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Introducing the newest brand of full-blown autism™, I present to you the California / Europe ultimate bear portfolio! Based on a special blend of my extra chromosomes and a spicy mix of hate for California, this portfolio will blow average market returns out of the water based on the following assumptions (Cetaris Paribus):

1. The world will enter a large economic recession within the next 12 months.
2. Many Currency values will fall relative to others, however the Euro will be hit among the hardest.
3. As unprofitable companies no longer have access to liquid credit or financing they will have to restructure their debt in some form.
4. The highest density of unprofitable companies will continue to exist in California, and local California municipalities will not plan accordingly for a recession.
5. European markets in general will fall quicker and with more momentum than US equity markets.

Feedback and thoughts requested please.
​

Symbol & Exchange	Description	Instrument	Position	Strategy Allocation (%)
CHF/EUR FOREX ICE	Swiss Frank vs Euro Currency Pair	Currency Pair	Long	10
6EH2021 CME	Euro Futures March 2021	Futures Contract	Short	10
FXE NYSEARCA	Invesco Currency Shares Euro Currency ETF	ETF 15JAN 2021 $98 Strike Put Contract	Long	10
GBP/EUR FOREX ICE	Pound Sterling vs Euro Currency Pair	Currency Pair	Long	15
USD/EUR FOREX ICE	U.S. Dollar vs Euro Currency Pair	Currency Pair	Long	5
CMF NYSEARCA	California Municipal Bond ETF	ETF	Short	5
PZA NYSEARCA	Invesco Nation AMT-Free Muni Bond ETF	ETF	Short	5
AUD/USD FOREX OANDA	Australian Dollar vs U.S. Dollar Currency Pair	Currency Pair	Long	5
EZU BATS	iShares MSCI Eurozone ETF	ETF 15MAY2020 $37 Strike Put Contract	Long	15
GDX NYSEARCA	VanEck Vectors Gold Miners ETF	ETF 15JAN2021 $35 Strike Call Contract	Long	20

Edit: Typo, wrote put instead of call for GDX. Shame tables don't copy over from word / excel and you have to retype yourself.

I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year?
Here is a complete overview of all coins in an excel sheet including name, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0
The 12 markets are

1. Currency 13 coins
2. Platform 25 coins
3. Ecosystem 9 coins
4. Privacy 10 coins
5. Currency Exchange Tool 8 coins
6. Gaming & Gambling 5 coins
7. Misc 15 coins
8. Social Network 4 coins
9. Fee Token 3 coins
10. Decentralized Data Storage 4 coins
11. Cloud Computing 3 coins
12. Stable Coin 2 coins

Before we look at the individual markets, we need to take a look of the overall market and its biggest issue scalability first:
Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Its goal is to replace dollar, Euro, Yen, all FIAT currencies worldwide. The coin that will achieve that will be worth several trillion dollars.
Bitcoin can only process 7 transactions per second (TPS). In order to replace all FIAT, it would need to perform at at least VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate.
For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet.
With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 with Sharding.
However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove itself resilient and performant.
Without further ado, here are the coins of the first market

Market 1 - Currency:

1. Bitcoin: 1st generation blockchain with currently bad scalability currently, though the implementation of the Lightning Network looks promising and could alleviate most scalability concerns, scalability and high energy use.
2. Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
3. Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
4. Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
5. Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
6. IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
7. Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
8. Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
9. Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. They don’t need to pay the network for every time they compute and can also operate with greater privacy. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Of course, the data source could still be hacked, so Aeternity implements a prediction market where users can bet on the accuracy and honesty of incoming data from various oracles.It also uses prediction markets for various voting and verification purposes within the platform. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
10. Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
11. Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
12. Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
13. Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte rebalances the load between the five mining algorithms by adjusting the difficulty of each so one algorithm doesn’t become dominant. The algorithm's asymmetric difficulty has gained notoriety and been deployed in many other blockchains.DigiByte’s adoption over the past four years has been slow. It’s still a relatively obscure currency compared its competitors. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
14. Bitcoin Diamond Asic resistant Bitcoin and Copycat

Market 2 - Platform

Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.

1. Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka Plasma and its Sharding concept.
2. EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. Highly overvalued right now. However, there are lots of red flags, have dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product.
3. Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
4. VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
5. Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
6. Stellar: PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
7. Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
8. Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
9. QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
10. Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments. No big differentiators to the other 20 Ethereums, except that is has a product. That is a plus. Maybe cheap alternative to Ethereum.
11. LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. However, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
12. Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
13. ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
14. Ontology: Similar to Neo. Interesting coin
15. Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
16. Nxt: Similar to Lisk
17. Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
18. Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.16. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
19. Neblio: Similar to Neo, but 30x smaller market cap.
20. NEM: Is similar to Neo No marketing team, very high market cap for little clarilty what they do.
21. Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
22. Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
23. Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.

Market 3 - Ecosystem

The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more

1. Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
2. Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
3. Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
4. CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
5. WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
6. Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
7. Aion: Aion is the token that pays for services on the Aeternity platform.
8. USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.

Market 4 - Privacy

The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.

1. Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
2. Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
3. Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
4. Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
5. Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
6. Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
7. PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
8. Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
9. Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
10. Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
11. Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier. However, the question is if full privacy coins will be hindered in growth through government regulations and optional privacy coins will become more successful through ease of use and no regulatory hindrance.

Market 5 - Currency Exchange Tool

Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.

1. Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
2. QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. If the forex conversions and crypto conversions match then the trade will go through and the Worldbook will match it, it'll make the sale and the purchase on either exchange and each user will get what they wanted, which means exchanges with lower liquidity if they join the Worldbook will be able to fill orders and take trade fees they otherwise would miss out on.They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners. More info here https://www.reddit.com/CryptoCurrency/comments/8a8lnwhich_are_your_top_5_favourite_coins_out_of_the/dwyjcbb/?context=3
3. Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
4. Achain: Building a boundless blockchain world like Req .
5. Req: Exchange between cryptocurrencies.
6. Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, bitshares had several Scam accusations in the past.
7. Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets.
8. ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.

Market 6 - Gaming

With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.

1. Storm: Mobile game currency on a platform with 9 million players.
2. Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
3. Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
4. Wax: Marketplace to trade in-game items

Market 7 - Misc

There are various markets being tapped right now. They are all summed up under misc.

1. OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
2. Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
3. Populous: A platform that connects business owners and invoice buyers without middlemen. Invoice sellers get cash flow to fund their business and invoice buyers earn interest. Similar to OMG, small market.
4. Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
5. Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
6. Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
7. Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
8. Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
9. TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
10. Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
11. Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
12. BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
13. Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
14. Ncash: End to end encrypted Identification system for retailers to better serve their customers .
15. Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .

Market 8 - Social network

Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.

1. Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
2. Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
3. Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
4. Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.

Market 9 - Fee token

Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.

1. BNB: Fee token for Binance
2. Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
3. Kucoin: Fee token for Kucoin

Market 10 - Decentralized Data Storage

Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester., he requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.

1. Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
2. Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
3. Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, SAFE’s network uses advanced P2P technology to bring together the spare computing capacity of all SAFE users and create a global network. You can think of SAFE as a crowd-sourced internet. All data and applications reside in this network. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. The data is then randomly distributed across the network. Redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
4. Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.

Market 11 - Cloud computing

Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.

1. Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
2. Elf: Allows easy use of Cloud computing in exchange for tokens.

Market 12 - Stablecoin

Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.

1. DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
2. Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.

EDIT: Added a risk factor from 0 to 10. The baseline is 2 for any crypto. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor.
EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x, PIVX gets a 10 for being as good as Monero while carrying a 10x smaller market cap, which would make PIVX go 100x if Monero goes 10x.

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• The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN.
Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy.
• KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001.
• Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total.
Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002
• In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions.
DIFFERENCE BETWEEN FIAT AND CRYPTO:
• Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver.
• Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com.
• What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it.
• There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency.
• A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht.
• It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases.
• In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms.
KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities.
An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports.
Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities.
SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers.
In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting.
Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties.
• Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact.
• Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”.
• In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win.
• Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships.
• But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry.
• Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial.
• The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels?
• With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date.
• If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies.
• Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile.
• In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations.
• Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection.
• By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act.
• As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private.
• Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet.
• Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets.
• Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails.
• “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com.
• Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse?
• Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN.
"Quoted by" [[link]⁶ [[link]⁷ [[link]⁸ [[link]⁹ [[link]¹⁰
'''
DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN
Go1dfish undelete link
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Author: xia112
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Unknown links are censored to prevent spreading illicit content.

Is China really facing a banking crisis? What are its origins?
（中国是否正在面对一次银行危机？其根源又是什么？）



According to a recent article titled China facing full-blown banking crisis, world's top financial watchdog war
ns published in the Telegraph:
（根据近期电讯文章报道：“世界顶级金融观察者发出警告：中国正在面临全面的银行危机”）

China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis
（中国已对债务违约失去控制，他们正在面对随之而来的全面性银行危机）

（中国债务/GDP 占比图）


Financial Crises

International Economics

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Robin Daverman, Dealmaker
Written Sep 27

Ah, but maybe you want to look around a bit and see how China’s total debt is compared with other economies, like this?
（你可能想看看其他经济体与中国的债务情况相比是怎么样的，如下图）

（G10债务分布图）
If you put China’s data on this chart, it will be somewhere around Canada and New Zealand. Guess Which Country Has Debt Of Nearly 1000% Of GDP... Shocking, isn’t it?
如果你将中国的数据插入上图进行比较的话，中国的数据大约会在加拿大和新西兰之间。猜猜看哪个国家债务大约是自己GDP的10倍....（英国）非常震惊吧
UK has almost 1000% Debt-to-GDP ratio, compared with China’s < 300% Debt-to-GDP ratio, mostly because of that over-sized financial debt - at the end of the day, the government must stand behind it. On top of that, the UK has no resource to sell, hardly any industry left, going through a divorce with EU, and almost never ever meets her fiscal targets. And yet, UK, with its near 1000% debt-to-GDP ratio, is still viewed as the gold standard among safe havens. PRESENTING: The Rosetta Stone Of The Entire Sovereign Debt Crisis Why? Because UK issues debt in her own currency. And who prints the pound? The UK government.
英国的债务/GDP占比将近1000%而中国只是小于300%，其原因是其过于庞大的金融债务——政府最终将不得不为之站台。在此之上，英国没用可出售的资源，没有任何本国工业，正在脱离欧盟，而且英国基本上从来没有达成其财务目标。即使如此，英国仍然被某些传媒视为安全经济体的黄金标准。其原因就是英债都以英镑的方式结算。那么是谁印英镑的呢？英国政府。
Then you take a look at Japan, wow that’s 600%+ debt-to-GDP ratio! But - Japan’s debt is not only mostly internal, in Japanese Yen, but also with 0% or even negative interest. You can roll this kind of debt over practically forever. That’s why people have been yelling about Japanese debt for the last 20 years, and nothing happens.
然后你看看日本，将近600%的债务/GDP占比！但是，日本的债务几乎都是内部的，以日元的形式出售的债务，而且日本是0利率甚至是负利率。实际上这种债务你可以无限积累下去(经济常识：如果是负利率，政府只要保持债务不变，多出来的部分会自行消失)。这就是为啥人们对日债担心了20年但屁事没有发生。
Then you take a look at those economies that have blown up on debt:
Argentina: Government/Sovereign debt in USD, with jurisdiction in New York!Greece: Government/Sovereign debt in Euro, with jurisdiction in Brussels!Iceland: External financial debt → nationalized into Government/Sovereign debt in USD and Euro alone was 700%+ GDP in 2008, with jurisdiction in New York and Brussels.
然后你看看那些因债务问题毁掉的经济体：
阿根廷：政府/主权债务以美元形式结算，其裁判权在纽约!希腊：政府/主权债务以欧元方式结算，其裁判权在布鲁塞尔！冰岛：外部金融债务→债务国有化后2008年政府/主权债务以美元和欧元的形式达到GDP的700%，其裁判权在纽约和布鲁塞尔
Then you look at China, with her debt almost entirely internal, in Chinese RMB to Chinese citizens, government debt at 55%, lower than the US, Japan, and EU average, in her own currency. China’s external debt is about 9% of GDP, globally ranked 184th (less than North Korea, similar to Kosovo) - anyway you look at it, it’s hardly the kind of material to make a banking crisis. China is borrowing a little bit from her own piggy bank. Argentina/Greece/Iceland were borrowing a lot from the Mafia.
然后你看看中国，中国的债务基本都是内部以人民币结算的。中国政府债务只占总债务的55%，比美国，日本和欧盟都要低，再次强调，其债务以人民币结算。中国外部债务只占GDP的9%，全球排行184位（比朝鲜低，比科索沃高）。无论怎么看，你都不会看到中国有任何银行危机的迹象。中国只是向其国内贪心的银行借钱。阿根廷/希腊/冰岛可是像美国欧盟这些黑手党借钱。
PS: The most significant increase in China’s debt is in the financial sector, driven by rising real estate price (which means higher value of housing loans). Right now, the Chinese government is basically using it as a tool to do macro-economic engineering. The goal is to cap urban growth in top tier cities (Beijing, Shanghai, etc.) and push the economic growth to second- and third- tier cities (Hangzhou, the city that just hosted G20, is an example.http://www.g20.org/English/Hangzhou/About/index.html Now you can look back and see why the Chinese government decided to host G20 in a city nobody has ever heard of). This is clearly stated by the Chinese government like 100 times since last year in the official news channels. The reason? Top tier Chinese cities like Shanghai (25 million) already have more city residents than the whole nation of Australia! The metropolitan area of Shanghai (44 million) has more people than the entire population of Canada! In one city! Beijing’s population grew by 8 million within the last decade! The place is simply full.List of cities in China by population and built-up area
PS: 中国最显著的债务增长是在其金融领域内不断升高的房价造成的（不断增高的房贷造成债务问题）。现在中国政府正在利用房价作为宏观经济调控的工具。其目的是限制一线城市的城市化进程和加速二三线城市的发展（刚刚举办了G20的杭州就是个例子，现在你就能知道为啥中国政府将G20放在一个没人听说过的城市举行了）。这些政策中国政府已经在官媒上宣布了无数次。原因就是一线城市，例如上海（2500万人口），其居民数量比阿根廷全国人口还要多！上海都市圈（4400万人口）的人口数量比加拿大全国还要多！北京人口数量在过去的10年内增长了800万！这些城市的人口数量已经饱和了。
In addition to real estate prices, the Chinese government is also doing stuff like restricting residents permits, disallowing second or third homes, even restricting jobs to local residents, everything to say “this place is full. We have these other nice choices, with lower housing prices. Go there.” Young people complaining about housing prices in tier-one cities? But that’s the whole point. The debt you have to take on to live in tier-one cities SHOULD SCARE YOU OFF. The Chinese government is trying to stop the influx of people pouring into tier-one cities, and get these smart and energetic youths to go build two, three, four, five. … more Shanghai’s in other parts of China. 1.4 billion people can’t all fit into tier-one cities.
除了以房地产为手段，中国政府也加强控制了居住证的发放，禁止第二/三套房买入甚至对本地居民的工作种类进行限制，这些都是为了表达一个意思：这些地方都人满为患了。二三线城市有更低的房价和更好的生活条件，快点去那里吧！年轻人都在抱怨一线城市的高房价？但这就是中国政府想要的。你在一线城市生存需要的代价会把你吓退。中国政府正在尝试控制一线城市的人口流入而让有技术和充满活力的年轻人去建设二三四五线城市——让更多的上海出现在国家的其他地方。14亿人口是没可能全部都聚集在一线城市的。
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Paul Denlinger, Involved in China economics study
Written Sep 27


There is too much debt, and a lot of it is likely to turn into bad debt, but that does not equal a banking crisis.
是因为中国贷款太多了，而这些贷款大多数会变成不良贷款，但这些都不等银行危机
Banking crisis may be a nice term to bandy around and get clicks and headlines, but does not really explain what is going on.
银行危机或许是一个十分吸引眼球的头条，但是根本就不能解释实际的情况
There was a lot of debt financing, especially after the 2008 subprime mortgage crisis in the US. In order to keep the economy on a steady keel, the Chinese government, through its banks, pumped money to Chinese state-owned enterprises, in order to keep high employment and maintain an image of “growth”. A lot of this money then found its way into the underground banking system through “wealth management products” and other means. A lot of this has turned into bad debt.
中国政府有过很多次债务融资，特别是08年美国次贷危机之后。为了稳住经济增长，中国政府通过银行将大量人民币注入到国企内以维持就业率和高增长的形象。但这些钱最终大都以理财产品和其他形式流进了地下钱庄。这些大部分都变成了不良贷款。
Another problem area, which frequently overlaps with the “wealth management products” is the local government financing vehicle used to fund local property development, which I have discussed here: Paul Denlinger's answer to Why does China have so many ghost towns?
另一个有问题的领域，和“理财产品”有莫大关联的，就是地方政府为当地基础建设所采用的金融工具（我在这个地方有详细的分析：https://www.quora.com/Why-does-China-have-so-many-ghost-towns/answePaul-Denlinger?srid=tR&share=22b99cfc）
What is likely to happen in China is that growth will slow down in some areas, while there will be certain newer parts of the economy which will continue to grow. If the Chinese government is able to support the newer parts of the economy and help them to grow, while cutting back on loans to the weaker parts of the economy, it may be able to handle this transition better.
最可能发生的情况就是中国的经济增长将会放缓，但是肯定会用新的增站点。如果中国政府能支持新的增长点而且能减低夕阳工业的不良贷款率，那么或许能更好地度过过渡期。
This is exactly what the Chinese government is trying to do and you can read about it here:Here is how China is going to quietly save its economy
这些正是中国政府正在尝试去做的，你可以读读这个文章了解一下：http://www.scmp.com/news/china/economy/article/2022491/china-deploys-policy-banks-stealth-mission-stimulate-growth
So, if you are expecting there to be a dramatic run on the banks, and the Chinese people to take to the streets and overthrow the Chinese Communist Party, and become a full-blown democracy like Taiwan, Japan or South Korea, you are very likely to be disappointed.
所以，如果你是期待一次强烈的bank run（自行百度啥是bank run），然后中国人民上街推翻TG，中国大陆变成与台湾，日本韩国一样的政体，那么你要失望了。
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Nikhil Ambhorkar, Self studied Finance.
Written Sep 26


Is China facing a Banking crisis?
中国是在面临一个银行危机吗？
Yes.
对
Is it facing a full blown Banking crisis?
中国正在面临一个全面性的银行危机吗？
No.
错
Combined debt of China is almost 300% of its GDP. But the the categorized in 4 parts as it is shown in the image with the question too.
中国的总债务大概是GDP的300%。但是分在了如图所示的4个领域内。
The corporate debt has the lion's portion of the total debt. The household debt and non corporate debt are nothing to worry about because it is less many other developed countries and has some room to grow.
公司债务在总债务中占了大头。个人债务和非公司债务根本没啥可担心的因为这些比大多数发达国家还要低所以还有增长的空间。
Government Debt is not too big when compared to standards set by many global institutions like IMF, World Bank, etc.
政府债务以多数国际组织，例如世行和IMF，设定得标准来看其实不高。
The only major concern which is of a serious magnitude is the corporate debt. This is also reiterated by many economists.
最主要的关注点就是公司债务了。许多经济学家都重申了这点无数次了。
Now the problem with China is that data that comes out of major Chinese institutions is murky so their are many different types of estimates by many different institutions but the common theme in it is corporate debt and its size.
中国最大的问题就是中国国内组织公布的数据来源不清晰所以不同的国际组织对中国经济的实际情况估算会不一样。但所有组织最关心的都是中国的公司债务与其规模。
Corporate debt consists of debt owned by state owned corporations and private corporations. Private corporations in China are generally crowded out by the state owned corporations because of connections and political agenda.
公司债务又分成了国企和私企的债务。中国私企大多数收到国企排挤，这是有政体造成的。
Many state owned corporations have invested into unproductive projects as a result of excess boost given by government after 2008 to prop up the economy. This has resulted in a huge amount of NPAs. So, in all the major problem is state owned corporations piling up huge amount of debt. To solve this problem, the government tried to convert the debt into shares which the bank owns and can recover money through profit dividends but this was one of the causes for last year's stock market crash.
在08年过度的经济刺激政策下，很多国企在许多无效益项目上投了许多钱。这造成了大量的无效能资产。所以，最大的问题是国企堆积了大量债务。为了解决这个问题，政府正在尝试将国企的债务转化为股份，那么银行就能将债务转化为红利而最终将债务收回了。但这造成了上年的股灾.....
Hence, it is a big crisis but not the one government cannot handle with so much trade surplus and forex reserves. But actions are definitely needed to stop it from growing into a bigger problem.
所以，这是一个危机但仍然是政府能控制的，毕竟中国政府有大量贸易顺差和外汇储备。但是仍然需要实际行动来防止事态的扩展。
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This has been bugging me for a while so thank you for endulging my rambling. TL;DR at the end.
I'd like for everyone to just think about what we're trying to do here. Don't forget what the ultimate goal is. Anyone remember? Is it to make a profit? No, that's a secondary goal. The primary goal is to develop widespread adoption of cryptocurrency as an alternative to fiat currency. Anyone remember this lofty goal or did we all forget this while chasing 30% daily price swings. We're trying to complete with USD, GBP, EUR, and CNY, remember?
This is EUR vs. USD. You'll note that this is all data (or click on "All" button on the bottom), going back to 1993 through today. What do you notice? You'll notice an open of $1.22 to €1. After a few months, it fell about 10%, then rose up 24% over the next two years only to drop about 40% over seven years and then almost doubling over eight years only to drop about a third in the last ten years to where it is today - almost where we were 25 years ago (approximately).
This is BTC vs. USD. You'll note that this is all data going back to 2011. During the last seven years it has... oh my God are you kidding me?! This is LTC vs. USD.
Let's not forget what we're talking about. We're talking about currency. For currency to be used, it needs to be relatively stable. Now compare the charts above. Let's say we created a new country called Cryptonia. Which of these would you like to use as currency? EUR? BTC? LTC? My money is on EUR. Why? Because it's relatively stable.
Now let's fast forward a bit and pretend that Cryptonia has adopted Litecoin as its official currency. Our largest trading partner is the US. How would transactions between merchants work in this scenario, taking into account the last few days. I'll use the following prices:

• 1/16: $227
• 1/17: $163
• 1/18: $194

Let's run through a transaction:
1/16

• Cryptonian citizen C1 is selling a widget at 1 Litecoin to an American citizen A1
• A1 pays $227 and C1 gets that converted to 1LTC
• C1 is also selling another widget to A2 on the same day for 1LTC and has 2LTC total

1/17

• A1 decides that they don't want the item and would like to return it. C1 issues refund of 1LTC. A1 gets $163. A1 loses $64 or 28.2% on the return.
• C1 now has 1LTC
• A2 is decides to do nothing.

1/18:

• A2 decides to sell the widget to C2 for 1LTC
• C2 says the price is fair since it was 1LTC a few days ago and buys it
• A2 gets $194, a 19% profit from two days ago

Conclusion:

• A1 is pissed
• C1 is happy since they made one sale
• A2 is happy since they made a 19% profit
• C2 is happy since they have a widget at a fair price

This works both ways as far as you can do the math in USD vs. LTC to see how this screws over at least one party due to the wild price swings. Note: fiat currency does the same thing with one key difference explained later on.
Don't forget that this is all within 3 days. Now sure, obviously the last few days isn't something that happens every day ... but doesn't it? Look at the examples of EUR:USD. Any sharp spikes or drops have taken months to execute - enough time for relative prices to adjust. Look at cryptocurrency prices - the swings (from a percentage basis) are wild on a regular basis. In short, cryptocurrency isn't acting like currency. It's acting like an asset and not just an asset but a highly speculative one. The IRS is right to treat it like an asset because if it looks like an asset, and it acts like an asset, then it is an asset.
Where do I believe this should go? I believe cryptocurrency market needs to mature. I believe these drastic price swings need to stop. When will this happen? I believe it'll happen when the cryptocurrency market reaches a happy plateau where the market cap has reached a point where the buyers and sellers mostly eliminate one another and the relatively large price swings - from a percent point of view - are as boring as Mr. Stein. EUR vs. USD went up 0.03% today. 0.03%. In LTC-speek, that's going up $0.58 for the whole day. Oh and it was a wild ride too. Why it went all the way down to $1.21697 and all the way up to 1.22645. I know, I know - tie me down because I'm out of control.
Is this the only problem? No. Cryptocurrency has another problem and that's the sheer number of types of coins available. How many coins are available? 1,448. Nearly 1,500 coins all competing with each other for market share. We have Bitcoin at about $200b all the way to something like Digital Money Bits (DMB, an appropriate acronym). What is it? Who cares, it's worth $3,832. Not $3.832 billion or million but literally $3,832 with a volume of $35,509 today and hey, just this June, its market cap reached an all time high of $62,000! You missed the recent run-up though and boy did you miss it. On January 1st, its market cap was worth almost five hundred dollars! Yep, about two Litecoins! But look at it now - it went from $500 market cap to $3,832 in less than three weeks. Clearly this one is shooting to the moon.
This is a problem. Decentralization has an unfortunate side effect of - duh - nobody being in charge. There's no real clearance for these and some people with a little bit of money can literally copy and paste a whitepaper and have this chart and have a serious valuation of almost $17b from $140 million in literally 30 days. This doesn't act like a currency either. This is a problem.
Don't forget, this isn't like the dot-com era. We're not launching IPO's and .com companies that have different ideas. Amazon isn't like Ebay, or Google, or Yahoo, or Facebook or anything else. They all have different ideas for different segments of the population. We are in the cryptocurrency market. The world today has 180 fiat currencies. Cryptocurrency market is approaching 1,500. We need to trim the fat and the outright forgeries. Market cap isn't enough to weed them out. There needs to be something, a stabilizing force, that should act as a clearinghouse for launch of new cryptocurrencies. The market has failed to destroy shitcoins. Heck, it rewarded them based on lies, paid endorsements, FOMO, and FUD for other coins. This doesn't help the cryptocurrency market. It helps a few people get really wealthy really quickly and you are left holding the bag, so to speak. Should coins only be allowed to be introduced when its network reaches a certain hash rate? Isn't that the only objective point of value we have - number of mathematical calculations and power used in those calculations? You can't fake that.
What's another problem with cryptocurrency? It's what it represents. The governments don't see crypto as a positive force. After all, it directly competes with their own currencies. Can the governments shut this down? No - this is the Internet, after all. But they can kill it in other ways. I don't know how many people here remember but my first brush with Bitcoin was the ransomware viruses which wanted $300 in Bitcoin to unlock files. Bitcoin was seen as something tied to illegal activities. If governments - and let's say the US, South Korea, and China in particular - ban Bitcoin and cryptocurrencies in particular then what they'll really do is make transactions illegal. What's the on-ramp and off-ramp to/from crypto? The banks which are already regulated. Now let's say you're in the US, your bank account is tied to your Coinbase account and you have some cryptocurrency. US issues a regulation which states that trading cryptocurrency is now illegal. It issues orders to all US banks to shut down related accounts. The following things will happen: cryptocurrency prices will tank and everyone is going to scramble taking money out which would likely overload the system, causing massive delays.
But let's say you're left holding your crypto and it's been a month. What can you do with it? Not much. Crypto isn't accepted in enough places yet. You can continue holding, hoping the price and ability to extract will come back one day. After all, you can't get your money back. Your bank closed your related account. You can open another one at any new bank but they'll either ban you from connecting your account to Coinbase or they'll confiscate any money coming from Coinbase and charge you with a crime. Now have the governments banned crypto? No - you can use and trade crypto all you want since it can't be traced. But have they effectively? Yes. Ironically, it's the banks that'll save us and I think that's why Ripple blew up. After all, if you have a cryptocurrency that sucks the bank's [censored] and plays along, you can get:

• crypto
• somewhat decentralized
• tied to various governments, i.e. no ban, little competition
• and use the banks money for lobbying to make sure the governments don't ban it

I think that's why something like Ripple blew up - because it doesn't care much about regular people, it wants to be the speedy highway for bank<->bank transfers.
What's a solution to this problem? More regulation and playing nice with the governments. Crypto isn't going mainstream if you shut out all governments. It needs to be connected. This means working with regulators to make sure that KYC laws are followed, that people report and pay money on any gains, and that - to a point - there's some supervision and tracing of transactions in a way that if you're robbed, you can get your money back. This will create a new job field, which - considering our current growth - will create a whole slew of high-paying white-collar jobs. Considering the high-level of transactions, banks would start this, followed by private companies, governments, and law-enforcement agencies. A good way to start this is what CBOE and CME have started to do - legitimize the currency. This is a foot in the door to the real holy grail: FOREX markets. When it's legitimized and not in serious competition with governments, it'll be embraced and its availability - along with instant transfers and low fees - will be widely supported by serious platforms.
Until these problems are fixed, the cryptocurrency market will remain what it is today: a speculative asset and not a currency. During the time it's taken me to write this post, Litecoin has gone up 2.6%. Euro remains at 0.03% gain.
Thanks for reading!
TL;DR

• We're supposed to be creating a new type of currency - cryptocurrency - as opposed to chasing profits. To do this, we need to have stable charts and not wild price swings.
• We need to dump most coins on the market and focus on serious ideas that have potential. Market cap has failed to reign in fraud with large, multi-billion dollar shitcoins flooding in. Network hash rate and power usage is a measure we can use to determine objective worth.
• We're competing with governments and until we find a way to work with them, the governments can choke the life out of the entire cryptocurrency markets. This should start with KYC implementations and interoperability with the markets such as FOREX.

Hi, I'm not very experienced in stock market but liked the idea of trading USD vs EURO as a part time gig. And Forex platforms seems to me the best option. While I'm not trying to get rich, getting 1% return a day should be more than enough for me, while playing safe.
If you traded on Forex before, what was your experience? is it worth it? is it a waste of time or can give you decent returns as long as you're not greedy and patient?

I'm looking for traders to take positions (either in agreement with, or contrary to) my research/opinion or using your own trade setups and fundamental/macro outlook - via our P2P swap platform. You can use actual capital or I can give you test capital, basically, play money, to trade with me and my team and all I ask for is feedback on the system and the ability to quote you (which is not mandatory, but it would be nice). You can trade stocks, bonds, commodities, forex and forex pairs long or short, or swap the exposures directly for another asset, ex. S&P 500 for the LSE 100, Apple for Google, etc. Fees start at 5 bp, the best available from anywhere. Digital leverage is available, up to 10,000x worth (double digit profits/losses can be had from 11 basis points in movement, or less - so be careful), with no possibility of a Margin Call since the trades are pre-funded. If you think the opportunity is worthwhile, feel free to contact us or see info sheet below for more...
Macro Trading Has a New Power Tool: Peer to Peer, Counterparty Risk-Free Swaps for Value Transfer & Trading
Trade the value of over 45,000 tickers of instruments in every asset class from every major geography and exchange with up to 10,000x pricing leverage without concerns of counterparty/credit/default risk or margin calls. Very big claims… substantiated by a very big discovery in value transfer and security.
Veritaseum is the worldwide leader in the financial implementation of “smart contracts” – unbreakable, self-executing bilateral agreements between two or more parties. We use these smart contracts to create peer to peer swaps for the transfer of value through the “blockchain,” a worldwide, open ledger of pseudonymous transactions that can be seen and audited by anyone, any time in the cloud. The blockchain is considered unhackable and one of the most secure implementations of cryptography to date.
With the use of financial “wallets”, client side applications that use a simple interface to guide users in the quick (as in minutes – enter ticker(s), amount to risk, collateral, expiry and leverage required) creation of a smart contract (in this case a P2P swap), users trade OTC directly with other parties – totally bypassing and intermediating exchanges, with even less risk. Monetary value is committed up front, a leverage factor is digitally dialed in (anywhere from 2x to 10,000x) and the smart contract is created and sent to the blockchain to await a match. Once matched, the funds are locked into the transaction until expiry, at which point profits and losses are distributed along with principal and unused collateral (the capital chosen to be put at risk). A novel, risk averse, extremely powerful, and quite frankly - ingenious way to trade macro strategies.
Not only can one go long or short any ticker in any asset class from any region for any currency, one can go long one ticker relative to another. For instance, those with a bearish outlook on the S&P 500 normally short it for USD. You can now short (pay) the S&P 500 index directly while going long (receiving) Eurozone equities (or 10 year treasury yields, or Swiss francs or the CNYJPY pair or bitocin), in a single transaction – with or out without leverage.
Since the exchange is peer to peer, we never hold or control any of your assets, hence you are not exposed to our balance sheet, credit, default or counterparty risks (the blockchain is your effective counterparty). Veritaseum is a software concern, not a financial concern or intermediary! You can always track your assets and trade through the blockchain at any time. The capital is loaded in the wallet in the form of bitcoin, and for those who choose to minimize exposure to bitcoin market price volatility, leverage can be used to nearly eliminate the noise. You can also conduct trades using a demo mode and test coins, so as to use the system without risking actual capital.

Smart Contracts as Transaction Vehicles: The Safest Possible Way To Exchange Value

Veritaseum's UltraCoin smart contracts are: 1. highly flexible - you design your own derivatives yourself using your own parameters via our simple graphical user interface 2. self-executing 3. autonomous 4. unbreachable: we call them, the unbreakable promise! They are backed, fortified and stored by/on the blockchain itself 5. uber-transparent: simple click the "trace transaction" button to find the location and historical travel path of your assets anytime, from anywhere you have an internet connection

Trading Through a Balance Sheet-Based Financial Institution vs. Distributed, Decentralized, P2P Software Concern

What I do want to accomplish is the education through the fact that the Bitcoin protocol has given rise to the genesis of a new type of company, with a new business model that can offer a totally new type of product. As you were able to see from above, Veritaseum's UltraCoin offers a very uniquer product with many if not all of the attributes that potential competitors offer, with a slew of attributes that others can't touch. This is done at 1/5th of the price and at much less risk! When dealing with Veritaseum's UltraCoin, you can never get Gox'd because we never have (nor do we want) possession of your coins or fiat - every, at any time. Because we don't user our balance sheet (we are a software company, not a centralized exchange or brokedealer) you:

• are never exposed to us as a counterparty, we make the blockchain your counterparty
  
• never have to worry about our capital reserves or the capitalization/credit of your initial counterparty (all trades are fully funded at the outset, even a heavily levered trade at 10,000x),
  
• You never have to worry about negative drawdowns, negative equity or margin calls
  
• If a catastrophic event were to occur, say bi-coastal earthquake takes out our datacenters on the east and west coasts simultaneously while a meteor hits the backup center in the midwest, you will still be able to recover you funds - on your own. Since we do not have possession of your funds you don't have to worry about us absconding with them nor getting blown up with them. Each trade has a catastrophic rollback feature which will put you back into your original funding position n-time units after expiry. Unfortunately, you will not be able to complete your trade, but if two bi-coastal trades hit at the same time as meteor to the mid-west, you may not be studying that EUR short anyway :-)
  

This is just the beginning of what is capable with our Internet 2.0 business models.
I implore you to download our:

• tutorial (which needs to be updated)
  
• spreadsheet based trade model to assist you designing your own custom made swaps before committing capital
  
• • and of course, the UltraCoin BTC wallet for Windows - or - Mac & Linux, which doubles as the trading client. The wallets have a "Demo Mode" which allows you to trade on testnet if, after using the spreadsheet modeler, you are still not comfortable committing live coins. You can get the demo (testnet) coins here.

There's also a lot of BTC industry research available for download as well as our blog which has some of the best fundamental and macro research available on the web. Hardcore traders, investors and speculators should check out my latest piece: It's All Out War, Pt 3: Is the Danish Krone Peg to Euro More Fragile Than Glass Beads? The Danish National Bank Infers So!
Any individuals or entities looking to provide liquidity to the system, individuals/companies who wish to partner, accredited investors looking for a piece of the action (you have to be willing to sign and NDA, we are quite open to working with anybody), or those who simply want to shoot the breeze should feel free to contact us.
An example of an UltraCoin smart contract summary
Here's some info about me, my team and what we're doing at Veritaseum:

• 1. Reggie Middleton via Wikipedia - 1.
• 1. How Blockchain Technology Reduces Wall Street Risk & the Fallacy of Too Big To Fail!- 1.
• 1. How Reggie Middleton is Looking To Take the Risk Out of Wall Street - 1.
• 1. How Reggie Middleton's Start-up Patented The Future of Global Finance
• 1. A Simple Apple Trade Using A Pure Bitcoin Wallet: The UltraCoin Client 1.
• 1. A list of many (but not all) of my calls and mentions in the media

Cordially, Reggie Middleton CEO, VeritaseumTM Inc.

By poking for a while into the forex markets, I did understand that the trading between fiat currencies was to be done by pairs ALWAYS. If the play was the EURUSD, I would know when I would be long euro (short USD) and/or short euro (long USD). That is, for every dollar there was a certain amount of euros in exchange; a value that was determined by a global market, called forex. Long euros, I could spend them in Europe; long USD I could spend this in the USA and so on for every pair in the world.
What I see these days is that the BTC is traded vs the USD as many other c-coins, +850 of them so far; even if your trade let’s say a monero vs a dash, you would always, for now, use the dollar or euro as a frame of refence to consciously know how much money you really have at your disposal.
So my not-so-clear-issue(s): these days the federal reserve keeps printing money as if there was no end and because of this, too much money in the streets tends to reflect in an ever increase of cost services, goods and products, i.e. inflation; and yes plus the aggregate that there must be demand for those products, goods and services.
Now what if the fed keeps printing money AND starts buying a lot of bitcoins, and I mean a LOT. Perhaps they run out printed bills, but since they are the fed, they can print some more and voila they are owners of the 25M BTC’s. So now we all have again USD in the pockets and are worth next to nothing, correct?
Also what if no one pays anything with USD; only use the c-coins they in their wallets. The c-coins will still be created as transactions keep happening between buyers and sellers. Meanwhile de fed continues printing money devaluating the purchasing power of the c-coins, correct? In order to decouple the c-coins from all of the fiat currencies in circulation, we all humans on earth, would have to arrive to an agreement on what is the value of things in c-coins. Point in time at which definitively fiat will be a thing of the past, correct?
Would sure appreciate your comments to this. What will be the future if any of bills and coins.

I was looking at the offerings of Bitfinex just now, after hearing that Coinbase had the highest volume of any US-based broker just weeks after opening an exchange (we’ll discuss that at a different time, since Coinbase is waiving fees meaning those users are hot money, but likely are part of the largest installed user base). What I found was illuminating, at least for me since I don’t follow the offerings of BTC brokers and exchanges that closely. Bitfinix offers leverage, plain vanilla swaps and TRS (total return swaps - basically fixed/variable rates in major fiat denominations for cryptocurrency (BTC. LTC, DRK) exposure). I said to myself, “Wow, that’s pretty advanced.” Then I looked at the fees page, and saw the swaps were priced at 15%. The first thing that came to mind was the difference, and limitations that come with the business models of first generation bitcoin companies and second generation bitcoin companies.
To put this into perspective, Veritaseum's UltraCoin offers user programmable swaps (ie. you can make your own CDS, TRS or plain vanilla, or even a custom swap) with exposures to not just 3 cryptos and 3 or 4 fiat currencies, but all major and most exotic currency pairs (dozens) as well as over 45,000 tickers covering EVERY major asset class (stocks, bonds, forex & commodities as well as cryptos) from exchanges throughout the world****. This is all capable at a sliding scale of 10 to 25 basis points, round trip. That's the equivalent of 5 bp to 12.5 bp per trade - or 1/150th of what Bitfinex charges for a much simpler and more constrained product. In addition, all of this is done without UltraCoin havin any possession of your funds, whatsoever. Veritaseum (the company behind UltraCoin) is a software concern, not a financial entiity, thus you have no exposure to our balance sheet. We cannot MT. Gox you and you essentially have no counterparty, default or credit risk because your counterparty is the blockchain, and you trade peer to peer vs. through a centralized exchange. Pretty big difference, no?
I will continue my discussion on pricing and features right after I delineate the distinction between the two.

The Difference between Bitcoin 1.0 and Bitcoin 2.0 Companies

To begin with, I'd like to make clear that not only is the title misleading, but all references to the same are essentially inaccurate. Bitcoin itself is still in beta stage (0.9x) thus its not accurate to refer to 1st and 2nd generations of bitcoin businesses. If anything, we're all in beta. Now that I've gotten that off of my chest... The first bold generation of bitcoin entrepreneurs (it's amazing that you can refer to companies born 2 and 3 years ago as a previous generation, it just goes to show you how fast this space is moving!) built businesses based upon bitcoin as a legacy commodity. Basically, they bought, sold, transmitted or transferred it as a unit of value. They did this because that's how everything was done for the last several thousand years in the financial services industry. Basically, they had no choice - or so they thought. Then came those who read the Satoshi whitepaper and the bitcoin wiki and saw a very different meaning. My team and I are among those entrepreneurs. We saw that bitcoins were malleable, programmable, tools with which one can use to paint upon the canvas of value. A far cry from the moving of static financial widgets from place to place. Think of moving bitcoins around (bitcoin 1.0 companies) vs programming bitcoins to act on their own according to their contractual owner's wishes (bitcoin 2.0 companies) akin to pushing a model T Ford around town vs. programming your driverless electric Tesla to go by the grocery store to pick up some fresh produce before swinging by the school to pick up your kids on the way home to meet you to take your wife (girlfriend?) out to dinner.

A Real World Comparison of Bitcoin Companies: Bitfinex (v1.0) vs Veritaseum (v2.0)

Tickers Available

Bitfinex: ~6 or 7 (this is an approximation) - BTC, LTC, DRK, USD & (I'm assuming EUR, CNY and maybe GBP). It is quite possible that I'm underestimating their portfolio here.
Veritaseum's UltraCoin: ~45,000+
Asset Classes Available
Bitfinex: Crypto and forex
Veritaseum's UltraCoin: Stocks, Bonds, Commodities, Forex, Cryptos and many indices
Costs Bitfinex: up to 40bp round trip, 1,500bp for swaps
Veritaseum's UltraCoin: up to 25 bp round trip for all products (primarily smart contract swap driven)
Leverage available: Bitfinex: Assumed to be up to 50x, traditional margin lending
Veritaseum's UltraCoin: up to 10,000x, with finite digital P/L parameters (no margin calls, no negative account drawdowns)
How does Veritaseum do it? We program the bitcoin to act according to a mutual agreement between two or more parties, then send it to the blockchain to act accordingly. These agreements are self executing, unbreakable promises known as "Smart Contracts". In this case, they are highly customizable, P2P OTC swaps, but we are working on a multitude of other products, services and solutions as well. We also supply very high level, unconflicted, independent and impartial strategy and research for our customers. Since we don't use our balance sheet and we don't act as a principal, we have no incentive to skewer the research in any particular direction.

Smart Contracts as Transaction Vehicles: The Safest Possible Way To Exchange Value

Veritaseum's UltraCoin BTC-based smart contracts are: 1. highly flexible - you design your own derivatives yourself using your own parameters via our simple graphical user interface 2. self-executing 3. autonomous 4. unbreachable: we call them, the unbreakable promise! They are backed, fortified and stored by/on the Bitcoin blockchain itself 5. uber-transparent: simple click the "trace transaction" button to find the location and historical travel path of your assets anytime, from anywhere you have an internet connection

Trading Through a Balance Sheet-Based Financial Institution vs. Distributed, Decentralized, P2P Software Concern

It's a matter of risk. This is not a dig at Bitfinex. After looking at their volume (significant) and their offerings (quite impressive given the newness of this industry) the last thing I would ever want to do is to disparage them. As a matter of fact, I give them kudos! Good job, fellas! What I do want to accomplish is the education through the fact that the Bitcoin protocol has given rise to the genesis of a new type of company, with a new business model that can offer a totally new type of product. As you were able to see from above, Veritaseum's UltraCoin offers a very uniquer product with many if not all of the attributes that potential competitors offer, with a slew of attributes that others can't touch. This is done at 1/150th of the price and at much less risk! When dealing with Veritaseum's UltraCoin, you can never get Gox'd because we never have (nor do we want) possession of your coins or fiat - every, at any time. Because we don't user our balance sheet (we are a software company, not a centralized exchange or brokedealer) you:

• are never exposed to us as a counterparty, we make the blockchain your counterparty
  
• never have to worry about our capital reserves or the capitalization/credit of your initial counterparty (all trades are fully funded at the outset, even a heavily levered trade at 10,000x),
  
• You never have to worry about negative drawdowns, negative equity or margin calls
  
• If a catastrophic event were to occur, say bi-coastal earthquake takes out our datacenters on the east and west coasts simultaneously while a meteor hits the backup center in the midwest, you will still be able to recover you funds - on your own. Since we do not have possession of your funds you don't have to worry about us absconding with them nor getting blown up with them. Each trade has a catastrophic rollback feature which will put you back into your original funding position n-time units after expiry. Unfortunately, you will not be able to complete your trade, but if two bi-coastal trades hit at the same time as meteor to the mid-west, you may not be studying that EUR short anyway :-)
  

This is just the beginning of what is capable with bitcoin (and this is pure bitcoin, not altcoins, no tokens, no sidechains, just pure, old fashioned [at least as old as it can be considered] bitcoin) and 2.0 business models. Wait until you see the new stuff we'll be rolling out.
We are in beta, so please be aware of that and the shortcomings that it entails (although it is also my opinion that most bitcoin companies are in beta because bitcoin itself is in beta, as implied above). I implore you to download, and trade with, our:

• tutorial (which needs to be updated)
  
• spreadsheet based trade model to assist you designing your own custom made swaps before committing capital
  
• • and of course, the UltraCoin BTC wallet for Windows - or - Mac & Linux, which doubles as the trading client. The wallets have a "Demo Mode" which allows you to trade on testnet if, after using the spreadsheet modeler, you are still not comfortable committing live coins. You can get the demo (testnet) coins here.

There's also a lot of BTC industry research available for download as well as our blog which has some of the best fundamental and macro research available on the web. Hardcore traders, investors and speculators should check out my latest piece: It's All Out War, Pt 3: Is the Danish Krone Peg to Euro More Fragile Than Glass Beads? The Danish National Bank Infers So!
Any bitcoin-rich individuals or entities looking to provide liquidity to the system, individuals/compamies who wish to partner, accredited investors looking for a piece of the action (you have to be willing to sign and NDA, we are quite open to working with anybody), or those who simply want to shoot the breeze should feel free to contact us.
Bitcoin 2.0 An example of an UltraCoin smart contract summary
Here's some info about me, my team and what we're doing at Veritaseum:

• 1. Reggie Middleton via Wikipedia
• 1. How Blockchain Technology Reduces Wall Street Risk & the Fallacy of Too Big To Fail!
• 1. How Reggie Middleton is Looking To Take the Risk Out of Wall Street
• 1. How Reggie Middleton's Start-up Patented The Future of Global Finance
• 1. A Simple Apple Trade Using A Pure Bitcoin Wallet: The UltraCoin Client
• 1. A list of many (but not all) of my calls and mentions in the media