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      "parent_author": "kaltoro",
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      "permlink": "steemitboard-notify-kaltoro-20200313t005800000z",
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      "body": "Congratulations @kaltoro! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@kaltoro/birthday2.png</td><td>Happy Steem Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@kaltoro) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=kaltoro)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/downvote-challenge-add-up-to-3-funny-badges-to-your-board\"><img src=\"https://steemitimages.com/64x128/https://steemitimages.com/0x0/![](https://cdn.steemitimages.com/DQmUuJkZdnSpHVWssxF82ntymqXg4Pvk6K6bYvckUYVRsnj/image.png)\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/downvote-challenge-add-up-to-3-funny-badges-to-your-board\">Downvote challenge - Add up to 3 funny badges to your board</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!",
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      "memo": "Dear @kaltoro. I hope you don't mind this little memo. Every week I'm trying to help and promote content published by few selected authors and today I would like to share with you post published by my friend @honarparvar: \"WARNING: This might not be a trend!\". I'm curious if you believe in TA and what's your opinion on using indicators while trading crypto. Share your opinion, I read all valuable comments. Piotr // LINK: https://steemit.com/trading/@honarparvar/warning-this-might-not-be-a-trend"
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      "parent_permlink": "bitcoin",
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      "permlink": "blockchain-news-for-the-week",
      "title": "Blockchain News for the Week",
      "body": "![delete.jpg](https://cdn.steemitimages.com/DQmQZBsoigpjHxmCq6xztr7oLBH9RvYUtzM8VjMtY5oUPjV/delete.jpg)\n\n**Bitcoin – Indecision on Price**\n\nIt was a “3 steps forward, 2 steps back” week for Bitcoin. Any parabolic rise will dip sharply across all time frames, and it was in full effect right in front of us. Our digital gold dropped over 20% from a high of $13.8k to $10.3k as both shorts and longs were punished across the board. Coinbase, Bitmex, and Blockfolio all experienced outages, causing flashbacks to the 2017 bull market.\n\nAll systems have been restored, but this is a sharp reminder that these things do happen. Coins NOT actively traded should *always* be stored OFF exchanges.\n\nThis last set of swings has been attributed to Facebook’s Libra, Iran confiscating ASIC miners, Trade Negotiations, and the phase of the moon. Trading it has proven challenging, and hodlers from the bear market have done well. \n\n**Coinbase: Cryptocurrency Awareness Continues**\n\nCoinbase has released a new study showing the increase of consumer awareness towards Bitcoin. Today the international exchange revealed that 58% of Americans have heard of Bitcoin, with California leading in citizens who own at least a fraction. \n\nDriving factors seem to be the investment opportunity, distrust in banks, and innovative technology. Institutions are already showing their hand in adoption. Fidelity Investments has 22% of its institutional investors, owning at least one digital asset. In case you read that too fast, the $2.45 TRILLION investment firm has over 20% of its clients in crypto.\n\nOver 70% of the US states have enacted legislation governing the blockchain and cryptocurrency sector. Wyoming leads the pack with 13 new laws, including recognizing cryptos as money. With the G-20 taking place now, I anticipate whatever news coming out to affect the market for the next week.\n\n **Bitrue Exchange Loses Millions in Hack**\n\nIt seems like everyone is copying Binance, for better or for worse. The Singapore exchange Bitrue has been hacked for $4.2 million in ADA and XRP. The company sent out a tweet stating the loss on Twitter, adding that all lost cryptos would be refunded to customers using Bitrue’s own funds.\n\nAs Bitcoin and Cryptocurrencies gain more attention due to price and acceptance, expect to see more of these hacks take place. While customers will be made whole by Bitrue, many exchanges have gone out of business due to hacks in the past. Security experts like Jameson Lopp encourage consumers to store their coins off exchanges using a hardware wallet, or paper wallet. \n\n**Walmart Partners with VeChain**\n\nVeChain and Walmart China have announced they are working together to bring transparency to its supply chain. Already in use for certain non-perishables, by the end of next year over 50% of the meat delivered to Walmarts in China will be registered on VeChain. They also plan to add 100 different products to the tracking system by the end of the year.\n\nChina is an ideal place to test supply chain management on the blockchain as it is no stranger to food contamination. Videos of dumped oil being filtered and reused have been on YouTube for years, and 6 children died in 2008 due to poisoning from faulty baby formula\n\nThe world's largest company by revenue, Walmart, has been piloting blockchain use cases since 2016 when it partnered with IBM to develop a system to track recalled food. \"Big Blue\" is also working with the FDA to establish a similar protocol to follow the distribution of prescription drugs. Expect to see Walmart pilot the initiative near 2023.\n\nVeChain (VET) rose to $0.01 before correcting to $0.008 in response to the news. Walmart's stock remained unaffected.",
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      "parent_permlink": "bitcoin",
      "author": "kaltoro",
      "permlink": "current-state-of-the-bitcoin-etf",
      "title": "Current State of the Bitcoin ETF",
      "body": "<html>\n<p>Bitcoin ETF - Boom or Bust? &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n<p><img src=\"https://i.imgsafe.org/d4/d48e40afd8.jpeg\" width=\"1024\" height=\"706\"/></p>\n<p><em>(Credit </em><a href=\"https://foto.wuestenigel.com/etf-and-silver-bitcoin/\"><em>https://foto.wuestenigel.com/etf-and-silver-bitcoin/</em></a><em>)</em> &nbsp;&nbsp;</p>\n<p><br></p>\n<p><strong>What is the Bitcoin ETF?</strong>&nbsp;</p>\n<p>Anyone involved in cryptocurrencies for longer than a few months has heard to the upcoming Bitcoin ETF. Over ten different companies made multiple applications to comply with regulatory hurdles only to face denial each time. There is public demand though it may still be months away from becoming a reality. But what is an ETF, and why is it so difficult to create one for Bitcoin? &nbsp;</p>\n<p>The Crypto 101 Podcast has covered the ETF topic in the <a href=\"https://medium.com/@crypto101podcast/sec-delays-etf-again-ccf5595cd8bb\">past</a> so we will recap in brief. &nbsp;</p>\n<p>The first US Electronically Traded Fund (ETF) went on the market in 1993. An ETF consist of a collection of securities, or stocks, that trade as a single asset on an exchange. As Investopedia explains, \"The best example is the S&amp;P 500, which tracks the S&amp;P 500 Index.” ETFs can hold stocks in a particular asset class, like oil, or specialize in a range of stocks and bonds designed to deliver growth over time. There are ETFs specific to telecoms, precious metals, and most recently, <a href=\"https://etfdb.com/themes/blockchain-etfs/\">blockchain</a> companies. Including many companies in a single ETF allows investors to gain exposure to an entire sector by buying a unique financial product. Previously, investors would have to buy each stock for their portfolio. &nbsp;ETF’s have been popular in the last 25 years. Unlike stocks, they can trade throughout the day, including after hours. This increased trading time results in ETFs trading at higher volumes than their stock counterparts. Of the 3,000 stocks listed on American stock exchanges, 10% are <a href=\"https://www.marketwatch.com/story/heres-how-much-pull-etfs-have-in-the-stock-market-in-one-chart-2017-10-24\">held in ETFs</a>. This flexibility gives them tremendous influence over the economy as a whole. &nbsp;&nbsp;&nbsp;</p>\n<p><br></p>\n<p><strong>How would the Bitcoin ETF Work?</strong>&nbsp;</p>\n<p>There have been a variety of submitted applications for the Bitcoin ETF dating back to 2013, the details of which vary. The most recent and famous has been the VanEck SolidX ETF. VanEck’s Director of Digital Asset Strategy, Gabor Gurbacs, spoke to <a href=\"https://www.youtube.com/watch?v=Rf8gqWJ85cU\">CNBC South Africa</a> about the proposal in 2018.&nbsp;</p>\n<p>\"What sets it apart is it's physical, so it stays true to Bitcoin. You own the underlying (asset). It's fully insured, so if there is any theft, hacks, or losses, then the insurance covers it. The pricing that we use comes from our indexing subsidiary, which is a regulated entity and provided the first standard and regulated indices. The ETF is institutionally oriented, so 25 Bitcoins per basket, and we are just trying to do the right thing fitting into the US capital markets.\" &nbsp;</p>\n<p>The SolidX ETF would allow shares to sell in \"baskets,\" each basket backed by 25 Bitcoins. All Bitcoins would be held by VanEck, acting as the custodian of the funds. A single share would sell for $200,000, positioning it for the institutional market as opposed to retail investors. Because each share is backed by actual Bitcoin (physical Bitcoin), in this proposal, VanEck would need to buy the real cryptocurrency.&nbsp;</p>\n<p>Many think that this will occur on the open market, but VanEcks submitted proposal states that they would use OTC (Over the Counter) exchanges. Using the OTC markets will allow VanEck to buy a large amount of Bitcoin without moving the price. A significant amount of coins would still be removed from the open market, reducing the circulating supply. Current estimates put the <a href=\"https://blockexplorer.com/news/how-many-bitcoins-are-there-hint-not-that-many/\">remaining</a> circulating supply of Bitcoin from 5-10 million coins.&nbsp;</p>\n<p>In a Twitter DM exchange, the question of initially available ETF shares was posed to Gabor. He was gracious in his response, noting that these kinds of details are challenging to finalize as they are still subject to legal review and approval. However, determining the number of available shares will be made after the ETFs approval by the SEC, but before the fund is available to purchase. Demand and available capital will ultimately justify the available shares. Bitcoin ETF shares will <em>not</em> be redeemable for actual Bitcoin. This does not rule out the possibility of a different, future ETF willing to make this accommodation.&nbsp;</p>\n<p>The VanEck ETF will hold insurance for $125 million worth of Bitcoin. It has also secured additional insurance options should if necessary. The price of Bitcoin and the number of coins held will ultimately determine the size of that fund. In total, the amount is enough to cover over 14,000 Bitcoins. &nbsp;&nbsp;&nbsp;</p>\n<p><br></p>\n<p><strong>Who will buy Bitcoin ETF?</strong>&nbsp;</p>\n<p>A Bitcoin ETF would allow almost anyone in the world to invest in Bitcoin without going through the arduous task of buying Bitcoin direct. Acquiring Bitcoin is an intimidating multi-step process for the average consumer. Currently, customers sign up for an <a href=\"https://www.coinbase.com/\">exchange</a>, send personal identification, buy the Bitcoin, and then transfer them to a wallet they manage. This technology has been available for years, but the perceived hassle is overwhelming to the general public. The ETF would make purchasing Bitcoin as simple as buying Apple or, due to its high price, <a href=\"https://www.google.com/search?q=NYSE:+BRK.A&amp;stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-IKzsgvd80rySypFJLgYoOy-KR4uLj0c_UNzKuy46uSeQASUCp7OgAAAA&amp;tbm=fin#scso=_nBHwXMinGYra-gS_zZSYCg2:0\">Berkshire Hathaway</a> stock. Since ETFs make up a large portion of both retirement accounts and pensions, this allows Bitcoin investors to take advantage of the deferred tax benefits of a 401k. As money grows in a <a href=\"https://budgeting.thenest.com/advantages-disadvantages-401k-20919.html\">401k</a>, these gains are not taxed until the funds are removed. &nbsp;This low barrier to entry and long-term mentality has many crypto enthusiasts excited about the possibility of a Bitcoin ETF. It would allow traditional investors like grandmas and companies alike to invest in the speculative cryptocurrency. While Grandma may choose to invest only a few thousand dollars, large companies and institutions can afford to spend significantly more. The Vanguard Target Retirement fund for 2040 manages $27.9 billion in ETFs. If this <em>single</em> fund invested 0.1% of its value in Bitcoin ($27,900,000), it would create a sizeable upward buy pressure on Bitcoin and price spike. At the time of writing, this would be enough to push Bitcoin from $8,700 to $10,000, based on the Coinbase Pro order book. While financial markets are seldom this simple, and the Bitcoin would likely be bought on the OTC market, this example gives an idea to how much influence Institutional Investors like Vanguard hold. For comparison, the <a href=\"https://www.investopedia.com/articles/professionals/080615/5-biggest-financial-advisory-firms-us.asp\">five largest</a> financial advisory firms in the US handle, conservatively, $14.3 trillion as of 2018. &nbsp;&nbsp;</p>\n<p><br></p>\n<p><strong>How will this affect the price of Bitcoin?</strong>&nbsp;</p>\n<p>The media anticipates a mostly positive move for the price of Bitcoin following the ETF. Predictions range from <a href=\"https://u.today/bitcoin-price-prediction-for-2019-will-btc-price-get-back-to-20000\">$10k to $200k</a> by the end of 2020. Since this is the first cryptocurrency ETF, it is impossible to draw from history for price comparisons. But it <em>is</em> possible to compare Bitcoin to its physical analog: Gold. Gold has been long compared to Bitcoin as the two are both viewed as a store of value and are in limited supply. Both appeal to the same mindset of low time preference, or delayed gratification. When SPDR issued its gold ETF (GLD) in November 2004, gold bullion was trading at roughly $440 per ounce. Like the Bitcoin ETF, GLD holds its value in the underlying asset, gold bars. Though SPDR holds the <a href=\"http://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust-Prospectus-20170508.pdf\">physical gold</a>, GLD holders cannot redeem their shares for it. There are few gold ETFs that allow users to exchange their certificate for physical gold; one is VanEcks <a href=\"https://www.barrons.com/articles/a-gold-etf-that-lets-you-redeem-shares-for-gold-1468641673\">OUNZ</a> ETF. &nbsp;In the years following the GLD market debut, the price of physical gold reached a peak price of $1,825, a 4.1X increase. The GLD ETF saw a similar increase from $42 up to $180, the same 4.1X increase over time. &nbsp;&nbsp;&nbsp;</p>\n<p><img src=\"https://i.imgsafe.org/d4/d4a0de18af.png\" width=\"818\" height=\"509\"/></p>\n<p>(<em>Credit </em><a href=\"https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart\"><em>https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart</em></a><em>)</em>&nbsp;</p>\n<p>Following this example, it is possible to chart a Bitcoins price from $8700 today and apply the same 4.1X multiplier. This gives us a target of $35,670 sometime in 2020. As mentioned, this is an oversimplification of the financial market and should not be considered financial advice. But it does seem achievable when looking at Bitcoins previous price volatility; more significant swings have happened. This prediction seems to match up with Sam Doctor at the Market Strategy firm, Fundstrat. Sam uses Bitcoin mining costs to arrive at a similar conclusion. &nbsp;&nbsp;&nbsp;</p>\n<p><img src=\"https://i.imgsafe.org/d4/d4a3e830aa.png\" width=\"531\" height=\"608\"/></p>\n<p>&nbsp;<em>(Credit </em><a href=\"https://twitter.com/fundstratQuant/status/994608007865565185?s=20\"><em>https://twitter.com/fundstratQuant/status/994608007865565185?s=20</em></a><em>)</em>&nbsp;</p>\n<p><strong>“I do believe that America wants a Bitcoin ETF and at this point, the world wants an ETF… We have quite a job to do here” – Gabor Gurbacs</strong>&nbsp;</p>\n<p>The SEC postponed their decision on the Bitcoin ETF in late May of 2019, setting a new deadline of August 19, 2019. This 90 day period is to give the SEC time to gather public opinion on the proposed ETF. The recorded public comments are found <a href=\"https://www.sec.gov/comments/sr-cboebzx-2019-004/srcboebzx2019004.htm#meetings\">here</a> along with instructions to submit additional views. As a regulatory body, the SEC's concern is on price manipulation and current custody solutions. The cryptocurrency industry has noted these concerns. Both <a href=\"https://custody.coinbase.com/\">Coinbase</a> and <a href=\"https://cryptoslate.com/fidelitys-institutional-bitcoin-trading-and-custody-solution-live-with-select-clients/\">Fidelity</a> offer custodial solutions to large holders of cryptocurrency, like hedge funds and family offices. &nbsp;</p>\n<p>While regulators are taking their time, the SEC Commissioner, Hester Peirce, thinks there is no need for further delay. From a recent Bloomberg <a href=\"https://www.bloomberg.com/news/articles/2019-05-21/bitcoin-holds-steady-near-8-000-after-sec-delays-etf-decision\">article</a>, she states, \"If I had my way, we would have already had one, and maybe we would have had more.\" Hester's impatience is understandable. The US has an opportunity to establish a model for other countries in creating a favorable regulatory environment for Bitcoin and cryptocurrencies. While it may be months away from fruition, the VanEck Bitcoin ETF could be the catalyst needed for future growth.&nbsp;</p>\n<p><br></p>\n<p>-Kaltoro &nbsp;</p>\n</html>",
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      "body": "![](https://cdn.steemitimages.com/DQmXcSgwDvVjKc37Kac2ysK6WmVdzuTzatoH2RRtYxGuyzQ/image.png)\n\nListen to the full podcast here with Nye on the Evolvement website: https://evolvement.io/how-cryptocurrency-is-evolving-in-thailand-with-prinn-panitchpakdi/\n\nOn this episode of the Evolvement Podcast with Nye, Prinn Panitchpakdi dropped in to speak about the current regulatory environment of cryptocurrency in Thailand. Prinn is a graduate of the London School of Economics and sits on the Board of Governors of the Stock Exchange of Thailand, or SET. The SET is the only stock exchange in Thailand  and is equivalent to the NASDAQ or NYSE. The adoption of cryptocurrency in Thailand is still in an early stage, but Prinn is optimistic with the legal and regulatory progress thus far. \n\nFrom his start in finance in 1998 Prinn has had an interest in the international markets. In 2009 he first heard about Bitcoin from American colleagues during a business trip. After returning to Thailand he was asked to look at cryptocurrencies and help promote it in Southeast Asia. This led him to focus on how cryptos work, and more recently how they can assist small businesses and startups gain access to funding without relying on the national banks.\n\n**“I like to think of new ways of allowing smaller guys to be able to compete on fairer ground with the bigger guys … my passion is to push for this agenda on the Stock Exchange of Thailand level”**\n\nThe Security Exchange Commission of Thailand had to first learn from the mistakes of others before developing its own cryptocurrency regulations. From 2017-2018 over $14 billion was raised internationally by ICOs, or Initial Coin Offerings. These projects included not only successful companies like EOS, Tezos, and Tron, but also many others that either wasted their money or failed to deliver a working product. Similar to Initial Public Offerings (IPOs), ICOs allow companies to raise funds by selling coins or tokens to the general public. While the US has only issued guidelines for ICO investors, Thailand passed the Digital Asset Law in 2018 governing the raising of funds through ICOs. Participating companies must submit ongoing business reports and financial statements to stay in compliance. \n\nThe Digital Asset Law also marked a switch from Thailand banning cryptocurrency outright to regulating exchanges. In 2018 it approved seven crypto trading pairs: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Ethereum Classic and Stellar Lumens. These approved exchanges benefit from the full cooperation of the Thai National Bank which allows nationals to withdraw in the local currency (Baht) without issue, something that US citizens have struggled with in the past. This increase in adoption and exposure has helped increase familiarity and comfort with crypto. \n\n**“Perhaps the rule of law can play a role in developing a new financial world that is more inclusive, that is allowing the smaller guys more access to capital”**\n\nLike many adopters of cryptocurrency, Prinn states that many Thai nationals have been drawn to cryptos with the hopes of making money. Aside from the volatile nature of the cryptocurrency market, Thai ICOs also deal with high taxes in the form of a 20% capital gains tax and a 7% value added tax (VAT). This high barrier to entry is an issue and some savvy investors have already made the switch to Singapore or Switzerland which do not have any crypto-related taxes. The most well known of these projects is Omise Go (OMG), which began in Thailand but moved to Switzerland due in part due to the lenient tax requirements. Prinn is actively working with the SET to make the tax rate on crypto profits the same as stock profits: 0%. \n\n**“Too many rules sometimes kill the innovation, and I’m hoping that my drive will allow us to guillotine or cut off some of the unnecessary laws that might prohibit the growth of the use of Bitcoin”**\n\nThe forward-thinking attitude of Thailand has allowed larger companies to feel comfortable experimenting with blockchain technology. “The PTT, or Thailand’s largest listed company on the stock exchange of Thailand, which is an oil and gas company, they are beginning to use blockchain technology for energy trading platform called Sertis. So they are already doing that in-house and they are beginning to do it more with their big corporate clients.” Commercial banks are already touting the benefits of blockchain. Most recently the Siam Commercial Bank listed several projects by name in an article including Bitcoin and VeChain. \n\n**“… one thing I didn’t mention to you, Michael, and the audience is on the potential of legalizing the funds in Thailand for the institutional investor to be able to buy Bitcoin. I think that’s the next step I forgot to mention on the future of cryptocurrency”**\n\nIn a passing remark, Prinn hints at the potential of institutional investors in Thailand to be able to buy Bitcoin in the future. Briefly, institutional investors are individuals or organizations that have enough purchasing power to warrant preferential treatment. These are typically hedge funds, commercial banks, pension funds, and insurance companies who manage large diversified portfolios. Through the law of Supply and Demand, if institutions were to allocate only 1% of their portfolios into Bitcoin, it would remove a large amount of the remaining supply off the market and increase the price. This upside could potentially further increase as other companies and governments begin to create their own Bitcoin stockpiles.\n\nPerhaps just as exciting is the National Bank of Thailand creating its own blockchain solution to settle inter-bank payments, a use case XRP has been touting for years. Recently several major banks including Barclays, and HSBC, along with the national banks of Sweden and Israel, have investigated creating their own cryptocurrency. In short, these bank cryptocurrencies will allow them to settle their funds in minutes rather than days, and will be backed by the local currency. More information on how stablecoins work and their use case can be found on the Evolvment podcast with Daniel Popa of Anchor: https://evolvement.io/creating-a-usable-scale-for-money-with-daniel-popa/.\n\n**“I think that the future of blockchain is very bright for Thailand because a lot of big corporates are beginning to use it both in house and to their customers”**\n\nWhile Thailand’s regulations have been beneficial for cryptocurrencies and blockchain, there is still little mainstream adoption. Aside from a large movie theater and the odd noodle shop, there are very few places in country where Thai nationals can spend their Bitcoin, Litecoin, or Dash. Recently the large retailer J Mart launched an ICO for their Jfin Coin, which allows customers to spend it in stores as currency. Using the coin allows them earn rewards the same way as a credit card and benefits from the J Mart brand name. As more people and companies become exposed to cryptocurrency, businesses will need to adapt, lest they be left behind in the ever-evolving world of finance and technology.\n\n-Kaltoro",
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      "title": "The Economic Situation of Venezuela and How Crypto is Playing a Role",
      "body": "![](https://cdn.steemitimages.com/DQmWMmEbcjfJticdgeHHv41fRPe2Ln7hQ1Euwh39YggYDki/image.png)\n\nTo listen to the interview in its entirety, check out the Evolvement Podcast here: https://evolvement.io/a-discussion-on-venezuela-economic-situation-with-ernesto-contreras/\n\nIn this episode of the Evolvement Podcast, our host Michael Nye talks to Ernesto Contreras about how crypto is helping combat hyperinflation and benefitting the citizens of Venezuela. Ernesto holds a Master of Business Administration degree and is a veteran of international business development. Recently he has focused his attention on the financial and political situation of his home country of Venezuela, specifically on the adoption and usage of Dash. Early on in the interview, Ernesto warned that the situation in Venezuela is quite complicated and that there are many aspects that would not be able to be covered. Throughout his talk with Nye, he covered the difficulties his countrymen are facing, where these issues came from, how crypto is able to help locals maintain their monetary value without the local currency, and perhaps more importantly, how it helps feed their families.\n\nLike many of those in the crypto industry, Ernesto was initially skeptical of crypto and its use case. When a friend in Shanghai asked for help in purchasing crypto mining machines, he declined, but never forgot what his friend told him that day “Once you get into this, you can never go back”. It was only after that encounter did Ernesto begin to investigate cryptocurrency and begin to see that it had a use case helping those living under the regime of socialism in his home country. \n\n **“All of this has been about 15 years in the making . . . the blackouts, shortages of certain things . . . hyperinflation is the result of a lot of smaller and larger mistakes that were constantly made over time.”**\n\nThe financial situation in Venezuela has been declining over the past 20 years and continues to grow steadily worse. A combination of governmental policies, drop in oil prices, price fixing, and reliance on Socialism has all contributed to the current financial climate. In 2018 the inflation catapulted to over One Million percent and continues unabated per annum greatly decreasing the purchasing power of the native currency, the Bolivar. For comparison in the same year, Brazil experienced 3.66% inflation  and the US 1.9%. As a result, Venezuelan nationals find it impossible to buy staples such as food, clothing, and medicine for their families. Ernesto uses an example of purchasing a box of chocolate he enjoys: at the beginning of the month he was able to buy two boxes for 1500 Bolivars, and by the end of the month one box was 1500 Bolivars. His currency had lost half of its purchasing power in a matter of 3 weeks. This kind of inflation is completely foreign to most living in first world countries as they generally enjoy a low level of inflation.\n\nAnother complication to the inflation scenario is the use of credit and debit cards. As in the US or EU, there are spending limits on these cards. However, as the value of the Bolivar decreases, these spending limits do not change in real time, meaning that it could be several weeks before they catch up to the inflation. Imagine trying to go to the movies and the $15 ticket is now $15000, but your credit card has a $5000 limit. This seemingly unlikely scenario is all too familiar to Ernesto, who tells a story of an individual needing to use multiple debit cards from friends and family to purchase a refrigerator as the price had gone up far past the spending limit of his one card. \n“If you wanted to buy a fridge, you needed to bring maybe 10 or 15 debit cards in order to add up to the amount of the cost of the fridge, but this guy implemented Bitcoin, Dash, and Ethereum, and people can just make a simple transaction, and he will be able to sell and serve that customer because of the freedom that cryptocurrency bring.” \n\n\n**“. . . what all this means is that when you have your hyperinflated currency, you want to get rid of it as soon as you can”**\n\nWhen faced with the national currency dropping an unimaginable amount of value over a small period of time, Venezuelans have no incentive to hold onto it after they are paid. Instead, they exchange their local currency for assets that, at the very least, decrease in value at a slower pace, or ideally, increase in value. In other countries with a weak national currency (Cambodia, Laos, Uganda), locals frequently turn to the US dollar or Euro to retain value. However, as the Venezuelan government has complete control over the national currency exchanges, this is impossible for Venezuelans. As a result, cryptocurrencies such as Bitcoin, Litecoin, and Dash are being used as a store of value in an example of Gresham’s Law, wherein “bad” money drives out “good” money. The utilization of Dash is one of necessity, as other assets to exchange for Bolivars are few and far between. When goods need to be purchased, the cryptocurrency is exchanged back to Bolivars using services such as Local Bitcoins, which has the highest volume in the world, trailing behind only the US.\n\n**“ . . .whenever we find the greatest need where Dash can have the greatest fit is an opportunity to grow”**\n\nPerhaps most encouraging is the recent adoption of Dash by brick-and-mortar establishments. With the assistance of Ernesto and the Dash Core team, last year 10 Church’s Chicken franchises in Venezuela have begun accepting Dash as a form of payment. Using a QR code on a phone to pay for a dinner is infinitely more convenient than carrying the equivalent amount of cash. Dash has also made charitable contributions through their Masternode system, which allows Dash holders to vote on specific initiatives funded by the community. Because cryptocurrencies are borderless and permissionless, donations can be sent from anywhere in the world; Dash Text is a service that allows Dash to be sent to any phone with text capabilities. Specifically the charity sends Dash to school children which are used to pay for school breakfast. In recent years local non-government organizations and private citizens have begun to help the people of Venezuela cover basic costs including food, clothes, and medicine.\n\nThough the economic situation in Venezuela is dire and requires strong leadership to right itself, Ernesto is confident that change for the positive can happen “If there are some big changes in the way the economy is managed, Venezuela has the possibility to recover from these problems.” It will not happen overnight, but China has been able to evolve from a debt-ridden country in the 70’s to second largest global economy in the world. Until then, Ernesto will continue to help his countrymen in a transparent, decentralized manner.\n\n\n-Kaltoro",
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      "title": "The Future of Blockchain Infrastructure – David Atkinson",
      "body": "![](https://cdn.steemitimages.com/DQmSDAKkJDvDNVDsv48vfy7w8jsZYW3sNhjr2LnYMkMDubA/image.png)\n\n\nListen to the full podcast with Nye here: https://evolvement.io/the-future-of-blockchain-infrastructure-with-david-atkinson/\n\nIn a recent episode of the Evolvement podcast, Nye’s guest was David Atkinson, a board member and commercial director of the Holochain project. David is a long-time proponent of technology, specializing in the principles of psychology to change behavior and thought patterns. Throughout the interview, David spoke in a very cerebral and abstract manner, pulling from this extensive background in technology and strategy consulting. He has spent a considerable amount of time living in desert regions and helping the natives create self-governing capabilities. \n\nDavid is a strong proponent in “agent centricity”, which puts individuals, or agents, at the center of specific infrastructure. This is in contrast from a centralized position, i.e. a local government, creating rules and consensus. Holochain is making progress towards moving away from a consensus-based platform, which introduces a number of complications. For example, if each agent is acting independently, how do they agree and validate data? Several fundamental changes needed to be made to shift this paradigm, of which David is leading the charge. \n\n**“We put agents at the center … I saw the positive and negative impacts of governments, of corporations, of communities of individuals, and how when you have a group of people living 2,000, 3,000 kilometers away from where decisions are being made … rarely actually have any positive benefits to people on the ground”**\n\nTo better understand what Holochain is, we need to understand a basic foundation of blockchain technology. In short, blockchain uses a distributed system to store a set of data: every node on the network keeps that dataset at all times. When any change occurs, each node has to update its dataset and confirm the new change. Thousands of computers working at once to check and double check these computations secure the network from bad data. But because all the nodes are in a race to synchronize this data in a secure manner, the speed of this network is limited to a certain amount of transactions per second. During the bull market of 2016- 2017, the Bitcoin network became maxed out and individuals had to wait hours, even days before their transaction would be accepted by the network. \n\nThe Holochain project is ambitious. Founded over a year ago, the projects goal is to create an entirely new infrastructure for decentralized applications. Perhaps most importantly, and confusing, Holochain is not a blockchain at all, but rather an environment of independent agents who manage their own cryptographic blockchain. \n\nHolochain differs from a blockchain in that each device retains a unique blockchain, which (like BitTorrent) is passed to, and ultimately verified, by Holochain. As each node only has to process its own data, there is no practical limit to the number of transactions per second it can make. This results in unparalleled performance, akin to a basic web server. As nodes disconnect and reconnect to the main chain, a limited backup is stored and verified by Holochain. This allows the decentralized system to continue to operate as each node (phone, computer, car, etc.) interacts with the network. Additionally, these applications will be able to scale and evolve as the network and number of attached devices grow.\n\nDavid and his team are building three projects that will synchronize to create the platform.\n•\tHolochain - akin to Ethereum, or application framework \n•\tHolo - the distributed hosting service for web pages and web-based applications\n•\tHolofuel - the currency that powers the applications. Currently, the HOT token is used as the currency, which will be swapped to Holofuel in the future. \n\nThe Holochain framework underpins everything. When completed, it will offer a flexible way to power both distributed networks and applications. These applications will be as varied as the web-enabled apps that we use today. A few possible use cases are mobile wallets that hold digital collectibles, a Twitter-like service that can operate independent of central servers, or location-agnostic chat applications. \n\nIt is even possible to build a clone of the Bitcoin blockchain application and protocol within the Holochain ecosystem, which is already on the roadmap for a Holochain developer. Another major difference is that Holochain has no native currency; instead, it is designed to accept mutual-credit currencies and non-monetary currencies like reputation points.  \n\n**“What if we built a framework for building distributed applications on top of? Now some of these applications could be like platforms like Ethereum or Stellar. Others are applications that we think more of as “apps” like Crypto Kitties, and then others are solutions to large scale problems”**\n\nHolochain is looking at different use cases that can work together on their decentralized network. Since the applications rely on the same ecosystem, they are able to communicate with each other. The layering of these applications creates a network of interacting applications. To the outsider, this may seem like nothing, but one must remember that this entire project will act independently of a central authority. \n\n**“As the world grows … we have the ability to create a distributed network of agents, … and that actually we don’t need these centralized enforcers, which existed for fantastic reasons, to do things like validate payments or run governance rules”**\n\nIn terms of use cases, the flexible nature of Holochain allows it to act as a decentralized web server, similar to Amazon’s Web Services (AWS). Hardware is currently being sourced and assembled by the Holochain team, which will run on the Holo distributed hosting platform. These hardware nodes will allow users to host their own web services. The difference lies in that a web service on Holochain would be hosted by devices spread out across the network instead of being stored on a central server. Participants on the decentralized network would be rewarded Holo every time that service is used. \n\n**“We put that agent at the bottom, that agent underpins the entire framework”.**\n\nIn terms of what the future holds David is encouragingly optimistic. He compares the current competition in blockchain to the internet browser wars of the ‘90s. While he is unsure as to what blockchains will be competing in the future, he does say it will be much larger in scope, or “The browser wars times fifty.” What David and his team are building in Holochain is unique. While other blockchain projects are creating and transacting on the protocol layer, Holochain seeks to break that mold. \n\nYou can find out more on Holochain at https://holo.host/ and https://holochain.org/\n\n-Kaltoro",
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      "title": "Breakdown of Wave Financials Crypto Index Fund",
      "body": "@@ -1771,16 +1771,102 @@\n ch.com).\n+ Lastly I will create my own version of an index fund at the end (if you want a TLDR).\n  I have \n",
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      "body": "My pleasure, my man. Glad you were able to enjoy it. I plan on doing these more in the future to not only help educate but codify these concepts in my own mind. It will also be interesting to visit this portfolio in the future and see if these were good choices or hopium dreams.",
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      "body": "Well done my friend. I am in agreement that Team is one of the primary factors to consider when choosing projects as you'll see in my book. I love your Top 5. I once had NEO in mine and would replace it today with EOS. The only one I don't have that you have today if I made a list is BNB. I'd have BCH in mine. Thanks for sharing this with us.",
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      "title": "Breakdown of Wave Financials Crypto Index Fund",
      "body": "![](https://cdn.steemitimages.com/DQmWgRZxfh2jeguXngEXXziPsdyxzTqYDiCNdhkwNnhHVKz/image.png)\n\nDisclaimer: Please note that while research did go into this article, I am not a crypto currency expert nor a financial adviser, and none of this should be taken as financial advice. I hold at least one of the listed assets. \n\nAs always, Do Your Own Research #DYOR.\n\nRecently I had the opportunity to write an article on David Siemer for the Evolvement podcast, hosted by Michael Nye. The podcast in its entirety can be found here: https://evolvement.io/what-vcs-look-for-when-investing-in-crypto-with-david-siemer/. \n\nDavid is the CEO of Wave Financial, a crypto asset management and treasury fund located in Los Angeles. One of the biggest ideas I took away from the interview is the viability of a crypto index fund, that is, a fund comprised of multiple crypto assets designed to spread out risk while still capturing market share. Last year I created my own index portfolios, all of which have reflected the losses incurred during the bear market.\n\nWave Financials initial index offering is comprised of 20 assets designed to represent the overall digital asset market, and currently covers ~95% of market cap. Of interest is privacy coins like Monero and Dash have been omitted from this index in order to avoid compliance issues. The complete list can be found on Wave Financials Index page.\n \n![](https://cdn.steemitimages.com/DQmRujTDXtaqg2B8R66vodbgqcZwCKxccC4ub84hTsaBRhD/image.png)\n\nWhile index funds are not a new financial vehicle, I decided to take a look at what David and Wave Financial have to offer, and have some fun in the process. I will take a look at the top 11 assets and briefly rate them on relative strength and market share (taken from livecoinwatch.com). I have attempted to eliminate my own internal bias when reviewing this list, but as David Siemer explains, the most important aspect in examining a project for investment is the Team. \n\n1 - BTC – Weighted at 66.7% - Market cap $141 Billion\nStrengths \n•\tHighest market cap\n•\tFirst mover advantage\n•\tMassive developer community\n•\tInstitutional interest\n•\tLongest blockchain\n\nBitcoin is currently the dominant crypto currency in the market. As the first widely used crypto, it benefits from a first-mover advantage and unmatched brand recognition. Bitcoin has grown from a pseudo anonymously authored whitepaper to an internationally recognized electronic money. Over this time it has gained the attention of hobbyists and institutional investors alike. Its use case has been debated, but it is used today as a medium of exchange and store of value. Due to the decentralized nature of its coders and consensus, Bitcoin has been criticized as being slow to both transmit funds and adopt new code improvements. \n\nI believe that most crypto portfolios should be weighted heavily in Bitcoin.\n\n2 - XRP – Weighted at 12.6% - Market cap $17 Billion\n\nStrengths\n•\tFast\n•\tPossible adoption by banks\n•\tInexpensive\n\nXRP is the crypto currency that runs on the Ripple Labs protocol. Launched in 2012, it has quickly risen in dominance and enjoys a #3 rank in total market share. Due in part to its ties to institutions and speed, XRP’s use case is tied heavily to possible adoption by banks and other financial institutions for fund settlement. In recent years this speculation resulted in massive price increases, but this value proposition is being challenged by similar coins being released, like the stablecoin from JP Morgan. XRP has also been heavily criticized by the crypto community as being “centralized,” while advertising itself as “decentralized”.\n\nThere is little doubt in my mind that XRP will continue to play a role in the crypto market, but I believe it is over-weighted in the index.\n\n3- ETH – Weighted at 11.2% - Market cap $27 Billion\n\nStrengths\n•\tLargest “Platform” crypto\n•\tAll ERC-20 tokens run on the Eth protocol\n•\tPopularized Smart Contracts\n•\tHas largest number of Decentralized Apps (DApps)\n•\tLarge development community\n\nETH is the token of the Ethereum blockchain. It was launched in 2015 with the promise of being a “world computer,” that would allow users to leverage the processing power of all computers on the Ethereum network. Originally designed to run on the Bitcoin blockchain, Ethereums creator, Vitalik Buterin, soon realized this would be nigh-impossible and decided to create his own platform. As such, Ethereum benefits from having a more flexible instruction set which allows decentralized programs to run on its architecture. These DApps include programs and games like the popular crypto kitties collectables. Ethereum was hard forked in 2015, resulting in ETH and ETC.\n\nUntil it is usurped, ETH will continue to enjoy a top rank in the market.\n\n•\tNote: After Ethereum, the index becomes increasingly fragmented, as the following 16 projects make up ~2% or less of the total weight of the portfolio. I interpret these remaining assets as the “fringe performers” as described in the index’s thesis. \n\n4- EOS – Weighted at 2.1% - Market cap $5.7 Billion\n\nStrengths\n•\tMassive funding\n•\tCompetitor to Ethereum\n•\tGrowing community\n•\tSmaller carbon footprint\n\nA newcomer to crypto, EOS was created in 2018 by Dan Larrimer, a veteran of the industry. EOS shares similarities to ETH in that both networks work on a distributed computing network and smart contracts with a focus on decentralized storage and enterprise solutions. It is currently being used as the protocol for Everpedia, a decentralized competitor to Wikipedia. As the premier “proof of stake” coin, EOS uses exponentially less electricity that proof of work coins, like Bitcoin. EOS also benefits from a massive treasury of over $4 billion raised from its ICO. \n\n5 - EOS will play a large part in the future of crypto, one I would definitely watch in the future.\n\nBCH – Weighted 2.0% - Market cap $7.3 Billion\n\nStrengths\n•\tBenefits from the “Bitcoin” brand name\n•\tFaster than Bitcoin\n\nBitcoin Cash (BCash) was created in August 2017 as a result of a Bitcoin hard fork. The fork increased the Bitcoin Cash block size from 1 to 32 megabytes, allowing it to process more transactions per second than Bitcoin. At the time of the split, any wallet that held Bitcoin received an equal amount of Bitcoin Cash. This created an instant supply of new crypto for any Bitcoin holder. With the backing of former Bitcoin evangelist Roger Ver, Bitcoin Cash portrays itself as the “Real Bitcoin” (which he called Bitcoin Core), and created a deep schism within the crypto community. Hard forks are not a new phenomenon, but many were angered that there was a different currency claiming to be Bitcoin. As a result, first-time buyers were confused as to which coin was which.\n\nDespite its controversial origins, I see Bitcoin Cash staying a widely recognized coin for some time.\n\n6 - LTC – Weighted 2.0% - Market cap $5.8 Billion\n\nStrengths\n•\tSecond most recognized crypto behind Bitcoin\n•\tFaster than Bitcoin\n•\tBitcoin “Testnet”\n\nLitecoin has been described by its creator, Charlie Lee, as “Silver to Bitcoins gold.” Created in 2011 as a fork of Bitcoin, Litecoin enjoyed the #2 rank in overall market cap for years. It has similar use cases to Bitcoin, as a store of value and medium of exchange. Due to the similarities in code several technologies adopted by Bitcoin were implemented first with Litecoin, Segregated Witness and the Lightning Protocol perhaps being the most recognized. \n\nI am confused as to why the index has such a low allocation for Litecoin since it is #5 in total market cap. I suspect it is because Bitcoin and Litecoin have similar use cases, Wave Financial decided to put more weight into Bitcoin. \n\n7 - TRX – Weighted 1.7% - Market Cap $1.9 Billion\n\nStrengths\n•\tMarketing\n•\tOwns BitTorrent\n\nTRX is a bit of an anomaly. The project was founded in 2017 by Justin Sun and is attempting to create a decentralized internet protocol. The original TRX whitepaper appeared to plagiarize sections of other projects including Filecoin, catching the ire of the community and Ethereum creator, Vitalik Buterin. Sun later addressed these accusations saying they were due to translation issues. He has also been accused of representing himself in the past as the head of Ripple Labs, the company behind XRP. Despite growing   controversy, Sun and the Tron Foundation have been busy, buying the distributed file company BitTorrent for $126 million and integrating into the Oprah browsers native crypto wallet.\n\nTRX is speculative at best, but I feel is weighted appropriately in the index. \n\n8 - XLM – Weighted 1.5% - Market Cap $2.6 Billion\n\nStrengths\n•\tPartnerships with IBM and Deloitte\n•\tFast\n\nXLM was created in 2014 by  Jed McCaleb, Mt. Gox founder and co-creator of the Ripple protocol.  It shares the similar money transmittance use case with Bitcoin and Ripple. \nAside from the partnership with IBM, I see no reason to hold both XLM and XRP. Pick one. \n\n9 - BSC – Weighted 1.1% - Market cap $1.1 Billion\n\nStrengths\n•\tMore programmable than Bitcoin\nThis is perhaps the most controversial asset on the index list. BSV (Satoshis Vision) is a 2018 hard fork of Bitcoin Cash which increased the block size from 32 to 128 megabytes. It was created by Craig Wright, who claims to be the creator or Bitcoin, Satoshi Nakamoto. Recently, Craig Wright has come under increased public denouncement and began to file lawsuits against those whom he feels have libeled and slandered him. These public accusations have resulted in BSV being delisted from several large exchanges including Binance and Kraken. \n\nSeveral interesting programs have been able to take advantage of this increase in block size, specifically _unwriters API which runs on the BSV blockchain. \n\nDo to the continued backlash and negative press, I recommend staying away from BSV at this time; I see no reason to include this in any portfolio.\n\n10 - ADA – Weighted 1.0% - Market cap $2.2 Billion\n\nStrengths\n•\tTeam\n•\tNovel Proof of Stake Concept\n\nStarted in 2015, ADA is the cryptocurrency of the Cardano project, led by former Ethereum CEO, Charles Hoskinson. Cardano was created to replace Ethereum as a platform, focusing on a proof of stake security model and smart contracts. It is difficult to rate the project as there is no usable public blockchain, but the company has made significant contributions to crypto space and has a healthy development community. \n\nCardano is still in a very early stage but stands to benefit greatly if they can deliver on their ambitious promises. \n\n11 - BNB – Weighted 0.8% - Market cap $4 Billion\n\nStrengths\n•\tExchange coin of Binance\n•\tBenefits from exchange success\n\nBNB is the coin used on the most popular crypto exchange, Binance. It began a utility ERC-20 token used to pay fees, but BNB has evolved into an independent blockchain while still being used to pay fees on Binance. From a technical perspective it remains to be seen how useful the chain will be, but we do know that it is being used to run the new Binance Decentralized Exchange (DEX). Binance has grown exponentially is users and profit since its inception in 2017. The CEO’s handling of its recent hack of 7000 Bitcoin has been praised throughout the industry, and BNB has only grown in price since, signaling increased confidence in the leadership. \nSince BNB is tied inexorably to Binance, it stands to reason that it will increase in value as Binance continues to report profits and grow customer size. This asset should be much higher on the list.\n\n12 - DOGE – Weighted 0.2% - Market cap $357 Million\n\nStrengths\n•\t1 DOGE = 1 DOGE\n•\tMuch currency\n•\tHow moon\n•\tSuch meme\n•\tWow!\n\nThis list was originally the top 11 assets, but how can I resist Doge? Dogecoin is a Litecoin fork created as a joke by Jackson Palmer in early 2014 and enjoyed widespread awareness during the first altcoin run. The meme coin surprised the entire industry by cultivating a fun-loving, irreverent fan base which continued development of the coin after its founder stepped away from the project. It defied all odds and showed that community involvement can boost a coins valuation through memes and gifs. \n\nEvery portfolio should include DOGE. Do it for the lulz.\n\nNow that we have taken a look and analyzed Wave Financials asset distribution, the question must be asked: Is this the ideal allocation? I applaud the team of analysts as they have clearly done their research, and I feel that any DYO investor would benefit from hodling a similar index.\n\nBut I trust that any enthusiast who has read this far is more savvy than the average investor. Therefore, I have taken the opportunity to create an updated portfolio listing using the provided coins. As mentioned earlier, we are leaving out privacy coins for the sake of compliance.\n\n![](https://cdn.steemitimages.com/DQmXMTnpFVMvADJG4dMjURF4FSd9VQBt1fU3QvxAEKrviHh/image.png)\n\nAs we can see, it is still heavily weighted towards Bitcoin, but has enough exposure to benefit from success across the other coins. \n\nYou can track this portfolio’s performance here: https://www.cryptocompare.com/portfolio-public/?id=443146 \n\nSo what do you think, sirs? Does this portfolio make sense or do you employ a different strategy in maximizing your rate of returns? \n\nPlease comment below.",
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