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10-23 10:25 - 'My story since I traded cryptocurrency' (self.Bitcoin) by /u/LucianBitcoin removed from /r/Bitcoin within 74-84min
''' My name is Lucian Chuck, and I used to be a normal student in Texas. My family was poor when I was 18. I even had to have 2 part-time jobs so that I can pay my meal in the campus. It was lucky that I knew cryptocurrency in 2017 when ICO was hot at that moment. When I first met ICO, I don't know if it was scam or not, all in my mind was that it might be the chance to make me rich and get rid of poverty. After then, I sold my ruddy car, it was sort of like this one: [link]3 The dealer was nice, even such a bone shaker, he still gave me a nearly $2k offer. Fortunately, the ICO I invested exploded from $1 to $50. The first time I traded crypto, I earned 80 grands. If you have experienced the ICO wave in 2017, you would have known that making money from ICO was a piece of cake. When I graduated in the spring, 2018, I cashed out with 50k USD. I became the richest one in my dorm. I drove my full paid Mustang, and rent the best apartment in Dallas. However, I got rekt since I was crazy about do 100X leveraged trading on BitMEX... At first, I was satisfying my addiction to gambling... Then, I wanted to win my money back... Last month, my account on BitMEX was liquidated... Damn, I became a poor man again. That is the story was gonna end. Though I met BitOffer Quantitative Fund, the poster really attracts me: "Capital & Interest Guaranteed". I thought it was scam, but when I read their article, I found that it was interesting: "After long-term research which made BitOffer fully understand the market’s requirement, BitOffer Official cooperated with the Asian team of Goldman, launched the first capital & interest guaranteed BTC quantitative fund. Using strategies like quantitative hedge, arbitrage, and high-frequency trade, the APY of the fund named “DEF №1” will make the 20% APY to be promised, which is 4 times higher than other funds provided by other exchanges. What is more, redeem is available anytime, and whenever investors choose to redeem their capital, the capital will still be guaranteed. It deeply fits the investors’ demand for chasing high returns but being stable and safe." from: [The First Capital & Interest Guaranteed Bitcoin Quantitative Fund Came, Farewell to Yield-Farming]1 I decided to find a job, and invest in BitOffer Quantitative Fund to get 20% fixed return but still get my investment to be guaranteed. Now I sold my Mustang, and live in a motel. This time, I decide to grow my asset in a stable way. Now you can check their [website]2 to know more also. I will update my daily investment everyday. Follow me ''' My story since I traded cryptocurrency Go1dfish undelete link unreddit undelete link Author: LucianBitcoin 1: *edium**o*/*i*-offe*-e*g**sh/the-fir*t*cap*tal-i*te*es*-guar***e*d-bit*o**-q*a*titative-fu**-came-farewe*l-to*yield-**rmin*-ed**8071ed0d 2: www**ito*fer.com*f***nce/*ef-Win*No1 3: preview.*edd.it*q9*cxw6r7tu51.p**?widt*=**5&a*p;*orm***png**mp;aut**w**p**mp*s=4*64*85209f*d2c4**be**ede66fe055c*a0e962 Unknown links are censored to prevent spreading illicit content.
Hello friends! Thank you for adding me to your community, please allow me to introduce myself
My english name is Andrew Warshaver, and my Hebrew name is Melech bn'Daveed. I have had a rather wonderful time here on Earth so far. To begin with, I lucked out in possessing a rather powerful and unique intellect. Started reading at 2.5 yrs of age, according to my mom, and my IQ test came in at 155, tested around age 10. I also lucked out in having an exceptional, loving family, and grew up in a beautiful neighborhood. So.. what have I done with these gifts? I was a computer prodigy, started winning programming competitions in early high school and went on to study CS at Carnegie Mellon. Worked in a variety of web services and financial markets, mostly high frequency arbitrage trading. During my time working, I became heavily addicted to oxycontin. I eventually became disillusioned with the rat race and wanted to find a higher purpose. In early 2015 I tried to start a Direct Democracy Party in the USA, based on the principle technology called Liquid Democracy. It didn't take off and I nearly lost my marbles, because I knew it could fix the way we do governance. It was around this time that I a) quit oxys for good and b) felt a deep connection with the universe. I think oxys were blocking out that connection and when I finally quit the connection was so powerful it overwhelmed me. I experienced Revelations at this time and recorded a variety of prophesies. As my behavior became more erratic, my family and friends pulled me back to Earth and prevented me from doing anything rash. After dusting off the failure of that project, I found my next calling in the decentralization & cryptocurrency movement. In mid 2015 I moved to SF for a job at a Bitcoin startup (Hedgy, Inc.) and in 2016 I moved to Salt Lake to work for Patrick Byrne at his blockchain enterprise, known as tZero / Medici Ventures. In mid 2017 I struck out on my own when I noticed myriad arbitrage opportunities in the crypto exchange space. My company, DEWMRAX Inc. joined Tribe 10 of Boost VC, which is a startup incubator in the Draper family. (run by Adam, Tim Draper's son) By mid 2018, despite the crash in crypto markets, I had accumulated enough money to take an extended leave from industry, and I did just that. It took a long time to find my true calling, but it came to me a few months ago while doing some intense self-reflection, and through the help of guides like The Midnight Gospel. I think I know my role to play in this great drama we are witnessing, but I'm going to keep that hush for a bit. I would like to close instead by telling you a bit about my latest project. It is intended to be both an educational movement and a spiritual renaissance. I believe the modern western world has ignored the ancient texts and traditions at our own detriment, and peril, and I plan to encourage more people to consider their value. Yesterday I recorded a video describing this project in more detail, I'll link it in the comment section in case you'd like to watch it. Much love to you all! Shalom
Allocating banks on Block chain, eliminating processing fee for Global Transactions, Bank operation is transparent, Blockchain AITD public chain achieve the tasks.
Block chain 3.0, innovative upgrading When we mention Block chain 3.0, I believe everyone is familiar with the concept. Block chain has been praised and promoted heavily by many authoritative medias since it was created; Through the constant effects of information outburst , Block chain 3.0 is becoming a well-known concept like Bitcoin founder Satoshi Nakamoto, but the truth is, people who are able to understand Bitcoin 3.0 concept completely and apply it to actual application are considering as minority group. So-called Block-Chain 3.0, it is actually the core of valuable internet, we can interpret it as using blockchain tenchnology for the layer structure, building a global distributive accounting system; This account system can not only record the assets transactions in Financial industries, storing data, assets origin;It can also records social networking information, product tracing, self identification verification,product ownership,all valuable information which can be recorded as code status. This accounting system will cover every aspect of human livelihood, such as birth certification and death certification, marriage certification, education level, financial account, medical process, insurance claim, voting......etc. Most importantly, these data will not controlled by any center organization or capitalist organization, in global distributive accounting system, all data are transparent, tamper prove; Therefore, we can consider block chain 3.0 as a decentralized trust ecosystem kingdom with powerful memory ability。 From Block Chain 1.0 which represented by Bitcoin to Ethereum BlockChain 2.0, then it reaches DeFi which is between Blockchain 2.0 to Blockchain 3.0, Blockchain technology has been updating on the way to our life; Today, Blockchain 3.0 is a necessary process; Throughout the whole Blockchain industries, Blockchain 3.0 project is facing many problems, to achieve highly incorporation between block chain technology and social development, then we need to start innovating and updating based on Blockchain 3.0. New generation public chain at business level is created because of the current time demand, which is updating the current block chain 3.0 process. Public chain ecosystem is containing 4 competitive industry advantages which belongs to Blockchain, resolving Blockchain 3.0 time problems, connecting throughout the world, to build a Blockchain Trust World which idea comes from Bitcoin founder Satoshi Nakamoto;AITD Blockchain 3.0 is going beyond the tradition meaning of Finance, providing decentralization solution for various industries to achieve" coded business economy", which means to confirm property rights, measurement and storage for each piece of information and word that represented as value, achieving public chain tracing assets,controlling and trading. Four advantages, infinite applications. As far as financial world concern, a widely used scenario is Global payment for BlockChain 3.0. In the current project for Blockchain industy,Rayleigh chain is the first chain to do open pay network, we can pay any types of currency on this public chain; Low transaction processing fees and high transaction confirmation speed are exceeding the tradition cross border payment industry; The emergence of Rayleigh chain is making a great contribution for blockchain global applications updating; In many years, Rayleigh business has remained stagnant, the main line ecosystem mode has been criticized for over centralizing, meanwhile, as DeFi industry is rising up, global financial ecosystem has higher standard for decentralized finance, traceability, expanding, perfecting ecosystem problems is coming one after another, Global payment update is imperative. New generation public chain at business level "AITD Blockchain" is emerging as current time needs". AITD Blockchain is achieving new updated global open payment network, solving the current traceability, expansion, ecosystem problems and making great contribution to facilitate blockchain 3.0;The reason for achieving block chain 3.0 global payment futher goal is contributing to the 4 advantages of public chain ecosystem. Traceable ecosystem,blockchain traceable system can upload the traceable information completely on the blockchain,enabling safe, permanent stored in decentralized data system; using one object-one code- one coin mode during transactions, which can help corporation build a safe and realible supply chain ecosystem fast, achieving block chain anti-counterfeiting, offline product verification, online traceability imagination;meanwhile, traceable information contains tamper prove, encrypted transactions, permanent storage characteristics, which can protect the authenticity of product supply chains. https://preview.redd.it/yq3teba38bk51.jpg?width=1024&format=pjpg&auto=webp&s=3a56b7afb707dbb3380796df4ba1cd133d0c1a1e Gateway functions: So-called Gateway is real world clearing house and connecting block chain online users to build trust, getting transaction channel; We can consider gateway as a single transaction station on chain, the existance of these stations is for serving on chain users; when they obtain trust from blockchain, then fast cross region payments, liquidation can be achieved,Gate way will provide digitalized assets, cross region payments, cross region transferring, allocation transactions around 10 blockchain application scenarios, improving overall cross region payments or other businesses efficiency, building greater value for global payment system; Gateway will gain economical value when provide services to users on the chain, such as obtaining interests earning, withdrawling processing fee earning, earning matching income, obtaining flow value. Infinite dilation: The essence of blockchain is distributed information accountbook. In the Bitcoin public chain, to achieve tamper prove , transparency trait for information etc, requiring operation node to download complete block chains record, which is causing operation node to endure significant amount of pressure, turning transaction confirmation process into complicated process; Therefore, Bitcoin ,etherum congestion problems are becoming homostasis status, frequency to handle transactions are becoming the main competitive force for new generated public chain; When it is facing dilation problems, AITD public chain choose to divide nodes into four different types, sharding managment, which is to reduce storage pressure, improving operating efficiency for blocks; The design of sharding node is allowing nodes to attend its own duty, confirming transactions in faster way, alleviating public chain operation pressure, realizing infinite dilation. Types of nodes Ø (Collector) In charge of receiving transaction, transfer to people who completed ranking, processing customer side SDK to start collecting. Ø (Examiner) In charge of trade request inspection, executing transaction and maintaining block chain, account structure. Ø (Reserve) In charge of inspecting and storing proposal from user side. Ø (VISA) In charge of administrating all the certificates(include distribution,withdrawl) Distributed nodes design is allowing each node doing its job, ensuring transactions at a fast speed. Alleviating the operation pressure on public chain, achieving infinite dilatation. TIPS unlimited : AITD Blockchain uses modern digital communication, block chain, mobile communication and internet of things techniques, providing convenient efficient deposit ,loan,payments, settlement,transfer ,electric invoices, digital credit , account management, currency exchange, P2Pfinance, investment financing, financial information etc,comprehensive seamless, convenient,safe, high speed decentralized financial services; AITD is revolutionizing traditional banking, becoming the leader for future finance layout , transferring traditional banks from offline to online completely, realizing all the business operations online, building a brand new decentralized banking system, the competitive advantages for decentralized banks are cancelling traditional banks physical branch through blockchain technology, meanwhile, minimising human resources cost for banks, it is concentrating on customer experiences, achieving public sharing, transparency,openess, global interconnected. Ecosystem kingdom, connecting future Many people like to call blockchain 3.0 as an ideal period for blockchain, In this ideal period, we can not only achieve the Trust Finance that we orginally intend to do, but also separate "Fraud" "Money gimmick" and blockchain into unrelated fields, allowing blockchain to serve for Finance like internet technology, society or new Global layer technique; adding new features for blockchain 3.0. What types of scenarios can updated blockchain 3.0 connected to ? First is the cross region payment problems that is seeking most attention on the way to globalization; AITD Blockchain global cross region payment is going to achieve improvenment on efficiency , lowering cost, safety tracebility etc;First,traditional cross region payment is not time synchronized, banks are usually handle transactions in groups at the end of the day. Each transaction will need 24 hours or above to complete. Second, traditional cross region payment model is consisting large amount of human account checking and depending on third organizations, which causes high processing fee, according to the report (2016 global payment ) , completing a cross region payment through correspondent banks will usually cost 25 US dollars to 35 US dollars; In monitoring aspects, there are loopholes exisiting in traditional banks which is considering as centralized organization; Above AITD Blockchain, these problems can be perfectly solved through blockchain technology; Block chain +cross region payament will achieve P2P settlements, improving efficiency, lowering cost, blockchain Transaction transparency , information publicized, transaction record permenently saved traits realizing transaction record traceability. https://preview.redd.it/wb9mjyj18bk51.jpg?width=2000&format=pjpg&auto=webp&s=7419873e2bf9e831f66a0a6e35c3c759f9b018ea We talked about the advantages of AITD Blockchain global cross border payments, in the process to achieve globalized payment, assets digitalization and information sharing functions are crucial; AITD Blockchain uses blockchain technology to achieve assets digitalization, what we called token, on chain token is easier to divide compare to traditional entity assets, flowing is more convenient,minimising transaction cost at the mean time; achieving assets digitalization through blockchain technique, all assets transaction record can be released to public ,transparent,permenent storage , traceable by using blockchain technology, these traits satisified the monitoring requirement compare to traditional entity assets; AITD can also achieve information sharing function when assets digitalization begin, AITD Block chain will build a safe reliable information sharing channel through block chain irreversible traits and consensus algorithm,realizing information transparency. To build blockchain 3.0, solving corporation financing,loan etc most commonly meet problems are the required functions for AITD Blockchain; In the whole financial supply chain, middle, small, micro sized corporations are most difficult to achieve financing, The main reason is shortage of efficient credit mechanism between Banks and middle, small corporations. AITD Blockchain's mission is building Trust between loan providing financial organization and small, micro coporation;AITD Blockchain is building completely supply chain financing system, ensuring data reliability of supply chain core coporation through blockchain private key signature techniques, uploading contract, invoices on the chain, achieving value delivery for assets digitalization; After blockchain is solving data reliability and value flow, banks and other financial organizations will not process single evaluation for middle, small size corporation, but they are evaluating through core corporation's will of payment , invoice and data on chain, middle, small, micro corporation financing memorizing, achieving transpassing from single node financing to whole chain financing, therefore minimising the financing cost and solving financing difficulties.
With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today
The guy is literally using a dummy account that was created 3 months ago and that only ever participated in Tarkov subreddit. His first thread was a misleading thread where he's carefully manipulating you to believe that bots aren't an issue. His new thread from today is just because with the leak of the public bots, they're now in the public light and fear that BSG might do something drastic to end them. I'll post here some of the misconception he tried to implement today in his thread. :
TL:DR-The easier fix is changing how flea market works. Sure, magically getting rid of all bots will enable you to occasionally buy 10k cheaper labs keycards. But I guarantee that those 4.1 inch rail mounts will still be 20k because that's how human greed works.
TL:DR - But at least it would be bought and sold by thousands of players physically ingame instead of a dozens of botters who don't even play this game in reality.
You might laugh, but "computational thinking" is not acquired on a single day. Regular people have a hard time just creating a cat that moves left and right in Scratch
Regular people aren't the problem here though ; you pass a lot of time making that argument that it can be long and difficult to program a bot, but the fact is that the people who program bots move from game to game. They don't wake up one morning deciding to run some bots on a random game, it's a challenge for them. When a new mmo comes out, they test it, by creating cheats and selling them, creating powerleveling services, running bots on multiple games, ect. Some of them have years of practice with certain engines.
Let's do some math. 60~120mil profit a day.
I think that you vastly underestimate how you can make a profit with automatisation when you factor in the item flipping. You use the current Flea market prices in your examples while it's already over inflated due to bots. The real money comes immediatly after a wipe ; because they can then immediatly obtain a vast ammount of money in the first days and completely control the market with it's pyramidal structure. There's just no way for any player to catch up to any bot due to, you know, having to sleep and eat. Also in your examples ; you use specific high frequence trade items, while the goal to real profit is to control as many items as you can, considering that this game contains hundreds of valuable items, which include quest items that can be sold. Again , some of them botters have 2+ years of practice (only in tarkov) by now and you mentioned how far we can get with item price records. With that alone it's very easy to know which items is profitable. They probably easily make 30-40x that amount per day on multiple accounts to spread the wealth. You also misunderstand that there a ways in these games to ''Secure'' your gains. For example in a game like GTAV, people would buy pricey cars to store them and protect their money from being wiped ; they could then resell those car to get the money back. In Tarkov, It's already known that RMT'ers are using high priced items with fixed price like LEDX, Bitcoins and keycards to secure their gains.
100mil is valued at $66 right now.
That's actually very high considering that we're playing a BETA GAME, that late in the market which is already over-inflated and that a wipe was announced in 5 months. The real money is always after a wipe ; AND when the game will be officially released. That's the moment that these guys are practicing for, when the stakes will be real and that the economy will become permanent. And like i said ; it's not like these guys just run some Tarkov bots and expect to live from that only. They are way more ressourcefull, they sell glitches, private cheats, money, on multiple games at the same time. That's how it becomes very, very profitable and moreover ; it's a passive income. You can have a job and run these as a sideline, while coding in your free time. Also you're lying here since there are multiple sites, found one where it's 50$ (CAD) for 10million. price always varies from different providers and depending on the country money current going rate.
Conclusion : Unless you're just doing it for academic curiosity/entertainment, coding bots is a total waste of time.
Off course if you never programmed in your life and just expect to be able to google how to create a bot, you might have a reality check. Again you vastly underestimate the market for cheats and ''gold selling''. Or maybe you just know too much about it and want to keep your incomes.
Even without bots, any person/group with enough capital can control the flea market and exploit the economy in the current system.
But they can't do it all day long, all week long. They have to, you know, sleep and eat. One could also expect the players to play the game here and then and to not sit 24h on 24 on the market while not using any of the gear that they could afford.
Why did BSG help the bots by removing the 60 second timer? They did not help the bots; They attacked bots.
That's not what i heard personally. What i heard is that it started a new race between botters and that some of them were already way more advanced than others and were able to perform better than before. Just like you said ; they never aim for 100% snipe, but when you reach 75% you're already swimming in serious bucks. For me the only way to aleviate bots is to render them useless in-game directly. You limit the amount of transaction per account per hour, you add in-game buy orders and priorize them in the market.
Some market bots slightly flipping the market better than no-lifer players who actually play the market on the game client with mouse and keyboard is not their priority nor it should be.
It should be one of their top priority in a full loot mmorpg with tiered gear that can be bought and sold. When the economy gets broken, it breaks the game completely. Random people can obtain vast amount of money quickly by buying it then they can roll with the best kits for 50 lives in a row if they want. It completely breaks the gameplay and the purpose of the whole game. It's been known that botters start public campaigns to divert the attention from them. I'd take a no lifer who actually play the game all day long over a ducking botter who don't even play and just ruin the whole game for thousands of players to gain personal wealth.
Predictions: 2020 The USMC will adopt Lululemon PT uniforms. The new trend in flash mob performances will be speed metal rock and mosh pits. “Duck face” will be required on all passport photos. Amtrak will open new lines and reinvent itself using popular themes. All northern lines will Polar Express trains. All southern routes will be Chattanooga Choo-Choo trains. All West Coast trains will be called Orient Express. And all other lines will be called Thomas the Tank Engine routes and will include animatronic faces on the fronts of all trains that can answer passenger questions. “This is the reality of operating in Fantasyland today,” will say the Director of the Amtrak Board.
UsToo, #ThemToo and #YouToo will be the new viral social media phenomena.
TRUMP will open on Broadway. Taylor Swift will be named Democratic Party candidate for POTUS. Armed teachers will proliferate in rural counties and school districts across the US. So will tactical shooting schools and courses, for teachers and students. Many school districts will open and manage their own shooting ranges. Shooting teams, rifle, pistol and shotgun, precision and tactical, will become the hot new sports in rural schools. Personal bubbles will become hot new products and services. They will sell by the millions. These will be actual bubbles that people wear when they leave the sanctuary of their homes. They will come in various sizes, colors, and several ballistic and acoustic ratings. They will offer defense not only from bullets and knives, but also from antagonistic ideas, annoying co-workers, troubling truths and mean parents. Fortnite will unveil a “permanent residence” option, including sustenance, hygiene and employment options, allowing for users to never have to leave the game. Robots will replace nurses in nursing homes. A majority of residents will claim the robots are better than their “biofamilies.” The American Baptist Association will re-issue warnings to all faithful to be careful during sex, lest dancing spontaneously happen. LeBron James will hold a press conference and ask all NBA fans, “How the hell did I become the old man of basketball?” To which Michael Jordan will tweet, “Dude…” Trump will announce that each US citizen will be issued a firearm of their choice, any make, caliber or model, but with the stipulation that participants must prove that they do not already own any firearms. “We’re not adding to anyone’s collection,” Trump will say at a White House press conference. “We just need more good guys and good gals out there with the tools to engage the bad guys.” “Oh, fuck me,” most law enforcement officers will say to each other. Tactical body armor with roll over the fashion industry like a ceramic plate typhoon. Pete Buttigieg and Tulsi Gabbard will be seen leaving a hotel room early one morning after a Democratic Party debate, leading to all sorts of media questions and speculations, and to calls by the Gay and Lesbian Legitimacy Board for investigations. The American Psychiatric Association will announce that anxiety is actually a treatment for depression. A report from the Coalition of Conservative Scientists will claim that all existing species of animals, and also some plants, engage in rape, and so did the dinosaurs, and thus it is part of the natural order. “So, get over it.” Scientific American, Science News and National Geographic will all publish editorials, in response, claiming that the same can be said of homosexual behavior, documented in hundreds of other animals species, in nature. “So, you first.” Greenland will become the new Florida. Florida will become the new Atlantis. Gondoleer will become a hot new job opportunity in Miami, New Orleans and New York. The entire Sackler family will have their last name legally changed to Gonzalez. India will announce a new campaign to reform Jammu and Kashmir into the “Indian Switzerland,” complete with quaint mountain villages, lots of ski resorts and hundreds of new mountain gondolas and aerial trams. Prime Minister Modi will announce contests to select a new cheese, new beer and Hindu mountain lederhausen to support the new Jammu and Kashmir brand. The first SETI signal will be received from aliens claiming that they have Jeffrey Epstein and that they would like to return him. But, they still want to hang onto Elvis for a while longer, if that is OK. Boeing’s stock will rebound and surge after they rebrand the 737 Max to the 737 Maxine. Greta Thunberg will appear in the next X-Men movie as ClimaRage and will beat down Magneto with guilt and shame. Joe Biden will be diagnosed with Alzheimer’s, but will not pull out of the race. “Does it even matter anymore?” he will say at the press conference announcing the diagnosis. Hong Kong will go dark and become the worlds largest abandoned mall. Disney will announce its purchase of the Notre Dame Cathedral. The entertainment behemoth will claim that only it has the resources to successfully complete the renovation of the fire-damaged landmark, and the culture to maintain French history and tradition. Tours of the site will begin soon after and will be led by Snow White and Mickey Mouse. Disney will also announce that it has purchased Stonehenge, the Pyramids, Machu Picchu and the Great Wall of China, and that all these new properties will be anchors for new entertainment megahubs. Disney spokespeople will claim that only Disney has the resources to maintain these historical and cultural marvels, and at the same time better leverage their tourism revenue potentials. And they also have animated feature length movies for each site, coincidentally. A Religious Liberty bill will be signed into law reassigning all non-Christians to their new Christian denominations. Buddhists will become Baptists. Muslims will become Methodists. The Hindus will become Congregationalists. Mormons will become Presbyterians. “What about us?” the Unitarians will ask in a barely heard voice, to which the official response will be, “Go talk to the Catholics. Maybe they want you.” Pay day loans, reverse mortgages and high frequency trading will be recognized by the SEC, FTC and Justice Department as key corruptions and cancers to capitalism. Nonetheless, they will spread and proliferate like weeds. New types and styles of snake oils and shell games will join them in the disfigurement of capitalism. A growing number and majority of stores, restaurants and businesses in general will no longer accept cash, preferring credit cards and digital currency. Most panhandlers, prostitutes and drug dealers will also stop accepting cash and will instead require PayPal, Venmo or Bitcoin. Surveillance will become ubiquitous as all devices in our lives - phones, doorbells, coffeemakers, tablets, speakers, watches, TVs, thermostats, crockpots, electrical plugs, litter boxes, remote controls, dog collars, security systems, vibrators, cars, weapons, (the list is growing) etc. - will harvest data about our lives and behaviors and feed that data to “data brokers” who analyze and sell that to other corporations. In response to this growing threat, personal data security companies will emerge that will require customers to register their personal data with them and will promise to protect that data. People will fall for this. Online social influencer and personal data broker will become top paying jobs. The first inter-species hybrid human will come to light in a gene-splicing lab somewhere in China. It will be either a pigboy or a monkeygirl. Scientific and medical authorities around the world will express their outrage. Meanwhile, millions will clamor to place orders for puppyboys and kittygirls. The U.S. Department of Defense will officially begin planning strategies to weaponize the Internet. PornhubDoD.mil will be announced as the “nuclear option.” The Republican and Democratic parties will assume new nicknames, the Hatfields and McCoys. “Oh, puh-lease,” will say 89-year-old Dolly Hatfield, granddaughter of “Devil” Anse Hatfield, of Possum Holler, Kentucky, to reporters from her nursing home, “we was never as bad as all them DC politicians. They’re downright crazy. We was just a mite pissed off.” Dating apps will go the way of porn magazines as mating algorithms begin populating our phones and browsers with photos of candidates in our lane, based on various demographic variables. Amazon and Google will provide online weddings, will even provide avatars to act as bridesmaid and best-man. Digisex will trend as the new safe alternative to physical sex. The $15.5 trillion US corporate debt bubble, 74% of US GDP, will burst, throwing the US into economic chaos. Celebrations, by those who have dreamed of the event, will be short-lived when it is realized that no one’s phones work. Nancy Pelosi and Bill Maher will be the first residents to check in at a luxurious new reeducation camp outside of Fairbanks. The string of new American Gulags with be a booming new industry and will provide many jobs for patriotic Alaskans. Many US churches will begin installing security checkpoints, gun emplacements and sniper overwatch. Many schools will implement TCPs, Traffic Control Points, manned by armed security personnel, except at rural schools, where TCPs will be manned by armed teachers and parents, and in some districts, students. The PSC, Private Security Corporation, industry will surge and boom like a high school band at halftime at a Friday night football game. High school bands will begin wearing tactical body armor at Friday night halftimes. Hillary Clinton will finally reveal the location of Jimmy Hoffa’s body. “I told her not to do it!” Bill will say at her trial. Trump will get reelected and will immediately sign an executive order establishing The Department of Truth, whose mandate will be to officially and legally determine which facts are truths and which are lies. Using the term “alternative facts” will become illegal. The Democratic Party candidates for president will switch from debates to playing concerts as a band, during which each gets a solo spotlight, during which they have 5 minutes to play their instrument and riff on politics. Squabbles over who plays lead guitar and the drums will follow the band throughout their tour. Buttigieg will never stop complaining about having to play the flute. A startup company will release a new product called the Emonilometer, which will measure a person’s emotional and spiritual depth and flow. Various plans ands price points will be available. Sales will soar as customers catch on that the more you pay the deeper your flow. (Note: A “nilometer” is used to measure river depth and flow, was first used by the ancient Egyptians.) Multiple sources within the White House will claim that Trump’s favorite new phrase is “It’s good to be the king.” Sources close to Mel Brooks will claim that his favorite new phrase is, “Oy vey.” A new extinct human species will be discovered. Homo idioticus will answer a lot of burning questions regarding the human tree of evolution, and the current state of humanity. The collapse of the dairy industry, due to unmanageable costs and ratios, will lead scientists and farmer to look for other sources of milk, beyond almond and oat. New options will include shark milk, beetle milk, flamingo milk and even spider milk, for which demand will quickly out-strip supplies, due to consumers hoping for spider super powers. A joint Chinese-Israeli-SpaceX project will start building a lunar station on the moon. The station will be focused on research and mining, but also will offer “Do It On the Moon” romantic get-away packages for couples. The Labor Secretary will quip during a press conference that “retirement is for pussies.” US Space Command will begin selecting and training its first class of Space Rangers. LSD and psilocybin will be the new cure-all super-drugs, for everything from depression, addiction and dementia. Doctors and pharmacists will take to referring to these as Timothy Leary treatments. Members of the Leary family will demand a cut of the action. Coach Orgeron and LSU will replace Saban and Alabama as the defining college football program, and will set new standards in 2020 when LSU becomes the first to sign a QB right out of middle school. Other schools will soon follow. Elizabeth Warren and Bernie Sanders will make a soft porn short film together in an attempt to connect with American voters. Copyright Jeff Forker 2020
Dear Pundians, Thank you for participating in the AMA session with Pundi X co-founder and CEO Zac Cheah. For those of you who may have missed it, the live recording of the AMA session held on July 3 at 10:00 am GMT+8, tackling Q2 progress and addressing questions and concerns by the community members, can be viewed here. A side note that today’s AMA video quality and setting was not ideal. We acknowledge this situation and will make improvement for our next AMA session. You may also find a summary of the Q2 progress presentation as well as all the detail Q&A below. ## Pundi X Q2 2019 Highlights * Pundi X has integrated more public chains into our products. In Q2, we completed integration of Binance Chain. NEM chain is in the work. As of today we’ve launched BNB, the Binance Chain native Coin and XEM, NEM native coin on Pundi X payment platform. We will integrate at least one more public chain in Q3. * The transactions on XPOS for Q2 is 15.5 million in USD, which is close to 300% quarterly growth. The number of transactions is 29,367, which leads to a 11% growth QoQ. * XPOS has successfully received FCC and KC certifications. A new certification for Latin American market is on the way. * To expand XPOS footprint, Pundi X’s integration with a new leading mainstream point-of-sales device is in the work. Stay tuned for the announcement. * Pundi X Open Platform was launched in May, 2019, which now supports ERC20 and BEP2 token listing. Moving forward, we will continue to support tokens from other public chains. * A 3,000 XPASS order from DigiX, a gold-based token, and a 10,000 XPASS order from BitCobie this quarter. * XPOS is spread in use in over 30 countries. We’ve published a map of XPOS location of self-report XPOS merchant directory. You can find a list of selected XPOS merchants at [https://www.pundix.com/products\](https://www.pundix.com/products). * The QoQ growth of XWallet is tremendous at 43%. In the previous quarter, we have less than 20k users, whereas in Q2 we have hit 297k XWallet users. More updates on XWallet: * Supported BNB and NEM tokens; 2FA, face ID, and optimized SMS serviceAvailable on iOS, Android as well as in Samsung Galaxy Store New features coming up in Q3:- DApp integration - Decentralized wallet- In-app crypto payments - Chat service, which will be compatible with a commonly used chat app- f(x) testnet features to be rolled out first in XWallet ## Other notices coming up in Q3 2019 * The Q2 token removal will take place on July 14, 2019, which will involve in total 34 billion of NPXS and NPXSXEM (22 million worth in USD) removal. In the past 365 days, we’ve removed a total of 36.1 million US dollar worth of NPXS and NPXSXEM. Before Q2 removal, the total supply of NPXS ERC20 is 266,962,422,906.53 and NPXSXEM is 95,816,218,929. [See Q1 removal here.](/pundix/recap-of-ama-with-zac-on-july-3-and-q2-report-a23de165dd28) * [NPXSXEM will be ported to Binance Chain from July 20](/pundix/npxsxem-will-be-on-binance-chain-c6485f17726b). * XPhone pre-order will start in late July with a new product name. Stay tuned. Check out the teaser video that we are releasing it across our communication channels. ## Q&A ## On XPOS * **Where are we on official global location of XPOS?** Zac: We have made a map on our official website that merchants can self report and feature their locations. It’s at [https://www.pundix.com/product\](https://www.pundix.com/product). We’ll be increasing and updating the map once we have permission form the merchants to update their locations. * **The marketing from pundi has shifted from 100,000–700,000 xpos units by 2021 to 100,000. I understand the bear market has affected this but please share the strategy moving forward to hit your goal. How do you feel about hitting this goal?** Zac: The 100K XPOS target has always been the initial goal and it’s stated in our whitepaper. And we are still working on achieving the goal by the end of 2021. Part of our growth strategy is to also explore the possibility to port our platform to traditional POS manufacturers to increase the adoption, which is ongoing at the moment. * **1 year ago you sent 5000 XPOS somewhere. When, at least half of them, will be working? 3 year target was 100,000 by 2021. Now we have only 150 units, how do you expect to reach this goal?** Zac: Yes, we have shipped thousands of XPOS to over 30 countries in the world. The 150 you’ve mentioned are the featured merchants which are published on the map. The active XPOS devices are deployed over 33 countries and we are actively talking to B2B partners to have higher wholesale and big deployments. * **How many XPOS are live and used?** Zac: We have gone through a very serious bear market, and some of the initial inbound requests for XPOS are not delivered. However, we are working slowly but surely with our Business Development team to not just roll-out into individual buyers, such as what we did on Pizza Day, but also to B2B partners. With the certifications approved, that will also help us to officially roll out to some of the key markets. Individual merchants can use XWallet collection feature to accept crypto payment with QR code. For the merchants who have physical offline storefronts, they can use XPOS to enable the instant crypto transaction seamlessly. Moreover, as mentioned previously, we are exploring the integration on leading traditional POS terminal so that their distributors have option to enable crypto transaction feature. As for the challenge to adopt XPOS, it is the regulatory compliance in different countries. For this, our legal team think ahead and encourage our merchants to complete KYC. I must be very honest to say the activation takes longer time than we expect but it will be worth at the end. * **What’s the average number of transactions per xpos in use?** Zac: The transaction number has increased very well. The number of each XPOS differs, due to the frequency of using crypto currency to purchase item or crypto assets. There’s no standard answer to this, but overall we see the transaction number and volume are going up. * **How do you plan to reach the target of 100,000 by 2021?** Zac: One of the challenges that we have is regulatory compliances in different countries. There are certain markets that do not allow crypto currencies and some require a clear approval for us to deploy XPOS. We are working on both challenges by talking to governments and applying for certifications. So how we plan to reach 100,000 XPOS user by 2021 is to work with distributors, B2B partners on a government / business level, and with existing POS companies to integrate our software solution into the system. * **We understand as there was bear market and hence Xpos usage demand was low. Are you guys seeing growth of Xpos usage with current market conditions. Can you guys put some statistics comparison like last 30 days Xpos usage vs any month from bear market usage?** Zac: It is very clear that as we moved out from the bear market, the demand for XPOS has been increasing. As we’ve shared just now both the transaction number and volume of Q2 have beaten Q1. We’ll be able to share more transaction numbers once we receive approval from our XPOS merchants. One exciting thing is that, with the listing of different tokens, we also see users using these tokens as a way to transact on XPOS, which means we will be having more ways to transact and this is a growth point for XPOS. * **When will there be more details for XPHONE and XPOS HANDY?** Zac: For XPOS handy, we have finished production and it will be released in Q3 * **When will the iOS version of XWallet and XPOS be fully translated to other languages?** Zac: Right now, the XWallet has Traditional Chinese, Korean, Spanish, German and English. With the latest version update, it now includes Portuguese. XPOS also comes with many languages and we hope to finish with more language, either working with professionals or volunteers. If you’re interested in volunteering, please contact us. * **When will the Merchant back office have Product Registration and SKU id ability and also integrate with other POS software?** * **When will the top-up feature go away for XPOS to allow liquidity for XPOS** Zac: We constantly update features in XPOS and merchant backend to make it easier for distributors and merchants to use. We understand that one of the ways for mass adoption is to enhance our distributor management system. With that, the distributors can manage manay XPOS at one time with different merchants. Please stay tuned as we announce more and more functions of this feature. ## On Dubai * **When will we see the deployment of the XPOS in Dubai?** * **Can we spend NPXS on the Dubai XPOS?** Zac: As with all big projects there are a lot of moving parts, that includes working very closely with the local government, in Dubai’s case, the Credit Bureau of the Finance Ministry. Things are progressing for the Dubai project but due to confidentiality agreements with the parties involved, we cannot reveal much. All we can say is that we and our Dubai partners are working hard to have XPOS roll-out in the Dubai market and the UAE. We are also discussing aggressively with Dubai partners whether to include crypto assets in the XPOS in Dubai. That clearly will involve local compliance and legal for that to happen. * **Your system upgrades expect merchants to have downtime on their XPOS terminals, can you explain if you plan to run a business why this would be considered feasible (specially at the rate you have been doing your upgrades)?** Zac: Yes, the benefit / strength of the XPOS is that most of the updates can be done on the fly. For example, when we have a token update on our XPOS where developers submit their tokens on Open Platform, the updates of this token are on the fly, which means that once we approve the token on our Open Platform, it will automatically appear on XPOS without any software updates. The great thing that we believe about XPOS is not just the support of crypto assets, but also the ability to update most things on the fly, which means that whenever we have a good feature or a new token, the updates will be done instantaneously. * **Can you guys arrange at least a community voting which is the next blockchain we would like to see next in XPOS? Voting will help to prioritize to chose the projects.** Zac: One of the reasons why BNB is being listed on the XPOS is simply because of its popularity and also our user demand, in a way that we are already answering to our community’s request. Right now, our main focus is getting all the tokens submitted on Open Platform to be listed on the XPOS. The submission process includes legal and compliance valid, so our legal and compliance teams are working hard to make sure that we have more tokens to roll out onto Open Platform, which means that they will be on XPOS, XWallet, and XPASS. As to a specific voting mechanism, we’d like to consider that and hopefully we’ll be able to run a specific voting for the chain which users would like to see. * **While comparing Xpos handy to Square POS devices at least with mobile it’s very cheap like under $30 and easy to use. When can we expect such light weight and cheaper version for XPOS? Is team working on such devices ?** Zac: There are different POS companies around the globe and pour focus is to work with these POS companies with our software, so that a crypto sales feature will be part of the existing POS system. The more support of crypto asset usage using our software on existing POS, the better it is for global adoption. We actually strongly believe that the pricing of our POS system is competitive in the market. And one of the great features of the XPOS is that the merchants will not need not to pay a certain percentage to existing acquirer but to be able to earn certain percentage from each transaction. That is the key differentiator for merchant to want to adopt this. * **From the website with some of the key Countries for XPOS adoption looks great. However, the concern is for Venezuela, there is no reference link like the others have. Can you guys add the link with details to clear the ambiguity?** Zac: Let’s give a little bit more patience so that we can actually release more information about our Venezuelan partnership. The good news is that we expect concrete news from Venezuela in the coming 2 weeks. So stay up-to-date about our Venezuelan roll out on XPOS, the best way is to subscribe to our telegram group for Venezuela. ## On Partnerships * **Are there some major partnership in the works? I’m also interested in how you do immediate transactions? Do you anticipate scaling issues?** Zac: The way XPOS is being designed is that when you use your crypto assets to purchase, it will have instantaneous confirmation because the action is an off-chain process. An on-chain action happens when a user who owns crypto assets in our system transferring the assets out of the Pundi X ecosystem to their own wallets; or to transfer crypto assets in Pundi X from an off-chain to a private wallet, which we will have very soon on XWallet itself. That is why we are able to handle scaling. When a person wants to use crypto currency to buy a coffee, the transaction will happen instantaneously. For specific partnership, especially with B2B partnership, we oblige to the NDA that we have signed. But if you follow us closely, you’ll know that we go to different parts of the world, talking to major companies to try to land more deals so that NPXS usage will increase dramatically. * **Any big partnerships for making xphone or using the software for xBlockchain?** Zac: These partnerships are also subjected to NDA, so please be patient for us to release more news. * **When will XPOS have approval to process Visa and MasterCard payments?** Zac: We have met representatives from these players including some of the key management people. They are obviously looking into crypto currency attentively, and we hope that there’s something we can do with MasterCard and/or Visa. This is something that the community has suggested and we agree fully. Please allow us with some time to work on this. We have also showcased XPOS to the CEO of MasterCard. For what or when will anything happen, please wait for our official announcement. * **What’s the status on Quantum fund and their contribution or involvement with Pundi’s project?** Zac: We announced last year that we are creating a fund to invest in projects beneficial to our ecosystem. We’ve identified some interesting projects, and we have invested in at least 1 project. The reason why we’re investing in that project is because of the services that it will bring onto the Pindi X ecosystem. So the purpose of the investment of the companies is that these companies in turn will benefit on our ecosystem. This is our key consideration. The team has evaluated the projects that will benefit the Pundi X / Function X ecosystem. Vic and his team will be able to reveal more details on the companies we have invested in and how they will contribute to our ecosystem in Q3. * **Recent update on NPXSXEM is highly ambiguous as mentioned that it will be now BEP token and later once FX goes live it will get back to Fx platform. Why you guys had so rush to use Binance chain only for few months? Isn’t you guys switching to much in a short time span?** Zac: Liquidity and utility have been an issue for NPXSXEM. Due to the design philosophy and the limit of token that can be created on NEM’s smart contract, we are only able to create a small number of tokens on NPXSXEM. By moving into the Binance chain for NPXSXEM, the BEP2 token version will be able to support all the NPXSXEM tokens, which means that we’ll migrate and also be able to make sure all the NPXSXEM tokens are under the same contract address. We believe with the strong liquidity, we will be able to give our NPXSXEM token holders a good reason of what the token holders have been waiting for. We hope to bring NPXSXEM to match the level of NPXS. * **When #XRP?** Zac: Our OpenPlatform is a currency agnostic platform, which means that we will work on integrating public chain as well as tokens that are most requested by the users. We’ll also be looking into the listing of different tokens that are being mentioned by the community. As said, we will have at least one more public chain integration in Q3, perhaps even more. * **Are you as a company going to try and connect with libra? If they have said they want to be a payment remittance service, have Square, PayPal, Visa on board I as an investor would prefer you try to join them rather than beat such large competitors** Zac: Of course, we’ll be delighted to work with Facebook and also the Libra coin. Pundi X and XPOS is a currency agnostic / currency neutral platform, if there’s opportunity to list Libra coin or work with Facebook in different ways to promote crypto currency adoption, we’ll certainly look into that and work on reaching out to them. ## On Trading * **Can you confirm during AMA, Pundi team is not involved with any trading with their own token like selling over time to manage the fund to run the company.** Zac: All the wallet addresses of the team holdings are disclosed and transparent. This is one of the first things that we did after ICO. Hence, our token holdings are transparent and everyone can monitor our fund transactions. Also, we have strict internal financial regulation and compliance, shows that we are here to build a long-term project. The best way to make NPXS or the NPXSXEM to rise is real daily life use case. * **When will you stop manipulating NPXS chart?** Zac: Our focus has always been and will be building great products. The more product usage, the demands for NPXS and NPXSXEM will increase. Let’s address again that, Pundi X the company is NOT involved in any manipulation of the NPXS price. There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market. The good thing about NPXS is that we have managed to create a high liquidity by listing on 40+ exchanges and having global trades and demand from all over the world. We hope this and coupled with the fact that we are a solid product and roll out the use cases, the demand of NPXS will only continue to rise and will be able to deter any of the traders or speculators there is for NPXS. These traders gain profit from manipulating tokens whether BTC or other tokens. In fact, the traditional financial markets have similar challenges as well. What I want to stress is that, we at Pundi X, do NOT speculate or manipulate the price. We work very hard to create demands for NPXS and as a company, it is only beneficial for us to see the prices of NPXS and NPXSXEM rise. * **Can we please address the elephant in the room which is the Binance bot with huge sell walls and buy walls causing huge distress and concern among users?** Zac: First, I cannot confirm nor deny that whether Binance has a bot. I think this is something that you need to ask Binance. We need to work with Binance because Binance has one of the biggest liquidities, if not the greatest liquidity, for NPXS. The best way to counter manipulators is to create more use case, more demand and more acceptance of our tokens. * **Why on almost all exchanges do you not offer a USDT trading pair?** Zac: We have USDT trading pairs on Bittrex, Bittrue, and more. In addition, we have fiat pairs in Korean Won, IDR, INR, and Turkish liras. We will continue to work on adding trading pairs for NPXS to make it more liquidate. * **Why don’t you offer a stable coin sell and purchase on the xpos to help with adoption? Places in Africa with volatile currencies would go crazy for this.** Zac: It’s a great observation. This is a request that’s been asked from many users. We’re working on stable coin listing on XPOS and hopefully it’ll come soon. Stable coin requires a greater compliance and legal validate, which we have been working on since months ago and we hope to have the stable coin up in XPOS soon. * **When will you add an active tracker for coin burn, whether its measured in usd, NPXS or whatever you choose. The community has been asking for this on twitter, reddit and telegram for this entire year.** Zac: It will be hard for us to have a daily tracker of the coin burn, but what we might be able to work on is a tracker which have shown all of the tokens that have been removed from the usage. Thank you for giving us this great suggestion and we will work on it in some form. Zac: Our token supply has always been specified in our white paper, and as promised in our white paper, we will continue to remove tokens through usage and use cases, which we’re working on all the time. * **Price movement. When will NPXS go to which price?** Zac: We cannot comment on the change of the price. Our focus is on building products. We hope by doing that the NPXS value will go up. Again, there’s no way that we can comment on the price. **I believe that burning tokens every 14 weeks keeps the price suppressed and will only lead to huge pumps and dumps. Imo, If the burns were more frequent, the price would move organically.** Zac: We continue removing tokens quarterly per advised by our legal and compliance team. **Is it mandatory npxs swap? What happens for token we have in binance?** Zac: No it’s not a mandatory NPXS swap for FX. **How many NPXS or NPXSXEM was converted?** Zac: In Q2, we will remove 29B NPXSXEM and 9B NPXS. ## On XWallet * **Why not put in XWallet like the place where we can buy and sell like restaurants and shops?** Zac: You are correct. In fact, if you look at XWallet, there is a merchant feature, whereby you can register as a merchant. By becoming a merchant, you will be able to print out your QR code and stick it on your restaurant. People are able to make payment through this QR code. This will act like a mini-XPOS. * **In addition to that having multiple different blockchain in XWallet will increase the XWallet adoption. Hence, we would like to see aggressive game plan and execution from the team and would like to hear that** Zac: That’s a great suggestion. Every day we want to increase use cases for XWallet. In fact, our XWallet update is one of the most frequent in the market. Within 5 months, we have over 10 updates on iOS and Google Play. This does not include soft update which happens every several days. In my view, the effort is very tremendous. * **Is there any plan to add Swap option within XWallet so that people can trade the coins within XWallet?** Zac: Yes, there’s such plan and in fact there is an upcoming feature that people will be able to use coins in XWallet to exchange into other things. The exact form and format have not been reviewed. We hope to share more when we have concrete example. But what you suggested is what we are planning for months ago. * **When will XPOS and XWallet have fiat on ramps?** Zac: This is a good question. It’s not only involved with regulatory compliance but also involved the technical part. This is also something we are planning for months. Once approved, hopefully we are able to support fiat currency on ramps and off ramps on XWallet. **On Others*\* * **How is the internal organization doing? Currently how many employees work for Pundi? Currently how many job positions are open?** Zac: Pundi X has grown tremendously. We are now having over seven offices around the globe. I’m sitting in the Singapore office. We have office in Jakarta, Taiwan, Tokyo, Shenzhen, São Paulo and London. These are the places we have physical offices and house approximately 100 full time employees of Pundi X. The positions open from Pundi X are legal associate in Singapore and other offices. We are looking for more R&D people, especially in Taiwan. We are looking at marketing and PR people in different parts of the world. And we are looking for POS distributors. As a POS distributor, you will work with our business development team and also our technical team to roll out many XPOS which you have a network to control in your local market. * **Would you consider removing the KYC to allow u.s. holder to stake and be rewarded?** Zac: We would love to have more users, including US. However, our compliance and legal advisors have not allowed us to accept US holders to stake and be rewarded. I’m sorry to say that but this is after serious consideration to make such a decision. In fact, it is a very hard decision because we have healthy user base in the US. will continue to monitor the situation in the different markets and be compliant. There are also ways to be rewarded when using XWallet service without KYC. We are looking into to explore more on this and launch new features. Hopefully we are able to bring the beta version for you to test this week or next. **On XPhone*\* * **Where are we on pre-sale announcement of Xphone? It was highlights of Q2 goal. If we are getting delay, that’s ok. But at least community will have some clarification why it’s getting late and when approximately it coming?** Zac: Pre-sale order will start this month. It’s likely the end of July. Pre-sale will take place in different channel including the official website and XWallet. Apart of our own channel, the pre-sale will go live on a 3rd party channel. People will be able to pre-order crypto either in crypto or in fiat. * **Can you discuss in AMA, is participants can pay with Crypto or Credit/debit card or in both ways?** Zac: As a crypto company, we prefer payment in crypto, but fiat, Visa, MasterCard, and other traditional payment methods will be accepted on different pre-order channels. Stay tuned for pre-order which will happen in late July. * **Will the Xphone be open to purchase in all regions of the world?** Zac: Yes, pre-orders will be able to be done on-line, and products will be shipped from our offices to users in different parts of the world. * **Will the blockchain mode on the Xphone be operable during the testnet or will this function not work until mainnet?** Zac: XWallet and XPhone are the first channel and avenue for Function X testnet, so once the testnet is operateble, we will start to engage certain services on XWallet and XPhone into Function X testnet, and ultimately into mainnet. Slowly but surely. * **Does Xphone have hard protective cover,extra Sim slot, also is it enhanced with ip68 water rating?** Zac: XPhone will not be waterproof, so please do not submerge XPhone into water. XPhone will definitely be eavesdrop-proof because we’re using a blockchain mode, only you and you control your own conversation. * **Which country accept the Xphone?** * **Will I also be able to use the SIM-card?** * **The blockchain modus will work in every country (what in the absense of nodes)?** * **Will the XPhone I buy now support updates in the future?** Zac: People from any country will be able to buy XPhone on-line. You will be able to use a SIM for we have built a SIM slot. Wherever you are, the XPhone can be turned on to become a node. Will XPhone support future updates? Yes, of course. Just like the XPOS, we support silent update. It will be like how we support XPOS, many updates. The updates will always be supported on XPhone. **On Function X*\* * **When is the detail white paper coming for FunctionX? Why the team is very resistive to have well documented white paper? We need scientific approach and well documentation on FunctionX to have developers to be more involved.** Zac: Yes, developer involvement is a key criterion of the growth of Function X. We have done 2 things, one is that we have set up Function X Foundation which is led by David Ben Kay and will involve third party adviser and board members. Second, we have set up a developer relations team led by one of our own members as well. This team will work on creating developer documents, developer demos and sample, so that excellent developers can tap into working with Function X resources. The first version of developer documentation is ready in English and Chinese. We are still polishing up the documents and hopefully to release them soon. We are also working with third party developers, and are engaging at least 2 third party developer companies, so that we can help create their services on Function X and also XWallet. We are hoping to showcase a smooth and usable service to the audience, we think this is the key criterion of the Function X growth. Thank you for this suggestion. We need to update more often on github developer documentation as well. As for the white paper, we did not have one per se because Function X did not do an ICO. But we will continue to update our white paper and include not only technical details, but also details on the chain and how we can get more developers and users so that the future hardware will be added as a node and you will be rewarded financially, at least through our ecosystem genesis fund. Please stay tuned and there are a lot of things going on in the company. Each and one of us is working hard. * **Why does the FX ecosystem need a decentralized OS?** Zac: The mantra of Function X is decentralization and having private control of your data. A full private control of your data comes with a decentralized system not just in transmission of your data, but with the operating system built fully for decentralization , which includes a transmission protocol replacing http. The apps uploaded into Function X will be decentralized as well as the data that is stored on the app, which means that how BitCoin or crypto assets are verified on different nodes will also be part of the way we store data and content. The decentralized OS is key to fulfilling a decentralized environment for a more private and free usage. * **What about FX are you most excited about?** Zac: We are actually creating a shift of how people view of blockchain and how decentralization is not just about transacting commercial commodity, but also data, including your identity, are all decentralized. That is what we are most excited about. The only way for us to achieve this is to have developer support, for we need the developers to build on the foundation we have to offer those exciting services. * **We understand that developing a new blockchain is time consuming. As a community we are in a dark space to understand where exactly the development of FX right now.** Zac: We are working hard on creating the testnet and eventually the mainnet. For the latest updates of Function X, what I can encourage you to do is to go on and subscribe to the Function X telegram group where discussions are made. We have formed the Function X Foundation and created the developer relations team, so that the Function X progress will go smoother and with more partnership from outside, whether it’s developers, third party companies, teleco, etc. * **When FX goes live on the mainnet, will FX coin be used to stake and earn NPXS? how will staking work on that new mainnet?** Zac: The NPXS/NPXSXEM staking will last till March 9, 2020 as announced. What we are committed is to create more use cases. For FX tokens, the use cases will be focusing on the Function X Chain and the use cases on Function X that include DApp on Function X and different hardware/software services. * **When fx testnet will be available?** Zac: First I would like to thank you for your constant support. In Q3, we plan to open Function X testnet so that we will be migrating and creating certain use cases that can be used on Function X testnet, starting with our own XWallet. Which means, the XWallet will migrate some features into Function X testnet, and slowly followed by our other Pundi X products, including XPhones, XPASS, Open Platform and Function X own developer related products from third parties.
WSB101 - THE BOOK OF YOLO: BEGINNERS GUIDE TO TRADING LIKE A DEGENERATE AND EVERYTHING WSB
The Book of Yolo: COMPLETE GUIDE TO WSB The goal of this is to actually create something that all of you WSB newbies can read - because we’re all tired of seeing the endless wave of uninformed and unavoidable stupidity from those who have never touched the stock market. CALLING ALL NEWFAGS AND NORMIES. If you can’t read, GFY now. Now that we will be on the popular section of reddit, this has become pertinent. WSB can't avoid newcomers, so we might as well explain how the clock ticks here. This one is for you all. This is to serve as a reference what values we hold, what instruments we use, and as a general place to educated the uneducated. First off, this is the LEAST helpful stock market-based community for newcomers. Sarcastic answers are the only thing of true value here. It isn't a place to learn, but a place to plan out where you will dock your yacht. Newcomers are usually berated upon asking the inevitable stupid questions that they could learn slowly from reading here, or just using a damn search engine. Instead of embarrassing yourself here, you now have the opportunity to read this and get what we’re all rambling about. This will help you understand what to expect if you make the decision to undertake a WSB style trading career, so you can stay here and contribute to the yolo lifestyle or otherwise GFY. I will edit in any suggestions that our frequenting users or mods want to add to this as well. To begin: Here are our topics for WSB101 -Basics (Equities/Stocks) ; -ETF's ; -Options ; -Futures Trading ; -SubCulture ; BASICS/EQUTIES Skip if you understand basic stock stuff Okay, so what is an equity/stock? An equity is essentially what you’d think of as your “vanilla” trading tool. They move up or down depending on market forces, and can range from pennies to thousands of dollars per share. To explain how stocks work, let's define a few terms. Volume: The number of shares of stock traded during a particular time period, normally measured in average daily trading volume. Spread: The difference between the bid and the ask price Bid Price: The current price in which someone wants to buy at Ask Price:The current price in which someone wants to sell at Volatility: The WSB favorite. Volatility is referring to the price movements of a stock as a whole. The higher the volatility, the more the stock is moving up or down. Highly volatile stocks are ones with extreme daily up and down movements and wide intraday trading ranges. Margin: A margin account lets a person borrow money (take out a loan essentially) from a broker to purchase an investment. The difference between the amount of the loan, and the price of the securities, is called the margin. Margin is one of WSB’s popular instruments of wealth and destruction. Dividend: This is a portion of a company’s earnings that is paid to shareholders, or people that own hat company’s stock, on a quarterly or annual basis. Not all companies do this. PPS: Acronym for “Price per Share” Moving Average: A stock’s average price-per-share during a specific period of time. Bullish: Expecting the stock to go up Bearish: Expecting the stock to go down Any raised hands can redirect themselves to here: http://www.investopedia.com/articles/investing/082614/how-stock-market-works.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 Now that these terms are defined, let's move into the details of why this is even useful. Most people know what a stock is, but how and why stocks move is a different story. The stock market is essentially a big virtualization of supply and demand - meaning that usually high positive volume creates upwards movement in the PPS, where high negative volume does the opposite. This creates a trader’s opportunity; Generally, the most effective time to buy or sell is where the candlesticks (volume data) are thinning out. When you are ready to take an entry point or execute an exit point, waiting till the volatility (candlesticks) thin out is one method to give you best trade possible. WSB FAVORITE EQUITIES: Of many equities, WSB favors the riskier ones - but avoiding penny stocks is a policy. AMD - CEO Lisa Su, Next Gen Processors, chips, graphics. It’s the gamers gambit. Up roughly 1400% as of 2/7/2017 since WSB first mentioned it NVDA - AMD’s sister? Mother? Daddy? Who knows. NVDA has been a sexy semiconductor leader. Is up 400% since gaining traction on WSB. FNMA / pfds - Mnunchin, Trump, Big fat fannies. Get your self deep in the fannie. We all want it. WSB 10 bagger candidate for reforming the housing market. WSB holds a large cumulative position that can be seen below. Also a good read is the beginners guide to FNMA. Any post by u/NOVACPA is very often VERY informative on FMNA/pfds. https://www.reddit.com/wallstreetbets/comments/5oissp/results_wsb_fnmafmcc_holdings https://www.reddit.com/wallstreetbets/comments/5t7gba/beginngers_guide_to_fnma_fmcc_read_this_before/ ARRY - A biotech champion that prevailed after a lot of failures and huge losses in the biotech sector. Dark times for WSB. Up ~300% since getting traction on the subreddit. TWTR - WSB likes to buy put option contracts on her. Exemplary of a social media platform that is unable to monetize itself. TSLA - Maybe not unanimously a favorite, but loved for it’s sexy volatility, Elon Musk, and ridiculously expensive options. GILD - A Shkreli pump and dump? The greatest large cap pharma recovery of all time? Who knows. Martin took the time to make a post on this reddit and it is up $5 dollars since. ETF'S Welcome to the world of investing made easy. Exchange traded funds (etfs) are devices that can be traded like stocks, but often track the value of many companies by investing in their listed assets accordingly. Specifically, An ETF, or exchange traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs experience price changes throughout the day as they are bought and sold. ETFs typically have higher daily liquidity and lower fees than mutual fund shares, making them an attractive alternative for individual investors. ETF’s come in beautiful and delicious varieties, often with a BEAR form and a BULL form of each; but the most delicious to WSB are the 3x etf’s. A 3x ETF is one in which the underlying movement of the ETF is leveraged 3:1. Meaning for every movement within the underlying index or stocks, the 3x ETF moves well.... 3x as much.. WSB FAVORITE AND USEFUL ETF’S: JNUG - 3x Gold Miner Bull - A hit or miss, has extreme intraday movements and essentially tracks GDX (gold miner’s index). Jnug will usually move with a pretty strong correlation to gold, which is affected by the mentioning of rate hikes (negatively), movement of the US dollar (inversely), uncertainty (positively), and supply and demand. NUGT - Jnug with a different price tag JDST - The inverse 3x etf of JNUG - or the bear etf. It does almost exactly the opposite movements of JNUG by the tick. Moves for the same reasons, but obviously opposite directions. DUST - Jdst with a different price tag. UGAZ - Natural Gas 3x Bull ETF - essentially tracks the price value of the commodity Natural Gas, but more specifically the S&P GSCI Natural Gas Index ER. The index comprises futures contracts on a single commodity and is calculated according to the methodology of the S&P GSCI Index. Natural gas is most affected by Weather temperature conditions (use your brain), petroleum prices, and broader economic conditions. DGAZ - Inverse of UGAZ UWT - Crude Oil Bull 3x ETF - extreme intraday movements, closely follows the price of oil. More specifically, it tracks futures. UWT seeks to replicate, net of expenses, three times of the S&P GSCI® Crude Oil Index ER. The index tracks a hypothetical position in the nearest-to-expiration NYMEX light sweet crude oil futures contract, which is rolled each month into the futures contract expiring in the next month. The value of the index fluctuates with changes in the price of the relevant NYMEX light sweet crude oil futures contracts. DWT - Inverse of UWT FAS - Financial Bull, specifically FAS seeks daily investment results, before fees and expenses, of 300% of the performance of the Russell 1000 ® Financial Services Index. The fund creates long positions by investing at least 80% of its assets in the securities that comprise the Russell 1000 ® Financial Services Index and/or financial instruments that provide leveraged and unleveraged exposure to the index. Can be used when bullish on US financial services - so banks, lenders, etc. FAZ - Inverse of FAS UPRO - S&P500 Bull 3x ETF, essentially tracks the S&P500 and multiplies it’s returns by 3x. BRZU - Tracks Brazil (in its most basic form). It creates long positions in the MSCI Brazil 25/50 Index. LABU - Tracks the Biotech sector, or specifically 300% of the performance of the S&P Biotechnology Select Industry Index ("index"). It should be noted that LABU has doubled since just before the election of Donald Trump. LABD - Inverse of LABU RUSL - roughly creates 300% of the performance of the MVIS Russia Index. RUSS - Inverse of RUSL SPY - Tracks the S&P500, but is not 3x. OPTIONS: Alright, so half you are going to understand this, and half of you are not. Pull up an options chain now on any stock (penny stocks and specific stocks do not have chains because of their market cap). Options are truly the ultimate way to achieve maximum risk/reward. An option is a contract that gives the buyer the right to buy or sell 100 shares of a stock at a certain price, on a certain date. This concept makes options a commodity themselves. KEY TERMS: A CALL - is the right to buy. Buying calls is taking a bullish position in its most extreme form. A PUT - is the right to sell. The underlying - is the stock that the option is covering i.e. AAPL, GOOG, AMZN Strike Price - the price at which a put or call option can be exercised. ITM, In the money - In the money means that a call option's strike price is below the market price of the underlying asset or that the strike price of a put option is above the market price of the underlying asset. Being in the money does not mean you will profit, it just means the option is worth exercising. OTM, Out of the money - a call option with a strike price that is higher than the market price of the underlying asset, or a put option with a strike price that is lower than the market price of the underlying asset. ATM - At the money - Strike price at the same price as the underlying Expiration - Expiries for options are every friday of every week usually, with exceptions such as every month, or every other day - depending on the underlying. SPY and SPX are great examples of very active option chains with expiries every other day. On the expiry date or any time before (with american options), an option can be, but doesn’t have to be exercised, meaning the holder of the option can use it to buy or sell shares of the underlying stock at the strike price. Most people on WSB do not exercise the contracts, but merely flip them for increases in value as the underlying moves. For example, when AAPL was at 120 before its earnings report, Joe Shmoe Yolo buys 10 FEB 17th CALLS at strike 127 for .60 , each. Now .60 cents is really 60 dollars each, because the contract is multiplied by 100 (the right to 100 shares). In total, Joe Shmoe Yolo spends $600 dollars + commision on this trade. The next day, AAPL leaps to 130 upon great news. These same option contracts are now worth 3.50 each. $350 dollars per contract, times ten contracts is $3500 dollars. Joe Shmoe Yolo just turned $600 into $3500 dollars. MAGIC. Spoiler alert: Joe Shmoe Yolo was me. That same Joe Shmoe later buys FEB 17th XOM calls at 90, hoping for similar results. However, XOM ends up never reaching anywhere close to the strike price, and the options expire worthless. Get it? Now what determines the pricing of options? OPTION PRICING: Below is sourced from investopedia Intrinsic Value: The intrinsic value is the actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors. This value may or may not be the same as the current market value. Additionally, intrinsic value is primarily used in options pricing to indicate the amount an option is in the money. Time Value: Time Value = Option Price - Intrinsic Value. The more time an option has until it expires, the greater the chance it will end up in the money. The time component of an option decays exponentially. The actual derivation of the time value of an option is a fairly complex equation. As a general rule, an option will lose one-third of its value during the first half of its life and two-thirds during the second half of its life. This is an important concept for securities investors because the closer you get to expiration, the more of a move in the underlying security is needed to impact the price of the option. Time value is basically the risk premium that the option seller requires to provide the option buyer the right to buy/sell the stock up to the date the option expires. It is like an insurance premium of the option; the higher the risk, the higher the cost to buy the option. Makes sense, right? Time value is determined by the expiration date. An expiration date in derivatives is the last day that an options contract is valid. When investors buy options, the contracts gives them the right but not the obligation, to buy or sell the assets at a predetermined price, called a strike price, within a given time period, which is on or before the expiration date. If an investor chooses not to exercise that right, the option expires and becomes worthless, and the investor loses the money paid to buy it. Volatility: In an options pricing, you see IV. This stands for implied volatility. The higher that is, the higher the options will be priced Volatility is the extent to which the return of the underlying asset will fluctuate between now and the option's expiration. Volatility, as expressed as a percentage coefficient within option-pricing formulas, arises from daily trading activities. How volatility is measured will affect the value of the coefficient used. Decaying Nature of Options: Decay refers to derivative trading (i.e. options). When you sell or buy a call/put (using those two for simplicity purposes) you don't get an infinite time frame to make your dreams come true. Time is your enemy; the further out the expiration date, the less time decay there is. Time decay really hits the worst the week of expiration. Sound confusing? Say you're buying options of the stock WSB (I hope you're seeing what I did there) - and the option costs $1, the expiration is this Friday. Say today is Monday. You buy a call expecting WSB to take you to the moon and beyond. Each day the stock doesn't move closer to your strike price or remains stagnant/drops, you lose value on your option + the time decay. Meaning if it finishes closer to your strike price, your option could be worthless because of that time decay. Questions? Ask away. A great example of these factors in action is TSLA. TSLA’s options are among the most expensive for companies in its price range, why? An in the money TSLA call expiring this week is worth around $1100 per contract. Insanely expensive. But for a reason. TSLA has extreme intraday movements and calls have an implied volatility of 40.92%. Which is fairly high. In addition to that, it holds high intrinsic value / price per share, and a week of time value. -Futures 101 - The Ultimate YOLO Guide (thanks to u/IncendiaryGames) Okay, a lot of you have been YOLOing on faggot delights on SPY options. How would you like to trade something with the same or more leverage, 1.0 delta, and no time premium costs? Have you considered futures? What are futures? Unlike options, futures is a contract where both the buyer and seller is obligated to perform the transaction by the expiration. Conversely, in options, only the seller is obligated to perform. That means you can lose more than your investment. Originally they were used by farmers to sell future crops early and guarantee some amount of sales. Since then futures have expanded not just to commodities but currency and equity indices like the S&P 500. Why the heck would I want to trade futures? Here are the advantages: Leverage $5k is the margin requirement for most contracts. For example with the E-mini S&P 500 with 5k you're trading $120k worth of stuff. 1 contract = 500 spy shares. Some brokers offer intraday daytrading margin rates too - TD Ameritrade is 25% of the overnight margin rate($1,250.) Some brokers go as low as $500 an /ES future. SPAN Margin If 24x overnight leverage and 240x day trade leverage didn't give you a hard on there is also SPAN margin, which is like portfolio margin on steroids. The beauty of SPAN margin is you don't need a $125k+ account to be eligible. SPAN will greatly reduce your margin requirements if you hold uncorrelated or inversely correlated positions (up to an 80% discount, here is a list of groups that give discounts) and if you hedge with options. Hedge with the right option or asset and now you have up to 500x day trading margin. 23/7 and day trading Ever get in and out of an equity only to have your broker yell at you to stop doing that or deposit $25k? There is no pattern day trading restrictions on futures. Feel free to day trade and blow up your account as often as you want! You can also trade 23 hours a day. Get trading on how the S&P 500 index will react to news from China right away. Taxes No matter how long or how short you hold you always get taxed under the 60/40 rule. 60% of your profit from futures will be taxed as a long term gain and 40% will be taxed as short term gain. No wash sales. Trade your hearts out. Just remember holding past Dec 31st will treat you as if you closed all your positions that day and you'll be taxed on unrealized gains. Long/Short No need to pay interest or borrow shares as being short a future contract is being a writer, just like an options writer. Options Of course there are options. What fun would it be without options? Unlike stock options each contract gives different number of future contracts. Research what you're trading. Ok. I'm convinced. I want to strat trading futures! What are some good strategies? YOLO Strategies Swing trading Trying to guess/predict/ride sudden market momentum. A low volume average day in the S&P 500 (/ES) for one contract can swing +- $500. Get it right and you can see a huge appreciation of value. /ES is usually highly liquid during regular hours with average volume of 1 million trades and usually bid-ask spreads of one tick. One approach is to buy or short in your direction and put in a stop loss to an amount you're comfortable to lose (say $200.) Since it's so liquid you'll likely be filled at or near your stop loss during the day if your trade goes against you. If you can guess the direction 50% of the time and have trades like this: trade 1 - gain $800 trade 2 - lose $200 Then you may profit over the time period. If you have a 50% chance of being wrong and losing $200 or 50% chance of being right and gaining $800 then over time you'll gain more than you lose. Also, since the present value of your futures contract is included in your margin calculation then if it goes strongly in your favor your position can quickly grow to cover its own margin and you can let it ride for a while. You'll want to be sure you enter a combo buy/short order along with a stop loss order simultaneously, like this for Thinkorswim. Futures can move suddenly and a sudden movement can make you lose a ton of money. Exploiting outdated SPAN margin guidelines There are several out of date correlations between popular futures like oil and say things like wheat that SPAN gives you margin credits on. Take whatever position you want in oil (/cl) then take the opposite in something that doesn't move much day to day with less volatility such as /w (wheat)) and your /cl and /w positions will get a 75% credit, giving you 50% more buying power on crude oil. (2 positions * .25 = 0.5). Trade your heart out on the more volatile future then when you're done close your safer future pair. SPAN is constantly changing but such a complex system definitely has its exploits. Automated/algorithmic trading For you programmer geeks out there it's really hard to algorithmic trade on small accounts due to pattern day trading rules and economies of scale with broker fees. Futures is probably the best way to get your feet wet. Join us on /algotrading if you want to explore more! Boring safer strategies I'm including these for completeness but these belong on /investing. Scalping With high frequency trading scalping is less guaranteed. Basically scalping is using tiny momentum as usually there are small micro patterns in futures buying and selling activity where it will rise or fall a couple of ticks. Since the notional value of each tick is $12.5 it's profitable for retail investors and small accounts to act as a market maker after fees at the smallest bid-ask spread possible. Spreads Just like you can trade spreads in options, you can trade calendar spreads in futures. Futures have contracts with different expiration dates and the prices are different for each month of expiration based on the market's expectations. You can go long or short the near month expiration and the opposite for the far month. This will hedge out any sudden market moves as that would likely affect both months. Bull markets in general tend to increase the price of the near month faster than the far month. Basically with a spread trade you're making a long term bet on bull or bear for the underlying future. Pairs trading You can go long in one future say the dow jones (/ym) and short the S&P 500 index and profit off the relative growth. This is a hedged trade as any market ups or downs will likely affect both positions with the same % value. For the past 180 days /ym - /es has been really profitable. Even if you don't do a full perfect pairs trade it is still a great option to reduce the leverage too on whatever index future you're trading so you can stay in longer or overnight. Interest rate and optimal leverage plays Since the $5k investment is equal to $120k of the S&P 500 index currently then you'll likely beat out the market by buying one future contract and putting $115k in safe treasuries or bonds or uncorrelated assets. Some people choose to leverage their stock portfolio and you can get the exact leverage ratio of liquid investments to future ratios. In probability theory the max leverage you can gain is determined by the Kelly Criterion which modeling shows indicates the S&P 500 index to be leveraged to 1.40x. Yes, you could do the same with options but even on SPY deep in the money call leaps are illiquid and have a time premium. Even today they are so deep ITM that the options you would need to use have 0 open interest and a bid-ask spread of $5 per share (so $500 per contract.) You'd need ~5 contracts per 120k so you're already eating $2.5k/$120k - 2% interest rate a year for that leverage. SPX isn't better, it's bid ask is 22 so you'd be eating $2.2k/$120k - 1.83% interest rate. It's doubtful you won't get much past the ask as its only market makers providing liquidity and guess what the market maker will do if you buy/sell the option? They will hedge with the underlying futures until their minimum profit is the risk free interest rate. Hedging Going long and short in various non correlated or negatively correlated assets to seek out a high sharpe ratio and have a higher risk free return that is market neutral. Basic hedge fund stuff. The variety and price efficiency of futures makes things pretty attractive in this area. SUBCULTURE Wallstreetbets is a community that has become infamous for the most wild west, moon or cardboard box trades on the planet earth. WSB is a place where you can take out thousand dollar loans, refinance your homes, cash advance all of your credit cards only to put it all on JNUG, and we will still love you. Your mother won't. Your father will never understand your spectrum of autism, but we will always love you. It is a uniquely beautiful community focused on praising its biggest losers as much as its biggest winners. To begin on the subculture, we should define some key moments in the sub's history. HISTORY: (As made by u/digadiga) + my additions 2012: Jartek [+1] creates /wallstreetbets, and word slowly starts to ooze out. 2013: americanpegasus discovers pennies. AP has seen the light, and is a penny stock evangelist. Jartek & AP have an epic options vs pennies battle - they both lose a couple of hundred bucks, but we are entertained, and WSB is officially born. AP blows up his retirement, swears off pennies and moves onto bitcoins. 2014: fscomeau [+3] discovers options. He repeatedly bets five figures on AAPL calls before earnings. FS claims a supernatural clairvoyance of AAPL. FS then posts about his chest pains and ER visits. He finally suffers an epic loss. Is he dead? Is he alive? Is he is mother? Is he banned? Who cares? 2015: Photos from the 3rd annual meetup are posted. Where a bunch of dudes hang out on the romantic beaches of Guerrero Mexico. In a completely unrelated event, the wsb banner is changed to thousands of ejaculating dicks. Modpocalypse occurs. Hundreds of random users are added as moderators for a few months. None of the new mods can change the CSS. The constant whining about how "wsb isn't what it used to be" continues. Someone attempts to show how selling covered calls is idiot proof, but gets lazy, bets all six figures on Apple, and suffers significant losses. Robinhood gets popular. Should you buy one share of AMZN or one share of GOOGL? Who gives a fuck. 2016: Everyone starts saying "go fuck yourself." Except me. Because I am what I am. And if you don't like it, you can all go fuck yourselves. u/World_Chaos performs one of the more impressive yolo's of the sub, starting with 900 dollars, and turning it into 55k. https://www.reddit.com/wallstreetbets/comments/414blh/yofuckinglo_900_to_55k_in_12_days/?ref=share&ref_source=link 2017: u/fscomeau preforms what he calls "The Final Yolo", a 300k trade against AAPL before earnings (that I, u/thor303456 inversed), supposedly supposed to net fscomeau 2.5 million or so, in which he will finally stop trading. FSC is featured on several market related articles and newspapers, showing up on yahoo, etc. Later we find proof during his livestream of AAPL earnings that he was paper trading. Even later, FSC writes a near 200 page book called "Wolfie Has Fallen" describing how he trolled the entire internet, some following him into that AAPL trade. Martin Shkreli visits the sub and proclaims that GILD pharma is worth over $100 a share and is deeply undervalued. KEY FIGURES: Donald J Trump - He is the Marmalade Manchurian, the Tangerine Tycoon, and our spray tan Stalin. Unbelievable night of election. WSB demographics show a primarily capitalist and right wing (or at least joking to be so) point of view, and thus we are generally pro trump. In actuality though, WSB is focused on pro-market, which Trump happens to be. u/Jartek - Founder of the sub, original yoloer. Believe he has retired from reddit for the most part. Mostly inactive. u/Fscomeau - The Canadian as some call him, and perhaps one of the most profound internet trolls of 2016-2017. A French-Canadian trader who deals with mostly options. The man has been called "The Great Inverse", and for a good reason. Nearly all of the trades or statements he made on WSB were completely wrong or mostly wrong. Truly the strongest technical indicator. Martin Shkreli - An idol to many WSBers, Martin stands as the master of the biotech sector. A very debated character for very stupid reasons. Martin regularly tweets about the stock market, occasionally does a youtube channel, and livestreams fairly regularly. u/theycallme1 - Educated trader, and mod of WSB. Roasts people often and roasts them good. Ask him the questions that aren't stupid. One of the most active mods. u/world_chaos - some fucking college student with some real net worth. Sits on 100k or so (needs verification), and was an inspiring yoloer to all, with his 900 to 55k yolo with options. Lingo, Terminology, and Nomenclature: The Faggots Delights - Truly the most suicidal, yet clearest shot to the moon. This term is usually used to define either weekly, or daily option plays on the SPY/SPX. Some users trade them very profitably, such as u/MRPguy and many in the past. Cuck - Truly the worst thing you could be. A cuck is a man who likes watching his wife/girlfriend fuck other guys. Weak, spineless, and a term often throw around here. The YOLO - You only live once. This is something that is, and should be realized as undeniably true. Why are you sitting on a 5k emergency fund that is making you less interest in a year than what I just made in 10 minutes? Why haven't you used all of the credit on your 5 credit cards or used your testicles as collateral for a loan yet? YOLO or YOLOING is as much a psychological decision to embrace absurdism, and win with everything you have while risking it all. Yolo is what it means to be a WSB trader. Bagholding or a Bagholder - When you're stuck with the most ass trade of your life, because you know it'll go back up. A bagholder is the 59 year old guy at the grocery store who won't quit his Job because he knows he only has to wait another year until he gets a return on his investment (of his life). Anyone holding SUNEQ is the definition of a bagholder. Autists - Something we embrace, something we call each other, something we all are. Autism isn't used in an offensive way as much as it is a generally accepted term that defines us. The best traders have autism because of their distance from emotion. I bet you never made it to this part of the reading because you're such a damn autist. Tendies - Tendies are what you get after you make a small amount of money. "I SOLD AMD TODAY FOR A $13 DOLLAR PROFIT, GOING TO MCD's TO GET MY TENDIES". Tendie money is usually shameful and insignificant, but at least it got you tendies. Chicken tenders at McDonalds are the least expensive for the most cholesterol. I know some of the writing was half ass, full of errors, or otherwise not the best explanation. But I believe this will serve its purpose, and maybe help to promote new ideas from moderately educated traders. WSB has very strong traders, and the most uniquely risky trading styles on the planet. Hopefully this can serve to better the overall community. You guys are all faggots, upvote this so we can get the noobs to stop trying to bite on our cocks. Also I'd really appreciate input on anything to add to this overall. It took my over 3 hours to write up, so I eventually grew tired and probably have missing spots. Enjoy your time here at WSB. EDIT: Added a shit ton of stuff, fixed errors. THANKS FOR ALL OF YOUR INPUT, ACTUALLY MAKING WSB GREAT AGAIN MODS: Can we make this editable by others mods or something? My fingers aren't enough. Seems like this could serve as a good "official" thing. Paging u/theycallme1u/CHAINSAW_VASECTOMY etc
23, Single, Well-off, and Fired. Want to shift into CS; seeking advice.
Hello, I was recently terminated from my job for wanting to shift career paths (and go technical). During my time at my previous place of work I had a lot of exposure to developers, building some projects alongside them (my role was in Research, where I was free to do what I'd like, as long as it contributed to the team). I felt extremely happy doing so. Two weeks ago, I was given a comfy offer to go into derivatives (100K USD a year). As I looked through the offer, I knew in my heart that I just didn't want to do it. I just can't be complacent with myself, taking a role that pays well while providing me with no personal growth. My time at this place of work has taught me that I'd like to dedicate myself to development. Development pushed me to my limit, has me pounding my head into the wall, and thinking of new ways to improve upon my work. For those that are wondering, I was previously doing a lot of programming in q/KDB+. This language is extremely niche, but very powerful and is often used in high-frequency trading. I've gone from having 0 CS background to working alongside Senior Developers at Kx Systems to build two databases (the second one I completed on my own) that store Bitcoin Blockchain data. The first one is detailed here. The second one, I did myself and is closed-source (company property). The second DB is a state-based HDB that stores the state of all broadcasted Bitcoin transactions and their accompanying meta data. If you were to look at your career what would you have done differently? In particular, there are four points: • Which language would you learn? I'm not looking to be a web designer, so I'm not interested in React. • What would you specialise in? • How likely is it for me to make a career switch now? • How can I best make this switch (online courses + self-learning?) I'm a highly motivated individual who hussled his way into my previous job, 5000 km away from my place of birth. What I've noticed is that the best way to get a job is to build something for the person you want to work for and show them it. I'm very confident that I can accomplish anything I put my mind to. I have no pressure to find a new job. Thankfully I made some strong investment decisions during my early 20s.
Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part I)
Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube. (Link: https://www.youtube.com/watch?v=WBYK-w2uxWc) F: Welcome Ariel A: Thank you for having me. F: A quick background that you guys can understand a long history of Wall Street. Ariel is the former American Head of the Liquidity and Investment Products of Deutsche Bank. She has a very lustrous career on Wall Street, and she is now the COO of BitMax.io exchange, a crypto-to-crypto exchange that serves non-US oversea users. Ariel, you guys had a successful token sale. And BitMax.io offers primary listing of tokens, market making for these tokens, mining of the native token, and obviously some investment products. Do you want to tell us a little about what you see at BitMax.io and what’s special about it? A: I think BitMax.io is actually very special in this market, and our team is very proud of what we have built. First, as you mentioned, the 10 founding team members are all from Wall Street background. My partner, Dr. George Cao, and I, both of us are from a heavily equity trading environment. And my team, they are all quant team from buy-side and sell-side of the traditional finance. So one special thing about BitMax is that you could find very few exchanges in the crypto space that is built by the team with very much wall street mindset and trading background. That lends itself to the second point that is very unique about us, our technology platform. It is very much quant-driven. Because the guys were all from high frequency and quantitative systematic trading shops, when we designed the platform, we were really trying to make sure the platform was resilient and it can actually handle billions of volume, which actually came true when we launched the transaction mining. The first day, we actually had, within the first 24 hours, the trading volume of1.6 billion in notional; and our system didn’t flinch, didn’t slow down, and didn’t shut down. This is very rare in any of today’s exchanges where you can frequently see the slowdown, the crash, and very bad user responses, especially with transaction mining exchange. Number three is what we are extremely proud of and all the users can see, the customer services. When people think about crypto exchanges, they think about, oh my god, either computers, or just “digital” or “binary”, right? But for us, customer service is really important. This is again, one main thing from Wall Street, all about the customer centric. So George, the CEO of this organization, actually stands behind the platform — almost 24*7 answering questions from the customers, seeking solutions for their issues, and basically being the best customer service for the entire crypto space. There was an article about him in Chinese with the title of that article of “the best customer service CEO”. That is also what he actually tells all of the team members, customer first. When you design a product, when you launch a system, and when you look at user needs, you look from their perspective, from how we can protect the users. When we look at primary listing, we only look after the high-quality projects because we want our users to have the best investment and trading experience. So №3 is absolutely the high quality customer service. So №1 it’s our background, our educational and professional experience; №2 is really our platform, resilient, high volume quantitative platform; and №3 is really about the quality customer-centric strategy. F: Cool. Now it’s brutal market right now. Liqui Exchange in Ukraine just closed down. OKEx just removed 30 markets due to low liquidity. Now I guess the question is you guys have an interesting composition of your market and volume. Can you tell us about this mining and organic volume? Can you talk us through that? A: Yes sure. I think this is tough market, and then, my background is actually a lot of trading management for the equity side as well as expanded later on into the fixed income side. So we come down to exchange that it’s all about liquidity; it’s all about volume. So if you look at the market right now, the volume is shrinking due to the market volatility; and from our perspective, that’s why we see the need for this particular transaction mining model to attract the liquidity, to initiate the customer acquisition, to rejuvenate the market with some liquidity provision program in place. So there was a huge amount when we launched the transaction mining. With the first day, like I said, we had 1.6 billion trading volume. F: So that is one point six billion of volume? A: Oh by the way, we launched on November 18th. I guess what happened subsequently was that Bitcoin had a bit of issue with their price crash. And then with the volatility, the liquidity actually vaporized quite a bit. So from the volume perspective, the liquidity perspective, we worked really hard from a customer perspective, from a listing project perspective. And we saw the dip in our volume, including transaction mining in the beginning of December. However, with all the primary listing schedule we’ve got, it’s like IPO — you list a stock, you list a token on exchange. We got the volume back. So in the month of January, when I looked at the trading volume, it was basically around approximation of 500 million per day, which was very good for this market. And we are not complacent about it. Like you said, I look at the composition of our volume, the driver of our volume, we are very much cognizant: one is about transaction mining which we can get into a bit more about how that works; second is about what is called organic, meaning the regular trading. So when you look at the performance metrics, the transaction mining aspect of it which has actually exponential growth, because of all the listing activities and all the incentives in terms of the programs that we have; and there’s the regular trading. So I would think the regular trading, no transaction mining just like any exchange, it’s like 5% of the total volume, which is still very good for the exchange which was launched in August, and running right into the bear market. We are extremely proud of that. A: So I think you’ve asked a bit about the transaction mining and our token economics, right? F: Yes. A: So, here’s what I want to explain. You know the team is coming from a traditional finance side, right? People always ask about what is so special about your token versus so many other tokens, right? F: right. A: I have come up with a very interesting chart. Like I always explain to people, there is a traditional finance way, and there is the new way which is a more crypto way. But I always look at it from traditional finance way. So here is the chart we prepared. A: This is actually the key slide that I presented in the World Digital Asset Conference in San Francisco just about a month and half ago. It is, from a traditional finance perspective, how we look at the token economics. It is a balance act between the business model and exchange market force. What I mean is, to think about token just like any stock IPO, there is the economic valuation behind it. Does this project make money? For exchange, our exchange business model is very simple. We are exchange; and we ask people to trade on our exchange, so we can make money from transaction fees. F: Yes. A: So what we do is that the tokens actually really align the interests between the people who trade on exchange and the exchange. And we give them incentive to trade with us, to trade more. And there’s the second part of liquidity in terms of token. Where does the token come from? How does the token work? For transaction mining, it’s quite simple. Just like what the name says, the more you trade, the more you mine the token. This means, for every single trade you pay transaction fee. So instead of paying transaction fee, what you get is our token — if you have to pay 10-dollar transaction fee with the mining mode of trading, you actually get 10 dollar worth of our own utility token back. F: Right A: First of all, you don’t have to pay the transaction fee, so it’s incentive for you to trade more; second, you also get the platform token, which is the utility token. And then this goes back again to my second point about how do you use the consumption model of your token, right? F: Yep. A: It’s on the exchange. You pay the transaction fee, and now you’re getting the token. You have to use it. What’s the use of the token? You can use the token to pay for the further transaction fees; you can use token to actually get special benefits from a project listing. For example, we are launching margin product in about a week. As you know, when you trade margin, you have to pay interest as a risk management mechanism. So you can use our token to pay the interest. But again, BitMax.io is currently only for oversea users, not US residents. F: Oh so you can use your token? A: Yes! Actually you can get discount because you are using the platform token. And there’s also the membership. There are various ways to incentivize our users. I think just like any big exchanges that have those called Tiering Programs. If you are a big VIP, then your transaction fee gets discounted. So in our platform, you can use your platform token to get special membership to lower your transaction fee. And by the way, we are not giving away every single transaction fee we’ve got; so trading not every single pair is eligible for transaction mining. Again, we take it from a customer service perspective. We are looking at what people are scared of those days. Volatility, right? So, the trading pairs that are eligible for mining, are actually all related to stable coins. So, you can feel very safe to transact, to get the platform token, and to use your platform token to pay for your transaction fees that you have to pay on other trading pairs. It’s about ecosystem. It’s very healthy. So go back to this token. There’s an economic value, right? And there’s also the intrinsic value, the sustainability of your token which we just talked about, the ecosystem. And then, where the market force comes in, is really about the liquidity and depth. F: Okay. So in terms of the supply and demand? A: It’s where and why you use it. Where you use your token for, right? How do you get it and what you use it for. Intrinsic value goes back to your business model. Exchange is about liquidity. And then, the liquidity and market depth are very common terminologies in trading. So when you want to trade a stock, you want to trade a stock that has deep liquidity. In this particular case, it means there has to be enough of trading in terms of the token. It’s not only about my token or our token, but also about every single token that has listed on BitMax.io. We have a separate entity that looks after the market making, the liquidity of that. It’s the similar model like New York Stock Exchange. They have Designated Market Makers; what their jobs do is actually to provide liquidity to maintain a fair and orderly market.
60 DoD Week 6: Finances By failing to prepare, you are preparing to fail. – Ben Franklin Having a financial plan is vitally important for a number of reasons. What do you think the greatest stressor in relationships is? The lack of sex your wife is giving you? Close one. It’s money, although your shaved balls might think otherwise. So don’t you think having a plan is critical to fixing your well-being? You have a MAP to get in shape. Why don’t you have a plan for your finances. This post might better well be served in personal finance, but screw it. I’m going to town. For the folks overseas, some of this content might be US-specific. On Net Worth In order to calculate your net worth, you need to take your assets, such as your checking account, savings, house, etc, and subtract your liabilities, your mortgage, credit card debts, and loans, and you’ll get your net worth. This is a good time to be spreadsheet guy. But instead of counting how many ladies you are seeing or counting how many times you had sex, use Excel for its intended purpose. Start calculating it annually, quarterly, monthly. Whatever frequency you feel like you need to get a handle on where your net worth is going. For myself, I do this quarterly, though I have my finger on the pulse pretty frequently. On Budget You want to get ahead? You have to operate on a budget. Know what you are spending, what you are saving, and where your money is going. For me, I’ve got it set where it takes me about 7 minutes to log into the various accounts, take certain numbers like food spend and so forth, and plug those numbers into the Excel boxes. Plugging them in allows me to quickly project the next three months spend and where I’ll be. Some numbers are easy to find, like the fixed costs of mortgage and student loans. Some numbers you have to estimate or look up, like variable food costs and gas/electric. I do this about once a month. It doesn’t take long at all – just making sure I have good cash flow and sticking to my budget. Take the time to do a detailed line item comparison. You should know exactly how much is going where. The real key though is STICKING TO YOUR BUDGET. You have to keep to it in order to meet your goals. On Financial Literacy It’s key to have a good understanding on financial literacy. You have to understand things such as what is the market, what is a stock, what is a bond, what is a dividend, what is a mutual fund, and so forth. You have to know what you are investing in. Take your financial knowledge and move it up. There are literally tons of free information out there. Start going to town. And for the advanced players, go learn the ins and outs of your brokerage firm’s website and trading platform – I mean really learn it, not just “Oh, here’s how I do a buy order on a stock.” Learn how to screen for stocks, mutual funds, and bonds effectively. Side note – If you are in the US, I recommend joining AAII. I have gotten a great deal of value out of my membership to them. A number of HNW individuals I know recommended it to me, though I had joined and got the lifetime membership before I met them. On Bogleheads Personally, I’m a Boglehead. Jack Bogle, man, he was the Chad of passive investing. I believe that passive investing (indexing) long term beats active investing long term. So does Warren Buffet. All my research agrees with this from a long term standpoint. I’m also a fan of creating an Investment Policy Statement Boglehead Resources https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy https://www.bogleheads.org/wiki/What_the_experts_say_about_investing https://www.bogleheads.org/wiki/The_twelve_pillars_of_wisdom / https://web.archive.org/web/20070304091730/http://www.vanguard.com/bogle_site/april272001.html https://studentloanhero.com/featured/bogleheads-invest/ https://www.bogleheads.org/forum/index.php I would highly encourage you to review these links and check out their philosophy on investing. On Being a Contrarian I’m also a fan of being a contrarian. Be greedy when others are fearful, and fearful when others are greedy. You see it with the Bitcoin bubble. You see it when the stock market goes up and down. Oh no, the market is going down… whatever shall we do?!? You stick to your guns. I’m not saying go catch a falling knife. I’m saying that you stick to your plan. There is opportunity when people are fearful, and caution is warranted when people are being greedy. You have to evaluate where we are in the economic cycle as well. On a Cup of Starbucks and Retirement You might have seen the example where someone buys a cup of Starbucks every day and then finds out that if they took that money and invested it toward their retirement, over the span of say 30 years they’ll have like an extra 200k. I have two comments on this. First, be frugal, but don’t deny yourself. Don’t let frugality control you. Second, don’t just focus on controlling the little changes like saving a cup of Starbucks every week, focus on the BIG areas. Focus on getting a new job that pays you an extra 40k per year. Focus on saving 100 bucks off your cable (1200 bucks saved per year). Focus on lowering your taxes. What I’m saying is focus on not just the small areas, but also make the bigger impact areas a higher priority. And stop drinking so much Starbucks – make it yourself. Grind the beans, for crying out loud. On Automating Automate your finances. Make it EASY for yourself to save money. Set up your automatic bill payments for your credit card, loans, mortgage, and bills. Take advantage of the modern tools nowadays for app/camera based check deposits. Have money taken out of your paycheck before you get it, whether it is for retirement or into a separate savings account, so you can accumulate a rainy day fund. I’ve automated as much as I can, with direct withdrawals taken out for mortgage, credit card payments, gas and electric, and for the other areas like telephone those are automatically paid from the credit card, which then is automatically paid from the checking account. Automating saves time, which is a critical resource. On Buying a Car Here’s your resources: https://www.reddit.com/askcarsales/wiki/index https://www.reddit.com/askcarsales/comments/19niva/car_buying_faqs/ https://www.reddit.com/askcarsales/comments/4j2okj/what_to_expect_from_your_dealership_visit/ https://www.reddit.com/askcarsales/comments/613jvn/askcarsales_faq_updated_march_2017/ http://fightingchance.com/ - I used these for private market research, and was worth every penny. There’s a lot more here, but this should get you through the basics. Simply, knowledge is power. The more you know, the more power you have. If you don’t know every single line item that is going into your purchase, whether it is an accessory, taxes, that stupid coating that they try to sell you for $1000 but it’s really just worth $100, etc., then you’re not ready, and you’re more likely to be fleeced. Just even walking into the dealership and observing other customers and their interactions with the car salesman, it’s like watching sheep. Don’t be a sheep. Be prepared. And be prepared to walk too. Cars are a commodity. You can buy the same car someplace else cheaper. Remember this – cars are a commodity, and there’s lots of dealers out there. Side note – “But Steel, what about TrueCar? That seems awesome. I’ll just go in, get my TrueCaCostco/KBB/XXX price and I won’t even have to do anything to get a great price.” Let me tell you this. Dealers would be HAPPY to sell you at the TrueCar price all day long. With proper preparation, you can negotiate a far better deal. Last time when preparing, I had a binder. That binder saved me over 9k. Cost me 5 bucks at the local pharmacy. Printed out all my info, was prepared as all get out, and had a prepared offer ready to go (I used my own sheet, not theirs). Be prepared, that’s what I’m saying. And don’t fall for the four square technique. I just chuckled at the different dealerships at how they try to pull that one. Hell, I went through YouTube and viewed a couple of videos on how car salesmen sell, so I had an understanding of their mentality and what they do. Be prepared. Generally, there are five major parts for buying a car: Trading in your current car, buying your new car, buying options on a car (like that fancy heated steering-wheel), extended warranty, and financing. You should own every single area of this. As an example, when you are talking about trading in your current car, you should ALREADY have your price quote from CarMax in hand, as well as other offers from other dealers. You should know what your car is worth if it were to be sold (remember supply and demand – what is it really worth: what someone will buy it for). You should already have the KBB and Edmunds value of your used car. For your new car, you should have a breakdown of every single thing on it, including options, doc fees and ERT. For your fancy accessories, you should have the MSRP of these accessories, the actual cost of them buying (wholesale parts warehouse), and an estimate in your head on labor costs (cause parts don’t get installed by themselves). For your extended warranty, I would just say that there is a reason why this is one of the most profitable areas of a car dealership. If you simply must have an extended warranty for peace of mind, go find a wholesale warranty. Do your research. Don’t buy from the dealership. Most cars nowadays anyway are built quite well with high standards of quality control, so they’re not failing like they used to. On financing, make sure you set up your own financing before you walk in. It makes life much easier, as the car dealers get money on financing as well. If the dealership can beat your credit union, more power to them. It’s powerful as all get out when you walk in with a prewritten cashier’s check at a super low interest rate and you’re ready when they start asking you how you are going to pay for the car. “Well, I am preapproved for x amount (aka the full amount of the car), but I’d like to see what specials and discounts you have.” It’s all about how much money you can save in each one of these areas. Granted if you’re BETA BUCKS and your time is worth more than doing a bit of research, that’s fair. Some folk just walk in and buy a car right there with a minimum of haggling. That’s how much their time is worth to them, and I know a few people who are like this. I’m merely presenting an alternate approach. To me, it was worth the time to save more than a few thousands. On Buying a House For many people, a house is the largest purchase that they make in their lifetime. Many of you have already bought houses, so I won’t go into this in detail, but again, from The Millionaire Next Door – “If you’re not yet wealthy, but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s annual realized income.” I see a lot of you going “Shit” after reading that. On a Side Hustle I didn’t even have to write anything, u/red-sfpplus already wrote an excellent post on this topic - https://www.reddit.com/marriedredpill/comments/7i7x4q/the_financial_hustle/ Learn from his example. And then buy the man a drink. On What to Do First "Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant." - Warren Buffett First of all, take stock of where you are. Figure out your net worth, and what you have and what you owe (and interest rates). I would say the first thing to do is to have a three to six month emergency fund. This can be done in conjunction with getting rid of high interest debt (such as credit card debt), however if and when you have an emergency, you’re going to need to tap into something. Start your budgeting process. Know where your money is going. Fix it. Most people don’t even have a thousand dollars in savings. Don’t be like that. I would also note that the Personal Finance subreddit has this already diagrammed out in a flowchart in their wiki - https://i.imgur.com/lSoUQr2.png On Giving Back So you give back, right. Of course you do. But what I suggest is potentially setting up a charitable fund, so that you can maximize your charitable deduction annually. You can give a larger sum one year, and then less/none the following year – and maximize your deduction the first year. Something to consider. Plus then your charitable fund is invested, will grow with the market (remember you need a plan and asset allocation here as well), and the growth can be given to the charity as well, tax free. I’d recommend Vanguard, but really there are a number of places that do this. On Habits of Millionaires From the book The Millionaire Next Door, here are the characteristics of millionaires: • They live well below their means • They allocate their time, energy, and money efficiently, in ways conducive to building wealth. • They believe that financial independence is more important than displaying high social status • Their parents did not provide economic outpatient care. • Their adult children are economically self-sufficient. • They are proficient in targeting market opportunities. • They chose the right occupation. On Building Wealth You want to build wealth? Don’t have a high consumption lifestyle! Think for a moment. How much money do you think it takes to maintain an upper-middle class lifestyle vs. how much money do you think it takes to maintain a middle-class/blue collar lifestyle? Bespoke suits. Luxury cars. Bigger house. More property taxes. And so forth. Think of all the stuff you have to purchase to keep up with the Joneses. Cost of cleaning. Cost of buying furniture for that fancy house. Etc. “But Steel, I don’t care about the Joneses.” Sure you don’t. But your wife does. Watching that HGTV, picking out the stupid pillows that breed like rabbits in your house when you’re not looking. There’s something about a house that factors into the Female Social Matrix. Frugality is the name of the game. Frugal being “behavior characterized by or reflecting economy in the use of resources.” Don’t be wasteful. Don’t have a lifestyle marked by lavish spending and hyper consumption. You want to build wealth? Be frugal. Most people will not become wealthy in one generation if they are married to people who are wasteful. You can’t accumulate wealth if one of you is a hyperconsumer. On Offence vs. Defense So you’re not beta bucks, you’re BETA BUCKS! You make it rain! Good for you. You play great offence. But how’s your defense? How’s your wealth accumulation? Are you spending like there’s no tomorrow? If you want to win the game, you have to play great offence AND defense. Here’s some questions for you: • Do you operate on an annual budget? • Do you know how much you spend each year for food, clothing, and shelter? • Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals? • Do you spend a lot of time planning your financial future? To build wealth, minimize your realized (taxable) income, and maximize your unrealized income (wealth/capital appreciation without a cash flow). How do you become financially independent? You have to plan, and you have to sacrifice. You sacrifice today for financial independence tomorrow. On Your Wife & Buy-In As part of your plan and budgeting, once you have it all set, get buy-in from your wife. But do this not like you are seeking approval from mommy (aka you validation whore you), but matter of factly here is the plan, we are budgeting x amount for these areas. Here is our plan. Set out a vision. On Financial Vision Read it and weep - https://www.reddit.com/marriedredpill/comments/3fecgi/first_budget_discussion_leads_to_minor_meltdown/ctnya77/ “One rarely talked-about element of Married Game is a subtle thing known as Vision. Most husbands don’t appreciate what a strong DHV possessing Vision is, and they proceed unaware of the power it can add to their relationship. Most husbands do this because they don’t understand Vision, what it is and how it is manifested, much less the subtle but important role it holds. Let me explain: once upon a time I was working for a personnel agency, and one of my jobs was coaching our people on interviewing techniques. I learned a lot about the process as a result, from both the interviewer and the interviewee side. When it came to my clients who wanted high-quality employees with good technical skills – real talent – I learned the sorts of things that such high-demand technical people wanted in a company. Money, of course, and security and benefits. But beyond that gifted employees want to work for a company with a history, a good culture, and (most importantly) a Vision. What is Vision? In this context Vision is a manifested idea of the future. Everyone wants to work for a company that’s changing the world and is doing so in a positive, pro-active way. No one wants to work for the company that’s floundering, desperate just to meet its next quarter’s goals. Vision is a generally-stated plan-of-action toward a distant but achievable goal, presented in an enticing enough manner to inspire. It’s short on details and long on generalizations. It’s reflective of inner beliefs, values, and judgments, an indication of character, foresight, and initiative. It should be bold, meaningful, and challenging.” Now, this quote above is excellent. You need a vision for your life, but you also need a vision for your finances. What would your financial vision be? What does it look like to you? Create it, and then be ready to share that with your family. On Love of Money Remember folks, money itself is not the root of all evil. It’s the LOVE of money that causes the problem. When you are so driven to be a better beta bucks to get that coin, and start neglecting yourself, your relationships, etc… you’ve got problems. Money is just a tool in the toolbox. Use it, don’t let it use you. Don’t become a slave to money. Your life doesn’t consist of how many toys you have. And you can’t take it with you when you go. On Insurance, or Lack Thereof Would it surprise you to know that most people are underinsured? Make sure that you have enough of the key five types of insurance: health, car, homeowners/renters, life, and disability. Preparing yourself for these situations can save you a lot of pain in the future. Also, make sure you get enough umbrella insurance. Typically they say have enough umbrella insurance to cover your net worth, but I recommend getting a bit more. A quick note, practically, do not get whole life insurance. Get term insurance, and invest the difference in cost between whole life and term. You’ll be much better off. And yes, this is for 99.9% of situations. The remaining .1% of situations are when someone is really wealthy and there are estate and tax considerations. Aka for most of us, don’t worry about it. And take care of your health, so you don’t get fat when you are older and have related medical problems. Put. The. Fork. Down. On Assets and Liabilities, Rich Dad Poor Dad Edition A number of you have read Rich Dad Poor Dad, and there’s controversy in it. I disagree with a number of items in there, but there is an interesting point in there about how he views assets and liabilities: “You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability.” He has a simple, non-accounting definition - “An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.” Buy assets. I like it. What is out there that you can buy that puts money in your pocket. Stocks. Bonds. Mutual Funds. Real Estate that produces Income. There are a ton of items. You should also think about getting rid of your liabilities… the giant boat, the private jet, the cluster B horrible sex-depriving wife (you know who you are)… you get the idea. On Disaster Recovery and Information Security What were to happen if you were to croak, or your only laptop with all your financial data was stolen or destroyed in a fire along with all your financial papers (see, you should have gotten that fireproof safe)? Would you have a plan on what to do? Would your spouse? Your kids? I would suggest making a backup of your finances, statements, tax returns, and other important papers, and put that on an encrypted USB key with a password that you and your wife knows, and then storing that someplace secure. Note that you can do fancy stuff like cloud storage, and so forth – but you need to have a plan for the worst case scenario. Additionally, make sure that you use two-factor authentication when you log into your banking accounts (if they have it), as well as don’t repeat your passwords for your financial accounts. I would even suggest having a separate secured email for your banking accounts, and another one for your personal accounts that get those damn spam emails all the time. Don’t be stupid with your financial accounts. Using the same password is stupid. Yeah, I’m talking to you. On Practical Advice Do get rid of high interest credit cards. If you’ve got a balance on your 29.99% APR credit card and are paying that interest every month, it’s in your best interest to eliminate that debt as soon as possible. You’re not going to get a 29.99% return in a month in the stock market (unless you take on excessive risk for that return, obviously). Try to transfer that balance to a promo 0% interest credit card, and work that down. Don’t borrow from your 401k. You’re cutting out your future returns. Don’t make that 401k loan your emergency fund, but rather have a separate emergency fund. Do use credit cards over debit cards, for a whole host of reasons (theft being the primary reason). Do pay yourself first. Take out at least 10% of your paycheck before it hits your checking account, and start saving. Don’t pay monthly or annual fees on checking accounts or savings accounts. You shouldn’t be paying a bank to store your money. They should be paying you for that privilege. Do get solid credit cards that give outstanding rewards. Do your research. Get at least 2% cash back if you can. Shoot for 5% or more. For example, Discover allows you to get 5% cash back in certain categories, and then you can redeem $20 for a $25 gift card to a number of different vendors. Looks like you just got a 6.25% return. There are plenty of other examples. Do you spend a boatload at Amazon? Get your 5% return. As an example – I get a 5% return on gas using a certain credit card. It’s unlimited throughout the year, and is redeemed as a statement credit, so I don’t have to worry about redemption. I have a certain Amex that I redeem at 4.6% points per dollar spent, plus a 2% general cash back card (some places don’t accept Amex). I could go even crazier, like getting the 3% on restaurants, or churning cards (and there are a lot of sites out there on how to churn successfully), but at some point, it’s not worth it. Do realize that credit cards make it easy to buy things that you don’t need. Recognize that part of yourself that wants to overspend. Ask yourself, do you need whatever it is you are buying. Would it hurt more if you paid in cash rather than credit. Buying with credit encourages you to buy more than you can afford. Do shop around for loans/services. I asked my bank what the best car loan they could give me – they said 2.99%. I asked my credit union, and they got me 1.49%. That’s a big difference in interest over the course of a loan. Generally due to how credit unions are structured (and their presence – mostly online), they will have better deals on certain loans than banks, depending on the product. Don’t delay saving for retirement. Generally, you’ll want to be saving 15% or more of your income for retirement early on. If you don’t save early, the harder it will be. Do try to simplify your finances. It makes it much more complicated if you chase after the best savings rate for your online bank, and then have many accounts all over the place. The 20 dollars that you get in interest is not worth the complexity and time (aka your most valuable resource) it takes to manage all that stuff. Don’t use your HELOC unless you have to. I have a large HELOC, but I don’t use it. But who knows when I need access to a large sum of money. And don’t use it in lieu of your emergency fund. You need both. Do some research into budgeting tools. There’s a lot of people on these threads that recommend YNAB. I personally haven’t used it, so I can’t recommend it one way or the other. I’m old school (and cheap thrifty – why would you pay for something if you can do it yourself). But definitely check those tools out – Mint, Personal Capital, YNAB, budgeting tools through your bank, etc. Also, if your credit card does an annual summary (like Amex does), make sure you look at it to get an idea on where you’re spending – it’s very helpful. On Tips for Saving Money There are a ton of ways you can save money. Go ahead and google “how can I save 1000”. Wait, I did that for you - https://www.google.com/search?q=how+can+I+save+1000 Take some time, call up your cell phone providecable provider and see what specials they have. There's a ton of things you can do to save money quickly. On Too Much Money Say you’re an ostrich farmer, and are flush with cash. You’re asking yourself, ok, so I’ve maxed out my 401k, I’ve maxed out my Traditional IRA and then backdoored it into a Roth IRA for tax diversification plus the benefits of a Roth. I’m contributing to a 529 plan for the kids. I looked into mega backdooring my Roth but darn it my employer doesn’t let me do that. I’m doing all of the tax advantaged things I can. I still have this extra 300k sitting around – what do I do with it?!? First world problems, amIrite. Again, this comes back to your plan. What’s the short term plan with this money. What’s the long term plan. What’s your risk tolerance. What assets can you invest in that fit in with your plan. You still have to manage your budget, even if you are a 1 percenter. On the Best Investment and Most Important Resource I’m a firm believer that the best investment is investing in yourself (and your family and kids), and your most important resource is not money, but time. Learn a skill. Go get a degree. Give your kids a head start. Help your wife accomplish a goal. Do what you can to save time. Money of course helps, but you know what happens when you teach a man to fish. On Happiness Is money linked to happiness? Yes, but only to a point - https://www.usatoday.com/story/money/nation-now/2018/02/26/does-money-equal-happiness-does-until-you-earn-much/374119002/ and https://www.usatoday.com/story/money/personalfinance/2016/12/09/key-money-happiness-may-how-you-spend/94308848/ Honestly, at some point, money just becomes a scoreboard. Money will give you security. It will remove a stressor in your life. It will remove fighting and stress in your relationship (about money, fool). It will allow you to do many things. But eventually, money won’t give you happiness. You have to figure that one out yourself. And of course there’s the joke about “Money can’t buy you happiness, but it can buy you a yacht big enough to pull up right alongside it.” – David Lee Roth. On Money and Attraction Money by itself will not make your wife’s panties wet. Keep that in mind. Having and getting money is basic adulting. Same with saving and managing it. You want to get her wet? Get in shape. Lift. Does money boost your status? Sure. Is status one of those areas that has some effect on where you are in the sexual marketplace? Sure. Pure physical attraction? No. Do you really think that making MORE money is going to have your wife give you more sex? Of course not - https://heartiste.wordpress.com/2014/06/02/money-wont-save-beta-males/ Get in shape. Be hawt. And fix your damn teeth so you can smile like you are a somebody. On a Brief Story So I was talking to a friend of mine, and I asked him how he and his wife set up the finances. He told me about this system, where his paycheck goes into his checking, his wife’s paycheck goes into his wife’s checking, and they have a joint savings account. Then he went into a convoluted description on how each of them pays certain bills, and how what he’s paying is not fair since he’s paying the mortgage AND property tax AND daycare, etc etc. I thought to myself, man, what a convoluted way to deal with stuff. They would then have multiple financial meetings, and discussion on who pays what, and all this extra stuff. It was just a lack of overall ownership going on. Just take care of the finances. Figure out a system that works for you. I’m not going to tell you which system is the best, because it’s all dependent on your unique circumstances (example: heavy spender SAHM vs saver career girl, you’ll need to put some deep restrictions on the heavy spender). But own it. On Who Owns the Finances You own the finances. Period. End stop. From the prior post on finances, it’s so important that I’m putting it here again: “At the core: Who do you want in charge of your financial future? The person interested in maintaining status quo and safety at all costs with your happiness and satisfaction a secondary or minor consideration? Or you? If you've learned anything here it's that you need to be a captain. Putting your wife in the family alpha role breeds contempt and most of the problems that brought your here. Besides control of sex, family MONEY decision veto power is the key indicator of who is wearing the pants.”
High-frequency trading uses supercomputing and low-latency connections. Through such technology, trading algorithms of various degrees of sophistication place thousands of orders in fractions of a second. These algorithms analyze markets, pinpoint opportunities, and act on them, all according to a set of predetermined parameters. When trading volumes are high, bitcoin futures on the Chicago Mercantile Exchange (CME) and -- until recently -- the Chicago Board Options Exchange (CBOE) lead high-frequency bitcoin price formation. During periods of low trading volumes, the futures become decoupled from prices on centralised bitcoin spot exchanges. However, the trading volume ... High-Frequency Trading for Bitcoins. Also director primacy, mutual-fund antitrust and private secondary markets. By . Matt Levine. May 16, 2018, 10:41 AM EDT High-Frequency Trading for Bitcoins ... Few brokers offer trading platforms that are suitable for high frequency or high volume trading, but the ones who do can be found in our list of the best HFT brokers. Resources If you want to begin algorithmic and high-frequency trading engineer jobs, be it in an office or from home, you can use a range of online resources to build the required knowledge of how it all works. After reading about high-frequency trading in Michael Lewis' Flash Boys, Andrew Barisser created his own bitcoin trading bot. Here are his findings.
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