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08-21 13:56 - 'NEW 1 Pay Depot Bitcoin ATMs at Home Town Market - New Jersey' (self.Bitcoin) by /u/PayDepot removed from /r/Bitcoin within 1141-1151min
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Hi Bitcoiners! I’m back with the 32nd monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you an overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in August 2019 Adoption
Below are some ideas I have been working on to allow direct off-blockchain transfer of Bitcoin Private Keys while preventing Double-Spend and Counterfeiting . There is a reference to tamper-proof Physical Bitcoin as DA BOMB- Directly Available Bitcoin On Metal Banknotes. These Physical Bitcoins and their digitally encrypted representations are the basis for off-blockchain exchange of value. Off-Blockchain exchanges are completely private and as fast as sending an email. FAST BITCOIN
DA BOMB bitcoin pools
Bitcoin Cash blockchain data storage
Daily settlement between corporations, instant settlement on trading or funded shopping channels, physical bitcoin possession for investors . Each platform which offers FAST BITCOIN will purchase a large amount of DA BOMB to power their digital envelope re-sale network. All networks will be compatible and fungible assets composed of. When a customer places an order for DA BOMB I load a certain amount of BTC in various denominations onto a selection of bitcoin wallets, which are then manufactured as physical bitcoin. This amount of BTC is the amount this customer can spend on the FAST BITCOIN network. The Bitcoin the customer spends never moves on the BTC Blockchain. The envelope containing the customer’s BTC is credited or debited a certain combination of addresses that contain a known amount of BTC, adding up to the exact amount of the transaction. Transactions can only be made in ROUND NUMBERS of a certain resolution, such as 0.0001 BTC , and the resolution will be finer at a later date to account for the rise of value of BTC in the future. The contents of a customer’s envelope will be maintained to allow for making change and to account for his spending or funding of his account. The main issuer of FAST BITCOIN will be Satoshi Bitcoin Incorporated, with other platforms buying enough DA BOMB to issue their own FAST BITCOIN on their own shopping platforms. Customers can always write to the platform and request that their remaining envelope balance be mailed to their physical address. The envelope contents are tracked on a separate blockchain, the FAST BITCOIN blockchain. Customers can use their physical bitcoin like paper money, or break the hologram seal and view the private key to use as regular bitcoin on the bitcoin blockchain. Only TRUSTED NODES are on the FAST BITCOIN Blockchain. The Network is composed of the corporate members who offer FAST BITCOIN shopping at their websites, and join by invitation only. Large networks can fuel their own branded shopping tokens with FAST BITCOIN after paying a co-branding fee, or simply use FAST BITCOIN without re-branding to their own token name. Software can equate all prices at a website to the token value of choice on the platform, so that the shopper may make purchases via FAST BITCOIN while referring to prices in stable fiat equivalent tokens, or re-branded token values. The customer’s purchasing power varies with the price of Bitcoin, but the visible prices remain stable. The customer may buy a StableCoin (not Tethers) to fund all or part of their account, or switch from BTC to StableCoin at will; or let the system do this for him. BTC going up, funding remains in BTC, BTC going down, Funding switches too StableCoin. A purely electronic version of FAST BITCOIN will rely on a hardware device to store the private keys offline and always in encrypted form when connected to the internet. There is object “A” : the FAST BITCOIN Wallet There is object “B” : the individual private keys The system works with a combination of Master System Key Encryption and Asymmetrical Key Encryption. The Hardware device is called a SPLIT WALLET. It is a combination of a HOT WALLET and a COLD WALLET. The two halves of the split wallet can only communicate with each other when the device is unplugged from the device being used to access the Internet. The Master System Key resides on the Cold Wallet and can’t be viewed without destroying the function of the Hardware Wallet. To send bitcoin to a person on the network, the hardware wallet takes the addresses needed to add up to the desired amount and encrypts them with the PUBLIC KEY of the receiving device. The BITCOIN CASH BLOCKCHAIN is used as a KEY SERVER to store the PUBLIC KEY of every device manufactured, linked to its registration number and owner identity. The OWNER IDENTITY is an EMAIL ADDRESS which is [[email protected]_BITCOIN.COM](mailto:[email protected]_bitcoin.com) . The addresses are encrypted by the SYSTEM MASTER KEY , then by the RECIPIENT PUBLIC KEY and emailed to the above email address. The whole network is sustained by a peer-to-peer email remailer network. Software on the machine used by the hardware device to connect to the INTERNET is designed to run a peer-to-peer email remailer node. As well as sending the recipient an email via the re-mailer network, an entry is made on the BITCOIN CASH BLOCKCHAIN containing the double encrypted bitcoin private keys, recipient email address, and transaction identifier . This also contains the device registration number as part of the owner email address. Thus even if the domain is blocked from sending email the information needed to use the bitcoin is available from the data stored on the BITCOIN CASH BLOCKCHAIN. The value of Bitcoin Cash does not impact the cost of sending bitcoin, since the transaction sizes to record data on its blockchain are very small. When FAST BITCOIN is sent to a recipient, he must plug his hardware device into a laptop, phone, or other internet device to download the keys to the device. At this time while the hardware device is still connected to the internet the just received FAST BITCOIN will not yet be available to spend. It will show on the device as STILL ENCRYPTED. The user unplugs the device from the internet and then transfers the amount from the COLD SIDE to the HOT SIDE of his wallet while offline. If he wishes he may leave this amount on the COLD SIDE or transfer up to the entire contents of the SPLIT WALLET to the HOT SIDE to enable immediate spending as soon as connected to the internet. The COLD SIDE contains the SYSTEM MASTER KEY and decrypts the PRIVATE BITCOIN KEYS in order to enable spending. The hardware device checks the bitcoin blockchain to verify the amount of bitcoin held by each bitcoin private key, and also checks that the private keys it contains map properly to the public bitcoin keys used to view the balance on the device when it is connected to the internet. DA Bomb Directly Available Bitcoin On Metal Banknote (Da Bomb) Bitcoin Metal Wallet Cold Storage on BTC Blockchain. A Crypto-Currency version of money, which may be exchanged for fiat currency. Other major cryptos such as Ethereum , LiteCoin, and Bitcoin Cash may be substituted for bitcoin without affecting the usefulness of this offering. These versions will come out later, using the same physical format. (hopefully patented) The design of the card should be modified enough from any existing patents to be patentable itself. The manufacturing, loading and documenting of the card should be done by proprietary and open-source software. This process should be patented as well or be part of the same patent. These are physical BTC coins, in the form of a metal card the size and shape of a credit card. The Bitcoin Wallet is composed of two sets of engraved alpha-numeric and QR codes highlighted by black ink. One set is public and is on the outside of the card. A pull-tab almost exactly like the kind on a soup can is removed from the front of the card to reveal the inner contents . This is the engraving of the private key which is required to spend the BTC. Viewing it or detecting the exact nature of this code is equivalent to ownership of the associated BTC. The public key on the outside of the card is used to deposit to or send to the card. In normal operations the card would come loaded with a certain amount of BTC. The cards will be protected by security features and the quality control process during their manufacture. The cards will be dipped in a coating of compounds to indicate a unique identity for each card, with short lengths of coloured fibres and paint floating on the surface of the clear lacquer compound and creating a unique visual identity. Each card is photographed and the image file uploaded to a database with the blockchain address and item id from manufacture all associated together. A label is created and affixed to the outside of the card. On it are the blockchain address, photo of the untampered card, and amount of BTC deposited to card. The private keys are not retained in file form at the manufacturer’s facility, or recorded in any way. Before the key is deleted from memory and fully erased from all data storage devices, the photo of the engraving of it is compared to the key via character recognition software. When photo verifies as true then key is deleted from memory. Now the card is tracked by my own “in-house” item id, linked in the database to the blockchain address which displays the public key, and the photo file of the card. The card is photographed twice, the photo of the private key is deleted just after verifying the engraving matches the private key. The photo of the exterior of the card showing the paint lines and fibre positions on the card is kept on file. The offline computer takes the photo of the private key, the online computer takes the photo of the card after dipping. The card is meant to circumvent the horribly high fees associated with using BTC as a payment method. Possession of the card is deemed to be legally equivalent to the ability to spend the associated BTC available via the private key. The nature of the tamper proof and hack proof aspects of the card manufacture lends credence to the continued value of the card as it is passed through consecutive transactions. The fees which would have been normally paid to enable these transactions on the Blockchain, will now have been saved by the people utilizing the physical Bitcoin cards. The Bitcoin transactions on the Blockchain are enabled by paying fees to “bitcoin miners”, who use large amounts of energy and computing power to solve complicated mathematical problems in order to process transactions and also to earn newly created bitcoins, of which there will only ever be 21,000,000. The fees for bitcoin transactions have become so high that paying for an item with bitcoin wouldn’t make sense for anything under $280 or so; and you had better be rich enough not to care about the $30 to $75 fee to buy just about any size purchase. Instead of this, cold wallets containing small denominations of BTC can be exchanged via strong encryption and sending password and wallet via different delivery modes; or by physical bitcoin wallets. At any time one may pull the tab on the metal card and reveal the private key, in order to obtain control of the BTC for use in a different cold wallet, or an online wallet. You will now have to pay transaction fees as per your new wallet details. There is an instant financial advantage as soon as a group of people trust the value of physical bitcoin in transactions. All the miner fees for each transaction done with physical bitcoin are saved by the group. These transactions are valued in BTC, worth real dollars if exchanged for dollars; but with the dollar value always changing. Volatility is a fact of life with Bitcoin (BTC), but the market has always trended upwards if you wait long enough. And the value has often nose-dived as well, in an unpredictable manner. A lot of people are holding (or “hodling”) BTC as a very risky and speculative investment, hoping the price will go up. There is a great demand for bitcoin and that demand is going to increase in the near future. How will I pay to load the BTC on to the cards? The cards will be loaded on an “on-demand” order process. The cards can be made up to a certain stage, where they have been dipped in tamper-proofing but not yet labeled. Up to this point they can be any denomination (amount) of BTC. When the payment for the order is taken at the online website then the card is loaded, labeled and shipped to the customer. Besides the metal coin wallets denominated in various amounts of BTC; there will be “piggy-bank” versions of the card available. The BTC is loaded onto the card via the visible wallet public key engraved on the front of the card. The card owner can be paid debts owed to him via the public key. The card owner can send any amount of BTC to this receive address and it will become associated via the blockchain with the private key hidden inside the card. To spend the BTC loaded onto the card he will have to view the private key and send it to the hot wallet he uses online. Technical advice about fees, security, hacking and safety will be available at the company website, as well as many other helpful resources. The denominated versions of the card are identical to the piggy-bank versions except for the label. The label covers the “receive” address on the denominated versions, as no further deposits to the blockchain are needed. The label on the piggy-bank version doesn’t cover the public key address, has a photo of the card and the manufacturer’s ID number. It also has a link to the Blockchain.info webpage associated with the public key address. Anyone with this address can see how much BTC is associated with the Public Key shown here. Thus the intact tamper-proof BTC Card can be used with confidence, as the public key can be viewed on the Blockchain by anyone. As long as the amount on the card label matches the amount shown on the Blockchain.info webpage then the card’s private key can be trusted. This renders the card a form of “trust-less” currency equivalent to legal tender in value and usefulness . The card format and manufacturing process is tested to obtain a hack proof product. The private key is not detectable by examination or any technical means without opening the pull-tab. This is essential to prevent theft and fraud. The card can not be opened, viewed , and sealed again. A card without a label would be suspect, a card which had been opened and re-sealed obvious. Checking the blockchain address reveals the status of the BTC in question in any event. The manufacturing process is outlined below:
A small computer runs software offline to generate unique Blockchain Key Pairs (bitcoin addresses). It is used to control a CNC router which engraves the keys onto thick enough metal strip to prevent x-ray detection after folding.
a press folds the strip over and makes the pull tab closure
a shear cuts the strip at end
robot welder heats perimeter of cut strip to weld shut
wallet has been hacked if it is bent or split open in any way
wallet is dipped in lacquer , photographed, BTC loaded and labeled.
BTC metal card is shipped to customer
during the “load” process a computer reads the “receive” address with a camera and automatically adds a transaction amount to send to that address , generating a cue of transactions from a wallet with miner fees adjusted to be very low, just barely confirming after paying the least amount possible. Transactions confirm in one or two days.
For loading customer requested bitcoin card wallets the option to pay higher fees is presented to the customer last time of purchase. This speeds up the loading and delivery process.
a machine prints the label and places it on strip over address.
The engraving is deep enough to be permanent but still not detected while wallet card is in closed position. The alpha-numeric and QR code versions of the keys are engraved and inked. After the engraving, the private key is deleted from memory of the engraving controlling computer. This computer is never connected to the internet. Only verified software is used on this computer. A separate computer controls the camera, label maker, and database connection to the internet.
The private key is replaced by an item number linked to the receive address.
a computer program makes a file which goes onto a new thumb drive
this thumb drive is loaded on the offline computer
thumb drive is passed to online computer hosting desktop wallet, set to low miner fees.
file is used to send BTC to wallet addresses
The same file is used to generate the labels. Addresses are checked for BTC before coin Cards are offered for sale. A second stamp is placed on label when transaction confirms. Coin is offered for sale at Amazon.com if allowed. Coins can be exchanged as if fiat currency, with full confidence in BTC amount displayed on seal. Sale price on Amazon will reflect BTC amount cost when loaded- possibly a great deal if BTC has gone up since loading, or actual cost of production plus 2%, plus miner fee and distribution fee. Savings could be significant if BTC surges in value after coins are minted. coins are bought at time of minting by purchases of BTC at market price. “Would you like to buy some free money?” Demand for product is assured, as the value once for sale at Amazon increases over time. You will not be able to find cheaper bitcoin anywhere, sometimes. A small portion of my stock at Amazon will remain on sale at a very low price when the Bitcoin price rises. I plan on adjusting the price of my stock to reflect the current price of Bitcoin at the time; but not all of it, and not immediately. Every time the price of BTC increases by 10%, I will reset the price of my cards to initial values. The initial values are the current price of BTC plus 2% , miner fees and distribution costs. As the market price increases after loading the cards, they are more and more of a deal for the customer. This forms the basis of a great promotional value to sell the metal card coin wallets. The profit. Profit is calculated to be 2% of the BTC value when minted. Values from 0.001 BTC to 1 BTC are minted. This generates from $0.18 Cad to $180 CAD per card depending on value. I will focus on minting in the 0.01 to 0.11 BTC range, with profits of $1.80 to $19.80 a card. customer pays: Cost of BTC when minted miner fees, distribution fees, 2% over cost fee, Cost of manufacture. I estimate all costs not BTC or profit to be about $11 Cad per card. Price of card is: BTC cost + 2% + $11.00 . After purchase the card can be traded for cash, items or value of services. Miner fees are saved by every person after the initial purchaser of the card. I want to mint around 1000 cards a day. This averages out to $18,000 profit per day. The plan is to produce only lower value coin wallets until cash reserves are big enough to pay for larger denominations. Customers can order from the lower denominations in stock or special order cards of any amount that they pay for at the time, shipped after production on demand. This involves simply loading the customer’s purchase of BTC onto the card address and attaching the label. As the price of BTC rises then stock available and loaded previously will be a special discount offer until the price resets after a ten percent increase in the BTC market value. When selling the BTC coin metal cards at Amazon.com :
customer satisfaction assured
charge-back possible upon return unopened and intact, blockchain must show BTC available , BTC must be recovered to separate address
product legitimate and not forged or hacked
sell BTC coins from private website as well
website certified by CA
credit cards accepted
product return possible
Build reliable reputation
sell coins at vending machines
accept coins for cash at vending machines
make coins cheaper and better than BTC ATMs or Localbitcoin.com dealer purchases.
encourage retailers to accept physical coins, to avoid the transaction fees
Physical coins can be checked for valid BTC amounts on Blockchain before being accepted for purchase
Merchant can scan private key to cash conversion Bitcoin wallet “receive” address at a bitcoin exchange to obtain the current value of the BTC in cash without having to worry about the coin being hacked already or of losing money should the price of BTC fall immediately after payment.
Card is dipped in clear sealer with paint filaments floating in dip tank. Also small lengths of coloured fibre are floating in the resin coating. The unique pattern formed is photographed and printed on label stored in database with item number. Private key is not stored. Sell in vending machines in Japan, Airports,New York Subway System, Pizza Hut, etc. On the Directly Available Bitcoin On Metal Banknote (Da Bomb), the blockchain webpage address of the public key is displayed. To check that BTC are in the account, just go to that page. Unless tampered with, BTC amount will match that shown on label. Full label is artwork, denomination in BTC, photo and blockchain.info webpage address associated with public key. This idea is patentable due to the unique packaging of the cold bitcoin wallet in a pull-tab metal card. In this writing read “coin” as “card” as well. The card is evolved out of a sardine can with a pull tab lid closure, with very short sides and pressed flat all around the edge. The goal is to have a design where the pull tab can easily be removed by an adult. It should be hard for a child to open without being shown how. The card should be only slightly thicker than a regular credit card, and not open while in a leather wallet’s card holder.The pull tab should not open accidentally while being carried in a wallet. The pull tab will be manufactured so that it must be rotated by 180 degrees before opening. A small screwdriver, nail file or fingernail must be placed into a small slot to twist the pull tab into the correct position to open, before this it is restrained by a shallow metal lip on the top of the card. Research and development are required for this idea to be a success. The manufacturing process, security features and bitcoin loading and labeling must all be tested and verified as hack and tamper-proof. The customer must never receive a hacked or empty or unloaded card after purchase and delivery. Attempts at fraud by the customer will be obvious. Only Intact cards will be accepted for refund. Product must always ship in perfect condition, as customer can only return intact card for full refund, no opened, missing or tampered with cards will be credited to customer for refund, and this will be part of the agreement with the customer at time of purchase. Before refund the balance of the card must match the denomination on the label. Notes on manufacturing process:
I want to use a modified can forming machine to make the cards. They range in price from $25,000 to $400,000 .
there is a need to research the pull tab forming process.
the card “lid” must come off easy enough so that the tab will never break off first
the card must be made of very thin metal, but must not have sharp edges, be bent easily, or be readable on the inside while closed and sealed.
the goal is a card that is the same size and shape as any other bank card. The card should not be much thicker than 2mm at the most.
the patent development should focus on the card itself, the way the pull tab is tucked under the top before being twisted into position before pulling open, and second on the loading BTC process.
the process of generating the Private/Public alpha-numeric key pair, conversion to QR codes, engraving ,photographing and verifying codes; must be established in such a way as to prevent errors, fraud and unsaleable cards. no one should ever have the ability or opportunity to obtain the private keys or interfere with the engraving or photo process.
note that in photos of mock-up below: QR code and alpha-numeric public key versions would be covered by the label indicating the amount, and if a “piggy-bank” version no amount would appear on label. Only the public and private keys are engraved on the metal, the label has all the other information on it. Some artwork is engraved inside the card. If card design is not impervious to examination, lead or gold foil layers could be incorporated.
In the above I refer to not recording the private keys and deleting the server records as soon as the cards have been manufactured and checked for accuracy. please note that the recording of the private key for a certain amount of DA BOMB is required to power the FAST BITCOIN encrypted private key network. thank-you
Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter. The winner of the Q2 AMA Contest is: Shenbatu Q: Why does your blockchain exist and what makes it unique? A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Q: What is the Colossus Grid? A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist. Q: When will zerocoin be fully integrated? A: Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition. Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else? A: Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story. Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon. A: The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018. Q: When will your github be open to the public? A: The GitHub has been open to the public for a few months now. You can view the GitHub here: https://github.com/ColossusCoinXT The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master Q: Why should I use COLX instead of Monero? A: ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector. Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd? A: You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed. Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂 A: ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing. Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid? A: What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing. Security: https://wiki.ncsa.illinois.edu/display/cybersec/Projects+and+Software Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base? A: As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend. Q: Can you compare CollossusXT and Golem? A: Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections. Q: How do you guys want to achieve to be one of the leaders as a privacy coin? A: Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology. Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned? A: The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available. Q: Has colossus grid had the best come up out of all crypto coins? A: Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network. Q: How far have Colossus gone in the ATM integration A: ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement. Q: How does COLX intend to disrupt the computing industry through Grid Computing? A: Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income. Q: What kind of partnerships do you have planned and can you share any of them? :) A: The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid. Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future? A: ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet. Q: How innovative is the Colossus Grid in the privacy coin space? A: Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy. Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it! A: ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space. Q: What is the reward system for the master node owners? A: From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information. Q: What other marketplaces has the COLX team been in contact with? Thanks guys! Love the coin and staff A: ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements. Q:What do you think about the new rules that will soon govern crypto interactions in the EU?they are against anonymous payments A: Blockchain technology is just now starting to become clear to different governments. ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites. Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology. While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world. Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace! A: Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface. Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect? A: ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question. Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution? A: The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications. Q: Why should I choose Colossus instead of another 100,000 altcoins? A: Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper! Q: Will there be an option (in the future) to choose between an anonymous or public transaction? A: Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions. Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ? A: Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally. Q: What is the TPS speed that colx blockchain achieves? A: ColossusXT achieves between 65-67 TPS depending on network conditions currently. Q: Plans on expanding the dev team? A: As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it. Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ? A: Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid. Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap? A: There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development. The roadmap can be found here: https://colossusxt.io/roadmap/ Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL. A: ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore. Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project? A**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply. Q: what is the next big exchange for colx to be listed ? A: There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
Q: How will Colx compete with other privacy coins which claim to be better like Privacy? A: ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics. Q: Does COLX have a finite number of coins like bitcoin? A: No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake Q: What are the advantages of COLX over other competitor coins (eg. ECA)? A: The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks. Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?) A: The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom. Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now? A: Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work. Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it? A: ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question. Q: When do you plan to list your coin on other "bigger" exchanges? A: ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding. Q: What was the rationale behind naming your coin ColossusXT? A:Colossus was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin. Q: Can you give any details about the E Commerce Marketplace, and its progress? A: The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development. Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage? A: The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for. Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions. A: ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng Q: What are the usp's of colx in comparing to other privacy coins? A: Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain. Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3? A: ColossusXT intends to be listed on all major exchanges globally. :) Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)? A: The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs. Q: Will ColossusXT join more exchanges soon?? A: Yes. :) Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc. A: As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019. Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues? A: One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018. Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues? A: Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases. For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward. Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future? A: The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners. Our goal is to make this process as easy and accessible as possible to our community. Q: Will there be an article explaining the significance of each partnership formed thus far? A: Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt Q: What potential output from the Grid is expected and what would it's use be? For example, x teraflops which could process y solutions to protein folding in z time. A: There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models. The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX. All individuals will not have access to infinite grid resources. Q: Is there a paper wallet available? A: Yes, see https://mycolxwallet.org Q: Is there a possibility of implementing quantum computer measures in the future? A: This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers use, a quantum computer uses quantum bits—known as qubits. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values. Q: Do you plan to do a coin burn? A: No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed. Q: Can I check the exact number of current COLX master node and COLX staking node? A: Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer. Block explorer: https://chainz.cryptoid.info/colx/#!extraction Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)? A: We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand. The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project. Disclaimer: This is not all YouTubers, but many. Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks! A: The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing. Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :) A: The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone. Q: Does COLX have master nodes? A: Yes. ColossusXT has masternodes. Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption???? A: There is already this option.https://mycryptocheckout.com/coins/ Q: What do you think your community progress till now? A: The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday. Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work. A: Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC). Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap? Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail. A: Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter. Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture? A: The Colossus Grid. Which has been explained within this AMA in a few different ways. Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day! A: Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
I'm an Identity Thief and I Want My Identity Back [Part 1]
Found this on a darkweb forum. It was posted only yesterday, and I thought you all might find it interesting. Fair warning, there's supposedly more to come, according to the comments on the forum, so this isn't an all inclusive post. I decided to paste it here in real time as it was posted instead of waiting until they were done putting it all online. From here on out, this is a direct copy-paste of the post, plus some formatting for Reddit.
I fucked up. Badly. My whole life has been a great, big fuckup, but this really takes the cake. I'll be dead soon, so it can't get much worse. My name is Michael Kay, also known as Neale Keaton. If you're running your little bots trying to find my name, it'll match this post. Hello, my little darkweb stalkers. I'm about to give you my version of events. I'm about to show you that you're being played like the gullible little basement dwellers you are. So sit down, go fullscreen, and read this through to the end. Because I think that by the end, you'll see things my way.
I'm an identity thief. Have been for four years. When I got out of the military, I couldn't adjust back to "normal" life. I got stuck in the same cycle that other vets do. No job, living on savings from my military income, and trying to kick my drinking habit. After almost a year, I came to a brutal conclusion that is the reality for many people in this economy: my identity wasn't worth shit. I was only a few months away from homelessness, had no prospects at a job, and was lacking in the social etiquette needed for dating. I was an only child of two only children. Grandparents were all dead, and my parents... well, I wanted nothing to do with them. They were the reason I joined the military and left home at 18. Again, my identity was shit. But, my drunk and sometimes high brain had a thought that kept repeating itself. What if I were someone else? Someone with a good background. Some work experience, proof that I was a good employee, maybe even a degree. In the military, I got to share a training ground temporarily with some of the boys heading into the Army Cyber Command. We got a few chances to swap stories, and they talked about the things they were learning. One guy was especially cocking about how "good" he was at navigating the darkweb. He regaled us with stories about finding illegal identities and firearms online before he even joined the military. He told us that the darkweb was full of everything you'd need, legal or illegal. With that memory in mind, that's who I turned to. In a move that further diminished my savings, I bought myself a nice identity off the darkweb. A driver's license, social security number, the works. It came with years of taxes being paid on-time, and some falsified work experience. If I paid extra, the people I bought it from would even pick up the phone when the prospective employer called and recommend me as a good employee. They had a fake website for the company and everything. They even told me that their services were geared towards people like myself. Those unfortunate enough to have a bad identity. People who just needed the leg up of a trustworthy social security number. And it worked. I followed their guidelines, and true to their word, I got a job. From my Bachelor's degree in Business Management, I landed a position as a store manager for a small retail chain. During the day, I went to work and pretended I knew what the hell was going on. At night, I got a couple of dated self-help books from the library so I could make it look like I knew what I was doing with all the spreadsheets, scheduling, profit and loss statements, and anything else I was given. I worked hard. I didn't sit on my ass and let my identity carry me. I worked to earn what I'd been given, and it was the only way I could live with what I'd done. I was told that the identity was from a child who had died at birth, yet the social security number had not been discarded. The people I bought it from had "raised" that social security number. They hacked into school databases and inserted their name and grades, and did everything they needed to make the kid look like he'd grown into the man I was. Or rather, the man whose shoes I would step into. That identity saved me. But good things can't last forever.
While the identity gave me a second chance, it didn't give me good money. The job was good enough to subsist on, but after a year and then two years, I found that I was unable to save anything. At the rate I was going, I'd be working until I was 65 years old and yet have nothing to show for it. Once your basic needs are met, higher needs come into play. I learned that while reading books about business. Books about how to understand your customers. Even if all their basic needs are met, people are never satisfied. We crave purpose. We crave something higher. Something better. All the time and always. No matter how high you go, you'll always find something more to want. The same psychology that has been plaguing humanity for thousands of years, affected me. I didn't want to be a store manager my entire life. But I also wasn't sure what I wanted. So, I explored. I read even more books. I'd never read that much in my life, but I was on a mission. I was searching for something, some kind of meaning. I'd been given a second chance, and I wanted to do something with it. But I had no idea what it was. My first wrong decision, which led me to where I am now, came during work. I was manning a register while one of my employees took a break, and a customer left their debit card behind. I didn't notice it until a few customers later, when one held it up and said "I think someone forgot this." I took it, stuck it in the bottom of the cash drawer, and thanked that customer. My employee returned, and I went back to my office to work on more spreadsheets. At the end of their shift, the employee, whose register I had taken over, brought me the card. I told him I'd take care of it, and took it for safekeeping. As I turned it around in my hand after he left, my brain started to run things over in my head. I had questions. What was to stop me from sliding this card through the card reader at a register, choosing to process it as a credit card, and withdrawing cash? Who would know? How would they trace me? The store didn't have cameras. We were in a good enough neighborhood that my superior had decided not to pay for them. So, in all seriousness, who would know? Nobody.
My plan was devised while sitting in the office. It was just past lunch and time for a couple more employees to take breaks. I walked over, card in my pocket, and told the cashier that it was their time for a break. They happily walked to the break room, and I slipped into their place. The other cashier and I worked through a couple more customers, then we had nothing to do. The store wasn't busy during this time. I told the other cashier to take some returned merchandise and enter it into the inventory computer in the back. They obeyed, and I had my chance. Swiftly, I moved to the other cashier's register and typed on their machine. I logged in under their name. They were new, and I had just barely trained them on the system. I only knew their password because it was literally "1234567". I'd seen them type it so many times that I had incidentally memorized it. Their login was the key to my plan. With their account open, I scanned a pack of gum and rang out the "customer." I slid the card through the card reader, punched in $100 in cash to withdraw, and waited for the approval. Ding. Approved. The cash drawer popped open, I extracted a couple tens, some fives, and a 20 before slamming it closed. I snatched the receipt, stuffed everything into my pocket, including the gum, and went back to my register. When the other cashier returned, I told them I needed a few minutes in my car. That's where I hid the gum, receipt, and cash. On my way back in, I used my shirt to wipe the card clean of any fingerprints. I dropped it by the curb on my way into the store, stomping on it a couple of times to make it look abused. Taking a deep breath, I walked back inside. Son of a bitch. It worked.
There was never and kickback from that experiment. The customer never came to the register asking about their card, and the card disappeared from the curb outside before the end of the day. I suspect that the customer found it there when they came back for their card. I'm willing to guess that the customer talked to their bank about the extra transaction. The bank probably refunded them and gave them a new card, and the police never showed up asking questions. At home, I burned the receipt and the gum pack. I burned the gum pack so the barcode could never be traced to me. Just in case. To celebrate, I used the cash to treat myself to a very expensive dinner that night. All the evidence was gone, and I was clear and free. And the thrill was exactly what I'd been searching for.
From there, I brainstormed and even researched better ways to accomplish what I wanted. My goals were two-fold: 1) Make a decent chunk of money. Generate enough to save for long-term goals and happiness. 2) Not harm the identities of those who I used. And, of course, not get fucking caught. Generally, I planned this out by attacking many targets for small amounts, maybe a hundred dollars or less. If I hit six to ten targets a month, that'd be anywhere from $600 to $1000 extra a month. Which was enough. There were a lot of technical details that I had to plan for. I couldn't keep using my store: it was too obvious and the police would be on me in a month easily. I also couldn't use the same city. Some debit cards wouldn't let you withdraw cash without a pin. I got lucky the first time. And, what if the customer didn't have $100 in their account? I had to look at contingencies for contingencies. I also had to set rules for myself. Don't use an ATM. Don't use cards in stores that have cameras. Stay with crowds and look for cameras outside each store, like in the parking lots. Don't deposit the cash you took into your own bank account. Don't put it in a safety deposit box either. All kinds of rules based on my research and contingency planning. I bought a pen-camera off of ebay which I used while going to the store. I used it to film the person in front of me obscurely. I always got in line behind a man, too. When they pulled their card out, they often held it around their chest, like they wanted people to see their card. Rarely did people try to obscure their pins. At home, I would pull the video from my camera for the day and hope that at least one card was legible enough that I could extract the card number, expiration date, and name. A lot of people like to stand in line with their card on the counter until it's their time to pay. Or they hold it over the card reader like it's a race and they're waiting for the gun to fire. It's ridiculously easy for someone like me to extract that info with a camera. I set up an account on the darkweb where I would submit the card information, and a shiny, newly printed debit or credit card would show up in the mail. They routed the envelope through a network of darkweb "MailMen" so the envelope never even used the actual postal service. I would scuff the card up a bit, validate the data on my own card reader that I purchased through another darkweb service, and queue it up for use. I had a queue system so the cards were never used in perfect order, and were used a few months after I had snatched their information. I was grabbing information in stores that had cameras, so I wanted there to be time between when I grabbed it and when I used it. Sometimes this meant that the card went out of service before I could use it. But I was collecting enough cards that it didn't matter. I had no way to know if the cards would work, so before going to pay, I would have a contact buy a song on an obscure site using the card. It was a site that didn't require the security code printed on the back of regular cards, since I didn't have those codes. My phone would buzz after the transaction went through or failed, and I'd know whose card was next to be used. I'd get in, pay, withdraw cash, take the receipt, then leave. After each money run, I'd burn all the evidence and hide my cash. I had a good contingency plan for if a cashier asked for my ID. It was too expensive to get an ID for every card I planned to use once. So, I had my acting always ready to go. "Can I see your ID?" "Crap, that's my boyfriend's card, he's out in the car. We're just getting cash to pay the neighborhood kid who takes care of our lawn." If the cashier asked me to go and get my "boyfriend", I'd leave the store and never come back. But they always bought the excuse. And apparently I play a gay guy pretty well. Who would've thought?
I know what you're probably thinking. "God damn, Michael, get to the important parts! Blah, blah blah!" I don't get to brag much about what I've done and how clever it was, so I'm taking my last opportunity before I'm probably shot. So fuck off. During all of this, where it went on for three months without so much as a hiccup, I was doing other research. I was making more money, but those needs came back again and I found myself needing more. How could I make money faster? I'd ask myself that all the time, and skim the darkweb for methods that would work for me. That's when I turned to credit card fraud of the mail-in card variety. A new formula for making money right this second began to form. I used a feature of the MailMan darkweb service to set up a mailing address that would forward all mail to me. Then, I went online and bought a few hundred sets of personal data that were probably hacked from some company's database. Using this personal data, I signed up for three to four credit cards for each person. With those cards, I bought things online that I already intended to purchase for myself. Once the items arrived, I paid off the balance on the credit cards with my hard-earned money using prepaid cards that I bought with cash. Then, after a month or two of using the card, I would withdraw $100 in cash at a store. And then I'd store the card in my hiding place, never to be used again. If anyone ever looked at their credit reports and saw the credit card, it would look suspicious and odd, but would only be a $100 balance. They would, hopefully, just pay it off, close the card, and stop caring. Besides, my use of the card boosted their credit score. I paid the bills and fees on time, and kept the card open as long as I could afford, paying the yearly premium out of my own pocket. It was my way of saying thanks that they'd never hear. You give me some money, I help you boost your credit score. A symbiotic relationship. I even thought I'd earned the title of "ethical credit card scammer." No one, especially not the police, would see it that way, but that's how I justified my actions to myself. My mistake came from not researching my "clients" before I used their identity and their card. That's what got me caught. But not by the police.
I'd gotten used to the current routine to the point where I could do it in my sleep. I was making good money, much better compared to before. I kept my job as a store manager, and it felt so much more fulfilling because I was making the money I needed overall, and had something to look forward to: the thrill of identity theft. After some cautious planning, I rented out a nice, two-story duplex in one of my "client's" names and credit score. I kept my payments on-time and was the perfect tenant. The duplex's owner only did a soft pull on this client's credit, so it wouldn't show up on their credit report. Regardless, I had a contact on the darkweb set up some monitoring for this identity online. He assured me that if anything went wacky with the credit that made it seem like the client was suspicious or investigating, I'd get a text. I wanted a heads up if I needed to ditch my place. One month. It only took one month for them to find me. In the digital world, you would think one month was a long time, but it was too short for me. Too unexpected. I was in bed, sleeping, when I heard the front door squeak open. My eyes shot open. A million fears and thoughts ran through my head. It didn't matter if it was just a thief or the FBI. Either way, the police would be involved, and I'd be caught. I rolled out of bed silently. Watching my half-open bedroom door, I grabbed my sheets and spread them tight across my bed. I wanted to make it look like no one was home. Snatching my wallet and keys from the bedside table, I dropped to the ground and rolled under my bed. The boxes I kept under the bed for storage hid me from view once I arranged them. Footsteps came up the stairs. I wished I'd thought to buy a gun. But buying a gun took heavy background checks, and I hadn't figured out how to bypass those yet. Heavy boots tried to sneak down the hall. I saw two of them, one behind the other. Both black and menacing. They moved like they had training, but not much. From the way the floor bent under each step, they were both probably heavy around the belly. The door opened as they entered the room. Upon seeing the empty bed, they paused, unsure of what to do next. One of them whispered, loud enough that I could hear. "Not home." "So we wait." I bit my lip and cursed internally. They were looking for me, whoever they were. Probably not cops: they wore jeans, not uniforms. They could be plainclothes, sure, but I just felt that they weren't cops. I heard the front door squeak again, but the two men were too busy whispering to notice. I wondered if the door was just open in the wind. My reply came in the form of a voice from the hall. "Evening, fellas. Hands where I can see them." Shit. A cop. This guy's feet moved gracefully under him. Definitely trained. Suddenly, the two men rushed the cop, and I watched him fall as they shoved their way past him. Through the dimness, I could see that it wasn't a cop at all. It was Jack, my neighbor across the street. He was ex-military, like me, though he'd been in the service a lot longer than I had. I heard the front door fly open and slam shut as the two would-be thieves left the house. Jack stayed on the ground, sighing. He probably figured that pursuit wasn't worth the trouble. I weighed my options before finally pushing boxes out of the way and crawling out from under the bed. Jack watched, surprised. "You were under there the whole time?" He asked. "They weren't here long, thanks to you." Jack eyed my perfectly made bed, then where I'd crawled from. "Smart tactic for hiding. I'll have to remember that one." "Thanks." We stood in the dark for a minute, feeling awkward for different reasons. "Listen..." I said. "I'm grateful that you came and chased these assholes out, but can we not call the police? They didn't take anything, I'm not hurt, and I really don't want to deal with the hassle." Jack chuckled. "I was about to ask you the same thing." I looked at him in confusion. He lifted his gun, pointing it at the ceiling and showing it to me. It was a 92FS Beretta. Sleek, shiny, and well oiled. "This girl here is illegal for me to have. I have a small rap sheet from before the military, but am still not allowed to own a gun of my own. So, I'm going to agree that we don't involve the cops." "It's beautiful," I said, trying not to gasp from relief. "She sure is," he grinned. "Jack, thank you," I said, extending my hand. "Any time," he said, shaking my hand.
I wondered for a few days about those thieves. There's no way they broke into my house by random chance. They were looking for me: they'd verbally confirmed that. So who were they? Why did they want me? I thought myself into dead end after dead end. There wasn't anything I could do until I had more information. And yet, I had no way to get more information. I was stuck in limbo until they tried again, if they truly were looking for me, or until I could stop double checking my locks at night.
One night, as I lay in bed reading a book as usual, my phone rang. The duplex had actually come with a cordless phone system, which was humorous considering our cell-phone dominated world. I answered it, not knowing who it was. "Hello?" "Hi, Neale. Listen, just wanted to give you a heads up. There's a weird car that's been parked outside my house for hours. People were lying down and taking a nap for a while, but perked up when you got home. Now they've got cameras aimed at your house. Don't come to the window and try to look, they'll see. I just wanted to call and tell you that before I go and talk to them." What the hell. Breaking in is one thing, but now surveillance? Who did they think I was? Unfortunately, that was the question I should have pursued long before things got worse. "Did you get their license plate?" I asked. "And their make and model." "Can I have it before you talk to them?" "Sure," Jack said. He gave me the info, and I told him I'd call him back in a bit. To his credit, Jack didn't even question what I was doing or why I wasn't freaking out and calling the cops. I connected to Tor and sought out a darkweb site that had a backdoor into my state's DMV registration database. Only one or two states have those backdoors, and mine is one of them. Lucky for me. I put in the license plate number and the results came back. I paid my $25 fee with the usual Bitcoin, and opened the word doc that came back. Registered to one Charles B. Matsworth. With an address across the state from me. The database backdoor didn't transmit images, so I couldn't compare their driver's license photo with the people in the car. I was either dealing with Charles himself, or a stolen vehicle. Helpful, but also potentially not. I hit up another darkweb site and searched for Charles. I paid my fee, then the results populated. Except there were no results. There were ALWAYS results, but this guy's name wasn't there. Which was impossible with this site. It passively picked up every name tossed around the internet and provided you with links to where it was mentioned. But there were no results. Which means someone was actively scrubbing this guy's name from the web. So, that's when I knew he was one of you, darkweb. I hit redial on my home phone and got Jack back on the line. It was just past 11pm. "Hey, Neale," he answered. "Hey," I said, resisting the urge to peer through the blinds. "I can't look, obviously, but have you seen anything else helpful about them?" Jack paused, probably looking out the window. "Passenger is a heavy smoker: there's a small pile of cigarette butts on his side and he's smoking one right now. They've got some Arby's wrappers on their front dash. Driver is using a telescopic lens on a pretty expensive camera. Canon, I think. Two coffee cups from a gas station in the cup holders. Car looks pretty new, just a little dust. If you took it through a car wash, it would probably shine. I'm guessing it's a new model." I listened to him observe them, spouting off anything that he thought might be useful. "Any of that help you out?" He asked. "Maybe," I said, trying to think what I should do. Scare them off and let them know I'm onto them? Let them sit there and spy, hoping they don't decide to physically enter? Leave out the back? My bedroom light was on, so they knew I was home. My shadow had probably played against it a few times tonight too. This was a situation I didn't have a contingency for. "You should come over to my house. Sneak out around back, walk a block over, and come in through my back door," Jack said. "We can spy on the spies." I considered it. Last time, we had scared off the thieves and not gotten any useful information. This was the most useful situation since that night. I should take advantage of it. "Okay, I'll do that," I said. I gave him my mobile phone number so he could use that instead of the home phone. I made my way to the back door and left, locking it behind me. Going straight back and over the back fence, I went to the next street over, then jogged three streets down to crawl through someone else's yard and into Jack's. He was waiting at the sliding glass door when I got there. "No movement, they're still staring at the house and talking occasionally." "Any idea what they're saying?" I asked, hopeful. "Nope." I walked into his living room, and found his setup. He had a pair of binoculars on a coffee table, and a few slats of his blinds were held open by paper clips. "Have a look," he said, waving me into the room. "Need some water?" "Yes, please," I said, picking up the binoculars. Through the blinds, I saw the two men in their car, both heads turned towards my house. It was exactly as Jack had described. The streetlight was far away, so I couldn't make out hair colors, but one had longer hair than the other. That was about all I could make out. Jack appeared beside me and set a glass of water on the table. "Recognize them?" He asked. "No," I muttered, setting down the binoculars. "You in some kind of trouble, Neale? Borrow money from the wrong guys? Or are these just private investigators from your ex-wife trying to track you down for child support?" Jack's tone was light and joking. He honestly didn't seem to give a shit what kind of trouble I was in. "Not that I know of," I said weakly, turning back to the window. "Maybe they're after the guy who lived there before me?" "Could be," Jack said, sitting on the couch. I turned back around to face him while he watched me with the slightest smile on his face. "Thank you, again, for helping me figure this out," I said. "I haven't had this much fun since my last tour. I haven't had any action since. This is exciting and refreshing, Jack. I'm happy to help." I nodded, taking a seat as well, but keeping the window within sight. "So, it's not money, it's not women. Is it drugs? No judgement from me, man." "No drugs either," I said, trying to do my own thought process. For half a second, I considered telling Jack about myself. Then I realized how asinine of an idea that was. He'd probably kick my ass for stealing. "I say we watch 'em. We won't learn anything by running out there and scaring them off. But maybe they'll do something that gives us an idea of what they're up to," Jack said. It was the same conclusion I'd come to, so I agreed. We watched them in silence for about an hour. I was perfectly okay not talking to Jack, and he seemed okay not talking to me. We took turns at the window, and if something interesting seemed to start happening, we'd wave the other one over to look. Nothing interesting happened until almost 1am. They both got out of their seats and exited the car. Each one stretched, then pulled pistols out of their belts. They examined their guns, cocked them, and made their way to my house, side by side. I waved Jack over, and he watched them try my front door, find it locked, then go around back. "I have an idea," Jack hissed, suddenly shoving something into my hand. His Beretta. "If they come out, open the front door and yell to me. If they start shooting, you shoot back. Give me cover to get back into the house." "What are you doing?!" I hissed back as he grabbed at the front door. "Getting some information!" He said before shutting the door. I watched him drop to a low crouch and crab-walk his way to their car, which was parked at the edge of his sidewalk. The passenger window was open from the smoker, so he leaned into the car and rustled around. I watched my house, heart beating sharply. I saw a shadow pass by my bedroom window. They would have found me not in bed by now. They could be leaving soon. I made my way to the front door and opened it a crack. "Jack!" I whispered. "They made it to my bedroom! Hurry up!" I shut the door, and ran back to the window, careful not to disturb the blinds. With the binoculars, I inspected my house. The figure was still by my window, and Jack was still rummaging through the car. The figure moved away from my window, and I dashed back to the door. "They're coming!" I called. Jack didn't waste time. He got up and bolted for the door. I shut the front door as he entered, and we both went to the window. The men came back around my house and got back into their car. I thought they would wait around until I came home, but the car started, and they drove away. We both watched the tail lights disappear. When they were gone, I turned back to Jack, who had dumped handfuls what he was carrying onto the coffee table. "Receipts," he said. "I didn't see any badges for policemen or private detectives. Car is registered to Charles B. Matsworth, but the address is blurred out on the papers." I blurted out half the address before I caught myself. Jack looked at me funny, but didn't ask. "I guess grabbing the receipts was useless," he chuckled. "I was gonna say we could plot the receipts on a map and try to figure out where they came from." "That's still a good idea," I said. "That address is for Charles, not necessarily where these guys came from." "Pretty sure these guys are criminal. Sure you don't want to hand this off to the police?" Jack asked. My heart skipped a beat, and I tried to sound nonchalant. "No, I don't want to get the police involved unless it's serious." Jack laughed out loud. "They pulled guns, then went into your house in the middle of the night. I'd say it's pretty serious, Neale." "Okay, okay, I'll level with you," I said. "I've done some stuff and still have an outstanding warrant. If I go to the cops, I'll be arrested." That was enough of the truth to be a convincing argument. Jack pondered that for a bit. "What'd you do?" He asked. "Unpaid speeding ticket," I said quickly with a shrug. "50 in a 35. That was a few months ago. If I go now, before paying the ticket, I'll probably get arrested." Jack nodded with a slight smile. "Okay, Neale. We'll investigate it ourselves until you get your ticket paid. Then we'll get the police involved." I swallowed hard. I didn't intend to ever get the police involved. So I had to resolve this fast.
Pundi X ecosystem handled a total of 26,380 crypto transactions valued at 3.9 million in USD during the 1st quarter of 2019. Registered XWallet users have increased to 179,982 as of April 10. XPOS has been shipped to 30 countries.
By integrating a collection feature, we are making XWallet a virtual mini-XPOS. Users can be part of the XPOS merchant network by becoming verified merchants from the XWallet app. Staking and conversion are also integrated into XWallet app and available for KYC verified users.
XPOS Handy, a more affordable version of XPOS, is now in production. 2,000 units will be produced. The team is also looking into expanding XPOS into traditional POS units platforms and has started working on one of the top two POS brands for integration. Product Development Overview
Due to the conversion, the token removal in 2019 will reflect the result of both NPXS / NPXSXEM utilization and NPXS / NPXSXEM conversion to FX. For example, the amount of Q1 token removal will be announced in the first week of May 2019 and the execution will take place in the second week of May.
Below is a summary of the Q&A with community members.
Q: How many live working XPOS are there in the world right now? Understand the plan was 100,000 in 2021. But recent news is only talking about someone maybe buying 1000 in 2021.
Is the delay in scaling XPOS because of the licenses which Pundi X doesn’t have yet? If yes, when can we expect it to be approved or denied?
Zac: The pick up rate during Q1 isn’t moving as fast partly due to the bear market. Another contributing factor of which some of you may be aware, is that we have been working on obtaining the relevant FCC and CE certifications for the XPOS as it’s a requirement by most governments. We are pleased to announce that the XPOS has been officially certified. It’s in fact the first blockchain based POS device that has been given the CE certificate. And with this, we will begin to accelerate to get the XPOS compliant with the different markets and increase the activation rate of the XPOS. For example, in Dubai, we are working with the local credit bureau to apply for an approval with the local regulators using our CE Certificate as the base document. The same goes for Korea’s KC certification. So yes, a lot of things have been moving behind the scenes and one thing that is clear is whatever we do, it is to play the long-term game. Hence, we had to make sure that we have all the relevant required certification for the XPOS before we take it to the next level of deployment.
Q: How many XPOS transactions (by coins) have been done so far (since the start)?
Zac: The XPOS and XWallet have handled a total of $3.9M USD in Q1 outbound transaction.
Q: Will there be a major partnership such as with Uber or Amazon to use the XPOS? Any strong partnerships in the works for the XPOS?Any upcoming big deals for the xpos ? Like Starbucks, etc? And did Pundi X ever get in contact with Kroger?
Zac: As always, similar to other business deals, due to confidentiality agreements, we do not comment on major partnerships until it’s firmed up or announced first by our counterparties. One thing for sure, we are working hard to engage established global enterprises (especially those) with a large distribution network and footprint. In addition to that, we are exploring the expansion of our XPOS solution footprint by integrating the XPOS into one of the Top 2 point-of-sale manufacturers. We will share the process and details once we have completed the testing.
Q: Any updates on a Pundi X collaboration with Dubai government?
Zac: We are in the process of getting the XPOS certified with the local government authorities. And now that the XPOS has the CE certificate, it will accelerate the approval process in Dubai.
Q: When is the XPOS capable of handling credit card payments?
Zac: We have reached out to various parties that can provide and activate these services and that includes meeting the CEO of MasterCard, Mr Ajay, in person. He has seen our XPOS and from what I could tell, he was impressed.
Q: When will you add XRP to XPOS?
Zac: The XPOS is a digital currency-neutral device. When there’s enough demand and a real need from an organization or company, we would not hesitate to add it to our XPOS ecosystem.
Q: When will the XPOS have WePay, AliPay, Samsung and Apple pay?
Zac: XPOS itself is hardware-ready for these payment methods. To activate these services, we will be required to comply with the local regulations in different jurisdictions and work with the providers of payment gateways.
Q: Can we get a merchant map, similar to bitcoin ATMs?
Zac: The team is working on this. In the first phase, we will have a list of the featured merchants. We are targeting to have a “lite” version of this “featured merchant” map ready by end-May. We are finalizing the name but you can call it the X-MAP where you can locate your favourite XPOS merchants or X-Merchants.
Q: Does Pundi X have plans to support stable coins?
Zac: Our XPOS merchants already have access to the stable coin feature, but for regular consumers, the option to have stable coin is not available yet. However we foresee turning on this feature soon.
Q: China and Thailand should be supplied with XPOS via some partner. The news was big but that was over a year ago. What’s the status in these two key markets?
Zac: China’s stance against Cryptocurrency is still a no-go. The news that was mentioned a year ago refers to our license distributor called XPOT (they had a kick off event a year ago where Mr. Prachuab Chaiyasan, Former Minister of Foreign Affairs of Thailand was one of the attendees). XPOT is our licensed distributor and I believe they are still in discussion with the local governments and pending the environment to change. Regarding Thailand, we are in talks; with possible partnerships in this market. Please stay tuned.
Q: What are the current legal issues Pundi X is facing in USA, Germany and Canada?
Zac: Regulatory bodies are still ambiguous about their policies toward cryptocurrencies. As previously mentioned, we will continue to monitor the situation in the different markets and be compliant so that as soon as there is clarity in the market, we will be in a prime position to move in.
Q: When is Pundi X expanding to India? I was at your Mumbai Meetup but we are still waiting
Zac: We are awaiting RBI’s permission too, as crypto is still frowned upon by the local authorities.
Q: A long time before the public token sale, at the pre-sale stage, Pundi X said they have a working product and simply needs the funding to pay for a huge production and then give out XPOS devices for free. The cost per device is somehow USD 200–300, depending on order volume and a USD 3,000 investment would yield a minimum of 10 XPOS Devices. After enough funds raised, the token sale got capped and more funds raised. Then the XPOS got remodeled and went for sale. What happened with the initial idea of giving 10,000+ devices out for free?
Zac: As previously mentioned, pre-public token sale participants who purchased > 30 ETH are entitled to a free XPOS. If you haven’t claimed yours, please reach out to us. Also in the pipeline, we are working with some non-profit organizations to provide free XPOS for their usage.
On the XWallet
Q: Will you add a stable coin to XWallet?
Zac: Yes, we will. Someone has asked the same thing about XPOS. It will likely be added around the same time for XPOS, XWallet and XPASS.
Q: Can we add the bank transfers to XWallet? Basically to liquidate on the XWallet for sending money to my bank account?
Zac: This is my personal favorite feature to have and it’s on my wishlist. In order to support fiat, we need to have a Payment Service License / E-Money License / Stored-value license in a jurisdiction that supports a particular fiat. For example, if it’s EURO, we will need to apply for a license or lease it via a partner for this to work. We are definitely exploring the different possibilities but we are unable to elaborate more on when, or if it is happening, as this also requires more talks with the different local jurisdictions. Q: Turkish holders would like to ask when can we partner with master / visa and integrate with XWallet? Zac: As mentioned earlier, we have reached out to various parties that might be able to activate these services.
On Q3 to Q4 Plans
Q: What’s the plan for Q3 and Q4 for this year?
Zac: There are tons of things we are working on for Q3 and Q4.I will broadly separate it into: Developer ecosystem — The developer ecosystem allows traditional and tech companies to onboard themselves into the XPOS and XWallet ecosystem, such as listing of their custom tokens, advertising etc. These services will all require the usage of NPXS and NPXSXEM tokens. Partnerships — We are likely to partner with incumbent retail chain stores payment companies, incumbent POS companies that have deep distribution network to help expand the reach of XPOS, XWallet, XPASS, etc. Governmental level efforts — We started off with Dubai and since then, several other governments have shown interest. We see this as an opportune time to engage forward-thinking governments to build a blockchain ecosystem in their city and country. Our Team: we will continue to invest and grow our R&D team capabilities as they represent the heart of Pundi X. If any engineer or developer is keen to help us to scale, please get in touch with us. We are actually looking for engineers as I speak.
On NPXS and Token Removal
Q: What is the quarterly token removal from the NPXS usage of the XPOS and the burned amount for Q1 2019.
Zac: Good question. Some holders may be aware that token removal includes the result from the conversion. The amount of Q1 token removal will be announced in the 1st week of May and we will execute the removal in the 2ndweek of May.
Q: Pundi X has mentioned a monthly coin burn and a monthly buy back. Why hasn’t this happened yet?
Zac: It is not monthly. We are doing a quarterly token removal.
Q: People feel that the current token burn isn’t as transparent as many wish. What can be done to improve this process and make it more transparent? The biggest upset was after the ULTRA festival where Pundi X just wrote “we ain’t allowed to talk numbers.”Could there be a daily or weekly ticker? Is that possible?
Zac: That’s a good suggestion. While a daily ticker might be challenging, we certainly can try exploring incorporating a ticker update towards all token removal or scheduled for the next one.
Q: Zac, you have mentioned previously that someone was trading against NPXS. What did you guys do about this problem?
Zac: There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market and it’s not something that is unique to NPXS. In fact, the traditional stock markets have similar challenges as well. We have taken the “the best defense is a good offense” strategy which is to continue to strengthen our tokens; such as create more use cases, drive more adoption and more distribution to ensure our tokens are well positioned and stronger than ever.
Q: Why do you not do any great marketing and generate publicity for NPXS, e.g., advertise on television stations in major and in different countries? I generally see marketing as very important to the company’s success. And I hope to see real partnerships, not just with small shops or restaurants.
Zac: We rarely engage in paid partnerships as it doesn’t necessarily produce the best ROI in terms of investment and in this market condition, we believe in being financially prudent. Being in a decentralized environment, we consider ourselves as a community-driven company.The impact of organic press coverage driven by our community is always stronger. We do want to be seen on all major news channels and we will do that via “thought leadership brand building.” As a testament to our growing reputation, recently, we were invited to speak at the Fintech Ideas Festival event and be on the same stage as the senior executives and CEOs of Wells Fargo, COO and CTO of Bank of America and other large institutions. We see this as the right step forward in growing our brand appeal to the masses.
On the QEX Fund
Q: Any update on the QEX fund?
Zac: The QEX fund is led by Vic Tham,CEO and Fen Chao Yong, COO, at Quantum Energy Asset Management, also known as QEAM. Other than being the CEO of QEAM, Vic is also Pundi X’s Chief Investment Officer. From what we know, they are in the midst of raising funds, book building, analyzing potential projects & companies and strengthening the portfolio for QEX. It’s an ongoing effort for this year and a very exciting one. We are extremely excited to see potential breakthrough projects that could benefit our ecosystem. And if anyone has questions or interests, please do reach out to Vic Tham and his team at QEAM.
On Function X
Q: What is the update on devs program for the Function X ecosystem?
Zac: Many keen developers are eagerly waiting for it, and I know Billy who has posted this question is one of them. We are working on it right now, we can’t commit on the dates yet but developer support is a big part of our ecosystem. We are working tirelessly, and sometimes “sleeplessly” to get this out.
Q: Did you use “investors”/ token holders funds to develop Function X? And instead of giving the 65% FX tokens to NPXS and NPXSXEM holders, you are getting them to choose between NPXS/NPXSXEM and FX token?
Zac: 65% of the FX tokens from Token Generation Event (TGE) is already allocated for NPXS / NPXSXEM token holders, via staking and/or conversion. There are two separate projects with teams working on it. For the XPOS ecosystem to flourish, it requires a more scalable platform/solution which is the Function X ecosystem. The Function X foundation will be announced in Q3 and hopefully it will be a pleasant surprise. We will have a solid team to grow the Function X ecosystem.
Q: Will Pundi X be less focused on NPXS once FX goes live?
Zac: No, we think it’s mutually beneficial. If I may use an analogy, it’s like Google Search and Android, one product will lift the other up. The other example would be salt and pepper. When used in combination, it will drastically improve the taste of any particular dish.
Q: What is the relationship between the future f(x) coin and the future NPXSFX token? Is the former used in the FX ecosystem (XPhones) and the latter used in the XPOS ecosystem? If so, would buying something using the XPhone going to burn FX coins, NPXSFX tokens, both or none?
Zac: Think of the role of f(x) coin like how ETH is. Everything or any service that’s taking place in the Function X ecosystem will require the f(x) coin. For NPXS which will be ported over to the Function X blockchain once the Function X mainnet is up and running, its utility will remain the same. Any payment-relevant services or activities on the Function X blockchain will require NPXS, which on the Function X mainnet will be tentatively called NPXSFX.
Q: For FX Tokens, the lock up of 1 year is too long for us to wait. Can we change the option to shorten the duration?
Zac: The mechanism in place has been designed for the long term, so unfortunately, we can’t change the option. Users have the choice whether to convert his NPXS and NPXSXEM, or not, into f(x) coin, if a user chooses to convert he will receive 12% immediately and 8% each month for the next 11 months.
Q: Will F(x) be available to those who couldn’t stake or convert? Will it be before the staking period end or after? When will F(x) be available to purchase on an exchange for those in countries who were not allowed to stake? Will it be during the staking period or after?
Zac: Soon we hope. As per our policy, we are unable to comment on listing dates, but with our established relationships with exchanges, we do hope it will be quick.
Q: We were all impressed by the Uber Dapp demos running on F(x), but these days Tron and EOS are getting a lot of press about Dapps too. What advantages will F(x) have over those platforms?
Zac: Each platform will have its own advantages, we welcome the competition and hope that more popular apps such as the decentralized Uber app can be conceived from Function X.
Q: Why is there no cap on f(x) tokens? When will you explain how the tokenomics will work?
Zac: I would encourage all to have a look at our concept paper on functionx.io and the Medium blog post as the details are explained thoroughly there.
Q: Have you already secured deals with other companies like Sony, Samsung, etc with the Function X OS to build other blockchain phones? Or do you plan to keep the Function X software to just the 5000 phone you already made?
Zac: The 5,000 XPhones serves as a proof-of-concept, for manufacturers and developers to have a test drive. We want to partner with hardware/smartphone companies and telcos to build their own version of the blockchain phones with Function X. And we are still working hard to engage with the companies to push for future blockchain phones and strengthen our Function X ecosystem.
Q: Will the XPhone work as a mobile point-of-sale (mPOS) device like the XPOS Handy?
Zac: The XPhone comes preinstalled with the XWallet and with that, it can double up as a lite version of the XPOS with QR code and NFC Support.
Q: When will XPOS Handy be ready?
Zac: XPOS Handy will be available in the coming weeks.
Hi All, I decided to build an Unofficial F.A.Q by the community, and for the community. Please note, that I am not a part of the Request team, and most of the answers to the questions have been taken from Whitepaper's/AMA from the Request Team. If there is anything erroneous in the FAQ please let me know. Also if you have any additional Questions and Answers you wish to add let me know and I will add it.
What real life solutions is Request trying to solve? "Request is a decentralized network that allows anyone to request a payment (a Request Invoice)for which the recipient can pay in a secure way. All of the information is stored in a decentralized authentic ledger. This results in cheaper, easier, and more secure payments, and it allows for a wide range of automation possibilities. To become the backbone of world trade, Request integrates a general ledger (in the accounting sense of the term), which is: - Universal because it is designed to support 100% of global transactions, regardless of currency, legislation or language. Request is built to last. - Smart because unlike an existing standard accounting book, Request is at the origin of the exchanges and integrates a computerized trade code, as well as the management of a multitude of payment terms. Today, their absence makes the whole system inefficient and absolutely unready for the digital and IoT (Internet Of Things) revolution that is taking place. Request can be seen as a layer on top of Ethereum , which allows requests for payments that satisfy a legal framework.It is also possible to see currencies as tools to complete Request transactions. In this sense, Request is more global than any currency" https://request.network/assets/pdf/request_whitepaper.pdf Also, here is a list of third parties involved or impacted by Request and the reasons why: Companies: Request brings an instant payment solution for suppliers, it facilitates payments (no need to send the invoice and payment conditions by email or by post). It also brings the traceability of payment (payment-related billing). Request brings a simplified payment solution for customers (known payment information), a cheaper system, and a more secure system. Individuals: they can do simplified payments (payment information known, no need to initiate a payment anymore but only to validate a Request), a secure payment (unshared banking information), a cheaper payment (no need to go through a third party like Paypal, Stripe, Bitpay that takes between 1% and 7% charge) Billing software: payment management, interoperability (common database used). Accounting software: simplicity (automation), immutability (common database), accuracy, authenticity (a decrease in human errors), traceability of invoices and payments (reconciliation), triple-entry system. Audit firms: a better support for audit, elimination or improvement of certain tests. States and Governments: accuracy of tax declarations, reduction of fraud, money laundering, possibility of taxes collection in real time, transparency and legitimacy. Associations and NGOs: transparency of their expenditure, legitimacy and trust. Citizens: knowledge of government budgets and expenditures, transparency of institutions. Employees: knowledge of financial health of a company. IoT: Request provides a framework for inter-machines payment https://request.network/assets/pdf/request_yellowpaper_smart_audits.pdf
What is the Utility of the Request Token? Why Can't Request just use Ethereum for fee's? "While it is built on the blockchain ledger of Ethereum, Request aims to be independent from other currencies, monetary policies, or technological choices so that we build the most robust system possible. We believe this is the key to evolve through time with a growing community and develop an ecosystem around our framework where more DAPP (Decentralized applications) are created. REQ tokens are ERC20 tokens which are necessary to participate in the network, create advanced Requests and reward various parties who will help build the request ecosystem. When using the network, the participants will need to pay a network fee in REQ which will be burned." In addition to fee's, there will also be use case for Governance: "Request will have to remain flexible and scalable, this being one of the major challenges of decentralized systems (as we can see with Bitcoin Segwit, or the Ethereum management of Ice age ...). We wish to separate the governance of our community from the one of Ethereum and avoid a sub-governance that would allow every Ethereum token holders to decide on the future of this community. . The REQ token will bring the community together and allow for discussions and votes on future decisions. The community will be a board and we will create the necessary tools for this administration: A voting system, but also probably a chat system restricted to only members of this board" https://request.network/assets/pdf/request_whitepaper.pdf
When Bittrex?!?!?!?! This is a commonly asked question, I know that everyone hopes that REQ lands on Bittrex soon. Here was the response by the team: "The confidentiality policies we have with exchanges are important to us and we want to respect them. We know how important exchanges are to the Request ecosystem and we will keep paying attention to them for the long-term vision of the project." https://blog.request.network/request-network-project-update-november-10th-2017-a57193780ddf
What is the purpose of the Token Burn? Think of REQ tokens like Gas for the Etheruem network. For each action that is conducted on the Ethereum Platform, gas is used for the fee's. This helps to keep the platform remain stable and prevent congestion. The same can be said for Request Network. "The Request Network requires the burning of tokens as part of the verification that a transaction has occurred." http://spec-rationality.com/request-network/#8Nov The token burn will also adjust overtime and also reduce the circulating supply of tokens over time, making this very lucrative to early investors.
Won't Request eventually run out of Tokens if they are burned? REQ has 18 decimals so in theory if the price was incredibly high the fees could be as low as 0.00000000000000001 REQ per transaction which is incredibly low. It would take an extraordinarily long time (even with mass adoption) to be worrying about a lack of REQ tokens, even then a fork can happen.
When will Request Network Go Live? Q1 2018, the first iteration of Request working with Ethereum on Main Net will be live.
Who is Request Network's competition? What advantages does Request have over them? Paypal - One of the largest worldwide online payments system, supporting online money transfers to anyone. OmiseGo - Plasma decentralized exchange, hosting an open-source digital wallet platform from Omise, connecting mainstream payments, cross-border remittances, and much more. Fiat & crypto-friendly, cross-chain compatible, Ethereum-powered, and built on plasma.io) : MarketCap - 868 million Populous(Invoice Discounting platform) : MarketCap - 467 million MetalPay(Aims to be a Paypal for crypto): MarketCap - 93 million Ten-X (Cryptocurrency payment platform that consists of a wallet, physical debit card, bank account, ATM access, and more). Marketcap - 250 million Monetha(Mix of Paypal and TrustPilot) : Market Cap had went up to 80 million, but has dropped significantly to 14 million. Paypie(Credit risk assement/Blockchain Accounting) : MarketCap - 66 million What makes Request different? Request is platform that developers can build decentralized apps for salary management, financial, invoicing and auditing services, to name a few. A 'decentralized Paypal' is only one of it's many use cases. A employer using 'Continuous Payments' to pay their employees every day, instead of every two weeks is another use case. Crowdfunding, donations, loans, are more use cases. Request has provided a mind map for all of the developments possible on top of Request once the Core protocol is finished by the team. It can be viewed here: https://blog.request.network/request-network-project-update-november-24th-2017-tech-ecosystem-request-core-kyber-network-b760637eba9b Several of the competitors are limited to only one or a few use cases. Also most of the competition is not an open platform like Request, and won't allow third parties to build app's on the platform. Think of Request as 'Ethereum' but for financial applications. In regards to Paypal, the fee's will be very minimal, and if Request is integrated into sites like Amazon, Overstock, etc, this will make Request a huge threat to Paypal. Also, you may have heard Paypal was compromised. Request will protect the end user by keeping their payment details private and secure.http://www.foxbusiness.com/markets/2017/12/01/paypal-says-personal-data-may-be-compromised-for-1-6-million-tio-users.amp.html
What is Colossus and why is it important? Colossus is the first deliverable of the Request Network. Prior to Colossus, there has not been a release. This release will seperate Request from other hyped ico's with no product. This will also give developers access to the Request API's allowing them to build decentralized applications on top of the platform.
Why has the team stopped working on Moneytis? The team has 'pivoted' from Moneytis, to focus on Request. "A pivot is healthy in the life of a startup and shows that you can stay focused on what is really needed by the customers. In our case, the real need of people who transferred money internationally was always to pay an invoice (or a request) and we had to solve the problem at the root." https://blog.request.network/request-network-project-update-november-10th-2017-a57193780ddf
What is Y-Combinator, and why is Request being backed by them a good thing? Y-Combinator is the top accelerator in the world. They have backed Reddit, Coinbase, Dropbox, Airbnb, Docker and several more successful startups. Y-Combinator has an acceptance rate that is lower than Harvard, so investors in Request can rest assured that the team is competent and this is not a 'scam'. Also being backed by YC makes Request Network a part of strong network of over 1000 startups. Request Network can be found in the list of YC backed companies here: http://yclist.com/
Why is the partnership with Kyber Network a Big Deal? "The partnership with Kyber allows the Request Network to never require the Requestor or the Payer to hold any Request tokens or participate in manual cryptocurrency conversions, as this is all automated by the Request Contract. This is very important as Request’s focus has always been to ensure that they are expanding on their ability to reach the widest possible userbase. Eliminating the requirement to ever hold Request tokens for both the Requestor and the Payer, the Request Network becomes more accessible" http://spec-rationality.com/request-network/#29Nov
Why should I invest in Request? What makes this a better option than other Cryptocurrencies? The way investors typically make a lot of money in cryptocurrecy is by investing in "undervalued cryptocurrencies". What is meant by undervalued? Undervalued typically means a crypto with a small to medium Marketcap (Request at the time of this writing is around 45 million, most of Request's competition is valued over 100 million) with a great team, great idea and clear roadmap. Request meets the criteria of having a medium market cap with a great team and vision. Request will probably be in the 100's of million marketcap by next year if the team can deliver and form partnerships. This makes Request an excellent crypto to invest in for the next few months.
Does Request have it's own blockchain? Request is an ERC20 token built on the Ethereum blockchain, it doesn't use it's own blockchain.
Why should I hold request network tokens? Do i need them to utilize the tech? If you are a developer planning build a Gateway, yes you will need tokens to cover the fee's. From an End User perspective, you will not have to worry about purchasing Request tokens. From an Investor perspective, holding tokens may be very lucrative if Request Network grows, which will cause a higher demand for the tokens, which will in turn cause the value of the tokens to increase.
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