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Analyzing the YouTube cooking video scene and stars
After watching Folding ideas video on , Cooking on the Internet for fun and profit, I felt inspired to have to discuss what is the current landscape of online cooking shows. This is a sort of exploration of how things are, what it means for restaurants, cooks or even cooking in general and how it will shape the industry in general afterwards. In ways this is sort of a review and comparison of the various YouTube personalities and what does it mean to be a YouTube star. Following the 3 pillars that Folding Ideas had laid out, Personality, Information and Spectacle, I will rating the personalities/channels based on a 6 point allocation system Like a skill pool and application of their points therein, the max could be 6 in one category at the detriment of the other skill sets. Binging with Babish Personality: 2 Information: 1 Spectacle: 3 If there was a leader for cooking shows now, it is Babish. His appearance on reddit tapping into the internet nostalgic nerdom has gave him popularity and the ability to bank on it. What I find interesting from the rating is that his spectacle isn’t that he’s is incredibly flamboyant or crazy with what he is doing, it’s just that his non face, one camera and hands only production is his spectacle. That is is his trademark and recognition. Why not the idea of how he recreates pop culture meals and then make a “gourmet” version of it? It would be more recognized but it is shown that with his Basics with Babish spin off series with equal fame means that his spectacle is not limited to only that purpose. As much as I would like to say he is the benchmark of which cooking shows should be judged now, I feel an all around person is actually impossible to become popular because balance does not inspire people, it is the stacking of it one aspect that changes it. Adam Ragusea Personality: 2 Information: 2 Spectacle: 2 Adam imho is as equal footing as you can have with as a YouTube star. His own video discussing the aspect YouTube cooking is interesting in the fact that his production is exactly what his most famous video is all about. It’s about stirring the pot and going against tradition in for the sake of doing so. I’ll make it plain, I sort of don’t like him for specific reasons unknown. As as chef I do see the slight arrogance in some of his instruction which is typical of chefs of renown and often celebrated. He has the knowledge and even the connections but I think because due to the allocation of his points evenly, no aspect supports his arrogance which would require a 3 or 4 to make up for those shortcomings. Plainly said, if he is that arrogant, it needs for him to have point allocation into more skill column to justify it. Because it is so even, his jack of all trades make’s him less of an expert and more of a columnist. But I do respect that. Because in the long run, because of that one video that had netted him the most views, it allows him to basically be free to do anything. From information about sourdough research, to social commentary about media consumption of Mario Batali, to just a regular emphasis on one show, to ingredient/technique analysis, he’s basically someone who is the complete product of cooking shows of the 90’s food show boom. He is what Good eats is but the acts of act 1 Information, Act 2 preparation, and Act 3 execution, focuses on either just 1, 2 or 3 but sometimes never all of them at the same time. Toss in a splash of the analytical mind of Bourdain (courtesy of his Journalism degree) and that is who he is. Chinese Cooking demystified Personality: 1 Information: 3 Spectacle: 2 And now we enter one of the niche shows. Catering to a specific cuisine, the information is the spectacle. The interesting thing is when I approached my rating system, I almost considered making it just a personality and information rating with the spectacle being the difference between the two learning towards whichever side. CFD clearly takes on the Babish way of hands only presentation with voiceover. And in comparison with Babish it touches upon an amazing thing, that the production values are the invisible thing that makes the show appealing. Quite often I imagine myself thinking about how these hosts are talking out loud during the film portion and then reframing the same scene in their voice over work, polishing words and ideas. Unlike one shot recording, it’s like a 2nd take on the food and being able to do that shows how much that polish appeals to our sense of media. What I find super interesting that is CFD clearly has less kitchen equipment that most other shows for good reason. Reflecting the space availability in Asia and just the different equipment and techniques used in Chinese cooking, there is an indirect extra amount of information being conveyed to the viewer. Was it not for the production value, this could have been mistaken to many home cooks channels showing off their techniques with bowls that they have readily at home, non industrial grade kitchen equipment and DIY set ups for shows. What I admire about this show is that this video on Mapo Tofu sums it’s completely, a deep delve into their mission statement, casting off the adaptations of Chinese dishes and creating authenticity and personality from the information. Joshua Weismann Personality: 2 Information: 2 Spectacle: 2 What is interesting is that he is one of the few chefs amongst the pantheon on YouTubers. A lot of the other ones are actually have a career in video production. Looking at his point allocation, you see that I am essentially putting him in the same category as Adam Ragusea, which isn’t a bad thing. In the second similarity comparison why this makes sense is because Joshua has many things in common. The awareness of media consumption of cooking shows (aka business transition video) how he opens his shot and closes it with the cupboard which hearkens to Good Eats, and his often shown B roll. This is a chef fully aware of what makes a good show, hitting all the tropes of it and one that the audience begrudgingly accepts because we know that is what we want. The recognition that he is a chef helps to credibility especially considering he has a handful of videos reflecting how to cook more efficiently and how to think like a chef and he has created niches within his own channel with Fermentation Fridays, his Making series where he makes an at home version of a fast food item. A similar vein of Babish and Gourmet Makes. Tapping into those niches it makes me wonder what is the fascination with recreating a food item that exists at home where the whole point of consuming the food item is to not have to make it in the first place. Everyone can make chicken sandwiches, everyone can have this product available at a fraction of the time and effort and yet the recreations engages audiences. It shows that the making series has the highest views of any other type of videos on his channel with often exceeding 1 million views (the Church’s chicken burger being the first pre pandemic topping out at 5.9 million). Which once again goes to Ragusea’s point about what you want to be known for won’t necessarily be what you will be known for. The pandemic certainly helped if only for people to be nostalgic for the items they cannot get to but can be recreated at home for comfort. But I don’t see Joshua as that. I recognize him first for his sourdough series but also for a mishmash of other things. Like the rating indicates, he’s a jack of all trades in the 3 pillars and the entry point for consuming his videos is vast enough to engage with people with concise videos that balance what the videos are like (notice buzzwords like Easiest, Ultimate, Guides and How Tos), acknowledgement of the media he is presenting these products (cupboard intro, production value and b rolls) and information. Comparing with him and Adam, who would I choose since they are so similar? Joshua of course because his cooking show is probably as closest to the spectrum end of old TV network cooking shows than of the Streaming. But consider this. Like I mentioned before Adam is representative of the culture of cooking audience consumption and the end product of it. Joshua is more the end product of cooking show production and represents what tropes are associated with said genre. My name is Andong Personality: 3 Information:2 Spectacle: 1 Weird comparison here with Andong and Joshua. Imagine this. Joshua has his branding as shown to focus on how to cook. It’s technique driven instructive. Andong has a branding that is about the food but his diversity for the food is all across the map. And that is the point. A Russian born filmmaker who studied in China and lives in Berlin, his channel is probably the most representative of the host than any other on this list. His personality is the spectacle and IMHO a lot of that has to do with being a filmmaker, his background but also literally his background. The set he uses is the evolution of what a kitchen set from a TV show looks like. It literally looks like a non-fuctional display of the show and as seen in one of his BTS videos, it is his living room. So being the first one where it is all personality what do I have to say? Andong is just oozing it. It’s crazy how comforting his personality and enthusiasm is that permeates through all his videos regardless of content. What do I mean by that? Doesn’t Joshua and Adam have that same enthusiasm? They do, but their enthusiasm is from informing the audience of a method that makes sense. The act of informing what makes it’s amazing. His culture series fantastic. However with Andong his enthusiasm for the food is literally for the food. Not how it’s made, not how but the amazingness that this thing even exists and he wants to share that love for that dish with you. With him I feel there is no effort needed to explain why this is great, it’s just there. It helps when has people over to test the items to eat, but if there was any YouTuber who is shares the joy of say Bourdain enjoying a meal, it would be Andong. The positivity is backed up with the food vernacular of foodies. THe draw is learning about the food he is cooking and not necessarily what the technique is hence heavy on the information culturally that the technique. Pro Home Cooks Personality: 1 Information: 3 Spectacle: 2 The low on the personality scale again. I have nothing against Mike Green but like a few on here, the focus is on the food. His sandwich series, goes hand in hand with his sourdough obsession. His focus is on education but in a different way than others. With the courses he offers on the side as well drive to actually make pro cooks at home, he reminds me a lot of Joshua in that but he seems to have a bit of an emphasis on guests to be the expert on whatever subject he was discussing. It is interesting how his channel managed to continue on without his brother probably because of the lack of personality. When you create a brand that isn’t dependent solely on the host(s), it can survive beyond it’s initial concept. But even in the title it offers what it’s intent is, to make you a pro cook at home. Wanting to inspire people beyond just entertaining them goes a long way and it shows in Mike’s “Mistakes” series which shows a side to cooking rarely seen “fixing/prevention” of cooking mishaps. Alex “French Cooking Guy” Personality: 3 Information: 3 Spectacle: 0 Ok I know what you are saying. Where the fuck is the spectacle. Well guess what, his personality is the spectacle. The information is part of the personality, which is also spectacle. Alex is the purest example of why I originally humoured a 2 metric system of just personality and information and what the different of emphasis is the spectacle. But the second you enter his video section, especially his most recent ones, it is obsession. His series are not a weekly thing or whatever was edited conveniently. They are back to back to back which emphasizes how he produces. And it works. His croissant series was 11 installments in a row (14 if you count the 3 tempering chocolate series beforehand) and other videos exhibit the same amount of dedication and format. But this isn’t to say just because he is French that is why his personality is so engaging from a Western audience who is more familiar with English speaking chefs. Andong has a personality that goes beyond just the charm of his accent (in fact it was a conscious choice for him to make it in English to reach more viewers). Alex has more in common with another personality that isn’t even a Chef and that is Adam Savage. His film production skills takes him to a next level away from cooking shows because look at his studio, it literally looks like a garage/lab. With his engineering videos and focusing on one aspect of an item for an entire video where others would just focus on maybe max 2 minutes, the spectacle is almost a pure 6 from personality and information by sheer amount of what he was bombarding you with it. He is the science teacher that makes you excited for a subject through empathy and his sheer enthusiasm. Bon Appetit Personality: 3 Information: 0 Spectacle: 3 This artcle explains a lot. Bon Appetit has the benefit of creating crossovers. The MCU/Network television of shows. In a weird way Mike Green of Pro Cooks at Home is similar to Bon Appetit by trying to sell a lifestyle in cooking. The “Perfect series” is much like the Avengers style mash up and their own running series plays on the strength of the people’s personalities. TBH Bon Appetit is one of the last places I’d go for informative instruction, but I would go purely for the entertainment. I’m not saying it’s empty of information, I just feel there are a lot more resources I would scour before defaulting to Bon Appetit. And that is what is awesome about this Channel it actually created a formula for success where a lot has failed even well funded non independent and cook focused driven channels. As emphasized in the article it is because of the strength of their personalities. Like Babish and Joshua, I feel that Bon Appetit is one of those channels that had a culture existing outside the show through it’s memes. With Claire inspiring the most of them and Brad’s “wodour” they have reach the hall of farmers like “Bam” EVOO and “That’s for another show…” slight effort they have created a meme machine that transcends their informative content and shine in the personality content. Fine Dining TV and Chef Epic Personality: 0 Information: 4 Spectacle: 2 Wow. All information no personality. This must be awesome right? Wrong. There is a reason that these two channels has averages of a few thousand views the lack of personality. Remember Pro Cooks at Home? This is the result of having zero personality to tether all the information together. A lot of people just don’t have personalities for the camera and that percentage does translate into the chef population as well. But remember that most of famous YouTube Chefs are filmmakers first. Even Alton Brown was a director for commercials before starting Good Eats. But isn’t the spectacle just the wealth of information you get in how the dish is created? Well of course...if you are part of that industry. Remember this is just my opinion but as my opinion as a chef, gleaning just a clue to what they used to make the dish allows me to reverse engineer how to make it. That is why I value the information at 4. But the spectacle is fucked. In a lot of these videos, the consideration of how to show the act of plating and cooking is cold and efficient, not the way a show plates for the audience. This is like seeing a magic act in the backroom in the Prestige. You see how the illusion of the food is made, but in doing so some of the magic of this plate appearing on your table is lost. At the end of the day it is just an item to the chef, for service for the business not selling you the culture, lifestyle, the promise of being able to make the food. The story is not there. Don’t get me wrong I love these two channels. I wish for them to have more views and more engagement. But without a host to fill in the gaps between why I am traveling to this restaurant or learning this technique, we lose our stand in for us in that video. The relationship between chef and audience is lost because we can’t eat it and we don’t have anyone to empathize and live through when it is eaten. John QuilteFood Busker Personality: 3 Information: 2 Spectacle: 1 And then you have someone like John Quilter. Ex chef, visiting places that are showing off said techniques and engaging with it through him. The video on the pork chop amazing, showing his engagement with it as well. Like Joshua has many videos on How Tos, Perfects and Tips For, I feel his evolution isn’t maintaining consistency but his evolution in general. From what I gather I see he lives for the work. He just works and the burn out came from it. It’s sad because there is nothing wrong with his content, but this is an example of how high barrier to entry for the online cooking show is. He had been doing this for years, even longer than Babish! But to what end do you keep on doing it to a lack of engagement? This seems to be the exact same effort that caused Folding Ideas to abandon his cooking show attempt, not for a lack of love but from the level of consistency required for the effort. Food Geek Personality: 2 Information: 4 Spectacle: 0 On the opposite side of the Chef Epic and Fine Dining TV, we have the Food Geek. Much like any other entry on this list devoid of spectacle, Sune’s spectacle comes from his personality and information. His sole emphasis on the methods for sourdough and his experiments make his contribution vital in a way that makes America’s Test Kitchen and Serious Eats so amazing. The ASMR-like voice is perfect for delivering the reaction and results of the experiment that reassures that he did this so you don’t have to. The information is the story which is so weird because where Chef Epic and Fine Dining TV are trying to show you a story, it’s just too short. It’s a collection of short films about kitchens not a cooking channel. Food Geek accomplishes something I feel is more needed in the cooking show genre as we all grow more in education about cooking. Urban Butchery Channel Personality: 1 Information: 3 Spectacle: 2 Butchery is that niche that only a handful of chefs will every touch. Once again the information is part of the spectacle and the knowledge of Franco is amazing. But as you can see the apparent “dryness” of the subject has given it few views. It goes to show that even specialization does not guarantee popularity even if the subject is totally focused on said speciality. Bon Appetit has it’s own butcher series that is equally as dry yet garners more views because of their massive media presence. But like Food Geek, this is exactly the informative channel I wish can inspired people to take the next step in their cooking education and journey. To bridge the gap between source and end product for the consumer. Conclusion Ultimately all these stars are contributing to the cooking landscape in some shape or form. These shows are repackaging the basics in how media changes with each decade and generation. Julia's was almost a supplement to her book after the success of her demonstration, Pepin a continuation on PBS, Emeril, Alton, Jamie, Rachel, Nigella the embrace of the Food Network channel, and Babish and Bon Appetit being the YouTube era. All of them were teaching the basics of what we all knew but almost adding ever so slightly upon the next generation entering adulthood or college. The education gets better with each generation but I feel it always has to develop the "personality" of the person through all the basics and before introducing something different such as curry, pad thai, and like Andong more euro centric dishes. Ultimately these chefs and content creators are challenging how we view cooking, how we should approach it and most importantly educating us. I hope in this post pandemic world, that these channels and as a whole can lead people seeing their relationship with food in a different way. To what is possible, what is considered delicious and ultimately what can bring us together as a community as food always has. If you have any other channel that is worth mention do discuss it of course. Always out there looking for more channels. I do have other channels to suggest but their impact sort of fits so closely to other entries on this list that it didn't seem worth mentioning.
Exactly why CFD Trading System Makes Passive Money
These days, a lot of people increase their profits by performing in the CFD trading market and this is by far one of the best ways of ensuring financial security or even more so, increasing your wealth. In order to become an expert CFD trader, you must start off by covering the basics and make your way through the most efficient CFD strategies. You are most likely to succeed in this challenging environment if you gain understanding of the risks and benefits of this complex mechanism. If you have no idea about how the CFD market functions, the first step you take should be towards trying to uncover the secrets of this complex trading mechanism. Study hard and observing all aspects related to the CFD market will take you one step closer to mastering the efficient trading strategies. All CFD traders’ goal is to try and predict the next market trends, but this is not actually possible without a clear understanding of this complex mechanism. Studying past trends of the market will surely be of use to people who want to learn their way around CFD trading. To this purpose, you should collect the important data and try to uncover patterns and learn from other people’s mistakes. Moreover, you should always stay connected to everything that happens in the world as the currencies are highly influenced by economic and political events. A beginner in CFD trading should always try to minimize the risks and remain on the safe side. It is not wise to take chances and risk losing everything right from the start if you don’t have the proper knowledge and know the efficient strategies to increase your chances of success. Many people push their luck blindly, without considering the consequences. You can also choose to resort to a service provider that will ensure you are getting the right information and access to important resources to use in your best interest. You are also provided with the assistance and guidance you need for mastering all the secrets and mysteries of this complex mechanism. CFD trading is a very complex field of activity, moreover because the market trends cannot be predicted. You can win a lot of money and ensure financial stability, but you can lose it all if you don’t have the right resources and knowledge on your side.
I've been trading for 4 years and have been finding some success this year and now starting to get comfortable with the setups I look for. I started with FX and later added a variety of CFDs for spx, metals, commodities and bonds. Not here to tell you guys how to trade nor am I looking for critique on my strategy. I posted this on my profile but figured I'd share my story here as it might be interesting for new traders. A trading strategy is ever evolving and never finished, especially if you can surround yourself with other like minded traders and you collectively try to get better. I went from basic MA crosses on the 15 and 30min to high probability setups on the weekly and monthly. My Nr.1 Indicator The Bollinger Bands got me excited right off the bat when I started backtesting them. My strategy is to look for candles that greatly overextend outside of the upper or lower band and then counter the move as they will often shoot back in like an elastic band as candles like to stay within the bands. I look for these setups on the weekly and monthly chart as the shorter TF's give a lot of poor signals. An overextension on the 1 hour will only need a bit of consolidation and maybe a minor pullback before it can easily continue its trend. It's always hard to say how far an overextension will go (look at the NG rogue wave!) and how long it will take before it pulls back in. To tackle this challenge I scale in with one small position at a time and trading the CFD makes this very easy as you can trade a really small size when needed. I jump in too early almost every single time as I don't want to miss the move but that's fine as the positions are small with wide stops. Pullback or Reversal You can't just blindly trade every setup of course but by following these moves on the higher TF's there's ample time to research fundamentals and such to determine where price might go and if we're trading a pullback or reversal. I treat every trade initially as just a temporary pullback, then later on if it's starting to look like a possible reversal I might set some positions at BE to let those ride. Other tools I use Another trusted indicator is the MACD-RSI crossover. These are highly lagging but plotting them on the daily and weekly gives me a pretty good sense of whether the directional pressure is up or down. I also use MA's, historical S&R price levels and round numbers that help with the entries and exits. Like all indicators these aren't generating guaranteed setups. It's just another piece of the puzzle but if enough pieces fit together the setups can get a very high probability. Examples of the Signals or Setups I look for Here is an NZD-CAD weekly chart where I marked the MACD-RSI crossovers. The actual cross precedes the reversal and I don't act on that but once the MACD line (red) exits the histogram (grey bars) the reversal happens or is already underway. Since we're looking at a weekly chart we're also working with large moves that can go on for weeks. What I then do is only trade the direction the indicator gives me and keep scaling in and out with small positions and wide stops until the signal becomes weak or risky. This chart is obviously a great hindsight example and not every cross signals a reversal but whenever this setup occurs the bells start ringing and I do my DD. Silver just had a great bollinger setup. Overextended on the weekly and floating outside of the bands on the monthly. Still felt a little risky due to my lack of experience with Silver but I scaled in 3 times and caught a large part of that retracement. The challenging bond shorts I started too early and cut yesterday are in hindsight just another monthly bollinger overextension that snapped right back down looking at Gilt and Bund. I mostly trade these bollinger setups on the weekly and monthly so they don't occur that often which is why I follow a lot of instruments. I also try to trade with more conviction if I see a good setup."There is no point in being confident and have a small position" - Soros CFD and Swap My trading fees are the spread and overnight interest (swap). I have more than 30 instruments open at any given time and a number of them have a positive swap if you trade them in a specific direction. I make an effort to only trade the direction that earns me interest as I hate holding onto positions that eat into my profit every day. I will only trade the other direction if the setup is good enough or if the overall interest on all open positions is positive. Trading Platform and Hardware I use MT4 with a regular FX broker which gives me a wealth of pairs to choose from and a CFD for anything else I'm interested in. I follow 12 FX pairs, Ag, Metals, Bonds, SPX, Oil and NG. I have all of those up on a 6 monitor setup just like you see with those pro traders haha. This is my work and hobby so I might as well make myself as comfortable as possible! Here's a pic for the trading rig nerds ;) Things to improve Taking profit can be a struggle and is often done too early. I heavily shorted the NG rogue wave from the very top and more recently Corn and Silver. Seeing where they went is sometimes hard to stomach especially since they had a positive swap and there was no need to close the entire baskets. I always tell myself to leave a few with a stop at BE in case the move continues but I often have this overwhelming feeling of being satisfied and drained from the trade after holding for weeks that I just say fuck it and close the whole thing to be done with it and celebrate. The next one probably applies to more of you, I have to watch for getting caught up in the excitement when things are volatile and overtrade SPX which is my favorite daytrade/scalping instrument. My stats show that 25% of this years profit is from trading SPX so it's been successful but it's hard to stop trading when the volatility is there. I have to learn when to shut it down and take a break. Where to go from here I'm not a big player so there is ample room to grow and I have been scaling things up lately. I have 2 full days a week behind the charts to trade which will turn into full time in a couple years if I can maintain the consistency. It's already a decent income considering the time I have to trade but as we all know "the sky is the limit" in this exciting industry.
Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy. The purest form of capitalism is free market or laissez-faire capitalism. Here, private individuals are unrestrained. They may determine where to invest, what to produce or sell, and at which prices to exchange goods and services. The laissez-faire marketplace operates without checks or controls. Today, most countries practice a mixed capitalist system that includes some degree of government regulation of business and ownership of select industries. Volume 75% 2:05
Functionally speaking, capitalism is one process by which the problems of economic production and resource distribution might be resolved. Instead of planning economic decisions through centralized political methods, as with socialism or feudalism, economic planning under capitalism occurs via decentralized and voluntary decisions.
Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector.
Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital.
Capitalism developed historically out of previous systems of feudalism and mercantilism in Europe, and dramatically expanded industrialization and the large-scale availability of mass-market consumer goods.
Pure capitalism can be contrasted with pure socialism (where all means of production are collective or state-owned) and mixed economies (which lie on a continuum between pure capitalism and pure socialism).
The real-world practice of capitalism typically involves some degree of so-called “crony capitalism” due to demands from business for favorable government intervention and governments’ incentive to intervene in the economy.
Capitalism and Private Property
Private property rights are fundamental to capitalism. Most modern concepts of private property stem from John Locke's theory of homesteading, in which human beings claim ownership through mixing their labor with unclaimed resources. Once owned, the only legitimate means of transferring property are through voluntary exchange, gifts, inheritance, or re-homesteading of abandoned property. Private property promotes efficiency by giving the owner of resources an incentive to maximize the value of their property. So, the more valuable the resource is, the more trading power it provides the owner. In a capitalist system, the person who owns the property is entitled to any value associated with that property. For individuals or businesses to deploy their capital goods confidently, a system must exist that protects their legal right to own or transfer private property. A capitalist society will rely on the use of contracts, fair dealing, and tort law to facilitate and enforce these private property rights. When a property is not privately owned but shared by the public, a problem known as the tragedy of the commons can emerge. With a common pool resource, which all people can use, and none can limit access to, all individuals have an incentive to extract as much use value as they can and no incentive to conserve or reinvest in the resource. Privatizing the resource is one possible solution to this problem, along with various voluntary or involuntary collective action approaches.
Capitalism, Profits, and Losses
Profits are closely associated with the concept of private property. By definition, an individual only enters into a voluntary exchange of private property when they believe the exchange benefits them in some psychic or material way. In such trades, each party gains extra subjective value, or profit, from the transaction. Voluntary trade is the mechanism that drives activity in a capitalist system. The owners of resources compete with one another over consumers, who in turn, compete with other consumers over goods and services. All of this activity is built into the price system, which balances supply and demand to coordinate the distribution of resources. A capitalist earns the highest profit by using capital goods most efficiently while producing the highest-value good or service. In this system, information about what is highest-valued is transmitted through those prices at which another individual voluntarily purchases the capitalist's good or service. Profits are an indication that less valuable inputs have been transformed into more valuable outputs. By contrast, the capitalist suffers losses when capital resources are not used efficiently and instead create less valuable outputs.
Free Enterprise or Capitalism?
Capitalism and free enterprise are often seen as synonymous. In truth, they are closely related yet distinct terms with overlapping features. It is possible to have a capitalist economy without complete free enterprise, and possible to have a free market without capitalism. Any economy is capitalist as long as private individuals control the factors of production. However, a capitalist system can still be regulated by government laws, and the profits of capitalist endeavors can still be taxed heavily. "Free enterprise" can roughly be understood to mean economic exchanges free of coercive government influence. Although unlikely, it is possible to conceive of a system where individuals choose to hold all property rights in common. Private property rights still exist in a free enterprise system, although the private property may be voluntarily treated as communal without a government mandate. Many Native American tribes existed with elements of these arrangements, and within a broader capitalist economic family, clubs, co-ops, and joint-stock business firms like partnerships or corporations are all examples of common property institutions. If accumulation, ownership, and profiting from capital is the central principle of capitalism, then freedom from state coercion is the central principle of free enterprise.
Feudalism the Root of Capitalism
Capitalism grew out of European feudalism. Up until the 12th century, less than 5% of the population of Europe lived in towns. Skilled workers lived in the city but received their keep from feudal lords rather than a real wage, and most workers were serfs for landed nobles. However, by the late Middle Ages rising urbanism, with cities as centers of industry and trade, become more and more economically important. The advent of true wages offered by the trades encouraged more people to move into towns where they could get money rather than subsistence in exchange for labor. Families’ extra sons and daughters who needed to be put to work, could find new sources of income in the trade towns. Child labor was as much a part of the town's economic development as serfdom was part of the rural life.
Mercantilism Replaces Feudalism
Mercantilism gradually replaced the feudal economic system in Western Europe and became the primary economic system of commerce during the 16th to 18th centuries. Mercantilism started as trade between towns, but it was not necessarily competitive trade. Initially, each town had vastly different products and services that were slowly homogenized by demand over time. After the homogenization of goods, trade was carried out in broader and broader circles: town to town, county to county, province to province, and, finally, nation to nation. When too many nations were offering similar goods for trade, the trade took on a competitive edge that was sharpened by strong feelings of nationalism in a continent that was constantly embroiled in wars. Colonialism flourished alongside mercantilism, but the nations seeding the world with settlements were not trying to increase trade. Most colonies were set up with an economic system that smacked of feudalism, with their raw goods going back to the motherland and, in the case of the British colonies in North America, being forced to repurchase the finished product with a pseudo-currency that prevented them from trading with other nations. It was Adam Smith who noticed that mercantilism was not a force of development and change, but a regressive system that was creating trade imbalances between nations and keeping them from advancing. His ideas for a free market opened the world to capitalism.
Growth of Industrial Capitalism
Smith's ideas were well-timed, as the Industrial Revolution was starting to cause tremors that would soon shake the Western world. The (often literal) gold mine of colonialism had brought new wealth and new demand for the products of domestic industries, which drove the expansion and mechanization of production. As technology leaped ahead and factories no longer had to be built near waterways or windmills to function, industrialists began building in the cities where there were now thousands of people to supply ready labor. Industrial tycoons were the first people to amass their wealth in their lifetimes, often outstripping both the landed nobles and many of the money lending/banking families. For the first time in history, common people could have hopes of becoming wealthy. The new money crowd built more factories that required more labor, while also producing more goods for people to purchase. During this period, the term "capitalism"—originating from the Latin word "capitalis," which means "head of cattle"—was first used by French socialist Louis Blanc in 1850, to signify a system of exclusive ownership of industrial means of production by private individuals rather than shared ownership. Contrary to popular belief, Karl Marx did not coin the word "capitalism," although he certainly contributed to the rise of its use.
Industrial Capitalism's Effects
Industrial capitalism tended to benefit more levels of society rather than just the aristocratic class. Wages increased, helped greatly by the formation of unions. The standard of living also increased with the glut of affordable products being mass-produced. This growth led to the formation of a middle class and began to lift more and more people from the lower classes to swell its ranks. The economic freedoms of capitalism matured alongside democratic political freedoms, liberal individualism, and the theory of natural rights. This unified maturity is not to say, however, that all capitalist systems are politically free or encourage individual liberty. Economist Milton Friedman, an advocate of capitalism and individual liberty, wrote in Capitalism and Freedom (1962) that "capitalism is a necessary condition for political freedom. It is not a sufficient condition." A dramatic expansion of the financial sector accompanied the rise of industrial capitalism. Banks had previously served as warehouses for valuables, clearinghouses for long-distance trade, or lenders to nobles and governments. Now they came to serve the needs of everyday commerce and the intermediation of credit for large, long-term investment projects. By the 20th century, as stock exchanges became increasingly public and investment vehicles opened up to more individuals, some economists identified a variation on the system: financial capitalism.
Capitalism and Economic Growth
By creating incentives for entrepreneurs to reallocate away resources from unprofitable channels and into areas where consumers value them more highly, capitalism has proven a highly effective vehicle for economic growth. Before the rise of capitalism in the 18th and 19th centuries, rapid economic growth occurred primarily through conquest and extraction of resources from conquered peoples. In general, this was a localized, zero-sum process. Research suggests average global per-capita income was unchanged between the rise of agricultural societies through approximately 1750 when the roots of the first Industrial Revolution took hold. In subsequent centuries, capitalist production processes have greatly enhanced productive capacity. More and better goods became cheaply accessible to wide populations, raising standards of living in previously unthinkable ways. As a result, most political theorists and nearly all economists argue that capitalism is the most efficient and productive system of exchange.
Capitalism vs. Socialism
In terms of political economy, capitalism is often pitted against socialism. The fundamental difference between capitalism and socialism is the ownership and control of the means of production. In a capitalist economy, property and businesses are owned and controlled by individuals. In a socialist economy, the state owns and manages the vital means of production. However, other differences also exist in the form of equity, efficiency, and employment.
The capitalist economy is unconcerned about equitable arrangements. The argument is that inequality is the driving force that encourages innovation, which then pushes economic development. The primary concern of the socialist model is the redistribution of wealth and resources from the rich to the poor, out of fairness, and to ensure equality in opportunity and equality of outcome. Equality is valued above high achievement, and the collective good is viewed above the opportunity for individuals to advance.
The capitalist argument is that the profit incentive drives corporations to develop innovative new products that are desired by the consumer and have demand in the marketplace. It is argued that the state ownership of the means of production leads to inefficiency because, without the motivation to earn more money, management, workers, and developers are less likely to put forth the extra effort to push new ideas or products.
In a capitalist economy, the state does not directly employ the workforce. This lack of government-run employment can lead to unemployment during economic recessions and depressions. In a socialist economy, the state is the primary employer. During times of economic hardship, the socialist state can order hiring, so there is full employment. Also, there tends to be a stronger "safety net" in socialist systems for workers who are injured or permanently disabled. Those who can no longer work have fewer options available to help them in capitalist societies.
Mixed System vs. Pure Capitalism
When the government owns some but not all of the means of production, but government interests may legally circumvent, replace, limit, or otherwise regulate private economic interests, that is said to be a mixed economy or mixed economic system. A mixed economy respects property rights, but places limits on them. Property owners are restricted with regards to how they exchange with one another. These restrictions come in many forms, such as minimum wage laws, tariffs, quotas, windfall taxes, license restrictions, prohibited products or contracts, direct public expropriation, anti-trust legislation, legal tender laws, subsidies, and eminent domain. Governments in mixed economies also fully or partly own and operate certain industries, especially those considered public goods, often enforcing legally binding monopolies in those industries to prohibit competition by private entities. In contrast, pure capitalism, also known as laissez-faire capitalism or anarcho-capitalism, (such as professed by Murray N. Rothbard) all industries are left up to private ownership and operation, including public goods, and no central government authority provides regulation or supervision of economic activity in general. The standard spectrum of economic systems places laissez-faire capitalism at one extreme and a complete planned economy—such as communism—at the other. Everything in the middle could be said to be a mixed economy. The mixed economy has elements of both central planning and unplanned private business. By this definition, nearly every country in the world has a mixed economy, but contemporary mixed economies range in their levels of government intervention. The U.S. and the U.K. have a relatively pure type of capitalism with a minimum of federal regulation in financial and labor markets—sometimes known as Anglo-Saxon capitalism—while Canada and the Nordic countries have created a balance between socialism and capitalism. Many European nations practice welfare capitalism, a system that is concerned with the social welfare of the worker, and includes such policies as state pensions, universal healthcare, collective bargaining, and industrial safety codes.
Crony capitalism refers to a capitalist society that is based on the close relationships between business people and the state. Instead of success being determined by a free market and the rule of law, the success of a business is dependent on the favoritism that is shown to it by the government in the form of tax breaks, government grants, and other incentives. In practice, this is the dominant form of capitalism worldwide due to the powerful incentives both faced by governments to extract resources by taxing, regulating, and fostering rent-seeking activity, and those faced by capitalist businesses to increase profits by obtaining subsidies, limiting competition, and erecting barriers to entry. In effect, these forces represent a kind of supply and demand for government intervention in the economy, which arises from the economic system itself. Crony capitalism is widely blamed for a range of social and economic woes. Both socialists and capitalists blame each other for the rise of crony capitalism. Socialists believe that crony capitalism is the inevitable result of pure capitalism. On the other hand, capitalists believe that crony capitalism arises from the need of socialist governments to control the economy. SPONSORED
Some have asked me about my trading strategy since I've been posting pretty consistent gains almost every week so far this year. The win rate was 95% before today which was insane and I didn't have a losing trade in months but account preservation trumps fancy stats and holding on for gains that may or may not come. Sorry if it reads a bit like like a "dear diary" post but I'm very passionate about this trading gig and I can't do a write up like this without some personal notes in there. Quick background: Started with FX -> blew up small account after 3 months -> switched to a better broker -> saw the Feb 2018 volatility -> started trading SPX -> post from a well known Doc directed me to the sub! A trading strategy is ever evolving and never finished, especially if you're around a great bunch of traders like we have here on TWS. I went from basic MA crosses on the 15 and 30min to high probability setups on the weekly and monthly. My Nr.1 Indicator The Bollinger Bands got me excited right off the bat when I started backtesting them. My strategy is to look for candles that greatly overextend outside of the upper or lower band and then counter the move as they will often shoot back in like an elastic band as candles like to stay within the bands. I look for these setups on the weekly and monthly chart as the shorter TF's give a lot of poor signals. An overextension on the 1 hour will only need a bit of consolidation and maybe a minor pullback before it can easily continue its trend. It's always hard to say how far an overextension will go (look at the NG rogue wave!) and how long it will take before it pulls back in. To tackle this challenge I scale in with one small position at a time and trading the CFD makes this very easy as you can trade a really small size when needed. I jump in too early almost every single time as I don't want to miss the move but that's fine as the positions are small with wide stops. Pullback or Reversal You can't just blindly trade every setup of course but by following these moves on the higher TF's there's ample time to research fundamentals and such to determine where price might go and if we're trading a pullback or reversal. I treat every trade initially as just a temporary pullback, then later on if it's starting to look like a possible reversal I might set some positions at BE to let those ride. Other tools I use Another trusted indicator is the MACD-RSI crossover. These are highly lagging but plotting them on the daily and weekly gives me a pretty good sense of whether the directional pressure is up or down. I also use MA's, historical S&R price levels and round numbers that help with the entries and exits. Like all indicators these aren't generating guaranteed setups. It's just another piece of the puzzle but if enough pieces fit together the setups can get a very high probability. Examples of the Signals or Setups I look for Here is an NZD-CAD weekly chart where I marked the MACD-RSI crossovers. The actual cross precedes the reversal and I don't act on that but once the MACD line (red) exits the histogram (grey bars) the reversal happens or is already underway. Since we're looking at a weekly chart we're also working with large moves that can go on for weeks. What I then do is only trade the direction the indicator gives me and keep scaling in and out with small positions and wide stops until the signal becomes weak or risky. This chart is obviously a great hindsight example and not every cross signals a reversal but whenever this setup occurs the bells start ringing and I do my DD. Silver just had a great bollinger setup. Overextended on the weekly and floating outside of the bands on the monthly. Still felt a little risky due to my lack of experience with Silver but I scaled in 3 times and caught a large part of that retracement. The challenging bond shorts I started too early and cut today are in hindsight just another monthly bollinger overextension that snapped right back down looking at Gilt and Bund. I mostly trade these bollinger setups on the weekly and monthly so they don't occur that often which is why I follow a lot of instruments. I also try to trade with more conviction if I see a good setup."There is no point in being confident and have a small position" - Soros CFD and Swap My trading fees are the spread and overnight interest (swap). I have more than 30 instruments open at any given time and a number of them have a positive swap if you trade them in a specific direction. I make an effort to only trade the direction that earns me interest as I hate holding onto positions that eat into my profit every day. I will only trade the other direction if the setup is good enough or if the overall interest on all open positions is positive. Trading Platform and Hardware I use MT4 with a regular FX broker which gives me a wealth of pairs to choose from and a CFD for anything else I'm interested in. I follow 12 FX pairs, Ag, Metals, Bonds, SPX, Oil and NG. I have all of those up on a 6 monitor setup just like you see with those pro traders haha. This is my work and hobby so I might as well make myself as comfortable as possible! Here's a pic for the trading rig nerds ;) Things to improve Taking profit can be a struggle and is often done too early. I heavily shorted the NG rogue wave from the very top and more recently Corn and Silver. Seeing where they went is sometimes hard to stomach especially since they had a positive swap and there was no need to close the entire baskets. I always tell myself to leave a few with a stop at BE in case the move continues but I often have this overwhelming feeling of being satisfied and drained from the trade after holding for weeks that I just say fuck it and close the whole thing to be done with it and celebrate. The next one probably applies to more of you, I have to watch for getting caught up in the excitement on the sub and overtrade SPX. My stats show that 25% of this years profit is from trading SPX so it's been successful but it's hard to stop trading when the volatility is there. I have to learn when to shut it down and take a break. Where to go from here I'm not a big player so there is ample room to grow and I have been scaling things up lately, heck even my wife urged me on to scale up after seeing the consistent results ;) I have 2 full days a week behind the charts to trade which will turn into full time in a couple years if I can maintain the consistency. It's already a decent income considering the time I have to trade but as we all know "the sky is the limit" in this exciting industry. To finish this post off I want to give a shout out to all the great folks on TWS! Thanks for making me a better trader and keep doing what you do as this sub is pure gold!
Best of the best Q&A Stephens and Shingos. Team, Community, Competition, POS, Marketing
stephen corliss, [19.10.17 21:07] Team Bitquence, Who Are They? Collectively, the team has over 150 years of professional experience, lead by a leader who has accomplished more in 19 years than many people will over their entire careers. This team has the skills and gumption to deliver what it promises. These simple facts should be enough to stop anyone from spreading FUD that anything here is a scam. If it is not, let me say this, I carry securities licenses that are overseen by government regulators and I also founded a regulated investment business that is still active. If I, or anyone as part of this team, were involved in anything devious, the Feds would be at my door with handcuffs. Would I or anyone of us really be this stupid? I can’t wait to remove all these irresponsible pinheads from this industry who care only about themselves rather than society. In the world I desire, there is absolutely NO room for greed anymore where society suffers at the hands of a few! stephen corliss, [15.09.17 17:43] [In reply to James: stephen interested to know if Bitquence was on your radar before you joined us?? Or were you interested in getting into the space and they approached you?] Hi James, I've actually been in crypto since the early days all the way back to 2013, hopping around the globe trying to help shape the vision for our industry. BQX and I stumbled upon one another and immediately discovered we shared the same visions and inspirations to deliver a truly transformative platform that is built for the consumer to help them in every way possible to take control of their financial futures. This is also why Shingo and I believe our platform should cover not only crypto but even traditional fiat assets (sec's, bonds, etc). This is critical as consumers will have the majority of their wealth tied up in traditional assets, like those retirement assets tied up in employers retirement plans, for at least another decade before they can transition to the Blockchain. stephen corliss, [24.08.17 02:47] [In reply to Matt Hopkins: stephen I cannot express how impressive the response from the team, Shingo, and yourself has been. Reading the white paper and watching your videos where just a glimpse into this amazing vision and platform. You guys have brought this community to the next level. Thank you for your transparency and constant updates. I know I speak for the whole community here. Here’s to a great future with Bitquence.] Matt, Thanks man. I've seen a lot of stuff in my life and people who claim to be visionaries, only one of them could hold a candlestick to Shingo. You know, I've seen and been involved in a lot of exciting things over the years but nothing like this. Not even close! stephen corliss, [25.08.17 21:07] [In reply to Liam: Stopping wild rumours in their tracks with your unbeatable knowledge of all the rules and regulations that need to be adhered to, I wonder how other crypto companies ever manage to survive without someone like you on their team] Sustainability of Bitquence and the entire eco-system is of major importance so some times it means getting very deep into the weeds as the complexity level globally can be a daunting task to most. But, it can be fun, especially if your bit wacky like me! Shingo, [30.09.17 05:59] [In reply to Long Ton: How many coders do you guys have working on Bitquence? I’d be concerned if Shingo was managing university and coding] 7 or 8 devs if you are talking about technical people working on various aspects of the platform. The number feels about right to me. Jeff Bezos always said you should have no team that is too big to share 2 large pizzas otherwise you lose productivity stephen corliss, [02.11.17 16:02] [In reply to Markus Winnen: What´s the story behind hiring you? Did you know each other before or how does the contact happened? :D] We didn’t know each other but we had some mutual acquaintances. After meeting, Shingo and I immediately hit it off and also discovered that our dual solutions for creating a new eco-system for global financial services had a lot of overlap. So, they asked me to come on as a founder. Decision was easy. stephen corliss, [02.11.17 23:49] [In reply to Ab Alphabeta1: amongst all your positions at work so far, which has been your favorite ? I know the first job is always special, apart from that?] My work at BGI/iShares was very special for numerous reasons but none more meaningful than having alignment of core values. The work itself was awesome as I had to build a global sell side business across asia, europe and americas, which is extremely hard to do by itself but doing it within a buy side asset manager and then integrate the two together was unheard of. Building an entire infrastructure including global trading systems across all asset classes including equities, bonds and cash is a lot of fun as you have to also build all of the upstream and downstream processes and tech and then overlay 100’s of jurisdictional regulations and laws while collaborating with regulators. Crazy fun but it was even more rewarding because in a short period of time we grew it to a $200m revenue a year while trading $350billion in assets. stephen corliss, [10.11.17 18:06] [In reply to Kevv: if you don't mind be asking Stephen, what's the team plan with recruiting/getting more dev/marketing/back end ppls ect?] Its a continuous process but we have the core team of expert devs building as we speak and our expanding with other experts, eg. AI and Machine Learning, so things are changing rapidly as we progress on the roadmap. Non-technical staff are also in the picture and being added continuously as we have already have key staff onboard as part of the assembling of a highly skilled marketing team. Lots happening! stephen corliss, [15.11.17 15:31] I learned quite early on that creativity and innovation are things that can come both normally and with intention. Most people don’t deliberately set aside time to tap into these skillsets. For me, I’ve always allowed myself time each and every day to challenge conventional ways of thinking, business and economic models or broad processes. This often allows me to devote the time to really understand an issue, model and process so I can then break it apart into small pieces and rethink how to rebuild it to be bigger, better and faster. This is why school for me was frustrating as it moved at a pace that doesn’t truly allow one to build in-depth knowledge and understand all sides and angles. Most of what I have come to know came afterward or what I did on my own time. Hate to admit it but my hobbies are not traditional, I like researching the history of capital market and economic models and studying congressional history around how market based rules came about and what motivated them. Weird? Yeah, a bit but if you truly love something, who cares!
stephen corliss, [28.10.17 14:21] All, As the public opinion debate about Bitquence is beginning to ramp up I wanted to take a moment to share some thoughts. Openness and transparency are one of the several reasons I decided to enter crypto several years ago. This may seem strange coming from someone with my background but in my opinion, the traditional approach of hiding behind the corporate veil is cowardly and toxic. So, for any firm in this space, both it and its supporters must embrace diverse opinions and have an intelligent and open dialogue with those that disagree with our opinions. Lets not embrace the culture that exists in our global politics where those with different opinions are tarred and feathered but rather choose to behave like adults to set the example for our youth. Crypto is not about being closed minded but rather quite the opposite. So, when we are challenged lets not scream the loudest and attack but rather choose to engage those having different opinions in an open intelligent dialogue. Lets ask the tough questions of ourselves and others. If someone has an opinion, lets discover what informs that opinion by demanding openness and transparency about the facts that matter when sharing that opinion such as someone’s background or the analysis, facts and details that support it. As you all know, Shingo and I are here everyday to answer all of your questions, whether easy or difficult. This is a conscious decision on our part because of two main reasons, first because leaders in our industry should not cowardly sit behind the corporate veil like our traditional corporate counterparts and secondly, because we are building a global community that desires a financial system that works for society rather than against it. Lets embrace diversity of opinion as we are a diverse community from all walks of life who understand that differences should be embraced rather than pushed aside. I will be here everyday no matter how big or busy things become at Bitquence. Not because I have to but rather because I want to. I’m not afraid to be challenged and neither should any of you as this is the only way to get to the best result. I love this community so lets do everything we can to maintain a culture of openness that embraces our differences to discover the best answers. Change is coming! Shingo, [10.09.17 18:42] The Bitquence community is different from other communities. We are smaller, but passionate because we all share the same pain points and yearn for the same vision. You don't see this sort of passion in many other places which is why we don't care very much about the short-term. We are looking long and when we have the product, we will get people to come and Bitquence will change the way people interact with crypto stephen corliss, [19.10.17 21:22] Those of us in this community all know that we have the best community as each one of us plays a powerful role in building the momentum behind a unique grassroots movement that is absolutely scaring the shit out of our competitors. People Powered ya’ll !! stephen corliss about communication [21.08.17 18:32] You all deserve nothing less! We pay attention and want to ensure we all move along together and share in the fun stephen corliss, [12.10.17 05:29] [In reply to Ke: Stephen can you specify 1 or 2 concrete things that those of us longterm holders who see the vision especially the 7yr plan to overtake Fidelity can do right now to help make it a reality perhaps sooner than we imagine. I believe alot if folks here are in this not just for the profits that will surely come but also because the vision of changing consumer finance is noble.] Two things, absolutely. 1) Every chance you get whether digitally or voice speak positively about this industry and recognize that early on it was full of bad stuff but we are changing that now by legitimizing everything we do so we can change financial models for the future 2) re-Post anything from this forum, other forums or from our site that you believe in, to any venue whether it is Facebook, Twitter, LinkedIn, Reddit; etc. Don’t do or post anything that you don’t truly believe in as people will see through that instantly. This is not about a single person or company, this is truly about what is best for us as a global community. Our dipstick lawmakers may believe we live in separate societies, but I believe we live in just a single global community who wants more than what the current rules and structures consider. Yeah, a bit of a soapbox comment but this is our time to really deliver change. That is what drives all of us. Shingo, [26.10.17 20:46] We have said time and time again, we are looking for real, organic growth and a genuine brand and community. That is why we avoid hype, shilling and all that comes with it stephen corliss, [04.11.17 06:04] This project is backed by a community. We are not defined by any one individual, not Shingo, not me, not the team, but instead a collection of individuals who desire change. We have many supporters and we appreciate them all and although I personally don’t know Suppoman, I would ask that you not slander anyone in this forum. Lets just keep everything professional and focus on delivering change together. stephen corliss, [25.08.17 04:43] [In reply to John: stephen enlighten this newbie here...what can i expect for investing in bitquence] Game over bro! Sorry for the playground choice of words but if anyone has aspirations to see mass adoption of crypto become a reality then they need to be a part of this community who together will make this a reality. I couldn't mean this anymore than I do. This only happens with every one of us sharing a goal to deliver a new paradigm for financial services, especially how we build wealth ( that means You, Shingo, Adam, Kevin, the other BQX team members, everybody!) stephen corliss, [10.11.17 23:57] Community Message: All, I wanted to share some thoughts on community etiquette. As we are moving quickly into a very serious phase, I want to share with all of you our views on how we proceed and protect our positioning and image. As you all know, we are a community fighting together to bring real change. As part of doing this, what this means is that we are having serious strategic discussions with countless serious and successful businesses to partner with us as service providers, strategic partnerships and the like. However, what this also means is Bitquence is now under the microscope and held to a much higher standard than most. To ensure we maintain the best public profile this means we must also ask the same of all of you as we are in this together. So, earlier today we had some person enter the forum talking about shorting and referring to BQX as a scam. Rather than sit idle and extend a long rope as we normally would do, I banned this person almost immediately. I didn’t do this to “muffle” anyone’s voices or to limit healthy debates or discussions but rather to protect the public profile of the community and Bitquence for the very reasons I just shared. I promise you that we love and embrace diverse opinions and love open debate but we all must now realize the we have moved into a very critical phase and professionalism has to be the standard. We are doing the impossible but each and everyone of us is playing a critical role in our overall success so lets not allow Fudsters and people focused on themselves to tarnish our image. Thank you all for everything. Much love!
stephen corliss, [28.09.17 14:57] If you can find me just 1 single competitor who can do what we plan and do it in a way where they won't violate laws and can service every jurisdiction, let me know. I don't see anyone thinking about this the way we do. Remember, first may be okay initially but if your model isn't sustainable and insulated from all the changes to laws and regs that are forthcoming, then it won't matter as you will be out of business. Working smarter and with speed and precision is always better in my book. I don't think the complexity of what we are doing and the space we're doing it in is always apparent. You can't just build something, especially in finserv, without knowing first where all the minefields are, as many have tried before and have since departed with many others to follow. Don't get me wrong, I don't wish this on anyone but if you don't plan appropriately, there really isn't an excuse. If we are sustainable, everyone wins. The team has basically doubled in a week, so the train is rolling at a high rate of speed to deliver not only an innovative model but also "several" innovative tech solutions. stephen corliss, [15.11.17 04:14] [In reply to EstimatedProphet: Stephen since you are the global strategist, what do you feel gives you a strategic advantage in comparison to competitors? Is the product quality? Is it your former experience in the finance industry? I would love to know. Also, do you feel that certain relationships you have made in the past working for BOA and BlackRock provided outlets/resources that others might not have access to?] Great question. Let me try to answer as best I can. what do you feel gives you a strategic advantage in comparison to competitors? With Shingo’s vision and capabilities, my knowledge of global market structures and regulations and the expert team we have brought together, I believe there is no other firm with the collective capabilities that we have at Bitquence. I’ve personally spent nearly 30 years studying everything about global finance, capital markets, structures and regulation. I believe the team here cannot be replicated anywhere. So, competitors may be able to copy but they will never do it as well as us because of our knowledge advantage. Is the product quality? Knowledge and capabilities unleash quality, which is what will differentiate us from all others Is it your former experience in the finance industry? Partially but it is the team that gives us the advantage. Also, do you feel that certain relationships you have made in the past working for BOA and BlackRock provided outlets/resources that others might not have access to? OH, MOST DEFINITELY Lastly, what do you currently feel is the most important market for BQX to take over first? I think we’ve said this before, its the United States. Why? All others avoid the US because they believe it is too risky, I don’t agree. If you solve for the US, this means you can operate pretty much anywhere. So, we solve for the US now ( Which we have!) and then concurrently role out in other Jurisdictions across Europe and Asia. I know there is a global strategy at hand, but what national market is most important to make the mark and or ensure long term success? See above. Shingo, [15.09.17 22:58] I've seen at least 12 platforms that people are saying "doing something similar to bitquence". If we were the only ones trying to do what we are doing, I would be very worried! The fact that so many are trying to do stuff like this simply means that there is a very real market need for it. Competition is good and will motivate us to make the best product stephen corliss, [14.09.17 13:19] [In reply to momo] Absolutely, competition is healthy. However, we have a significant advantage as we have visionary engineers and financial minds who know how to create something that nobody has seen before that can also withstand the highest degree of scrutiny. I wish I could find the words to explain how difficult it is to uncover the solutions we have found but I cannot as it requires much more space than is available to me here. Plus, why tip off everyone! let them figure it out for themselves after we become the biggest baddest platform on the street! stephen corliss about competition, [08.09.17 16:13] Coinbase is not a good barometer for Bitquence, whether we're discussing technology, legal/regulatory structure, product / service quality and depth or customer service. If you can't even get customer service right, how can anything else be great? No worries all, the BQX Team understands all the critical elements required to deliver! Competition? What competition....! In my view, we are trailblazers. Sure, many will try and follow us or even try to interpret our vision and replicate it to beat us to market, but none will be able to do this with complete success. That's what drives us and focused is what we are! [In reply to Bjorn: How does BQX not be a competitor of existing Exchanges Stephen if we can buy and trade coins on the BQX platform?] Thanks Justin! Hi Bjorn! Let me first call your attention to page 7 in our latest Whitepaper. Here you will find how all of the various dynamic layers of the platform work in conjunction with one another. BQX powers everything on the platform and links the Platform Layer with the Liquidity Layer. BQX will represent the individual baskets which will hold diverse ccy's and coins where liquidity for the individual constituent ccy's/coins will be sourced via CCY and Coin Exchanges. (also eliminating counterparty risk) There are a lot more nuances here but this should give you more details. I likened this to what we did with exchange traded funds over 15 years ago where exchanges at the time felt unnecessarily threatened by ETF's as they thought it would hurt their businesses. In fact, it did exactly the opposite as they generated exponentially more trading volumes because of the many:1 design of index funds. In the end, what this delivers is a fully fungible diverse basket of ccy's/coins that delivers the full benefits of directly holding them while streamlining day to day transactions for users. Does this help at all? Again, this is why we help exchanges grow their business as it allows for "mass adoption". stephen corliss, [03.09.17 15:51] [In reply to Z Davinci] All, We hear you 100%. Let me make one point reference competition. Competition will be and is a healthy thing for any industry as it provides options for consumers while also allowing consumers to choose the better service provider and technology. However, when building a model in an industry such as this one that has to align with a complex financial industry centuries old, most will either fail or miss the mark significantly. What we have right now is a classic "square peg round hole" situation where ONLY those with the necessary technical, business AND industry expertise will win. What I can share here is this, we've done all of the necessary work designing a comprehensive solution that can flourish in a highly fluid business environment, where most others will be confused and distracted. I've set up many financial firms in my life worldwide so this is not unchartered territory and we will do whatever is necessary to ensure BItquence can flourish. FOCUS, BE BOLD, BE FAST, BUILD AND DELIVER, it is as simple as that. stephen corliss, [08.09.17 02:17] [In reply to Slim] First, I'm old school so lets start with a giant HA! Then, lets move on to calling bullsh1t! Clearly, they have no idea about what we are building, and more importantly, how one goes about doing it. Lets take those comment 1 by 1. 1) Its a lot like Prism and Iconomi? What? Prism essentially deploys a CFD type model where holders do not hold the underlying coins it is meant to track and thus users have no rights or benefits that may come with each coin. All they have is a bet that they can win or lose. This is more appropriate for heavy traders employing a hedge or wanting quick/simple artificial exposure. It also doesn't save much in transaction costs either, which contradicts one of the main benefits of a CFD, their usually cheap! I don't knock their product but it is a complete 180 from BQX. Now Iconomi is different but similar. Considering my years with Indexes and ETF's, I clearly appreciate what they are trying to do. However, again, I have access to yield generation capabilities (or not depending on market moves) but what do I actually own? ICNX and ICNP only, not the underlying coins. Is the DAA transportable? No. I can go on and on but it seems unnecessary. Especially considering that none of this considers the Universal Wallet and all its benefits. 2) You do not own the currencies, you own the keys? Wrong, you own both! 3) You are given est. prices and own the assets and compare to actual investments? Nope, you know prices (est and actual) and own the ccy's 4) We are going big and will hv hurdles? Sure, but we solved those already! 5) Bitquence is centralized? Ah, nope its not. 6) They hold the wallet? Nope! 7) They are the exchange? Nope, we deliver optimized price discovery, cost reduction and lessen market impact 8) 1% Fee? Maybe but not finalized, however, that would be a lot cheaper than anyone else by leaps and bounds! 9) Years for product introduction to US customers? Solved! Okay, did I miss anything? The problem here, all, is that our peers like to say that they understand Shingo's vision, but in all do respect they really really don't. They are building interesting products but none are remotely close to BQX because our visions and motivations are vastly different. We can cohabit the same space as we service different clientele but the similarities begin and end with we occupy space in the same industry. Product differentiation is quite vast. stephen corliss, [07.11.17 20:53] [In reply to Ke: Is it fair to say that the biggest target bitquence is going after right now is Coinbase? Is that the real competitor?] I wouldn’t call it that specifically. In the financial space there are 2 main groups, Buy Side (eg Blackrock) and Sell Side (Brokers/Exchanges). I believe Bitquence is on the Buy Side and Coinbase is on the Sell Side. So, they could service us as a liquidity provider. However, because of their model involving coin storage, we will have an impact on them as consumers begin to leave their assets in cold-storage. However, this dynamic could still be positive for Coinbase as Bitquence creates opportunities to deliver new product sets of which Coinbase could provide liquidity and possibly even custody.
stephen corliss, [13.09.17 13:54] POS is rebranded to Bitquence Predictions as POS implies other things, although we share numerous simiilarities Shingo, [23.10.17 18:50] We have changed predictions as a "reward only" system to avoid complex legal concerns Shingo, [23.10.17 18:42] [In reply to Marco: will BQX hodlers generate profits just by hodling ? (similar to OMG, NEO,...)] I would be cautious of any "passive income" model that is uncleared by regulated bodies. As Stephen said, there are some structures that may work and others that don't. There isn't enough guidance in the industry right now to say for sure Chris Ryan: So all Proof of Stake coins are considered securities?] Stephen: That will depend on the details. First question to ask is always, what are users doing to earn divs? The less substance there is the more likely a coin will be found to be a security. Shingo: The jury is still out for me whether or not proof of stake is passive or active income. Masternodes to me seem to be able to be justified as "active income" since you are providing services to the network and getting compensated in return. In that sense you could say you are getting paid income by the organization. The way OMG describes their model is a "tollbooth on a busy highway". As Stephen always says "The devil is in the details". I wouldn't want to say anything here without proper due diligence. I am excited for what OMG is doing and think they have a lot very great minds working for them. I'm sure they are considering issues such as these stephen corliss, [02.09.17 14:30] Good morning! Quick details on POS or what we now call Bitquence Predictions. First, the critical outcome from this service is high quality intelligent data, which you can think of as Consensus based research. This service is the first step as it builds a valuable data inventory that will feed into our Basket creation, risk management, asset allocation and other functionality. It also allows knowledgeable and successful users to establish and build their reputation and following on the platform. This was never intended to be a gambling service and be, as some say above, "the only value maker for BQX". This thinking is an incorrect interpretation and I hope this explains why. BQX value creation, as discussed in slightly earlier threads, is generated by what happens in the next phases of the project, which are the "transactional" based Baskets and Universal Wallet services where BQX is both 1) necessary as Gas and for transactions and storage 2) A constituent holding option in the basket 3) liquidity enabler for the Liquidity Network and The Universal Wallet. Now, there are a lot more details to think about when thinking about BQX value creation but each one of the above should provide the basis for that analysis. Hope this helps. stephen corliss, [29.08.17 22:40] All, I want to be sure the entire community understands precisely how POS will work. First, as you all know, we have been doing a deep global analysis of our entire roadmap, vision, products and services. This strategic analysis is and will continue to be our guidebook for all related decisions. The analysis is premised on one large assumption, during the short and intermediate term Bitquence should not require financial related licenses (Unless it is mandatory) in any jurisdiction. As such, with regards to POS, we have completed the required analysis and in NO way will this service be considered gambling, investment or derivative related. Users will not surrender / pay anything of monetary value to participate in POS. Winners will benefit and be rewarded for providing essential data but this will not come from any other user who predicting incorrectly. We will share more information but the above statements should clear this issue up. We of course understand that some of the information put out by us may have lead to this confusion but we will revisit those materials in due time to ensure they are more precise. Thank you everyone! stephen corliss, [28.09.17 14:51] [In reply to Yoyo: People would get free coins to keep coin in the wallet?] Lets stick to Predictions. In order to build the most powerful financial platform, it begins with intelligent data. The best or smartest data isn't traditional research or crowd-based data individually but collectively. So, we begin by building superior Intelligence by first having users provide predictions on coin performance over short and long term periods enriched with other social data created on the platform. To encourage use, we allow users to join the platform and begin predicting and participating in other social engagement. The more accurate you are, the more rewards users can obtain. The more followers users gain, the more rewards they obtain. This is unique content and when enriched with other traditional and non-traditional research, it is highly intelligent and significantly useful to users when making both passive and active coin decisions. Shingo, [27.10.17 07:04] [In reply to Ab Alphabeta1: Any coin which provides some sort of dividends be considered security?] I think the distinction is more between passive and active income and income on investment versus income for services rendered. Any token that requires you to stake or use your token in some sort of process that benefits the network suggests to me that it is compensation for services rendered. That being said, line is really blurry and won't become clear until governments and regulators catch up and render a decision
Shingo, [19.10.17 19:27] I want to clarify what we mean by marketing. What we will NOT be doing is buying ads, spending on search/video/interstitial etc. What we ARE doing is putting effort into nurturing our community and increasing our earned traffic. This means upgrading the brand, creating a PR plan, scheduling releases etc. Once we launch the product, we will begin to buy ads and push the marketing pedal. I believe that this is the right strategy and will help to develop this community organically stephen corliss, [20.10.17 01:55] As I know you all know how we approach things by now, I would hope you all expect a slow dribble of news that all connects strategically. We have a lot of great things brewing and information will follow but only when the time is right. We don’t buy into the hole pump crap, so please just remember that we are extremely strategic and precise in everything we do. Shingo, [16.11.17 20:03] [In reply to Steve Crypto: Do you plan to make another Dev Update video for those who are not part of the Product Council?] Maybe... I've answered this question a bit before. We want to release less high quality content. What will likely be the format going forward is: - ExplaineAnimated Product videos - Captain's Log - Thinkpieces - Blog Shingo, [01.09.17 02:38] [In reply to EstimatedProphet: Shingo are there any strategic marketing techniques being aimed at the general public? I know you're targeting mass adoption, but what is the plan for reaching consumers outside of the Crypto community?] Lots of guerilla marketing. One of the initiatives we are working on right now is building a large library of content aimed at new users (courses, blog content, guides etc.) We are hoping that for many people, their first interaction with bitquence will be "how do I buy bitcoin" or "what is Bitcoin" We hope to serve the user over the course of their journey of discovery from learning about crypto, to becoming a social crypto trader Shingo, [10.09.17 18:41] While we are developing the product, we want to be careful with the brand and marketing. There is no point in pushing out our message far and wide before we have anything to show people besides demo videos. Building a community organically is much more powerful than building an artificial community that doesn't care about the product Shingo, [13.09.17 21:05] [In reply to Ke: Shingo...could you shed some light on how you and the team plan to get this out to the masses once the product is out? Do you plan for early adopters to be sophisticated types looking to enter a new asset class or do you plan on positioning the product as a new cool way for millenials to get a solid ROI through this beautiful tech solution? Or can you adequately market to both groups?] We don't quite want to tip our hand just yet, but our customer acquisition strategy is going to strategic partnerships and aggressive competition to market incumbents. Our strategy with exchanges has always been to get more people exposed to BQX and learning about it which is why we have been pushing for listings and why Binance was a great victory for us. The second part is aggressively going after different market sectors in the crypto industry and strategically taking market share. We anticipate that improved tools, guerilla marketing, enthusiastic community and solid promotional materials will make for a powerful combination as we enter the next phase of development Shingo, [19.09.17 18:50] [In reply to Greg: It would be nice to put up dates on roadmap in white paper or in one of dev updates, to be official.] We don't want to promise something we can't fulfill. We try to hold true to everything we say publicly. Our PR motto is under promise and over deliver which typically leads to more happy people than the opposite stephen corliss, [24.09.17 16:43] [In reply to M I H A I] Good day all. Marketing is absolutely critical. However, burning capital on marketing "too early" runs the risk of having a large CAC that will have significant negative results. Your points are not wrong but the right timing is essential Shingo, [09.10.17 05:17] What I want to do is frame up some more of our ambitious thinking in a way that people can understand where we see all of this going but also while preserving our competitive advantages over others Shingo, [13.10.17 20:58] Again - we are revamping our marketing efforts and part of that means putting together a cohesive plan and schedule. That means less in the short term, but I believe that it will be highly beneficial in the long term once we start executing to this plan. Instead of putting out mediocre marketing immediately, we are going to put out great marketing in due time. stephen corliss, [20.10.17 14:15] The only things we will be protective of are those elements that allow us to maintain a competitive advantage and a leading position. Typically these will be strategic initiatives that we will need to keep top secret until making a big public reveal. This allows us to protect our first mover advantage and further differentiate ourselves from everyone else. We have a few big surprises already.. 😊 stephen corliss, [24.10.17 14:27] All, lets move on to more constructive topics. We have just hired a very talented Marketing Executive who is developing our short and long term strategy as we speak. The benefits of this change will be significant and be visible across all channels and methods so lets stay tuned. I’m quite excited as this has been a big missing component for us that is now ramping up!
https://preview.redd.it/8t2d8ujwzgc11.jpg?width=1024&format=pjpg&auto=webp&s=cd13c50961d8839b7553a489743ea3c8d478306d Dear members, Here is a summary in Q&A format for the impromptu session Paul, Jim and Roy did in an unofficial trade.io supporters group on 26 July 2018 which should allay most if not all fears and questions. Compliance & Documents Needed For Withdrawals: First and foremost, we're not fortune tellers, but from our experience with other regulated companies in similar asset classes to crypto, like FX, CFD's, etc. regulation is coming and in many places already here as we've all seen. We're choosing to get out in front of this, so that when it does happen and the companies that are being completely negligent in their compliance and regulatory duties are getting pinched, we're in a good position. With that said, though, we need to be cognizant of competition and not be too strict so that we can't compete with the cowboy exchanges in the near term. With that said, let's tackle the KYC issue upon withdrawal first. The process for withdrawals is very simple, and currently there is no tiered structure...meaning its the same process regardless if you want to withdrawal 1 satoshi or 1K BTC. This is in place for many reasons, as it will be easier to start onboarding clients once our fiat to crypto module is in place, and also grandfathering people into the LP. When withdrawing you'll need to fill out Form A if you are an individual, and Form A is simply saying the info you're providing is true and accurate and you're not a US citizen. Very standard. Then you provide an ID and Proof of Residence. NOTHING needs to be certified and NOTHING needs to be translated to English, as we have a fully staffed multilingual compliance department. Apologies if the instructions were confusing, as we're in the process of making some tweaks to make it less confusing. KYC/Withdrawal process is the minimum possible but still following regulatory guidelines. Q: R documents provided confidential ? A: 100% and securely stored. Q : Restricted countries? A : Only countries that are restricted are OFAC countries and the dangerous country known as the US. Q: also i wanted to confirm, as u have already partnered with selfkey , will there be a personal wallet for each user at your end??? or a combine wallet ?? will there be any fee the e walllet service A: Selfkey won't take place for some time, so put that to the side for now. Q : So maybe you shall delete current FAQ in profile section? Simply because it's too scary for all. A : We'll def beef it up to make it much clearer. Q: Before moving, Any different form for companies withdrawing ? And kyc A: Yes, good point, company withdrawals have a diff set of docs, that can be found within the guidelines, But still to my knowledge, company docs need not be certified or translated to English either. Q : Any different form for companies withdrawing ? A : Yes, good point, company withdrawals have a diff set of docs, that can be found within the guidelines But still to my knowledge, company docs need not be certified or translated to English either. Q : TIO price A : For better or worse, we all keep an eye on price of TIO. The employees and staff have TIO just like the TIOnauts....so we all have the same interests here. With that in mind, please remember there are nearly 90M TIO in circulation. The volume today (or most days for that matter) is 200K or a quarter of 1% of TIO in circulation. So while its natural to see, say a 5% decrease in price, you can't ignore this is taking place on literally no volume and off of trade.io exchange. The price is being dictated by bulls**t exchanges like BitForex which is complete hocus pocus. In order for TIO to get to the BNB levels we need liquidity and participants. We fully expect once we're up and running in full force on our exchange and TIO is limited to that, we'll be in good shape, in our opinion. Please note this is not a recommendation to buy or sell TIO, but rather pointing out some factual information. You wouldn't be able to sell 25K without cracking the price. In order for TIO to get to the BNB levels you need liquidity and participants. We fully expect once we're up and running in full force on our exchange and TIO is limited to that, we'll be in good shape. Q : Exchange A : It's not perfect, far from it. However, to say its not light years better than the beta which didn't even have working market orders at the time, and a fraction of features that are out now is simply inaccurate. I'll be happy to post what the demo beta looked like at launch. Obviously this isn't something to be proud of, but again, I do want to stick up for our devs just a little bit here as I know they are busting their butts. With that said, any remaining mods are being tended to around the clock and I'm personally updating everyone every 12 hours. For example, there were issues with saving presets, data issues, etc. have been rectified. Next on the list is BCH & USDT. Once bugs are fixed, then enhancements come that we've been tracking and logging. Dev's are tidying up any residual issues from launch, like BCH & USDT. Dev's btw, are more than 14 (as I saw that number somewhere), we now have over 30 devs around the globe. So rest assured there is not 1 dev in the basement making Pinnochio 🙂 On the to immediate do list after the tidying:
Adding additional users, of course
Adding the airdrop tokens
Adding additional tokens & blockchains
So those 3 items are on the the "get it done" list. Also will be working on margin trading as well which is going to be a key initiative (i.e. our friends at Bitmex.) Q : Why do we see trades on inactive assets ? A : We have algos firing in tiny trades to create charts for now. Until there is adequate flow, this is necessary to create clean looking charts. Q : So LP is technically already sort of functioning then? A : Sort of, its a bit more complicated than that. Q : When traded on only one exchange same prob. How can we say it s not being manipulated by the exchange itself Non tionauts might think that way.. A : Manipulate usually conotates a negative, not sure why having TIO only on trade.io would lead to a negative. Q : Won't ppl added in 2 batch miss LP start?] Tied in to this. Some people will surely complain about the 30 day no fee incentive. Claiming (and rightly so) they did not avail themselves of it since they were restricted A : We're def not committed to 30 days only, as you rightly said, it won't be fair, if we only open it up to say 5K people in the first 30 days. Q : when will there be bots placing and filling order book A : Once there is a larger number of users on the platform. Q : Set deadlines, dates for things to get done A : I will refrain from setting deadlines, as we haven't exactly been the greatest at meeting deadlines. Q : Adding additional users A : For adding additional users, its going to be a shoot first ask questions later tactic. So as we add, emails will go out, and we will alert the community. Its in everyones best interest that we allow the 20k+ on the waiting list and open it up to the masses ASAP though for 101 reasons. We're all on the same page there gang. Q : Will you have a public list on which features are being worked on? (Not deadlines, just a list for poeple to know what to expect next) A : I will have them in my twice daily updates (Paul). Q : LP A : As I have said earlier this week, we have been working closely with regulators to modify the LP which will maximize it's utility AND benefit to TIO hodlers. The current structure was based on the regulatory guidelines during our ICO and is expected to change in the very near future. (Roy) We have been working with regulators and jurisdictions with the goal of making the LP TIO only. As alluded to before, things are going well and if they continue this is the direction of the LP. Q : will there be a way to calculate taxes, or is it still soon to have an answer to that? A : Taxes are the responsibility of the LP participant. there are dozens of jurisdictions which have their own unique tax laws and requirements which would be an incredible undertaking to address for all our users. We have been approached with a few technology providers who are working with accounting firms to address this very issue. should we discover a convenient solution for our clients then of course we integrate a solution that is conveinent for all our clients to calculate/estimate their tax liabilities for their respective juridictions. Q : Can you give us estimated revenues on ICO consulting business? A : It is important to understand the ICO Consulting pricing model and revenue structure for this. Our consulting services require a small upfront engagement fee to onboard the client. The majority of the revenue is not collected or recognized until the ICO client has completed their ICO as the pricing model is performanced based much of the time on amount of funds raised and tokens issued. which means, revenue from consulting engagement is delayed 3-4 months until the ICO has ended for that consulting client. Q : Provided tiers remain as is, the price of TIO will most probably plateu at some point (I imagine pretty quickly). What's the plan with the tiers? Will these be dynamic at some point? A : Tiers will change as price of TIO changes, also with regards to TIO price plateauing, pls keep in mind that while the LP is one major utilization of TIO, there are others to keep TIO in demand. The LP will not be the sole dictator of price/demand of TIO. Q : With higher and higher TIO price the likelyhood is that less and less people will be interested to buy as "the train would have left the station" Imagine when TIO is $1, you'd need 2,500$ for every tier. Imagine if it reaches 10$ A : Again, the tier structure will remain "flexible" as to allow for the most participants possible while at the same type not diluting. The original plan to adjust the tier is based on the price and volume of TIO. We are contiuously monitoring this to make the LP fair and benficial to our community. Q : In my opinion, the model of having the LP with multiple currencies (not only TIO) is a much better one, as participants will have multiple diversified assets portofolio A : It's subjective really. I believe TIO only LP will boost the token much better. That's what we believe as well. Having someone contribute 1K BTC and getting profits from the LP doesn't help TIO at all, it only helps their pockets. Q : when do new version of calculator appear? A : Once the terms of service have been finalized and the official announcemnet has been made. Q : Will the daily profits automatically be included in the next (successive) days' calculations? Or will they be deposited in a separate wallet outside the LP A : Profit from today will be put in your wallet pro rata tomorrow, and so on. Q: please tell what will happen to leftover (for the person having teir lvl less than 100) A: trade.io keeps it. If the participants don't maximize their LP contribtutions that is their discretion. we are not forcing the min teir structure to be 25K as this would not be fair. We structured the LP to be fair for the masses and understand that not everyone can maximize their contribution. However, if LP participants do not max out their teir level we are a for profit company and any leftovers will help us spearhead additional initives and partnerships to increase the utility of TIO and benefit the community. There are direct and indirect benefits of the LP here. Q: Will the LP be available before the end of September? A: I refuse to provide a deadline...don't make me....:) We stink at hitting deadlines, its a tough biz in tech. We're busting our butts though to get the LP up and running. Q : well, just imagined that dynamic model and it seems that in that model rich become richer and poor get poorer. Am i wrong? A : With the flexibility for us to change the tiers we can control this better so that doesn't happen. The last thing we want is to go against our core values and placate to the whales. That's not why we created the LP. the LP was created to redistribute wealth in an easy an accessible way to the masses. What benefit does it give our community if only the rich become richer? Q : will there be an auto-reinvest option? A : Yes, 100%, like a money market sweep type mechanism. Q : On window for LP withdrawal A : You can opt out at any time, and it will be automatically removed at the next "roll over" similar to if you have traded FX with swaps. Q : The auto-reinvest will probably hit the tier limit right (unless you're in the top tier which is currently limitless). What happens then? A : You'll be automatically bumped to the next tier Q : will top tier be capped on revenues shared on the start, or this will be a possibility for the future? A : Top tier is capped in terms of % but not in terms of quantity, is that what you're asking? There has always been a cap to the %....its never been open ended. we are potentially paying out 55% of the LP, in actuality, not 50 Q : but we talked earlier that there will be an option to re-invest.. now given that the payouts will be done in other crypto.. will that option be able to convert let's say BTC into TIo and add to the LP automatically ?? if that's the case, then we''ll automatically move to the next tier.. set and forget A : We can have a bot that auto buys TIO, we can add that later to reinvest. A later feature would be the concept of "dust" to do this reinvestment. . Q : Will the daily profits automatically be included in the next (successive) days' calculations? Or will they be deposited in a separate wallet IP plan using dust later? A : They would need to be reinvested to move up. initially, this would have to be a bit manual, but we are planning a DRIP plan using dust later. Q : Non-TIO assets and caps A : For non TIO, there needs to be caps so people dont do 2500 TIO and US$1 million. When and if we allow non-TIO in LP. AND non-TIO will not have same multipliers, but as an enhancement. We are not trying to fuck you or game you in any way. Over time, we want to enable people to make money loaning BTC, ETH, USD, etc so other can go short. Returns on that will not be like TIO. We launch with TIO only, later we present the plan for other assets. On we have something we all like, we can move ahead. Q : LP top tier caps A : There will be a cap on top tier as well, above where our current largest outside investors are. Q : so Jim.. shifting gears a bit here, can you talk to us about the regulatory side of things.. where do we stand? what're the future plans with regulators? will TIO be listed as a utility token or a security? anything you can share with us in terms of regluations would be great.. I know there's a lot of confusion with the SEC right now, but any thoughts or undergoing discussions? A : All cryptos have different classifications in different jurisdictions. We are in Switzerland, where we are a utility. US might treat us diff, as they see everything as a security. Malta has another view. This applies to ALL cryptos, not just TIO, every jurisdiction is different. To say any token is a security or utility is not accurate. Dealing with customers for exchanges is a different regulatory issue. On the exchange regulatory side, we are working on multiple jurisdictions. HK, US, Malta, etc. In Malta, we have co setup already. Just waiting for app process to open. Q : Is there any chance that leverage trading will be added to the exchange? A : yes, on the priority list. Q : Once we lock our TIOs to the LP, adn after a few months we want to remove them (loss or profit does not matter) do we get back teh same ammount of TIOs even if the price of TIO increases? Lest say I put 25,000 TIO, with TIO price of $1, adn wehn I decide to take them off the price of TIO is 2$, do I still take 25,000 TIO back or 12,500 TIO ? A : Yes #TIO in = #TIO out unless the LP has a massive loss that wipes out our blanace sheet and TIO reserve which stands in front of you. Conclusion : We are going back to whipping the slaves in the salt mines.
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