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The Turkey City Lexicon - annotated for 40K by Matt Farrer circa 2004 - and Farrer's analysis of Abnett's eye-ball kicks
I wrote a suggestion on how to create a Space Marine OC (the whole thread is a good reading for aspiring fan authors so I'll link it), and it got me thinking about writing within the 40K setting. Back in the day when Black Library still had their own forum, I saved Matt Farrer's annotation of the Turkey City Lexicon (the original, pre-internet version of TV Tropes). I searched the subreddit for it earlier with no results, so I'll share it again here. — Please note: The Turkey City Lexicon isspecifically, explicitlynon-copyright and isencouragedto be shared/reposted/expanded. Posting it here in its entirety violates no copyright legislation in any country - in fact, Matt Farrer himself asked us to share it with our fellow writers. Hat off to you, Mr Farrer, for your contributions to the 40K lore from a longtime fan. — [Originally posted to Black Library Online, November 2004, by user Matt Farrer] The Turkey City Lexicon (Annotated with some Games Workshop observations) The Turkey City Lexicon is a terminology guide that’s been floating around in one form or another since the late eighties (Google will turn up plenty of hits if you want to see one of the original copies; I got this one from the SFWA website). The Lexicon is deliberately not copyrighted and is intended to be copied at will and passed on to other writers (note that you shouldn’t try this with anything else on the SFWA site, if you go there – there are some great articles but most of them are copyrighted). There’s a tendency for people to look at the Lexicon as a list of “common mistakes” or “things not to do”, which is not entirely correct as I understand its purpose. Certainly seeing a common problem set down pithily can help crystallise that particular example of bad technique, but a couple of the terms in here are complimentary and many others aren’t necessarily fatal problems. As in “you might want to watch out for funny-hat characterisation on page four, although with the narrative voice you use it works well”. What it is meant to be is a useful resource for critiquers, giving you a quick and easy shorthand for a known quantity you’ve observed in writing. In the above example, you don’t need to spend half a paragraph describing a shaky spot in the characterisation, you have a quick term to cover it and save space and time for both of you. The early, simple version of the lexicon by Lewis Shiner was expanded and added to by Bruce Sterling, not, in my opinion, always for the better. There are no real differences in actual content between the two, so for this version I’ve picked whichever version of an entry I thought was better phrased. The GW-specific notes are my own – I’ll add more as I think of them, if I have the time. Discussion of any or all of the entries is of course welcome - it's what I'm posting this for. Anyway, let’s get on with it. The meta-rule: Cherryh's Law No rule should be followed over a cliff. (C.J. Cherryh) MF - There are times when the literary or dramatic effect of breaking any supposed "rule" about writing is going to be worth it, and that includes any and all of the points about writing offered in the Lexicon. Such principles are based on experience that shows that certain approaches work better than others, but getting carried away with imposing a set of rules as though they were holy writ simply turns into an attempt to stamp out creativity and have every writer write exactly alike. Know the principles, understand why they work as they do, but don't wear them like shackles. Part One: Words and Sentences Brenda Starr dialogue Long sections of talk with no physical background or description of the characters. Such dialogue, detached from the story's setting, tends to echo hollowly, as if suspended in mid-air. Named for the American comic-strip in which dialogue balloons were often seen emerging from the Manhattan skyline. "Burly Detective" Syndrome This useful term is taken from SF's cousin-genre, the detective-pulp. The hack writers of the Mike Shayne series showed an odd reluctance to use Shayne's proper name, preferring euphemisms like "the burly detective" or "the red-headed sleuth." This comes from a wrong-headed conviction that the same word should not be used twice in close succession. This is only true of particularly strong and visible words, such as "vertiginous." Better to re-use a simple tag or phrase than to contrive cumbersome methods of avoiding it. Brand Name Fever Use of brand name alone, without accompanying visual detail, to create false verisimilitude. You can stock a future with Hondas and Sonys and IBM's and still have no idea with it looks like. "Call a Rabbit a Smeerp" A cheap technique for false exoticism, in which common elements of the real world are re-named for a fantastic milieu without any real alteration in their basic nature or behavior. "Smeerps" are especially common in fantasy worlds, where people often ride exotic steeds that look and act just like horses. (Attributed to James Blish.) Gingerbread Useless ornament in prose, such as fancy sesquipedalian Latinate words where short clear English ones will do. Novice authors sometimes use "gingerbread" in the hope of disguising faults and conveying an air of refinement. (Attr. Damon Knight) Not Simultaneous The mis-use of the present participle is a common structural sentence-fault for beginning writers. "Putting his key in the door, he leapt up the stairs and got his revolver out of the bureau." Alas, our hero couldn't do this even if his arms were forty feet long. This fault shades into "Ing Disease," the tendency to pepper sentences with words ending in "-ing," a grammatical construction which tends to confuse the proper sequence of events. (Attr. Damon Knight) Pushbutton Words Bogus lyricism like "star," "dance," "dream," "song," "tears" and "poet". Used to evoke a cheap emotional response without engaging the intellect or critical faculties, getting us misty-eyed and tender-hearted without us quite knowing why. Most often found in titles. Roget's Disease The ludicrous overuse of far-fetched adjectives, piled into a festering, fungal, tenebrous, troglodytic, ichorous, leprous, synonymic heap. (Attr. John W. Campbell) "Said" Bookism An artificial verb used to avoid the word "said." "Said" is one of the few invisible words in the English language and is almost impossible to overuse. It is much less distracting than "he retorted," "she inquired," "he ejaculated," and other oddities. The term "said-book" comes from certain pamphlets, containing hundreds of purple-prose synonyms for the word "said," which were sold to aspiring authors from tiny ads in American magazines of the pre-WWII era. Tom Swifty An unseemly compulsion to follow the word "said" with a colourful adverb: "'We'd better hurry,' Tom said swiftly." This was a standard mannerism of the old Tom Swift adventure dime-novels. Good dialogue can stand on its own without a clutter of adverbial props. Part Two: Paragraphs and Prose Structure Bathos A sudden, alarming change in the level of diction. "There will be bloody riots and savage insurrections leading to a violent popular uprising unless the regime starts being lots nicer about stuff." Countersinking Expositional redundancy. "'Let's get out of here,' he said, urging her to leave." Dischism The unwitting intrusion of the author's physical surroundings or mental state into the text of the story. Authors who smoke or drink while writing often drown or choke their characters with an endless supply of booze and cigs. In subtler forms of the Dischism, the characters complain of their confusion and indecision -- when this is actually the author's condition at the moment of writing, not theirs within the story. "Dischism" is named after the critic who diagnosed this syndrome. (Attr. Thomas M. Disch) False Humanity An ailment endemic to genre writing, in which soap-opera elements of purported human interest are stuffed into the story willy-nilly, whether or not they advance the plot or contribute to the point of the story. The actions of such characters convey an itchy sense of irrelevance, for the author has invented their problems out of whole cloth, so as to have something to emote about. False Interiorisation A cheap labour-saving technique in which the author, too lazy to describe the surroundings, afflicts the viewpoint-character with a blindfold, an attack of space-sickness, the urge to play marathon whist-games in the smoking-room, etc. Fuzz An element of motivation the author was too lazy to supply. The word "somehow" is a useful tip-off to fuzzy areas of a story. "Somehow she had forgotten to bring her gun." Hand Waving An attempt to distract the reader with dazzling prose or other verbal fireworks, so as to divert attention from a severe logical flaw. (Attr. Stewart Brand) Laughtrack Characters grandstand and tug the reader's sleeve in an effort to force a specific emotional reaction. They laugh wildly at their own jokes, cry loudly at their own pain, and rob the reader of any real chance of attaining genuine emotion. Show, Don’t Tell A cardinal principle of effective writing. The reader should be allowed to react naturally to the evidence presented in the story, not instructed in how to react by the author. Specific incidents and carefully observed details will render auctorial lectures unnecessary. For instance, instead of telling the reader "She had a bad childhood, an unhappy childhood," a specific incident -- involving, say, a locked closet and two jars of honey -- should be shown. Rigid adherence to show-don't-tell can become absurd. Minor matters are sometimes best gotten out of the way in a swift, straightforward fashion. Signal from Fred A comic form of the "Dischism" in which the author's subconscious, alarmed by the poor quality of the work, makes unwitting critical comments: "This doesn't make sense." "This is really boring." "This sounds like a bad movie." (Attr. Damon Knight) Squid in the Mouth The failure of an author to realize that his/her own weird assumptions and personal in-jokes are simply not shared by the world-at-large. Instead of applauding the wit or insight of the author's remarks, the world-at-large will stare in vague shock and alarm at such a writer, as if he or she had a live squid in the mouth. Since SF writers as a breed are generally quite loony, and in fact make this a stock in trade, "squid in the mouth" doubles as a term of grudging praise, describing the essential, irreducible, divinely unpredictable lunacy of the true SF writer. (Attr. James P Blaylock) Squid on the Mantelpiece Chekhov said that if there are dueling pistols over the mantelpiece in the first act, they should be fired in the third. In other words, a plot element should be deployed in a timely fashion and with proper dramatic emphasis. However, in SF plotting the MacGuffins are often so overwhelming that they cause conventional plot structures to collapse. It's hard to properly dramatize, say, the domestic effects of Dad's bank overdraft when a giant writhing kraken is levelling the city. This mismatch between the conventional dramatic proprieties and SF's extreme, grotesque, or visionary thematics is known as the "squid on the mantelpiece." MF – I’ve heard several versions of the supposed “Chekhov’s Gun” principle, no two of them meaning exactly the same thing. For example, the version I first heard is “If a character produces a gun, then it should be used to shoot someone, or threaten someone, or go off by accident, or fail to fire when it’s needed, and so on. If it does none of these things, then it is superfluous and should be taken out altogether.” That’s a point about narrative tidiness rather than timely deployment of plot elements. White Room Syndrome A clear and common sign of the failure of the author's imagination, most often seen at the beginning of a story, before the setting, background, or characters have gelled. "She awoke in a white room." The 'white room' is a featureless set for which details have yet to be invented -- a failure of invention by the author. The character 'wakes' in order to begin a fresh train of thought -- again, just like the author. This 'white room' opening is generally followed by much earnest pondering of circumstances and useless exposition; all of which can be cut, painlessly. It remains to be seen whether the "white room" cliche' will fade from use now that most authors confront glowing screens rather than blank white paper. Wiring Diagram Fiction A genre ailment related to "False Humanity," "Wiring Diagram Fiction" involves "characters" who show no convincing emotional reactions at all, since they are overwhelmed by the author's fascination with gadgetry or didactic lectures. MF – A trap hard SF often falls into, in my experience. I suppose the related ailment in GW fiction would be “fluff-diagram fiction” (sorry Gav), in which the story is sidelined by the author’s desire to lay out in detail some aspect of his take on the game-universe. You Can't Fire Me, I Quit An attempt to diffuse the reader's incredulity with a pre-emptive strike -- as if by anticipating the reader's objections, the author had somehow answered them. "I would never have believed it, if I hadn't seen it myself!" "It was one of those amazing coincidences that can only take place in real life!" "It's a one-in-a-million chance, but it's so crazy it just might work!" Surprisingly common, especially in SF. (Attr. John Kessel) Part Three: Common Workshop Story Types Adam and Eve Story Nauseatingly common subset of the "Shaggy God Story" in which a terrible apocalypse, spaceship crash, etc., leaves two survivors, man and woman, who turn out to be Adam and Eve, parents of the human race! MF – Not an issue for GW writing for obvious reasons. See Alfred Bester’s “Adam With No Eve” in the brilliant anthology Starburst for a rather good twist on the idea. The Cosy Catastrophe Story in which horrific events are overwhelming the entirety of human civilization, but the action concentrates on a small group of tidy, middle-class, white Anglo-Saxon protagonists. The essence of the cosy catastrophe is despite the supposed devastation the hero actually has a pretty good time (a girl, free suites at the Savoy, fancy cars for the taking) while everyone is dying off. (Attr. Brian Aldiss) Dennis Hopper Syndrome A story based on some arcane bit of science or folklore, which noodles around producing random weirdness. Then a loony character-actor (usually best played by Dennis Hopper) barges into the story and baldly tells the protagonist what's going on by explaining the underlying mystery in a long bug-eyed rant. (Attr. Howard Waldrop) MF - Not unrelated to Roger Ebert's remarks about the Talking Killer device, aka "Before I kill you, Mister Bond..." The killer gets the protagonist at his mercy and then decides to put off killing him so that he can fill the hero in on exactly what's been going on, and bring the reader up to speed at the same time. You know, like I did at the end of Crossfire. Although this is a plot device rather than an actual story type. Deus ex Machina or "God in the Box" Story featuring a miraculous solution to the story's conflict, which comes out of nowhere and renders the struggles of the characters irrelevant. Oh look, the Martians all caught cold and died. The Grubby Apartment Story Writing a little too much about what you know. The penniless writer living in a grubby apartment writes a story about a penniless writer living in a grubby apartment. Stars all his friends. The Jar of Tang "For you see, we are all living in a jar of Tang!" "For you see, I am a dog!" Mainstay of the old Twilight Zone TV show. An entire pointless story contrived so the author can jump out at the end and cry "Fooled you!" For instance, the story takes place in a desert of coarse orange sand surrounded by an impenetrable vitrine barrier; surprise! our heroes are microbes in a jar of Tang powdered orange drink. This is a classic case of the difference between a conceit and an idea. "What if we all lived in a jar of Tang?" is an example of the former; "What if the revolutionaries from the sixties had been allowed to set up their own society?" is an example of the latter. Good SF requires ideas, not conceits. (Attr. Stephen P. Brown) When done with serious intent rather than as a passing conceit, this type of story can be dignified by the term "Concealed Environment." (Attr. Christopher Priest) Just-Like Fallacy SF story which thinly adapts the trappings of a standard pulp adventure setting. The spaceship is "just like" an Atlantic steamer, down to the Scottish engineer in the hold. A colony planet is "just like" Arizona except for two moons in the sky. "Space Westerns" and futuristic hard-boiled detective stories have been especially common versions. MF – Then again, one of the fun things about the GW settings – the 40Kverse more than the Warhammer world, it seems to me – is the way you can rip all kinds of stuff off and stuff it in there to do a 41st-millennium tribute to it. Not necessarily a bad thing, providing you don’t end up in Bat Durston territory (more about him another time). [From another post:] In case you are not familiar with the term, a Bat Durston refers derogatorily to a science fiction story which is little more than a traditional western using sf settings and icons. Taking the comparison to alternate history, the better stories in this genre should create the story’s world for some reason other than merely creating a nice setting for an adventure. The Kitchen-Sink Story A story overwhelmed by the inclusion of any and every new idea that occurs to the author in the process of writing it. (Attr. Damon Knight) The Motherhood Statement SF story which posits some profoundly unsettling threat to the human condition, explores the implications briefly, then hastily retreats to affirm the conventional social and humanistic pieties, ie apple pie and motherhood. Greg Egan once stated that the secret of truly effective SF was to deliberately "burn the motherhood statement." (Attr. Greg Egan) MF - He wasn’t kidding, either. Greg Egan writes some of the most powerful and disturbing hard SF I’ve read, precisely because he’s not afraid to back away from the full implications of the science and technology he writes about. I think that 40K writing is vulnerable to this to a certain degree: I’ve seen quite a few stories that dip a toe into the grim, violent, insane world of the 41st Millennium, stay there for a moment but quickly falls back into “but the Imperium is actually an OK place and lots of people there are nice and happy just like us”. Discussion on this welcome. The "Poor Me" Story Autobiographical piece in which the male viewpoint character complains that he is ugly and can't get laid. (Attr. Kate Wilhelm) Re-Inventing the Wheel A novice author goes to enormous lengths to create a situation already tiresomely familiar to the experienced reader. Reinventing the Wheel was traditionally typical of mainstream writers venturing into SF without actually reading any of the existing stuff first (because it's all obviously crap anyway). Thus you get endless explanations of, say, how an atomic war might get started by accident, and so on. It is now often seen in writers who lack experience in genre history because they were attracted to written SF via movies, television, role-playing games, comics or computer gaming. MF – Not that coming into the genre that way is a bad thing per se, but when a writer hasn’t had much exposure to written specfic in this way it usually shows, and not in a good way. To quote Terry Pratchett, you should be importing, not recycling. The Rembrandt Comic Book A story in which incredible craftsmanship has been lavished on a theme or idea which is basically trivial or subliterary, and which simply cannot bear the weight. The Shaggy God Story A piece which mechanically adopts a Biblical or other mythological tale and provides flat science-fictional "explanations" for the theological events. (Attr. Michael Moorcock) MF – Although he wrote them himself: arguably his finest and most powerful story, called “Behold The Man”, does this for the life of Jesus. I remember it disturbed me when I read it, and I’m not even religious. The Slipstream Story Non-SF story which is so ontologically distorted or related in such a bizarrely non-realist fashion that it cannot pass muster as commercial mainstream fiction and therefore seeks shelter in the SF or fantasy genre. Postmodern critique and technique are particularly fruitful in creating slipstream stories. The Steam-Grommet Factory Didactic SF story which consists entirely of a guided tour of a large and elaborate gimmick. A common technique of SF utopias and dystopias. (Attr. Gardner Dozois) MF – See the opening of Huxley’s Brave New World for an example of this done effectively. The Tabloid Weird Story produced by a confusion of SF and Fantasy tropes -- or rather, by a confusion of basic world-views. Tabloid Weird is usually produced by the author's own inability to distinguish between a rational, Newtonian-Einsteinian, cause-and- effect universe and an irrational, supernatural, fantastic universe. Either the FBI is hunting the escaped mutant from the genetics lab, or the drill-bit has bored straight into Hell -- but not both at once in the very same piece of fiction. Even fantasy worlds need an internal consistency of sorts, so that a Sasquatch Deal-with-the-Devil story is also "Tabloid Weird." Sasquatch crypto-zoology and Christian folk superstition simply don't mix well, even for comic effect. (Attr. Howard Waldrop) MF – I’m not as convinced as the Lexicon that these two genres are utterly incompatible. Well, obviously not, since I work in a setting which combines them without hesitation. Which isn’t to say that the combination doesn’t need to be handled delicately, since those aforementioned different mindsets lead to different storytelling conventions as well as different world views. The Whistling Dog A story related in such an elaborate, arcane, or convoluted manner that it impresses by its sheer narrative ingenuity, but which, as a story, is basically not worth the candle. Like the whistling dog, it's astonishing that the thing can whistle -- but it doesn't actually whistle very well. (Attr. Harlan Ellison) Part Four: Plots Abbess Phone Home Takes its name from a mainstream story about a medieval cloister which was sold as SF because of the serendipitous arrival of a UFO at the end. By extension, any mainstream story with a gratuitous SF or fantasy element tacked on so it could be sold. And plot Picaresque plot in which this happens, and then that happens, and then something else happens, and it all adds up to nothing in particular. Bogus Alternatives List of actions a character could have taken, but didn't. Frequently includes all the reasons why, as the author stops the action dead to work out complicated plot problems at the reader's expense. "If I'd gone along with the cops they would have found the gun in my purse. And anyway, I didn't want to spend the night in jail. I suppose I could have just run instead of stealing their car, but then..." etc. Best dispensed with entirely. Card Tricks in the Dark Elaborately contrived plot which arrives at (a) the punchline of a private joke nobody else will get, or (b) the display of some bit of learned trivia only the author is interested in. This stunt may be intensely ingenious, and very gratifying to the author, but it serves no visible fictional purpose. (Attr. Tim Powers) Idiot Plot A plot which functions only because all the characters involved are idiots. They behave in a way that suits the author's convenience, rather than through any rational motivation of their own. (Attr. James Blish) Kudzu plot Plot which weaves and curls and writhes in weedy organic profusion, smothering everything in its path. Plot Coupons The basic building blocks of the quest-type fantasy plot. The "hero" collects sufficient plot coupons (magic sword, magic book, magic cat) to send off to the author for the ending. Note that "the author" can be substituted for "the Gods" in such a work: "The Gods decreed he would pursue this quest." Right, mate. The author decreed he would pursue this quest until sufficient pages were filled to procure an advance. (Dave Langford) MF - Nick Lowe expands on the idea in an excellent article atwww.ansible.co.uk/Ansible/plotdev.html. Cheers to Bill King for the link. Second-order Idiot Plot A plot involving an entire invented SF society which functions only because every single person in it is necessarily an idiot. (Attr. Damon Knight) MF – The assertion that this applies to the 40K Imperium is not a new one. Floor’s open… Part Five: Background "As You Know Bob" A pernicious form of info-dump through dialogue, in which characters tell each other things they already know, for the sake of getting the reader up-to-speed. This very common technique is also known as "Rod and Don dialogue" (attr. Damon Knight) or "maid and butler dialogue" (attr Algis Budrys). The Edges of Ideas The solution to the "Info-Dump" problem (how to fill in the background). The theory is that, for example, the mechanics of an interstellar drive (the centre of the idea) are not important. What matters is the impact on your characters: they can get to other planets in a few months, and, oh yeah, it gives them hallucinations about past lives. Or, more radically: the physics of TV transmission is the center of an idea; on the edges of it we find people turning into couch potatoes because they no longer have to leave home for entertainment. Or, more bluntly: we don't need info dump at all. We just need a clear picture of how people's lives have been affected by their background. Eyeball Kick That perfect, telling detail that creates an instant visual image. The ideal of certain postmodern schools of SF is to achieve a "crammed prose" full of "eyeball kicks." (Rudy Rucker) MF - See the other thread. Frontloading Piling too much exposition into the beginning of the story, so that it becomes so dense and dry that it is almost impossible to read. (Attr. Connie Willis) Infodump Large chunk of indigestible expository matter intended to explain the background situation. Info-dumps can be covert, as in fake newspaper or "Encyclopedia Galactica" articles, or overt, in which all action stops as the author assumes center stage and lectures. Info-dumps are also known as "expository lumps." The use of brief, deft, inoffensive info-dumps is known as "kuttnering," after Henry Kuttner. When information is worked unobtrusively into the story's basic structure, this is known as "heinleining." "I've suffered for my Art" (and now it's your turn) A form of info-dump in which the author inflicts upon the reader hard-won, but irrelevant bits of data acquired while researching the story. As Algis Budrys once pointed out, homework exists to make the difficult look easy. Nowhere Nowhen Story Putting too little exposition into the story's beginning, so that the story, while physically readable, seems to take place in a vacuum and fails to engage any readerly interest. (Attr. L. Sprague de Camp) Ontological riff Passage in an SF story which suggests that our deepest and most basic convictions about the nature of reality, space-time, or consciousness have been violated, technologically transformed, or at least rendered thoroughly dubious. The works of H. P. Lovecraft, Barrington Bayley, and Philip K Dick abound in "ontological riffs." Space Western The most pernicious suite of "Used Furniture". The grizzled space captain swaggering into the spacer bar and slugging down a Jovian brandy. Stapledon Name assigned to the voice which takes centre stage to lecture. Actually a common noun, as: "You have a Stapledon come on to answer this problem instead of showing the characters resolve it." Used Furniture Use of a background out of Central Casting. Rather than invent a background and have to explain it, or risk re-inventing the wheel, let's just steal one. We'll set it in the Star Trek Universe, only we'll call it the Empire instead of the Federation. Part Six: Character and Viewpoint Funny-hat characterization A character distinguished by a single identifying tag, such as odd headgear, a limp, a lisp, a parrot on his shoulder, etc. MF – This can work if done deftly and with minor characters. Stephen King excels at it, and Ed McBain is pretty good too. Mary Sue A ridiculously perfect and idealised character, moving through a story which serves no other purpose than demonstrating how ridiculously perfect and idealised Mary Sue is. None of the other characters have anything to do other than rave about Mary Sue's wonderfulness; challenges and obstacles exist only for Mary Sue to solve effortlessly to admiring gasps from everyone else. Also known as "avatars" or "self-insertion", since the most common Mary Sues are thinly-disguised versions of the author and are more about wish-fulfiment fantasies than conventional storytelling. Endemic to fanfic; the term apparently originates from an early and infamous example in an old Star Trek fanzine. MF - There are lots of definitions and examples of Mary Sue, although the term as it's used here isn't really attributable to one author any more. The definition supplied here owes much to Teresa Nielsen Hayden's rather good one athttp://nielsenhayden.com/makinglight/archives/004188.html. GW fanfics and homebrew backgrounds aren't immune either - you can find them pretty easily once you know the signs. The twist is that the Mary Sue is often a Guard regiment, Space Marine Chapter, Eldar Craftworld or an entire galactic state. Common warning signs: "The Mary Sue Regiment fought so ferociously in the Battle of Sueville that even the [famous Space Marine Chapter] were awe-struck that unaugmented humans could fight so hard, and their Chapter Master officially declared the Mary Sue regiment the equals of Space Marines". "Inquisitor Mary Sue has demonstrated such amazing ability that the High Lords have personally ordered that nobody is allowed to stand in her way or question her actions". "Now that it has declared independence from the Imperium the Mary Sue Republic has become a haven of enlightenment and progress, where technology is being developed at an exponential rate with no aura of superstitious mysticism, painless and fully-effective techniques to protect psykers from daemonic attack have been developed, alien races of all kinds are putting aside their differences and living contentedly side by side, and where every Imperial who sees what's going on immediately defects once they see how wonderful and free life among the Mary Sues is". I've since found out that even the original "Ensign Mary Sue" in that old seventies fanfic was a satire on the trope, so clearly it was already a fiction cliche by then. Mrs. Brown The small, downtrodden, eminently common, everyday little person who nevertheless encapsulates something vital and important about the human condition. "Mrs. Brown" is a rare personage in the SF genre, being generally overshadowed by swaggering submyth types made of the finest gold-plated cardboard. In a famous essay, "Science Fiction and Mrs. Brown," Ursula K. Le Guin decried Mrs. Brown's absence from the SF field. (Attr: Virginia Woolf) ...stamped on their forehead The story lets a character get away with something illogical or impossible because they have "hero" (or "villain", "sidekick", disposable underling", or whatever) stamped on their foreheads. There's nothing wrong with heroes triumphing against the odds or villains being brought low through their own flaws, but those consequences need to come about because of the characters and their actions rather than despite them. Adapted from Aaron Allston's roleplayers' glossary from a few years ago, which included "He's got 'PC' [player character] stamped on his forehead" as an all-purpose excuse for why characters unquestioningly accepted or trusted one anothers' actions while treating non-player characters differently. (Aaron Allston.) MF - This was partly prompted by the "script immunity" and "Hollywood Shield" ideas in the discussion thread, although the scene I had in mind for it was actually in Walking Tall, where the main character is manifestly guilty of all manner of assaults and property destruction but is acquitted in court when he makes a sentimental speech about down-home values. It doesn't even resemble making a legal case for his innocence, but he gets let off because he's got "hero" stamped on his forehead. Submyth Classic character-types in SF which aspire to the condition of archetype but don't quite make it, such as the mad scientist, the crazed supercomputer, the emotionless super-rational alien, the vindictive mutant child, etc. (Attr. Ursula K. Le Guin) MF – You can pick the GWverse submyths for yourselves, I’m sure. Viewpoint glitch The author loses track of point-of-view, switches point-of-view for no good reason, or relates something that the viewpoint character could not possibly know. Part Seven: Miscellaneous AM/FM Engineer's term distinguishing the inevitable clunky real-world faultiness of "Actual Machines" from the power-fantasy techno-dreams of "Fething Magic." MF – Except the original Lexicon didn’t say “fething”. :grinning_emoticon: Well worth remembering for 40K and Necromunda fiction, which deliberately shies away from the sleek, clean, super-reliable dream-tech of settings like Star Trek. Consensus Reality Useful term for the purported world in which the majority of modern sane people generally agree that they live -- as opposed to the worlds of, say, Forteans, semioticians or quantum physicists. Intellectual sexiness The intoxicating glamor of a novel scientific idea, as distinguished from any actual intellectual merit that it may someday prove to possess. The Ol' Baloney Factory "Science Fiction" as a publishing and promotional entity in the world of commerce. — Additional suggestions from other forum members: User Chiron: Script Immunity The tendency of lynchpin characters to be blatantly immune to harm, despite the fact that they consistently place themselves in situations that they cannot reasonably be expected to survive. User Vortemir: Hollywood Shield / Imperial Stormtrooper Syndrome Bad Guys will never be able to hit essential characters no matter what they're armed with or how hard they try. — [Originally posted to Black Library Online, October 2004, by user Matt Farrer] A term from the Turkey City Lexicon that might be useful here is the "eyeball kick", Rudy Rucker's term for that perfectly-turned descriptive phrase that creates an instant, telling visual image for the reader. An example that springs to mind from the opening of Necropolis:
After a minute or so, raid-sirens in the central district also began keening. The pattern was picked up by manufactory hooters and mill whistles all through the lower hive, and in the mill whistles and outer habs across the river too. Even the great ceremonial horns on the top of the Ecclesiarchy Basilica started to sound.Vervunhive was screaming with every one of its voices.
That last line provides the eyeball kick. Some other examples that spring to mind: "[he] screamed out two mouthfuls of silent spun glass" (Stephen King); "the sky above Chiba City was the colour of a television tuned to a blank band" (William Gibson); "a great moist loaf of a body... features as bunched as kissed fingertips" (E. Annie Proulx); "[after walking through snow] my feet, in wet socks, slowly turned to marble and fell off" (Donald Westlake). I don't know if there's a way you can break down an eyeball kick to pick apart the technique, since its whole impact comes from lateral thinking and the effect of an incongruous image that nevertheless fits exactly with what you're describing. It's an imagination thing rather than a technique thing. However, the paragraph from Necropolis that I used above is also a very good example of how to maximise the effect of a good piece of description, and worth having a closer look at. Firstly, the rest of the paragraph has been describing the machinery that makes the sound, and doing so in fairly neutral, inorganic terms: "keening", at the start of the para, is about as close as we get to an emotive word. The rest is a pretty calm description about how a series of klaxons and horns are going off. That increases the wrench when we suddenly switch gears into words that you'd use to describe a living being in agony: "screaming with every one of its voices", which gives weight to the sense of foreboding that dominates the early pages. This is reinforced further by the way that the previous sentences tend to be longer, with more connecting commas and lots of adjectives to slow their rhythm and give a more discursive feel, while the last sentence is a simple, flat declarative. Using the rhythm of words and sentences for a setup and payoff like that is a very good way of driving home a piece of exposition or description, and it's something that Dan uses quite a bit. Secondly, look at the way that the passage, which at first blush is about the sounds of the sirens, actually helps build a visual image as well. We've been going through all the various parts and districts of Vervunhive, watching as different kinds of buildings in different areas go off. Look at how the mental "camera" moves down the lower hive, then down the river, then up to the top of the Basilica. Then in the last sentence we get an eyeball kick that describes the whole of Vervunhive as a single entity: the effect is like pulling back sharply from an individual scene or building and seeing the whole Hive at once. And that concludes the main piece of visual scene-setting at the opening: notice that in the next line Dan can start in on conversations between individual characters around the Hive because the major scene has been laid out. The broad point to take away from this is that each piece of text should work on as many levels as possible, and even a short passage like that one can be far more than the sum of its parts. I suspect that the reason a lot of bad fiction (including, I am sorry to say, a lot of fanfic I've seen) seems so flat and plodding is that each sentence is put down to do one thing: make a statement, provide a description or what have you. But there's no depth to the prose, no interaction between them to create any rhythm, or momentum, or startling switch in imagery. It's like a song from your favourite band, with each element (vocals, percussion, each instrument) separated and played end to end. It sounds so much better when they're all working together. — That's it. Got any suggestions for new 40K-specific tropes to add?
It fits the ask with the right tradeoffs: Apps built using Celer have almost the exact same usage pattern like the Community Point. In addition, we believe for Reddit’s specific use cases, State Channel Network provides the right tradeoffs in a complex layer-2 space.
UX is priority #1: newly onboarded users are using Celer layer-2 on Ethereum with the milli-second level UI interaction response and they are happy to rate UX 4.5+ stars in App Store without feeling any “blockchain slowness”.
In the following sections, we talk about how we already have in-production uses cases that are almost identical to Reddit’s requirements, why we believe state channel offers the right tradeoffs for the use cases and how we exceed the performance benchmarks by running at 4000 transactions per second and 9ms per transaction latency with just a single state channel node. Finally, we also discuss the concept of Layer-2 LEGO to have multiple different layer-2 techniques working together to address all current and future use cases in a coherent way. The code used in the benchmark is here https://github.com/celer-network/goCeler-oss and benchmark video can be accessed here https://www.youtube.com/watch?v=IpFNQ3HpZKg For questions and discussions, we have set up a dedicated email address to receive questions related to the challenge: [[email protected]](mailto:[email protected]) We also invite the community to ask questions in the following channels to get the fastest technical responses:
In this section, we walk through four use cases specified in the challenge: mint & distribute Community Points (CP), CP transfer, auto subscription and CP burn. For each, we discuss the user flow of how apps are doing it today and underlying technical solutions when using state channels. For more general explanations of how state channels work, check out generalized state channel walkthrough article, and more technically, the specification, detailed walkthrough and our Devcon V talk .
💰Mint and Distribute Community Points
Celer supports this exact use case in CelerX gaming platform today. CelerX is a moible eSport platform where users can pay ETH or supported ERC-20s to enter skill-based real money game tournaments and win prizes. The onboarding process and token claim process are recorded in real-time When a user onboards a game, he will be automatically created an Ethereum wallet. At the same time, 100 Game Token (ERC-20 used for free practice tournaments) will be minted and distributed to this user through Celer’s State Channel Network. When users use up all Game Tokens, new Game Tokens can be redeemed. Different game developers can use CelerX SDK to have different GT in their ecosystems. How much is it actually used today in production? Our active users perform about 30K Game Token mint&distribute per day and we are comfortably handling 150K such operations in the 5 day period mentioned by Reddit team. However, this is far from the actual limit of the software. Performance benchmarks are in the next section. It is straightforward to swap the “Game Token” to “Community Point” and different “game developers” to “subreddits” in the above description. It’s frictionless for users and indeed, 90% of our users do not even realize that they are using blockchain and only think we use an interesting way to back up their accounts (use iCloud or write down 12 words somewhere). Next, we dig deeper into some specific aspects of the solution in an FAQ style. Isn’t the case that a user has to have on-chain ETH to open a channel for Community Points? Not really. Celer’s state channel network has a built-in functionality called promised channel open. This gives the possibility to have a mutually signed commitment between Off-chain Service Providers and users (Reddit or subreddit owners) to act as a promise to mint and distribute a certain amount of tokens to a user’s channel on layer-1. Therefore, it acts as a token mint in layer-2. Does this mean that users have to store additional states or may lose their Community Points? Luckily no. Users and service providers (e.g. Reddit or subreddit owners) can store their states in State Guardian Network (SGN) by paying a fee. State Guardian Network is a decentralized watchtower solution that solves many of the state availability issues in traditional simple payment networks such as Lightning and Raiden. If a user is offline, will his CPs be exposed to attacks? Nope again. This is what SGN is built for so that even when the user is offline, a decentralized SGN looks out for the user’s state. Other layer-2 solutions like Plasma or Rollups also have to have similar “watchtower” to monitor layer-2 state commits and transactions on users’ behalf and the involved cost in the worst-case malicious scenario is very similar. In the state channel networks, users need to connect to some channel nodes in the network. So who acts as a user’s counterparty node? This will be the subreddit owner or Reddit itself in the beginning. This offers great horizontal scalability: each subreddit can host a cluster of state channel nodes in an independently scalable fashion with strong user proximity and connect to other subreddits in the channel network if common community points can be used cross certain subreddits.
💸Community Points Transfer
Game Token transfer experience P2P token transfer is really the bread and butter of the state channel network. To show a use case that is in production: when two users in CelerX platform enter a 1v1 match between each other, what happens underlying is that they send a layer-2 booleanconditional payment to each other conditionally depending on the result of the game. This condition will resolve to true or false and the corresponding layer-2 payment will be established or canceled automatically off-chain after the result of the game is determined off-chain. The conditional payment is a particularly powerful construct of generalized state channel network and we will discuss more in the subscription use case. Simple CP transfer completes across the network with 1.5 Round Trip Time (RTT) end-to-end network latency in the order of milliseconds. Envisioned State Channel Network for Reddit Community Points Does the recipient need to be online to receive the payment? Not necessary. Celer’s state channel network has the unique capability to set Delegated Recipients to receive payment when a user is offline. The delegated recipients, in this case, can trivially be the subreddit hosts or Reddit itself in the very beginning. It is also important to note that Delegated Recipients can only sign state proof on users’ behalf and cannot actually withdraw the fund from the channel on-chain. In addition, to ensure that there is no possibility to have any state availability attack, the sender’s protocol ensures that the delegate put these mutually signed states to SGN so that when a user comes back online, he can retrieve the most recent state. How much is it used today in production? We are processing about 80K game payments in Game Token per day. Same as before, this is far from the system limit. Benchmarks will be discussed later.
🔥Community Points Burn
Recording of Loyalty Point burn in CelerX platform Community Points Burn is also a use case that we already implemented in production. In games built using Celer, there is a concept of Loyalty Point (ERC-20, like Game Token). Users receive Loyalty Points by competing in tournaments. Users can also use loyalty points to redeem items of real value (like Celer T-shirt). This redeeming process is precisely the token burn use case required by Reddit. This is implemented by simply sending the token back to the layer-2 minter. In our case, it is sent back to the game developers’ Celer nodes and in the case of Reddit, it will be sent back to the subreddit owners’ nodes. But wait, how is the token burnt if it issent backto the minter on layer-2? In other words, would it be possible for a minter to just withdraw these tokens on-chain and send it to whoever he likes? Rest Assured. For the case of minted Community Points, the minter can act as counterparty to send out and relay points transfers, however, he is just a delegate recipient (see above discussion) of a token minting pool address. The best he can try on-chain is to withdraw the token back to the pool but cannot actually get a hold of token on-chain.
📅 Subscription Auto Payment
This is not yet live in production, but we actually have a feature coming up that uses the exact same usage pattern. To implement this use case, we use a powerful primitive of generalized state channel called Conditional Payment. To explain what a conditional payment is, let’s look at an example. When Alice sends a conditional payment with X CP to a subreddit CP minter the X CP won’t be immediately burnt but is in a “committed” state with a conditional dependency that will be resolved later. The condition can be literally anything that you can verify and get result on-chain, for example, subscription states of this subreddit and the timestamp. The final amount that Alice burnt can fall in the range between 0 to X and is determined by evaluating the outcome of the conditional dependency using any arbitrary function. In this very concrete use case, Alice can send a relatively large amount of CP as conditional payment and the resolution of the conditional payment will automatically update as the time passes by. Note that this process does not need to have any other layer-1 or layer-2 interaction so that is purely automatic. Sending a payment that conditionally depends on the outcome of an on-chain verifiable state (off-chain or on-chain) is equivalent to sending funds to a smart contract application in layer-1 and this is one of the key differences between Celer generalized state channel solution and other simple payment channel network solutions.
Why State Channel Network Provides the Right Tradeoffs for Reddit’s Use Cases?
With so many different great layer-2 solutions, identifying a fitting solution is about identifying the right tradeoff for the specific use cases. Celer as a platform contains different techniques like State Channel Network and Hybrid Rollup to cover the entire layer-2 tradeoff space. We previously discussed different solutions’ tradeoffs. After applying these general principles to this specific case, we choose to not go to the Celer rollup solution and believe that Celer’s State Channel offer is the best fit. Reddit’s use cases primarily concern token movement-related operations with certain flexibility requirements and it seems from the current requirements, things like “Defi + complicated yield mining based on Community Token” are not in the scope yet. Even when more complex use cases do come into the picture, it is still helpful to have a highly performant, low-cost, and flexible enough token operation core. In this section, we take a first-principle approach to analyze theasymptoticfundamentals instead of fixated on a galaxy of possible system-level optimizations. We believe State Channel Network offers the following fundamental advantages comparing to other layer-2 scaling techniques for Reddit’s specific use cases.
⚡️Web 2.0-like interactiveness via 100X lower latency
Generalized Conditional Payment protocol sequence with 2RTT latency Real-time and interactive UX is not optional in today’s consumer application world. Today’s Internet applications optimize latency to the level of milliseconds with well-studied results such as every additional 100ms latency on page load can drop Amazon sales by 1%. When Community Token is widely used, we would imagine it is on a lot of users’ critical interaction paths. However, layer-2 techniques such as Plasma, zk Rollup, and Optimistic Rollup (collectively commit chains), though good for throughput (high TPS), fail when tested against this latency requirement. Let’s have a break down for commit chains’ thick latency profile:
Internet latency to send out transactions to gateway/block producer. This is in the milliseconds.
The latency for block producer to pack up a block with a batch of transactions. This is often in the seconds if not tens of seconds to control the layer-1 cost. However, for zk-Rollup this seems to be significantly longer due to proof computing.
The latency for the layer-1 blockchain to confirm the rollup block. This is in the tens of seconds if not minutes.
For non-zk rollups and Plasma, the actual finality latency (one can be sure that a transaction actually happened) is on the scale of hours to days.
Even not accounting for the finality latency, that is if a client is “heavy” enough to store, compute and verify the additional state transitions themselves (which breaks the challenge’s requirements), the latency for a transaction to reach layer-1-level security is in the tens of seconds and easily minutes under layer-1 congestion. State Channel Network, however, offers two orders of magnitudes lower latency and gives users smoothest experience. The underlying reason for that is the so-called “instant finality”. When a user sends out a transaction in State Channel Network, all latency involved is a 1.5–3 Round Trip Time (worst-case in hundreds of milliseconds) to the counterparty to receive the mutually signed and updated state proof. Once this proof is obtained, this transaction is “final” as in there is no possibility to revert or reorg this transaction. We want to highlight that this is not a system engineering difference, but an asymptotic advantage for State Channel solutions.
💪Simple horizontal throughput scalability with maximal decentralization
Horizontal scaling by simply adding more subreddit nodes In terms of throughput requirements, Celer’s State Channel also offers fundamental advantages. The key difference here is that State Channel Network offers a simple scale-out solution for the Reddit Community Point use cases. To add more subreddits supporting community tokens and therefore more users, it is as simple as spinning-up new Celer State Channel nodes. Each node will serve users in the “proximity” and cross different subreddits if tokens can be shared, they can be connected simply via some “backbone” links as a single and interoperable network. This offers close to linear scaling-out capacity as the number of users grows. There will be no layer-2 or layer-1 congestion. On the contrary, all layer-2 commit chain approaches (e.g. Plasma, zk Rollup, and Optimistic Rollup) rely on a logical singleton to order transaction, compute state transition and finally batch succinct transaction summaries (proof or state root+calldata) to the layer-1 blockchain. This means that as more and more users onboard the logical singleton, there will be even congestion on layer-2 let alone the inherent congestion on layer-1. To alleviate such congestion, a simple approach is to split one commit chain into multiple commit chains in the fashion similar to layer-1 sharding. However, cross-chain communication will then pose a significant challenge with much more complicated interaction beyond the acceptable requirement of the use case.
💵 Lower transaction cost
State Channel also offers fundamentally lower transaction cost comparing to other layer-2 scaling solutions. First, on the storage side, the amount of storage required in State Channel system is linear to the number of users in the system and has nothing to do with the number of transactions or interactions. In addition, there is no layer-1 storage required during the transaction process (send CP and burn CP). This is because state channel nodes and SGN only need to store the latest state for each node instead of the full transaction history. On the contrary, the commit-chain approaches require storage capacity to scale up with the number of transactions. What’s worse, even when transactions are happening purely in layer-2, layer-1 storage resources are also consumed to store the validity proof or state root. Second, on the compute side, state channel requires less compute resources for off-chain transactions due to the fact that no state update needs to be computed or checked by a duplicated set of parties or waiting for any blocks. State updates are only computed and agreed upon between counterparties.
📝Flexible conditional payment primitive
State Channel like any other layer-2 technique, does not cover the full spectrum of tradeoff plane. The biggest tradeoff is that it is trading off performance and cost with the supported application patterns. If it is a use case such as minting and transferring NFT tokens (e.g. CryptoKitty)where the involved users concurrently interacting in a session is arbitrary and changing at any given time with arbitrarily unique assets, State Channel is not the best solution. However, we do believe with Reddit’s specific use cases concentrating on token management and transfer, State Channel Network is a great fit with enough flexibility to go beyond just simple token transfers. Celer’s generalized state channel differs from simple payment channel networks (such as Raiden and Lightning) in the sense that it supports conditional payment to implement much more flexible functionalities and logics such as auto subscription with an underlying generalized payment network.
Celer Network’s node software is highly optimized and production-grade: it requires less than 10MB minimal memory and can support 1,000 clients on one t2.micro instance with 1CPU, 1G memory**.** The node software is also hyper scalable with support of multi-node clustering via solutions like k8s and parallel database backend via solutions like Cockroach DB. All of the use cases mentioned in Reddit Bakeoff essentially can reduce to token transfer operations. So we focus our test on this specific benchmark. As we discussed previously Celer’s state channel can scale horizontally, we use a single-node setup with a single database backend instance for the ease of reproducing the benchmarking results through our end-to-end test. The video of the benchmark demo can be found here. As shown in the performance benchmark demo, with this setup, Celer Node can achieve 4177 transactions per second and an average transaction latency of 9ms with a peak memory usage of less than 200MB. We want to note that our node software has the capability to extend a single node to a decentralized cluster of nodes plus a parallel database access backend. Celer Node software can achieve more than 30,000 transactions per second with 11ms latency per transaction on a single logical node built by a 9-server cluster. In terms of transaction cost, the only protocol cost is on storing user’s state to State Guardian Network. Each user’s state proof is around 200Bytes no matter how many transactions a user sends as the state constantly gets updated to the newest state instead of appending new states. Therefore, it is just a subscription model for a storage slot on the State Guardian Network. The pricing of state storage is dynamic and as of the initial launch of the SGN, the cost for processing the entire batch of challenge transactions and storing states during these time would be around $1.9.
Notes on the “Layer-2 LEGO”
Layer-2 tradeoffs Layer-2 is a complex space but it is also a composable one. We believe the best solution is not to choose any single layer-2 scaling technique but compose multiple techniques together as a wholistic solution. Analyzing the Reddit team’s requirements, we believe a combination of solutions working together might offer the best tradeoff for all current and future envisioned use cases. We provide an interesting thought experiment on how to compose different techniques together. State Channel has the capability to not only run on layer-1 blockchains but also run on layer-2 commit chains like optimistic rollups. Therefore, we can imagine a system where the entire “on-chain” operations (e.g. exit of state channel and actual instantiation of channels) are all based on layer-2 smart contracts on optimistic rollup chains. This gives the flexibility to build very complex use cases like Community Token liquidity pool on rollups. At the same time, when it comes to real-time interaction, token distribution and token transfer, state channel network operating on top of a layer-2 rollup chain will take the load and give end-users the smoothest user experience possible. We believe this should be an exciting future for Layer-2 scaling on Ethereum.
With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today
bitcoin evolution Review, Conclusions, and Helpful Tips
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[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses
Hello Bitcoiners! Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway. Hopefully you appreciate the transparency, and I'm available for questions! Cheers, Francis ********************************************* Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511
Bitcoin is money, regulated like money
Notice to Canadian Bitcoin users
If you are the user of a Canadian Bitcoin company, be assured that:
These regulations only target virtual currency exchanges and virtual currency transmitters (e.g. payment processors, custodial wallets).
No action on your part is currently required. It is businesses that have to comply, not users.
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you. You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!
Background on regulation
Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies. It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses. Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing. To give an idea, the other categories that apply to traditional fiat currency businesses are:
Foreign exchange dealing
Remitting or transmitting funds
Issuing or deeming money order or similar negotiable instruments
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding. Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing. There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.
What activities are regulated as Money Service Business activity?
A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:
Bitcoin trading platforms (orderbooks)
Bitcoin exchange platforms (fixed-rate)
Selling or buying Bitcoin OTC professionally
Crypto-to-crypto trading (orderbook, fixed-rate or OTC)
Notice to foreign Bitcoin companies with clients in Canada
Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:
You direct your MSB services at persons or entities in Canada
The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained. To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!
The bad news
We are adding per-transaction limits in addition to daily volume limits.
The per-transaction limit for accounts with limited verification is $1,000 (previously $3000). To conduct transactions over $1,000 you must get your account verified.
We require users to provide their Date of Birth as a requirement to change their verification status to “Verified”.
We require users to provide their Occupation as a requirement to change their verification status to “Verified”.
The good news
We are increasing the daily volume limit from $3,000 to $10,000 for users that have the “limited” account verification status. Users with limited account verification can do multiple transactions as long as they are each below the $1,000 threshold and as long as they don’t exhibit suspicious behavior (see details below).
Identity documents will no longer be required for users that can be identified using their credit files. They will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer.
Connecting bank accounts to Bull Bitcoin using the flinks bank verification software will no longer be required for users that can be identified using their credit files. This will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer
The user’s KYC info (name, address, date of birth and occupation)
Suspicious transaction reporting
Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives. We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.
What is suspicious activity?
Note forbitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices. Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions. In general, here are a few tips:
Don’t provide false of misleading information. We will know right away if your date of birth, address and name don’t match.
Don’t try to exploit loopholes in the KYC process.
Don’t transact on behalf of someone else without telling us.
Be cooperative with customer support.
Here are some examples of behavior that we do not consider suspicious:
Coinjoin or other Bitcoin privacy techniques.
Using VPNs, TOR or VOIP phones.
Asking questions about, or criticizing, our privacy policies.
Talking negatively about banks or government.
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:
Making statements about being involved with criminal activity.
Saying you don’t want the government to know about your transactions.
Asking advice about concealing source of funds or tax avoidance.
Funding your account from a bank account that is not in your name.
Conducting transactions on behalf of someone else without telling us.
Trying to falsify your identity or impersonating someone else.
Making multiple bill payments to the same recipient, or multiple Bitcoin purchases, in a way which seems structured specifically to avoid the $1,000 transaction amount KYC threshold.
Continuing to perform transactions that are unnecessarily complex, inefficient and not cost-effective after having been advised otherwise by our staff.
What does this mean for Bitcoin?
It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks). In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation. We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums. One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
Pros and cons of KYC for corporate and individual clients
KYC is one of the most controversial topics in the crypto trading process. The number of exchanges, crypto exchange services, and banks that require KYC verification is growing with each day. Therefore, it is very important to have a clear understanding of this procedure. Today we will take a closer look at the value of KYC/AML, as well as the pros and cons of this procedure for corporate and individual clients. What are KYC and AML policies and why are they needed? KYC is the process a company uses to verify the identity of its customers, evaluate their suitability, and make sure that the payment will not be related to money laundering, terrorist financing, or tax evasion. The KYC (know your customer) procedure is a part of the anti-money laundering or AML system used to fight money laundering. The task of AML itself is to control customer accounts and identify suspicious transactions. Identity verification, namely KYC for cryptocurrency trading, was introduced to let companies make sure that they are doing business with a legitimate client. Pros and cons of KYC for individual clients The main goal of KYC is to verify the identity of a person, which is diametrically opposed to one of the key points in the crypto trading sector — anonymity. However, it is this paradox that ensures the transparency of transactions and security for both parties. And this is extremely important. Pros: · For investors, KYC helps to ensure the security of their personal data add prevents the capture of the account by fraudsters. · KYC allows clients to quickly restore their accounts in case the access has been lost. · KYC helps individual clients to avoid reputational, tax, and legal inconsistencies or problems. · KYC establishes the level of trust between buyers and sellers. Without KYC, sellers are completely unaware of who their customer is, which means they cannot protect themselves from malicious activity. Cons: · KYC is perceived as an additional barrier to entering the crypto trading market. · The KYC procedure may raise concerns of investors about the privacy and security of their personal data. Summary. The main reason KYC is important for individual customers is that it protects them from account theft, identity theft, or duplicate account use. Pros and cons of KYC for corporate clients KYC and AML allow corporate clients to comply with regulatory requirements in the crypto trading process. Pros: · KYC and AML allow companies to attract more customers with a good reputation. · KYC helps optimize some business processes. It can be easily implemented in an organization, whether as a document-based verification or a technologically advanced technique such as facial recognition. · Completing the KYC process protects corporate clients from reputation loss and receiving fines. Cons: · Data storage requires using additional resources to ensure full compliance with GDPR rules. · If customer data has been compromised, penalties can reach up to 2% of a company’s global annual income. Summary. KYC helps corporate clients to establish legal business relationships and be confident about their partners, as well as ensures the security of crypto exchange and the reliability of business relationships. Conclusions When it comes to anti-money laundering, it is critical that corporate and individual clients complete the KYC procedure. Nowadays, the number of users who are afraid of going through the KYC procedure is decreasing rapidly. Many people understand the importance of regulating the cryptocurrency market and the objectives of the AML policy and KYC procedure. Cryptocurrency exchange service Cratos strives to provide a fast, high-quality verification procedure for its clients. The KYC procedure is aimed at minimizing the number of criminal activities and ensuring the safety of both parties. Figuratively speaking, it is a protective measure for crypto exchange services and their clients that allows both parties to conduct business transparently.
Bitcoin System – An In-Depth Guide for Bitcoin Investing
Bitcoin system Would you imagine the Bitcoin and other cryptocurrencies are all set to increase very steeply back again? In 2010, since commencement, Bitcoin has been the very first electronic advantage to generate a whole network of cryptocurrencies. There came a time where it escalated an undercover after investors that looked very enthusiastic about its own future as a potential substitute for the physiological economic system, as conventional institutional members strangely saw its own development. https://preview.redd.it/goxlmhxak7f51.jpg?width=1024&format=pjpg&auto=webp&s=06703e5119b12a9c986c2ab9a10ca230146c915d While we’re still there is a possibility for a long time off from an entire transition, then the crypto distance was a reasonably explosive field. Throughout the rise and adoption of crypto, many individuals have started ICOs (Personal Coin Offerings, relative to providing brand new assets) with no omission or control. With that, Bitcoin directed the fee to an evaluation of approximately 20,000 dollars percentage in 2017, although it’s worth steadily decreased over the course from 2018 and remained at the assortment of 3,500 to 4,000 dollars for quite a while. However, modern action has generated Bitcoin’s significance to rise and it has captured the interest of many existing and prospective investors. Recently, for several years, the crypto marketplace has grown with more regulatory and oversight directions in position by both federations and state bureaus. More groups and individuals are currently seeking approaches and techniques to lessen their risk while securing a beneficial ROI as a consequence of those measures and much more institutional dollars encouraging the business. Except you were living beneath a stone for the last half a decade, you’re probably more than conscious of this happening of Bitcoin. However, what really is it and can it replace normal money as a way of trading? https://preview.redd.it/u5gxsoubk7f51.jpg?width=1400&format=pjpg&auto=webp&s=5f0541365c2817b5dda1ae4d6ae04eb3f94b6835 Here we simply take a glance in Bitcoin and research its prospective future as an alternative to monies or being an investment medium or even both. We are also introducing the Bitcoin system and its features. We will discuss how well Bitcoin system can perform and why it is our best pick when it comes to online trading. This is a comprehensive Bitcoin system review and other trading know how Bitcoin system Review Bitcoin system is an online cryptocurrency trading platform. Bitcoin system is one of the leading and top performing trading system in the crypto market. Upon reading numerous Bitcoin system review, we really thought to make an actual testing in it. So from Bitcoin system’s website, to Bitcoin system registration and capital deposits, to Bitcoin system free demo trading, and to Bitcoin system live trading, we dig deeper in examining the whole process. And guess what? It is not that very complex, not at all! With that, we realized that this Bitcoin system platform can be accessed by individuals who are just learning and just starting their trading ventures in crypto market. Bitcoin system has a simple interface, simple setting, understandable Bitcoin system demo trading. Bitcoin system does not charge any additional fee. Many Bitcoin system users have stated their reviews on the actual website. Bitcoin system fraud has never happened in the history of this platform, they have experts who are working every day to guarantee everyone’s safety and protection from online attacks. Cryptocurrencies are like Bitcoin, they are electronic cash which is not endorsed by real resources or real securities. Cryptocurrencies are exchanged through both agreeing parties without an agent and monitored to digital records. https://preview.redd.it/uqtury4gk7f51.jpg?width=770&format=pjpg&auto=webp&s=d00304c7501d9da277ad3ccd19f7ec3831213e3e Individuals like you who are interested in cryptocurrency investment should execute a substantial quantity of research into what cryptocurrency you decided to put money into, exactly like every stock, up until buying. Cryptocurrencies have become so popular, capturing even the attention of prominent people and also have generated a huge amount of money for a huge number of individuals. The latest boom of BTC or Bitcoin now usually implies that if you’d spent just 500 dollars from 8 years past, you’d be a multi-millionaire today. How interesting, right? People who took risks back then are now in the most amazing time of their lives. This swift increase in the vastest cryptocurrency through market cap has attracted a vast range of awareness. But to the regular person who’s accustomed to coping with income and actual price, cryptocurrencies can look to be an unfamiliar and a meaningless aspect. With respect to such as data mining, exchange capitalization, and the fear of uncertainty, there exists a tiny bit of an ill-natured learning hook for technology. https://www.cryptoerapro.com/bitcoin-system/
Hello I'm currently a 17 year old high school student planning financially for the near future. Ok so here's my plan and current situation: (Polish Złoty conversion to USD from the day of writing of this post [23 June 2020 7:49 AM, 1 usd = 3.95 pln) Background: As of writing of this post I have 3500 PLN ( 886.83 USD) and by the time I turn 18 I'll have around 7500 PLN ( 1,900.65 usd) just from the gov's money (500+ program, I made a deal with mom that I get 50% of that) and money I'll get for christmas and my 18th birthday (basing that off off what I got last year (700 pln for christmas). Summer plans + rest of the 2020: I'll try to get a job during summer and earn about 2500 PLN ( 634.08 usd) so that I end up with around 10000 PLN ( 2,536.30 usd). The summer job will likely be hard to get but even with 10 pln/h ( 2.54 usd/h) which is pretty much the lowest wage, I'll only need to work around 250 hours to get the 2500 PLN I'm aiming for so I'll still have some free time in the summer and I'll also pay 0% tax since you don't pay tax in Poland up to 8000 PLN ( 2,029.36 usd) I also want to build up a portfolio (about 10 works) throughout summer since I'm trying to become a graphic designer. Plans after turning 18: After I get all the paperwork done (Mainly getting an ID) which should happen by the end of February 2021 since My 18th birthday is 30th January, I'm planning on setting up a Paypal account, searching for the right banking offer and making an account on a freelance website. I'd like to work weekends about 4 hours per day so 8 hours per weekend doing graphic design so that I get some commissioned work into my portfolio as well as see how much I earn. If it goes well enough I'll likely have to register a single man company / self employed. Also the 10000 PLN I would have by then would come into play. I'd like to split it by percent and start investing. Right now I'm thinking of. -Savings account -Bitcoin trading (I have some experience and generally know the way market moves, I could make profit pretty much every time with my technique except that'd be just like 3-4 trades in a year and the income would be pretty low) -Investing in something with high return (that isn't basically gambling) I'm thinking of investing in loans since from what I read 10% yearly is the low yet I'd need to research more as it seems to be heavily regulated -Possibly Crypto staking, lending, dividends (I mostly mean NEXO, am already using it but I barely have 20 usd in assets there) -I'm also keeping an eye on real estate since I'm seeing a lot of new projects in my city marketed as a way to invest Lifestyle and expenses: Just a debit card for 3.90 PLN a month (0.99 usd) and no cost if I make 2 purchases (can be lower than the fee ) Other than that I don't spend money on anything except maybe water and sodas during summer. I'll be able to live with mom as long as I'm learning at school and even later but then I'd have to pay a part of the bills. My mom and dad will soon be divorcing, he'll likely take some stuff from home but it won't really impact me, however he'll likely have to pay alimony to mom. After they divorce I'm planning to help with lowering the costs by changing lightbulbs to LED, putting a shower curtain so that I can take showers instead of baths and some other minor things that'd help with lowering the bills. Other random info: I'm not planning on doing a driver's license since I can rely mostly on public transit, my bike and simply going on foot. (When I'm still attending high school, mom will probably pay for my transit ticket) I have goals to get to a million dollars by 24 years of age, that's why I'm searching for best returns in short time (I want this million so that I can buy a house in L.A lol) I'm not planning on going to college/university because I don't want to spend another 3-5 years in the schooling system and I feel like it would be a waste of time in my case, however, if I fail with my financial ventures I may go there. Skills: Languages in CEFR levels: English - C1, will be passing the C2 exam in about a year as of making this post, French ~A2, planning on improving over the summer, probably will get to B1 or B2, Polish C2 (Native language) Graphic Design skills, quite fluent in Paint.NET, learning Adobe Illustrator Video Editing skills (somewhat basic but I feel comfortable / at ease using the program and can learn fast), program is Sony Vegas Books read: How to Win Friends and Influence People - Dale Carnegie (around 70%) P.S Wow this ended up longer than I expected and also wanted to say I'll likely edit since I could've forgotten something PPS- I'm posting this after 2 days since I originally wrote this cuz couldn't post because of wrong title and then reddit was freaking out when I was trying to post with correct title
[Monument] Price Predictions Using Artificial Intelligence
Monument is a free forecasting tool for cryptocurrency! We built this tool for the crypto community as a whole, there was a need for it and now it is finally fulfilled. We built Monument (https://www.monument.ai/m/cryptocurrency) to empower traders to directly use cutting edge AI techniques without costly training or experience. Monument makes getting started with AI as easy as getting started with other tools like Excel. Now, you'll be able to run your own models and receive data you're familiar with. This data can complement or help correlate your trades. Laser-focused on this goal, we invested years of engineering effort to make AI algorithms run efficiently on any off-the-shelf laptop. Freeing AI from the world of GPUs, cloud computing, and Python notebooks allowed us to create the simplest user experience in the world of AI. Monument allows you to quickly load price data, compare a variety of AI algorithms, and view your results. Find insights in minutes instead of hours or even days. This is the future of cryptocurrency trading! If you have questions, that's expected. Our team is from the traditional finance sector of the United States. We have a lot of experience in these areas and can help answer your questions. Monument is free to use. The platform took more than 2 years to develop. To receive the platform for free, please visit our website (https://www.monument.ai/m/cryptocurrency).
Convert Ethereum To AUD - Ethereum Mining Rig For Sale
The world is relying on crypto coins. This has become the fantasy of everyone to trade in Ethereum. There are still many countries in the map where bitcoins, Ethereum, and all other crypto coins are strictly prohibited because of some reasons. However, people try to invest in cryptocurrency and want to see a profitable way in this field. If you don’t want to pay a high transaction fee on the other platforms to convert Ethereum to AUD, this online crypto exchange system is the best option for you to discover a variety of ways to make Ethereum trade develop quickly.
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Why diversify when most of the market seems to follow bitcoin?
So I'm relatively new to crypto. I bought some bitcoin and messed around with trading a really small sum to see if I could pick up day trading techniques (so far i've broken even) and feel like it's not really worth it without a lot of experience and or luck. In response to this I followed the advice I read from multiple sources which is to diversify my portfolio. It's relatively conservative with about 40 percent BTC, 35 percent ETH, and the rest broken up into alts that I researched and believe have some kind of value or potential utility like BAT, BNB, Tezos, ADA, and EOS. Having watched my portfolio for a bit I noticed everything seems to pretty much follow bitcoin right down to the chart shape. If this is the case, why put money into alts when Bitcoin is seemingly primed to be the most stable or profitable with the current environment of it gaining more popularity and nearing its halving? TLDR, is diversifying in crypto not equal to diversifying in stocks because of a too strong correlation between BTC and alts?
So, I've finally decided to try getting myself into the crypto-waters. My financial situation has been dead-ass broke for years, since I'm a child of hardworkers in a country that only values people who are willing to stomp over dead bodies of their business enemies instead of joining up with them or something. So basically, I've built a nice pc last year, saved up some more money finally(but that's something like 200€) so I'm not really too strong financially, but since I have my family to support me as much as they can for a few more years, I've been thinking about dabbing into these waters and try a mix between day-trading and hodling. Could someone be kind enough to leave a few tips, some websites for trading and a good wallet for me in the comments? Btw I'm from Serbia, our currency is RSD if that plays a part somehow.. Thank you all in advance! Also some techniques, helpful YT videos or recommendations of preferred coins to trade will be appreciated! ❤️
My 10 Months Journey in Algo Trading - A trip down the rabbit hole. (And why you should be persistent)
Hello everyone, the following is my own story inside this market. Since i first heard about Crypto, i never again lost interest for it. I remember it was late 2014 when i first met a friend that was deep into Bitcoin, saying all kinds of crazy stuff about it like it would be the future of money, that it was a revolutionary tech and was going to be the reason why governments would no longer be so able to control your own money (Later he dropped out of college to work for one of the major exchanges today). Me, being your average college anarchist, thought that was absolutely amazing, and i became eager to understand what that new tech actually meant. To this day i don't completely remember why i never bought any BTC at the time, maybe it was because i didnt have any kind of spare money on me, and that was about it. It was only late 2017 that I first got around to having a good amount of money to finally be able to buy some BTC. Now, guys, if any of you was around the scenario at the time, you should remember that BTC was peaking... Days later it completely crashed. I bought it at $17.000... Sold it at $8.300. I was completely furious. That money took me a long time to save up!! I remember not telling that to anyone, and I was completely and utterly done with crypto! But oh boy... Was I wrong. I really left the community after that, without any willingness to come back again. It was only until Mid July 2019 that crypto finally picked up on my radar again, when another friend added me to his Telegram discussion group. People there seemed quite the bunch, of all ages and degree of knowledge, sharing everything they could find about news/articles/theories about Btc and Altcoins. And this my friends, is where the 10 Months journey actually begins. Seeing that absurd amount of information being shared, i felt it was time to study the market again and put my money on it AGAIN, but this time as an Altcoin Trader (I now know it was a stupid idea). Studied for months, developed strategies, paper tested them... Lost it all in 2 weeks. Not satisfied, I wrongly believed the mistake was my own, and if i really wanted to conquer financial freedom, i had to study more, perfect my strategy. I repeated this cycle About 4 of 5 times, losing everything at somepoint, everytime. One day, someone forwarded me a paper saying about 90%+ traders will completely fail in the long run, and i completely agreed with it, concluding that i was one of those. But, an excerpt said the following: "Most traders lose in the long run not because their strategy suddenly stops working, but because they get emotional on trades". And the conclusion on my head was just as simple as you can imagine: "then, Let's remove emotion". To shorten the story, i met a guy there who had developed some sort of market scanner for a specific exchange. The Market scanner was absolutely great, but he wasn't managing to draw a good strategy from it. Hearing that, I reached out to two awesome programmers i met on college, so they could help me with some kind of algo trading bot based on what the scanner was telling us, and they agreed to help. I was in charge of Data Analysis/strategy developing, and the other two managed the Database and coded the hard part of the integration with the scanner. The first test was a complete failure as well. The algo, after A LOT of work on our end, managed to nail the top and always buy on it, resulting in an absurd amount of losses. We obviously were very disappointed saying that so much time was wasted on something that was not even close from being profitable. So, stubborn as we are, we studied even more. We added several self-adjustable parameters within it, Studied LSTM Analysis to apply better filters and Pretty much devoured the Turtle Trading Book. Guess what? The both still managed to lose, only this time a bit slower. At this point, we already accepted our fate that we were never going to make something work, but we kept researching new methods just because they helped us understand and try out Python and Data analysis tools in a practical way. When Corona arrived, we decided to lock ourselves up together, to give it one last as well aimed shot at developing an Algo. This time, we actually allowed ourselves to be creative and try all sorts of crazy out-of-the-box techniques, while always remembering the motto "The difference between Losing and Winning is merely detail." Then a flash of brilliance came to us. We were interpreting the market the wrong way all along, making something statical read something ever-shifting like the crypto market. That was bound to lose us money in the long run. We finally got rid of several useless add-ons on the algo, and updated the parameters for entries based on what our theory was. And well, we finally did it! The new algo is running since the 14th of this month, with 93% Winrate on First Targets across all of the exchange's Pairs and 80% winrate on the second Target. We are at our most happy moment with this journey and completely sure we can further improve our new and working system! So, here goes some tips: - No matter at which point you are on your Code, never stop studying. News things pop up everyday, and there's always something out there that you can use, but do not know exists. - "The difference between losing and winning is merely detail" - Never be afraid to share the project with others. They are your greatest source of help - Be aware of commisions and pay attention to compound interest - Never make a strategy that doesn't adapt itself, or better bots will start to read it and completely crush it. - Be persistent :) TL;DR I built a good algo with the money i lost along the way
Bitcoin mining may be a senseless waste of energy. As bitcoin hits mainstream media, the subject of bitcoin mining bubble regarding to pop.For ten years, the media has enjoyed painting bitcoin as a bubble concerning to pop. They’ve gleefully pronounced the bubble popped and bitcoin dead … over 350 times. However the reality regarding bitcoin is that it keeps coming back back. Why? Charlie Munger called bitcoin “worthless artificial gold.” Others in the media have likened bitcoin to a bubble, a “tulip mania,” and different strong statements Each time bitcoin improves itself (like with Segwit Segregated Witnesses. A protocol implemented by Bitcoin to extend transaction speed. SegWit allows a lot of transactions to be written into a single block on a blockchain. or the Lightning Network), or will increase in value, the media is keen and ready to jump on it, decrying and denouncing it. Therefore what’s the reality behind bitcoin’s price -- is it extremely a bubble? The reality regarding bitcoin is straightforward; it's experiencing the same rise and fall cycles as each new technology and asset catego The web also experienced a bubble. Shares of dotcom firms rose by a thousandpercent on a daily basis. Then it all tumbled down. However we have a tendency to’re still using the web, aren’t we have a tendency to? More than ever, in fact. Stocks conjointly experienced big boom and bust cycles, especially in their early days. We might feel like stocks have been around forever -- and to us they need. However stocks conjointly had a starting, and a rough one too. Once upon a time in 1531, when the first stocks were invented, they saw extraordinary volatility, scams, and no regulation. In fact, before stock exchanges, they were sold at occasional shops -- just like cryptocurrencies were sold on la peer to peer marketplace, before exchanges came online. Even property, viewed by the majority as “the safest investment” experienced a dramatic cycle. Business Insider reported that “Between 2006 and 2014, nearly ten million homeowners in America saw the foreclosure sale of their own homes.” And tens of thousands became homeless as a result of of it. Nevertheless --- we have a tendency to’re still living in homes, aren’t we? The future of bitcoin would possibly be the identical as that of stocks, bonds, assets, and the web. It rises and falls like all the others, and it is currently terribly volatile -- but that’s as a result of it’s young. Stocks have been around for 400 years. Dotcom corporations for forty years. Bitcoin is solely 10 years previous -- and cryptocurrencies, normally, are even younger. But slowly, they will become a part of our daily lives. Rich investors are manipulating costs! Look at this headline from the Independent: “Bitcoin price Crash: 'Manipulative Whales Whale A very wealthy individual capable of creating massive trades. View full glossary ' cause Cryptocurrency Market Meltdown!” It’s sensationalism, pure and straightforward. The article goes on to rant against these therefore-known as “whales” -- individuals who own voluminous dollars of BTC -- as evil-doers who’s solely thought is profit. This type of sensationalism is meant to harm Bitcoin’s future; to scare people faraway from doing research and thinking for themselves. Nonetheless, this statement is somewhat true. Up to eighty five% of Bitcoin’s supply is solely owned by onepercent of wallet addresses. But there’s an important point to be made about these numbers. Most of the prime percentage of wallets is not owned by whales -- but by exchanges Exchange On-line platforms on which people can buy and sell cryptocurrencies. View full glossary . However their result is getting smaller and smaller. A company referred to as Chainalysis -- that makes a speciality of analyzing the Bitcoin blockchain -- found that “the actual threat that all whales pose to the cryptocurrency economy is relatively low. If they sold off their entire holdings, it'd be effectively a $3.9 billion sale at current costs. That’s not even tenpercent of this total market capitalization of Bitcoin.” This is as a result of, as I hinted above, several of those wallets holding such vast sums are the ‘cold wallets ’ (wallets held offline) belonging to major exchanges like Coinbase, Kraken, Binance, and more. These wallets cannot be used to manipulate the price, diminishing the potential impact of enormous ‘whales’ selling their positions. Bitcoin is simply too slow for use as a currency. The reality regarding Bitcoin is that yes, it's slower than VISA, Mastercard, and alternative centralized electronic payment systems. Paying together with your credit cards takes seconds and the network can handle payments around the globe twenty fouseven. But, though Bitcoin can additionally be used around the world, confirmation of payment takes an average of 10 minutes; during the bitcoin craze recently 2017, confirmation times might take hours. Moreover, VISA on average processes around 2,00zero transactions per second (tps). This means the amount of payments individuals make per second on the network. VISA includes a maximum of twenty four,00zero TPS. Bitcoin, by distinction, has a maximum of ten TPS. This argument has been place forward by several critics over the years and picked up by the media as the doom of bitcoin’s future. However Bitcoin could be a technology that evolves. Now let’s assume regarding Bitcoin’s past for a moment. The coin and its underlying technology -- the blockchain -- are only ten years previous. When the web was ten years old -- the year was 1989. Do you keep in mind the net in 1989? I sure do. payments in exchange for not revealing sensitive info. So, in bound ways that, BTC and cryptocurrencies offer hackers a lot of options. However money continues to be king for every criminality. Though it’s true that hackers and phishers do typically ask for payment in BTC There’s an aphorism: “money talks.” It means that that if you would like to get something done -- the best argument you can build is to place down a stack of money. When Bitcoin rose to fame, the primary headlines focused around Bitcoin being the prime choice for criminality. But Lilita Infante, Special Agent for the DEA (Drug Enforcement Administration) has some contradictory info regarding this. She was one among a ten-person Cyber Investigative Task Force team whose primary aim was the dark web and crypto-related investigations. This cluster is no little force. They collaborate with the Department of Justice, FBI, and also the Bureau of Alcohol, Tobacco, Firearms and Explosives. And she went on the record to talk regarding what share of bitcoin transactions are literally being employed for illegal things; she said that “illegal activity has shrunk to about 10 p.c.” Only tenp.c of all the transactions on the Bitcoin network could be used for illegal things. Which number is falling. The fall in Bitcoin’s use among criminals is due to several factors. The most prominent factor is that Bitcoin is no longer anonymous. Sciencemag wrote a full report on how governments are developing and using techniques to explore the Bitcoin blockchain and notice criminals by tracing their bitcoin payments. Paying with bitcoin isn’t simple. I’ve heard this argument flow into widely throughout the years. I still hear it from my grandpa each vacation dinner. He didn’t see a Bitcoin checkout option at the grocery when he bought the turkey -- therefore it’ll never be used. Perhaps Bitcoin is on its means to being such a store of worth. For 10 years now bitcoin has been ready to be saved and retrieved and exchanged -- and it’s worth has only gone up (bumpy but up). Need to get more cryptocurrencies? Check out our top 5 cryptocurrencies to shop for, whether you’re a beginner or an experienced investor! Bitcoin is difficult to use. Bitcoin, like all new technologies, isn't the most user-friendly. You would like to line up a wallet, bear in mind a seed phrase, and several additional steps. Sending and receiving BTC payments additionally involves steps of copy/pasting long strings of random letters and numbers. It’s powerful, I hear ya. I additionally keep in mind all the steps I needed to require to send emails back when those were new. Insert a CD from AOL into my computer. Install AOL. Unplug my phone line. Plug in my Modem. Wait for it to make all those noises and finally connect. Then set up my AOL email and password. It was quite the method. My grandfather never thought emails would come out and even my mother said folks would perpetually like handwriting letters (and using a physical dictionary for spell check!) and sending through the post. Think about it the approach we tend to assume about gold. Not everyone has gold. It’s also a bit difficult to own. If you wish to own gold for its ‘store of price’ properties, you wish to seek out a specialized look to buy investment gold. You need to store it somewhere, sort of a personal safe or a bank vault, and bear in mind the password. This is somewhat troublesome. https://preview.redd.it/k0x3jqsm8df51.jpg?width=770&format=pjpg&auto=webp&s=ff7c2f29881c28fb22c9828c497cc1981eea2919 Perhaps Bitcoin’s problem will facilitate it retain its value, just like gold You Might Conjointly Like: The 5 est Bitcoin Sports Betting Sites https://www.cryptoerapro.com/bitcoin-future/
I'm sick of these posts of people getting ripped off on sketchy money changers like Changelly. It's super easy to buy XMR (or any cryptocurrency) anonymously and you don't need to be a computer genius to do it, just your average crypto geek. First of all, we all have a right to transact anonymously without the government or marketing assholes tracking us which is why I like Monero in the first place. I don't advocate anything illegal, this is for keeping yourself private, which is our right. Because XMR is the god of privacy coins, exchanges and onramps rarely allow fiat to XMR purchases, and the ones that do are sketchy and rip you off (hence don't use Changelly) . So you need to buy a different crypto with fiat first. I recommend Coinbase (even though they suck as an exchange) only for the fiat onramp. You can buy USDC without any fee via ACH. If you don't mind wire fees then Kraken is fine too. The point is, you need to buy ETH. If you buy USDC, then trade it on Uniswap to get ETH for low fees. You can do this fiat transaction fully KYCd, the private part comes next. Now, we will use https://tornado.cash/ to anonymize your ETH. Withdraw your ETH to Metamask and then buy a single 0.1 ETH note and the rest in notes 1 or 10 ETH size depending on how much you have. (The gas fees on 0.1 ETH notes are high, so only use one to make a clean account). As this wallet will be linked to your fiat purchase, there is no need for a VPN here. Tornado uses a cryptography technique called zkSnarks to obfuscate your transaction. When you purchase a note you get a string. This string must be kept private, as anyone holding this string will be able to claim your note. Detailed information is here https://email@example.com/how-to-stay-anonymous-with-tornado-cash-and-similar-solutions-efdecdbd7d37 But essentially once you purchase a Tornado note, wait a few days to allow other deposits to come above yours so your transaction becomes safe. At this point you have Tornado notes, with 1 of them being for 0.1 ETH, and have waited a few days to ensure more deposits from other people happened. Next, get on your VPN. I recommend Private Internet Access or use your favorite VPN or use Tor. Create a new Metamask wallet. This is your "private wallet". You also need an account at whatever exchange you want to buy Monero anonymously (or whatever crypto) at. Poloniex and Binance have non-KYC accounts that let you purchase XMR. While on the VPN, claim the 0.1 ETH note through the Tornado Dapp and send it to your new private wallet. You use the Tornado relayer for this first transaction. The purpose of this transaction is to fund the private Metamask wallet with ETH so you don't need to pay the Tornado relayer fees anymore. Next, claim the rest of your Tornado notes using the new private Metamask wallet, and you can pay the Tornado gas fees directly using this wallet. You now have a ton of clean ETH that is unlinked to your fiat purchases! Send it to polo or binance and trade away for Monero. You now have financial freedom. Enjoy!
Today many organizations in different countries use the benefits of blockchain technology to solve a variety of problems. This brings us closer to the day when blockchain will become an inseparable part of modern life. by StealthEX Today we prepared the list of real examples of using this revolutionary technology.
Many new business models are based on the collection of personal details. Unfortunately, researches show that personal information is the most targeted data for scammers and hackers. Digital identity management and document verification are the most promising areas to use of blockchain technology. A good example of such a project is Civic. It is a digital identity management platform that allows users to register and confirm personal data, as well as hide identity to prevent data theft and fraud with credit history.
The number of Internet users is constantly growing and it’s getting harder to protect content’s copyrights. Blockchain technologies will allow authors to confirm and protect copyrights like never was possible before. The new technology allows to record ownership without the participation of a third party, make it possible to store information about the copyright as well as the art or other content itself. The originality of the property is confirmed by a cryptographic signature. For example, Ascribe is a blockchain-based platform that helps artists confirm their copyright using unique identifiers and digital certificates. In addition, the platform allows transferring ownership from the artist to the buyer or collector, including solving all the legal aspects.
Blockchain allows creating an entirely transparent e-voting system where every voter can verify the results. Citizens just need to log into the system and choose a candidate using an internal coin. The blockchain fixes the transaction, automatically creating a vote’s register that will be counted at the end of the election. Each participant can check their own vote and make sure that the votes of other electors accurately counted. It’s worth mentioning the Voatz project as an example of using blockchain for the voting system. It offers a mobile voting platform and provides a secure vote count and guarantees the results authenticity. E-voting has already been used by Denmark, Estonia, and the USA.
According to Deloitte’s analytical research, about 68% of companies specializing in commercial transportation are ready to apply blockchain technology. This technology will help to make freight transportation fully transparent and protect the interests of cargo owners and purchasers. There are many examples of using blockchain in logistics. For example, in 2018 the Danish company Maersk together with IBM introduced the TradeLens platform. The project enables digital collaboration across the multiple parties involved in international trade. The TradeLens works with dozens of ecosystem partners to identify opportunities to prevent delays caused by documentation errors, information delays, and other impediments. As a result, the transit time of a shipment was reduced by 40%.
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Precious stones mining, as well as buying and selling in 75% of cases, are related to fraudulent activities. Diamonds are easy to import illegally and, unfortunately, they are famous as tools for money laundering and terrorist financing. The development of techniques to track and trace gemstones may help to fight illegal activities as well as to prove the legitimacy of gems. One of the projects bringing blockchain to the precious stones industry is the TrustChain collaboration. The project helps to track and verify the origin of diamonds, precious metals, and jewelry at all stages of the global supply chain, from the mine to the retailer.
According to IDC Health Insights, by 2021, blockchain technology will be firmly integrated into the healthcare sector. The blockchain in medicine and pharmaceuticals can be used to manage medical records, drug supply chains, control the distribution of donor organs, improve insurance and billing procedures, and analyze medical data. Estonia became the first country to introduce blockchain technology in health care on a national level. Each person in Estonia that has visited a doctor has an online e-Health record that can be tracked. The health information is kept entirely secure and at the same time accessible to authorized individuals. “eHealth makes the system more flexible, improve the health of people by exercising more efficient preventive measures, increase the awareness of patients and also save billions of euros”. — Toomas Hendrik Ilves, ex-president of Estonia
Today, aviation is on the verge of major changes, including a dual flights increase by 2035, as well as the introduction of the new technologies related to artificial intelligence and blockchain. Blockchain technology is poised to provide fertile ground for innovation in the industry by resolving current issues of trust, security, control, and transparency in a complex ecosystem of industry players. In February 2020, SITA announced the launch of the MRO Blockchain Alliance to efficiently manage the air transport industry, including MRO, passenger identity, and flight data. As you can see, the blockchain technology application is not limited by the sphere of finance. Today, blockchain has enormous prospects and can be implemented in almost any field of human life. What’s your idea of how to use blockchain? Hit your comments below! And remember that Stealthex is the best platform for exchanging your coins. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example ETH to BTC. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected]. Original article was posted onhttps://stealthex.io/blog/2020/07/14/blockchain-technology-revolution-in-modern-world/
Day trading cryptocurrency has boomed in recent months. High volatility and trading volume in cryptocurrencies suit day trading very well. Here we provide some tips for day trading crypto, including information on strategy, software and trading bots – as well as specific things new traders need to know, such as taxes or rules in certain markets. Day Trading Cryptocurrency: What You Need to Know First. In the above section, I briefly discussed what day trading cryptocurrency actually is and some of the crypto trading strategies people use. This section is going to talk about the mental side of trading, which is probably the most important thing to consider. Volatility Granted, those techniques are not used only in the crypto market, but also in the stock market as the two, although many would not like to admit it, are affected by similar economic forces. Keep in mind that there is considerable overlap in methods used among different trading techniques, such as technical analysis, exit strategies, risk Day trading is a speculative trading style that involves the opening and closing of a position within the same day. Quick example: If you open a new position at 10AM and close it by 2PM on the same day, you have completed a day trade. If you want to put your new scalping techniques to the test? Why not try out Binance – the home of cryptocurrency trading. Key facts. Home to the highest crypto trading volume. The top choice for crypto traders. Trade over 100 different cryptocurrencies. Scalp on the go with the Android and iOS app. Deposit method: Crypto only. Start Scalping
See how I used Token Metrics and Trading View to locate and exit a trade that profited 7% in less than 8 hours Learn how I'm able to earn 100$ per day earning cryptocurrency using a hands free auto trading app for beginners. Start for as little as 5 Euro: https://www.... Day Trading Cryptocurrency may not be that suited for cryptocurrency beginners, but it is one of the most popular crypto trading strategies. In this episode of WeTheCryptos, JC discusses how ... BINANCE: http://www.scamxposed.com/binance/ Lots of people ask me how I make money trading crypto, so today im showing a very simple technique to perform sup... Day Trading Strategies for Beginners: Class 1 of 12 - Duration: 55:18. ... How I Make $1,000s EVERY DAY Trading Crypto Coins - 3 Step Guide For 2018 - Duration: 22:09.