/biz/ - Business & Finance

>>22874657
These were the principles that Bitcoin was constructed with and designed to honor. While its inherent technology stays true to this nature (mining aside), the infrastructure that has been built up around it is flawed by design and sacrifices a good number of strengths and freedoms. Most notably are the many vulnerable points of exchange run by central authorities on trust where funds are at risk to be frozen or stolen, KYC (know your customer) policies, and the traceability, restrictions, and risks that come from these two points.

Shortly after BTC found a value that could be directly pegged to the USD (and with the USD, every global currency), a number of exchanges offering trade between the two opened for business. The first of these exchanges was the infamous Mt. Gox which implemented KYC policies by 2011 before exit scamming in early 2014. KYC policies were initially introduced to comply with the many regulations regarding the exchange of various fiat currencies for crypto in addition to demanding a deeper sense of customer accountability. Up until the point that they were introduced, the only sure way it would have been possible to trace specific addresses is if the recipient publicly disclosed their wallet address. KYC brought a considerably more advanced form of traceability with it. In addition to e-mail addresses and bank accounts, everything from names, addresses, full ID info, and pictures of each and every customer became tethered to their respective deposit and withdrawal history. Though somewhat convoluted with the nature of exchange wallets, there are patterns that can be followed and traced.

As BTC continued to grow, so did the number of its forks and competing cryptocurrencies pegged to its value in satoshis. The forks grew to be numerous and with them, the number of centralized C2C exchanges where you could trade them for BTC. Like the fiat-to-crypto exchange points before them, KYC was implemented on numerous C2C exchanges as well.

>>22874657
>>22874664
Centralized exchanges of all sorts are perhaps the weakest link in entire cryptocurrency space. They have repeatedly proven to be weak in terms of security. This year alone, the following exchanges have been compromised: Binance, Bithumb, Coinbene, Coinbin, Cryptopia, and QuadrigaCX. What’s worse, they’ve sacrificed many of the core principles of the cypherpunks that built Bitcoin in the first place.

How can crypto be censorship-resistant and immutable if exchanges can decide to freeze funds or put a certain wallet into maintenance at whim? How can it be private if every account has every bit of trade, deposit, and withdrawal history it has done tethered to its name? How can it be anonymous at-will if full documentation is demanded, sometimes as a ransom for frozen funds? How can it be secure when billions of dollars have been hijacked from weak security? It could be argued that these exchanges are the antithesis of the cypherpunks: an easily-exploitable honeypot of funds and user data with a central authority.

>>22874657
>>22874664
>>22874680
Consider the efforts of the X9 Developers building Stakenet. True to the nature of the cypherpunks, they have been working to make these numerous vulnerabilities in the cryptocurrency infrastructure obsolete. To strengthen censorship-resistance and decentralization in this space, they have been implementing an immutable and purely decentralized exchange into their network where no central authority can freeze funds, where exit scamming is impossible, and where security is as tight as the blockchain technology it runs atop. To restore the principle of at-will anonymity, their immutable DEX will have no KYC, nor will it require registered accounts. In the interests of privacy, they have built a solution that allows for one-click TOR lightning swaps that strengthen the privacy of every participating coin and the Lightning Network itself. To strengthen the nature of the decentralized exchanges that are already out there, they are working on a DEX aggregator that pools together the offerings of many promising DEXes suffering from low volume or difficulty of use.

>>22874657
>>22874664
>>22874680
>>22874696
Put briefly, this team has the foresight and skill to acknowledge and address the numerous risks and shortcomings that anyone coin may face the second it is sent from a private wallet to any other point in trust. They are compounding these solutions into one streamlined and convenient wallet where funds are firmly secured, trustlessly staked, and instantly tradable from one singular point.

To build up the world of cryptocurrency is to honor the ways of the cypherpunks and carry on their torch. It is to fight for freedom from the intrusiveness and corruption of centralized authorities by obsoleting them. It is preserving the privacy of funds, resisting mutability, and decentralizing any and everything which stands to benefit from it. Whether that be a store of value, the means by which that value is secured and traded, or the platforms on which these mechanisms are discussed. This era of mass-censorship, intrusiveness, digital balkanization, and monopolies from many of the premier digital spaces not only shows how right they were 26 years ago but that there is still a considerable amount of work to do.

If Bitcoin begins to soar again, it's going to need a powerful Lightning solution or it will quickly become lethargic and expensive to send money with.
On-chain tx bandwidth needs to be ruthlessly optimized with priority to large sums of money. Sending $1 million? Do it on-chain and screw the fees. Buying a beer? Lightning.

If done right, Lightning channels can handle the heavy load of small, irrelevant txs, freeing up the pipeline for tx that genuinely need the benefits of on-chain.

For Lightning nodes to do this effectively, they need liquidity. That source of liquidity remains a subject of controversy, and rightly so.
It burdens the end-user to provide their own liquidity in a way that's inconvenient and hardly profitable, which beckons centralization on a massive scale.
In other words, you either have something that's decentralized and doesn't work, or something that's extremely centralized and works well. 1000s of water pumps atop 1000s of drying and shallow wells that can't provide liquidity, or a massive water company that's monopolized the water supply. It could turn a desert green, but it could become corrupt and start ripping off the town.

What's the way forward? You can't change how LN was implemented on Bitcoin, but you can work with it independently.

Masternodes are excellent LN routers, namely because they're
>secure
>run 24/7
>evenly spread out all over the world
>provide collateral - "Alice and Bob" only have to worry about securing their wallets and making good backups

If you put an entire masternode network to the task of doing this, you get heavy collateral that provides serious liquidity for small off-chain Bitcoin tx.

tl;dr - LN flows like liquid, and your options to scale liquidity are
>1000 pumps on 1000 shallow wells
>a water company that holds the town hostage
>a deep underground water reserve that's in one pool, possessed by no one, directly accessible from the surface

This is what Stakenet has been building, /biz/. Don't miss out.

DEX: $1+
RAIDEN: $10+
HYDRA: $100+

>>22874657
tldr

Stakenet is my favoretest coin I bought a bunch of it so it can make me rich when it's a bunch of money. They maked a good dex and it is lightning fast. Cz is shillfud but he just concern troll because it is good. A masternode cost $3000 so in is too expensive for priced out but you can still put it on a stake and get money that way for free. That's why I like stakenets. My mom let's me use my check to buy a little more every month. I tell her about it all the time and she is happy and excited for me I'm going to buy us a nice house with xsn soon.

cringe

>>22875548
hello pajeet, thank you for the bump

>>22875566
Checked and based

>>22875548
>>22875559
Not based

>>22875638
Stay poor, you're just mad you can't afford as many as me. Chin up, you missed btc, eth, link, xsn. I'm sure you will catch the next one tho.

X) I know DEFI is the entire purpose of crypto. Its why btc was created. So we can be our own bank.

(X) I know BTC did not succeed because it didn't scale and for btc to succeed now it requires lightning network. For similar reasons, I know for eth to succeed, raiden is required.

(X) I know a DEX with atomic swaps is too slow to be commercially feasible. A lightning and raiden dex is required.

(X) I know people are fearful of trading on CEX due to situations like Cryptopia and Quadriga.

(X) I know XSN is the only project with a true dex integrating lightning and raiden. It will allow people to trade peer to peer directly from their computer. They always hold their coin. Never transfer to an exchange.

(X) I know XSN has an actual working product and you can beta test it right now in a private group in discord if you ask nicely.

(X) I know XSN is not a project that talks. They just do. I don't have to worry about an exit scam.

(X) I know XSN masternodes will process transactions on the dex and will receive the fees.

If all of the above are true, my masternodes will fucking buy me a nice big boat and quit wagecucking.

>shitty shills are at it again with even less effective measures
The sheer stupidity of you lot... Please for the love of fuck hire someone.

>>22876237
Thank you for the bump and your continued interest in the project, we will continue to keep you informed as developments unfold

>>22876397
The development I want is you fucksticks leaving this board finally your garbage shitcoin isn't going to do anything.

>>22876491
Thank you for the bump, here is the latest core update

Core-Dev Updates are here for SEPT 5 2020

- Wallet update (V4.0.4)

As we are preparing for V4.0.4, along with bug fixes and optimizations there will also be an introduction of a new swap tab (see image below) to target DEX users who want a simple UI to click “exchange” and not interact with off chain rentals, channels, etc. This will be important to help on board those not familiar with using layer 2, and an easy frictionless introduction to the benefits of off chain payment channels.

When swapping, the user will always receive the coins on layer 2 , they will however be able to start (if they want) on layer 1 with all assets. Worst case is there would be ~20-30 min wait time (when BTC is invovled) for swap completion as we prepare channels, rentals and manage DEX orders in backgroud. For users who already have channels on layer 2, executing these swaps and trades will be instant and near fee less

- ETH integration
We are in the final phases of adding ETH private key support into the wallet. Look for this to come in V4.0.5 or V4.0.6
This is important as it will not only allow for storage, sending, and receiving of ETH and its tokens but also allow us in following updates to begin pushing special Raiden deployments to initiate a public test phase of layer 2 with ETH

- HW Support
As we are now in process of adding dependencies for the HW, have begun development on Trezor and once in place will deploy and integrate other popular HW such as Ledger.
This will allow users to begin securing and managing their funds with our wallet safely and securely. After our planned network upgrades, it will also allow XSN cold staking & storing MN collateral using our light wallet

I could grab a masternode, but if i did the project would fail. Cause thats how shit always gos

>>22876594
You need to have some faith in yourself anon. If you believe the universe is out to get you you'll always be miserable.

Made irrelevant by a single Chainlink empowered perpetual smart contract

>>22876667
how so? how would that solve scalability, transaction speed/privacy issues that crypto faces? sounds like your a low IQ newfag who bought the LINK top

>>22874657
>cyberpunk standard
That's fucking gay.

Also tl;dr

>>22875454
where the fuck is the DEX?
By the way I was on Stakenetcloud.io and it's really a professional website

>>22877525
Full public DEX with Raiden integration EOY.

>>22876890
not being able to read is even more cringe desu

>>22878092
Read title on op....