ruletheworld

Dec 312020
 
Four Assorted Cryptocurrency Coins

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This is a guest post by Liza Brooke of Crowd Writer

Invented in 2008 by a group of people or person using the name Satoshi Nakamoto, Bitcoin began its life as a cryptocurrency in 2009.

As a cryptocurrency, Bitcoin is a digital asset designed to work as a medium of exchange, and the coin ownership records are stored in a distributed ledger, Blockchain. Bitcoin uses a cryptographic hash function called SHA-256 and uses it in its proof-of-work scheme.

The current market capitalization of Bitcoin at the end of 2020 exceeds $500 billion, more than Visa and JP Morgan and just shy of Berkshire Hathaway.

Given how well Bitcoin and cryptocurrency has captured the imagination of the general public, its cultural significance cannot be understated. We present you a look at some of the movies based on Bitcoin and crypto

Now let’s take a quick look at some of the best movies based on the concept of cryptocurrencies.

List of movies that were loosely followed the topic of cryptocurrency as the central plot 

Here are some of the top picks in movies that loosely followed the topic of cryptocurrency as a central plot.

  1. Magic Money
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Magic Money: The Bitcoin Revolution is a documentary film that explores the mysterious origins of Bitcoin. The film was released in 2017. Directed by Tim Delmastro, the film also ponders on the role of Bitcoin in society and how it can shape the future of our world.

  1. The Rise & Rise of Bitcoin
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Directed by Nicholas Mross, it is a 2014 American documentary film with a running length of one hour and thirty-six minutes. The film basically features multiple interviews of various companies and people that were involved in the expansion of Bitcoin and played important roles.

It was nominated for the “Best International Documentary Film” at the Zurich Film Festival in 2014. Common Sense Media claimed that the movie could offer viewers a basic understanding of the currency’s role in society

  1. Bitcoin Heist
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An action/comedy movie released in 2016 and directed by Ham Tran with a running length of one hours and fifty minutes. The movie follows an Interpol agent’s plot to assembling a team of elite hackers to plan the ultimate cryptocurrency heist.

The film is available in various languages, including English, German, and Vietnamese. The film stars popular Vietnamese actors including the likes of Kate Nhung and Thanh Pham. 

  1. Bitcoin: The End of Money As We Know It
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Putting together the creative geniuses of directors Torsten Hoffmann and Michael Watchulonis, the film examines the history of money and use technological innovation to explain how Bitcoin works. IMDb (Internet Movie Database) declares it as a crash course for anyone who has not yet fully understood the mechanics behind Bitcoin.

The film serves as a concise and informative flick that informs about the intricacies regarding cryptocurrency and money. The film inclines more towards a documentary style and has a running length of one hour.   

  1. Life on Bitcoin
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Starring Austin M. Craig and Beccy Bigham in the leading roles, this documentary plus news type film was released in 2014. The movie’s central theme focuses on a newly married couple in a world where every living necessity can only be acquired with the help of cryptocurrency.

The couple embarks on an adventure just after two weeks of their marriage and fresh off their honeymoon to find answers to burning questions regarding survival based on cryptocurrency alone. 

  1. Dope
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A 2015 comedy-drama movie with a running length of one hour and forty-three minutes and directed by Rick Famuyiwa. The film received critical acclaim and grossed $6.1 million in its opening weekend and by the end of its theatrical run earned around $18 million worldwide.

The plot revolves around two high school geeks who unintentionally get involved in a drug deal and use Bitcoins to sell and incriminate criminals while pursuing the dream of getting into Harvard University.

  1. Trust Machine: The Story of Blockchain
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A one-hour and twenty-four-minute documentary directed by Alex Winter, which was initially released in 2018, explores the origin and evolution of cryptocurrency.

Critics claimed it as a fast-paced globe-hopping documentary that delivered plenty of examples in order to define its complex subjects regarding blockchain technology. The documentary offers potentially exciting nuggets of information regarding the inner workings of blockchain. 

  1. Start Up
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An American web television drama series created by Ben Ketai and premiered in 2016 on Crackle, an over-the-top streaming platform. The series follows the premise of GenCoin’s emergence, a brilliant yet controversial tech idea centered on digital currency. There are in total three seasons with over thirty episodes. 

On IMDb, viewers gave it 8 out of 10 stars while professional critics were less favorable. On the other hand, StartUp holds an average approval rating of 91% by audiences, including students who acquired essay help UK in order to catch up on the show’s latest episodes. 

  1. Banking on Bitcoin
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A 2016 historical documentary directed by Christopher Cannucciari, starring Blythe Masters and Alex Winter in leading roles. With a running length of one hour and thirty minutes, the documentary focuses on Bitcoin and how a decentralized currency of the internet grabs the public’s attention that is curious and wants to know more behind its technology.  

  1. Deep Web
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Directed by Alex Winter and narrated by none other than Keanu Reeves, the documentary film showcases events in chronological order regarding the Silk Road. The documentary features interviews from Wired writer Andy Greenberg and developer Amir Taaki.

For those who don’t know, the Silk Road was an online black market and the first modern darknet market, which was best known for selling illegal drugs. 

Conclusion

As Bitcoins and other cryptocurrencies become popular with time, we will gradually see more content being produced in mainstream media that focus on digital currencies and their impact on society. Pretty soon we may even find cryptocurrency to play a central role in the plot for many TV series, web series, and animes. 

Even reputable music artists do not shy away from mentioning cryptocurrencies in their songs including the likes of Eminem who namechecks Bitcoin in his track “Not Alike”. As of today, 29th December 2020, 6:40 am UTC, the value of one Bitcoin equals to $26,440 claimed by Morningstar Currency and Coinbase for Cryptocurrency.

To this revelation, I would like to conclude this post with a quote from none other than Satoshi Nakamoto who once said:

“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”

Author Bio

Liza Brooke currently works as a Sr. Research Analyst at Crowd Writer. This is where higher education students can acquire HND assignment help from professionals specializing in their field of study. She likes to indulge herself in pop-culture during her free time, including movies, music, and binge-watching popular series online.

Dec 252020
 
How to buy 1inch token

This is a guide on how to buy 1INCH token from the 1inch project. 1inch is an aggregator of decentralized exchanges, but is expanding beyond that into an ecosystem of DeFi products (such as Mooniswap, a DEX by itself). The team launched the 1INCH token on 24th December 2020 which will act as a governance token for the products they build.

The token has just launched is already over $1 billion fully diluted marketcap. This is because the 1inch DEX aggregator does insane volume and the product makes a lot of revenue and is already profitable. Combine that with a technical team that is known to ship top DeFi products, and you have a killer combination that people want.

1inch has become the go to place to buy DeFi tokens without KYC. It has more recently supported private market makers or PMM. This means someone could arbitrage from a centralized exchange but you never need to create an account and risk custody of funds – you just approve your metamask transactions and the trade happens.

How to Buy 1INCH token

First, connect your Metamask (or another Web3 wallet) to check if you already have any 1INCH tokens. This is because the team did an airdrop similar to Uniswap’s UNI. You can sell 1INCH tokens the same way as outlined below.

Buy on 1inch

If you want to buy 1INCH tokens via a DEX in a decentralized way, head over to the 1inch DEX aggregator. Here you can buy 1INCH token via any other token like ETH. Now that 1inch also has its own liquidity pools, this is the best way to buy 1INCH tokens instead of Uniswap.

Buy on Binance

Binance has immediately added support for 1INCH so you can buy and sell 1INCH token on Binance already.

The reason you may want to buy on Binance is because gas prices are pretty high on Ethereum right now, and trade costs can be anywhere from $10-$15 per transaction or higher (edit: now that gas prices for a single trade are hovering around $40-$50, this is unfortunately more of a case of switching to Binance) which is practically free on Binance. If you want to buy 1INCH token in small quantities, this may be your preferred option.

Update: Binance has enabled margin trading up to 5x on 1INCH/ETH pair, which is a nice feature for traders.

Yes, we see the irony in buying the token of a DEX aggregator on a CEX but if the amounts are not large, Binance really could be a more economical options. Just make sure you understand the tradeoffs between DEX and CEX in this case.

This is some more information on 1inch so far from the team:

Resources

Etherscan link to 1inch token

1INCH launch post

Dec 192020
 
Basis Cash tokens BAC, BAS, BAB

This is a guide on how to buy Basis Cash tokens BAC, BAS, and BAB. It is crucial to understand the difference between these tokens before you buy any Basis Cash tokens. This is because the risk/return parameters for these tokens are completely different. This guide will help you understand the Basis Cash protocol and the role that BAC, BAS, and BAB play in the ecosystem.

What is Basis Cash?

Basis Cash is a seigniorage based stablecoin ecosystem. This means the Basis Cash protocol is able to mint new “stablecoin” units at a price cheaper than its face value, and give this newly created value to the “shareholders” of the protocol. Here’s the definition of seigniorage:

profit made by a government by issuing currency, especially the difference between the face value of coins and their production costs.

The Basis Cash protocol is based on an older idea during the 2017 ICO boom from a team called Basis. The original Basis team produced the whitepaper and explained how they want to build this system. Unfortunately, due to VCs aping in with zero due diligence (literally – they raised $100s of millions without a real product in the market), the project shut down after regulatory concerns.

As we now enter the 2020-2021 period of DeFi boom where projects like YFI are close to billion dollar protocols, there is a renewed interest in these projects. The Basis Cash team has chosen to remain anonymous and launch the protocol. There are no VCs or investors. There is no pre-sale. There are no regulators to please. It is a free market of ideas.

How Does Basis Cash Work?

Since Basis Cash is an algorithmic seigniorage stablecoin, the main question to answer here is how the peg to the dollar is maintained. Basis Cash technically targets the DAI price which itself targets a value of 1 USD.

In order to do this, the Basis Cash protocol has stabilizing mechanisms whenever the value of the stablecoin deviates from 1 DAI.

If the stablecoin falls below 1 DAI, then BAB is issued. If the stablecoin rises above 1 DAI, then seigniorage rewards are given to “shareholders” to increase supply and bring price back to parity.

Understanding Basis Cash Tokens: BAC, BAS, and BAB

It is paramount to understand the different tokens in the Basis Cash ecosystem before you put any money to work.

  • BAC: This is the stablecoin of the Basis Cash ecosystem, aka “Basis Cash”. The target rate is 1 BAC = 1 DAI. If there is a deviation of more than 5%, measured via a Time Weighted Average Price (TWAP) over the last 24 hours, then the protocol stabilization mechanisms kick in.
  • BAS: This represents the “shares” of the Basis Cash protocol, aka “Basis Shares”. When the price of 1 BAC exceeds 1 DAI, the supply of BAC expands. This costs nothing to the protocol, hence seigniorage. This seigniorage is captured by the BAS holders (who stake BAS in the ‘Boardroom’). BAS therefore works like a ‘share’ – if the BAC price rises, the supply increases and the increase in supply goes to BAS holders in the form of a ‘dividend’.
  • BAB: These are “Basis Bonds” priced at the square of the price of BAC when BAC is below 1 DAI. Therefore is 1 BAC = 0.8 DAI, then 1 BAB = 0.64 DAI. In this scenario, anyone can take 64 DAI and get 100 BAB. If the price of BAC gets back to parity of 1 DAI, then each BAB can be exchanged for a BAC. Therefore, the conversion is 64 DAI -> 100 BAB -> 100 BAC -> 100 DAI (when parity is reached) for a profit of 36 DAI or 56.25% returns on initial investment.

How to Buy Basis Cash Tokens

If you want to buy Basis Cash tokens, first decide what you want to buy.

  • Buy BAC if you believe BAC will retain its peg to DAI and that’s what you want.
  • Buy BAB if you believe BAC will eventually reach DAI parity and make a short-term investment with high returns.
  • Buy BAS if you believe the overall BAC marketcap will go up due to BAC demand and stake in the Boardroom to capture seigniorage from BAC minting (via dividends).

To buy BAC and BAS, the best way is via a DeFi aggregator like 1inch. This sources liquidity from multiple decentralized exchanges including private market makers. This will usually give you the best execution price. You can buy BAC on 1inch or buy BAS on 1inch.

You can also buy directly on Uniswap. Buy BAC on Uniswap or buy BAS on Uniswap.

Important Links

Basis Cash App

Basis Cash documentation

BAC on Etherscan

BAS on Etherscan

Nov 302020
 
List of YFI acquisitions from Yearn Finance

Yearn Finance has been on an acquisition spree. The list of YFI acquisitions continues to grow as more and more DeFi projects get acquired or run deep collaborations with the YFI ecosystem.

Before we dive into the list, note the meaning of the word “acquisition” is very differently used than a traditional corporate acquisition. Andre Cronje, the founder of Yearn, explains it as such. Acquisition here could mean any of merger, acquisition, partnership, or collaboration (albeit somewhat deeper collaboration than “crypto-collaborations” which are notoriously unreliable).

Let’s look at the list of YFI collaborations

  • Pickle: Pickle has been working on similar projects to yVault via pJars or pickle jars. Therefore, a merger of sorts here was not unsurprising. Pickle moved faster than Yearn but unfortunately already experienced a $20 million hack. The time was right for YFI to swoop in. Pickle developers will now focus on strategies within the Yearn ecosystem – basically, an acquisition of the dev team.
  • Cream: Even since the early days, Yearn has been focused on money markets, lending, and yield generating products via the y-tokens. Cream was a natural extension of that. Cream is more of a deep partnership or collaboration and Cream can become the go to protocol for lending for Yearn strategies. We’ll see how this plays with Aave, Compound, and Maker.
  • Cover: Similar to Cream, this is more of a deep partnership or collaboration. Insurance has been something the Yearn team has worked on in the past with yInsure. Cover just makes it more robust, scalable, and usable. Read the post here.
  • Akro: Akro, the “Greek DeFi” is similar to Pickle in that it is combining developer effort to building out the yield ecosystem. Akro contributes the frontend and users already using their system and contributes investment strategies to Yearn tailored to their userbase. You can read their announcement here.
  • Sushi: Announcement here

These are the list of YFI acquisitions, mergers, partnerships, and collaborations to date. Yearn has emerged from the DeFi bear market with guns blazing – time will tell if this translates into higher AUM, higher revenue, and higher YFI value, especially with the v2 vaults launching to the public in a few months.

Nov 202020
 

This is a guide on how to buy COVER token from Cover Protocol. Read on to find how you could also earn COVER via liquidity mining incentives.

What is COVER

Let us first look into what Cover Protocol is. In a nutshell, Cover Protocol is a way to hedge smart contract risk. In some ways, this is similar to Nexus Mutual.

However, the tokens on Cover resemble UMA futures tokens in some ways except their payout is not fixed but determined based on whether a smart contract breach occurred or not.

For example, you can buy the following token: COVER_YEARN_2021_02_28_DAI_0_CLAIM. As the name suggests, this token expires on 28th of February 2021. If there is an approved claim on YFI, i.e. if there is a breach in YFI smart contracts where you lose money, you can buy this token and protect your downside. This will expire at 0 if there is no claim and 1 DAI if there is a claim.

The CLAIM token is the “Coverage” token and NOCLAIM token is the “Underwriting” token.

Anyone can buy the CLAIM tokens, whether they have actual money in the smart contract or not. Of course, this generally raises the issue of people betting on a bug before exploiting it and making even more money, but that’s part and parcel of most insurance on DeFi.

How to Buy COVER

COVER is the token for Cover Protocol with a max cap of 160,000 COVER tokens. Most of these tokens (70%) are released via the liquidity mining program over a period of 12 months.

If you want to buy COVER token, there are a few places to go to:

Normally, it is a good idea to buy DeFi tokens like these on Uniswap. However, you should always do your research first. Currently, it is way better to buy COVER on Sushiswap than Uniswap. Why? Because COVER is advised by SBF (of FTX fame, but also Sushiswap) and thus they launched their liquidity mining program on Sushiswap instead of Uniswap. Therefore, Sushiswap has much better liquidity and lower slippage than Uniswap.

The experience of buying on Sushiswap via the link above should be very similar to Uniswap. Hopefully, aggregators like 1inch will add COVER soon, so there is no need to manually check for prices.

How to Earn COVER

COVER has a an ongoing liquidity mining program. Therefore, you can earn COVER from this program for the next 12 months instead of buying from the market.

To earn COVER, head over to the “Shield Mining” section of the Cover app. There, you’ll see the release schedule for how much COVER each bucket has and how much is already staked.

As you can see, there are many different pools, encouraging you to buy Coverage for various smart contracts and creating liquidity pools so price discovery can happen easily. In return, the team is compensating you via the COVER tokens for the risk you take on.

If you are an LP, be careful especially around the contract expiration days and make sure your LP tokens are safe and protected from the downside.

Nov 192020
 
SFI token from Saffron Finance

This is a guide on how to buy SFI from Saffron Finance, a DeFi token.

What is Saffron Finance?

Saffron Finance is a decentralized finance aka DeFi product which is built for investors with varying risk appetite. The product accomplishes this by creating various tranches of risk for investors. Different tranches have different risk from the same underlying pool of returns. The “higher quality” risk tranches get first priority for returns and cash flows but have a limited upside, whereas the “lower quality” risky tranches get last priority but with higher potential upside.

If this sounds similar to collateralized loan obligations or CLOs, infamous for their role in the 2008 financial crisis, then well that’s because this is. The product is, in fact, similar to Barn Bridge and BOND token. It seems like tranches of varying risks is the new hot thing in the DeFi world. It remains to be seen if there is enough investor demand for these products.

In the meantime, projects like Barn Bridge and Saffron Finance are relying on the good old liquidity mining programs to kickstart adoption. They hope organic adoption will follow. We are yet to see the story pan out, which makes sense. After all, these projects are barely a few months old.

If the broader DeFi movement takes off with investors, tranches and pooled risk is a reasonable bet. After all, different investors have different risk appetites and time horizons. Someone may simply be in stablecoins for a few weeks waiting to deploy capital and want a safe return for that time horizon. Others might want to gain an aggressive risk exposure with higher return potential.

Buy SFI token (or earn SFI)

In the meantime, you can earn SFI or simply buy SFI to gain exposure to this project. As of this writing, Saffron Finance has an active liquidity mining program. Currently, there are two pools – DAI and Uniswap liquidity pool. A third USDT pool is planned to be live soon.

SFI pools from Saffron Finance

If you do not want to participate in this program, you can simply buy SFI from Uniswap. This is the link to see the historic SFI liquidity information and here is the direct link to Uniswap to buy SFI.

The liquidity pool on Uniswap is an ETH liquidity pool. If you want to exchange a non-ETH token into SFI, say LINK or YFI or AAVE, then first convert your token to ETH on an aggregator like 1inch so you get the best trade execution, then come back to Uniswap to make the trade with your ETH.

If you’re coming from the non-ETH world, such as Bitcoin, convert your Bitcoin into ETH first via Binance or Coinbase or another traditional centralized exchange, withdraw your ETH to MetaMask or another wallet, and then trade on Uniswap as described above.

Nov 022020
 
how to buy bond token from barnbridge

This is a guide on how to buy BOND from BarnBridge. BOND token is a native governance token of the BarnBridge protocol. Before we dive into the BOND token itself, it is useful to look at BarnBridge first.

What is BarnBridge?

Broadly, BarnBridge is a DeFi protocol for tokenized risk. It is a way to create derivative products on Ethereum where the risk-return profile is broken into tranches, so that different investors can buy exposure to the same underlying asset class at different risk profiles.

Confused? In a nutshell, BarnBridge automates the process of collateralized debt obligations (CDO)s for DeFi protocols. The underlying tokens can be yield generating tokens based on other DeFi protocols, such as DAI in Compound, or even plain old tokens.

Changing Risk Profile

At the heart of the BarnBridge protocol is the idea of different tranches with different risk-return profiles. The senior tranche would get the first preference and therefore has the lowest risk and thus a lower return. The “equity” tranche takes on maximum risk but also provides higher returns.

The big bet is that DeFi is mature enough to start supporting these tranches. The different tranches will appeal to different types of investors.

For example, if you want to use BarnBridge for interest rates on Compound, you’ll divide the returns obtained into tranches. Let’s say the senior tranche gets 3% fixed interest and the junior tranche gets the rest (for simplicity sake – in practice there can be many tranches).

Interest Rate Example

In the example above, the first 3% return flows to the senior tranche, and the rest to the junior tranche. If 200 DAI was split equally between the tranches, and the actual interest rate turned out to be 8%, then the total interest earned would be 200 * 8% = 16 DAI. Of this, 3 DAI goes to the senior tranche due to fixed 3% return on 100 DAI. The remaining, 13 DAI, goes to the junior tranche, thus providing a return of 13%.

As you can see, the risk profiles and returns are as follows:

  • The senior tranche investor seeks safety of fixed yield. For this, they get 3% fixed. If the actual interest earned was 2%, they would still get their 3%. Thus they take on lower risk for more certainty of interest rate.
  • The junior tranche investor seeks higher risk. They are betting that the interest rates in this case will be higher than 3% and are willing to ‘leverage up’ this bet. If they just put money into the protocol, they would have earned 8% but now they earned 13%. Of course if the interest rate moves against them, e.g. 1%, then they lose money.

In addition to the interest rate, you can use any underlying token. For example, if the underlying were LINK, you can either partially hedge your exposure to LINK via senior tranche or leverage up your LINK position for a more bullish position.

Market Appetite

The big question is whether there is enough investor appetite for these tranches and whether the market is mature enough. There are already other ways to gain leveraged or hedged exposure, e.g. via options and other derivatives so investors have choices as well.

Finally, CDOs and CDO-like structures played a big part in the 2008 financial crisis. There is some irony to that, given DeFi wants to do better than the traditional financial system.

How to Buy BOND Token

Now that you understand BarnBridge, it is time to talk about BOND, the governance token. Before we proceed, know that a protocol like BarnBridge could be very promising but a token like BOND may not be able to retain value.

The BOND token has the highest liquidity on Uniswap via BOND/USDC pair. This is because this pair is used for the liquidity mining incentives currently in place. In fact, you can earn BOND via liquidity mining but be aware that you take on the risk of impermanent loss. Also, BOND liquidity mining incentive is strangely implemented by giving out weekly rewards which causes a sudden price dump when this is released.

With all these caveats, here are the steps to buy BOND token:

  • Step-1: Convert ETH (or other tokens) to USDC via 1inch to get the best execution rate via multiple DeFi exchanges (1inch automatically routes your order via the best path).
  • Step-2: Go to Uniswap for BOND/USDC pair and exchange your USDC for BOND.

And that’s it – you now have BOND in your Web3 or MetaMask wallet.