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Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Is Paxful against responsible disclosure of vulnerabilities or is this all just a mistake? $10-$200 free BTC if we can resolve this

TLDR; I discovered and responsibly disclosed multiple bugs/vulnerabilities with significant impact on Paxful's marketplace, weeks later Paxful froze my account thinking I was maliciously making use of part of the very vulnerability I reported. I was testing whether had been fully patched as it posed risks to my operations as a vendor as well as Paxful's marketplace as a whole if it were publicly disclosed and abused by malicious actors. I would be happy to consider signing the NDA related to this vulnerability if we can resolve this in a timely manner. Things ended in my vendor account being bannéd nearly 2 weeks ago as the support and security team assumed API testing activity was spam despite my prior in-depth communications with them. They cited multiple warnings August 6-18 which, as cited below are not legitimate in nature and likely due to a break down in communications and/or failure to investigate the nature of my activity. I suspect some of this may be related to a language barrier as I and other vendors frequently receive messages in broken english containing incorrect or irrelevant information.
Please consider posting a comment regarding your experience with Paxful's bug bounty program or support team.
I am offering $10 in BTC to each Paxful ID verified user who comments on this post with a relevant comment if my Paxful account's ban is lifted. Moderators are excluded from this to avoid conflicts of interest. Additional restrictions:
Alternatively, if this post does not receive atleast 20 comments from ID verified users, I am offering $200 in BTC to anyone who can put me in touch with someone at Paxful who can actually resolve this. Payout will be made only if my vendor account ban is lifted.
5/17/20 — I reported vulnerability #1 to [[email protected]](mailto:[email protected])
07/06/20 — I reported vulnerability #2 to [[email protected]](mailto:[email protected]) "Trade transcripts can be made unretrievable, when abused by users moderators might be unable to review disputes" to [[email protected]](mailto:[email protected]) . Some of the testing involved posting arbitrary strings such as “aa.co”, “bbco”, etc. repeatedly to old cancelled trades. This is not spam, however it’s been wrongly assumed to be spam.
08/05/20 — Despite my clearly positive intentions, I was advised by a Paxful dev ops engineer to not attempt to mitigate the risk of coin lockers, scammers and extortion through the use of automated scripted messaging in trade chats as it could cause problems for Paxful staff. I was asked to strictly rely on moderators for resolving such issues (despite the historical lack of recourse against scams). I immediately ceased such activity and made it clear I was prepared to comply with this request and was previously unaware that this might cause problems for staff.
08/06/20 — No further use of scripted messaging to get rid of coin lockers, I opted to strictly rely on moderators for such issues. I performed tests via Paxful’s API related to the bug bounty report on 07/06/20 using specific API endpoints on trades where it would not hinder any transaction or where staff might need to be involved.
Criteria used for selected trades to use for vulnerability testing:
Ideally I would have used a test account or testnet like most exchanges offer but I was specifically told not to and prior to 08/05/20 there were no concerns about my usage of Paxful's API.
08/08-10/20 — (Request # 221122 ) My vendor account was frózen, I tweeted at raypaxful and it was unfrózen. I was told by support (request # 221122) that my API testing was flagged by Paxful’s system as spam. Support issued an apology and placed a note on my account that I may be performing such tests going forward and they valued my bug bounty reports.
08/12/20 — I was wrongly accused again of spamming the trade chat despite my continued compliance with the request from [[email protected]](mailto:[email protected]) on 08/05/20. Two trades were cited:GYokxnZdbmx — blatantly obvious API testing involving posting repeated strings such as “aa.co”
6Jm586J6Mox — trade from 04/21/20, why are you warning me about a trade from 4 months ago when it wasn’t indicated that Paxful had an issue with scripted message being use to deal with malicious actors when moderators are nowhere in sight? After all these months, why didn’t you take any action against the malicious user here? This doesn’t require contacting any gift card company, you can clearly see this user provided a cropped picture of a gift card making it unredeemable yet they locked my coins for days. The reason you’re aware of activity like this being a risk to the marketplace is a direct result of the bug bounty report I filed on on 07/06/20 for which I was never paid despite being promised a "reward". Who in their right mind is going to file a bug bounty report and then proceed to abuse that bug? A little more investigation and logical reasoning is needed here.
08/18/20 (Request # 170377) I was accused yet again of spamming the trade chat despite my continued compliance with the request from [[email protected]](mailto:[email protected]) on 08/05/20. I responded to this reminding support that I had continued to comply with this request and that “warning” me of something I’ve been in compliance with ever since I was aware of the issue is extremely disingenuous.
08/19/20 (Request # 170377), BitcoinBell’s response:*“Spamming and account notation: Like I said, I've communicated with [Paxful dev ops engineer name redacted] multiple times regarding excessive scripted messaging being used to ward off scammers, the behavior won't continue.”*Scripted messaging posted via API to deal with scammers had not taken place ever since the concern was first brought to my attention on 08/05/20. Paxful support appears to have been under the impression that this was not the case and proceeded to “warn me” again as if I was refusing to comply with their prior request. It would appear that they did not realize my activity was bug bounty related testing using old cancelled trades as my only authorized means of carrying out such tests without being disruptive to transactions.
“Had I known this caused problems for Paxful's team I wouldn't have done it but there was no mention in Paxful's API documentation that such activity could cause problems for Paxful's team. Most websites have proper rate limiting in place to deal with excessive posting of the same message so they don't have to waste their time policing what messages are being posted. Again, I'm not arguing for continuing this behavior as it's now been made clear it causes problems for Paxful's team but I hope you can see nothing in Paxful's API documentation clearly prohibits such use and that it was being used in good faith to ward off bad actors. In a marketplace filled with malicious actors, I don't appreciate being "warned" as if I did something malicious here when there was no indication of it being a problem, until recently.” (and have been in compliance with the request since first alerted on 08/05/20)”
08/21/20 I was offered a bug bounty payout for the vulnerabilities/bugs reported on 07/06/20 and 05/17/20. The amount was around 5-12% of the national average for bug bounty payouts. I was asked to sign a lengthy NDA which I had to forward to my attorney for review.
08/26/20 I made a counteroffer to the proposed bug bounty payments around and below the national average for bug bounty payouts.
08/26/20 I reported a new bug to [[email protected]](mailto:[email protected]) that could lead to users visiting malicious sites from Paxful's trade chat without warning.
08/27/20 8:01 AM UTC I reported a new bug to [[email protected]](mailto:[email protected]) that significantly impacted vendors in countless payment methods which since been patched:"Regex intended to block external contact info also blocks all gift card numbers that contain 6 sequential digits, huge potential burden on vendors, confusion for buyers"
08/27/20 8:30 AM UTC I received an e-mail that my vendor account had been bannéd. Despite having several active trades, the 0.1 BTC bond and all funds were made available for my immediate withdrawal. What's the point of a 0.1 BTC bond if Paxful makes it immediately available to bannéd users with active trades?
Is Paxful against responsible disclosure or is this all just a coincidence? The vulnerability I reported on 07/06/20 specifically alerted Paxful’s security team to risks of spam and difficulties it might create for users and moderators if moderators did not have special tools that would make this a non-issue. No concerns related to this vulnerability were made apparent until 08/05/20.
For the sake of brevity I'm leaving out a number of other material ongoing and prior issues encountered with Paxful support that impeded my ability to provide seamless service on Paxful's platform. I have gone to great lengths to articulate these issues to support with little/no resolution despite their often simplistic nature.
paxful.com/usebitcoinbell
submitted by BitcoinBell to paxful [link] [comments]

Not all alt-coins are scams (I hope)

What is this post about?

Bitcoin brought to light the power of cryptocurrency and blockchain technology. I wanted to share some other projects to show the world that blockchain technology is a viable solution to real world problems. I had a look into some of the projects that are disrupting industries like advertising, communication, energy, finance, gambling, video games, privacy, and social media - here’s what I found:

Advertising

Personal data is gathered and sold to third parties, but the money never makes it to the user whose data has generated the value for the company using it.

Communication

Edward Snowden (among others) revealed the extent of surveillance technology collecting civilian communication data and expressed the need for a safe, secure and surveillance free method for individuals and businesses to communicate over the internet.

Privacy

With the shift away from physical cash and the move towards online payments, user privacy is at risk. Digitalization often means more surveillance, privacy is more important than ever.

Energy

Energy markets are inefficient and act in the interest of the middlemen, not the generator or consumer. With the continual transition to cleaner energy, the energy sector is looking to leverage new and existing technologies.

Financial Sector

The financial system is out of date and in serious need of an update. Traditional banking only runs during business hours and cross border payments are exceptionally slow, inefficient and costly. As we continue transitioning to a more digital world, money is making the same change.

Gambling

Gambling usually takes place in a physical or virtual casino, where the house always wins. Blockchain based gambling platforms will provide more transparency on how odds are formed, fees are charged and how payouts are scheduled.

IoT

With the introduction of IoT technology, the amount of data points being collected need to be managed and secured to avoid massive data breaches and leaks. The use of Blockchain technology can increase transparency and virtual incorruptibility.

Video Games

The video game industry is an ever evolving space which often adopted technological advancements before many others. The use of Blockchain is being explored for things such as in-game Microtransactions and digital collectables.

Social

Typical social platforms are run by centralized companies and depending on their jurisdiction, they may not be able to serve certain people. Censorship resistance is critical to allow for freedom of speech.

Looking forward

There are literally thousands of projects out there, these are just some of the projects I've found to be doing interesting things. If I’ve missed something super important, let me know. I might look into blockchain projects next that have the most current active user bases if you guys like these kinds of posts.
submitted by PM_ME_STEVE_HARVEY to CryptoCurrency [link] [comments]

Best Betting Sites » Top International Betting Sites 2020

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A fresh bookmaker taken part in sports wagering, specifically in the UK as well as America is named RedZone Sports. The site is highly in cognition with as well as also possessed by the Spotnation bookies. Argyll Amusement AG. Attacking the gaming sector in 2017, this fresh bookie reveals wonderful rate of interest in America's sportsbooks. The website is regulated by The Gaming Commission, a highly suggested global gambling authority, and this assures the user that the cash they are investing is safe and also secured. With a considerable focus on games like United States football, baseball as well as hoops, this internet site consigns helpful odds on several sporting activities. It is possible for the individual to play online or In-play alternatives are likewise available. This website gives the individual an authentic wagering experience by providing large-scale hypothesizing markets.
  1. BetStars Sportsbook
Casino poker celebrity, very acquainted as well as honoured on-line texas hold'em service provider, spin-offs the Betstars website. The website is visited consistently by countless consumers who are intended to seek satisfaction from all the on-line alternatives the website gives. This substantial number of punters seeing the site has actually helped the site being deemed as one of the most rated bookies around the globe.
  1. wager
Malta video gaming authority supervises of synchronizing PWR wager, a just recently added mobile-friendly bookmaker site. This site was presented in 2018. This site exceedingly advertises via its application, however as being an Android app, it is unfeasible for the people utilizing the apple iphone. Among others, this site provides betting on the derby, football as well as additionally sustains E-Sports wagering.
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  1. RoBet Sportsbook
RoBet established foot into the European on-line bookie market in 2019. Government of Curacao oversees the site guaranteeing that it goes along with honest implementation of sporting activities scheduling. The customers can confide in them for leisure ventures.
  1. Jetbull Sportsbook
Jetbull was founded in 2007. This site is secondary to OddsMatrix. Different languages are passed on the internet site. The site has ingrained markets in football, supplying countless chances yet is concentrated constrained to concentrate on US players.
  1. LuckyBet
Luckybet uses open chances for European, Canadian players and likewise gamers from New Zealand. Abundant gaming choices as well as rewards as well as the contemporary website design includes in the impact the site has on gamblers and punters. Many online internet sites attempt to reproduce their articulation.
  1. Redbet
Redbet, a premier online casino brand name intervened in the on theinternet sporting activities reserving industry. This site was produced in 2002 with a mission of producing fun for the individual by attracting them to the website by supplying successful chances. It is a well-reputed website where the gamer's joy is the initial issue.
  1. Fonbet
FonBet was introduced previously in 2002. This site is a Russian bookie site. Russia as well as Eastern Europe birth a substantial number of participants of FonBet. This bookie is certified in Curacao. Therefore the certificate, the site detains, UK as well as UNITED STATES consumers are limited from making use of the on-line bookie.
  1. ComeOn
ComeOn became a brand-new bookie website in 2009. It is a secondary firm of Co-Gaming Limited. Malta Pc gaming Authority administrates the site. To operate in the UK, they are accredited from the UK Gambling Compensation. Markets of Scandinavia are the prime focus of the site.
  1. Marathonbet
Marathonbet was acknowledged in 1997 as a self -reliant bookmakers site. It is run by Panbet Limited, a firm that is in charge of running retail barters in the UK. This bookmaker website is deeply committed towards the UK members although it is well-reputed worldwide
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It is hosting the tremendous variety of sporting competitions regarding greater than 14,000, this site is a significant on-line bookie and has a superb great deal of customers around the continent. Besides offering various high-grade sportsbook events, it designates the players assurance with the modern technology that is comparable to Europe's safety criteria.
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This is the primary and the most relied on the site of India. It is an on the internet showing off occasion betting site. The web site is amazing as well as uses straightforward expression. Individuals can select BetBarter versus their competitor whenever. The bargains made by BetBarter protrude the marketplace. BetBarter likewise inspects the internet sites which provide fast payments and also various other feasible means of withdrawals.
  1. Bodog888
Bodog888 is recognized to be a participant of the world-famous gambling enterprise Bodog and is sometimes acknowledged as Bodog Asia. This site gives a huge range of moral online casino and also texas hold'em wagering. It also involves Oriental bettors by sporting activities reserving. This site has gained the distinction by offering the very best performance as well as illustratory attributes. The website supplies the best aid and also rewards.
  1. BetEast
Arised from Asia in 2016, BetEast asserts to be the most effective expanding wagering brand name. This business offers a substantial range of eSports solutions, casino site and live wagering as well as values subscriptions from worldwide. Its emphasis is to make a dash out there of Europe. The simplicity of the website format hits the customer instantly. The company has a substantial interest in the UK Betting markets. The site offers a comprehensive betting experience with giving a substantial number of on-line port video games.
  1. Bet-at-home
This company arised in 1999 later on releasing its website in March 2000. It soon became a supply firm and was provided at the stock market. This website is a credible sponsor for worldwide game events. It supplies betting odds on prominent gaming occasions. Followed by more than 4 million customers, it has become one of a kind sports scheduling site in Europe. All the info regarding the wagers placed as well as payouts are offered on their site.
  1. Setantabet
This website offers important odds on pc gaming and also horse racing. The website is compatible with mostly all mobile devices. The website has a substantial collection of slot video games and gambling enterprises for the customers. It additionally features a live gambling establishment with single and multiplayer choices. The website likewise aids the individuals through live Chat.
  1. CasinoSahara
It is a little gambling establishment on account of the gathered earnings, yet is taken into consideration a hot area. This internet site is readily available in a range of languages. Live betting games are readily available with different payment methods. Live Conversation is not open 24/7 that is somewhat a drawback to the website.
  1. BetEasy
This bookie website, established in 2014, emerges from Australia giving online betting and sporting activities remedies to the clients. This site is a subsidiary of The Celebrity Team. This website formally funds the Australian Football Organization.

  1. SuperBet
This is a South African bookies website established in 2008. The website captivates clients from around the continent. In addition to offering considerable betting games collection online, this site runs 50 land-based stores in Africa. The arrangement with EFC includes in the compatibility of the website.

  1. CasiniaBet
As opposed to the suitable bookies, Casinia wagered offers fewer choices for online betting as well as video gaming occasions. Still, the considerable contests are offered proper coverage that makes it challenging for the punters to separate between the leading bookies and also CasinoBet sportsbooks.

  1. mercurybet
This is a leading online video gaming website as well as online pc gaming. This website amplifies your exhilaration and gives you with a pleasurable experience with its thrilling wagering system. Customers can challenge themselves and also others with day-to-day and regular promotions.

  1. Jojobet
This site interacts with a large range of video gaming markets. This website supports bitcoins which includes in the variety of individuals around the world. This website has gained significant repute quickly by providing high odds on numerous betting games. It gives its clients with appreciable services.

  1. Bet8
This is a legally run business in Greece and also declares to satisfy also one of the most requiring clients This is website offers you to bet on above 11,000 sports events taking place on a monthly basis. The site likewise offers excellent probabilities with low price margins to its valuable consumers.

  1. Blackbet
This site is greatly giving a greatly favorable experience to its customers. It is dealt with by passionate staff member intending to offer an outstanding service to the punters. More than 20 sports are available for live betting at this reservation website.

  1. WinnerUK
This website is very recommended for scheduling on competition. They supply great recurring offers together with other recognized promos. This is a powerful yet well-assisting platform for on-line betting as well as sportsbooking.

  1. Wager at Home
Bet-at-home is the certified bookie based in Malta and also Austria. Their company went on expanding with the discussion of an on the internet gambling establishment in 2005. They later on developed into a supply partnership and also in 2009 became a part of the Betclic Everest Team. Their management centre is currently at Portomaso Business Tower in Malta as well as is accredited and controlled by the Malta Gambling Payment.

  1. Twinspires
It is just one of the earliest name present in the field of on the internet sporting activities betting, having actually grabbed popularity amongst customers given that its facility right around ten years in the past. Authorized by the UK Gaming Commission, it is just one of the most relied on on-line betting sites available.

  1. One Hash
One Hash is already the market head in wagering all over the world, with a huge variety of clients in many countries. Their wagering deals pre-competition or online wagering is very broad. Additionally, this manager communicates its online gushing TELEVISION terminal, countless pc gaming competitors.

  1. Mr Eco-friendly
On a remarkable assortment of video games, a vast array of wagers are used by bookmakers, which are determined based on chance. By wagering on these unique possibilities, a bettor can get money on rewarding wagers. It is consistently the situation that the very best online wagering sites for sports will be those that use the very best prospective benefits.
submitted by BetBarter to u/BetBarter [link] [comments]

Creditors meeting notes from 20 March 2019

From https://www.mtgoxlegal.com/2019/03/21/creditors-meeting-notes-from-20-march-2019/

Creditors meeting notes from 20 March 2019

March 21, 2019Andy Pag
I attended the meeting with a whispering translator, who is up to date with the case and did a great job, so I feel I understood the meeting well.
There were about four creditors from the group who attended, and a few others creditors too. There were lots of lawyers too. One law firm sent a team of 5-6.
The first 35 minutes the trustee went through his report which you can see online. I thought he really took his time to explain the challenges we’re facing, and was more open and candid than he’s been in the past.
Acccounts: Cash and deposits: total 69.5B jpy. It has decreased by 120mJPY [about $1m since last meeting]. 15b JPY is in trust. [This is to guarantee the BK payout equality]
About 140K BTC and 140 BCH. He’s continuing to investigate the losses to see if there are any other recoveries.
He also acknowledged that there are Altcoins, and that creditors have the right to recoveries from the value they represent. [This is the first time he’s acknowledged this]
Self Assessment claims [Zombie claims] He explained that the CR statute is different from the BK statute in that it dictates the requirement to create claims for all those who may have a claim, even if they don’t come forward. He later listed the value of these. You can see them in Annex2 of his report. Never filed zombie claims are worth 89k BTC BK filed zombie claims are worth 44k BTC
Non exchange related claims There are 7 creditors filing claims unrelated to the exchange. He didn’t say it but these include Tibanne and Coinlab
[for background and not mentioned in the meeting, Tibanne’s claim relates to bitcoins owned by them which were being held in gox’s cold wallets. I’ve been told that typically BK claims between parent and child companies like this, are dismissed by the JP courts as a wash. 0 to everyone)
Checking your claim Online claim filers can check their filing online Offline claim filers will be emailed with the address they gave at time of filing. [more on this in the questions.]
Future process Both coinlab and tibanne have filed appeals against assessment [FYI the process is, you file a claim, trustee rejects it, you apply for reassessment (which is generally called “assessment” and the court rules on it. If it’s rejected you can go to litigation, with 2 rounds of appeal to higher courts.- that whole process would take several years]
Tibanne has filed for reassessment of their 82kBTC, Coinlab has filed for reassessment of their $16b
Exchange related claims are worth 802kBTC [note compare that to 799kbtc under BK, it’s almost that same ammount, so opening to refiling hasn’t diluted our share – not withstanding zombie claims which are not included in that 802k total.] This figure is open for review, up to the 29th of March, and creditors can file objections to these claims (both to approved ones, and rejected ones) before that date. [note this is what we are doing re zombie claims] In total 1085k btc claims were filed but only 802k were rejected. You can see the list at the court.
Decisions that are rejected under (re)assessment can file a petition with the court between 30march and 7 May. After that their claim has no more standing.
The trustee continues to investigat the theft but due to a scarcity of information he’s not built a full picture of what happens.
The US DoJ brought charges against Vinnik, Part of charges were that he obtained value from Mt Gox. Depending on outcome of that trial and investigation, there may be some recoveries.
Tibanne is in BK, It has rejected the claim made against it by the truestee of mt gox. And that claim is now under re(assessment).
MK is in BK, [not sure I understood this right]. Mt Gox claim against MK for 20m JPY, He was found not-guilty of fraud, but guilty of manipulation of records and has a suspended sentence.
Moving from BK to CR means he has had to inform outside jurisdictions that this has happend. [He kind of snuck this past everyone, but I think what this means that there are other stayed lawsuits against Mt Gox outside Japan, which can recomense again now, that Gox isn’t under BK protection. – I’ve heard not from a lawyer, that this could lead to other claims against the CR entity futher down the road.]
The deadline for the CR plan submission is April 26th, but due to coinlab and tibanne case, he will not meet this deadline. [more on this in the questions]
Questions Andy’s Qs: Is coinlab’s claim size an abuse of process – didn’t answer it specifically. Wada was in the room, and on record it’s not surprising, but I wanted to ask the question in front of the judge. I discussed this as a strategy with Sekido. I will follow up when I meat him on Friday in private. But what’s good about that is that he didn’t say no. The Trustee and Coinlab will make submissions to the court, and judgement in the coinlab case will come “as soon as possible” – no indication on that being days and weeks months years decades… Voting rights for coinlab. Part of assessing the claim is to asses the voting rights that go with that claim. Coinlab’s claim was rejected so got 0 voting rights. However creditors can apeal to the court to exercise their voting rights, so the court will decide. Coinlab’s claim is enormous so the court will decide, and there is a big question over how this will be handled. The process (CR plan filing) will be delayed until assessment is finished. I can’t say when we will have a report. [The way my notes read it sounds like they can file a CR plan after assessment while litigation goes on, but I got the impression in the meeting he meant that he can’t file CR until litigation is settled – I’ll check with Sekido and the Trustee about this] “I can’t say when we’ll have the report ready.”
How to voting will work. No decision yet, [this means they can’t confirm it yet but…] We have made the online system, I would like to use it. ultimately we have to get a decision on this from the court.
Communicating with creditors, he takes the point that the english comms are bad and will look at doing something better in future.
L. Flemming’s lawyer asked: about coinlab’s claim being partially approved. Chart has 6 rows for 7 creditors so that approved number doesn’t neccessarily apply to coinlab. It’s split by denomination. not claimant.
CR means reastart process. under BK already rejected coinlab. But we know substance of argument. Considered already under BK. This will speed things up. If the claimant not satisfied, they can bring trial proceedings, so hard to say when we will reach a conclusion. No clear date that we can give you. [this is the bit that makes me think they won’t start CR until Coinlab has been through the courts]
Another Q How to verify offline claims? Results by email. When? not yet sent? Is email going to claimant or to representative. Is there another way to verify outcome? Offline claims, can they not go online. It would be better if you verified all claims online. Answer: Working on email at the moment, issue shortly. Email address supplied by claimant. Website security is an issue. Because of that offline claims are staying offline. Under law, submitted outcome to court, go to court to get results
Fukuoka’s collegue Q. Self admitted claims. Breakdown – BK and non BK zombie claims. What you gonna do about it? Answer: Under CR proposal still assessing how to deal with this. Not yet come up with any policy. [A politicians answer, which I think is good. the fact that they’ve split these out, makes it easy for us to object. They are expecting our objection. I’ll be discussing BK zombies on friday]
Maurice lawyer: [This is J Maurice? aka Wiz, former partner in Wizsec] Do you Plan to establish an exchange, to make settlements, how are you thinking of distributing. Answer A plan is not finalised yet. But I’ll give you my understanding. While we have started CR, Gox is no longer in business, so I don’t think we’d be able to have that exchange adopted. So it comes down to how we distribute in cash or crypto. Crypto – we are not able to use blockchain to pay it out, (direct payments) so we would have to use an exchange to do that. Significance of using exchange is that it would involve creditors to sign up as users. We pay exchange, exchange distributes settlement, We would use the creditor account balance as a reciept for settlement.
Lawyer Q: on Cash or BTC? If you are liquidating more are you doing it the same way as before. Are you able do disclose method for liquidating. Answer If we decide we should sell btc, consult with court and use appropriate method. Still not decided.
Trustee asked for a show of hands, given the price drop from last meeting, on who want BTC and who wants him to sell. No hands for selling, lots of hands for BTC. [I think he’s getting it] he also said he would be using the online system to collect opinions on this again.
Judge: Next meeting 1st of October. 1h30pm. Same venue.
Andy Pag – These are my notes, which may contain errors and should not be used to base legal or financial decisions on. I am not a lawyer. This does not constitute legal advice.
submitted by andypagonthemove to mtgoxinsolvency [link] [comments]

Hashautomatical.biz Review: 10% daily for lifetime and principal included

Hello, dear HYIP investors. In this article, I will introduce an HYIP project called Hashautomatical.biz. It has been online since 18th Oct 2019 and just third day till now. The admin bought Standard listing on my monitor last Friday. All my three withdrawal requests were processed instantly in the past three days. Now let me write something about it.
Investment Plans
  1. Minimum invest 0.001 BTC, earn 10% daily for lifetime and principal included
  2. Minimum invest 0.001 BTC, earn 250% totally after 20 days
  3. Minimum invest 0.001 BTC, earn 1000% after 30 days
These are all the plans Hashautomatical.biz provides. If you are interested and don't know which plan to choose, then I suggest you the first plan. Because you can withdraw your profit every day. But for the second and third plans, you can only get back your profit and initial capital when your investment expires after 20 or 30 days,such investment method is not suggested in HYIP investment, what's more, for the second and third plans, the net profit is higher than normal range.
I should warn hyip newcomers that all hyip projects are risky gamble games online, so don't invest what you can't afford to lose, only
Payment Options
For now, Hashautomatical.biz only accepts Bitcoin as payment option. When I am writing this article, BTC price is $8240 according to Coinmarketcap, such price is higher than last three days.
Withdrawal Type
All withdrawal requests will be processed instantly including weekends and holidays. Minimum withdrawal amount is 0.0001 BTC. All my three withdrawal requests were processed instantly during the past, hope such situation can remain for next two weeks, so that all early investors can make money here.
Referral Commissions
Hashautomatical.biz provices two level referral commissions, it is 5% and 1%. If you register through my personal link below, welcome to submit 100% RCB from top menu of my website, I will transfer the money back to you as soon as it is processed.
Listing Type: Standard($250)
📷
Register: https://hashautomatical.biz/?ref=hyiper_net
More Information
Hashautomatical.biz registered a UK company certificate called "Hash Automatical Limited", the registration date is 09th Oct 2019. At top of their website, you can find Facebook and Telegram links, click to follow them and you will keep up with the latest updates of the project, also, you can communicate with the investors there. But remember that admin will never talk to you first in the Telegram group, so only deposit from their official website and never transfer money to any individual person.
At the top right side of their website, you can also see a button called "Payment Proofs", click it and you can check all the latest payouts. They are real payout statistics because you can confirm the BTC hash id.
These are all the information of Hashautomatical.biz which I want to tell you in this article, if there will be new updates in the future, I will replenish under this article, welcome to follow.
Read More: https://www.hyiper.net/blog/100.html
submitted by vipinvestor1988 to u/vipinvestor1988 [link] [comments]

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This typically happens when you've missed a lot of attention checks or were kicked off the job. Don't worry, you should still get paid as long as you weren't giving bad answers. It may take a bit longer for them to validate your answers, and you may get paid a bit less due to the incorrect answers. Make sure to shoot them an email though.
 

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WHY HASN'T MY NEEVO / DEFINED CROWD PAYMENT HASN'T ARRIVED YET?

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I HAVE A QUESTION ABOUT QUICKTHOUGHTS / IPOLL

Is It Legit? Quickthoughts does pay some people. However, they are extremely ban happy. You WILL be banned eventually.
Making A Second Account You are not permitted to make a second account under any circumstances. It does not matter if you were wrongfully banned.
Rewards iPhone only gets iTunes and Android only gets Amazon. If you are unhappy about your selection, consider selling or trading your gift card in one of the places mentioned later on in this post. It is possible to log into your account from another device, but this increases your chances of being banned.
Payments Surveys pay between $0.50 and $2 per survey. Different people make different rates depending on their demographics.
Limits You are only permitted to complete 5 surveys per day.
Taxes As with every other site, you have to file taxes.
No Network Connection / Problem With Your Account You were likely banned. Sometimes there is a legitimate network connection problem, but that's their typical ban message.
Why Was I Banned? It happens all the time, even to legit users. Try messaging support and see if they will unban you. Their automated banning system is a bit touchy, and support doesn't seem to care.
Support Not Replying It can take a while for them to get back to you. You need to be patient. If you haven't heard back in a few weeks, try sending another email.
Note: Quickthoughts and IPoll are run by the same company.
 

WHERE CAN I EXCHANGE GIFT CARDS FOR PAYPAL/BITCOIN/ETC?

If you are looking for a way to sell Amazon Balance, check out this post.
If you want to exchange cash methods, check out /Cash4Cash.
 

HOW CAN I EXCHANGE GOOGLE PLAY CREDITS FOR PAYPAL/BITCOIN/ETC?

There's no easy way to do it. Your options include:
  1. Find someone willing to trade an app for money (you buy the app for them, they give you money).
  2. Make an app and set up a payment system. Then spend your credits through the app you made.
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MTURK DENIED MY APPLICATION. WHY?

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WHY AM I NOT GETTING ANY SURVEYS?

  • Did you just join yesterday? — New users often see more surveys available on their first day due to the site already having a batch of surveys available. You need to wait for more to get added.
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  • Are you checking the site constantly? — Surveys go quickly on the better paying sites. You may only get a few seconds to a couple minutes to accept the task.
  • Are you outside the USA? — There tends to be fewer surveys for non-USA workers.
  • Were you speeding or lying on previous surveys? — You may have been banned.
If you still aren't seeing any surveys after a few weeks, you may just not be in a desirable demographic. It doesn't hurt to contact support to ensure there isn't anything wrong with your account, but chances are there just hasn't been a survey needing you yet.
 

THESE @#%& SURVEYS KEEP DISQUALIFYING ME!!

Yes, that will happen.
 

BUT I SPENT 30 MINUTES ON IT!

Yup. It happens. Survey portals are notorious for disqualifying people. Sites that specialize in doing just surveys tend to be better. Basically, if you're on a site that has an offer wall and surveys, expect disqualifications to happen.
 
There are a few ways to prevent it, but nothing is guaranteed.
  1. Take a couple screenshots as you progress through the survey, especially towards the end. Sometimes support will credit you if you bring it to their attention.
  2. Don't rush, and don't walk away in the middle of a survey. If you're getting disqualified a lot, try counting to 5 after each question.
  3. Always be consistent in your answers. There are a lot of questions designed to figure out if you're telling the truth or not. If your answers keep changing, you'll be disqualified.
  4. Watch out for attention check questions. Sometimes questions will ask you to select a certain response, answer questions about text you've just read, or ask you silly questions such as "Are you an alien?".
 

OFFERS AREN'T CREDITING ME!

Make sure you don't have an adblock or any other extensions that could be interfering with it. Allowing the site isn't enough, you need to disable them. I recommend using a separate browser or profile for doing offers. It's also incredibly important to clear your cache between offers. Vanilla cookie manager is a good extension for this. Even if you do clear the cache, some offers just don't like to credit. /Swagbucks is a great place to see what offers are currently crediting easily. Since many sites use the same offer walls, you can probably find the same offers on another site.
If you met the requirements for an offer and it didn't credit, the only way to get credited is to contact the support for the offer wall and show them proof that the requirements were met.
 

I'M HAVING A PROBLEM WITH A SITE

Is your cash out taking forever? or Is the site just not working right? - Look on a relevant subreddit, facebook or twitter. If there is a problem, people will be posting about it. If there's no mention of the problem, try asking on those subreddits, facebook or on twitter. If you don't know where to look, just go to google and type in the website name and what site you're looking for. For example "Swagbucks reddit" will bring you right to /Swagbucks. This works for facebook, twitter, whatever you need. If all else fails, contact support.
 
Is the site not loading? Try clearing your cookies. If that doesn't work, try another browser or another device. If it still isn't working, follow the advice above about "Is the site just not working right?". If you can't find anything about it, try waiting an hour or two, or even wait until the next day. There could be some issue on the website. If all else fails, contact support.
 
Can't login? Follow the instructions above about the site not loading. There's also a chance you've been banned. Some companies won't alert you to bans and will just suddenly remove your ability to login. Follow the advice below for "Have you been banned for no reason?"
 
Have you been banned for no reason? Contact support. There is absolutely nothing we can do for you here. A few site owners browse this place, but the bulk of us are just general users. Just be polite and friendly. If you didn't do anything wrong, you'll likely get your account unbanned. Sometimes a site's fraud detection is triggered on accident.
If you were banned by Quickthoughts, you likely will not be unbanned, but it still doesn't hurt to send them a message.
 
Did you cash out to the wrong PayPal account? First, add that email address to your PayPal account. You can have multiple emails attached. Next, contact support and ask for guidance. If they already sent the payment, it may get stuck in limbo. If they didn't already send it, they may be able to send it to the correct email. It's best to contact support as soon as you can, so that they can advise you on the proper steps for you to get paid.
 
Having another problem? You're best off just contacting support. Most of the people here are general users. If you need individualized help, contact support.
 

I CONTACTED SUPPORT AND GOT AN AUTOMATED REPLY. WHAT NOW?

If you get a reply and it doesn't answer your question, then send a polite reply. Make sure to restate what you said in the previous email. Don't just copy and paste; they may have misunderstood what you needed the first time. Keep it short and to the point.
Under no circumstances should you yell, swear, or be rude to the staff. Remember, you are asking for their help. Being rude will only get you longer wait times, more copy and pasted responses, and potentially banned. Support is more likely to help those who are polite, so say hello and thank you with each email.
 

HOW DO I TRACK MY EARNINGS?

Most people use a spreadsheet. Here are a few options: One | Two | Three
If you're interested in making your own spreadsheet, here are a few ideas: One | Two
 

WHAT EQUIPMENT SHOULD I USE?

Routers/access points Many people recommend /Ubiquiti I used a cheap TP-link which worked well for up to around 15 devices.
Phones/Tablets At the bare minimum, you want a dual core with Android 4.4.2. I highly recommend getting at least Android 5.0, as many apps will not work with lower spec devices. A few places to check out would be Walmart, Best Buy, Tracfone, Straight Talk, and Amazon. Sales are fairly random, so keep your eye out. You can also get devices on eBay and C7Recycle but do take note that these are often used/refurbished devices and they may not last as long. Sometimes it's cheaper in the long run to just buy new devices.
Laptops Look on ebay or craigslist. Buying used will usually get you a better price than buying new. You want at least a dual core with 4GB of RAM, but a quad core with 8GB of RAM will do you much better.
Powered USB Hubs Many people like these. Never cheap out on your USB hubs - get a quality brand hub or stick with the OEM chargers.
Various Extensions Check out this post. - Although, I disagree about the auto refresher and adblock. Both of those can get you banned by many beermoney sites. FRQc is also great. Just set it to "auto low" and all of the flash videos will load faster.
Check out /BeermoneyHomeNetwork for help with configurations. The posts are old, but the info is solid. It's just one of those things that doesn't change.
 

DO I HAVE TO FILE TAXES?

Short answer: Yes.
Long answer: It doesn't matter if you get PayPal, Cryptocurrency, Gift Cards, physical items, or whatever else. It is all considered income because you are earning it in exchange for a service. In the USA, once you earn $400 in self employment you are required to file taxes. If you earn $600 or more with any individual site in a year, you should receive a 1099 from them. Even if you don't make $600, or don't get the form, you're still supposed to report any amount you earn. There are a few circumstances in which someone doesn't need to file taxes, and if you think you would be in one of those circumstance, you should speak to a certified tax consultant.
Here's more information.
 

WHEN SHOULD I CASH OUT?

Always cash out as soon as possible, unless there is some sort of discount for saving up your points. You never know when you might get banned or a website might go away. Building up your points is just increasing how much you have to lose. The points are not yours until the money is in your possession.
 

HOW DO I TELL IF SOMETHING IS LEGIT OR A SCAM?

If a post is at least 48 hours old or made by a user with flair beside their name, it is likely legit. Known scams get removed pretty quickly. GPT sites are more likely to be a scam than any other type of site posted here. If you are worried about being scammed, I highly recommend sticking to the more well known sites in this FAQ and the Common Beermoney Sites List. You can also ask the poster for proof that they were paid by a site. If they can't prove they've been paid, they are only looking for referrals. I don't recommend signing up on sites when the user can't provide payment proof.
 

Here's a few things to look out for:

  1. If they send you a check and ask you to return part of the money, it is a scam. The check will bounce, and you will be out the money. If an employer needs you to buy something, they will either buy it with a company card, or ask you to send a receipt for a refund. If they've already sent the check, you can give it to your local police department if you want. Just block all communication from them.
  2. They pay a ridiculous amount of money or claim to pay "the most". Very few surveys pay more than $10/hour. You won't get more than about a penny to click links. Videos rarely pay more than a couple pennies. This is about the maximum, and it's very common to make half this rate or lower. If the site is claiming to pay so much more than anywhere else, it's a scam.
  3. You get an offer or interview from a site or job you didn't apply for. Be especially cautious if they want to do the interview over google hangouts.
  4. You are being asked to work for free as a "sample", or you are asked to install a program and wait to be accepted at a later date.
  5. They have a high minimum cash out amount (above $25). Many sites have $1-10 minimums.
  6. You are required to refer people to get paid.
  7. You have to spend money to use the program. Even if it is an "optional" fee, be careful. This includes "training fees".
  8. They don't disclose what type of work you're going to do. Sometimes job listings need to be vague for non-disclosure reasons, but you should always be able to get a general description of the work you will perform.
  9. The website or post is full of grammar errors. An error here or there is bound to happen, but any legit site is going to put in effort to look good.
  10. It's never been mentioned on this subreddit and/or you can't find reviews on google. Unless it's a completely new service, you should be able to find something about it somewhere.
  11. Most importantly - does it feel too good to be true? Does it feel sketchy? Is there something that is just off, but you can't put your finger on it? Trust your instinct, and come here to find out if anyone else has heard of the site. Do a search first, and if you can't find anything, then make a post about it.
There are exceptions to most of these, but these are some things to be on the lookout for. Here are a few more safety tips.
Also, never trust what a blog says. They are trying to get your referral link, so they will pretend the site is better than it is. If you see the site on /beermoney, look in the comments. If the poster is making outrageous claims, usually someone will leave a comment about it.
 

I WANT TO DO A GIVEAWAY FOR EVERYONE HERE. AM I ALLOWED TO DO THAT?

Giveaways without any stipulations or endorsements are permitted. If you intend to promote a site/link/etc or require users to sign up somewhere or complete a task, you must get moderator approval prior to posting. Failing to do so may result in a ban. Due to an incident users are no longer allowed to simply host their own giveaways. When in doubt, message the mods.
 

I WANT TO PAY PEOPLE TO DO A TASK FOR ME. CAN I MAKE A POST ON HERE?

Depends. What type of task are you offering?
When in doubt, message the moderators and ask if it's allowed.
 

HOW DO I GET REFERRALS?

  • Invite your friends and teach them how to use the sites.
  • Advertise on social media.
  • Find a new website that has paid you and hasn't been discussed here (search first!) then advertise it here (with lots of info and payment proof!)
  • Consistently submit top/quality content to this subreddit for the opportunity to have your referral put on the Common Beermoney Sites List.
  • Pay for referrals (make sure the site allows it first!).
  • Join a referral chain.
 

DO I NEED TO USE MY REAL INFO? (name/address/birth date)

Absolutely. You need to have correct info on the sites that pay you. Lying about anything can cause a whole lot of trouble, including getting your account banned.
 

BUT WON'T I GET SPAM MAIL?

From The Website Paying You? It's highly unlikely that the sites that pay you will waste their money sending you spam mail. You may get something for verification, but that's about it.
From The Surveys? It's very rare unless they are sending a payment, a product for testing, or they are requesting a follow-up. Most surveys won't even ask for this info, and on the rare occasion they do, it's typically to avoid repeat submissions.
From The Offers? Sometimes. Most of them won't send you anything even if they say they will. Charities, credit cards, banks, and other similar services will spam you non-stop though.
In Your E-mail? Absolutely. Make sure to use a separate e-mail for beermoney work, especially if you're going to be doing offers.
 

THIS SITE NEEDS A PHONE NUMBER FOR VERIFICATION. CAN YOU HELP ME?

Free OptionsGoogle Voice | List of free services | Ask a family member or friend
Paid services/phoneverification | List of paid services
 

CAN I USE A VPN, VPS, OR OTHER SOFTWARE TO PRETEND I'M FROM ANOTHER COUNTRY?

No. You can get banned for doing this. Usually they ban you right after you redeem your first reward. The location is restricted for a reason.
 

CAN I USE AN EMULATOR OR A VIRTUAL MACHINE?

No. Third party software is not allowed, and you can be banned for it.
 

IS BEERMONEY DEAD/DYING?

No. Don't listen to the trolls. Beermoney changes over time. Some methods are less lucrative now than in the past. Some are more lucrative. Some have less sites offering the service, and some have more. Passive methods are on the decline, but beermoney is more than just passive methods.
 

WHY ARE MY COMMENTS/POSTS BEING DOWNVOTED?

Every post will get a few downvotes. You can't please everyone. If you get down to -5 or lower, you might want to take a look at what you're typing. Beermoney users in general are more likely to upvote than to downvote, so either you're breaking a rule, spreading false info, or you're just being rude.
 
If you saw something in this FAQ that you think is wrong, is confusing, or you think needs more information, please let me know and I will look over it.
 

Have another question? Check the FAQ part 2 or try searching first!

You can use the reddit search bar, https://www.redditsearch.io/, or even a google search with "beermoney" in it to find lots of useful information.

Here's more info on how to use the searches.

submitted by Mikazah to beermoney [link] [comments]

(Work in progress) RAIDEN NETWORK AND TOKEN FAQ

This is an unofficial FAQ (I am in no way connected to the developer team) and it is also a work in progress. Once the community here have helped improve it, corrected mistakes and shortened + simplified unnecessarily complicated explanations, it can hopefully be made into a new stickied post by the mods.
The idea I had behind this FAQ is to provide an FAQ that uses easy to understand language, avoids technical jargon, and provides good answers that are truthful. Ideally, anyone should be able to understand it. After reading through it, the reader should have an deep understanding of the project. It does however, at the moment, require that the reader knows about some common cryptocurrency things, like blockchain and token.
So, get going by commenting and correcting what I wrote so far, or contribute new questions and explanations!

FAQ/Useful Info

The short story behind the Raiden Network

Blockchains are great, but they have limitations. Blocks are created at limited speeds, and they have limited capacity. With today's heavy usage, one has to pay more and more to have ones transfer included within a reasonable timeframe. This makes them gradually less and less suitable for ordinary purchases, as the transfer fees rise. How can cryptocurrencies ever hope to gain mass adaptation if this continues?
Luckily, a solution exists - the Raiden Network, which allows Ethereum and all other ERC-based tokens to be transferred.
The Raiden Network works by setting up payment channels between users. Channels can connect to other channels, creating a network. So even if you just have a single open channel, you can make a transfer to anyone in the network. The speed of the transfers are nearly instant, and the costs to use the network is nearly free. The creators of the network takes no cut.
Then once a large volume of these has been added up or the channel is closed, they are added to the blockchain as a single transaction.

What is the reason behind the cost advantage of Raiden?

Blockchains are of limited capacity. The max capacity of Bitcoin was reached a long time ago, and the max capacity of Ethereum is starting to near it's maximum. Once the capacity is reached, the only way to ensure a transfer or smart contract is included is to pay more to get it on. The cost skyrockets, and Bitcoin is already at $5 dollar per transfers and rising, making it unusable for any regular payments. Raiden on the other hand can handle over 60.000 times more transfers than the Ethereum blockchain - and is basically free.
In fact, you can probably imagine transactions that are smaller in value than the transaction cost of using the blockchain. Thus Raiden opens the possibility for entire new methods of business that are simply impossible on the blockchain.

What is the reason behind the speed advantage of Raiden?

To transfer something on the bitcoin blockchain and to get it validated by later blocks, takes about 90 minutes. For Ethereum, it takes several minutes. By the time the payment completes, the value of the token used could change a lot, and the information sold might be obsolete. Imagine the internet using minutes to load each page! Meanwhile, Raiden is nearly instant. Near instant transfers will be the only acceptable standard in the emerging machine-machine information economy.

What is the reason behind the privacy advantage of Raiden?

On the blockchain, the entire world knows that Alice transfered 0.005 ETH to Bob, and the exact time of when it happened. Every transaction is communicated to every participant. This has been an reason why, for instance P2P solar power companies haven't used them - it goes against EU (and other countries) laws to publicize how much power each household is consuming. As an business or individual you generally don't care about having the entire world know each individual sale you did. Collecting everything in a payment channel and then putting the total balance on the blockchain at the end of the day is better for you.

What things are we likely to see use the Raiden Network in the future?

Anything that requires speed and low fees. Especially, it is suitable for small payments in the Internet of things, where emerging machine connectivity and info derived from them could be extended into a single global marketplace.
Furthermore, it is for example, ideally suited for the small-scale solar power industry, where you can buy and sell power at much better rates than now. Also ad companies making payouts per second of watched ads, accessing paywalled content via a 'pay as you go' model, smaller businesses or temporary/seasonal businesses that can't access VISA or just wanna avoid expensive fees.
Lastly, getting near free global transfers makes possible totally new business-models that are unfathomable right now.
The Raiden team is also building raidEX, an decentralized exchange that will be on the network.

Why will other developers build upon Raiden's Network?

The system has no fees except the ones needed to incentivize nodes in the network. They will thus have no reason to create their own network since that would be more costly and time-consuming for them.
The protocol itself is open for innovation and additions are encouraged. Already, a large number of companies have committed to using it or to build apps upon it. 3rd party developers building upon it is actively encouraged, with the Raiden team having dedicated 16% of all tokens towards funding 3rd party open source projects on the Raiden Network.

Why is the Raiden Network Token worth anything?

The RDN token is used to pay and receive the small node incentivization fees that are necessary for the network to function. Since most users won't run full nodes, but a lighter app, there will be a Light Client Gateway Service Fee for them to connect to the network through a full node. Other providers of services on the network will provide pathfinding and channel monitoring services; all of these services will need to be paid in RDN.
As the network grows, the circulation and value of the RDN token will grow, however, the network itself will not become more expensive to use, since a growing number of nodes will compete for traffic through lowering their fees.
These fees are necessary for such an network to function, because running larger full nodes has a cost in effort, bandwidth and the number of tokens locked in a channel deposit.

Does the RDN token have inflation?

No. There is an fixed quantity of 100,000,000 tokens. 50% were sold in the ICO, 16% is put in a fund for 3rd party developers, 34% is retained by brainbot, the company behind Raiden.

Is it safe to use? Can somebody steal my tokens along the way?

Transfers go from one user, to the next, to the next, until the final destination. When it is confirmed that it reached it's final destination, first then all of them become valid. So none will gain any tokens from intercepting them. Additionally, locked deposited tokens creates an large cost to cheating. So it is very safe to use.

Why does setting up an channel temporary lock tokens?

The locked tokens are security against anyone cheating or trying to take the system down - if someone is trying to attack the system they would first need an insane amount of deposits and channels to do so - and they would lose the deposits in the process. The cost to attack thus becomes much, much higher than benefits gained.
Additionally, you can think of the tokens locked as virtual mining. But instead of paying or installing a GPU, you simply gain interests on the tokens locked up. This is done through receiving fees for the node being used. The fees are very small, but once the system is used by many, it will add up. Simply put; the more channels one sets up, and the more funded they are, the more throughput there will be through your node.

What is µRaiden?

µRaiden, also called 'microRaiden', is the light client (not full node) for the Raiden Network. It is easy to set up and use, and you can use it for most things you can do on the Raiden Network. However, it is not suitable for many-to-many payment setups as it requires users to lock up tokens upfront for every potential payee. Setting up an full node is way more costly and time-consuming, thus the majority will prefer this light client.

What is this I hear about Vitalik Buterin being mad at them for holding an ICO? Is this an greedy money-grab?

Vitalik proposed that instead of holding an ICO and having a Raiden token, they could secure funding for the Raiden Network through Ethereum Foundation donations, and that other ERC-20 ICO's could dedicate their unsold token towards the Raiden Network since it's such an vital project for the future of Ethereum.
However, the Raiden Network choose an ICO to give them stable, guaranteed funding. Thus making 100% sure they can hire enough developers to complete it without relying on the goodwill of others. As they are creating an free-to-use, open network, this is entirely reasonable.
And actually, since the ICO happened, Vitalik has only made positive comments about the Raiden Network and have retweeted posts about µRaiden being live on the mainnet, as an example. There simply isn't any rivalry.

Why won't Raiden be out-competed by other projects also using payment channels?

Because of the 'Network Effect'. You can probably imagine some improvements to say, Facebook, but even if you code it, it will be unsuccessful. People already have all their friends on Facebook so they have no reason to switch. This project is the most advanced in terms of development. It started many years ago and will during 2018 roll out a lot of elements to the final network. Already now, one can use it with limited functionality. And 3rd party developers already have the code, and are building their own things upon it. The Raiden Network is simply put the first of it's kind.
By the time any other similar project starts to roll out, the Raiden Network will be well-established and there will no reason for any individuals to switch even if the features of the competing network are better. Add to that, the fees to use the network is at the absolute minimum while still providing incentives to operate nodes. Any smart developer will instead build upon Raiden, adding their improvements into apps and add-ons to the ecosystem.

Why won't Raiden be made obsolete by future Ethereum upgrades?

First let's clarify, the Raiden Network is not intended to outcompete Ethereum, but to make it better and more valuable.
Secondly, the future improvements to Ethereum such as Casper, Sharding and Proof of Stake is needed anyway to increase capacity, and are vital for Ethereum to be mass adopted by the general public. The better Ethereum works, the better for Raiden. What can be said though, is that scaling Ethereum up is hard and will take years. It is also totally unfeasible that the transaction fees and speed will be able to compete with the Raiden network.

What is known about brainbot, the company behind the Raiden Network?

They are a German tech company, founded in 2001. They have offices in Mainz, Berlin and Copenhagen. They are a founding member of the Enterprise Ethereum Alliance, have contributed to developing Ethereum itself, something they continue to do today. They have developed other private blockchains for other enterprises and hold technical training workshops for other companies who expand into the blockchain. They are also building something called the Trustlines Network, which is an network where friends that trust each other in real life can lend money to each other, while an smart contract keeps track of amounts owed.

How does the company make money from developing the Raiden Network if they get no cut of the fees?

They have already made money from the ICO, for further development purposes. Also, they hold a large percentage (34%) of the remaining tokens, and these tokens will rise in price as their use in the Raiden Network increases. This should be reassuring to the holders of the RDN token.
submitted by Jahrude to raidennetwork [link] [comments]

World History Timeline of Events Leading up to Bitcoin - In the Making

A (live/editable) timeline of historical events directly or indirectly related to the creation of Bitcoin and Cryptocurrencies
*still workin' on this so check back later and more will be added, if you have any suggested dates/events feel free to lemme know...
This timeline includes dates pertaining to:
Ancient Bartering – first recorded in Egypt (resources, services...) – doesn’t scale
Tally sticks were used, making notches in bones or wood, as a form of money of account
9000-6000 BC Livestock considered the first form of currency
c3200 BC Clay tablets used in Uruk (Iraq) for accounting (believed to be the earliest form of writing)
3000 BC Grain is used as a currency, measured out in Shekels
3000 BC Banking developed in Mesopotamia
3000 BC? Punches used to stamp symbols on coins were a precursor to the printing press and modern coins
? BC Since ancient Persia and all the way up until the invention and expansion of the telegraph Homing Pigeons were used to carry messages
2000 BC Merchants in Assyria, India and Sumeria lent grain to farmers and traders as a precursor to banks
1700 BC In Babylon at the time of Hammurabi, in the 18th century BC, there are records of loans made by the priests of the temple.
1200 BC Shell money first used in China
1000-600 BC Crude metal coins first appear in China
640 BC Precious metal coins – Gold & Silver first used in ancient Lydia and coastal Greek cities featuring face to face heads of a bull and a lion – first official minted currency made from electrum, a mixture of gold and silver
600-500 BC Atbash Cipher
A substitution Cipher used by ancient Hebrew scholars mapping the alphabet in reverse, for example, in English an A would be a Z, B a Y etc.
400 BC Skytale used by Sparta
474 BC Hundreds of gold coins from this era were discovered in Rome in 2018
350 BC Greek hydraulic semaphore system, an optical communication system developed by Aeneas Tacticus.
c200 BC Polybius Square
??? Wealthy stored coins in temples, where priests also lent them out
??? Rome was the first to create banking institutions apart from temples
118 BC First banknote in the form of 1 foot sq pieces of white deerskin
100-1 AD Caesar Cipher
193 Aureus, a gold coin of ancient Rome, minted by Septimius Severus
324 Solidus, pure gold coin, minted under Constantine’s rule, lasted until the late 8th century
600s Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty, 960–1279
c757–796 Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa
806 First paper banknotes used in China but isn’t widely accepted in China until 960
1024 The first series of standard government notes were issued in 1024 with denominations like 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn. In 1039 only banknotes of 5 guàn and 10 guàn were issued, and in 1068 a denomination of 1 guàn was introduced which became forty percent of all circulating Jiaozi banknotes.
1040 The first movable type printer was invented in China and made of porcelain
? Some of the earliest forms of long distance communication were drums used by Native Africans and smoke signals used by Native Americans and Chinese
1088 Movable type in Song Dynasty China
1120 By the 1120s the central government officially stepped in and produced their own state-issued paper money (using woodblock printing)
1150 The Knights Templar issued bank notes to pilgrims. Pilgrims deposited their valuables with a local Templar preceptory before embarking, received a document indicating the value of their deposit, then used that document upon arrival in the Holy Land to retrieve their funds in an amount of treasure of equal value.
1200s-1300s During the 13th century bankers from north Italy, collectively known as Lombards, gradually replace the Jews in their traditional role as money-lenders to the rich and powerful. – Florence, Venice and Genoa - The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe
1200 By the time Marco Polo visited China they’d move from coins to paper money, who introduced the concept to Europe. An inscription warned, "All counterfeiters will be decapitated." Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money they had with that person. Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
1252 Florin minted in Florence, becomes the hard currency of its day helping Florence thrive economically
1340 Double-entry bookkeeping - The clerk keeping the accounts for the Genoese firm of Massari painstakingly fills in the ledger for the year 1340.
1397 Medici Bank established
1450 Johannes Gutenberg builds the printing press – printed words no longer just for the rich
1455 Paper money disappears from China
1466 Polyalphabetic Cipher
1466 Rotating cipher disks – Vatican – greatest crypto invention in 1000 yrs – the first system to challenge frequency analysis
1466 First known mechanical cipher machine
1472 The oldest bank still in existence founded, Banca Monte dei Paschi di Siena, headquartered in Siena, Italy
1494 Double-entry bookkeeping system codified by Luca Pacioli
1535 Wampum, a form of currency used by Native Americans, a string of beads made from clamshells, is first document.
1553 Vigenere Cipher
1557 Phillip II of Spain managed to burden his kingdom with so much debt (as the result of several pointless wars) that he caused the world's first national bankruptcy — as well as the world's second, third and fourth, in rapid succession.
1577 Newspaper in Korea
1586 The Babington Plot
1590 Cabinet Noir was established in France. Its mission was to open, read and reseal letters, and great expertise was developed in the restoration of broken seals. In the knowledge that mail was being opened, correspondents began to develop systems to encrypt and decrypt their letters. The breaking of these codes gave birth to modern systematic scientific code breaking.
1600s Promissory banknotes began in London
1600s By the early 17th century banking begins also to exist in its modern sense - as a commercial service for customers rather than kings. – Late 17th century we see cheques slowly gains acceptance
The total of the money left on deposit by a bank's customers is a large sum, only a fraction of which is usually required for withdrawals. A proportion of the rest can be lent out at interest, bringing profit to the bank. When the customers later come to realize this hidden value of their unused funds, the bank's profit becomes the difference between the rates of interest paid to depositors and demanded from debtors.
The transformation from moneylenders into private banks is a gradual one during the 17th and 18th centuries. In England it is achieved by various families of goldsmiths who early in the period accept money on deposit purely for safe-keeping. Then they begin to lend some of it out. Finally, by the 18th century, they make banking their business in place of their original craft as goldsmiths.
1605 Newspaper in Straussburg
c1627 Great Cipher
1637 Wampum is declared as legal tender in the U.S. (where we got the slang word “clams” for money)
1656 Johan Palmstruch establishes the Stockholm Banco
1661 Paper Currency reappears in Europe, soon became common - The goldsmith-bankers of London began to give out the receipts as payable to the bearer of the document rather than the original depositor
1661 Palmstruch issues credit notes which can be exchanged, on presentation to his bank, for a stated number of silver coins
1666 Stockholms Banco, the predecessor to the Central Bank of Sweden issues the first paper money in Europe. Soon went bankrupt for printing too much money.
1667 He issues more notes than his bank can afford to redeem with silver and winds up in disgrace, facing a death penalty (commuted to imprisonment) for fraud.
1668 Bank of Sweden – today the 2nd oldest surviving bank
1694 First Central Bank established in the UK was the first bank to initiate the permanent issue of banknotes
Served as model for most modern central banks.
The modern banknote rests on the assumption that money is determined by a social and legal consensus. A gold coin's value is simply a reflection of the supply and demand mechanism of a society exchanging goods in a free market, as opposed to stemming from any intrinsic property of the metal. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes.
1700s Throughout the commercially energetic 18th century there are frequent further experiments with bank notes - deriving from a recognized need to expand the currency supply beyond the availability of precious metals.
1710 Physiocracy
1712 First commercial steam engine
1717 Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain on a gold standard.
1735 Classical Economics – markets regulate themselves when free of intervention
1744 Mayer Amschel Rothschild, Founder of the Rothschild Banking Empire, is Born in Frankfurt, Germany
Mayer Amschel Rothschild extended his banking empire across Europe by carefully placing his five sons in key positions. They set up banks in Frankfurt, Vienna, London, Naples, and Paris. By the mid 1800’s they dominated the banking industry, lending to governments around the world and people such as the Vanderbilts, Carnegies, and Cecil Rhodes.
1745 There was a gradual move toward the issuance of fixed denomination notes in England standardized printed notes ranging from £20 to £1,000 were being printed.
1748 First recorded use of the word buck for a dollar, stemming from the Colonial period in America when buck skins were commonly traded
1757 Colonial Scrip Issued in US
1760s Mayer Amschel Rothschild establishes his banking business
1769 First steam powered car
1775-1938 US Diplomatic Codes & Ciphers by Ralph E Weber used – problems were security and distribution
1776 American Independence
1776 Adam Smith’s Invisible Hand theory helped bankers and money-lenders limit government interference in the banking sector
1781 The Bank of North America was a private bank first adopted created the US Nation's first de facto central bank. When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering. It lasted less than ten years.
1783 First steamboat
1791 Congress Creates the First US Bank – A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government. First Bank of the United States, a National bank, chartered for a term of twenty years, it was not renewed in 1811.
Previously, the 13 states had their own banks, currencies and financial institutions, which had an average lifespan of about 5 years.
1792 First optical telegraph invented where towers with telescopes were dispersed across France 12-25 km apart, relaying signals according to positions of arms extended from the top of the towers.
1795 Thomas Jefferson invents the Jefferson Disk Cipher or Wheel Cipher
1797 to 1821 Restriction Period by England of trading banknotes for silver during Napoleonic Wars
1797 Currency Crisis
Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system.
1799 First paper machine
1800 Banque de France – France’s central bank opens to try to improve financing of the war
1800 Invention of the battery
1801 Rotchschild Dynasty begins in Frankfurt, Holy Roman Empire – established international banking family through his 5 sons who established themselves in London, Paris, Frankfurt, Vienna, and Naples
1804 Steam locomotive
1807 Internal combustion engine and automobile
1807 Robert Fulton expands water transportation and trade with the workable steamboat.
1809 Telegraphy
1811 First powered printing press, also first to use a cylinder
1816 The Privately Owned Second Bank of the US was Chartered – It Served as the Main Depository for Government Revenue, Making it a Highly Profitable Bank – charter not renewed in 1836
1816 The first working telegraph was built using static electricity
1816 Gold becomes the official standard of value in England
1820 Industrial Revolution
c1820 Neoclassical Economics
1821 British gov introduces the gold standard - With governments issuing the bank notes, the inherent danger is no longer bankruptcy but inflation.
1822 Charles Babbage, considered the "father of the computer", begins building the first programmable mechanical computer.
1832 Andrew Jackson Campaigns Against the 2nd Bank of the US and Vetoes Bank Charter Renewal
Andrew Jackson was skeptical of the central banking system and believed it gave too few men too much power and caused inflation. He was also a proponent of gold and silver and an outspoken opponent of the 2nd National Bank. The Charter expired in 1836.
1833 President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US
By September 1833, government funds were being deposited into state chartered banks.
1833-1837 Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US
The total money supply rose from $150 million to $267 million
1835 Jackson Escapes Assassination. Assassin misfired twice.
1837-1862 The “Free Banking Era” there was no formal central bank in the US, and banks issued their own notes again
1838 First Telegram sent using Morse Code across 3 km, in 1844 he sent a message across 71 km from Washington DC to Baltimore.
1843 Ada Lovelace published the first algorithm for computing
1844 Modern central bank of England established - meaning only the central bank of England could issue banknotes – prior to that commercial banks could issue their own and were the primary form of currency throughout England
the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt.
1848 Communist Manifesto
1850 The first undersea telegraphic communications cable connected France in England after latex produced from the sap of the Palaquium gutta tree in 1845 was proposed as insulation for the underwater cables.
1852 Many countries in Europe build telegram networks, however post remained the primary means of communication to distant countries.
1855 In England fully printed notes that did not require the name of the payee and the cashier's signature first appeared
1855 The printing telegraph made it possible for a machine with 26 alphabetic keys to print the messages automatically and was soon adopted worldwide.
1856 Belgian engineer Charles Bourseul proposed telephony
1856 The Atlantic Telegraph company was formed in London to stretch a commercial telegraph cable across the Atlantic Ocean, completed in 1866.
1860 The Pony Express was founded, able to deliver mail of wealthy individuals or government officials from coast to coast in 10 days.
1861 The East coast was connected to the West when Western Union completed the transcontinental telegraph line, putting an end to unprofitable The Pony Express.
1862-1863 First US banknotes - Lincoln Over Rules Debt-Based Money and Issues Greenbacks to Fund Civil War
Bankers would only lend the government money under certain conditions and at high interest rates, so Lincoln issued his own currency – “greenbacks” – through the US Treasury, and made them legal tender. His soldiers went on to win the war, followed by great economic expansion.
1863 to 1932 “National Banking Era” Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from 1863 to 1932
1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations
1870 Long-distance telegraph lines connected Britain and India.
c1871 Marginalism - The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, Marxian economics and the earlier (Ricardian) socialist theories of the exploitation of labour.
1871 Carl Menger’s Principles of Economics – Austrian School
1872 Marx’s Das Capital
1872 Australia becomes the first nation to be connected to the rest of the world via submarine telegraph cables.
1876 Alexander Graham Bell patented the telephone, first called the electric speech machine – revolutionized communication
1877 Thomas Edison – Phonograph
1878 Western Union, the leading telegraph provider of the U.S., begins to lose out to the telephone technology of the National Bell Telephone Company.
1881 President James Garfield, Staunch Proponent of “Honest Money” Backed by Gold and Silver, was Assassinated
Garfield opposed fiat currency (money that was not backed by any physical object). He had the second shortest Presidency in history.
1882 First description of the one-time pad
1886 First gas powered car
1888 Ballpoint pen
1892 Cinematograph
1895 System of wireless communication using radio waves
1896 First successful intercontinental telegram
1898 Polyethylene
1899 Nickel-cadmium battery
1907 Banking Panic of 1907
The New York Stock Exchange dropped dramatically as everyone tried to get their money out of the banks at the same time across the nation. This banking panic spurred debate for banking reform. JP Morgan and others gathered to create an image of concern and stability in the face of the panic, which eventually led to the formation of the Federal Reserve. The founders of the Federal Reserve pretended like the bankers were opposed to the idea of its formation in order to mislead the public into believing that the Federal Reserve would help to regulate bankers when in fact it really gave even more power to private bankers, but in a less transparent way.
1908 St Mary’s Bank – first credit union in US
1908 JP Morgan Associate and Rockefeller Relative Nelson Aldrich Heads New National Monetary Commission
Senate Republican leader, Nelson Aldrich, heads the new National Monetary Commission that was created to study the cause of the banking panic. Aldrich had close ties with J.P. Morgan and his daughter married John D. Rockefeller.
1910 Bankers Meet Secretly on Jekyll Island to Draft Federal Reserve Banking Legislation
Over the course of a week, some of the nation’s most powerful bankers met secretly off the coast of Georgia, drafting a proposal for a private Central Banking system.
1913 Federal Reserve Act Passed
Two days before Christmas, while many members of Congress were away on vacation, the Federal Reserve Act was passed, creating the Central banking system we have today, originally with gold backed Federal Reserve Notes. It was based on the Aldrich plan drafted on Jekyll Island and gave private bankers supreme authority over the economy. They are now able to create money out of nothing (and loan it out at interest), make decisions without government approval, and control the amount of money in circulation.
1913 Income tax established -16th Amendment Ratified
Taxes ensured that citizens would cover the payment of debt due to the Central Bank, the Federal Reserve, which was also created in 1913.The 16th Amendment stated: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”
1914 November, Federal Reserve Banks Open
JP Morgan and Co. Profits from Financing both sides of War and Purchasing Weapons
J.P. Morgan and Co. made a deal with the Bank of England to give them a monopoly on underwriting war bonds for the UK and France. They also invested in the suppliers of war equipment to Britain and France.
1914 WWI
1917 Teletype cipher
1917 The one-time pad
1917 Zimmerman Telegram intercepted and decoded by Room 40, the cryptanalysis department of the British Military during WWI.
1918 GB returns to gold standard post-war but it didn’t work out
1919 First rotor machine, an electro-mechanical stream ciphering and decrypting machine.
1919 Founding of The Cipher Bureau, Poland’s intelligence and cryptography agency.
1919-1929 The Black Chamber, a forerunner of the NSA, was the first U.S. cryptanalytic organization. Worked with the telegraph company Western Union to illegally acquire foreign communications of foreign embassies and representatives. It was shut down in 1929 as funding was removed after it was deemed unethical to intercept private domestic radio signals.
1920s Department stores, hotel chains and service staions begin offering customers charge cards
1921-1929 The “Roaring 20’s” – The Federal Reserve Floods the Economy with Cash and Credit
From 1921 to 1929 the Federal Reserve increased the money supply by $28 billion, almost a 62% increase over an eight-year period.[3] This artificially created another “boom”.
1927 Quartz clock
1928 First experimental Television broadcast in the US.
1929 Federal Reserve Contracts the Money Supply
In 1929, the Federal Reserve began to pull money out of circulation as loans were paid back. They created a “bust” which was inevitable after issuing so much credit in the years before. The Federal Reserve’s actions triggered the banking crisis, which led to the Great Depression.
1929 October 24, “Black Thursday”, Stock Market Crash
The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else.
1930s The Great Depression marked the end of the gold standard
1931 German Enigma machines attained and reconstructed.
1932 Turbo jet engine patented
1933 SEC founded - passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures.
1933 FM Radio
1933 Germany begins Telex, a network of teleprinters sending and receiving text based messages. Post WWII Telex networks began to spread around the world.
1936 Austrian engineer Paul Eisler invented Printed circuit board
1936 Beginning of the Keynesian Revolution
1937 Typex, British encryption machines which were upgraded versions of Enigma machines.
1906 Teletypewriters
1927 Founding of highly secret and unofficial Signal Intelligence Service, SIS, the U.S. Army’s codebreaking division.
1937 Made illegal for Americans to own gold
1938 Z1 built by Konrad Zuse is the first freely programmable computer in the world.
1939 WWII – decline of the gold standard which greatly restricted policy making
1939-45 Codetalkers - The Navajo code is the only spoken military code never to have been deciphered - "Were it not for the Navajos, the Marines would never have taken Iwo Jima."—Howard Connor
1940 Modems
1942 Deciphering Japanese coded messages leads to a turning point victory for the U.S. in WWII.
1943 At Bletchley Park, Alan Turing and team build a specialized cipher-breaking machine called Heath Robinson.
1943 Colossus computer built in London to crack the German Lorenz cipher.
1944 Bretton Woods – convenient after the US had most of the gold
1945 Manhattan Project – Atom Bomb
1945 Transatlantic telephone cable
1945 Claude E. Shannon published "A mathematical theory of cryptography", commonly accepted as the starting point for development of modern cryptography.
C1946 Crypto Wars begin and last to this day
1946 Charg-it card created by John C Biggins
1948 Atomic clock
1948 Claude Shannon writes a paper that establishes the mathematical basis of information theory
1949 Info theorist Claude Shannon asks “What does an ideal cipher look like?” – one time pad – what if the keys are not truly random
1950 First credit card released by the Diners Club, able to be used in 20 restaurants in NYC
1951 NSA, National Security Agency founded and creates the KL-7, an off-line rotor encryption machine
1952 First thermonuclear weapon
1953 First videotape recorder
1953 Term “Hash” first used meaning to “chop” or “make a mess” out of something
1954 Atomic Energy Act (no mention of crypto)
1957 The NSA begins producing ROMOLUS encryption machines, soon to be used by NATO
1957 First PC – IBM
1957 First Satellite – Sputnik 1
1958 Western Union begins building a nationwide Telex network in the U.S.
1960s Machine readable codes were added to the bottom of cheques in MICR format, which speeded up the clearing and sorting process
1960s Financial organizations were beginning to require strong commercial encryption on the rapidly growing field of wired money transfer.
1961 Electronic clock
1963 June 4, Kennedy Issued an Executive Order (11110) that Authorized the US Treasury to Issue Silver Certificates, Threatening the Federal Reserve’s Monopoly on Money
This government issued currency would bypass the governments need to borrow from bankers at interest.
1963 Electronic calculator
1963 Nov. 22, Kennedy Assassinated
1963 Johnson Reverses Kennedy’s Banking Rule and Restores Power to the Federal Reserve
1964 8-Track
1964 LAN, Local Area Networks adapters
1965 Moore’s Law by CEO of Intel Gordon Moore observes that the number of components per integrated circuit doubles every year, and projected this rate of growth would continue for at least another decade. In 1975 he revised it to every two years.
1967 First ATM installed at Barclay’s Bank in London
1968 Cassette Player introduced
1969 First connections of ARPANET, predecessor of the internet, are made. started – SF, SB, UCLA, Utah (now Darpa) – made to stay ahead of the Soviets – there were other networks being built around the world but it was very hard to connect them – CERN in Europe
1970s Stagflation – unemployment + inflation, which Keynesian theory could not explain
1970s Business/commercial applications for Crypto emerge – prior to this time it was militarily used – ATMs 1st got people thinking about commercial applications of cryptography – data being sent over telephone lines
1970s The public developments of the 1970s broke the near monopoly on high quality cryptography held by government organizations.
Use of checks increased in 70s – bringing about ACH
One way functions...
A few companies began selling access to private networks – but weren’t allowed to connect to the internet – business and universities using Arpanet had no commercial traffic – internet was used for research, not for commerce or advertising
1970 Railroads threatened by the growing popularity of air travel. Penn Central Railroad declares bankruptcy resulting in a $3.2 billion bailout
1970 Conjugate coding used in an attempt to design “money physically impossible to counterfeit”
1971 The US officially removes the gold standard
1971 Email invented
1971 Email
1971 First microcomputer on a chip
1971 Lockheed Bailout - $1.4 billion – Lockheed was a major government defense contractor
1972 First programmable word processor
1972 First video game console
1973 SWIFT established
1973 Ethernet invented, standardized in ‘83
1973 Mobile phone
1973 First commercial GUI – Xerox Alto
1973 First touchscreen
1973 Emails made up more than ¾ of ARPANET’s packets – people had to keep a map of the network by their desk – so DNS was created
1974 A protocol for packet network intercommunication – TCP/IP – Cerf and Kahn
1974 Franklin National Bank Bailout - $1.5 billion (valued at that time) - At the time, it was the largest bank failure in US history
1975 New York City Bailout - $9.4 billion – NYC was overextended
1975 W DES - meant that commercial uses of high quality encryption would become common, and serious problems of export control began to arise.
1975 DES, Data Encryption Standard developed at IBM, seeking to develop secure electronic communications for banks and large financial organizations. DES was the first publicly accessible cipher to be 'blessed' by a national agency such as the NSA. Its release stimulated an explosion of public and academic interest in cryptography.
1975 Digital camera
1975 Altair 8800 sparks the microprocessor revolution
1976 Bretton Woods ratified (lasted 30 years) – by 80’s all nations were using floating currencies
1976 New Directions in Cryptography published by Diffie & Hellman – this terrified Fort Meade – previously this technique was classified, now it’s public
1976 Apple I Computer – Steve Wozniak
1976 Asymmetric key cryptosystem published by Whitfield Diffie and Martin Hellman.
1976 Hellman and Diffie publish New Directions in Cryptography, introducing a radically new method of distributing cryptographic keys, contributing much to solving key distribution one of the fundamental problems of cryptography. It brought about the almost immediate public development of asymmetric key algorithms. - where people can have 2 sets of keys, public and private
1977 Diffie & Hellman receive letter from NSA employee JA Meyer that they’re violating Federal Laws comparable to arms export – this raises the question, “Can the gov prevent academics from publishing on crypto?
1977 DES considered insecure
1977 First handheld electronic game
1977 RSA public key encryption invented
1978 McEliece Cryptosystem invented, first asymmetric encryption algorithm to use randomization in the encryption process
1980s Large data centers began being built to store files and give users a better faster experience – companies rented space from them - Data centers would not only store data but scour it to show people what they might want to see and in some cases, sell data
1980s Reaganomics and Thatcherism
1980 A decade of intense bank failures begins; the FDIC reports that 1,600 were either closed or received financial assistance from 1980 to 1994
1980 Chrysler Bailout – lost over $1 billion due to major hubris on the part of its executives - $1.5 billion one of the largest payouts ever made to a single corporation.
1980 Protocols for public key cryptosystems – Ralph Merkle
1980 Flash memory invented – public in ‘84
1981 “Untraceable Electronic Mail, Return Addresses and Digital Pseudonumns” – Chaum
1981 EFTPOS, Electronic funds transfer at point of sale is created
1981 IBM Personal Computer
1982 “The Ethics of Liberty” Murray Rothbard
1982 Commodore 64
1982 CD
1983 Satellite TV
1983 First built in hard drive
1983 C++
1983 Stereolithography
1983 Blind signatures for untraceable payments
Mid 1980s Use of ATMs becomes more widespread
1984 Continental Illinois National Bank and Trust bailed out due to overly aggressive lending styles and - the bank’s downfall could be directly traced to risk taking and a lack of due diligence on the part of bank officers - $9.5 billion in 2008 money
1984 Macintosh Computer - the first mass-market personal computer that featured a graphical user interface, built-in screen and mouse
1984 CD Rom
1985 Zero-Knowledge Proofs first proposed
1985 300,000 simultaneous telephone conversations over single optical fiber
1985 Elliptic Curve Cryptography
1987 ARPANET had connected over 20k guarded computers by this time
1988 First private networks email servers connected to NSFNET
1988 The Crypto Anarchists Manifesto – Timothy C May
1988 ISDN, Integrated Services Digital Network
1989 Savings & Loan Bailout - After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act - This was a taxpayer bailout of about $200 billion
1989 First commercial emails sent
1989 Digicash - Chaum
1989 Tim Berners-Lee and Robert Cailliau built the prototype system which became the World Wide Web, WWW
1989 First ISPs – companies with no network of their own which connected people to a local network and to the internet - To connect to a network your computer placed a phone call through a modem which translated analog signals to digital signals – dial-up was used to connect computers as phone lines already had an extensive network across the U.S. – but phone lines weren’t designed for high pitched sounds that could change fast to transmit large amounts of data
1990s Cryptowars really heat up...
1990s Some countries started to change their laws to allow "truncation"
1990s Encryption export controls became a matter of public concern with the introduction of the personal computer. Phil Zimmermann's PGP cryptosystem and its distribution on the Internet in 1991 was the first major 'individual level' challenge to controls on export of cryptography. The growth of electronic commerce in the 1990s created additional pressure for reduced restrictions.[3] Shortly afterward, Netscape's SSL technology was widely adopted as a method for protecting credit card transactions using public key cryptography.
1990 NSFNET replaced Arpanet as backbone of the internet with more than 500k users
Early 90s Dial up provided through AOL and Compuserve
People were leery to use credit cards on the internet
1991 How to time-stamp a digital doc - Stornetta
1991 Phil Zimmermann releases the public key encryption program Pretty Good Privacy (PGP) along with its source code, which quickly appears on the Internet. He distributed a freeware version of PGP when he felt threatened by legislation then under consideration by the US Government that would require backdoors to be included in all cryptographic products developed within the US. Expanded the market to include anyone wanting to use cryptography on a personal computer (before only military, governments, large corporations)
1991 WWW (Tim Berners Lee) – made public in ‘93 – flatten the “tree” structure of the internet using hypertext – reason for HTTP//:WWW – LATER HTTPS for more security
1992 Erwise – first Internet Browser w a graphical Interface
1992 Congress passed a law allowing for commercial traffic on NSFNET
1992 Cpherpunks, Eric Hughes, Tim C May and John Gilmore – online privacy and safety from gov – cypherpunks write code so it can be spread and not shut down (in my earlier chapter)
1993 Mosaic – popularized surfing the web ‘til Netscape Navigator in ’94 – whose code was later used in Firefox
1993 A Cypherpunks Manifesto – Eric Hughes
1994 World’s first online cyberbank, First Virtual, opened for business
1994 Bluetooth
1994 First DVD player
1994 Stanford Federal Credit Union becomes the first financial institution to offer online internet banking services to all of its members in October 1994
1994 Internet only used by a few
1994 Cybercash
1994 Secure Sockets Layer (SSL) encryption protocol released by Netscape. Making financial transactions possible.
1994 One of the first online purchases was made, a Pizza Hut pepperoni pizza with mushrooms and extra cheese
1994 Cyphernomicon published – social implication where gov can’t do anything about it
1994-1999 Social Networking – GeoCities (combining creators and users) – had 19M users by ’99 – 3rd most popular after AOL and Yahoo – GeoCities purchased by Yahoo for $3.6B but took a hit after dotcom bubble popped and never recovered – GC shut down in ‘99
1995-2000 Dotcom bubble – Google, Amazon, Facebook: get over 600M visitors/year
1995 DVD
1995 MP3 term coined for MP3 files, the earlier development of which stretches back into the ‘70s, where MP files themselves where developed throughout the ‘90s
1995 NSFNET shut down and handed everything over to the ISPs
1995 NSA publishes the SHA1 hash algorithm as part of its Digital Signature Standard.
1996, 2000 President Bill Clinton signing the Executive order 13026 transferring the commercial encryption from the Munition List to the Commerce Control List. This order permitted the United States Department of Commerce to implement rules that greatly simplified the export of proprietary and open source software containing cryptography, which they did in 2000 - The successful cracking of DES likely helped gather both political and technical support for more advanced encryption in the hands of ordinary citizens - NSA considers AES strong enough to protect information classified at the Top Secret level
1996 e-gold
1997 WAP, Wireless Access Point
1997 NSA researchers published how to mint e cash
1997 Adam Back – HashCash – used PoW – coins could only be used once
1997 Nick Szabo – smart contracts “Formalizing and Securing Relationships on Public Networks”
1998 OSS, Open-source software Initiative Founded
1998 Wei Dai – B-money – decentralized database to record txs
1998 Bitgold
1998 First backdoor created by hackers from Cult of the Dead Cow
1998 Musk and Thiel founded PayPal
1998 Nick Szabo says crypto can protect land titles even if thugs take it by force – said it could be done with a timestamped database
1999 Much of the Glass-Steagal Act repealed - this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities.
1999 Milton Friedman says, “I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable e-cash - a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A.”
1999 European banks began offering mobile banking with the first smartphones
1999 The Financial Services Modernization Act Allows Banks to Grow Even Larger
Many economists and politicians have recognized that this legislation played a key part in the subprime mortgage crisis of 2007.
1999-2001 Napster, P2P file sharing – was one of the fastest growing businesses in history – bankrupt for paying musicians for copyright infringement

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