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Bob The Magic Custodian



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

How to buy Bitcoin and Deposit on Roobet Full Tutorial

Hello!
In this thread I will do my very best to explain how to purchase Bitcoin safely and deposit it onto Roobet.com !
If anything is too confusing or you need further instructions feel free to message a mod for help!Be very aware of other users offering to sell you bitcoin or purchase on your behalf.If you are new to Bitcoin in general I strongly recommend watching this quick video on the basics of bitcoin safety https://www.youtube.com/watch?v=2z2xggmeW1AAfter you have watched that or you already understand bitcoin skip to down below!
Buying Bitcoin
Step 1 Chosing an exchange
Ok so you want to buy bitcoin to play on roobet? No problem! Bitcoin is super easy to use once you understand it! The first thing you need to do is pick an exchange to purchase from. I would recommend coinbase as it is a very large and trusted exchange. If coinbase does not work in your region then I would recommend Binance The last option if buying online doesn't work would be a local Bitcoin ATM use google to find one close to you.

Step 2 Signing up - coinbase Sign up using https://www.coinbase.com/join/carava_zo to get a bonus 10$ btc on your first purchase Once you create an account you will be prompt to verify both a Email & Phone Number *Sometimes a photo id is required* *(It is recommend to add one as it will improve account security and increase your buying limit)* Follow the on screen prompts until you get to Add Payment Method
Add your method of payment
Once you link a Bank/Credit Card you will now be in the main page
https://preview.redd.it/a58hftutv8d51.png?width=1892&format=png&auto=webp&s=9ce87ba198fdcaad10a2da4725c1030fca4d1741
  1. Takes you to the main page
  2. Takes you to the main page
  3. Your Portfolio view your holdings here
  4. Check current market prices
  5. Buy sell and send bitcoin/Crypto
Click on Trade (5) SOMETIMES AN ID IS REQUIRED It is recommended to do this step even if you do not get the prompt as it will increase account security and increase your buying limit.
Verify your Id by following the steps
Once you have a verified account you will be able to purchase Bitcoin for life! YAAAY :) Click on Trade (5) once again and now you will see this pop up
https://preview.redd.it/absss1xrx8d51.png?width=373&format=png&auto=webp&s=93308c636588421ead42f557cc5c51beeea4c431
GO SLOW FROM THIS POINT ON THERE IS NO RUSH Select the coin you would like to purchase Select the payment method you have added in the previous step Ensure that One Time Purchase is selected so it does not recur automatically
Confirmation Window
This is the last chance to cancel or change anything before you purchase. In this example I am making a purchase of $100 Cad worth of BTC Take not of Coinbase fees so you do not get confused once the BTC arrives
Complete
Your BTC will be available instantly! that is the beauty of setting up a verified coinbase account! Step 1 is complete we have now successfully purchased our first amount bitcoin!
Step2 Sending Bitcoin Now we will go back to the home page by click ether the logo (1) or the home button (2) From the main page we will click on portfolio (3)
https://preview.redd.it/dzvva71mz8d51.png?width=1892&format=png&auto=webp&s=9f2d1cd9052b7751afd22a97c6a52fa4fd669a23

Once we are in the Portfolio screen scroll down until you see Your Assets
This will display all your holdings
Now click on Bitcoin and it will bring you to your bitcoin wallet on the right hand side you will see a Send and Receive Tab
ALWAYS TRIPLE CHECK ADDRESSES
Ok we are going to Pause Coinbase here and head on over to our Roobet AccountIf you do not have a Roobet Account Follow the guide here ( https://www.reddit.com/Roobet/comments/hydyap/how_to_create_a_roobet_account/ )
On the roobet home page you want to click on Deposit
https://preview.redd.it/6x49blj939d51.png?width=1409&format=png&auto=webp&s=a6acb178137f90d874297f067b83e8abb143b035
Once you do that the Wallet Window will pop up
IF you have the coinbase app you can Scan the QR code to deposit (not the one in the screenshot unless you want to deposit into my wallet!)
  1. Copy the Bitcoin Address (Your bitcoin address not the one in the screenshot)
  2. Head back to coinbase
  3. You should still have the Sent/Receive tab open if not open it back up
  4. Put in the amount of BTC you wish to send
  5. I like to add a note to keep my purchases organized this is optional
  6. PASTE THE ROOBET DEPOSIT ADDRESS WE COPIED FROM STEP 1
  7. DOUBLE TRIPLE QUADRUPLE CHECK THE ADDRESS IS CORRECT YOU ONLY GET 1 SHOT AT THIS GO SLOW
  8. If everything looks good click send
TRIPLE CHECK BEFORE CLICKING SEND
You will be given a confirmation screen again take note of the fees It is easy to get confused especially with currency conversion its always best to look at the BTC amount not the $ amount. (pro tip)
Last chance to check everything
Once you confirmed everything click send and the BTC is on its way! Go back to roobet and keep an eye on your notifications. Thanks to Roobet Instant funding you only need 1 confirmation before your funds are ready to go!
https://preview.redd.it/14x2wwmo59d51.png?width=524&format=png&auto=webp&s=d40212fd1b67555fecb6e7f69c78d47c1abe569f

Thats it!!!!You have successfully purchased and added BTC to your roobet account! Things to note Bitcoin is risky be safe take time to learn it Gambling is risky... Crpto is risky this website combines both please take the appropriate steps to ensure not only your financial safety but also your metal health Play Smart Play Safe
Thank you for reading!if this helped you at all I would love it if you used my links above when signing up This was my first reddit guide I apologize if it is messy/confusing I will work on the formatting any Feedback is appreciated
-Dom
submitted by dom555 to Roobet [link] [comments]

Buying ADA

Hey Guys!
Long time HODL'er and lurker here - Curious if there are any new(er)/better ways I've missed to buy/exchange for ADA?
I bought ADA back in 2017 on Bittrex, currently staking using the new(ish) Daedalus ITN, and looking to buy more and increase my stake... Just curious if there are better ways (as a Canadian) to do so.
Current method: Coinbase - purchase bitcoin > move to Bittrex > exchange for ADA > move to Daedalus.
Better, more efficient suggestions with less fees, etc...?
Thanks!
submitted by MastrM to cardano [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

What is NDAX?

I come across many posts on Reddit that questions NDAX's business model. I like to cover it here for reference.
1- Deposits: NDAX does not charge deposits fees because our banks do not charge us a fee
2- Withdrawals
Fiat: we charge a flat $25 fee, Our bank charges us a fee and we need to pay those fees
Crypto: We charge a flat withdrawal fee to cover Network fees, our custody provider fees
3- Trading Fees: We charge 0.20% trading fees, one of the lowest in the industry
4- Insurance: Besides the multi-signature wallets for cold and hot wallets through ledger vault and Bitgo we also have insurance on Cold wallets and Hot wallets, that keep us feeling safe and keep our customer's assets secure.
5- Min Deposits/ Min withdrawals: These are recommended minimums, they are not enforceable, they are there to protect our customers from unnecessarily trying to withdrawal very small amounts which will cost them all of the withdrawal fees and that could also spam the network. If a customer wants to withdrawal 26$ we let them withdrawal it but typically we advise people to see the recommended minimums.
6- Why does NDAX don't support E-transfer withdrawals: simply because we are regulatory compliant and when you withdrawal to an email address we do not know which account the money went to and that put the company offside when it comes to money laundering. Also in a situation with account takeovers, its impossible to retrieve customers' funds. We Saw what happened to Einstein with over $4M of fraud that left them insolvent. That being said, We do understand that $25 is not reasonable for small withdrawals and we are soon releasing a couple of options to make it affordable to withdrawal smaller amounts in a compliant manner.
7- Customer services/ Support: check google reviews.
8- Transparency: Customers can view our fees, order book, volume before signing up, we do not markup our spreads and surprise the customer after they signup. and go through the KYC
9- My Favourite: Canada does not need a spot BTC/CAD, well i love to disagree there. With regulations coming into place soon, we want to make sure Canadians have an option to buy spot prices as more and more Canadians decide to enter the space. On the contrary, buying Bitcoin and paying 2.5% on a broker site then transferring to Binance to simply buy XRP (example) and pay withdrawal fees, trading fees are ridiculous.
10- With all the above being said, please refer to this medium post which covered the Canadian bitcoin services including deposit, withdrawal, spread. you can see that NDAX by far is one of your best options. this post was done by a competitor by the way
https://medium.com/paytrie/canadian-cryptocurrency-landscape-analysis-and-outlook-b00d7c15893f
submitted by AlbieDunk to NDAX [link] [comments]

Buying Ripple in Canada?

I have been trying to invest a little in Crypto (Ripple) for a month now. I live in Quebec (Canada) and I can't figure out how to buy Crypto using CAD$. I am verified on the Quadriga exchange aswell as Coinsquare. But, Interac Online simply won't work. I've opened a bank account with Scotia Bank, but they unfortunately don't have Interac Online cards anymore. I've also opened an account with BMO, but their Mastercard Debit doesn't work with Interac Online. Tangerine doesn't work either. Is there any bank that are still issuing Interac Online compatible cards? I don't want to pay 10% fees for CC fund on Coinsquare. Thanks!
submitted by madspiritual to Ripple [link] [comments]

Ripple Subreddit Rules, Helpful Links & Answers to Common Questions - READ BEFORE POSTING

You must read our rules before participating in Ripple
Helpful links and answers to common questions will be updated frequently so check back often
 
 
Ripple Subreddit Rules
https://www.reddit.com/Ripple/wiki/rules
 
Helpful Links
Ripple Insights - Top 9 Frequently Asked Questions About Ripple and XRP (Jan 18, 2018)
Ripple’s Ultimate Strategy; why XRP will increase in value
Removing inefficiency of international payments with XRP
Reasons to expect XRP to be the most popular bridge asset
"XRP is competitive now in the USD/MXN corridor"
Ripple's Decentralization Strategy Update
XRP Market Performance
List of Ripple Partnerships and RippleNet Implementations
 
People to Follow
Ripple on Twitter
Brad Garlinghouse, Chief Executive Officer at Ripple
Yoshitaka Kitao, executive chairman, CEO and president of SBI Holdings, Inc.
David Schwartz, Chief Cryptographer at Ripple | aka u/sjoelkatz
Stefan Thomas, Former CTO at Ripple, Co-creator of Interledger. Founder at Coil
Patrick Griffin, Senior Vice President of Business Development at Ripple
Miguel Vias, Head of XRP Markets at Ripple
Warren Paul Anderson, Product Manager, xRapid/XRP at Ripple
 
Hodor's XRP Blog
TplusZero - research & analysis on #XRP
 
Most Discussed Topics and Answers
● The Case Against BankCoin - Banks need an independent digital asset to enable truly efficient settlement
● Ripple Technology → Fast Payments → XRP → Fast Settlement
● Solving the chicken and egg problem - FI's bridging payments with XRP & companies saving money by holding XRP
● Banks hold XRP under a contractual agreement | Build liquidity to bridge payments to raise the demand for XRP
● How the global adoption of xRapid (XRP liquidity tool) would affect the value of XRP
● Besides instant cross-border payment settlement, XRP can capture other use cases, value that doesn't yet exist
● XRP Ledger has numerous technological advantages over blockchain systems that use proof of work
● Ripple is committed to making the XRP Ledger as decentralized as they possibly can
● Quantum-resistant signature schemes - Adding a new scheme is easy and fast
 
XRP Wallets
You need 20 XRP to activate a XRP wallet. Fees can be changed by the validators through the voting process.
The reserve requirement protects the XRP Ledger from spam or malicious usage.
 
When you are sending XRP to an exchange, destination tag is very important.
Destination tag is not needed when you transfer XRP to your own wallet address.
 
● XUMM by XRPL Labs | Developers
XUMM is a free app (iOS and Android) that makes sending, receiving and interacting with the XRP ledger easy & secure.
 
● Ledger Nano S | Tutorial | FAQ | Buy Online | Ripple Recovery Tool
Cryptocurrency Hardware Wallet
When you get your Ledger wallet, you must reset it and get a new set of 24 words seed before using it.
 
● The World Exchange | How to Create a Cold Wallet for Ripple
A free user-friendly and purely client-side wallet
 
● GateHub | Support | Network Statistics
GateHub XRP Web Wallet
 
Tools
Check XRP wallet balance - Bithomp | Graph | Transactions
Print raw information about an account, a transaction or a ledger - RPC Tool
 
Exchanges
The best way to support XRP is to buy/sell XRP directly with your local currency, not with USDT, ETH, LTC, or BTC.
Available XRP pairs - AUD, BRL, CAD, CNY, EUR, GBP, IDR, INR, JPY, KRW, MXN, PHP, RUB, THB, TRY, UAH, USD, ZAR.
You can find the complete list of XRP exchanges and supported XRP/fiat pairs Here.
 
USD - US Dollar
Kraken | Bitstamp | Bitfinex | CEX.IO | Gatehub |
Exrates | Exmo | Mr. Exchange | Bitsane | Sistemkoin | BitBay | Quoine
 
EUR - Euro
Kraken | Bitstamp | Gatehub | CEX.IO | LiteBit.eu | Anycoin Direct
The Rock Trading | Bitsane | BitBay | BitFlip | Bitlish | Quoine
 
KRW - South Korean Won
Bithumb | Upbit | Coinone | Korbit | GOPAX | Coinrail
 
JPY - Japanese Yen
Kraken | Bitbank | Quoine | Mr. Exchange
 
CNY - Chinese Yuan
RippleFox | Ripple China | Fatbtc
 
TRY - Turkish Lira
Vebitcoin | BTCTurk | Koineks | Sistemkoin | Ovis
 
INR - Indian Rupee
Zebpay | Koinex | Unocoin | Bitbns | BuyBitcoin | BuyUcoin
 
AUD - Australian Dollar
BTC Markets
 
THB - Thai Baht
BX Thailand
 
MXN - Mexican Peso
Bitso
 
IDR - Indonesian Rupiah
Indodax | Quoine
 
RUB - Russian Ruble
Exmo | BitFlip
 
ZAR - South African Rend
Altcoin Trader
 
CAD - Canadian Dollar
Kraken
 
UAH - Ukrainian Hryvnia
Kuna | BTC Trade UA | BitFlip
 
GBP - British Pound
Cryptomate
 
BRL - Brazilian Real
Braziliex
 
SGD - Singapore Dollar
Quoine
 
AED - United Arab Emirates Dirham
BitOasis
 
PHP - Philippine peso
CX | Exchange
 
USDT - Tether
Poloniex | Bittrex | Huobi | OKEx | CoinBene | Upbit | HitBTC |
ZB.com | Gate.io | Sistemkoin
 
ETH - Ethereum
Binance | Bittrex | Gatehub | OKEx | OTCBTC | Upbit | HitBTC |
Bitsane | Mr. Exchange | CoinFalcon
 
LTC - Litecoin
Bitsane | Mr. Exchange
 
BTC - Bitcoin
Kraken | Bitstamp | Bitfinex | CEX.IO | Gatehub | Binance | Poloniex | Bittrex |
HitBTC | OKEx | Upbit | Huobi | BTCTurk | BTC Markets | CoinEgg | Exmo |
ZB.com | OTCBTC | Coinrail | Bits Blockchain | Triple Dice Exchange | Indodax |
Exrates | Qryptos | Gate.io | Bitsane | Bitso | Ovis | BCEX | BitBay |
Mr. Exchange | Orionx | CoinFalcon | Abucoins | BitFlip | LakeBTC | Coinbe
submitted by nvok to Ripple [link] [comments]

Need Tax Help for Bitcoin (Ontario)

I am currently trying to do my taxes for crypto and I am extremely lost. I went to an accountant who told me to separate all transactions by asset class (btc, ltc, etc). She wants to see where I bought bitcoin, for how much, when, and the same for when it was sold.
The only problem is it's all mixed together. For example, I bought BTC, ETH and LTC, and sent it to a different exchange (binance and bittrex). When I wanted to cash out, I turned 95% of it to LTC (for a fast transaction) and sent it to the exchange that I use to turn crypto into fiat. I sold the LTC for CAD.
How on earth am I supposed to sort by asset? It shows me buying btc, eth and ltc, but then it shows me converting it to ltc, and then to CAD. If they are tracking it by assets, how is this even possible? It would show me getting LTC out of no where, and it would show BTC disappearing.
Any help would be greatly appreciated. Thanks!
submitted by RonSwanson to BitcoinCA [link] [comments]

Need Tax Help for Bitcoin [Ontario]

I am currently trying to do my taxes for crypto and I am extremely lost. I went to an accountant who told me to separate all transactions by asset class (btc, ltc, etc). She wants to see where I bought bitcoin, for how much, when, and the same for when it was sold.
The only problem is it's all mixed together. For example, I bought BTC, ETH and LTC, and sent it to a different exchange (binance and bittrex). When I wanted to cash out, I turned 95% of it to LTC (for a fast transaction) and sent it to the exchange that I use to turn crypto into fiat. I sold the LTC for CAD.
How on earth am I supposed to sort by asset? It shows me buying btc, eth and ltc, but then it shows me converting it to ltc, and then to CAD. If they are tracking it by assets, how is this even possible? It would show me getting LTC out of no where, and it would show BTC disappearing.
Any help would be greatly appreciated. Thanks!
submitted by RonSwanson to PersonalFinanceCanada [link] [comments]

QuadrigaCX: A history of suspicious activity

This is a compilation of everything suspicious I found with Quadriga. Please let me know if there’s anything incorrect or missing

Early History (2013-2017)
All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies.
QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.

Banking troubles throughout 2018

Period leading up to Gerry’s death

Gerry’s death and announcement

Chain analysis of the crypto trapped in cold storage

Formal Active Investigations

References:
Quadriga’s History
CCN Article listing suspicious activity
Court Documents
submitted by crashcow51 to QuadrigaCX2 [link] [comments]

Weekly Update: 10k ParJar users, PAR on Mercatox, BOMB Announcement, FTM on OKEx... – 28 Jun - 4 Jul'19

Weekly Update: 10k ParJar users, PAR on Mercatox, BOMB Announcement, FTM on OKEx... – 28 Jun - 4 Jul'19
Hiya folks! With this update we will be totally caught up with the latest Parachute weekly. Whew! Told ya it will be fun. Thanks for sticking by. Here’s your week at Parachute (28 Jun – 4 Jul’19):

ParJar crossed 10k users this week (with 120k total transactions till now). The growth is real! PAR got listed on Mercatox as well. The first Cex listing. Woot! Remember how well researched Benjamin’s BOMB metrics reports were? You are in for a treat. He made a deep dive report on the PAR token metrics as well. Enjoy! CoinsOnFire’s review of Parachute is out too. Have a read! Cap’s Parachute journey article was translated to Spanish by Roberto. The milestone items for July are pargas, new projects, more coverage. Cap announced a competition to design a logo for the Parachute News/Announcement channel. Tons of solid entries. 300k PAR were given out to the top picks. Pedro’s logo was simple yet clear in its message and was the winner of the comp with it becoming the Ann channel logo.
Great work on the logos, guys! These look super fresh

Ice and Chris rocking that Parachute swag
The latest ParJar feature allows you to see price of any coin/token/USD/CAD/EUGBP/PLN/RUB amount to another coin/token/USD/CAD/EUGBP/PLN/RUB. So if you want to see price of 5000 PAR in AXPR or USD, just type /convert 5000 PAR AXPR or /convert 5000 PAR USD. Try it out in PM with the bot. Ketan won this week’s Parena and laid claim to the lion’s share of the 100k PAR pot. Victor’s trivia this week in ParJar was on Animals. 10 questions, 50k PAR. Dayum! Ian hosted an art quiz in ParJar as well. Another 50k PAR given out. The OG Parachute items were finally phased out of the parachute shop this week. Check out the latest gear that arrived in the shop.
The Big Chili Race Standings as on 2-July
Alexis receiving one of the last shipments of the OG gear
aXpire submitted its proposal to be listed on Binance Dex this week. The 100k monthly AXPR burn can be tracked here. Weekly update video is up as well. Have a look. Co-Founder of Huddl, Vishal Karir, wrote about BOMB as deflationary gold in an article on scarce assets. Jason Choi, researcher at The Spartan Group, talked about two "fascinating & underexposed economic experiments in crypto" in a tweet thread this week. One of them was BOMB. Benjamin’s latest BOMB Report is out as well. You can also watch him elaborate on it in this video. Remember, the BOMB video contest that has been ongoing for a few weeks now? Here’s a compilation of 100 submissions. The winners have been selected. A new market stats dashboard will be going live soon. And finally, don’t forget to mark your calendars for July 15th. Zachary will be announcing the next big step for BOMB.
This chart from Benjamin’s report seems to back up BOMB’s core idea
Horizon State was featured in the blockchain showcase series by Micky News with a detailed background on the project and where they are heading. HST got added to the FlashCoin mobile wallet and its P2P marketplace. The Hydro Pay app’s official video was released this week. Plus, check out the latest app updates here, here and here. The project was also covered in a publish0x article about 3 promising projects in H2 2019. HYDRO has taken the lead in a vote-for-listing competition to get listed on ChangeNOW. Read more about DeFi and how Molecule is a positive force in the DeFi space in Hydro’s article. In District0x-verse, read up on the latest from the District Weekly. Meme Factory’s newest meme contest is underway. Hearthstone fans, don’t forget to catch the gameplay recording of Game of Memes (which uses Meme Factory assets for game cards). Project Manager Alexander wrote about the journey of Meme Factory so far in his blog article.
Meme Factory's dankest meme as of 4th July :p
Fantom’s FTM token was listed on OKEx, OKEx Korea and Bittrex International this week. If you’ve been living under a rock for the first half of 2019, CMO Michael Chen’s got your back. His half yearly recap article covers all things Fantom. Michael's presentation at ZKLux#1 was featured in Sikoba's blog post. PaperCoins’ review of Fantom was published this week. Check it out! The team also had an AMA with the latest partner, Xangle. Click here for the transcript. Opacity (and Hydro Pay) were added to dApp browser on dapp.com. June recap for Opacity was out this week. Bounty hunters, have a read of the weekly Bounty0x distribution report. Bloom partnered with the platform to provide Bloom verified accounts for Bounty0x users. Bloom verified accounts are more trustworthy and hence get access to higher value bounties compared to unverified accounts.
Bloom takes data privacy seriously
1UP will be seeing a major burn of its tokens in the near future. Read more about the updated tokenomics here. Another project will get a chance to be reviewed in detail for free by Uptrennd. Voting started this week. Have a question to ask Enjin CTO Witek Radomski? Uptrennd will be interviewing him soon and your question could make it to the interview. The ETHOS Universal Wallet turned 1 this week. Happy Birthday! Switch’s press releases went live simultaneously on Reuters, The Merkle, Bitcoin PR Buzz, Coinspeaker, Blockmanity and ZyCrypto. ESH was listed on Mercatox and ZooomEx. One of the coolest features on Switch is the option to buy gift cards with altcoins. Catch up with the latest at Switch from their update article. In Birdchain news, get an early preview of the of the SMS feature on the app and its testing snapshots. Details of the 2gether referral program were released this week. Here’s a link for Spanish speakers.

And with that, it’s a wrap for the rapid catch up series and for this week at Parachute. Thank you again for being here and God Bless Parachute! See you again with another update. Ciao!
submitted by abhijoysarkar to ParachuteToken [link] [comments]

Binance, Paxful partner to bring bitcoin to masses as the latter supports over 300 payment methods

Cryptocurrency exchange Binance and peer-to-peer (P2P) trading platform Paxful have joined hands to bring bitcoin to masses.

The partnership will allow Binance users to utilize Paxful’s platform directly on Binance.com to buy bitcoin (BTC) with 10 fiat currencies - Russian ruble (RUB), Vietnamese dong (VND), Indonesian rupiah (IDR), Nigerian naira (NGN), Colombian peso (COP), British pound (GBP), Mexican peso (MXN), Canadian dollar (CAD), euro (EUR) and Argentine peso (ARS).

In other words, Paxful is now Binance’s another fiat gateway partner, joining the list of Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash. Binance already allows buying of bitcoin via these partners, so how is Paxful’s platform different?

“Unlike other payment gateways, Paxful supports more than 300 payment methods including local currency bank transfers, gift cards, and online wallets. This gives an opportunity for the unbanked and underbanked to be part of a new ecosystem,” Artur Schaback, co-founder and COO of Paxful, told The Block.

He further explained that Nigeria, for instance, has restrictive banking rules. So residents of this country can use gift cards to buy bitcoin via Paxful to fund their Binance accounts.

Paxful said it currently supports 167 fiat currencies on its platform, but for Binance integration, it is supporting the ten fiat currencies for now and could add support for more “in the near future.”

https://www.theblockcrypto.com/post/50281/binance-paxful-partner-to-bring-bitcoin-to-masses-as-the-latter-supports-over-300-payment-methods?utm_source=rss&utm_medium=rss
submitted by FastSellerService to BitcoinInfo [link] [comments]

Nano For Good: FAQ

I was tipped Nano, what's next?
Congrats on receiving your first Nano tip! The first thing you should do is move your Nano to your own, secure wallet for safe keeping. This will only take 5-10 minutes.

-- Setting up your wallet
There is a number of wallets available that support Nano but we recommend:
IOS: Natrium or Canoe
Android: Natrium or Canoe
PC/Web: Brainblocks Wallet
Remember to carefully store your seed phrase during the wallet signup process. If you lose this seed you may lose access to your Nano. We recommend writing it down in multiple locations for additional peace of mind.

-- Withdrawing your Nano from the Tip-bot
Now that you have your wallet set-up you will need to PM the tip bot, u/nano_tipper to instruct it on where to send your funds. To withdraw your Nano, you should PM the bot the following:
send [amount of Nano] [your address] 
Where the amount is the total value of the tips you have received ( You can PM the bot, "balance" if you do not know this) and the address is your wallet address, which you can find in the wallet app you have just downloaded, usually under "Receive" or "My Account" pages. e.g:
send 1 nano_xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx 
If you have any problems with this step, leave a comment below, visit the tip-bot documentation or official subreddit.

-- What to do with your Nano
Once you have your Nano in your own wallet, it's up to you what you want to do with it. Like any currency, you can save it, spend it or sell it:

---- > Spending Nano
Like any currency, Nano is meant to be spent! and with zero fees & instantaneous transactions there is no better method to buy the products / services you love. Currently there are a number of things you can purchase with Nano, including: Games, gift-cards, hotel stays, in-game currency, gambling, takeaway food and even pay in-store in certain locations.
List of stores accepting Nano
Alternatively you can signup for Wirex and within 3-5 days receive a Visa debit card capable of spending Nano at any of millions of physical locations or online stores worldwide in which Visa is accepted.

How does paying with Nano compare to other popular payment methods?
Payment Method Fees Who pays the fee Payment Time
Credit Card 2-5% + 20-35c per transaction Merchant Instant
PayPal 2.9% + 30c per transaction Merchant / Customer Instant
Bitcoin $4 per transaction (18/05/2019) Customer 10 minutes+
Nano None N/A Instant

---- > Selling Nano
You may wish to sell your Nano for your local currency (USD/EUGBP etc.) or exchange it for another cryptocurrency such as Bitcoin. This is easy to do and should only take an hour even for someone new to Nano.

To sell your Nano for a local / fiat currency, there are a number of services you can use, such as the following:
Sell to USD: Kraken, Coingate
Sell to EUR: Wirex, Kraken, Bitvavo, Coingate
Sell to GBP: Wirex
Other: Wirex (AUD, HKD, JPY, CAD)

To sell your Nano in exchange for a cryptocurrency such as Bitcoin or Ethereum, we recommend the following:
BTC: Binance, Kucoin
ETH: Binance, Kucoin
USDT: Binance
Nollar: Txbit
Full list of exchanges

-- More information / Need help?
For more information and/or help on moving/using/selling Nano, you can turn to the helpful folks on the official subreddit, nanocurrency or the official Nano Discord.

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What is Nano worth?
At the time of posting, 1 Nano = $1.02 USD but you can check the current price here as it will fluctuate over time.

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What is Nano?
Nano is a digital currency for the real world - the fast and free way to pay for everything in life. It features instant transactions, zero fees and is infinitely scalable. Gone are the days of complicated and energy-inefficient transactions - Nano is green and easy to use.

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What is Nano For Good?
Nano For Good is a community-run (initially by three community members) initiative to help better promote Nano, fund Nano-based projects and support helpful community posts. With 45,000 Nano in our fund and over 18,000 Nano distributed & tipped to date. Follow our progress here: https://nanocrawler.cc/exploreaccount/xrb_3cnhdppkx46f9jnagbizhxo84zjfp17tznpcf6x9q47jkujjqbq48aag5fid
submitted by nanillionaire to u/nanillionaire [link] [comments]

Daily analysis of cryptocurrencies 20191111(Market index 40 — Fear state)

Daily analysis of cryptocurrencies 20191111(Market index 40 — Fear state)

https://preview.redd.it/ng1rc23cm1y31.jpg?width=1080&format=pjpg&auto=webp&s=6b4874423f96506b8ff820b8983e6fac5f093a6a
Argentina Sets New Trading Record After Central Bank Bans Bitcoin BuysBitcoin (BTC) trading set new records in two of its most keenly watched South American markets last week, new data has revealed.As monitoring resource Coin Dance confirmed on Nov. 10, the seven days ending Saturday (Nov 9) saw more trading against BTC than ever before in both Venezuela and Argentina.In total, Venezuela traded 142.9 billion sovereign bolivars (VES) last week, while Argentina managed 19.4 million pesos (ARS). Both are firm records over previous levels.
Bitcoin Called “First Successful Application Of Blockchain” By State-Run Chinese NewspaperChinese state news agency Xinhua has published a front-page article entitled “Bitcoin: The First Successful Application of Blockchain Technology,” according to Sino Global Capital CEO Matthew Graham.The lengthy article explains the main peculiarities of Bitcoin, an open-source P2P cryptocurrency, describing how BTC transactions and mining work. It also mentions that the price of the top cryptocurrency tends to fluctuate a lot, and it’s difficult to ensure its stability.
Canada’s First Legally-Delivered USD Stablecoin Launched By Blockchain Venture CapitalThe Blockchain Venture Capital Inc. (BVCI) has launched CUSD — the first legally delivered USD-stablecoin in Canada.The cryptocurrency is supplemented by a mobile wallet called Bvc Pay which is used to store, exchange, and trade CUSD over-the-counter (OTC).The same company also developed the world’s first stablecoin pegged to the value of the Canadian dollar (CAD) — first launched on Canada Day back on July 1, 2019.
Bitcoin Mining Difficulty Sees Biggest 2019 Drop As Hash Rate SpikesBitcoin (BTC) mining difficulty adjusted downwards more than at any time since its 2018 price low on Nov. 8, data shows.As noted by entrepreneur and cryptocurrency commentator Alistair Milne on Monday (Nov 11), difficulty fell by around 7% after the network’s latest readjustment.

After a major decline, bitcoin found support near the $8,670 level against the US Dollar. A new monthly low was formed near $8,674 before the price started an upside correction.
The price recovered above the $8,800 and $8,900 levels. Moreover, there was a break above the $9,000 resistance area and the 100 hourly simple moving average. The bulls were able to gain strength, but they faced a strong selling interest near the $9,150 and $9,160 levels.
A high was formed near $9,146 and the price is currently retreating from the high. It broke the $9,000 support area and the 100 hourly SMA. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $8,674 low to $9,146 high.
Review previous articles: https://medium.com/@to.liuwen

Encrypted project calendar(November 11, 2019)

PAX/Paxos Standard: Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO): and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC): 11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”Horizen (ZEN): 11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th.SINOVATE (SIN): 11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts!0x (ZRX): 11 November 2019 0x V3 Vote Ends “The voting period will end on November 11. Learn more about all the exciting features included in v3 below.”Akropolis (AKRO): and 4 others 11 November 2019 Kucoin Blockchain Day “KuCoin Blockchain Day Berlin 2019” from 5 PM — 9:15 PM (CET) in Berlin.

Encrypted project calendar(November 12, 2019)

BTC/Bitcoin: The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB) and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”Aion (AION) and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore.Loom Network (LOOM): 12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”Kava (KAVA): 12 November 2019 Updated Mainnet Launch “Our updated mainnet launch will be on Tuesday November 12th at 14:00 UTC.”Crypto.com Coin (CRO): 12 November 2019 Telegram AMA Live AMA with CRO COO and Kucoin’s Global Community Manager on KuCoin’s official English Telegram channel at 16:00 (UTC+8).Chainlink (LINK): and 1 other 12 November 2019 NYC Meetup “Ontology + Future of Blockchain in China Meetup Presented by Chainlink” in NYC from 6:30 PM — 8:30 PM.

Encrypted project calendar(November 13, 2019)

Fetch.ai (FET): 13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai #Cambridge #meetup on 13 November @pantonarms1.”Binance Coin (BNB) and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB): 13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ): 13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnz anything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB): 13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).Vexanium (VEX): 13 November 2019 Dapps Incentive Program Vexanium will give an incentive for every Dapps that is submitted during this program period.Egretia (EGT): 13 November 2019 Post Consensus Invest “2019 NYC Blockchain Gaming & DeFi Party | Post Consensus Invest” in NYC from 7–9 PM.Holo (HOT): 13 November 2019 AMA “Submit your questions before the #AMA on Nov 13th @ 5PM — 5:45PM UTC”

Encrypted project calendar(November 14, 2019)

BTC/Bitcoin: The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.Binance Coin (BNB): and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15.Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO @johnnyryan, as well as @UoE_EFIHorizen (ZEN): 14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.IOTA (MIOTA): 14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from..Dash (DASH): 14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019”NEO (NEO): 14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Merten from DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”ANON (ANON): 14 November 2019 ANONIO Wallet Upgrade In conjunction with the Echelon Update, the ANONIO wallet will also be receiving an upgrade!

Encrypted project calendar(November 15, 2019)

TRON (TRX): 15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th”Bluzelle (BLZ): 15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019.Zebi (ZCO): 15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.”OKB (OKB): 15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”Zenon (ZNN): 15 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”

Encrypted project calendar(November 16, 2019)

Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”NEM (XEM): 16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.

Encrypted project calendar(November 17, 2019)

OKB (OKB): 17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.

Encrypted project calendar(November 18, 2019)

Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”

Encrypted project calendar(November 19, 2019)

Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”Aion (AION): 19 November 2019 Hard Fork “Leading up to the hard fork on November 19th-20th, 2019 the Unity — Aion Kernel will be upgraded by node operators.”

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!DAPS Token (DAPS): 20 November 2019 Partnership with SWFT “Everyone will have $DAPS mobile wallets, atomic swaps and much more starting on the 20th of November!”

Encrypted project calendar(November 21, 2019)

Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 22, 2019)

IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 27, 2019)

OKB (OKB): 27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET): 27 November 2019 London Meetup “Join us on 27 November @primalbasehq to hear an exciting progress report as we prepare for the launch of our #mainnet”

Encrypted project calendar(November 28, 2019)

Horizen (ZEN): 28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 30, 2019)

Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”

Encrypted project calendar(November 31, 2019)

Wanchain (WAN): 31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019.QuarkChain (QKC): 31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.

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submitted by liuidaxmn to u/liuidaxmn [link] [comments]

Buying Ether in Canada, my experience with different exchanges

Hello, I'm writing about my experiences buying ethereum in Canada, essentially converting CAD to ETH. The goal is to help beginners that are interested in getting started but don't know where to actually buy ether. There's a lot of info out there but most of it seems to be centered around USD, which doesn't always translate for CAD and our banking system. I'm by no means an expert but I figured someone might find this information helpful.
I've verified and used the following sites, so I'll be writing about them:
If you just want the gist of it, a super-quick summary of what I found:
With every one of these sites, there's usually some form of verification. This involves taking a picture of some piece of government ID (usually passport or drivers license), as well as some sort of proof of address such as a utlity bill. Some sites require you to take a selfie with some of that documentation or holding a handwritten sign. It seemed sketchy to me at first, but every place does it.
Coinbase
This was the first place I tried. Their only payment methods I could find are Visa and MasterCard, of which they charge a 3.75% convenience. With reward cards you might get 1%-2% back, but this is a fairly high fee. The bright side is it's just about instantaneous.
One thing I noticed is that their sell price is about ~$5 higher than a few exchanges. For example, as I write this, it's $119.23 on coinbase. On kraken it's 113.99 for a market order.
There is a weekly $200 limit on the amount to buy. A 30 day countdown started after I spent $500 to increase the limit. I can't find what the new limit amount will be once that countdown reaches 0 though.
So far, I've been with them for over a month and I've bought $600 worth of ether. The first time I bought it only took a minute to get sent to my private address. The second time it took ~40 minutes for it to actually get sent to my private ether address, but this was due to some issues they were having, probably just a fluke. I've bought two more times since then and both times it was instant.
To summarize
Pros:
Cons:
QuadrigaCX
Hoping to get lower fees, this was the second place I tried. They accept a lot more payments with a variety of fees, I'll list them out:
Funding Type Daily Limits Time Frame Fee Verification
Electronic Funds Transfer Min $250, Max $10,000 5 Business Days 5% required
Interac e-Transfer Min $500, Max $5,000 Next Business Day 2% + $5 required
Interac Online Min $50, Max $2,000 Instant (but may be held 24 hours by security) 1.5% (min. $5) required
Bank Wire Min $100,000, Max $500,000 2-4 Business Days Free required
Crypto Capital Min $500, Max $500,000 24 hours Free required
Electronic Funds Transfer replaced their "direct bank transfer" option, and while I think it's great since I think every bank supports it, it unfortunately has a rather high fee at 5%. I don't really see why you would use this though, if you can use Interac Online, it's faster. If you need the higher daily limit, a bank wire would be cheaper too.
Interac e-Transfer I'd go with this if your bank doesn't support Interac Online and if you don't mind the 2% fee. If you're doing a large amount, the Bank Wire would be a better choice, depending on how much your bank charges you.
Interac Online seems like the best choice for less than $2000. Unfortunately even though my bank card says "Interac" on it, and the bank is listed as supported, I can't use it for Interac Online because the card is both a debit and visa card. I've read that RBC and BMO are the only banks that support this, so it may be worth signing up with them.
Bank Wire ended up being what I used (EDIT: back then the minimum for a wire transfer was $500). I wanted to deposit a larger sum, so just paying my bank for the cost of the transfer ended up being worthwhile (about 0.5% fee). The downside is I had to go in person to a branch to send a wire transfer and it's only really worthwhile for larger transfers.
Crypto Capital seems like a 3rd party that you can wire to and then transfer that to QuadrigaCX. I don't see the appeal in using this to fund an account since you can just wire to QuadrigaCX directly.
I sent the wire transfer a few days ago, and it seems like it will take 3-5 business days for it to complete. I'll update this post if the money somehow just disappears. Wire transfer came through today, no problems :)
Once you do get CAD on QuadrigaCX, the fees to buy Ether are 0.5%. Combined with my wire transfer cost, I expect to only have paid a total of 1% in fees.
To summarize
Pros:
Cons:
Kraken
The latest site I've tried, they have multiple tiers of verification. You can't deposit CAD until you reach tier 3 verification, which can take up to 48 hours.
Tier 1 and tier 2 were verified within the hour but tier 3 was still not verified 3 days later. When I submitted a support ticket, they were very quick to respond the next day and told me I needed to submit a Confirmation ID. Their site listed the Confirmation ID for a few countries and some criteria but it didn't seem like Canada applied to any of the criteria. Regardless, I submitted the Confirmation ID and was verified with tier 3 that same day.
The only way to deposit CAD with Kraken is through wire transfer and it seems like there's some unlisted fees based on what their banks charge them to receive a wire transfer (as well as any intermediary bank). I have not done this so I cannot tell what the costs would be.
Once you do have CAD on their exchange, their fees are better than QuadrigaCX with a MakeTaker rate at 0.16%/0.26%.
I have sent ether to Kraken just for playing around with trading and I've had no problems.
To summarize
Pros:
Cons:
Coinsquare
Verified today and decided to try the Interac e-transfer. This is when I encountered a problem (at least on firefox), for funding the account, they have a javascript button to dismiss an overlay before you can do the e-transfer. The html element for the button is an href and has a 'blank="target"' property on it. When I press this button, it opens a blank new tab, and nothing changes on the page. Running the javascript function manually causes the alert to be removed and it works as expected. This is a little insane that I had to have knowledge of html to get access to it. Their site has been improved a significant amount and I haven't ran into these kinds of problems since.
Anyway the e-transfer itself worked perfectly, it funded my account, and I think it's my favourite way to transfer CAD into exchanges so far. Only a 2.5% fee and only takes a few minutes to be in my account. They also have wire transfer, money order, and bank order, but I think other exchanges have a much better interface.
Buying Ethereum was a bit more confusing since (as far as I can tell) you can't trade CAD to ETH directly, you have to trade CAD for BTC first, and then trade that BTC for ETH.
The interface for placing an order was confusing to me compared to Kraken or QuadrigaCX, but I figured it out. Although I was interested in seeing how many orders there were and for how much, but I wasn't able to find that.
Buying BTC has a trade fee of 0.1%, and then trading for ETH has a trade fee of 0.2%. Overall total fees for e-transfer were ~1.3%~ 2.8% now, which is great considering what other fees are and how fast it is in comparison. If you can get past the interface, e-transfer is the way to go.
Funding Type Daily Limits Time Frame Fee Verification
Interac Online Min $100, Max $2,000 Instant (withheld for 3 days) 2.5% not required
Intac e-Transfer Min $100, Max $3,000 1-3 days (withheld 0-7 days) 5% required
Flexepin Min $20, Max $500 instant 2.5% required
Bank draft Min $1000, Max $9,000 0-2 days (withheld 0-5 days) 0.25% required
Money Order Min $100, Max $1,000 0-2 days (withheld 0-5 days) 0.25% required
Wire transfer Min $10,000, Max $300,000 0-1 day (withheld 0-2 days) 0.5% required
They have this concept of withholding funds, where you basically have to keep the money on the account. You can trade with it as much as you want, but you won't be able to withdraw until after the withholding time.
Pros:
Cons:
Alternatives
There are of course other sites to get ether, and there's always the option of getting bitcoin and exchanging it through an exchange like Kraken or Poloniex for ether. There are bitcoin ATMs scattered around as well, but I can't comment on any fees involved or how close they match exchange prices.
Other sites I checked out:
Alt Coins
The main sites for getting CAD into the cryptocurrency space like QuadrigaCX, Coinbase, Kraken, and Coinsquare don't have a lot of altcoins. Fortunately once you have ether you can send it to another exchange and trade that for altcoins. These are my favourite ones:
Funnily enough, this whole experience has made me appreciate the flexibility cryptocurrency like ether has and served as a reminder to how slow and cumbersome transactions become once the banking system is involved.
EDIT: received wire transfer through QuadrigaCX, made account with coinsquare.
EDIT2: added coinsquare section
EDIT3: updated QuadrigaCX and coinsquare section, updated alternatives list
EDIT4: Added e-transfer for QuadrigaCX!
EDIT5: Cleaned up alt coins section.
submitted by speedtouch to ethtrader [link] [comments]

08-08 05:43 - 'Having a struggle selling BTC and withdrawing to CAD bank' (self.Bitcoin) by /u/letthebasskick removed from /r/Bitcoin within 335-345min

'''
Hi all,
I have accounts with: Coinbase Kraken Binance Shakepay
I have reviewed all options, I'd like to use kraken and EFT the withdraw but I'd like to hear some of your results, I am looking at withdrawing .5 BTC in total. seems like 100 + ways to buy but withdrawing is difficult.
Wondering if there is a etransfer option i haven't seen yet. I bank with TD.
Edit I used Shakepay, never thought it would be so easy with them. All in all took an hour free deposits and withdrawals and very nice app and website. Seriously the easiest and most pain free way to withdraw crypto to fiat to a Canadian bank using etransfer
And the fact only 1 person made mention besides doing the “standard” 2-5 business day eft is stupid. WHY can we buy crypto so quick and not withdraw just as fast. The fact that I could do it so quick with shakepay is the real way. I believe exchanges hinder our way to leave on purpose to keep it on the exchange. Why can 1 platform do it so quick and not the rest?
'''
Having a struggle selling BTC and withdrawing to CAD bank
Go1dfish undelete link
unreddit undelete link
Author: letthebasskick
submitted by removalbot to removalbot [link] [comments]

Most cost efficient way for Canadians to buy crypto! Shakepay

As most Canadians, I have struggled to find a way to buy crypto in Canada. And as most people i made my first purchase using Coinbase, which has horrible fees, and high rates to actually buy. I started using QuadrigaCX but now the only bank that allows interac which was RBC has put a ban starting on may 15.
  1. I was introduced to an app called SHAKEPAY, and here is my experience so far.
  2. Made an account and was verified in 6 mins.
  3. There only way to deposit CAD is through email transfer - took 3 mins to send and have the funds deposited in my shakepay account.
  4. Ready to buy bitcoin, this is where i was impressed. i noticed shakepay has the best damn rate for bitcoin, at the time of purchase, 1 BTC cost 10244.90 CAD FEES INCLUDED, vs Coinbase which cost 10691.10 CAD FEES NOT INCLUDED.
SHAKEPAY HAS THE BEST RATE I HAVE EVER SEEN ON ANY EXCHANGE TO BUY. PERIOD.
now its also noted it has the worst rate to sell bitcoin as well, BUT it has no fees when transferring BTC to any exchange, so i simply buy on shakepay and transfer to binance or quadriga if i want to sell or trade.
im not affiliated with shakepay in anyway, i just want to help any canadains who are interested in buying crypto to get started. I know how hard it was for me, but i finally figured out the most cost effiecent way without paying tons of fees or overpay for crypto. If you are interested in getting started or giving this company a try, you can use my referral link and get free $5, msg me if interested.
submitted by HEXADECIMAL0x to Bitcoin [link] [comments]

My recent wire experience

Want to relay my recent experience to help other canucks entering the cryptocurrency scene. I wanted to invest 100K in both main coins and some alt coins. Depositing that amount can’t be done using ETF/bank-transfeetc. – the only reasonably quick way is to wire funds. For wires, most exchanges have a percentage based deposit fee – something that makes absolutely no sense to me. Whether you wire 1K or 1MM, the amount of work for the exchange is identical, so it should be a flat fee. Deciding on an exchange is more complicated than that though: each one has their own rules for minimums/maximums, trading fees, supported coins, holding periods, and withdrawal fees. They also can vary greatly on the amount of time verification takes. One thing to note is that pretty much all exchanges don’t charge a fee for inbound crypto transfers.
2 months ago I signed up for 10 exchanges (Coinbase/GDAX, Binance, Coinsquare, Kraken, ezBTC, QuadrigaCX, Bitfinex, Gemeni, Bittrex, Poloniex) and was verified on 7 of them (I’m still in queue for Gemeni, Bittrex, and Poloniex). Verification times gave me what I thought was a decent indicator of the level and quality of support I would receive.
Of these exchanges, some have what I believe to be relatively high trading fees (Gemeni .25%, Bittrex, .25%, ezBTC .30%, QuadrigaCX .50%) vs lower maketaker fees (GDAX 0/.3%, Binance .1/.1%, Gitfinex .1/.2%, Coinsquare .1/.2%, Kraken .16/.26%). Still others have high percentage based wire fees. And finally, there’s a big disparity between withdrawal fees: free on some exchanes, vs fixed rate based on the coin for others, vs Coinsquare’s insane fixed 0.0025 BTC regardless of what coin or the amount being withdrawn.
So here are some observations on the exchanges. Please note that the below is not a reflection on any of the people who work at the exchanges. I’m sure they are working as hard as they can and are doing their best. It’s just my experience. It’s also not financial advice. Also, I’m only human so feel free to offer corrections or better advice.
Coinsquare: amazingly fast verification time, and for very large deposits seems to likely be the best option as they will let you speak to a human being by phone and will waive the deposit fee (I didn’t know this until later though). I excluded them because of their high 0.5% percentage based deposit fee and their crazy high withdrawal fee. They also only have support for 6 coins.
QuadrigaCX: I had a terrible initial experience with QuadrigaCX’s support, so I immediately excluded them. They have high trading fees and there are many complaints of support tickets being ignored or having extremely lengthy wait times. They have a crazy high 1% percentage based CAD wire fee, but offer free USD wires. Note that they only support wires for large amounts.
GDAX/Coinbase: Loads of good reviews, but only has support for 4 coins. Seems like they also don’t have a fee for crypto withdrawals. You also can’t seem to wire CAD or USD funds directly to GDAX. I think you may have to wire USD funds to Coinbase and then transfer them over to GDAX (for free).
Kraken: I created an account but the verification page just appeared blank for me. After a few days, their support team got back to me telling me that they had a bug and that I needed to create a new account using a different email address and try again. That worked. I decided to use them as they seemed like the best all-around alternative. I was impressed with their support response (they gave me an answer that worked and responded in days as opposed to weeks), they offer a no-fee inbound CAD wire, support 16 coins, and have low (though not free) crypto withdrawal fees. They have also been around a while and have a good reputation (They were picked to handle MtGox claims). Wiring funds to them was a hair-raising experience though. You basically need to send your funds to an unknown bank in Tokyo, Japan. Kraken also has two slightly different sets of wire instructions: one that is on their website, and the other that their support folks send out. Only one of them mentions that you should tell your bank not to use an intermediary that will convert your currency. If you do things properly, and are lucky, you end up only paying ~$40 in fees. But chances are, you don’t, and end up paying 4%! (see https://www.reddit.com/BitcoinCA/comments/7rd6k8/fees_when_sending_to_krakencom/). You also have no idea how much the fees will be until the money finally shows up in your account. That’s tremendously unsettling. Luckily my bank branch manager was familiar with crypto currency wires and helped me do things properly. But, the wire took over 2 weeks to show up (Jan 18th), and Kraken support is so overloaded that they didn’t’ respond, despite me escalating my support ticket several times. I eventually had to resort to a reddit post to get a response to my support ticket. I gave support my wire receipt and answered lots of additional questions to help them try to “locate” it. Perhaps the worst part of my entire experience was that while my wire was being located, the entire crypto market tanked by 50%...and no one would respond to my support ticket…I felt helpless. A Kraken support rep a few days ago said that they are handing >50K new user registrations per day and have >20K new support tickets per day. I feel they should turn off new user registrations until they are capable of servicing existing customers. This is what their competitors have done. I found it disheartening to learn that the only way to get a response to my support ticket was to complain via social media --- many others have found the same. While I was waiting for my wire to appear Kraken had a >48h outage. Prior to the outage, the site was almost unusable as you’d receive constant 50x errors (I found this out prior to wiring my funds). After the outage, I find that their site is still barely usable. Pages take 10-15 seconds to load and when they do load many times they display errors so you have to continually retry until things work. At the end of the day though, they did come through for me: my wire arrived safely. So with my funds in Kraken, I tried to use them to purchase crypto. But no matter what I tried, none of the CAD dollar trading pairs would appear. I logged out and back in a few times and 15 minutes later, it suddenly started appearing. With the flakiness in Kraken’s platform, I had no choice but to transfer everything to a more stable and faster exchange:
Binance: These guys have their shit in order. Super simple site navigation once you get used to it, fast verification times, blazingly fast website and trading engine, more than 50 coins supported, etc. But, they don’t support fiat – you must use one of the other exchanges to buy crypto with fiat and then transfer in your crypto. Gotta say it again: everything is super fast. Not just the page loads, but also trading, email confirmations, and withdrawals. Trading takes a bit of getting used to as you aren’t really buying or selling crypto…you are instead “trading” one crypto coin for another. Depending on the coin you want to purchase, you might have to trade your coin for BNB (binance’s own coin) and then trade BNB for the coin you desire.
Be Your Own Bank: One final word of advice. Binance is awesome, but don’t trust anyone as despite everyone’s best intentions: no matter how secure a platform is, it can and will be hacked. As soon as you have done your shopping, transfer your coins off to your own wallet. This is why withdrawal fees are important.
You might be asking: in hindsight, if I had to do it all over again, what would I do differently? To wire CAD funds I would try to use Coinsquare if it’s a big amount (after re-reading other people’s recent reviews). For USD wires, I might try using Gemeni, but I still haven’t been verified by them and have been waiting for almost 2 months. Before using either I would re-test how long it takes for a support ticket to be responded to. If you do wire funds, don't wire an exact round amount like "10,000.00", instead I would wire "10,070.45" so that it's easier to locate if things go wrong. Once the account has been funded I wouldn’t hesitate to transfer everything to another exchange if I wasn’t happy with the platform, the number of coin offerings, or quality of service I was receiving: you can always come back when things improve.
Things change so quickly so not sure how helpful this will be…just wished I had known some of the above before starting.
submitted by ignacvucko to BitcoinCA [link] [comments]

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HOW TO BUY BITCOINS WITH CREDIT CARD/ DEBIT CARDS ON BINANCE

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