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? Daily Crypto News, August, 2nd?

August 2, 2019 (updated August 2, 2019) Published by
  • Square’s Q2 Bitcoin Revenue Nearly Doubles From Previous Record ;
  • Walmart is Trying to Patent Its Own ‘Libra’ Like Digital Currency ;
  • What Happened: Why the First Physical Bitcoin Futures Haven’t Launched ;
  • NYAG Argues Against Continued Stay of Demands for Bitfinex ;
  • What Bear Market? Bitcoin Price Rises to $10,500 Eyeing a Breakout ;
  • ? Daily Crypto Calendar, August, 2nd?
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

? Square’s Q2 Bitcoin Revenue Nearly Doubles From Previous Record

Payments company Square reported its second-quarter earnings Thursday, revealing $125 million in bitcoin sales through its Cash App, nearly doubling a record first quarter.


“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” the earnings report explains.


Founded by Twitter co-founder Jack Dorsey, Square reported that bitcoin represented very nearly half of the total revenue on its Cash App, at $260 million, for the second quarter of 2019. Bitcoin costs, however, are listed at $122.9 million in the unaudited quarterly report, yielding the aforementioned $2 million in profit.


? Walmart is Trying to Patent Its Own ‘Libra’ Like Digital Currency

A new patent filing suggests that United States retail giant Walmart may be developing its own U.S. dollar-backed digital currency similar to Facebook’s Libra cryptocurrency. 


Walmart filed patent for “Digital Currency via Blockchain”


Patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” was published by the U.S. Patent and Trademark Office (USPTO) on Aug. 1. The document outlines a method for:


“Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”

Eric Conner, founder of information site ETHHub and product researcher at blockchain startup Gnosis, said:

“I think in four years, Ethereum will be moving past the hardest parts of its ambitious goals around proof-of-stake and scaling. At that point, the network will be able to onboard more users and we’ll start to grow beyond the use cases we are seeing today.”

? What Happened: Why the First Physical Bitcoin Futures Haven’t Launched

LedgerX admitted Thursday it has not launched bitcoin futures, as the firm had previously claimed, after the U.S. Commodity Futures Trading Commission (CFTC) said it had not approved the exchange to do so.

The company previously told CoinDesk it was planning to launch the product on Wednesday. LedgerX would have been the first venue in the U.S. to offer physically-settled bitcoin futures, which are contracts that pay out in the underlying cryptocurrency rather than in cash.


“Not only are they delivered physically in the sense that our customers can get bitcoin after the futures expires, but also they can deposit bitcoin to trade in the first place,” LedgerX CEO Paul Chou told CoinDesk on Monday.ring connections to external services like the crypto exchange ZigZag, the blog Yalls and games like Lightning Roulette, facilitates nearly 10,000 referrals a month. So far, BlueWallet users have completed more than 100,000 lightning transactions.

? NYAG Argues Against Continued Stay of Demands for Bitfinex

The New York Office of the Attorney General (NYAG) has submitted a letter to Justice Joel M. Cohen, arguing that cryptocurrency exchange Bitfinex and affiliated Stablecoin firm Tether should not be granted a continuing stay of demands.
The NYAG submitted its letter on Aug. 1 — the latest chapter in the New York Attorney General’s ongoing case against Bitfinex, parent company iFinex and Tether, in which the state alleges a multimillion loss coverup took place.

The motivation for NYAG’s letter

The court initially issued a stay of document demands in May at the defendants’ request. This means that the court currently only requires the defendants to produce documents and information pertinent to the issue of whether or not New York is the appropriate jurisdiction for the NYAG’s complaint, as opposed to a wholesale disclosure of complaint-pertinent documentation.

Bitfinex’s lawyers recently wrote that it had spent over $500,000 responding to NYAG’s document requests, adding that they would appeal for a continued stay of demands even if a dismissal motion does not go through.

“Scarcity is about to kick in,” the crypto trading account known as Rhythm on Twitter commented on the event. 

The current Bitcoin supply means only a maximum of 17,850,000 people can own an entire coin. In reality, however, some of the existing mined supply is not in circulation and never will be, as users lose access to private keys. 

? What Bear Market? Bitcoin Price Rises to $10,500 Eyeing a Breakout

Bitcoin (BTC) price climbed back over $10,000 to nearly $10,500 on the morning of August 2 as the market has shown a surprising bounce defying earlier calls by some traders for more downside. 

Market visualization

“August could turn out to be a good month”

Trader and market analyst Josh Rager said that BTC/USD moving back above $10,000 is finally showing some nice follow through. 

“A close above previous 4hr resistance is a nice sign,” he continued. “The good news about the death cross is that it leads to a golden cross as the 50MA is already starting to turn up.” 

Rager concludes that: 

“August could turn out to be a good month for price, IMO”

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? Daily Crypto Calendar, August, 2nd?

ETHIndia, “Asia’s biggest Ethereum Hackathon”, from Aug 2-4 in Bangalore.

“On Friday 2 August We Will Announce Strategic Partnership. Till Then Stay Tuned.”

Indodax lists ATOM. Deposits start on Aug 1st at 12 PM (UTC+7). Trading starts on Aug 2nd at 12 PM (UTC+7).

“Submit your questions here or on YouTube before the AMA on Thursday, August 1st @ 6PM UTC (2PM EST).”

“Join us in Geneva on August 2nd for a “Workshop on #DLT Scalability and Interoperability” hosted by the @ITU FG on DLT #Standardization.”

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of yersterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

The STEEM is still stitting exactly on the support line. I think we should have a decision from the market quiet soon. Let’s hope it will be a good news. The current pattern could indicate that the market is not able to go lower anymore and if this is the case, a sudden UP should appear suddenly. However, this kind of support line can finish also to be broken so we must stay all very carefull.

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Last Updates

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Join this new Free To Play on the STEEM Platform !

How to Lockup (stake) your KuCoin Shares – Lessons Learnt from Day 1

August 1, 2019 Published by

 

I wrote about the new KuCoin staking plan on Tuesday. This post explained it: “Don’t miss this one!”

True to my word:

I fully intend to lock up my KCS for this period, and I will do so as soon as I can.

I was waiting on KuCoin, ready to lock my KCS as soon as the clock hit 1 August (UTC +8), which was at 16:00 (UTC) on 31 July.

Of course, there were problems…

The problems:

I would be lying if I said I wasn’t surprised. Secretly, I had been expecting some sort of issue, even though I have great faith in the KuCoin team. Blockchain tech is just still all so new; because of this, platforms often forget to take something into account and fail under heavy loads or unusual conditions. This is exactly what happened to KuCoin.

The second that the staking contract opened, it failed. I hopped onto the various social media channels and watched the ensuing chaos for the first few minutes. To their credit, KuCoin were quick to respond. I saw multiple KuCoin admins respond on the telegram channel within minutes.

It turns out that a large block of simultaneous API calls (to lock KCS tokens) had triggered a safety system in KuCoin’s software. From a geek point of view, this is interesting: I have been wondering what safety systems KuCoin has in place – for obvious reasons these are not openly published. I guess we just found one! The safety system shut off the locking contract and had to be reset and disabled for these particular KCS withdrawals. The delay took about 20 minutes to rectify, after which KuCoin announced that they would retry launching the staking procedure 20 minutes later.

KuCoin did a good job of keeping us informed, even replying to my personal thread on Twitter where I and another investor were discussing the issue:

https://twitter.com/KuCoinModerator/status/1156603884401504257

 

 

At 00:40 (UTC +8) the contract was reopened – and it worked.

To make up for the problem, KuCoin made the decision to double the maximum total amount of tokens that could be locked on Day 1. The daily cutoff for locking is 500 000 KCS, with a limit of 10 000 KCS per person. KuCoin raised the total to 1 000 000 KCS for Day 1 – which is about the best that they could do at short notice without unfairly disadvantaging those who had been waiting. TAKE NOTE: the 1 000 000 KCS limit was reached well before the 10 minute mark! In fact it took only 6 minutes and 6 seconds before the limit was reached – despite it having been doubled.

What to do and what to expect:

There were not a lot of explanatory posts about the KCS lockup process before it happened. I know of only two that KuCoin released themselves. Because of this, I had a few unanswered questions at lockup time – things I was unsure of. I decided to write this post to try to help you with any questions that you may have about the process, and to guide you through those bits of it which are not immediately obvious.

Firstly – the address to use for the lockup is exactly what they say in their blog post: LOCKKCS. “LOCKKCS” is what you type into the “Wallet Address” field (as seen in the image below).

Note: If you type this in before the contract is open, you will see an error message “Contain invalid or sensitive information”. Don’t worry, this is normal. Just wait for the contract to activate at 16:00 UTC. If you try to lockup once the contract is already full (500 000 tokens have already been staked for the day) then you will see the same error message.

Trying to transact when the contract is closed will look something like this:

From www.kucoin.com ; modified by Bit Brain

 

 

Once the contract is open, refresh the page and the error message should be gone. Remember that you must lock a minimum of 200 KCS at a time. Also remember that KuCoin has a lot of checks and balances when you withdraw (depending on your account security settings). For me this meant the usual ritual of keying in my KuCoin trading code, my 2FA code and a code which is emailed to me. Don’t forget about all that, it adds at least 30 seconds onto your precious time, so be prepared before the contract goes live: have your apps and webpages open and get ready to type/click fast and accurately. In reality, you probably have at least 5 minutes in which to to this – a time which should grow longer each day.

If you manage to beat the rush and lock successfully, then you will see that you have an “in progress” transaction in the “Withdrawal history” section at the bottom of the page.

Additional Information:

The “Remark” section caught me a little off guard. With less than a minute to go before unlocking, somebody on Telegram asked about using referral codes for the lockup (as was briefly mentioned in a KuCoin blog post). With literally seconds before the lockup went live, an admin replied that you put the referral codes in the remarks field. Having no other referral code at hand, and not knowing whether it was mandatory or not, and with the admin already swamped with questions, I hurriedly put my own code in the field, just to ensure that all fields were complete and that my transaction wouldn’t get automatically declined and miss the lockup.

No, I’m pretty sure that you can’t self-refer and that I won’t score anything extra by doing this! ?

I honestly do not know for sure if a referral code is mandatory, I highly doubt that it is. If you want to be a nice person, please use my referral code for locking. I will get extra lockup rewards if you do (which I could really use!). You type it into the “Remark” block. My referral code is E39MoQ

After the problems of the first round, APIs will no longer be able to conduct lockups. Aside from causing problems with the contract, according to https://twitter.com/KuCoinUpdates:

To ensure a fair and equitable KCS lockup program for all of our users, KuCoin will prohibit the use of API to withdraw KCS to the LOCKKCS lockup address. This has taken effect immediately and will continue through the end of the lockup period.

It’s a good decision – it’s fair and it was suggested by a large number of users on Telegram when the first lockup stalled.

Be aware that after you have locked your tokens, you will no longer see them in your KuCoin account. Don’t panic, they will be back (automatically) in three months time – with interest! Also, there is no Lockup Dashboard yet, the only indication of your lockup at this stage is your withdrawal history. Similarly, do not panic if you click on the Etherscan link to your lockup transaction and you see something funny. After lockup your withdrawal page should look something like this:

From www.kucoin.com ; modified by Bit Brain

 

 

If you click “view transaction” (as highlighted above) you will see a message such as this one:

From https://etherscan.io

 

 

That is perfectly normal. The LOCKKCS address is not a regular Ethereum address, it is an internal KuCoin construct. The transaction does not go onto the Ethereum blockchain and will not appear there, so Etherscan is supposed to return an error message. This was confirmed by KuCoin technical staff and the Etherscan screenshot above is from my own lockup transaction.

Note that despite the double allowance, only 286 people managed to lock in round one, I therefore consider myself to be extremely lucky! However, if you missed out, then don’t worry! The rate you can get by locking today is only very slightly less, you’ll still score about a 10% ROI within only three months by locking your tokens! The average amount of KCS locked per person yesterday was 3521 – which I consider to be quite a lot (certainly way more than I own!) With amounts like that being deposited, don’t expect the contract to stay open for long for at least the first few days of locking. I tell you again: be ready and waiting on the dot of 16:00 UTC!

Conclusion:

Despite the teething issues, I want to say well done to KuCoin. I think they did a damn good job of handling the API issue in a rapid, fair and responsible manner – about the best they could have done under the circumstances. I don’t blame them for the issue either, it would have been nice if it had been picked up before the time and prevented, but that’s very easy for me to say after the fact, and hindsight is always 20/20. Just as I think Binance handled their hack very well, it’s good to see the intelligent and levelled-headed folk at KuCoin able to do the same under pressure. Such incidents are potential PR disasters if not handled correctly. I don’t see how KuCoin could have handled it any better, their Tweet on my own Twitter wall being a prime example of the lengths they went to to inform and to ease tensions.

Well done (again) KuCoin!

In other news: I have recently heard that KuCoin are busy with a “dust” feature such as Binance has (great idea in the first place – well done Binance!) whereby small balances of other tokens held on KuCoin will be able to get “dusted” into KuCoin Shares. It should be released with their next platform update, I look forward to this!

Also, for those of you amateur videographers out there, KuCoin is running a video creation competition with 50 KCS up for grabs. Check their Twitter feed for the link.

Out of interest: I decided to shift my small Tron holdings from Binance to KuCoin two days ago. I’m pleased to report that the fully automatic staking contract is working and that I have already earned my first daily “soft staking” rewards.

Now if KuCoin could kindly please stop releasing awesome features all the time, then perhaps I could go a week without blogging about them! That would make a nice change! ?

Yours in crypto
Bit Brain

Featured image from https://twitter.com/KuCoinUpdates

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:





Bitcoin Bulls Hit Back! Suckers Rally or Real?

July 31, 2019 Published by

Bitcoin has broken back above $10,000. Volume remains lackluster as of now.

Screen Shot 2019-07-31 at 10.35.13 AM.png

In today’s video we’ll discuss where price may be heading next, key areas to watch and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

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? Daily Crypto News, July, 31st?

July 31, 2019 (updated July 31, 2019) Published by
  • $500K, 60 Lawyers: Filing Reveals Costs of Bitfinex’s Fight With NY Regulators ;
  • Live: Crypto, Blockchain Hearing at US Senate Banking Committee ;
  • Importer of Bitmain’s Bitcoin Miners Draws Criminal Investigation in Russia ;
  • VP of Engineering Tim Wagner Becomes Latest Exec to Leave Coinbase ;
  • Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban ;
  • ? Daily Crypto Calendar, July, 31st?
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

? $500K, 60 Lawyers: Filing Reveals Costs of Bitfinex’s Fight With NY Regulators

Bitfinex and Tether have spent half a million dollars just on finding documents for the New York Attorney General’s (NYAG) office, a new letter by its lawyers says.


In the letter filed with the New York Supreme Court Tuesday, attorneys Jason Weinstein and Charles Michael of Steptoe and Johnson LLP, and David Miller and Zoe Phillips of Morgan, Lewis and Bockius LLP, urged Judge Joel M. Cohen to rule against immediately compelling the crypto exchange and stablecoin issuer to produce all the documents the NYAG demanded.


Cohen previously ruled that Bitfinex and Tether would need to preserve and turn over a subset of those documents, staying the rest of the NYAG’s injunction.

? Live: Crypto, Blockchain Hearing at US Senate Banking Committee

During today’s United State Senate Banking Committee hearing on the regulatory framework for cryptocurrencies and blockchain, Cointelegraph will be updating live with the most important developments. 


The July 30 hearing, titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” follows the previous hearings in mid-July that examined the regulatory hurdles surrounding Facebook’s Libra.


Circle CEO Jeremy Allaire will be a witness today in front of the Senate Committee on Banking, House, and Urban Affairs on behalf of The Blockchain Association, along with Rebecca M. Nelson, a specialist in international trade and finance, and Mehrsa Baradaran, a professor of law at University of California, Irvine School of Law.


For more detailed information on the witnesses, Cointelegraph has a dedicated analysis here.

? Importer of Bitmain’s Bitcoin Miners Draws Criminal Investigation in Russia

The Russian Federal Customs Service has opened a criminal investigation into an importer of bitcoin miners for potential underpayment of customs fees.


The Far-East Trading and Industrial Company, or DTPK, may have failed to pay about $1.2 million on 6,012 Bitmain-manufactured ASIC miners imported from August 2017 to February 2018, according to a search warrant obtained by CoinDesk.


DTPK, based in Moscow, showed customs officers falsified documents with the incorrect prices for the equipment, which included Bitmain’s Antminer S9-13.5, L3+ and D3 models, along with power elements for them, says the search warrant, dated July 17.

? VP of Engineering Tim Wagner Becomes Latest Exec to Leave Coinbase

Coinbase executive Tim Wagner is leaving the crypto exchange after slightly over a year on the job. Other high-ranking engineering staffers are leaving too, CoinDesk has learned.


Wagner, Coinbase’s vice president of engineering, will be departing in the next two weeks, a Coinbase spokesperson confirmed. The departure will leave a vacancy on the company’s leadership team.


Previously, Wagner served more than six years at Amazon Web Services, making him one of most senior alums of big tech to join the cryptocurrency industry. Wagner joined shortly after Coinbase acquired Earn.com and made Balaji Srinivasan its chief technology officer.

? Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban

Nasscom, a major Indain trade organization, has said that it is against a blanket ban on cryptocurrencies, which was recently proposed by a governmental panel in the country According to a report by local financial periodical The Economic Times on July 30, Nasscom commented:


“Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure. […] Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens.”


As per the report, Nasscom claims that crypto projects can always be tested in regulatory sandboxes prior to launch. Nasscom also reportedly believes that banning crypto will only serve to push away legitimate businesses who are already pro-compliance.

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? Daily Crypto Calendar, July, 31st?

Opacity 1.1 features, such as folders, desktop sync, and more, released by end of July.

The token swap takes place three months after the mainnet release.

Get the latest on our “5P” achievements (People, Product, Partnership, Pipeline, Progress). Mark your calendar for July 31 1PM UTC / 9AM EDT…

ZB Talk meetup in São Paulo, Brazil from 14:00 – 17:00.

SubstratumNode v1.0.0 RC1 release expected in July.

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of yersterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

It is nice to see that we are sitting on that line since days now. I don’t mean that I like that value for the STEEM but at least it looks a good level to allow the STEEM to consolidate and prepare the next move which we hope will be a nice UP.

Let’s hope the BTC won’t make a massive correction which will destroy that support line, this is the only risk that we have now at short term.

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Last Updates

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Join this new Free To Play on the STEEM Platform !

CryptoMania – A Provably Fair EOS-based Slot Game (Comprehensive Review)

July 30, 2019 (updated July 30, 2019) Published by

Unless you have been missing out on the actions. EOS-based games and casinos are the new rages in town.

Lots of fun and earning opportunities have been created in what is now becoming the mania of the current crypto phase.

If you are a lover of decentralized gaming applications and would really want to maximize your fun and earning capabilities. Here is the secret… You need to join in the rush during the launching period or earlier days of a Dapp in this category.

Meanwhile, maybe you have missed out on a few ones in the past and want to bury such misses for good.

I am glad to tell you there is a new hot-sauce around.

I bring to you CryptoMania slot – the first provably and decentralized EOS-based casino game.

In this CryptoMania review and explainer post, I will provide a general overview of how this slot game is played and highlight its uniquenesss. You should also rest assured that I will be showing you series of illustrations on how to get around the game and fill your curious mind.

CryptoMania

Your Slot Games On EOS

CryptoMania is a casino gaming platform built upon the decentralized EOS infrastructure to enable a fair, transparent and rewarding gaming experience.

The game is constructed with a wider outlook to bring the gaming experience of traditional advance platform by using a battle-tested algorithm and mathematical random number generator.

According to the project Manifesto – CryptoMania game is a work of a team of experienced gamers, developers and blockchain enthusiast with over 50+ years of accumulated experience in the gaming industry and over 9+ of experience in the blockchain space.

Current use of the game is restricted to the EOS blockchain at the moment. However, there are underground plans to enable universal onboarding gateways and experience.

Placing a bet on CryptoMania is conducted via the EOS coin or MANIA token with future plans to allow other cryptocurrencies. The winning probability of bets is determined not only on luck but also by factors which are regulated by the adopted algorithm.

A Provably Fair and Trustless Gaming Platform

One unique feature that should excite all players of CryptoMania slot is the trustless onboarding process. Using the advantage of innovative escrow contract tools like Scatter, a player can start engaging with the slot game without ever needing to make a direct deposit or withdrawal, thereby, mitigating the risk associated with trust.

This trustless operation prevents heartbreaks experience when a project suddenly runoff with user’s fund as your private keys stay with you and you only.

The provably fair concept is realized by using the data of the hash of a blockchain transaction of a bet, which is regulated and calculated by the widely used slot machine “Mersenne Twister” algorithm for random number generation. This algorithm is the #1 used slot machine randomness determinant in the traditional world and top casino platforms.

The calculation of how the hash is determined is explained in this section on the CryptoMania website.

To instantly verify the fairness yourself a “maniaresult” blockchain result is provided to you every time you place your wager.

The advantage of this is that players do not need to trust the honesty of the algorithm adopted by the slot machine which mostly is rigged with cheat and unfairness in most traditional slot gaming, but to openly verify the authenticity of data backing a bet result.

Author’s Remark

By Combining the concept of verifiable gaming fairness and trustless payments, Cryptomania ticks the boxes of a credible casino dApp game and is worth keeping tabs on.

How CryptoMania Works

Your Chance To Multiplying Your Stash

CryptoMania slot machine matches symbols in a random but deterministic way, using a set of data to compute a winning bet.

Winnings are calculated and identify according to the value each particular symbol carries. Using this in conjunction with their combination and formation determines the result of a bet.

This diagram reveals the worth of each symbol and their combination worth.

The way the combination of any of these symbols forms a line and their frequency determine a winning bet and the payout amount.

Each formation of line with their assigned number is shown in the image below.

A zoom-out format

Author’s work

Lines are drawn on the basis of 3 rows and 5 reels or column.

A pattern must reveal at least 3 members before it is considered a winning bet. The number of appearance or frequency increases the winning amount. that is – 3x, 4x, or 5x.

Look at this example

The winning line in the above sample form a pattern similar to line 10, therefore the winning line is line 10.

These are some of the factors that determine winning lines.

Winning lines must be in succession from both leftmost to right and rightmost to left.

There are 10 X 2 possible winning lines per bet.

You can read the full rules from the project manifesto (page 8).

Here is another sample with winning line 5

Author’s Remark

Pros

Multiple lines of winning and winning combination provide a greater chance of winning.

Cons

  • Winning lines are difficult to get at first, but becomes easy afterwards.
  • More than 5 symbols provide some level of difficulty to easily win.

Placing A Bet

CryptoMania slot is an EOS-based game and this requires you to connect your EOS account via Scatter on Desktop or Token Pocket/Lynx or any other EOS mobile wallet before you can make a bet.

To place your bet: Get an EOS account if you don’t have one and follow the steps below.

  • Login to your scatter or mobile EOS wallet browser and navigate to https://cryptomaniaslots.com/index.html
  • Choose your token of preference (EOS or MANAI) at successful wallet connection.
  • Choose your desired wager amount. The minimum bet is 0.1 EOS while the maximum is 400 EOS.
  • Click on SPIN to make your bet. Press and hold your finger on the SPIN button to automate your bet until you press the Stop button.
  • The result will be revealed almost instantly and is verifiable through the ‘maniaresult’ receipt.

Author’s Remark

Smooth login and onboarding process provides players with top experience. Intuitive website design simplifies the overall experience.

Crypto Mania Token Economics and Its Advantages

A good tokenomics determine whether a token fits an investment checkbox.

In the case of CryptoMania, tokens are generated under the concept of “play to mine” that is, for every successful bet wagered, a number of determined tokens are generated and replicated into two different pools.

The original pool serves to reward players in the form of dividends. The replicated second pool is divided among various sections like marketing, team, bounties, and investors.

Dividends are payout on an hourly basis and distributed proportionally among users who qualify. A user needs to stake some amounts of MANIA tokens in order to be eligible. Unstaking of tokens takes 24hours before they are released.

CryptoMania token generation is strictly based on the concept of “play to mine” and there are no pre-mimed tokens. There would be a total of 2.1 billion MANIA tokens which will be distributed in a period of 30 months.

For every 1 EOS a player wagered, the player receives Mania mining rewards. Higher mining rewards are enabled with an accumulated wagered amount of 10 EOS. which can also be leveled upped within four bonus levels.

Apart from the mining reward and distribution, 96% of the house edge profit is distributed back to players.

VIP Status

VIP members are entitled to up to 0.4% cashback on wagered amount.

Referral Program

CryptoMania affiliate program is one of the best you could come across with so many attached benefits. You stand to receive;

  • 0.2% lifetime on all your referral wager.
  • 10% extra Mania bonus on all Mania tokens mined by your referrals.

Consult CryptoMania Manifesto for other huge benefits. (Read from page 10)

Author’s Remark

The concept of “play to mine” without any prior pre-mine provide a fair tokenomics as tokens are generated based on usage giving the tokens a reasonable value.

Graphical representation and summary of CryptoMania Slot game

Infographic is the work of the post author

Author’s General Remarks and Conclusion

Judging from an honest side of view based on my understanding of decentralized applications and casino games. The approach of operation adopted by CryptoMania is “Provably Fair” in many respects.

One aspect that is worth taking note of most is how there is no direct deposit or withdrawal, which goes a long way to minimize the risk associated with theft, hacks, and deceit.

Also, tokens are generated according to the usage of the system in a deterministic way, which ensures fair protection of the token value.

It is also important to point out the transparency I observe from the project product and resources while I was doing my research. An example is how a mathematical explainer of how bet results are calculated. Verify here.

On the other side of things, the obvious downside is the absence of any personal documentation of the team. The team operates under an anonymous banner with no one to be held responsible for a bad event or experience. Judging from my experience with many gaming and betting Dapps, most of them operate under this anonymous status ( it is seen with even the established ones). This status quo among betting Dapps may be assumed to avoid regulation pressure that is related to strict KYC process required to operate in this niche, geographic restrictions and other forms of regulations.

My Overall Rating

4.4 of 5

My rating resolve to a positive review, therefore I will be suggesting a befitting slogan that matches CryptoMania concept and usage.

Slogan

Spin and Win with the blocks

Navigate to CryptoManiaSlot.com and start winning.

Project Resources 

CryptoMania Website 

Telegram

Medium

FAQ

Credits

All related project images used in the post are sourced from the project resources and website except the ones made by the author.

Special Note and Disclaimer

This review was conducted as an entry to a CryptoMania review contest hosted by Trybe.one. Though, I tried my possible best to give an honest review and overview of the project. Nevertheless, I shall not be held responsible for any investment, gaming, trading or betting decision made by readers of this review. Shared information is based solely on my own assessment and opinion. It is advised you do your own research before making any form of decisions related to the content of this review.

Don’t miss this one!

July 30, 2019 Published by

 

Yesterday I bought myself (another) 75 KuCoin Shares (KCS).

Yes, I know that my previous post was all about the KuCoin Exchange (The Best Crypto Exchange just got Even Better! (Again)). I apologise for the lack of variety, but this is important and time is of the essence! Similarly, I can’t just write another “Shopping Cart” post and risk you missing this important buy!

I bought those 75 KuCoin Shares (trading STEEM and Ethereum for them) in order to be able to take part in the latest KuCoin programme. Of course they only released this information after my last post – Murphy’s Law at work once again!

So what is the latest KuCoin programme (as if they haven’t already launched enough new initiatives this month already!)?

This is it:

From https://www.kucoin.com/news/en-kucoin-will-launch-the-kcs-lockup-cash-back-program-and-burn-plan

 

 

Of course, if you follow me on Twitter, then you probably already know this:

From https://twitter.com/brain_bit

 

 

If you have a Twitter account and you don’t want to follow me… then, well, I guess I’m sorry – I don’t know how to cure “stupid”.

What is the KuCoin Lockup Plan?

The lockup plan is a three-month lockup of KuCoin Shares on the KuCoin exchange. In other words, it’s a staking contract. The more you stake, the more you can earn. Importantly, the sooner you stake, the more you can earn too. And that’s where it gets impressive:

Recently I staked my WAX coins on their new native (EOS-cloned) blockchain. Returns on that contract amount to 100% over a period of 3 years, which I think is very good! But the KuCoin figures are even better: returns are far higher, working out to a rate which equates to an estimated annual ROI of 50%. Over the three-month period of their staking contract, that works out to just over a 10% return. Not bad for three months, especially with no work involved! That is, quiet simply, the best staking contract I know of in crypto. By far. Yeah you could also get those sort of returns by running the right crypto masternode, but that would probably be considerably more risky – and possibly a lot more expensive.

To get into the KuCoin Staking contract you will need a minimum of 200 KCS. The news of this opportunity caused a price rise in KCS, the tokens have gone up from around $1.30 each to around $1.60. Thus (at time of writing) it will cost you a minimum of $320 to get into the programme – which isn’t cheap, but I consider it to be well worth it if you have the money available! There is a good chance that prices may drop after the staking contract closes, but I really don’t care: KCS is a long-term hold and will no doubt shoot up in price as the platform gets busier (As it has before – to an ATH of $20.17).

Set your alarms:

The lockup plan works as follows: it runs for the month of August, but those who lockup first stand to score the most. Estimated returns start at an annual rate of 50%, but then drop off by 0.5% every day thereafter, so you want to lockup on day one! The staking contract opens on 1 August (I assume directly after midnight) and the time zone used for that is UTC +8. In other words, the contract opens at 16:00 UTC on 31 July, at least I think it does.

For the whales out there, there is a maximum daily lockup amount of 10000 KCS. There is another limit that applies to everyone: a maximum of 500 000 KCS can be locked per day, so don’t wait too long! If you do miss day one or two, it isn’t the end of the world, 49% annual ROI on day three is still pretty darn fantastic! Even if you lockup on the final day of the month, the annual ROI rate will still be 35%, which still beats practically any other staking contract! The entire lockup programme will stop if and when 5 000 000 KCS is locked. This could happen in as little as 10 days, or it may not happen at all. Here is an added bonus: however much is locked up in the programme (in total), that same amount of KCS will be burnt in December 2019. KuCoin are burning KCS like wildfire at the moment (check my previous KuCoin post), a trend which seems to be continuing. This is great for KCS holders, especially when they are getting more KCS for free! If 5 000 000 KCS is burnt, that will mean that the total amount of KCS in existence drops by 2.8%! If you prefer to work with circulating amount (which I do not advise), then that percentage rises to 5.6%! Remember: you can always check out the latest information about KCS specifically at the KCS dashboard at  https://kcs.kucoin.com

You don’t have much to lose

For those who fear that KCS price will drop radically during the three-month staking period, take heart: you can cap your USD losses at 10%. This is because KuCoin have built a safety net into the system: they have a guaranteed service that works like this (in their own words):

After the KCS unlocks, KuCoin provides a service for repurchasing the user’s locked KCS at the price of 10% off the average KCS price (USDT price) on the day of the user’s lockup

What this allows you to do is to turn your recently unlocked KCS into USDT a price of 10% less than what it was worth during the lockup period. The programme is thus not only a good way to buildup your crypto holdings, but also a way to hedge against drops in the market! This offer expires 24 hours after unlocking and is only valid as long as you have not traded or moved your KCS.

On the downside, tokens locked into the new programme do not earn the usual daily staking rewards that KuCoin offers to KCS holders. However, those rewards are FAR less than what you stand to gain by participating.

Conclusion

I fully intend to lock up my KCS for this period, and I will do so as soon as I can. For those who don’t hold KCS, I think that the rise in the token price has been minimal and that it is still well worth your time to participate. I truly believe that KCS is an excellent token to hold and that it is greatly undervalued. I also firmly believe that KuCoin is a fantastic exchange. I’ve been using it for nearly two years now and I am 100% happy with it, in fact it often exceeds my expectations!

Following hot on the heels of “Soft Staking”, KuCoin is obviously focusing on staking lately and their offerings in this regard are extremely impressive. I hope they continue in this vein, if they do it should win them many new customers. I do not know what will happen after the three month lockup period ends, I know that your staked KCS will be returned to you, but I don’t know if another programme will follow thereafter, I hope it does! Perhaps it will become an annual event, who knows? At this stage information is still limited. Read the latest of KuCoin’s own articles about the the lockup here:  “KuCoin Will Launch The KCS Lockup & Cash Back Program and Burn Plan”

If you are not a KuCoin user yet, please consider clicking my “KuCoin” banner in my signature and signing up wit my referral link. I get tiny amounts of some of your transaction fees if you do, for which I would be most grateful. While you are at it… remember that Nash goes live next month!

From https://twitter.com/brain_bit

 

 

Nash and its NEX token should become big names in the world of crypto exchanges. After its launch, I see Nash being the best DEX by far, even better than Binance DEX. Initially trading pairs will be limited, but that will change with time. The highly advanced Nash platform and the myriad added features should make it extremely attractive to investors and crypto traders alike. I have built up a relatively big stack of NEX which I am hoarding jealously. I strongly recommend that you look into NEX if you have not already done so.

In the meantime, why not sign up so long? Once again, I have a referral link in my signature. You HAVE to use a referral link to sign up – there is no option to sign up without one. This is designed into the system to help spread the word. The referral link gives you entry into a competition: you can win BTC and NEX by signing up. The lucky draw is at the end of the year, and the more people you refer with your own code (that you will get after signing up), the more entries you get into the competition. I have never been this excited about the launch of an exchange before!

Yours in great crypto exchanges
Bit Brain

Attribution: Featured image from https://www.kucoin.com/news/en-kucoin-will-launch-the-kcs-lockup-cash-back-program-and-burn-plan

Yours in crypto

Bit Brain

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:





NANO technical analysis

July 30, 2019 Published by

NANO seen from the temporality of 1D we can see how the price has made an upward movement after making a tweezer bottom at 0.9083, in the upward movement has made a correct structure of three points so we should expect a decline in the price to the area indicated in the chart within a blue rectangle that is located within the price range of 1.1320 – 1.2082, the bulls will be located in that zone of demand where the price should have a positive reaction, otherwise, the price would be put into a bearish structure.

NANO seen from the temporality of 4H we can observe more closely the movement of the candles within this structure, we see how the price has drawn us a double ceiling near the weekly supply, this setup is a reversal of trend so it would support our operation and zone of demand mentioned above. In the chart above I have also drawn the possible trajectory that the price should follow over the next few days.

In conclusion, the current structure of the price movement is very good to look for a next long entry, for this we must wait for the price reaction once it reaches the demand zone located within the price range of 1.1320 – 1.2082, a continuation setup (ABCDE) must be formed to continue towards our objective that I have pointed out in the first graph above located at 1.7799.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

BITCOIN: What’s your bet…

July 29, 2019 Published by

Since volume keeps on diminishing and trading activity slows down due to narrowing prices I am trying to get the most positive scenario thus I am considering the possibility of being in a “Falling Wedge” Pattern:

The falling wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making. (Source)

If this pattern is triggered, the most likely result would be the continuation of the trend previous to the pattern, so UPTREND…towards 14000 USD.

But then, you have another pattern in formation, this time is the other face of the coin…

Yep, a very bearish pattern here, pointing towards 4800 USD.

In my opinion, nowadays we have a 50/50 chances on one of the both options so, very difficult to take a decision now… we have to wait for one of the two get triggered and follow the trend.

What about you?

Let’s see what is the opinion of the audience here.

I am curious to read what is your opinion about which of the two proposals are more likely to happen next. I will upvote all the comments on that regards.

Enjoy!

@toofasteddie

Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

BNB technical analysis

July 29, 2019 Published by

BNB seen from the temporality of 1W we can observe a bearish structure, the price after finding resistance at 0.0043046 has ended up making three bearish candles to finally find demand zone at 0.0027506, the consolidation in that support has not been defined towards which direction will be the break, we see that bears are preventing the candles close above 0.0029989, if we continue like this, the price could break the consolidation down and continue with the downward structure, the main demand zone I have located at 0.0012657, where the price at that point should have a very large bullish momentum.

BNB seen from the temporality of 1D we can observe more closely as the price is creating a reversal setup trend, the pattern is not yet confirmed, the candles could do a throwback to the blue horinzontal that I have drawn in 0.0027506, if you can test it as a support and we see a next bullish candle we could have a rebound to the resistance located at 0.0034230, otherwise, the price could fall below the horizontal and test it as resistance and continue to fall.

In conclusion, the major structure is bearish, the price of BNB should continue to fall until reaching the support located at 0.0012657, we could have a rebound in 1D, however, while the price does not take as support 0.0034230 and continue to rise, the price will see it falling further. Keep in mind that the price of BTC is with the same structure and should continue to lower affecting the alts market in general, the volume of the alts with their pairs in BTC is still very low in most currencies, so I recommend to be very attentive to the movement of candles in 1D and observe the action of the BTC price.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Bulls Trying to Hang On

July 29, 2019 Published by

Price is once again consolidating on top of the $9,400 support after a quick drop to $9,100. The larger ascending support line seems to have turned into resistance.

Screen Shot 2019-07-29 at 9.55.13 AM.png

In today’s video we’ll discuss where price may be heading next, key areas to watch and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

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