DURAIRAJ
ROBOTECH CRYPTO EDUCATION
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From #cz
Wishing you and your loved ones a festival filled with joy, light, and prosperity. May the glow of diyas illuminate your path with happiness and success. May this Diwali bring warmth to your home and fill your heart with the spirit of love and kindness.
Happy Diwali! 🪔✨
Wishing you and your loved ones a festival filled with joy, light, and prosperity. May the glow of diyas illuminate your path with happiness and success. May this Diwali bring warmth to your home and fill your heart with the spirit of love and kindness.
Happy Diwali! 🪔✨
From #cz
Executives from a client were lured on a 'business trip' to Montenegro, where they were abducted and forced to empty their wallets. Total loss -$12.5m.
We investigated the on chain activities and reached out to our partners earlier today to have the wallet frozen, as all of the funds were taken in USDT and transferred to a Tron wallet. We managed to freeze about $11.8m of the $12.5m stolen.
Real event. Stay
Executives from a client were lured on a 'business trip' to Montenegro, where they were abducted and forced to empty their wallets. Total loss -$12.5m.
We investigated the on chain activities and reached out to our partners earlier today to have the wallet frozen, as all of the funds were taken in USDT and transferred to a Tron wallet. We managed to freeze about $11.8m of the $12.5m stolen.
Real event. Stay
From #cz
Humans have the fallacy of thinking in linear scales, whereas crypto moves in exponential scales.
Humans have the fallacy of thinking in linear scales, whereas crypto moves in exponential scales.
From #cz
Some Simple Tips When Using Crypto in Contracts (not Smart Contract)
A few friends asked me recently, is it normal or easy to accept crypto payments in contracts?
Yes, it's easy. However, there are some simple considerations.
The simplest approach is when both parties agree on a specific amount of a specific currency. Eg. 100 BNB or 1 BTC. This is straightforward. No conversion rate issues. No ambiguity. You give a receiving address (or a Binance Pay id), they pay, and you are done. It has some drawbacks. The price of the asset may fluctuate in fiat terms. This may be more of a problem if the contract involves several payments over a long period of time.
Another approach is to specify a fiat amount to be paid in a crypto currency. Eg, 1000 JPY paid in BTC. If the crypto currency is a stable coin, it is generally easy. But remember, even stable coins can de-peg from time to time. You may want to include a depegging limit and specify a few alternatives.
If you specify $1000 USD equivalent to be paid in BTC, then you will have to specify how to determine the conversion rate. You could use the daily open price on Binance.com, or a 5 day average on the day of the payment. Be as specific as possible, and as objective as possible.
If the contract involves early termination possibilities or any deposits and may be returned at some future date, be sure to specify the return currency and amount. I see many contracts with a deposit of say $100 in BTC, then the parties argue they want the original BTC amount, or USD back, whichever has appreciated more over time. Even Binance made this mistake (lack of clarity) multiple times in the past.
If the amount involved is large, you will have to think about treasury management or conversion rates on your end. But that's a topic for a different post. You could use Binance Convert to convert large amounts of crypto.
Hope this helps.
Some Simple Tips When Using Crypto in Contracts (not Smart Contract)
A few friends asked me recently, is it normal or easy to accept crypto payments in contracts?
Yes, it's easy. However, there are some simple considerations.
The simplest approach is when both parties agree on a specific amount of a specific currency. Eg. 100 BNB or 1 BTC. This is straightforward. No conversion rate issues. No ambiguity. You give a receiving address (or a Binance Pay id), they pay, and you are done. It has some drawbacks. The price of the asset may fluctuate in fiat terms. This may be more of a problem if the contract involves several payments over a long period of time.
Another approach is to specify a fiat amount to be paid in a crypto currency. Eg, 1000 JPY paid in BTC. If the crypto currency is a stable coin, it is generally easy. But remember, even stable coins can de-peg from time to time. You may want to include a depegging limit and specify a few alternatives.
If you specify $1000 USD equivalent to be paid in BTC, then you will have to specify how to determine the conversion rate. You could use the daily open price on Binance.com, or a 5 day average on the day of the payment. Be as specific as possible, and as objective as possible.
If the contract involves early termination possibilities or any deposits and may be returned at some future date, be sure to specify the return currency and amount. I see many contracts with a deposit of say $100 in BTC, then the parties argue they want the original BTC amount, or USD back, whichever has appreciated more over time. Even Binance made this mistake (lack of clarity) multiple times in the past.
If the amount involved is large, you will have to think about treasury management or conversion rates on your end. But that's a topic for a different post. You could use Binance Convert to convert large amounts of crypto.
Hope this helps.
From #cz
"I think there is a world market for maybe five computers."
Thomas Watson, president of IBM, 1943
🤷♂️
"I think there is a world market for maybe five computers."
Thomas Watson, president of IBM, 1943
🤷♂️
From #cz
Earlier today, there was a hardware failure on our active Matching Engine, causing the server to instantly stop and crash. Our Matching Engine automatically failed over to the backup within 10 seconds. Other than that 10 second delay, there were zero issues.
Normally, this would cause a few hours of down time and a lot of tweets. Now, it's 10 seconds. 💪
Earlier today, there was a hardware failure on our active Matching Engine, causing the server to instantly stop and crash. Our Matching Engine automatically failed over to the backup within 10 seconds. Other than that 10 second delay, there were zero issues.
Normally, this would cause a few hours of down time and a lot of tweets. Now, it's 10 seconds. 💪
𝗖𝗼𝘀𝘁 𝗼𝗳 𝗠𝗶𝗻𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴...
#bitcoin hashrate just hit a new record high (ATH). The cost of mining bitcoin has increased. With the Halving coming in 5 months, meaning the supply rate will further reduce by 50%. Ie, cost of producing bitcoin will further increase.
While the cost of producing something should not dictate its price, but most miners will not want to sell their newly mined bitcoins below cost.
What do you think will happen?
From #cz
#bitcoin hashrate just hit a new record high (ATH). The cost of mining bitcoin has increased. With the Halving coming in 5 months, meaning the supply rate will further reduce by 50%. Ie, cost of producing bitcoin will further increase.
While the cost of producing something should not dictate its price, but most miners will not want to sell their newly mined bitcoins below cost.
What do you think will happen?
From #cz
🚨JUST IN🚨
Standard Chartered Bank Predicts Ethereum Could Soar to $8,000 by 2026!
#bitcoin is just a currency not to forgot #Ethereum because it's solutions of multiple problems..time to understand crypto and its solutions 👆😍
#bitcoin மற்றும் #Ethereum நாணயத்தை நினைவில் கொள்ளுங்கள் ஏனெனில் இது பல பிரச்சனைகளுக்கான தீர்வுகள்..கிரிப்டோ மற்றும் அதன் தீர்வுகளை புரிந்து கொள்ள நேரம் 👆😍
#cryptocurrency
Standard Chartered Bank Predicts Ethereum Could Soar to $8,000 by 2026!
#bitcoin is just a currency not to forgot #Ethereum because it's solutions of multiple problems..time to understand crypto and its solutions 👆😍
#bitcoin மற்றும் #Ethereum நாணயத்தை நினைவில் கொள்ளுங்கள் ஏனெனில் இது பல பிரச்சனைகளுக்கான தீர்வுகள்..கிரிப்டோ மற்றும் அதன் தீர்வுகளை புரிந்து கொள்ள நேரம் 👆😍
#cryptocurrency
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