer, do not be shy and tag us on Twitter letting us and the exchange know. You can also reach us everyday at all hours of the day and night on Discord and Telegram.
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Q: Given that Colx had no ICO, are we able to ramp development efforts in case we have potential partnership deal on the table?
A: It really depends. We strategically spend every dime we spend on development. We do not like even a single penny to be waisted, so we don’t move as fast as the projects that raised millions of dollars, but we continue moving none the less. Ramping up our development is something we are working on by securing additional funding and we’re currently working on securing funding. 😊
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Q: How is the project development advancing? What are your plans for the next 5 years and what more can we expect from ColossusXT?
A: Our development is continuing on at a steady pace, we’re looking to ramp this up over the next year as the Colossus Grid will take much of our time but we’re excited. Over the next 5 years, you can expect the Colossus Grid to be live in all forms (storage and computing power), Armis will be released and we will share many technical details on how this consumer privacy protection rivals some of the other privacy protections in the blockchain industry. We expect to be verified and approved to work with the agencies in the United States long before then as well and will be aggressively pursuing federal contracts to utilize the computing power of the Colossus Grid. In 5 years, we plan to be a key player not just in the blockchain industry, but throughout the world. If you do not know ColossusXT now, expect to in 5 years or less.
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Q: Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of COLX? There are so many privacy coins now, all of them claiming to have better features that ColossusXT. Moving forward, what do the next 10 years look like for ColossusXT in navigating the wave of privacy projects coming. How can ColossusXT continue to shine in the midst of seemingly legit projects that have come to challenge ColossusXT like mimblewimble projects and Monero, Zcoin, ect.?

A: The Colossus Grid and Masternodes will have a strong relationship with each other. When the Colossus Grid goes live we expect the masternode demand to continue to rise. Masternodes are a great incentive mechanism to increase network strength and will play an important role within the Colossus Grid. The more masternodes online, the less available coins in the circulating supply; which we expect will eventually reflect ColossusXT (COLX) coin value.
Over the next 10 years, ColossusXT (COLX) will solidify itself as a key player in the blockchain industry, and outside the blockchain industry. Following our strategic business plans, we intend to be one of the first, if not the first to truly bring government and other businesses into the blockchain industry through the Colossus Grid. Armis will be our defining privacy feature, which we expect in time will begin to be adopted by other projects. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: How have the number of Masternodes (MNs) increased/decreased over time/in the past few years? What proportion (%) of MNs actively take part in Governance? How do you see the number of MNs increasing/decreasing in the next couple of years? Is there a trend upwards or downwards?
Is there a specific number (or range) of MNs the team would like to attain ideally? Is it better to have as many MNs as possible or is there a point at which too many MNs start to have an adverse effect on the performance of the blockchain?
Hope this wasn’t too many questions in one :), Ahmed

A: The number of masternodes in the active network is more or less the same, fluctuating around 200-220. About 40% - 50% of masternodes participate actively in governance (see https://governance.colossusxt.io). We expect a number of masternodes to grow as they will have additional benefits with Colossus Grid (see business plan: http://bit.ly/COLXBPLive).
As the team had no premines, only the dev fund can be used for masternodes which is hard to maintain due to actual budget flow. It’s better to have as many masternodes as possible for the network, there is no adverse effect.
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Q: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?
A: It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.
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Q: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

A: Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the [email protected] initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.
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Q: How will you fight with regulators who are trying to stop privacy coins?

A: We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding. It's time the world stops looking at privacy as a feature and as a right, especially when you read about different applications and platforms using your personal DATA for their benefit. ColossusXT will continue to push this, and we're prepared to lobby this to lawmakers. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

A: The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.
The second part of this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.
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Q: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY
A: The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)
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Q: What would you say is the $COLX killer feature that sets it apart from the rest of the competition.
A: We believe that Armis is our killer feature. We recently had a beta this year with the community and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in the Colossus Grid resource marketplace in the future.
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Q: I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid
A: We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development funds to marketing funds to raise further awareness.
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Q: "Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

A: This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though too much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.
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Q: "For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?
A: ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.
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Q: According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?
A: It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States.
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Q: Does Tokens.net plan any kind of staking ($COLX or other coins)?
A: We will reach out to the tokens.net team and see if they have any plans to allow staking.
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Q: How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?
A: The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.
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Q: Do you have any special development funds for programmers?
A: Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future, we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.
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Q: Why Android Wallet Revision hasn't been done? Any problems?
A: The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.
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Q: Whats the second biggest milestone other than the grid network for COLX team?
A: Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.
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Q: How is COLX team going to contribute to crypto adoption, other than building a robust network?
A: We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.
We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.
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Q: Are their industry partners to COLX that are awaiting your network to go live?
A: Yes, although I hesitate to go into too much detail here. We are talking with business leaders.
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Q: The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?
A: I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.
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Q: I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?
A: Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.
  1. Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
  2. The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
  3. Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
  4. They allow the community voting option of only truly decentralized projects after a thorough screening.
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Q: Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.
A: ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA to running scientific simulations, to even mining PoW cryptocurrencies.
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Q: When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.
A: There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.
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Q: What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?
A: ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.
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Q: Will you try to convince users to trade on tokens.net if so how will you do it?
A: There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.
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Q: How will you try to create liquidity for your pairs?
A: We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being, we can hint this as a side business till we deliver fully operational Colossus Grid.
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Q: How big is a development team of #COLX?
A: The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Do you have some security guys in the team?
A: Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?
A: This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
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Follow ColossusXT on:
Twitter
Facebook
Telegram
Discord
Forums
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AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

13 April cryptocurrency offers with £150+ in bonuses

13 April cryptocurrency offers with £150+ in bonuses
Since it's the end of the month and a couple of these offers are ending soon, I thought it'd be a good idea to make a collection of all the cryptocurrency offers I'm aware of.
I've done a summary of all the offers and gone into more detail on each below. Completing them all will give you around $119 (£95.38), 55 EUR (£48) and £15 in bonuses, which works out to about £158.38 in all.
Please let me know if there are any that I've missed or if you have any questions about any of the offers :)
Summary
Offer Description Links
Crypto.com $50 in MCO for staking 50 MCO for 6 months Referral link / non-ref / terms
Vimba £15/15 EUR in BTC for saving £100/100 EUR Referral link / non-ref / terms
Luno 15 EUR in BTC for trading 250 EUR crypto Referral link / non-ref / terms
Bitpanda 10 EUR + 5 EUR in BEST for trading 25 EUR crypto + completing quiz Referral link / non-ref / terms
Bitwala 15 EUR for opening an account and crypto wallet Referral link / non-ref / terms
CoinList ~$14 in BTC for trading $100 crypto Referral link / non-ref / terms
Mercury Cash $10/10 EUR for purchasing $100/100 EUR crypto Referral link / non-ref / terms
CoinField 40 SOLO for depositing £100/$100/100 EUR (~$10) Referral link / non-ref / terms
OKEx $10 in BTC for purchasing $100 crypto Referral link / non-ref / terms
Gemini $10 in BTC for trading $100 crypto Referral link / non-ref / terms
Xapo $10 in BTC for depositing $100 Referral link / non-ref / terms
Celsius Network $10 in BTC for depositing $200 crypto for 30 days Referral link / non-ref / terms
Crypterium $5 in CRPT for purchasing 50 EUR crypto Referral link / non-ref / terms
$50 free with Crypto.com for staking 50 MCO
The Crypto.com platform offers a debit card with up to 5% cashback, Spotify and Netflix rebates and more, as well as high rate (up to 18%) interest on cryptocurrency deposits, a full exchange and additional rewards.
They're currently offering $50 in MCO if you purchase and stake at least 50 MCO for their Ruby Red card or a higher tier.
You can withdraw, exchange or spend the bonus immediately.
Please read the terms of the offer.
Steps
  • Sign up with my referral link ($50 bonus) / non-ref (no bonus).
  • Enter the code gqxrv2t3up in the Rewards section of the app.
  • Verify your identity once you've created your account.
  • Purchase and stake at least 50 MCO for the card you've chosen.
  • You'll see $50 in MCO added to your wallet immediately after you've staked the MCO.
Links
£15/15 EUR free with Vimba for saving £100/100 EUR cryptocurrency
Vimba are a cryptocurrency investment platform, allowing automatic saving and purchase of BTC, ETH and NEM.
They're currently offering £15/15 EUR in BTC for making four automatic savings totalling £100/100 EUR or more.
You can withdraw the £100/100 EUR and £15/15 EUR immediately after the saving is processed, which occurs every Friday.
Steps
  • Sign up with my referral link (£15/15 EUR bonus) / non-ref (no bonus).
  • Verify your email address once you've created your account.
  • Deposit £25/25 EUR or more into your account.
  • On the Connected Wallets tab, either add or create a BTC wallet for your referral bonus to go to.
  • Click the Manage Auto Delivery button to choose how to distribute the saving to BTC/ETH/NEM.
  • The saving will be automatically processed on Friday, and the BTC/ETH/NEM will be sent to your chosen wallet.
  • This will have to be repeated for 4 weeks.
  • You'll see £15/15 EUR added to your chosen wallet immediately afterwards.
Links
15 EUR free with Luno for purchasing 250 EUR cryptocurrency
Luno are a cryptocurrency trading and investing platform, offering quick and easy purchases of Bitcoin, Ethereum and XRP.
They're currently offering 15 EUR in BTC for your first purchase of 250 EUR or more with of Bitcoin.
You can withdraw or exchange the 15 EUR bonus straight away.
Steps
  • Sign up with my referral link (15 EUR bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Enter 374T3V in the Rewards page online or in the app.
  • Purchase 250 EUR or more BTC, paying by card or bank transfer. Card is quickest but has more fees.
  • You'll see 15 EUR in BTC deposited in your wallet within a few minutes of completing the purchase.
  • You can use the Luno Exchange to sell, exchange or withdraw the BTC to save on fees.
Links
15 EUR free with Bitpanda for trading 25 EUR cryptocurrency and completing a quiz
Bitpanda offer a platform allowing you to buy, sell, exchange and invest in not only cryptocurrencies, but also previous metals such as gold. They have a full exchange available as well.
They're currently offering 10 EUR in cash for your first trade of 25 EUR, and an exta 5 EUR in BEST for completing a short quiz.
You can withdraw your deposit and the 15 EUR bonuses straight away.
Steps
  • Sign up with my referral link (10 EUR bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit 25 EUR or more into your account.
  • Exchange 25 EUR or more in any cryptocurrency or asset available.
  • You'll see 10 EUR added to your wallet shortly afterwards.
  • Complete the beginners' quiz in the Bitpanda academy.
  • You'll see 5 EUR in BEST added to your wallet shortly afterwards.
Links
15 EUR free with Bitwala for opening an account
Bitwala offer a full German bank account with integrated cryptocurrency trading and a linked Mastercard debit card.
They're currently offering 15 EUR for opening an account and creating a bitcoin wallet. No deposits or transactions of any kind are required.
You can withdraw the 15 EUR bonus straight away.
Steps
  • Sign up with my referral link (15 EUR bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Open a bitcoin wallet in your account.
  • You'll see 15 EUR added to your wallet shortly afterwards.
  • This can take up to 15 business days but it is usually a lot quicker.
Links
~$14 free with CoinList for exchanging $100 cryptocurrency
CoinList is a platform that allows you to invest and trade in several different cryptocurrencies.
They're currently offering ~$14 (0.0015 BTC) for exchanging a total of $100 worth of cryptocurrency.
You can withdraw the $10 bonus straight away.
Steps
  • Sign up with my referral link (~$14) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit $100/100 EUR to your account.
  • Use the Buy | Sell option to purchase $100/100 EUR+ of any cryptocurrency.
  • You'll see ~$14 added to your wallet shortly afterwards.
Links
$10/10 EUR free with Mercury Cash for purchasing $100/100 EUR cryptocurrency
Mercury Cash are a financial institution that allow you to buy and sell cryptocurrencies directly for fiat.
They're currently offering $10/10 EUR for your first purchase of $100/100 EUR+ worth of cryptocurrency.
You can withdraw the $10/10 EUR bonus straight away.
Steps
  • Sign up with my referral link ($10/10 EUR) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit $100/100 EUR to your account.
  • Use the Buy | Sell option to purchase $100/100 EUR+ of any cryptocurrency.
  • You'll see $10/10 EUR added to your wallet shortly afterwards.
Links
~$10 free with CoinField for depositing $100/£100/100 EUR
CoinField is a cryptocurrency exchange and digital wallet, allowing you to buy, sell and exchange over 20 different cryptocurrencies worldwide. They also offer SOLO, their own cryptocurrency, built on the XRP Ledger.
They're currently offering 40 SOLO which is around $10 for depositing $100 USD/$100 CAD/100 EU£100 GBP/10,000 JPY/300 AED.
I also got an extra 10 SOLO on signing up, but I can't see this mentioned anywhere so don't think it's guaranteed.
To minimise fees, I'd recommend making the deposit in EUR via SEPA and then exchanging to and withdrawing SOLO/XRP/DGB as they are all fee-free.
If you can only deposit by card, I'd do it via TransferWise in CAD as the amounts and fees will be reduced to the smallest possible value. But then please also take note of the following:
You can have access to your funds deposited via Credit or Debit Cards instantly and start trading immediately with no restriction however we may lock the withdrawal of any digital assets purchased for 30 days depending on your history to reduce the risk of fraud on our platform
Steps
  • Sign up with my referral link (~$10 bonus) / non-ref (no bonus).
  • Make sure the code IDA7182D8E19 is entered in the Have referral code? box.
  • Verify your identity once you've created your account.
  • Deposit $100 USD/$100 CAD/100 EU£100 GBP/10,000 JPY/300 AED into your account.
  • You'll see 40 SOLO (~$10) added to your wallet shortly afterwards.
Links
$10 free with OKEx for purchasing $100 cryptocurrency
OKEx are one of the leading cryptocurrency exchanges, available in over 130 countries and with a large selection of cryptocurrencies available and great volume for each.
They're currently offering $10 in BTC for your first purchase of $100+ worth of cryptocurrency.
You can withdraw the $10 bonus straight away.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Use the Buy Crypto option to purchase $100+ or equivalent of any cryptocurrency.
  • Choose the cheapest payment provider (usually Banxa in UK/EU) and verify your identity with them.
  • You'll see $10 in BTC added to your wallet shortly afterwards.
Links
$10 free with Gemini for exchanging $100 cryptocurrency
Gemini offer a digital asset exchange, allowing you to easily buy, sell and exchange BTC and other cryptocurrencies. They are both fully licensed and regulated.
They're currently offering $10 in BTC for your first exchange of $100 cryptocurrency.
You can withdraw the $10 bonus straight away. The $100 exchange doesn't have to be a purchase, but can also be a sell of cryptocurrency you already have or an exchange to another.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Make an exchange of $100 or more cryptocurrency. This can be a buy, sell or exchange.
  • You'll see $10 in BTC added to your wallet shortly afterwards.
Links
$10 free with Xapo for depositing $100
Xapo offer a digital multi-currency wallet, allowing you to exchange currencies and buy, sell or exchange BTC with ease.
They're currently offering $10 in BTC for your first deposit of $100 or equivalent.
You don't need to spend or exchange the $100 deposit and can spend, exchange or withdraw the $10 bonus straight away.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit $100 or equivalent in your local currency to your account.
  • You'll see $10 in BTC added to your wallet shortly afterwards.
Links
$10 free with Celsius Network for depositing $200 cryptocurrency
Celsius Network offer the ability to earn up to 12% APY interest on your deposited crypto across a range of coins, with no minimum amount.
They're currently offering $10 in BTC for your first deposit of $200 worth of cryptocurrency if you keep it deposited for 30 days.
You can withdraw the $10 bonus straight away after the 30 day period.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Enter the code 175366fe07 in the Have a referral code? section of the form.
  • Verify your identity once you've created your account.
  • Deposit $200 to your account and keep it there for 30 days.
  • You'll see $10 added to your BTC wallet shortly afterwards.
  • The bonus will become unlocked after the 30 day peroid.
Links
$5 free with Crypterium for purchasing 50 EUR cryptocurrency
Crypterium offer a platform allowing you to buy, sell and exchange BTC and several other cryptocurrencies instantly and with minimal fees. They also offer a global UnionPay debit card and are currently beta testing a Visa card in Europe.
They're currently offering $5 in CRPT for your first purchase of 50 EUR cryptocurrency.
You can withdraw, exchange or spend the bonus and deposit immediately.
Steps
  • Sign up with my referral link ($5 bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Purchase 50 EUR or more cryptocurrency.
  • You'll see $5 in CRPT added to your wallet shortly afterwards.
Links
submitted by pKYmlCo70Iyn9D0q38L1 to u/pKYmlCo70Iyn9D0q38L1 [link] [comments]

13 April cryptocurrency offers with £150+ in bonuses

13 April cryptocurrency offers with £150+ in bonuses
Since it's the end of the month and a couple of these offers are ending soon, I thought it'd be a good idea to make a collection of all the cryptocurrency offers I'm aware of.
I've done a summary of all the offers and gone into more detail on each below. Completing them all will give you around $119 (£95.38), 55 EUR (£48) and £15 in bonuses, which works out to about £158.38 in all.
Please let me know if there are any that I've missed or if you have any questions about any of the offers :)
Summary
Offer Description Links
Crypto.com $50 in MCO for staking 50 MCO for 6 months Referral link / non-ref / terms
Vimba £15/15 EUR in BTC for saving £100/100 EUR Referral link / non-ref / terms
Luno 15 EUR in BTC for trading 250 EUR crypto Referral link / non-ref / terms
Bitpanda 10 EUR + 5 EUR in BEST for trading 25 EUR crypto + completing quiz Referral link / non-ref / terms
Bitwala 15 EUR for opening an account and crypto wallet Referral link / non-ref / terms
CoinList ~$14 in BTC for trading $100 crypto Referral link / non-ref / terms
Mercury Cash $10/10 EUR for purchasing $100/100 EUR crypto Referral link / non-ref / terms
CoinField 40 SOLO for depositing £100/$100/100 EUR (~$10) Referral link / non-ref / terms
OKEx $10 in BTC for purchasing $100 crypto Referral link / non-ref / terms
Gemini $10 in BTC for trading $100 crypto Referral link / non-ref / terms
Xapo $10 in BTC for depositing $100 Referral link / non-ref / terms
Celsius Network $10 in BTC for depositing $200 crypto for 30 days Referral link / non-ref / terms
Crypterium $5 in CRPT for purchasing 50 EUR crypto Referral link / non-ref / terms
$50 free with Crypto.com for staking 50 MCO
The Crypto.com platform offers a debit card with up to 5% cashback, Spotify and Netflix rebates and more, as well as high rate (up to 18%) interest on cryptocurrency deposits, a full exchange and additional rewards.
They're currently offering $50 in MCO if you purchase and stake at least 50 MCO for their Ruby Red card or a higher tier.
You can withdraw, exchange or spend the bonus immediately.
Please read the terms of the offer.
Steps
  • Sign up with my referral link ($50 bonus) / non-ref (no bonus).
  • Enter the code gqxrv2t3up in the Rewards section of the app.
  • Verify your identity once you've created your account.
  • Purchase and stake at least 50 MCO for the card you've chosen.
  • You'll see $50 in MCO added to your wallet immediately after you've staked the MCO.
Links
£15/15 EUR free with Vimba for saving £100/100 EUR cryptocurrency
Vimba are a cryptocurrency investment platform, allowing automatic saving and purchase of BTC, ETH and NEM.
They're currently offering £15/15 EUR in BTC for making four automatic savings totalling £100/100 EUR or more.
You can withdraw the £100/100 EUR and £15/15 EUR immediately after the saving is processed, which occurs every Friday.
Steps
  • Sign up with my referral link (£15/15 EUR bonus) / non-ref (no bonus).
  • Verify your email address once you've created your account.
  • Deposit £25/25 EUR or more into your account.
  • On the Connected Wallets tab, either add or create a BTC wallet for your referral bonus to go to.
  • Click the Manage Auto Delivery button to choose how to distribute the saving to BTC/ETH/NEM.
  • The saving will be automatically processed on Friday, and the BTC/ETH/NEM will be sent to your chosen wallet.
  • This will have to be repeated for 4 weeks.
  • You'll see £15/15 EUR added to your chosen wallet immediately afterwards.
Links
15 EUR free with Luno for purchasing 250 EUR cryptocurrency
Luno are a cryptocurrency trading and investing platform, offering quick and easy purchases of Bitcoin, Ethereum and XRP.
They're currently offering 15 EUR in BTC for your first purchase of 250 EUR or more with of Bitcoin.
You can withdraw or exchange the 15 EUR bonus straight away.
Steps
  • Sign up with my referral link (15 EUR bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Enter 374T3V in the Rewards page online or in the app.
  • Purchase 250 EUR or more BTC, paying by card or bank transfer. Card is quickest but has more fees.
  • You'll see 15 EUR in BTC deposited in your wallet within a few minutes of completing the purchase.
  • You can use the Luno Exchange to sell, exchange or withdraw the BTC to save on fees.
Links
15 EUR free with Bitpanda for trading 25 EUR cryptocurrency and completing a quiz
Bitpanda offer a platform allowing you to buy, sell, exchange and invest in not only cryptocurrencies, but also previous metals such as gold. They have a full exchange available as well.
They're currently offering 10 EUR in cash for your first trade of 25 EUR, and an exta 5 EUR in BEST for completing a short quiz.
You can withdraw your deposit and the 15 EUR bonuses straight away.
Steps
  • Sign up with my referral link (10 EUR bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit 25 EUR or more into your account.
  • Exchange 25 EUR or more in any cryptocurrency or asset available.
  • You'll see 10 EUR added to your wallet shortly afterwards.
  • Complete the beginners' quiz in the Bitpanda academy.
  • You'll see 5 EUR in BEST added to your wallet shortly afterwards.
Links
15 EUR free with Bitwala for opening an account
Bitwala offer a full German bank account with integrated cryptocurrency trading and a linked Mastercard debit card.
They're currently offering 15 EUR for opening an account and creating a bitcoin wallet. No deposits or transactions of any kind are required.
You can withdraw the 15 EUR bonus straight away.
Steps
  • Sign up with my referral link (15 EUR bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Open a bitcoin wallet in your account.
  • You'll see 15 EUR added to your wallet shortly afterwards.
  • This can take up to 15 business days but it is usually a lot quicker.
Links
~$14 free with CoinList for exchanging $100 cryptocurrency
CoinList is a platform that allows you to invest and trade in several different cryptocurrencies.
They're currently offering ~$14 (0.0015 BTC) for exchanging a total of $100 worth of cryptocurrency.
You can withdraw the $10 bonus straight away.
Steps
  • Sign up with my referral link (~$14) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit $100/100 EUR to your account.
  • Use the Buy | Sell option to purchase $100/100 EUR+ of any cryptocurrency.
  • You'll see ~$14 added to your wallet shortly afterwards.
Links
$10/10 EUR free with Mercury Cash for purchasing $100/100 EUR cryptocurrency
Mercury Cash are a financial institution that allow you to buy and sell cryptocurrencies directly for fiat.
They're currently offering $10/10 EUR for your first purchase of $100/100 EUR+ worth of cryptocurrency.
You can withdraw the $10/10 EUR bonus straight away.
Steps
  • Sign up with my referral link ($10/10 EUR) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit $100/100 EUR to your account.
  • Use the Buy | Sell option to purchase $100/100 EUR+ of any cryptocurrency.
  • You'll see $10/10 EUR added to your wallet shortly afterwards.
Links
~$10 free with CoinField for depositing $100/£100/100 EUR
CoinField is a cryptocurrency exchange and digital wallet, allowing you to buy, sell and exchange over 20 different cryptocurrencies worldwide. They also offer SOLO, their own cryptocurrency, built on the XRP Ledger.
They're currently offering 40 SOLO which is around $10 for depositing $100 USD/$100 CAD/100 EU£100 GBP/10,000 JPY/300 AED.
I also got an extra 10 SOLO on signing up, but I can't see this mentioned anywhere so don't think it's guaranteed.
To minimise fees, I'd recommend making the deposit in EUR via SEPA and then exchanging to and withdrawing SOLO/XRP/DGB as they are all fee-free.
If you can only deposit by card, I'd do it via TransferWise in CAD as the amounts and fees will be reduced to the smallest possible value. But then please also take note of the following:
You can have access to your funds deposited via Credit or Debit Cards instantly and start trading immediately with no restriction however we may lock the withdrawal of any digital assets purchased for 30 days depending on your history to reduce the risk of fraud on our platform
Steps
  • Sign up with my referral link (~$10 bonus) / non-ref (no bonus).
  • Make sure the code IDA7182D8E19 is entered in the Have referral code? box.
  • Verify your identity once you've created your account.
  • Deposit $100 USD/$100 CAD/100 EU£100 GBP/10,000 JPY/300 AED into your account.
  • You'll see 40 SOLO (~$10) added to your wallet shortly afterwards.
Links
$10 free with OKEx for purchasing $100 cryptocurrency
OKEx are one of the leading cryptocurrency exchanges, available in over 130 countries and with a large selection of cryptocurrencies available and great volume for each.
They're currently offering $10 in BTC for your first purchase of $100+ worth of cryptocurrency.
You can withdraw the $10 bonus straight away.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Use the Buy Crypto option to purchase $100+ or equivalent of any cryptocurrency.
  • Choose the cheapest payment provider (usually Banxa in UK/EU) and verify your identity with them.
  • You'll see $10 in BTC added to your wallet shortly afterwards.
Links
$10 free with Gemini for exchanging $100 cryptocurrency
Gemini offer a digital asset exchange, allowing you to easily buy, sell and exchange BTC and other cryptocurrencies. They are both fully licensed and regulated.
They're currently offering $10 in BTC for your first exchange of $100 cryptocurrency.
You can withdraw the $10 bonus straight away. The $100 exchange doesn't have to be a purchase, but can also be a sell of cryptocurrency you already have or an exchange to another.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Make an exchange of $100 or more cryptocurrency. This can be a buy, sell or exchange.
  • You'll see $10 in BTC added to your wallet shortly afterwards.
Links
$10 free with Xapo for depositing $100
Xapo offer a digital multi-currency wallet, allowing you to exchange currencies and buy, sell or exchange BTC with ease.
They're currently offering $10 in BTC for your first deposit of $100 or equivalent.
You don't need to spend or exchange the $100 deposit and can spend, exchange or withdraw the $10 bonus straight away.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Deposit $100 or equivalent in your local currency to your account.
  • You'll see $10 in BTC added to your wallet shortly afterwards.
Links
$10 free with Celsius Network for depositing $200 cryptocurrency
Celsius Network offer the ability to earn up to 12% APY interest on your deposited crypto across a range of coins, with no minimum amount.
They're currently offering $10 in BTC for your first deposit of $200 worth of cryptocurrency if you keep it deposited for 30 days.
You can withdraw the $10 bonus straight away after the 30 day period.
Steps
  • Sign up with my referral link ($10 bonus) / non-ref (no bonus).
  • Enter the code 175366fe07 in the Have a referral code? section of the form.
  • Verify your identity once you've created your account.
  • Deposit $200 to your account and keep it there for 30 days.
  • You'll see $10 added to your BTC wallet shortly afterwards.
  • The bonus will become unlocked after the 30 day peroid.
Links
$5 free with Crypterium for purchasing 50 EUR cryptocurrency
Crypterium offer a platform allowing you to buy, sell and exchange BTC and several other cryptocurrencies instantly and with minimal fees. They also offer a global UnionPay debit card and are currently beta testing a Visa card in Europe.
They're currently offering $5 in CRPT for your first purchase of 50 EUR cryptocurrency.
You can withdraw, exchange or spend the bonus and deposit immediately.
Steps
  • Sign up with my referral link ($5 bonus) / non-ref (no bonus).
  • Verify your identity once you've created your account.
  • Purchase 50 EUR or more cryptocurrency.
  • You'll see $5 in CRPT added to your wallet shortly afterwards.
Links
submitted by pKYmlCo70Iyn9D0q38L1 to referralcodeshub [link] [comments]

Converting Bitcoins into Ethereum instantly. Exchange BTC ... What is Bitcoin? Bitcoin Explained Simply for Dummies ... History of Bitcoin Price (BTC) Bitcoin exchange rate Price today news Getting exchange rates with API - part 1

Bittylicious is a Bitcoin exchange based in the United Kingdom which allows for instant purchases of BTC with a debit/credit card, bank transfer, and other payment options. It is known for its ease-of-use, but most users still opt for Coinbase UK instead. Other methods. Two worthwhile options aside from exchanges exist in the United Kingdom: LocalBitcoins and Bitcoin ATMs. LocalBitcoins allows ... Bitcoin Price Chart The Bitcoin price chart provides historical price values and exchange rate values for the last 6 months. Bitcoin Price: $13,124.523300 ($137.62) (-1.05 %) Bitcoin history. Bitcoin is the first example of decentralized digital money established in 2008 by a person or a group of people under the pseudonym of Satoshi Nakamoto. This account of bitcoin history resumes the first ten-years (2008 - 2019) of the cryptocurrency. Bitcoin price since 2009 to 2019. Bitcoin price charts. A Bitcoin wallet can be a lot safer than a bank account. Cypriots learnt this the hard way when their savings were confiscated in early 2013. This event was reported as causing a price surge, as savers rethought the relative risks of banks versus Bitcoin.. The next domino to fall was Greece, where strict capital controls were imposed in 2015. Build current and historic rate tables with your chosen base currency with XE Currency Tables. For commercial purposes, get an automated currency feed through the XE Currency Data API.

[index] [9574] [42699] [12170] [11800] [21724] [23974] [26124] [43158] [48312] [3666]

Converting Bitcoins into Ethereum instantly. Exchange BTC ...

This video represent history of BTC-USD exchange rate until 2019.07.11 Bitcoin price is like crazy right now. How much will rising up? and, How much will falling down? What's The Best Bitcoin Trading Site Trading Bitcoin Exchange Rates On Charts 2014 - Just follow the simple trading methods s... Bitcoins uploaded a video 5 years ago 1:06 Exchange Bitcoin instantly: https://ukash-wallet.biz/bitcoin-exchange/ to PayPal, Skrill, Perfect Money, Webmoney and cryptocurrencies Ethereum, Litecoin, Da... Bitcoin news: included. This video is unavailable. Watch Queue Queue Getting exchange rates and company logos with API part 2 - Duration: 4:17 ... Get Bitcoin Exchange Rates using PHP API - Duration: 13:39. Lets Try This ! 2,715 views. 13:39. Using exchange rate ...

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