{
  "trx_id": "e92775a872a8d142c09255410904034581540b2e",
  "block": 106141193,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-05-17T22:21:57",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "7941.550818 VESTS"
    }
  ]
}

{
  "trx_id": "2ff3c8ad9c0417466945bae477d06a67daadc174",
  "block": 105966730,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-05-11T20:20:06",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "5229.340413 VESTS"
    }
  ]
}

{
  "trx_id": "07a61eee54c8877e60992225c6a839ede1d8d528",
  "block": 105508898,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-04-25T21:45:45",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "7954.066574 VESTS"
    }
  ]
}

{
  "trx_id": "62a3a5aef154fde4b3cb234aa9461618adda90d4",
  "block": 102845860,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-01-23T02:49:45",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "5270.887232 VESTS"
    }
  ]
}

{
  "trx_id": "80a64deaa990f62025ab6724bf10b4bc16a2569f",
  "block": 91292269,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2024-12-16T22:09:15",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "5435.106429 VESTS"
    }
  ]
}

{
  "trx_id": "b4a37b9356e2f368e944e9fb86162c2e21fa2daa",
  "block": 79846530,
  "trx_in_block": 8,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2023-11-13T13:54:15",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "5604.239961 VESTS"
    }
  ]
}

{
  "trx_id": "d87eac289c2fa49546d17a99adf5a7206d167d3c",
  "block": 78345213,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2023-09-21T19:38:21",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "8541.518747 VESTS"
    }
  ]
}

{
  "trx_id": "125b8bd93faaba2513fbae573dc0705838c59ca3",
  "block": 69110842,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2022-11-03T09:40:39",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "8763.200185 VESTS"
    }
  ]
}

{
  "trx_id": "85d21fada7db47b965ab084cb7ddafdc8edcd4c5",
  "block": 60807209,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2022-01-17T09:06:24",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "8983.733416 VESTS"
    }
  ]
}

{
  "trx_id": "a587c18ca1863514be4432806957b8641b3a8e7c",
  "block": 54605690,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2021-06-13T23:06:15",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "9167.502074 VESTS"
    }
  ]
}

{
  "trx_id": "a725870b560668b399d4f447300a3d580150b86b",
  "block": 49353216,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-11T09:27:36",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "9354.924048 VESTS"
    }
  ]
}

{
  "trx_id": "aef36ee0dd3f34b834e9f2faf557e5a4230fa857",
  "block": 49204787,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-06T03:05:03",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "1912.543513 VESTS"
    }
  ]
}

{
  "trx_id": "13a535962420dc0b418edc8fcca5a3d8ac2c6a6f",
  "block": 49185891,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-05T11:01:57",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "9361.290687 VESTS"
    }
  ]
}

{
  "trx_id": "bf0eb9ccd57d4b3ae907d5aa9cc6d5713e98828e",
  "block": 48253507,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-11-02T11:59:21",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "1920.017158 VESTS"
    }
  ]
}

{
  "trx_id": "6be74a860566c5a44e40a0f496d42795a9bef8f1",
  "block": 43215004,
  "trx_in_block": 10,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-09T04:00:18",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "9563.937261 VESTS"
    }
  ]
}

{
  "trx_id": "d2f5a844c67e84e02265baee72475ae2fe569e44",
  "block": 43190801,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-08T07:21:06",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "1953.311140 VESTS"
    }
  ]
}

{
  "trx_id": "4a3add9d2aad3d9913cca7ab16c8dc49d27eb77a",
  "block": 39203328,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-12-20T13:20:36",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "9641.274433 VESTS"
    }
  ]
}

{
  "trx_id": "3796c1c86d490d61b0411c18bd371e1831c6b60c",
  "block": 36644658,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-22T12:57:03",
  "op": [
    "comment",
    {
      "parent_author": "btfdcrypto",
      "parent_permlink": "exchanges",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-btfdcrypto-20190922t125702000z",
      "title": "",
      "body": "Congratulations @btfdcrypto! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@btfdcrypto/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@btfdcrypto) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=btfdcrypto)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemitboard-supports-the-steemfest-travel-reimbursement-fund\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmXDHs9xfx8ZZ3DESFUqHRUQAcQT5kUWobArsRoJg2Yz1F/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemitboard-supports-the-steemfest-travel-reimbursement-fund\">SteemitBoard supports the SteemFest⁴ Travel Reimbursement Fund.</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "266cb77a9d0cb890789d2ab1311199be60916efd",
  "block": 29567290,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-01-18T15:50:45",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "9838.172339 VESTS"
    }
  ]
}

{
  "trx_id": "7d54da00e8e551c38b1bd1f5d3124da22dbcaeb4",
  "block": 26948388,
  "trx_in_block": 6,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-19T15:55:21",
  "op": [
    "vote",
    {
      "voter": "sensation",
      "author": "btfdcrypto",
      "permlink": "exchanges",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "56dbe9e64b12e09a26bdef8bdc0db9511878f05e",
  "block": 26946918,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-19T14:41:42",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "bittrex",
      "author": "btfdcrypto",
      "permlink": "exchanges",
      "title": "Exchanges",
      "body": "Given that speculation is one of the, if not the, first mover use cases in crypto, we thought it might be useful to discuss the mechanisms for said speculation.  Speculation is an exercise in price discovery and in order to facilitate it, there have to be markets for buyers and sellers.  In the case of cryptocurrencies, these markets are mainly represented in the various exchanges that provide a facility for trading.  Before we get started, lets briefly overview the legacy exchange markets.\n \n**Legacy Exchanges**\n \nIt probably comes as little surprise that the highest volume exchange on the planet with a capitalization of $19.2 trillion is the New York Stock Exchange owned by Intercontinental Exchange (more on them later).  The NYSE dates back to the Buttonwood Agreement from 1792 which was essentially a bargaining agreement where brokers committed to each other that they would not trade securities at a commission lower than 25 basis points and that they would give each other preference in negotiations.  In case anyone was wondering whether Wall Street has only recently been constructing a system structurally skewed in their own favor, the terms of the Buttonwood Agreement beg to differ.  The first securities traded on the NYSE: Revolutionary War Bonds.\n\nToday’s markets are technological behemoths with all of the top 10 exchanges having market caps over $1 trillion and representing a mass of individuals, institutions, bots, and AI, trading stocks (equity), bonds (debt), and derivatives (options, swaps, futures, etc).  Of course, these aren’t the only things you can trade since we have markets for commodities, FOREX, and other financial instruments all of which are defined by a single common thread: they are regulated, public, financial markets.\n \n**Enter Crypto**\n \nThe first ever cryptocurrency exchange, BitcoinMarket.com, started operating in March of 2010 and is now defunct.  Founded in 2011, the longest continously running crypto exchange is BTCC and the largest exchange by volume is a moving target, but usually cycles between BitMEX, Bitflyer and Bithumb.  The largest American exchange is GDAX (owned by Coinbase) all the way down at #24 on the list.  The existence of exchanges for cryptocurrency seems like an obvious and necessary part of market maturation, but there is nothing in the Bitcoin whitepaper that either directly or indirectly references the advent of Bitcoin as a speculative instrument.  In fact, the Bitcoin whitepaper is oriented around BTC being a form of peer to peer electronic cash and there is no element of either the blockchain or the consensus mechanism that requires exchanges in order to operate.  Exchanges, or centralized exchanges at least, are arguably antithetical to the purpose and ethos of cryptocurrency since they facilitate off-chain transactions where users do not hold their private keys.  Nevertheless, exchanges serve an essential function in the cryptocurrency ecosystem in that they provide a venue for price discovery. \n \nFamously, the first ever economic transaction using BTC was the purchase of two pizzas for 10,000 BTC.  While that sounds expensive in today’s BTC terms, if BTC fulfils its promise of becoming a true store of value or, better yet, a world reserve currency, those two pizzas will probably equate to the GDP of a small country.  Price discovery in pizza denominated transactions is hardly sound economic footing, however, so as the crypto ecosystem started to develop more cryptocurrency exchanges entered the market.\n \n**Early Exchanges**\n \nThere are plenty of arguments to support the case that even the current “tier 1” exchanges for crypto have a ways to go in order to fully professionalize.  The early exchanges, however, were much more like websites for trading collectibles than venues for transacting in financial products.  The best, and worst, example of this was Mt. Gox.  Initially a site for trading Magic the Gathering cards, it eventually became the preeminent cryptocurrency exchange, overwhelming both the expectation and capacity of its infrastructure and principals.  At its peak Mt. Gox handled 70% of all crypto trading volume.  In February 2014, Mt. Gox suspended trading and shortly thereafter filed for bankruptcy protection.  Mt. Gox was forced to admit they had been subject to a multi-year hack wherein they lost approximately 850,000 BTC, most of which still has not been recovered, though some has and is held in a trust, the actions of which are closely monitored by the Bitcoin trading world.  When Mt. Gox announced the hack, in what is to date the largest hack of cryptocurrency ever, it precipitated a financial bear market and a reckoning for the industry writ large.\n \n**Retail Maturation**\n \nAround the same time as the Mt. Gox fiasco, a new wave of financializaton ushered in exchanges with more sophisticated trading engines that looked more like Wall Street than their predecessors.  While the upgraded exchanges, like Bitstamp, Bitfinex, and Bittrex did offer significant improvements, they were still oriented around retail trading.  Part of the reason for this was the fact that even if the exchanges were able to provide the requisite security, custody, and regulatory environment to attract institutional investors, the crypto space was still too nascent for serious institutions.  In addition to needing a greater level of maturity, and the existential threat to banking posed by cryptocurrency, very few institutional investors could defend a cryptocurrency investment to their risk committees in 2013, much less making said investment by purchasing or trading coins on a largely unregulated exchange like the ones mentioned above, even if they were domiciled in cozy jurisdictions like Luxembourg (Bitstamp), British Virgin Islands (Bitfinex), or Delaware (Bittrex).  Barring the entrance of large-scale institutional accounts, the post Mt. Gox exchanges were and remain dominated by retail investors. \n \nIn fact, the first few tranches of crypto adopters have all been retail, which is unlike the standard adoption curve for financial instruments.  Let’s take collateralized debt obligations as a counterpoint.  CDOs are a purely Wall Street invention, which they packaged as products and foisted on the markets starting with a Drexel Burnham product in 1987 but really gaining traction in 2000.  Wall Street kept the highest rated tranches (collateralized with the lowest default-risk loans) for themselves, and then marketed the lesser tranches to customers.  When supply ran short, synthetic CDOs aka “CDO-squared” were created and sold as fuel to the what would later be revealed as the subprime mortgage crisis.  In the case of CDOs, much like other financial products, the instrument had its origin with the institutions and eventually trickled down to retail.  The opposite has been true with cryptocurrency where retail led as early adopters and institutions are forced to buy crypto from retail which until recently owned most of the circulating supply.  It’s worth noting, however, that in both the CDO and crypto scenarios the bulk of the risk lies with retail.  In the CDO case this is true because of the exposure to the higher default risk tranches and in the crypto case because retail adopted while the technology was entirely untested and before systemic ecosystem risk began to be mitigated.\n\n**State of Play**\n \nThe cryptocurrency markets have been rapidly evolving as increasingly sophisticated players enter the space either as investors or as infrastructure providers.  Perhaps most notably, both CME and CBOE, in 2017, announced and implemented Bitcoin futures markets on their platforms.  While these markets are both cash-settled, their involvement still marked a major milestone for Bitcoin adoption into legacy financial markets.  As discussed in a past newsletter, there is rampant speculation around the if/when of a Bitcoin ETF as a “next step” in Bitcoin adoption on legacy exchanges. More immediately, though, the market saw an equal if not bigger event in the announcement by ICE of the Bakkt one-day, Bitcoin settled, futures market.  ICE, aka Intercontinental Exchange, you may recall from paragraphs such as the second one in this article, is also the owner of the NYSE.  An exchange operator like ICE entering the cryptocurrency space signifies not only a massive leap in market maturation, it also provides a trading venue where investors, both institutional and retail, who may have been interested in trading crypto but were unwilling or unable to enter the market using even the more reputable exchanges organic to the crypto world, exactly the on ramp they need.  Admittedly, the CME and CBOE markets do already represent a legacy venue for gaining exposure to crypto, but, they provide just that: exposure.  Neither commodity market actually trades in Bitcoin since the contracts are, as we mentioned, cash-settled.  This means that upon expiration, the contract holder is entitled to the value of the contract in USD terms, not actual Bitcoin.  In opting for cash-settled markets, CME and CBOE avoided all of the issues around custody and settlement in Bitcoin.  It was definitely a nod to the cryptocurrency industry, but hardly an embrace. \n \nBakkt, on the other hand, will offer Bitcoin settled markets.  Moreover, they are one-day futures so those looking to purchase real BTC will be able to do so through an ICE operated platform where contract holders are entitled to the value of the underlying contract in actual Bitcoin within a trading day.  (As an aside, there is an on-going conversation in the crypto world around whether Bakkt will rehypothecate the BTC held in their contracts, and the consensus is that they have the ability and perhaps the profit imperative to do so, but we will leave that as a topic for another conversation).  \n \n**The Future**\n \nAs cryptocurrency cheerleaders, we are encouraged by the improvements made by crypto exchanges and the entrance of legacy players into the crypto trading space since we expect that at least in the short-term, these market forces will drive up demand and price which will attract a new wave of investors, investment, and attention to the space.  But, going back to the Bitcoin whitepaper for a moment, we believe that there is a need to protect or at least provide a venue for the peer to peer ethos of crypto.  Without getting into a debate about the pros and cons of monetary sovereignty, we believe that there is a true need for censorship-resistant money.  One way to facilitate cryptocurrency trading without forcing participants into a centralized platform is through decentralized exchanges aka DEXs.  These exchanges already exist, but they are still fairly “illiquid” since they have yet to attract large numbers of users and they, by design, don’t provision for market making.  DEXs do not take custody of any user’s coins in the traditional exchange sense, but rather, merely provide a venue for buyers and sellers to meet and negotiate prices.  Generally, the DEXs do provide a trade settlement facility either through the issuance of a trade through a smart contract or by establishing the framework for a multi-sig wallet transaction, which is somewhat like having an escrow agent but more “trustless” since no single party to the transaction full control over settlement. \n \nAs elements of crypto trading gear up for institutional adoption and professionalization, DEXs will act as a hedge against the negative aspects of financialization against which Bitcoin formed its original rebellion.  As is often repeated, the two elements required for monetary sovereignty in crypto are holding your own private keys and running a full node so you can validate transactions. We remain enthusiastic about the improving conditions around crypto trading exchanges, but if institutional financialization and government regulation wade further in to the cryptocurrency space, as we know they will, it will be increasingly important to have things like DEXs to facilitate transactions that don’t infringe on monetary sovereignty.",
      "json_metadata": "{\"tags\":[\"bittrex\",\"binance\",\"bitfinex\",\"crypto\",\"bitcoin\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "1edd8073101f2892c756b42b85364e7a5ca57996",
  "block": 26485872,
  "trx_in_block": 21,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-03T14:12:33",
  "op": [
    "vote",
    {
      "voter": "alphabot",
      "author": "btfdcrypto",
      "permlink": "crypto-investing-mistakes-to-avoid",
      "weight": 100
    }
  ]
}

{
  "trx_id": "f88feb6580ffc23fed98504f4cbba90c924c9ac9",
  "block": 26485869,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-03T14:12:24",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "cryptoinvesting",
      "author": "btfdcrypto",
      "permlink": "crypto-investing-mistakes-to-avoid",
      "title": "Crypto Investing Mistakes to Avoid",
      "body": "@@ -892,16 +892,17 @@\n akes?%0A %0A\n+*\n *Look fo\n@@ -910,16 +910,17 @@\n  Value:*\n+*\n %0A       \n@@ -1461,16 +1461,17 @@\n tial.%0A %0A\n+*\n *Block o\n@@ -1484,16 +1484,17 @@\n  Noise:*\n+*\n %0A       \n@@ -2103,16 +2103,17 @@\n orts.%0A %0A\n+*\n *Work wi\n@@ -2127,16 +2127,17 @@\n nology:*\n+*\n %0AIn the \n",
      "json_metadata": "{\"tags\":[\"cryptoinvesting\",\"crypto\",\"cryptocurrency\",\"bitcoin\",\"ethereum\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "35834885c97274bc4480f8fae39269fd6a4cd6df",
  "block": 26485599,
  "trx_in_block": 34,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-03T13:58:54",
  "op": [
    "vote",
    {
      "voter": "fastresteem",
      "author": "btfdcrypto",
      "permlink": "crypto-investing-mistakes-to-avoid",
      "weight": 100
    }
  ]
}

{
  "trx_id": "9ae094b9b099053acab98ba068545907b4892d00",
  "block": 26485596,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-03T13:58:45",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "cryptoinvesting",
      "author": "btfdcrypto",
      "permlink": "crypto-investing-mistakes-to-avoid",
      "title": "Crypto Investing Mistakes to Avoid",
      "body": "Just like the traditional currency market, cryptocurrency market is open 24 hours, 7 days a week. People are quick to take advantage of making a profit whenever news is released due to the price movement of bitcoin. In reality, human beings are terrible when it comes to investing or trading decisions. We let fear and greed influence our decisions. Last year, we heard CNBC, Fox Business, WSJ, CNN Money, and other financial news covering Bitcoin nonstop when the price reached $15,000, $17,000, up to $19,000. People started to notice, and the human mind becomes greedy. Some were sure that price was going to go up some more. In reality, they were buying high. The exact opposite of the investing principles of buying low and selling high. With Bitcoin’s price at $6,600 now, some people’s life savings and retirements were cut by 70 to 80 percent. So how do we avoid these financial mistakes?\n \n*Look for Value:*\n              “How is this going to make the world a better place?” Ask this question when you’re investing in a specific stock or crypto. Facebook connects people around the world, Amazon provides quality products and quick delivery, Google provides information in an instant. These are the companies that give value to everyday life whether it may be personal or business and in return, people value these companies. So ask yourself, is this altcoin going to help better society in the future? If it’s a yes, then it might have great potential.\n \n*Block out the Noise:*\n              News, internet, and the media like to manipulate how people think. It’s crucial to do your own research. Crypto is a great example of that. If you watch finance news or read news articles, there’s a lot of fear in the headlines right now: Bitcoin is going to zero, sell now before you lose it all. These headlines are quite effective to instill fear and uncertainty to the people. What the public does not hear is the daily technological developments, investment companies accumulating, or regulatory progress with crypto. Do your research or find an unbiased news source to get the complete reports.\n \n*Work with Technology:*\nIn the traditional market, automated traders (computer traders) are proven to be far better than humans. It makes sense, computers are programmed to make rational decisions without any emotions. Computers don’t get tired, overwhelmed, and they can calculate much greater data than humans. So why try to go against these bots? Many successful portfolio managers use bots to make decisions. When their human decision matches the bot recommendation, then there’s a great profit probability. If it doesn’t match, portfolio managers reevaluate their decision or tinker with the bot until it becomes a match. Either way, both improve their decision making. Find or program a bot, back test its performance, and evaluate the results. If it is profitable like BTFD’s Moneta bot, then you should be friends with it and make sure all decisions are in accordance. Instead of trading against these bots, use the bots in your favor instead.\n \nHere are the 3 common investing mistakes most people make (me included) and there are plenty more out there. Human psychology is a dangerous thing and many people fall for these mistakes over and over. Be aware of the traps and always do your research. And make sure not to buy bitcoin at $25,000 at the end of the year.",
      "json_metadata": "{\"tags\":[\"cryptoinvesting\",\"crypto\",\"cryptocurrency\",\"bitcoin\",\"ethereum\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "83a6ae6a49b0d0484eee65c76a24ce5c4ff5e725",
  "block": 26242659,
  "trx_in_block": 40,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-25T03:15:09",
  "op": [
    "vote",
    {
      "voter": "coin.info",
      "author": "btfdcrypto",
      "permlink": "stablecoins",
      "weight": 694
    }
  ]
}

{
  "trx_id": "3e497265d54ced9380c696f13a289c38293c2ab8",
  "block": 26242658,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-25T03:15:06",
  "op": [
    "comment",
    {
      "parent_author": "btfdcrypto",
      "parent_permlink": "stablecoins",
      "author": "coin.info",
      "permlink": "re-btfdcrypto-stablecoins-20180925t031504186z",
      "title": "",
      "body": "**Coins mentioned in post:**\n\nCoin | | Price (USD) | 📉 24h | 📈 7d\n- | - | - | - | -\n**BTC** | Bitcoin | 6446.109$ | _-3.88%_ | _2.62%_\n**ETH** | Ethereum | 221.315$ | _-9.53%_ | _11.9%_\n**TUSD** | TrueUSD | 1.001$ | _0.22%_ | _-0.9%_\n**USDT** | Tether | 1.000$ | _0.19%_ | _-0.23%_",
      "json_metadata": "{\"app\":\"coininfo/1.0.0\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "35ea689661550a4e59ba84af9445073785aa9df4",
  "block": 26234186,
  "trx_in_block": 18,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-24T20:11:12",
  "op": [
    "account_update",
    {
      "account": "btfdcrypto",
      "memo_key": "STM8hrSaCyeRwMBQjBnQX9zEQfkVaegtoHXFzvyyHUMtCuVW7uasg",
      "json_metadata": "{\"profile\":{}}"
    }
  ]
}

{
  "trx_id": "255a20013b038e087300c8ab4abf465f059c9b12",
  "block": 26234174,
  "trx_in_block": 17,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-24T20:10:36",
  "op": [
    "account_update",
    {
      "account": "btfdcrypto",
      "memo_key": "STM8hrSaCyeRwMBQjBnQX9zEQfkVaegtoHXFzvyyHUMtCuVW7uasg",
      "json_metadata": "{\"profile\":{\"profile_image\":\"https://cdn.steemitimages.com/DQmbmqPVhhcBxbPEKxEx5198sNALdwe6v5vhgCiqeJAN88u/work.icon.png\"}}"
    }
  ]
}

{
  "trx_id": "2be3b782eb5d7d6efbbec88bc137093759e9bc55",
  "block": 26234131,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-24T20:08:27",
  "op": [
    "vote",
    {
      "voter": "ax3",
      "author": "btfdcrypto",
      "permlink": "stablecoins",
      "weight": 100
    }
  ]
}

{
  "trx_id": "fd6a2a2e2a7fc897c20f34ea25c0d5e1006bd3ef",
  "block": 26234128,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-24T20:08:18",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "stablecoin",
      "author": "btfdcrypto",
      "permlink": "stablecoins",
      "title": "Stablecoins",
      "body": "The quest for a viable “stablecoin” has been one of the recurring themes in the cryptocurrency world for a while now.  Notably, Ethereum co-founder Vitalik Buterin wrote an article on the subject in Nov, 2014 (https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/).  Most recently, the stablecoin topic entered the zeitgeist around the Tether (non) scandal from late 2017/early 2018.  To date, Tether is probably still the most recognized stablecoin, but major competitors are entering the space.  We will discuss a few of the more prominent projects, but first: what is a stablecoin?\n\nOne of the challenges presented by the rampant volatility among all cryptocurrencies is their use as a medium of exchange or as a denominator for any non-instant transaction.  Besides merchants who have strong fundamental convictions about the future of cryptocurrencies (e.g. Patrick Bryne & Overstock), the price volatility is generally a disincentive to accept crypto as payment for goods and services.  Frequently, merchants who do accept crypto will charge a fee as a hedge against the currency risk which, in turn, disincentives the transaction.  Why buy $100 chair for $112 worth of Bitcoin just for the privilege of transacting in Bitcoin?  Well, we bought our entire set of office furniture with Bitcoin from Overstock, but it was December, 2017 and our USD basis in that $112 was single digit so it felt like a good deal.  Counting on this type of consumer is hardly an economic model upon which anyone would build a retail business, though, it is not without precedent since its exactly this kind of currency arbitrage that underpins the outsourced labor model.  \n\nWhat if there was a coin that had a steady value?  It would provide a consistent basis for product pricing and it could be the denominator for non-instant transactions.  By non-instant, we are referring to transactions where some time passes between price determination and settlement.  Real estate is a good example since, at least where financing is required, price is determined upon acceptance of a bid but funds don’t exchange hands until 30-60 days later.  Pricing you home in Bitcoin would be a risky proposition.  The home could be priced in USD and settled in Bitcoin but that is a different kind of transaction and not how currencies work.\n\nTo date, there are already a number of stablecoins either proposed or currently in circulation including Tether, TrueUSD, Basis and the Gemini Dollar.  Tether is likely still the most recognized and transacted of all the stablecoins with a total supply of around $3bn which currently places it 8th in overall market cap.  For a good portion of last year, the phrase “Tether FUD” (FUD is a colloquialism for fear, uncertainty & doubt) was the scapegoat for the end of the 2017 bull market since rumors circulated that Tether’s reserves were fractional and that their USDT tokens were not fully backed by USD.  Tether was eventually vindicated by a 3rd party audit but the saga demonstrated that there was clearly a market for a better form of stablecoin and competitors were ready to pounce.  \n\nBefore discussing a few of the projects, it’s worth considering the various methodologies for making a coin “stable”.  The most obvious way to handle this is by pegging the coin to something already considered stable through the use of fully backed reserves.  Without getting political about it, we could consider pegs like (some) individual fiat currencies like USD, EUR, JPY as a reasonable basis.  A basket of currencies similar to the IMF’s use of five major currencies as a peg for their Special Drawing Rights (SDRs) has some merit as well and some projects have gone as far as to propose using a basket of other cryptocurrencies as backing.  A crypto backed stable coin achieves the highest degree of decentralization but presents the greatest challenge from a stability standpoint.  A basket of commodities might also work, similar to how we have the Consumer Price Index in the U.S. though the problem with any basket approach is that it will require periodic rebalancing which can be contentious.  Another way to regulate the value of a token is through the structured regulation of token supply.  To consider these various approaches to creating a stablecoin, let’s look at a few real-world examples.\n\nWe think pegging a cryptocurrency to a fiat currency is problematic since for it to be trusted, it needs to be fully backed.  At a relatively small market cap like Tether’s $3bn or True USD’s $93m, having a fully backed coin is manageable, but we would argue that this model does not scale.  The addressable market for stablecoins is massive.  If they really are to fulfill the purposes for which they are marketed, (medium of exchange, stable trading pairs, financial instruments, settlement, etc.) a stablecoin would be competing for part of the total money supply market share.  For argument’s sake, let’s just focus on M1 (physical currency & demand deposits i.e. the most liquid portions of the money supply) in the U.S., which is currently estimated at $3.7 trillion.  \n\nIf a fully backed stablecoin wanted to capture just 5% of U.S. M1 that would require $185bn in non-fractional USD deposits.  Furthermore, these deposits could not be rehypothecated and as such represent a highly inefficient use of capital.  Both Tether and True USD are examples of fully backed, USD pegged tokens.  While Tether is by far the more widely adopted of the two, we prefer the model proposed by True USD since it is fully redeemable for USD and offers regular, published, 3rd party, attestations of the USD holdings in escrow held by the TUSD Trust.  Neither are scalable to meet market demand, however, so we think it is unlikely that either will come to dominate the stablecoin market.\n\nThe Gemini Dollar is the most recent addition to the fully backed stablecoin competition and while it suffers from some of the same scalability issues as Tether and TUSD, it has some improvements as well.  Per their white paper (https://gemini.com/wp-content/themes/gemini/assets/img/dollar/gemini-dollar-whitepaper.pdf), the Gemini Dollar will be fully backed by USD reserves held in a trust, similar to TUSD.  The Gemini Dollar goes a step further, to have their trust supervised and regulated by the New York Department of Financial Services and subject to New York Banking Law.  Furthermore, the Gemini Dollar runs on the ERC20 protocol and transacts on Ethereum addresses.  In so doing, the Gemini Dollar inherits ERC20’s own scalability and security issues but benefits from the compatibility of the Ethereum blockchain and will presumably accrue improvements from any implementations from the Ethereum development pipeline (e.g. Caspar, zkSnarks, etc.).  Given the improvements discussed above and the advantage of being backed by the Gemini exchange, we think the Gemini Dollar is poised to be the leader in the fully backed sector of the stablecoin space.\n\nThe alternative to a fully backed, pegged, stablecoin is one whose value is maintained at a tight constant through algorithmic expansion & contraction of supply and demand.  The most prominent example of this is Basis which received $133m in venture funding led by Bain Capital, a16z, and Google Ventures.  Basis offers an unbacked stablecoin where token supply is governed by bonds which can be sold or redeemed to maintain steady value for the underlying token.  There are merits to this algorithmic central bank model, but it does little to achieve decentralization and remains untested.  For Basis to be successful, it will need to demonstrate that it can maintain steady value over a period of time enough to earn the market’s trust.  We already have a notable example of failure in this space where Nubits, a supply/demand balanced stablecoin, slipped off its USD peg and traded as low as $.50.  The advantages of an unbacked coin may prove to outweigh the challenges but the path to adoption will be cast with more doubt than that of the fully backed alternatives. \n\n\n\nIt is still too early to tell how the stablecoin marketplace will develop but as long as it is in its early days we offer three advantages of keeping the focus on Bitcoin.  First, trading alt/BTC pairs presents some unique opportunities.  If your goal is alpha and you denominate your portfolio in BTC, you can leverage BTC strength into altcoin positions in order to take advantage of cyclical altcoin volatility and vice versa.  Second, and perhaps more obvious, is the implicit win-win scenario of trading alt/BTC pairs during a bull market given that either side of the trade holds a desirable asset.  Lastly, Bitcoin may eventually obviate the stablecoin market entirely if it reaches a point of price maturity and market saturation such that the bulk of its volatility has already been absorbed.  For now, and the foreseeable future, we at BTFD choose to denominate in BTC and believe the risk will be worth the reward.",
      "json_metadata": "{\"tags\":[\"stablecoin\",\"crypto\",\"usdt\",\"basis\",\"geminidollar\"],\"links\":[\"https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/\",\"https://gemini.com/wp-content/themes/gemini/assets/img/dollar/gemini-dollar-whitepaper.pdf\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "b564f42b01aecc7d1440bd6eca03aae7553923d4",
  "block": 26169380,
  "trx_in_block": 25,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-22T14:07:54",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "btfdcrypto",
      "vesting_shares": "30114.073277 VESTS"
    }
  ]
}

{
  "trx_id": "85d8298c9a5b35d0878172fbcd276dbc8105a15c",
  "block": 26166302,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-22T11:33:21",
  "op": [
    "account_create_with_delegation",
    {
      "fee": "0.100 STEEM",
      "delegation": "30690.000000 VESTS",
      "creator": "steem",
      "new_account_name": "btfdcrypto",
      "owner": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM5WXW73qkYwwWLkZS7JwnicjHzz3LexSRyEarAUxscooKWTjwcr",
            1
          ]
        ]
      },
      "active": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM5gQ1fSfh3HqfcPDcDUguv8dy6ZJTvpaT2V9mun5Qxu35Xgb5xZ",
            1
          ]
        ]
      },
      "posting": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM6jbxJhmePASemVkKKCA5aKySEz2TpLj5xQqWdMDe3qQpVnBN5i",
            1
          ]
        ]
      },
      "memo_key": "STM8hrSaCyeRwMBQjBnQX9zEQfkVaegtoHXFzvyyHUMtCuVW7uasg",
      "json_metadata": "{}",
      "extensions": []
    }
  ]
}