DOCSLIB.ORG

21 Cryptos Magazine 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

MARCH 2018 N] EdItIo [ReBrAnD RYPTOS 21 C ZINE MAGA NdAr OiN CaLe t sIs + c MeN AnAlY NtErTaIn s lEs + e sSoN ArTiC aDiNg lE s + tR ViEwS GuIdE iNtEr iCkS + PrO PPAGE 1 21 CRYPTOS ISSUE 5 THE 21C PRO SQUAD (In alphabetical order) INDEX ANBESSA @anbessa100 BEASTLORION @Beastlyorion WELCOME 02-04 BITCOIN DAD @bitcoin_dad PARABULLIC TROLL @Crypto_God CRYPTO CATCH-UP 05-07 BULLY @cryptobully CRYPTO BULLDOG @cryptobulld0g TOP PICKS 21-16 08-14 CRYPTO CHIEF @cryptochief_ IVAN S. (CRYPTOGAT) @cryptogat A LESSON WITH THE TUTOR 15-17 CRYPTOMANIAC @happywithcrypto LESSON 4 CRYPTORCA @cryptorca CRYPTO RAND @crypto_rand TOP PICKS 15-11 18-22 CRYPTOTUTOR @cryptotutor D. DICKERSON @dickerson_des JOE’S ICOS 23-26 FLORIAN @Marsmensch JOE @CryptoSays TOP PICKS 10- 6 27-31 JOE CRYPTO @cryptoridy MISSNATOSHI @missnatoshi FLORIAN’S SECURITY 32-36 MOCHO17 @cryptomocho NOTSOFAST @notsofast MISSNATOSHI’S CORNER 37-40 PAMELA PAIGE @thepinkcrypto PATO PATINYO @CRYPTOBANGer TOP 5 PICKS 41-46 THEBITCOINBEAR @thebitcoinbare UNCLE YAK @yakherders PINK PAGES 47 NEEDACOIN @needacoin PINKCOIN’S CREATIVE @elypse_pink DESIGN DIRECTOR COLLEEN’S NOOB JOURNEY 48-51 CEO & EDITOR-IN-CHIEF THE COIN BRIEF V PAMELA’S AMA 52-58 @GameOfCryptos BURGER’S ANALYSIS 59-60 PRODUCTION MANAGER NOTSOFAST’S MINING PART 2 61-64 ÍRIS @n00bqu33n CRYPTO ALL- STARS 65-69 ART DIRECTOR BEAST’S TRADING DOJO 70-73 ANANKE @anankestudio BULLDOG’S FA 74-80 EDITOR COLLEEN G DECENTRALADIES @cryptonoobgirl IRIS ASKS 81-88 DESIGNER PAMELA’S DIARY 89-91 TIFF CRYPTO CULTURE 92-95 @tiffchau SOCIAL MEDIA MANAGER EVENT CALENDAR 96-102 JAMIE SEE YA NEXT MONTH! 103 @CryptoHulley PAGE 1 21 CRYPTOS ISSUE 5 DISCLAIMER Here’s a bit of the boring disclaimery type stuff. GENERAL YOU We retain full copyright and Please do you own research in ownership of this magazine and addition to reading the content all the content within. We retain provided within. We’re not saying this full rights to public distribution. Any to cover our backs, we’re saying it unauthorised public distribution will because we want to create better be (and is) followed up with the traders who don’t lose their money. relevant companies and authorities and legal entities. Never EVER trade more than you can afford to lose. CONTENT ALWAYS trade safely after extensive This magazine is a collection of research. resources and opinions, it is not direct financial advice. We’re not Do NOT follow pump and dump responsible for the accuracy or schemes, they damage our validity of the information the pros community in a massive way. choose to provide to us. The opinions of our content providers are not REMEMBER that Crypto trading has necessarily our opinions. We aim to elements of a gambling nature provide unbiased information with - so ensure you avoid addiction, no ulterior motives as a service to or any behaviours that damage the crypto community. Our primary your lifestyle. Life and people and source of income comes from experiences are far more important magazine sales, we do not want to than money. Always remember that. influence the market in any way to our own or others’ benefit. Thanks for reading, now back to the Issue! Copyright 21 Cryptos Magazine 2018 PAGE 2 21 CRYPTOS ISSUE 5 ABOUT US Thanks for picking up a copy of the March edition of 21 Cryptos Magazine! Before you start reading, this is just a short section on who we are and what we’re all about. 21 Cryptos is a relatively new project We have 2 core goals: created by V, and created with the help of Íris, Ananke, and many others To save you time in the crypto space. It’s quickly be- come the cool new kid on the block To save you mental energy in Cryptoland, with thousands of peo- ple purchasing a copy each month. Everything we do will be toward completing these goals. Lets face it - We aim to be the no.1 resource for all crypto is a confusing and sometimes new and intermediate crypto trad- needlessly complex world. Let’s make ers - the first stop in getting to grips it as simple to understand as we can. with the wonderful world of crypto, and in time when we launch our In this magazine you’ll find articles, online blog hubs, resource libraries, trading lessons, AMAs and interviews, and newsfeeds - the only destination top coin picks by the world’s leading you’ll need to visit to be taken into crypto traders, in-depth coin analy- the warm heart of this wonderful and ses, a detailed events calendar listing ever-growing community. all the info on what the top coins will be doing ahead of time, and on Our aim with all of this is to give you, top of this some entertainment and the crypto trader, the most respon- humour too. sibly sourced and unbiased infor- mation there is - in the simplest way Thanks for reading this intro! Now, be- possible - to inform your trades. fore we get stuck in with this month’s content, lets catch-up on the events of February… PAGE 3 21 CRYPTOS ISSUE 5 WELCOME TO MARCH’S EDITION OF 21 CRYPTOS! Welcome to Issue 5 of 21 Cryptos Magazine! Thank you for your purchase and much needed support of the wonderful Crypto community. This month is an exciting one - we’ve completed our rebrand! The whole magazine is now in a consistent and beautiful design, our new website has launched (with blog spots coming shortly - watch this space), and we’ve finally got our subscrip- tion options up and running! So if you like this magazine and haven’t joined our subscriber community - head over to our website and click subscribe now! Scroll on to start your adventure through March’s Edition of 21 Cryptos… and may the trading odds be ever in your favour! PAGE 4 21 CRYPTOS ISSUE 5 CRYPTONATOR1337 CRYPTO CATCH-UP Former online marketer & SEO expert. Into Crypto- CRYPTONATOR1337 currencies since early 2017 - from hobby to full time @Cryptonator1337 within months. Founder of Cryptonator 1337 GmbH. What Did the Markets Do? In beginning of February, Bitcoin continued one of the largest corrections in its history. From $10,600, we saw Bitcoin in a further downtrend that ended up with a bottom-like position at $6,000. The total market capitalization lost more than 50% since the beginning of January, but it’s now showing the same signs of reversal as Bitcoin itself. PAGE 5 21 CRYPTOS ISSUE 5 Bitcoin then recovered very fast, almost It was a much needed and healthy shake- doubling up to $12,000, breaking the out of both newbies who don’t know what downtrend almost three times, and is they’re doing, and impatient hands. currently trading around $10,000. The most common question at the moment is Since the beginning of the recovery the whether it can complete the huge inverse sentiment quickly changed. A lot of bears head & shoulders pattern before we are in threw their charts away and turned into a new uptrend and can aim for the next bulls once again. We saw fewer twitter rise. fights, and witnessed growing euphoria for the next alt season. At this point I have to When it comes to altcoins, we saw a lot say that the crypto community in general, of blood since the last small altcoin party not just on Twitter, is quite an experience in December. With few exceptions as to be a part of. We have such kind and always, e.g. Litecoin had an awesome intelligent people here who want real performance and is one of those change, not just for themselves, but for the cryptocurrencies which are leading the world. recovery so far. Other alts took strong hits; most of them are now in pretty similar What Events Took Place? setups. Coins like LBC hopefully have found their bottom after completing the market Some important events/headlines: cycle and are now in accumulation mode. New investors who will be getting into the Feb 6: SEC and CFTC Senate Crypto markets should deliver the volume needed Hearing for the next alt season. Feb 9: Nvidia CEO: Cryptocurrency is not What Did the Community Feel? going to go away This question can be answered with a Feb 12: JPMorgan Report: Crypto could simple and short wording: NaCl (salty) - one day help diversify portfolios when the markets went down, the overall sentiment changed into an apocalyptic Feb 16: Spanish government eyes tax mood. Newbies got rekt after buying benefits for crypto companies Bitcoin at the top, OG’s spread 2014 memories, bears were painting $2k BTC Feb 26: Circle buys Poloniex charts, and bulls (like myself) just tried to figure out why everyone was so pessimistic. Feb 27: Trump Administration working on “comprehensive strategy” for Crypto Feb 27: Japan aiming for ICO Regulation framework NEWBIES GOT Cryptocurrencies are still in a very early REKT AFTER phase. Mass adaptation is coming, and so are regulations by the states. We will also BUYING BITCOIN see entries of larger/institutional investors over the next few months and years, a AT THE TOP great difference from 2017’s corporate motto “Bitcoin is a fraud”. PAGE 6 21 CRYPTOS ISSUE 5 But things are changing. There was an official Senate Crypto Hearing in the US, which included the SEC and the CFTC. JPMorgan is officially speaking about MASS cryptocurrencies as an asset/diversification method in portfolios. The Sachs-Goldman startup “Circle” bought the exchange ADAPTATION Poloniex. States worldwide are working on regulation frameworks, and even the Trump administration claims that they are IS COMING, working on a “comprehensive strategy” for cryptocurrencies.
Recommended publications
  • White Paper of Bitcoin Ultimatum Introduction

    White Paper of Bitcoin Ultimatum Introduction

    White Paper of Bitcoin Ultimatum Introduction 1. Problematic of the Blockchain 4. Bitcoin Ultimatum Architecture industry 4.1. Network working principle 1.1. Transactions Anonymity 4.1.1. Main Transaction Types 1.2. Insufficient Development of Key Aspects of the 4.1.1.1. Public transactions Technology 4.1.1.2. Private transactions 1.3. Centralization 4.1.2. Masternode Network 1.4. Mining pools and commission manipulation 4.2. How to become a validator or masternode in 1.5. Decrease in Transaction Speeds BTCU 4.3. Network Scaling Principle 2. BTCU main solutions and concepts 4.4. Masternodes and Validators Ranking System 4.5. Smart Contracts 2.1. Consensus algorithm basis 4.6. Anonymization principle 2.2. Leasing and Staking 4.7. Staking and Leasing 2.3. Projects tokenization and DeFi 4.7.1. Staking 2.4. Transactions Privacy 4.7.2. Leasing 2.5. Atomic Swaps 4.7.2 Multileasing 4.8. BTCU Technical Specifications 3. Executive Summary 4.8.1. Project Stack 4.8.2. Private key generation algorithm 5. Bitcoin Ultimatum Economy 5.1. Initial Supply and Airdrop 5.2. Leasing Economy 5.3. Masternodes and Validators Commission 5.4. Transactions Fee 6. Project Roadmap 7. Legal Introduction The cryptocurrency market is inextricably tied to the blockchain – its fundamental and underlying technology. The modern market is brimming with an abundance of blockchain protocols, algorithms, and concepts, all of which have fostered the development of a wide variety of services and applications. The modern blockchain market offers users an alternative to both established financial systems and ecosystems/infrastructures of applications and services.
  • Pwc I 2Nd Global Crypto M&A and Fundraising Report

    Pwc I 2Nd Global Crypto M&A and Fundraising Report

    2nd Global Crypto M&A and Fundraising Report April 2020 2 PwC I 2nd Global Crypto M&A and Fundraising Report Dear Clients and Friends, We are proud to launch the 2nd edition of our Global Crypto M&A and Fundraising Report. We hope that the market colour and insights from this report will be useful data points. We will continue to publish this report twice a year to enable you to monitor the ongoing trends in the crypto ecosystem. PwC has put together a “one stop shop” offering, focused on crypto services across our various lines of services in over 25 jurisdictions, including the most active crypto jurisdictions. Our goal is to service your needs in the best possible way leveraging the PwC network and allowing you to make your project a success. Our crypto clients include crypto exchanges, crypto investors, crypto asset managers, ICOs/IEOs/STOs/stable and asset backed tokens, traditional financial institutions entering the crypto space as well as governments, central banks, regulators and other policy makers looking at the crypto ecosystem. As part of our “one stop shop” offering, we provide an entire range of services to the crypto ecosystem including strategy, legal, regulatory, accounting, tax, governance, risk assurance, audit, cybersecurity, M&A advisory as well as capital raising. More details are available on our global crypto page as well as at the back of this report. 2nd Global Crypto M&A and Fundraising Report April 2020 PwC 2 3 PwC I 2nd Global Crypto M&A and Fundraising Report 5 Key takeaways when comparing 2018 vs 2019 There
  • Markets in Crypto Assets: Mica Regulation

    Markets in Crypto Assets: Mica Regulation

    February 5 2021 Digital Gold Institute: Vision R&D center of excellence focused on teaching, training, consulting, and advising about scarcity in digital domain (bitcoin and crypto-assets) and the underlying blockchain technology Bitcoin: Digital Gold Blockchain: Hype or Reality? The most successful attempt at creating scarcity Blockchain requires an intrinsic native digital in the digital realm without a trusted third party. asset to provide the economic incentives for the Bitcoin is the digital equivalent of gold, blockchain maintainers to be honest. Without disruptive for our current digital civilization and the seigniorage revenues associated to its native the future of money and finance. More a crypto- asset, a blockchain system would need to select commodity than a crypto-currency, Bitcoin aims and appoint its maintainers, ultimately resorting to be world reserve asset. to central governance. Beyond Bitcoin: Timestamping Financial Services for Crypto A timestamp demonstrates that a document The most promising field, instead of existed in a specific status prior to a given point technological applications of blockchain, is the in time. Digital data can be securely development of financial services for crypto timestamped though the attestation of its hash assets: those tools, practices, and facilities value in a blockchain transaction. What jewellery needed by institutional investors and high net is for gold, Timestamping could be for bitcoin: worth individuals. Finance might not need not essential but effective at leveraging its blockchain,
  • October 29 2020 Digital Gold Institute: Vision

    October 29 2020 Digital Gold Institute: Vision

    October 29 2020 Digital Gold Institute: Vision R&D center of excellence focused on teaching, training, consulting, and advising about scarcity in digital domain (bitcoin and crypto-assets) and the underlying blockchain technology Bitcoin: Digital Gold Blockchain: Hype or Reality? The most successful attempt at creating scarcity Blockchain requires an intrinsic native digital in the digital realm without a trusted third party. asset to provide the economic incentives for the Bitcoin is the digital equivalent of gold, blockchain maintainers to be honest. Without disruptive for our current digital civilization and the seigniorage revenues associated to its native the future of money and finance. More a crypto- asset, a blockchain system would need to select commodity than a crypto-currency, Bitcoin aims and appoint its maintainers, ultimately resorting to be world reserve asset. to central governance. Beyond Bitcoin: Timestamping Financial Services for Crypto A timestamp demonstrates that a document The most promising field, instead of existed in a specific status prior to a given point technological applications of blockchain, is the in time. Digital data can be securely development of financial services for crypto timestamped though the attestation of its hash assets: those tools, practices, and facilities value in a blockchain transaction. What jewellery needed by institutional investors and high net is for gold, Timestamping could be for bitcoin: worth individuals. Finance might not need not essential but effective at leveraging its blockchain,
  • Aggregate Cash System: a Cryptographic Investigation Of

    Aggregate Cash System: a Cryptographic Investigation Of

    Aggregate Cash Systems: A Cryptographic Investigation of Mimblewimble Georg Fuchsbauer1,2, Michele Orrù2,1, and Yannick Seurin3 1 Inria 2 École normale supérieure, CNRS, PSL University, Paris, France 3 ANSSI, Paris, France {georg.fuchsbauer, michele.orru}@ens.fr [email protected] Abstract. Mimblewimble is an electronic cash system proposed by an anonymous author in 2016. It combines several privacy-enhancing techniques initially envisioned for Bitcoin, such as Confidential Transactions (Maxwell, 2015), non-interactive merging of transactions (Saxena, Misra, Dhar, 2014), and cut-through of transaction inputs and outputs (Maxwell, 2013). As a remarkable consequence, coins can be deleted once they have been spent while maintaining public verifiability of the ledger, which is not possible in Bitcoin. This results in tremendous space savings for the ledger and efficiency gains for new users, who must verify their view of the system. In this paper, we provide a provable-security analysis for Mimblewimble. We give a precise syntax and formal security definitions for an abstraction of Mimblewimble that we call an aggregate cash system. We then formally prove the security of Mimblewimble in this definitional framework. Our results imply in particular that two natural instantiations (with Pedersen commitments and Schnorr or BLS signatures) are provably secure against inflation and coin theft under standard assumptions. Keywords: Mimblewimble, Bitcoin, commitments, aggregate signatures. 1 Introduction Bitcoin and the UTXO model. Proposed in 2008 and launched early 2009, Bitcoin [Nak08] is a decentralized payment system in which transactions are registered in a distributed and publicly verifiable ledger called a blockchain. Bitcoin departs from traditional account-based payment systems where transactions specify an amount moving from one account to another.
  • Regulatory Implications Stripe, Uber, Spotify, Coinbase, and Xapo

    Regulatory Implications Stripe, Uber, Spotify, Coinbase, and Xapo

    paper says that this backing separates Libra from stablecoins “pegged” to various assets or currencies. Regulatory Update The Libra Reserves will be managed by the June 24, 2019 Libra Association – an “independent” non-profit organization founded to handle In this update, we talk about Facebook’s Libra governance and operate the validator Libra whitepaper, a FINRA enforcement nodes of the Libra Blockchain. Members action for undisclosed cryptocurrency pay a $10 million membership fee that mining, and South Korean crypto exchanges changing their terms to take entitles them to one vote and liability for hacks. proportionate dividends earned from interest off the Reserves.1 Its 27 “Founding ​ Members” include Facebook through its ​ Facebook Releases Whitepaper newly-formed subsidiary Calibra (more on for its Libra Blockchain: Calibra below), Mastercard, PayPal, Visa, Regulatory Implications Stripe, Uber, Spotify, Coinbase, and Xapo. It hopes to have 100 members by Facebook’s Libra Association released its mid-2020. highly-anticipated whitepaper describing its ​ plans to create “a simple global currency Will Libra Answer Gaps in Regulation? …designed and governed as a public The paper argues that the present financial good” in order to make money transfer as system is plagued by shortfalls to which easy and cheap as sending a text message. blockchain and cryptocurrency projects According to the paper, a unit of currency have failed to provide a suitable remedy. It will be called “Libra” and built on the open asserts that many projects have attempted source Libra Blockchain (a permissioned to “bypass regulation as opposed to blockchain that may transition to a permissionless system in the future).
  • Review Articles

    Review Articles

    review articles DOI:10.1145/3372115 system is designed to achieve common Software weaknesses in cryptocurrencies security goals: transaction integrity and availability in a highly distributed sys- create unique challenges in responsible tem whose participants are incentiv- revelations. ized to cooperate.38 Users interact with the cryptocurrency system via software BY RAINER BÖHME, LISA ECKEY, TYLER MOORE, “wallets” that manage the cryptograph- NEHA NARULA, TIM RUFFING, AND AVIV ZOHAR ic keys associated with the coins of the user. These wallets can reside on a local client machine or be managed by an online service provider. In these appli- cations, authenticating users and Responsible maintaining confidentiality of crypto- graphic key material are the central se- curity goals. Exchanges facilitate trade Vulnerability between cryptocurrencies and between cryptocurrencies and traditional forms of money. Wallets broadcast cryptocur- Disclosure in rency transactions to a network of nodes, which then relay transactions to miners, who in turn validate and group Cryptocurrencies them together into blocks that are ap- pended to the blockchain. Not all cryptocurrency applications revolve around payments. Some crypto- currencies, most notably Ethereum, support “smart contracts” in which general-purpose code can be executed with integrity assurances and recorded DESPITE THE FOCUS on operating in adversarial on the distributed ledger. An explosion of token systems has appeared, in environments, cryptocurrencies have suffered a litany which particular functionality is ex- of security and privacy problems. Sometimes, these pressed and run on top of a cryptocur- rency.12 Here, the promise is that busi- issues are resolved without much fanfare following ness logic can be specified in the smart a disclosure by the individual who found the hole.
  • The Bitcoin Trading Ecosystem

    The Bitcoin Trading Ecosystem

    ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 1 THE INSTITUTIONAL CRYPTO CURRENCY EXCHANGE INSIDE FRONT COVER: BLANK ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 3 The Bitcoin Trading Ecosystem Arcane Research LMAX Digital Arcane Research is a part of Arcane Crypto, bringing LMAX Digital is the leading institutional spot data-driven analysis and research to the cryptocurrency exchange, run by the LMAX Group, cryptocurrency space. After launch in August 2019, which also operates several leading FCA regulated Arcane Research has become a trusted brand, trading venues for FX, metals and indices. Based on helping clients strengthen their credibility and proven, proprietary technology from LMAX Group, visibility through research reports and analysis. In LMAX Digital allows global institutions to acquire, addition, we regularly publish reports, weekly market trade and hold the most liquid digital assets, Bitcoin, updates and articles to educate and share insights. Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane Trading with all the largest institutions globally, operates a portfolio of businesses, spanning the LMAX Digital is a primary price discovery venue, value chain for digital nance. As a group, Arcane streaming real-time market data to the industry’s deliver services targeting payments, investment, and leading indices and analytics platforms, enhancing trading, in addition to a media and research leg. the quality of market information available to investors and enabling a credible overview of the Arcane has the ambition to become a leading player spot crypto currency market. in the digital assets space by growing the existing businesses, invest in cutting edge projects, and LMAX Digital is regulated by the Gibraltar Financial through acquisitions and consolidation.
  • Bitcoin Microstructure and the Kimchi Premium

    Bitcoin Microstructure and the Kimchi Premium

    Bitcoin Microstructure and the Kimchi Premium Kyoung Jin Choi∗ Alfred Lehary University of Calgary University of Calgary Haskayne School of Business Haskayne School of Business Ryan Staufferz University of Calgary Haskayne School of Business this version: April 2019 ∗Haskayne School of Business, University of Calgary, 2500 University Drive NW, Calgary, Alberta, Canada T2N 1N4. e-mail: [email protected] ye-mail: [email protected] ze-mail: [email protected] Bitcoin Microstructure and the Kimchi Premium Abstract Between January 2016 and February 2018, Bitcoin were in Korea on average 4.73% more expensive than in the United States, a fact commonly referred to as the Kimchi pre- mium. We argue that capital controls create frictions as well as amplify existing frictions from the microstructure of the Bitcoin network that limit the ability of arbitrageurs to take advantage of persistent price differences. We find that the Bitcoin premia are positively re- lated to transaction costs, confirmation time in the blockchain, and to Bitcoin price volatility in line with the idea that the delay and the associated price risk during the transaction period make trades less attractive for risk averse arbitrageurs and hence allow prices to diverge. A cross country comparison shows that Bitcoin tend to trade at higher prices in countries with lower financial freedom. Finally unlike the prediction from the stock bubble literature, the Kimchi premium is negatively related to the trading volume, which also suggests that the Bitcoin microstructure is important to understand the Kimchi premium. Keywords: Bitcoin, Limits to Arbitrage, Cryptocurrencies, Fintech 1 Introduction I think the internet is going to be one of the major forces for reducing the role of government.
  • Balancing Privacy and Accountability in Digital Payment Methods Using Zk-Snarks

    Balancing Privacy and Accountability in Digital Payment Methods Using Zk-Snarks

    1 Faculty of Electrical Engineering, Mathematics & Computer Science Balancing privacy and accountability in digital payment methods using zk-SNARKs Tariq Bontekoe M.Sc. Thesis October 2020 Supervisors: prof. dr. M. J. Uetz (UT) dr. M. H. Everts (TNO/UT) dr. B. Manthey (UT) dr. A. Peter (UT) Department Applied Mathematics Discrete Mathematics & Mathematical Programming Department Computer Science 4TU Cyber Security Faculty of Electrical Engineering, Mathematics and Computer Science University of Twente Preface This thesis concludes my seven years (and a month) as a student. During all these years I have certainly enjoyed myself and feel proud of everything I have done and achieved. Not only have I completed a bachelor’s in Applied Mathematics, I have also spent a year as a board member of my study association W.S.G. Abacus, spent a lot of time as a student assistant, and have made friends for life. I have really enjoyed creating this final project, in all its ups and downs, that concludes not only my master’s in Applied Mathematics but also that in Computer Science. This work was carried out at TNO in Groningen in the department Cyber Security & Ro- bustness. My time there has been amazing and the colleagues in the department have made that time even better. I am also happy to say that I will continue my time there soon. There are quite some people I should thank for helping my realise this thesis. First of all, my main supervisor Maarten who helped me with his constructive feedback, knowledge of blockchains and presence at both TNO and my university.
  • 3Rd Global Cryptoasset Benchmarking Study

    3Rd Global Cryptoasset Benchmarking Study

    3RD GLOBAL CRYPTOASSET BENCHMARKING STUDY Apolline Blandin, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Anton Dek, Sean Taylor, Damaris Njoki September 2020 supported by Disclaimer: Data for this report has been gathered primarily from online surveys. While every reasonable effort has been made to verify the accuracy of the data collected, the research team cannot exclude potential errors and omissions. This report should not be considered to provide legal or investment advice. Opinions expressed in this report reflect those of the authors and not necessarily those of their respective institutions. TABLE OF CONTENTS FOREWORDS ..................................................................................................................................................4 RESEARCH TEAM ..........................................................................................................................................6 ACKNOWLEDGEMENTS ............................................................................................................................7 EXECUTIVE SUMMARY ........................................................................................................................... 11 METHODOLOGY ........................................................................................................................................ 14 SECTION 1: INDUSTRY GROWTH INDICATORS .........................................................................17 Employment figures ..............................................................................................................................................................................................................17
  • Trading and Arbitrage in Cryptocurrency Markets

    Trading and Arbitrage in Cryptocurrency Markets

    Trading and Arbitrage in Cryptocurrency Markets Igor Makarov1 and Antoinette Schoar∗2 1London School of Economics 2MIT Sloan, NBER, CEPR December 15, 2018 ABSTRACT We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in cryptocurrency prices relative to fiat currencies across exchanges, which often persist for weeks. Price deviations are much larger across than within countries, and smaller between cryptocurrencies. Price deviations across countries co-move and open up in times of large appreciations of the Bitcoin. Countries that on average have a higher premium over the US Bitcoin price also see a bigger widening of arbitrage deviations in times of large appreciations of the Bitcoin. Finally, we decompose signed volume on each exchange into a common and an idiosyncratic component. We show that the common component explains up to 85% of Bitcoin returns and that the idiosyncratic components play an important role in explaining the size of the arbitrage spreads between exchanges. ∗Igor Makarov: Houghton Street, London WC2A 2AE, UK. Email: [email protected]. An- toinette Schoar: 62-638, 100 Main Street, Cambridge MA 02138, USA. Email: [email protected]. We thank Yupeng Wang and Yuting Wang for outstanding research assistance. We thank seminar participants at the Brevan Howard Center at Imperial College, EPFL Lausanne, European Sum- mer Symposium in Financial Markets 2018 Gerzensee, HSE Moscow, LSE, and Nova Lisbon, as well as Anastassia Fedyk, Adam Guren, Simon Gervais, Dong Lou, Peter Kondor, Gita Rao, Norman Sch¨urhoff,and Adrien Verdelhan for helpful comments. Andreas Caravella, Robert Edstr¨omand Am- bre Soubiran provided us with very useful information about the data.