﷽submitted by aibnsamin1 to Bitcoin [link] [comments]
The Federal Reserve and the United States government are pumping extreme amounts of money into the economy, already totaling over $484 billion. They are doing so because it already had a goal to inflate the United States Dollar (USD) so that the market can continue to all-time highs. It has always had this goal. They do not care how much inflation goes up by now as we are going into a depression with the potential to totally crash the US economy forever. They believe the only way to save the market from going to zero or negative values is to inflate it so much that it cannot possibly crash that low. Even if the market does not dip that low, inflation serves the interest of powerful people.
The impending crash of the stock market has ramifications for Bitcoin, as, though there is no direct ongoing-correlation between the two, major movements in traditional markets will necessarily affect Bitcoin. According to the Blockchain Center’s Cryptocurrency Correlation Tool, Bitcoin is not correlated with the stock market. However, when major market movements occur, they send ripples throughout the financial ecosystem which necessary affect even ordinarily uncorrelated assets.
Therefore, Bitcoin will reach X price on X date after crashing to a price of X by X date.
Stock Market CrashThe Federal Reserve has caused some serious consternation with their release of ridiculous amounts of money in an attempt to buoy the economy. At face value, it does not seem to have any rationale or logic behind it other than keeping the economy afloat long enough for individuals to profit financially and politically. However, there is an underlying basis to what is going on which is important to understand in order to profit financially.
All markets are functionally price probing systems. They constantly undergo a price-discovery process. In a fiat system, money is an illusory and a fundamentally synthetic instrument with no intrinsic value – similar to Bitcoin. The primary difference between Bitcoin is the underlying technology which provides a slew of benefits that fiat does not. Fiat, however, has an advantage in being able to have the support of powerful nation-states which can use their might to insure the currency’s prosperity.
Traditional stock markets are composed of indices (pl. of index). Indices are non-trading market instruments which are essentially summaries of business values which comprise them. They are continuously recalculated throughout a trading day, and sometimes reflected through tradable instruments such as Exchange Traded Funds or Futures. Indices are weighted by market capitalizations of various businesses.
Price theory essentially states that when a market fails to take out a new low in a given range, it will have an objective to take out the high. When a market fails to take out a new high, it has an objective to make a new low. This is why price-time charts go up and down, as it does this on a second-by-second, minute-by-minute, day-by-day, and even century-by-century basis. Therefore, market indices will always return to some type of bull market as, once a true low is formed, the market will have a price objective to take out a new high outside of its’ given range – which is an all-time high. Instruments can only functionally fall to zero, whereas they can grow infinitely.
So, why inflate the economy so much?
Deflation is disastrous for central banks and markets as it raises the possibility of producing an overall price objective of zero or negative values. Therefore, under a fractional reserve system with a fiat currency managed by a central bank – the goal of the central bank is to depreciate the currency. The dollar is manipulated constantly with the intention of depreciating its’ value.
Central banks have a goal of continued inflated fiat values. They tend to ordinarily contain it at less than ten percent (10%) per annum in order for the psyche of the general populace to slowly adjust price increases. As such, the markets are divorced from any other logic. Economic policy is the maintenance of human egos, not catering to fundamental analysis. Gross Domestic Product (GDP) growth is well-known not to be a measure of actual growth or output. It is a measure of increase in dollars processed. Banks seek to produce raising numbers which make society feel like it is growing economically, making people optimistic. To do so, the currency is inflated, though inflation itself does not actually increase growth. When society is optimistic, it spends and engages in business – resulting in actual growth. It also encourages people to take on credit and debts, creating more fictional fiat.
Inflation is necessary for markets to continue to reach new heights, generating positive emotional responses from the populace, encouraging spending, encouraging debt intake, further inflating the currency, and increasing the sale of government bonds. The fiat system only survives by generating more imaginary money on a regular basis.
Bitcoin investors may profit from this by realizing that stock investors as a whole always stand to profit from the market so long as it is managed by a central bank and does not collapse entirely. If those elements are filled, it has an unending price objective to raise to new heights. It also allows us to realize that this response indicates that the higher-ups believe that the economy could crash in entirety, and it may be wise for investors to have multiple well-thought-out exit strategies.
Economic Analysis of BitcoinThe reason why the Fed is so aggressively inflating the economy is due to fears that it will collapse forever or never rebound. As such, coupled with a global depression, a huge demand will appear for a reserve currency which is fundamentally different than the previous system. Bitcoin, though a currency or asset, is also a market. It also undergoes a constant price-probing process. Unlike traditional markets, Bitcoin has the exact opposite goal. Bitcoin seeks to appreciate in value and not depreciate. This has a quite different affect in that Bitcoin could potentially become worthless and have a price objective of zero.
Bitcoin was created in 2008 by a now famous mysterious figure known as Satoshi Nakamoto and its’ open source code was released in 2009. It was the first decentralized cryptocurrency to utilize a novel protocol known as the blockchain. Up to one megabyte of data may be sent with each transaction. It is decentralized, anonymous, transparent, easy to set-up, and provides myriad other benefits. Bitcoin is not backed up by anything other than its’ own technology.
Bitcoin is can never be expected to collapse as a framework, even were it to become worthless. The stock market has the potential to collapse in entirety, whereas, as long as the internet exists, Bitcoin will be a functional system with a self-authenticating framework. That capacity to persist regardless of the actual price of Bitcoin and the deflationary nature of Bitcoin means that it has something which fiat does not – inherent value.
Bitcoin is based on a distributed database known as the “blockchain.” Blockchains are essentially decentralized virtual ledger books, replete with pages known as “blocks.” Each page in a ledger is composed of paragraph entries, which are the actual transactions in the block.
Blockchains store information in the form of numerical transactions, which are just numbers. We can consider these numbers digital assets, such as Bitcoin. The data in a blockchain is immutable and recorded only by consensus-based algorithms. Bitcoin is cryptographic and all transactions are direct, without intermediary, peer-to-peer.
Bitcoin does not require trust in a central bank. It requires trust on the technology behind it, which is open-source and may be evaluated by anyone at any time. Furthermore, it is impossible to manipulate as doing so would require all of the nodes in the network to be hacked at once – unlike the stock market which is manipulated by the government and “Market Makers”. Bitcoin is also private in that, though the ledge is openly distributed, it is encrypted. Bitcoin’s blockchain has one of the greatest redundancy and information disaster recovery systems ever developed.
Bitcoin has a distributed governance model in that it is controlled by its’ users. There is no need to trust a payment processor or bank, or even to pay fees to such entities. There are also no third-party fees for transaction processing. As the ledge is immutable and transparent it is never possible to change it – the data on the blockchain is permanent. The system is not easily susceptible to attacks as it is widely distributed. Furthermore, as users of Bitcoin have their private keys assigned to their transactions, they are virtually impossible to fake. No lengthy verification, reconciliation, nor clearing process exists with Bitcoin.
Bitcoin is based on a proof-of-work algorithm. Every transaction on the network has an associated mathetical “puzzle”. Computers known as miners compete to solve the complex cryptographic hash algorithm that comprises that puzzle. The solution is proof that the miner engaged in sufficient work. The puzzle is known as a nonce, a number used only once. There is only one major nonce at a time and it issues 12.5 Bitcoin. Once it is solved, the fact that the nonce has been solved is made public.
A block is mined on average of once every ten minutes. However, the blockchain checks every 2,016,000 minutes (approximately four years) if 201,600 blocks were mined. If it was faster, it increases difficulty by half, thereby deflating Bitcoin. If it was slower, it decreases, thereby inflating Bitcoin. It will continue to do this until zero Bitcoin are issued, projected at the year 2140. On the twelfth of May, 2020, the blockchain will halve the amount of Bitcoin issued when each nonce is guessed. When Bitcoin was first created, fifty were issued per block as a reward to miners. 6.25 BTC will be issued from that point on once each nonce is solved.
Unlike fiat, Bitcoin is a deflationary currency. As BTC becomes scarcer, demand for it will increase, also raising the price. In this, BTC is similar to gold. It is predictable in its’ output, unlike the USD, as it is based on a programmed supply. We can predict BTC’s deflation and inflation almost exactly, if not exactly. Only 21 million BTC will ever be produced, unless the entire network concedes to change the protocol – which is highly unlikely.
Some of the drawbacks to BTC include congestion. At peak congestion, it may take an entire day to process a Bitcoin transaction as only three to five transactions may be processed per second. Receiving priority on a payment may cost up to the equivalent of twenty dollars ($20). Bitcoin mining consumes enough energy in one day to power a single-family home for an entire week.
Trading or Investing?The fundamental divide in trading revolves around the question of market structure. Many feel that the market operates totally randomly and its’ behavior cannot be predicted. For the purposes of this article, we will assume that the market has a structure, but that that structure is not perfect. That market structure naturally generates chart patterns as the market records prices in time. In order to determine when the stock market will crash, causing a major decline in BTC price, we will analyze an instrument, an exchange traded fund, which represents an index, as opposed to a particular stock. The price patterns of the various stocks in an index are effectively smoothed out. In doing so, a more technical picture arises. Perhaps the most popular of these is the SPDR S&P Standard and Poor 500 Exchange Traded Fund ($SPY).
In trading, little to no concern is given about value of underlying asset. We are concerned primarily about liquidity and trading ranges, which are the amount of value fluctuating on a short-term basis, as measured by volatility-implied trading ranges. Fundamental analysis plays a role, however markets often do not react to real-world factors in a logical fashion. Therefore, fundamental analysis is more appropriate for long-term investing.
The fundamental derivatives of a chart are time (x-axis) and price (y-axis). The primary technical indicator is price, as everything else is lagging in the past. Price represents current asking price and incorrectly implementing positions based on price is one of the biggest trading errors.
Markets and currencies ordinarily have noise, their tendency to back-and-fill, which must be filtered out for true pattern recognition. That noise does have a utility, however, in allowing traders second chances to enter favorable positions at slightly less favorable entry points. When you have any market with enough liquidity for historical data to record a pattern, then a structure can be divined. The market probes prices as part of an ongoing price-discovery process. Market technicians must sometimes look outside of the technical realm and use visual inspection to ascertain the relevance of certain patterns, using a qualitative eye that recognizes the underlying quantitative nature
Markets and instruments rise slower than they correct, however they rise much more than they fall. In the same vein, instruments can only fall to having no worth, whereas they could theoretically grow infinitely and have continued to grow over time. Money in a fiat system is illusory. It is a fundamentally synthetic instrument which has no intrinsic value. Hence, the recent seemingly illogical fluctuations in the market.
According to trade theory, the unending purpose of a market or instrument is to create and break price ranges according to the laws of supply and demand. We must determine when to trade based on each market inflection point as defined in price and in time as opposed to abandoning the trend (as the contrarian trading in this sub often does). Time and Price symmetry must be used to be in accordance with the trend. When coupled with a favorable risk to reward ratio, the ability to stay in the market for most of the defined time period, and adherence to risk management rules; the trader has a solid methodology for achieving considerable gains.
We will engage in a longer term market-oriented analysis to avoid any time-focused pressure. The Bitcoin market is open twenty-four-hours a day, so trading may be done when the individual is ready, without any pressing need to be constantly alert. Let alone, we can safely project months in advance with relatively high accuracy. Bitcoin is an asset which an individual can both trade and invest, however this article will be focused on trading due to the wide volatility in BTC prices over the short-term.
Technical Indicator Analysis of BitcoinTechnical indicators are often considered self-fulfilling prophecies due to mass-market psychology gravitating towards certain common numbers yielded from them. They are also often discounted when it comes to BTC. That means a trader must be especially aware of these numbers as they can prognosticate market movements. Often, they are meaningless in the larger picture of things.
Trend Definition Analysis of BitcoinTrend definition is highly powerful, cannot be understated. Knowledge of trend logic is enough to be a profitable trader, yet defining a trend is an arduous process. Multiple trends coexist across multiple time frames and across multiple market sectors. Like time structure, it makes the underlying price of the instrument irrelevant. Trend definitions cannot determine the validity of newly formed discretes. Trend becomes apparent when trades based in counter-trend inflection points continue to fail.
Downtrends are defined as an instrument making lower lows and lower highs that are recurrent, additive, qualified swing setups. Downtrends for all instruments are similar, except forex. They are fast and complete much quicker than uptrends. An average downtrend is 18 months, something which we will return to. An uptrend inception occurs when an instrument reaches a point where it fails to make a new low, then that low will be tested. After that, the instrument will either have a deep range retracement or it may take out the low slightly, resulting in a double-bottom. A swing must eventually form.
A simple way to roughly determine trend is to attempt to draw a line from three tops going upwards (uptrend) or a line from three bottoms going downwards (downtrend). It is not possible to correctly draw a downtrend line on the BTC chart, but it is possible to correctly draw an uptrend – indicating that the overall trend is downwards. The only mitigating factor is the impending stock market crash.
Time Symmetry Analysis of BitcoinTime is the movement from the past through the present into the future. It is a measurement in quantified intervals. In many ways, our perception of it is a human construct. It is more powerful than price as time may be utilized for a trade regardless of the market inflection point’s price. Were it possible to perfectly understand time, price would be totally irrelevant due to the predictive certainty time affords. Time structure is easier to learn than price, but much more difficult to apply with any accuracy. It is the hardest aspect of trading to learn, but also the most rewarding.
Humans do not have the ability to recognize every time window, however the ability to define market inflection points in terms of time is the single most powerful trading edge. Regardless, price should not be abandoned for time alone. Time structure analysis It is inherently flawed, as such the markets have a fail-safe, which is Price Structure. Even though Time is much more powerful, Price Structure should never be completely ignored. Time is the qualifier for Price and vice versa. Time can fail by tricking traders into counter-trend trading.
Time is a predestined trade quantifier, a filter to slow trades down, as it allows a trader to specifically focus on specific time windows and rest at others. It allows for quantitative measurements to reach deterministic values and is the primary qualifier for trends. Time structure should be utilized before price structure, and it is the primary trade criterion which requires support from price. We can see price structure on a chart, as areas of mathematical support or resistance, but we cannot see time structure.
Time may be used to tell us an exact point in the future where the market will inflect, after Price Theory has been fulfilled. In the present, price objectives based on price theory added to possible future times for market inflection points give us the exact time of market inflection points and price.
Time Structure is repetitions of time or inherent cycles of time, occurring in a methodical way to provide time windows which may be utilized for inflection points. They are not easily recognized and not easily defined by a price chart as measuring and observing time is very exact. Time structure is not a science, yet it does require precise measurements. Nothing is certain or definite. The critical question must be if a particular approach to time structure is currently lucrative or not.
We will measure it in intervals of 180 bars. Our goal is to determine time windows, when the market will react and when we should pay the most attention. By using time repetitions, the fact that market inflection points occurred at some point in the past and should, therefore, reoccur at some point in the future, we should obtain confidence as to when SPY will reach a market inflection point. Time repetitions are essentially the market’s memory. However, simply measuring the time between two points then trying to extrapolate into the future does not work. Measuring time is not the same as defining time repetitions. We will evaluate past sessions for market inflection points, whether discretes, qualified swings, or intra-range. Then records the times that the market has made highs or lows in a comparable time period to the future one seeks to trade in.
What follows is a time Histogram – A grouping of times which appear close together, then segregated based on that closeness. Time is aligned into combined histogram of repetitions and cycles, however cycles are irrelevant on a daily basis. If trading on an hourly basis, do not use hours.
Evaluating the yearly lows, we see that BTC tends to have its lows primarily at the beginning of every year, with a possibility of it being at the end of the year. Following the same methodology, we get the middle of the month as the likeliest day. However, evaluating the monthly lows for the past year, the beginning and end of the month are more likely for lows.
Therefore, we have two primary dates from our histogram.
1/1/21, 1/15/21, and 1/29/21
2:00am, 8:00am, 12:00pm, or 10:00pm
In fact, the high for this year was February the 14th, only thirty days off from our histogram calculations.
The 8.6-Year Armstrong-Princeton Global Economic Confidence model states that 2.15 year intervals occur between corrections, relevant highs and lows. 2.15 years from the all-time peak discrete is February 9, 2020 – a reasonably accurate depiction of the low for this year (which was on 3/12/20). (Taking only the Armstrong model into account, the next high should be Saturday, April 23, 2022). Therefore, the Armstrong model indicates that we have actually bottomed out for the year!
Bear markets cannot exist in perpetuity whereas bull markets can. Bear markets will eventually have price objectives of zero, whereas bull markets can increase to infinity. It can occur for individual market instruments, but not markets as a whole. Since bull markets are defined by low volatility, they also last longer. Once a bull market is indicated, the trader can remain in a long position until a new high is reached, then switch to shorts. The average bear market is eighteen months long, giving us a date of August 19th, 2021 for the end of this bear market – roughly speaking. They cannot be shorter than fifteen months for a central-bank controlled market, which does not apply to Bitcoin. (Otherwise, it would continue until Sunday, September 12, 2021.) However, we should expect Bitcoin to experience its’ exponential growth after the stock market re-enters a bull market.
Terry Laundy’s T-Theory implemented by measuring the time of an indicator from peak to trough, then using that to define a future time window. It is similar to an head-and-shoulders pattern in that it is the process of forming the right side from a synthetic technical indicator. If the indicator is making continued lows, then time is recalculated for defining the right side of the T. The date of the market inflection point may be a price or indicator inflection date, so it is not always exactly useful. It is better to make us aware of possible market inflection points, clustered with other data. It gives us an RSI low of May, 9th 2020.
The Bradley Cycle is coupled with volatility allows start dates for campaigns or put options as insurance in portfolios for stocks. However, it is also useful for predicting market moves instead of terminal dates for discretes. Using dates which correspond to discretes, we can see how those dates correspond with changes in VIX.
Therefore, our timeline looks like:
By Katharine Brush Night Club PROMPTLY at quarter of ten P.M. Mrs. Brady descended the steps of the Elevated. She purchased from the newsdealer in the cubbyhole be- neath them a next month's magazine and an tomorrow morning's paper and, with these tucked under one plump arm, she walked. She walked two blocks north on Sixth Avenue; turned and went west. But not far west. Westward half a block only, to the place where the gay green awning marked "Club Français" paints a stripe of shade across the glimmer- ing sidewalk. Under the awning Mrs. Brady halted briefly, to remark to the six-foot doorman that it looked like rain and to await his perform- ance of his professional duty. When the small green door yawned open, she sighed deeply and plodded in. The foyer was a blackness, an air- less velvet blackness like the inside of a jeweler's box. Four drum-shaped lamps of golden silk suspended from the ceiling gave it light (a very little) and formed the jewels: gold signets, those, or cuff links for a giant. At the far end of the foyer there were black stair, faintly dusty, rippling upward toward an amber radiance. Mrs. Brady approached and ponderously mounted the stairs, clinging with one fist to the mangy velvet rope that railed their edge. From the top, Miss Lena Levin observed the ascent. Miss Levin was the checkroom girl. She had dark-at- the roots blonde hair and slender hips upon which, in moments of leisure, she wore her hands, like buckles of ivory loosely attached. This was a moment of leisure. Miss Levin waited behind her counter. Row upon row of hooks, empty as yet, and seeming to beckon——wee curved fingers of iron——waited be- hind her. "Late," said Miss Levin, "again." "Go wan!" said Mrs. Brady. "It's only ten to ten. Whew! Them stairs!" She leaned heavily, sideways, against Miss Levin's counter, and, applying one palm to the region of her heart, appeared at once to listen and to count. "Feel!" she cried then in a pleased voice. Miss Levin obediently felt. "Them stairs," continued Mrs. Brady darkly, "with my bad heart, will be the death of me. Whew! Well, dearie? What's the news?" "You got a paper," Miss Levin languidly reminded her. "Yeah!" agreed Mrs. Brady with sudden vehemence. "I got a paper!" She slapped it upon the counter. "An' a lot of time I'll get to read my paper, won't I now? On a Saturday night!" She moaned. "Other nights is bad enough, dear knows——but Saturday nights! How I dread 'em! Every Saturday night I say to my daughter, I say, 'Geraldine, I can't,' I say, 'I can't go through it again, an' that's all there is to it,' I say. 'I'll quit!' I say. An' I will, too!" added Mrs. Brady firmly, if indefinitely. Miss Levin, in defense of Saturday nights, mumbled some vague some- thing about tips. "Tips!" Mrs. Brady hissed it. She almost spat it. Plainly money was nothing, nothing at all, to this lady. "I just wish," said Mrs. Brady, and glared at Miss Levin, "I just wish you had to spend one Saturday night, just one in that dressing room! Bein' pushed an' stepped on and near knocked down by that gang of hussies, an' them orderin' an' bossin' you round like you was black, an' usin' your things an' then sayin' they're sorry, they got no change, they'll be back. Yeah! They never come back!" "There's Mr. Costello," whispered Miss Levin through lips that, like a ventriloquist's, scarcely stirred. "An' as I was sayin'," Mrs. Brady said at once brightly, "I got to leave you. Ten to ten, time I was on the job." She smirked at Miss Levin, nodded, and right-about-faced. There, indeed, Mr. Costello was. Mr. Billy Costello, manager, proprietor, monarch of all he surveyed. From the doorway of the big room where the little tables herded in a ring around the waxen floor, he surveyed Mrs. Brady, and in such a way that Mrs. Brady, momentarily forgetting her bad heart, walked fast, scurried faster, almost ran. The door of her domain was set politely in an alcove, beyond silken curtains looped up at the sides. Mrs. Brady reached it breathless, shoul- dered it open, and groped for the electric switch. Lights sprang up, a bright white blaze, intolerable for an instant to the eyes, like the sun on snow. Blinking, Mrs. Brady shut the door. The room was a spotless, white- tiled place, half beauty shop, half dressing room. Along one wall stood washstands, sturdy triplets in a row, balloons afloat above them. Against the opposite wall there was a couch. A third wall backed an elongated glass-topped dressing-table; and over the dressing-table and over the wash- stands long rectangular sheets of mirror reflected lights, doors, glossy tiles, lights multiplied. . . . Mrs. Brady moved across this glit- ter like a think dark cloud in a hurry. At the dressing table she came to a halt, and upon it she laid her news- paper, her magazine, and her purse ——a black purse worn gray with much clutching. She divested herself of a rusty black coat and a hat of the mushroom persuasion, and hung both up in a corner cupboard which she opened by means of one of a quite preposterous bunch of keys. From a nook in the cupboard she took down a lace-edged handkerchief with long streamers. She untied the streamers and tied them again around her chunky black alpaca waist. The handkerchief became an apron's baby cousin. Mrs. Brady relocked the cupboard door, fumbled her key ring over, and unlocked a capacious drawer of the dressing table. She spread a fresh towel on the plate-glass top, in the geometrical center, and upon the towel she arranged with care a pro- cession of things fished from the drawer. Things for the hair. Things for the complexion. Tings for the eyes, the lashes, the brows, the lips, and the fingernails. Things in boxes and things in jars and things in tubes and tins. Also an ash tray, matches pins, a tiny sewing kit, a pair of scissors. Last of all, a hand-printed sign, a nudging sort of sign: NOTICE! THESE ARTICLES, PLACED HERE FOR YOUR CONVENIENCE, ARE THE PROPERTY OF THE MAID. And directly beneath the sign, prop- ping it up against the looking glass, a china saucer, in which Mrs. Brady now slyly laid decoy money: two quarters and two dimes, in four- leaf-clover formation. Another drawer of the dressing table yielded a bottle of Bromo- seltzer, a bottle of aromatic spirits of ammonia, a tin of sodium bicar- bonate, and a teaspoon. These were lined up on a shelf above the couch. Mrs. Brady was ready for anything. And (from the grim, thin pucker of her mouth) expecting it. Music came to her ears. Rather, the beat of music, muffled, rhythmic, remote. Umpa-um, umpa-um, umpa- um-umm——Mr. "Fiddle" Baer and his band, hard at work on the first fox- trot of the night. It was teasing, foot- tapping music; but the large solemn feet of Mrs. Brady were still. She sat on the couch and opened her newspaper; and for some moments she read uninterruptedly, with spe- cial attention to the murders, the divorces, the breaches of promise, the funnies. Then the door swung inward, ad- mitting a blast of Mt. Fiddle Baer's best, a whiff of perfume, and a girl. Mrs. Brady put her paper away. The girl was petite and darkly beautiful; wrapped in fur and mounted on tall jeweled heels. She entered humming the ragtime song the orchestra was playing, and while she stood near the dressing table, stripping off her gloves, she con- tinued to hum it softly to her self: Oh, I know my baby loves me, I can tell my baby loves me. Here the dark girl got the left glove off, and Mrs. Brady glimpsed a platinum wedding ring. 'Cause there ain't no maybe In my baby's Eyes. The right glove came off. The dark little girl sat down in one of the chairs that faced the dressing table. She doffed her wrap, casting it care- lessly over the chair back. It had a cloth-of--gold lining, and the name of a Paris house was embroidered in curlicues on the label. Mrs. Brady hovered solicitously near. The dark little girl, still humming looked over the articles. "placed here for your convenience," and picked up the scissors. Having cut off a very small hangnail with the air of one performing a perilous major oper- ation, she seized and used the mani- cure buffer, and after that the eye- brow pencil. Mrs. Brady's mind, hopefully calculating the tip, jumped and jumped again like a taxi meter. Oh, I know my baby loves me——— The dark little girl applied powder and lipstick belonging to herself. She examined the result searchingly in the mirror and sat back, satisfied. She cast some silver Klink! Klink! into Mrs. Brady's saucer, and half rose. Then remembering something, she settled down again. The ensuing thirty seconds were spent by her in pulling off her platinum wedding ring, tying it in a corner of a lace handkerchief, and tucking the handkerchief down the bodice of her tight white velvet gown. "There!" she said. She swooped up her wrap and trotted toward the door, jeweled heels merrily twinkling. 'Cause there ain't no maybe——— The door fell shut. Almost instantly it opened again, and another girl came in. A blonde, this. She was very pretty in a round-eyed, doll-like way; but Mrs. Brady, re- garding her, mentally grabbed the spirits of ammonia bottle. For she looked terribly ill. The round eyes were dull, the pretty silly little face was drawn. The thin hands, picking at the fastenings of a specious beaded bag, trembled and twitched. Mrs. Brady cleared her throat. "Can I do something for you, miss?" Evidently the blonde girl had be- lieved herself alone in the dressing room. She started violently and glanced up, panic in her eyes. Panic, and something else. Something very like murderous hate——but for an in- stant only, so that Mrs. Brady, whose perceptions were never quick, missed it altogether. "A glass of water?" suggested Mrs. Brady. "No," said the girl, "no." She had one hand in the beaded bag now. Mrs. Brady could see it moving, causing the bag to squirm like a live thing and the fringe to shiver. "Yes!" she cried abruptly. "A glass of water ——please——you get it for me." She dropped on to the couch. Mrs. Brady scurried to the water cooler in the corner, pressed the spigot with a determined thumb. Water trickled out thinly. Mrs. Brady pressed harder, and scowled, and thought, "Something's wrong with this thing. I mustn't forget, next time I see Mr. Costello———" When again she faced her patient, the patient was sitting erect. She was thrusting her clenched hand back into the beaded bag again. She took only a sip of the water, but it seemed to help her quite miraculously. Almost at once color came to her cheeks, life to her eyes. She grew young again——as young as she was. She smiled up at Mrs. Brady. "Well!" she exclaimed. "What do you know about that!" She shook her honey-colored head. "I can't imagine what came over me." "Are you better now?" inquired Mrs. Brady. Yes. Oh, yes, I'm better now. You see," said the blonde girl confiden- tially, "we were at the theater, my boy friend and I, and it was hot and stuffy——I guess that must have been the trouble." She paused, and the ghost of her recent distress crossed her face. God! I thought that last act never would end!" she said. While she attended to her hair and complexion, she chattered gaily to Mrs. Brady, chattering on with scarcely a stop for breath, and laughed much. She said, among other things, that she and her "boy friend" had not known one another very long, but that she was "ga-ga" about him. "He is about me, too," she con- fessed. "He thinks I'm grand." She fell silent then, and in the looking glass her eyes were shad- owed, haunted. But Mrs. Brady, from where she stood, could not see the looking glass; and half a minute later the blonde girl laughed and began again. When she went out she seemed to dance out on winged feet; and Mrs. Brady, sighing, thought it must be nice to be young . . . and happy like that. The next arrivals were two. A tall, extremely smart young woman in black chiffon entered first, and held the door open for her companion; and the instant the door was shut, she said, as though it had been on the tip of her tongue for hours, "Amy, what under the sun hap- pened?" Amy, who was brown-eyed, brown-bobbed-haired, and patently annoyed about something, crossed to the dressing table an flopped into a chair before she made a reply. "Nothing," she said wearily then. "That's nonsense!" snorted the other. "Tell me. Was it something she said? She's a tactless ass, of course. Always was." "No, not anything she said. It was———" Amy bit her lip. "All right! I'll tell you. Before we left your apartment I just happened to notice that Tom had disappeared. So I went to look for him——I wanted to ask him if he'd remembered to tell the maid where we were going—— Skippy's subject to croup, you know, and we always leave word. Well, so I went into the kitchen, thinking Tom might be there mixing cock- tails——and there he was——and there she was!" The full red mouth of the other young woman pursed itself slightly. Her arched brows lifted. "Well?" Her matter-of-factness appeared to infuriate Amy. "He was kissing her!" she flung out. "Well?" said the other again. She chuckled softly and patted Amy's shoulder, as if it were the shoulder of a child. "You're surely not going to let that spoil your whole evening? Any dear! Kissing may once have been serious and significant——but it isn't nowadays. Nowadays, it's like shaking hands. It means nothing." But Amy was not consoled. "I hate her!" she cried desperately. "Redheaded thing! Calling me 'darling' and 'honey,' and s-sending me handkerchiefs for C-Christmas—— and then sneaking off behind closed doors and k-kissing my h-h-hus- band———" At this point Amy broke down, but she recovered herself sufficiently to add with venom, "I'd like to slap her!" "Oh, oh, oh," smiled the tall young woman, "I wouldn't do that!" Amy wiped her eyes with what might well have been one of the Christmas handkerchiefs, and con- fronted her friend. "Well, what would you do, Vera? If you were I?" "I'd forget it," said Vera, "and have a good time. I'd kiss somebody myself. You've no idea how much better you'd feel!" I don't do———" Amy began in- dignantly; but as the door behind her opened a third young woman ——redheaded, ear-ringed, exquisite—— lilted in, she changed her tone. "Oh, hello!" she called sweetly, beaming at the newcomer via the mirror. "We were wondering what had become of you!" The redheaded girl, smiling easily back, dropped her cigarette on the floor and crushed it out wit a silver shod toe. "Tom and I were talking to Fiddle Baer," she explained. "He's going to play 'Clap Yo' Hands' next, because it's my favorite. Lend me a comb, will you?" "There's a comb there," said Vera, indicating Mrs. Brady's business comb. "But imagine using it!" murmured the redheaded girl. "Amy, darling, haven't you one?" Amy produced a tiny comb from her rhinestone purse. "Don't forget to bring it when you come," she said, and stood up. "I'm going on out, I want to tell Tom something." She went. The redheaded young woman and the tall black-chiffon one were alone, except for Mrs. Brady. The red- headed one beaded her incredible lashes. The tall one, the one called Vera, sat watching her." And Sylvia looked. Anybody, addressed in that tone, would have. "There is one thing," Vera went on quietly, holding the other's eyes "that I want understood. And that is, 'Hands off!' Do you hear me?" "I know what you mean." "You know what I mean!" The redheaded girl shrugged her shoulders. "Amy told you she saw us, I suppose." Precisely. And," went on Vera, gathering up her possessions and rising, "as I said before, you're to keep away." Her eyes blazed sudden white-hot rage. "Because, as you very well know, he belongs to me," she said, and departed, slamming the door. Between eleven o'clock and one Mrs. Brady was very busy indeed. Never for more than a moment during those two hours was the dressing room empty. Often it was jammed, full to overflowing with curled cropped heads, with ivory arms and shoulders, with silk and lace and chiffon, with legs. The door flapped in and back, in the back. The mirrors caught and held——and lost—— a hundred different faces. Powder veiled the dressing table with a thin white dust; cigarette stubs, scarlet at the tip, choked the ash receiver. Dimes and quarter clattered into Mrs. Brady's saucer——and were transferred to Mrs. Brady's purse. The original seventy cents remained. That much, and no more, would Mrs. Brady gamble on the integrity of womankind. She earned her money. She threaded needles and took stitches. She powdered the backs of necks. She supplied towels for soapy, drip- ping hands. She removed a speck from a teary blue eye and pounded the heel on a slipper. She curled the struggling ends of a black bob and a gray bob, pinned a velvet flower on a lithe round waist, mixed three doses of bicarbonate of soda, took charge of a shed pink-satin girdle, collected, on hands and knees, sev- eral dozen fake pearls that had wept from a broken string. She served chorus girls and school- girls, gay young matrons and gayer young mistresses, a lady who had divorced four husbands, and a lady who had poisoned one, the secret (more or less) sweetheart of a Most Distinguished Name, and the Brains of a bootleg gang. . . . She saw things. She saw a yellow check, with the ink hardly dry. She saw four tiny bruises, such as fingers might make, on an arm. She saw a girl strike another girl, not playfully. She saw a bundle of letter some man wished he had not written, safe and deep in a brocaded handbag. About midnight the door flew open and at once was pushed shut, and a gray-eyed, lovely child stood backed against it, her palms flattened on the panels at her sides, the dra- peries of her white chiffon gown settling lightly to rest around her. There were already five damsels of varying ages in the dressing room. The latest arrival marked their pres- ence with a flick of her eyes and, standing just where she was, she called peremptorily, "Maid!" Mrs. Brady, standing just where she was, said, "Yes, miss?" "Please come here," said the girl. Mrs. Brady, as slowly as she dared, did so. The girl lowered her voice to a tense half whisper. "Listen! Is there any way I can get out of here except through this door I came in?" Mrs. Brady stared at her stupidly. "Any window?" persisted the girl. "Or anything?" Here they were interrupted by the exodus of two of the damsels-of- varying-ages, Mrs. Brady opening the door for them——and in so doing caught a glimpse of the man who waited in the hall outside, a debonair, old-young man with a girl's furry wrap hung over his arm, and his hat in his hand. The door clicked. The gray-eyed girl moved out from the wall, against which she had flattened herself——for all the world like one eluding pursuit in a cinema. "What about the window?" she demanded, pointing. "That's all the farther it opens," said Mrs. Brady. "Oh! And it's the only one——isn't it?" "It is." "Damn," said the girl. "Then there's no way out?" "No way but the door," said Mrs. Brady testily. The girl looked at the door. She seemed to look through the door, and to despise and to fear what she saw. Then she looked at Mrs. Brady. "Well," she said, "then I s'pose the only thing for me to do is to stay in here." She stayed. Minutes ticked by. Jazz crooned distantly, stopped, struck up again. Other girls came and went. Still the gray-eyed girl sat on the couch, with her back to the wall and her shapely legs crossed smoking cigarettes, one from the stub of another. After a long while she said, "Maid!" "Yes, miss?" "Peek out that door, will you, and see if there's anyone standing there." Mrs. Brady peeked, and reported that there was. There was a gentle- man with a little bit of a black mustache standing there. The same gentleman, in fact, who was stand- ing there "just after you came in." "Oh, Lord," sighed the gray-eyed girl. "Well . . . I can't stay here all night, that's one sure thing." She slid off the couch, and went listlessly to the dressing table. There she occupied herself for a minute or two. Suddenly, without a word, she darted out. Thirty seconds later Mrs. Brady was elated to find two crumpled one- dollar bills lying in the saucer. Her joy, however, died a premature death. For she made an almost si- multaneous second discovery. A a sad- dening one. Above all, a puzzling one. "Now what for," marveled Mrs. Brady, "did she want to walk off with them scissors?" This at twelve-twenty-five. At twelve-thirty a quartet of ex- cited young things burst in, babbling madly. All of them had their evening wraps about them; all talked at once. One of them, a Dresden-china girl with a heart-shaped face, was the center of attraction. Around her the rest fluttered like monstrous butter- flies; to her they addressed their shrill exclamatory cries. "Babe," they called her. Mrs. Brady heard snatches: "Not in this state unless . . ." "Well, you can in Maryland, Jimmy says." "Oh, there must be some place nearer than . . ." "Isn't this marvelous?" "When did it happen, Babe? When did you decide?" "Just now," the girl with the heart- shaped face sang softly, "when we were dancing." The babble resumed, "But listen, Babe, what'll your mother and father . . . ?" "Oh, never mind, let's hurry." "Shall we be warm enough with just these thin wraps, do you think? Babe, will you be warm enough? Sure?" Powder flew and little pocket combs marched through bright mar- cels. Flushed cheeks were painted pinker still. "My pearls," said Babe, "are old. And my dress and my slippers are new. Now, let's see——what can I borrow?" A lace handkerchief, a diamond bar pin, a pair of earrings were proffered. She chose the bar pin, and its owner unpinned it proudly, gladly. "I've got blue garters!" exclaimed a shrill little girl in a silver dress. "Give me one, then," directed Babe. "I'll trade with you. . . . There! That fixes that." More babbling, "Hurry! Hurry up!" . . . "Listen are you sure we'll be warm enough? Because we can stop at my house, there's nobody home." "Give me that puff, Babe, I'll powder your back." "And just to think a week ago you;d never even met each other!" "Oh, hurry up, let's get started!" "I'm ready." "So'm I." "Ready, Babe? You look ador- able." "Come on, everybody." They were gone again, and then dressing room seemed twice as still and vacant as before. A minute of grace, during which Mrs. Brady wiped the spilled pow- der away with a damp gray rag. Then the door jumped open again. Two evening gowns appeared and made for the dressing table in a bee line. Slim tubular gowns they were, one green, one palest yellow. Yel- low hair went wit the green gown, brown hair with the yellow. The green-gowned, yellow-haired girl wore gardenias on her left shoulder, four of them, and a flashing bracelet on each fragile wrist. The other girl looked less prosperous; still, you would rather have looked at her. Both ignored Mrs. Brady's cos- metic display as utterly as they ignored Mrs. Brady, producing full field equipment of their own. "Well," said the girl with gar- denias, rouging energetically, "how do you like him?" "Oh-h——all right." "Meaning, 'Not any,' hmm? I sus- pected as much!" The girl with gardenians turned in her chair and scanned her companion's profile with disapproval. "See here, Marilee," she drawled, "are you going to be a damn fool all your life?" "He's fat," said Marilee dreamily. "Fat, and——greasy, sort of. I mean greasy in his mind. Don't you know what I mean?" "I know one thing," declared the other. "I know Who He Is! And if I were you, that's all I'd need to know. Under the circumstances." The last three words, stressed meaningly, affected the girl called Marilee curiously. She grew grave. Her lips and lashes drooped. For some seconds she sat frowning a little, breaking a black-sheathed lip- stick in two and fitting it together again. "She's worse," she said finally, low. "Worse?" Marilee nodded. "Well," said the girl with gar- denias, "there you are. It's the climate. She'll never be anything but worse, if she doesn't get away. Out West. Arizona or somewhere." "I know," murmured Marilee. The other girl opened a tin of eye shadow. "Of course," she said dryly, "suit yourself. She's not my sister." Marilee said nothing. Quiet she sat, breaking the lipstick, mending it, breaking it. "Oh, well," she breathed finally, wearily, and straightened up. She propped her elbows on the plate- glass dressing-table top and leaned toward the mirror, and with the lip- stick she began to make her coral- pink mouth very red and gay and reckless and alluring. Nightly at one o'clock Vane and Moreno dance for the Club Français. They dance a tango, they dance a waltz; then, by way of encore, they do a Black Bottom, and a trick of their own called the Wheel. They dance for twenty, thirty minutes. And while they dance you do not leave your table——for this is what you came to see. Vane and Moreno. The new New York thrill. The sole justifica- tion for the five-dollar couvert ex- torted by Billy Costello. From one until half-past, then, was Mrs. Brady's recess. She had been looking forward t it all the eve- ning long. When it began——when the opening chords of the tango music sounded stirringly from the room outside——Mrs. Brady brightened. With a right good will she sped the parting guests. Alone, she unlocked her cupboard and took out her magazine——the magazine she had bought three hours before. Heaving a great breath of relief and satisfaction, she plumped herself on the couch and fingered the pages. Immediately she was absorbed, her eyes drinking up the printed lines, her lips moving soundlessly. The magazine was Mrs. Brady's favorite. Its stories were true stories, taken from life (so the editor said); and to Mrs. Brady they were live, vivid threads in the dull, drab pat- tern of her night.
SUPER ZERO(SERO)submitted by locotoni to Crypto_ICO_Investing [link] [comments]
The global leading privacy protecting platform Making decentralized applications truly Secure, Private and Stable
The Internet has greatly enhanced the efficiency of information dissemination, which benefits Human society; on the other hand, lack of privacy becomes more of a serious problem. Blockchain is considered a great tool to protect privacy. However, since all the transactions are recorded on the public blockchain, once the identity of the wallet holder gets uncovered, this loss of privacy is irreversible. The scenario leads to a more serious problem than the privacy disclosure of the Internet. For this reason, cryptographers and top technical experts in the blockchain industry have made relentless efforts to resolve the issue. Several teams in the industry have developed special cryptocurrencies to protect privacy, which are called "anonymous currencies". Some of the best-known anonymous currencies are Zcash (ZEC), Monero (XMR), and Dash. These cryptocurrencies with a certain degree of privacy protection, have obtained high market values based on the vast demand and have been ranked among the world's top 20 cryptocurrencies for a long time; thus, indicating a strong demand for privacy protection in the blockchain industry.
Smart contract is a computer protocol designed to distribute, verify or execute contracts in an information-based way. Turing complete smart contract system on the blockchain allows developers to write any complicated contract that lives on the blockchain and can be executed on the blockchain. Developers can use smart contract development language to produce functions such as custom token, financial derivatives, identity system, and decentralized organization, therefore, greatly expanding the application scope of the blockchain system. Smart contract is one of the foundational bases of the Internet of Value. The current shortcoming is that none of the blockchain systems support encryption and privacy protection of smart contracts. The existing use scenarios of privacy protection mechanisms are greatly reduced due to the technical limitation. Blockchain 1.0 technology originated from Bitcoin invented by Satoshi Nakamoto, has created a new paradigm. With the advent of Ethereum – blockchain 2.0, the invention of smart contracts makes the blockchain technology accessible, and the Distributed Applications (DAPPs) based on the blockchain technology more feasible, allowing blockchain technology to be applicable to more industries. Zcash and Monero which do not support smart contracts are privacy protection scheme 1.0; privacy protection scheme 2.0 that supports smart contracts is expected to be implemented in more industries and application scenarios.
There is no doubt about the high technical threshold required for developing anonymous cryptocurrencies that support smart contracts, and there are only few teams in the world who are tackling this problem. The official release of Super Zero (SERO) to the world presents the first anonymous cryptocurrency that supports smart contracts. The SERO's R&D team (SERO Team) is the only team in the world that presents a complete solution to solve the Privacy problem and has completed major R&D work. SERO team not only considers the privacy of DAPP Users' accounts and transactions but also fully considers privacy protection of DAPPs’ developers, making privacy protection of the DAPP Ecosystem truly secure and stable.
SERO team has assembled a 3 in 1 suite that can provide a complete privacy protection solution for DAPPs; including advanced innovative technology components SERO (privacy cryptocurrencies platform supporting smart contracts), ALIEN protocol (a protocol that can solve security problems within the transmission of information in decentralized networks) and CASTROL protocol (a protocol that protects decentralized networks and provides privacy protection for every node in the Internet). The white paper describes SERO's work and includes core information about the project as well as the disclosure of subsequent project plans.
At present, users have an increasing concern and demand for privacy protection; many wellknown companies have leaked a large number of user privacy data, including Yahoo, Uber, PayPal, InterContinental Hotels Group, US credit agency Equifax, UK National Health Service System(NHS) etc., compromising tens of millions to hundreds of millions of user data. Facebook lost tens of billions of dollars in market value in two days due to one of the largest privacy leaks in March 2018. The issue of privacy has also attracted the attention of many governments; the European Union took the lead in promulgating the General Data Protection Regulations (GDPR) to urge companies to effectively protect users' privacy
Majority of the privacy leaks in the Internet application scenarios are caused by the lack of adequate data security protection mechanisms in a centralized platform. Blockchain technology is thought to be able to prevent such incidents. The design of blockchain networks such as Bitcoin and Ethereum didn’t take into account the possibility of the link established between the wallet and physical identity. The extremely sensitive information such as digital assets and their transaction records in the blockchain is transparent to public and cannot be tampered with. If blockchain is used in a larger number of real scenarios, the transparency is undoubtedly unacceptable for most users.
The range of legal use cases of financial privacy is very wide. Financial privacy protection is needed for most transactions in the world. It is unreasonable to expose cryptocurrencies' assets and transactions data stored on the blockchain to the public. Examples of real-world scenarios:
* A company wants to protect supply chain information without revealing it to the competitors.
* An individual does not want the public knowledge of paying for consultation with a bankruptcy lawyer or divorce lawyer.
*A family, fearing discrimination, wants to withhold children’s medical history from employers and colleagues.
*A wealthy individual preventing potential criminals from gaining access to his whereabouts to prevent extortion.
* Commodity buyers and sellers want to avoid the transaction being cut off by any middlemen.
* Investment banks, hedge funds and other types of entities dealing with trading financial instruments (securities, bonds, derivatives); protecting their positions or trading intentions.
In smart contracts, the entire sequence of actions is distributed through the network and recorded on the blockchain and is publicly visible. Individuals and organizations believe financial transactions (such as insurance contracts or stock transactions) are highly confidential; however, this need for the information privacy protection is not currently supported. The lack of privacy becomes the main obstacle to the widespread adoption of decentralized smart contracts. The lack of privacy protection technology is a serious bottleneck for the popularization of DAPPs. The technological development progress in related fields has attracted public attention.
Bitcoin network is a typical blockchain technology representative. Mainstream cryptocurrencies in the market are mostly based on the same technical features. The following uses Bitcoin network as an example to analyze the risk of privacy leakage.
The left side of equation (1) is the message sent by the sender to the intermediary, and the right side is the message sent to the receiver after the information is processed by the intermediary. The sender wants to send the messages Z0 and m to the address A of the receiver. First, the message encrypts with the key CA of the receiver to obtain CA(Z0, m), then packages the authentication message Z1 of the intermediary. The encrypted message CA(Z0, m) and the address A of the receiver, then encrypts with the public key CM of the intermediary to prevent the information from being intercepted or tampered with by attackers during the sending process. After receiving the information, the intermediary decrypts it with his private key to get Z1, CA(Z0, m), A, but is unable to decrypt the content of CA(Z0, m). The intermediary sends CA(Z0, m) to address A after verifying Z1 is correct. The receiver then decrypts the message using its own private key to complete the communication.
Messages are not directly transmitted between the sender and the receiver, instead, the messages are transmitted indirectly through an intermediary, making it impossible for attackers to observe the communication behavior between the sender and receiver, thus, improving the anonymity of the communication. If the message is passed through multiple intermediaries, for the difficulty for attackers to discover the communication relationship between the sender and receiver increases.
The mixed currency mechanism in cryptocurrencies draws from the above methods ( Dash and Monero ) and removes the traceable relationship between the actual sender and receiver in the transaction through an intermediate hierarchy. The implementation of the currency mixing process can be implemented by a trusted third-party or other protocol. A third-party node is involved in the currency mixing process, the existing currency mixing mechanisms can be divided into two categories: the central node and the decentralized node. The two mechanisms have their own advantages and disadvantages in terms of currency mixing reliability, efficiency and cost.
The privacy protection technologies of decentralized network in the existing market do not combine with decentralized applications; particularly, the implementation of smart contracts is not protected. The sequence of actions performed in the smart contract is publicly visible throughout the network and / or recorded on the blockchain platform. In Turing complete blockchain network, SERO’s design must meet several basic principles as well as meet the system's capacity requirements:
Un-traceable - every transaction in the blockchain network has an input and an output; constructing an acyclic graph of transactions, on which all of the transaction flows can be tracked, all of the transaction sequences can be concatenated and traced. SERO is designed to break the link between the two transactions, making the attack impossible
Un-associable - each user in the blockchain network has their own collection address. Once the address is associated with the real user identity, all the transactions occurring at the address in the network can be associated with the corresponding user identity, resulting in the exposure of the associated behaviors to the address. All the transactions and balances are still publicly visible when a user creates a new pseudonym public key for anonymity. SERO uses encryption technology to make the payment address unrelated.
Anti-statistical analysis - actual user behavior has statistical characteristics. If the transaction data in the blockchain network has a correlation that reflect such statistical characteristics, it is possible to deduce the addresses belongs to a specific user through statistical analysis of the blockchain data. When ring signatures are used, the ability to resist statistical analysis will decrease if ring members or nodes are malicious. SERO must be able to completely hide the address and the relationship between addresses by technological means.
Practicality principles - SERO, while hiding the transaction data, will not take all the information into its scope, which can be uneconomical and inefficient. SERO will consider the user's existing usage habits and concerns to carry out research and development periodically.
Optional auditing solution - for the alternative audit scheme and certain complex business applications, the user may choose a trusted third-party to conduct financial audit of transactions. The user should have the ability to give the third-party to track the specific information from the transactions.
In the first phase, SERO will completely protect the inputs and outputs of the trading system and the trading details through non-interactive zero-knowledge proof (NIZK). The transaction details are invisible to everyone except the two parties involved. SERO will maintain the smart contracts running on the chain and integrate the assets generated by the smart contracts with SERO's own trading system, considering that the online running smart contracts and the total number of open contracts issued assets have universal applicability. This will enable the privacy of the assets generated by the smart contract.
In the second phase, within the smart contracts running online, SERO will provide a latent structure called Hidden Data Structure(HDS) to satisfy the requirement for the total number of issued assets with protected contracts. The calculations for the HDS complete off the chain. The function will protect the total number of contractually issued assets.
In the third phase, SERO will adopt a more advanced consensus mechanism to improve the throughput of SERO networks. At the same time, SERO will decompose the operation of the contract into two steps: offline calculation and online verification. The offline calculation will fully understand the calculation rules and data, and will return the encrypted result. When the result is submitted online, the online node will only validate the result and determine whether the data conforms to the calculation rules; the node will not know the details of the data and calculation rules.
SERO PROTOCOLAccounts are divided into two categories: user account and contract account. The user account is a 32-byte selected by the user, the contract account generates a 64-byte corresponding to the smart contract environment the user installed; both categories are unique and non-repeatable.
The user account can generate a 64-byte private key and a 64-byte public key , as the user's payment address. When installing or invoking the smart contract, the wallet will generate a temporary address according to the current condition. The temporary address cannot be associated with the user's private key and public key and will only be used once.
When the smart contract is installed, the wallet will change the temporary address to a 64 byte smart contract address ( ) in accordance with the current condition. As the node receives the address, it needs to ensure that the contract address has not appeared before.
In SERO’s Alpha and Beta networks, in order to ensure the healthy development of the network at the initial stage, to ensure the robustness of the consensus and the timeliness of system updates, it is necessary for SERO project team to coordinate the miners. Therefore, testers with mining needs need to apply for mining licenses from the SERO R&D team. In addition to mining, testing of other functions does not require a license. On the premise of not disclosing the identity of miners as much as possible, the block will expose some of the attributes in the license, which can be monitored by the SERO community. In the early stage of the Beta network, when the network is attacked and a major crisis occurred, the SERO team will use unconventional means to resist attacks and protect the property safety of community members through community voting under the premise of community permission and supervision. The license feature will be removed after BetaNet has been online for half a year.
https://sero.cash/ #Bounty #SERO #Privacy #Blockchain
Funds to support the national organization of the Boy Scouts of America come from registration fees, local council service fees, investment income, Scouting and Boys’ Life magazines, sale of uniforms and equipment, and contributions from individuals. These monies help to deliver the program of the BSA (through four regional service centers and more than 300 local councils) to chartered organizations that use the Scouting program to meet the needs of their youth.Lets break down each of these funding sources:
The Boy Scouts of America (BSA), consisting of 280 local councils, continued to deliver an exciting and valuable program to young people in 2014, with approximately 2,419,000 youth members and Explorers registered in individual programs. Approximately 981,000 registered adult leaders provide support to these youth.The 2014 Financial Statement reports Revenue generated from Registration (Membership) Fee was $62,732,000 in 2014 with 2,419,000 youth and 981,000 adults.
Fees decreased in 2014 by $9,934 with the absence of the 2013 National Scout Jamboree fees totaling $32,784. This is offset by a membership fee increase effective January 1, 2014, which led to increased membership revenues despite a decline in membership.
The national BSA normally charges a $24 registration fee for each Scout and adult leader per year. However, a 2015 statement from the three BSA councils in Utah said those fees "are negotiated between the national BSA and the LDS Church. All registration fees are retained at the national BSA level."Ironically enough, depending on how large a discount on membership fee LDS scouts get, the BSA National Organization may be earning way more revenue from its membership fees with the exit of the LDS and the addition of young women and the LGBT community into its ranks.
(1) 2015 professional salaries (account No. 7002) for all funds (all funds being defined as Operating, Capital, and Endowment)The National Service Fee is pegged to the professional and office salaries of those employed in the BSA Local Council – changes in the number of scouts a local council has will not impact the National Service Fee assessed. Hence, across the nation, only Local BSA Councils at risk for closing because they do not serve enough scouts will be impacted.
(2) 2015 office salaries (account No. 7003) for all funds (all funds being defined as Operating, Capital, and Endowment)
(3) Calculate the qualifying salaries for use in determining the 2017 national service fee (sum of figures 1 and 2 above)
(4) The council’s national service fee for 2017 is 3.5 percent of the qualifying salaries above* (multiply figure 3 above by .035)
*For those councils that will be charged a national service fee of $40,000 or greater for the year 2016, their fee will increase at the same rate of qualifying salary growth from 2014 to 2015, not to exceed 10 percent.
Examples: (1) If the council’s 2016 national service fee will be $48,783 and the qualifying salaries recorded in accounts 7002 and 7003 increased by 6.2 percent from 2014 to 2015, then the council’s national service fee for 2017 would also increase by 6.2 percent, or be $51,808.
(2) If the council’s 2016 national service fee will be $48,783 and the qualifying salaries recorded in accounts 7002 and 7003 were the same or decreased, the council agrees to and will be invoiced a national service fee of $48,783 for 2017.
|Balance Dec 21, 2015||$250,233,000|
|Interest and Dividends||$5,994,000|
|Investment Manager Fee||($910,000)|
|Net investment return||$25,683,000|
|Year||Trading Post Sales Revenue|
|Year||Contributions and Bequests|
…have dire financial consequences for BSA. The LDS Church is far and away the nation's largest Scouting sponsor, serving 437,160 boys in 37,933 troops.There is a lot to unpack in this article. We have already covered facts concerning BSA's suprsingly solid financial footing despite loosing 20% of its membership. Let’s next focus on what Local BSA Councils are and what happens when Local BSA Councils dissolve.
In 2013, more than a third (37 percent) of troops were LDS sponsored, accounting for 18 percent of the BSA's 2.4 million total membership (Mormon troops, while more numerous, tend to be smaller in size).
An LDS Church withdrawal also could ruin the three Scout councils in Utah, which say between 96 percent and 99 percent of their members are in Mormon units.
In Utah, the three councils say they have a combined 320,000 registered Scouts and adult leaders, the vast majority of whom are Mormon. Losing them could bring big financial blows to Scouting.
For example, the national BSA normally charges a $24 registration fee for each Scout and adult leader per year. The fee just for Mormon youths would cost $10.5 million a year. However, a statement from the Utah councils says those fees "are negotiated between the national BSA and the LDS Church. All registration fees are retained at the national BSA level."
In Utah, the Orem-based Utah National Parks Council says 99 percent of its Scouts are in LDS units. The Salt Lake City-based Great Salt Lake Council says 98 percent of its Scouts are. And the Ogden-based Trapper Trails Council says 96 percent of its youths are in Mormon-sponsored units.
Each year, the LDS Church supports a "Friends of Scouting" drive to ask members for donations to boost the local Scout councils — money which could disappear if the faith leaves. The Utah National Parks Council says the Friends of Scouting push provides 43 percent of its budget; the Trapper Trails Council says it generates 36 percent; and the Great Salt Lake Council receives 34 percent of its money from the effort. "The large majority of Friends of Scouting funds come from LDS units," according to the joint statement from the councils.
Questions also arise about what may happen to the many Scout camps in Utah if the LDS Church exits the organization.
In response to Salt Lake Tribune questions, the local councils wrote, "All camp properties are either owned by the council or are leased properties from the Forest Service. Each council is a 501(c)3 corporation separate from the Boy Scouts of America or any other council. The properties would continue to serve Scouting and the needs of religious and other youth groups in our communities."
Council or Unit Assets Upon DissolutionThis is A LOT to unpack, but here are the highlights;
Consistent with the Bylaws, in the event of the dissolution of a council or the revocation or lapse of its charter, the Executive Committee may, at its option, authorize the National Council to assume charge of the affairs of the council and continue operation pending reorganization or reestablishment of the council or wind up the business of the council. All funds and property in the possession or control of such council must be applied to the payment of the council’s obligations. Any surplus funds or property may thereafter be administered as deemed to be in the best interests of Scouting.
In the event of the dissolution of a unit or the revocation or lapse of its charter, unit funds and assets must be used to first satisfy any outstanding unit obligations. Any remaining assets obtained with funds raised in the name of Scouting must be redeployed for Scouting use in the local area. Any assets obtained with funds from the chartered organization or parents of registered members may be redeployed as agreed upon by the chartered organization and local council.
Any property or funds acquired by the National Council upon the dissolution of a Scouting unit or local council will be administered so as to make effective, as far as possible, the intentions and wishes of the donors.
Except as hereafter provided with respect to incorporated local councils, the title to all real estate acquired for a unit or local council must be vested in a bank or trust company, in trust for the use of the unit or local council in accordance with the wishes of the donor with the provision that if such property cannot be utilized in such a manner, and title does not revert to the donor, that title or beneficial use of the property must nonetheless be for the benefit of Scouting in the local area.
Any incorporated local council may hold title to real property in its own name provided that in the event of the dissolution of the unit or council or the revocation or lapse of its charter said trustee or trustees will, after satisfying any claims against such unit or council to which such real estate may be subject, convey said property or, if sold, pay the net proceeds of such sale to the Boy Scouts of America, which may hold or use said property or funds for the benefit of Scouting in such locality or elsewhere if there is not suitable opportunity to use said property or funds in such locality. Any incorporated local council holding title to real property in its own name must ensure that its certificate or articles of incorporation expressly provide for the conveyance of such property or the net proceeds from the sale thereof to the Boy Scouts of America in the event of the dissolution of the local council or the revocation or lapse of its charter in a manner consistent with this provision.
Restricted funds received by a unit or local council must in all cases be held (a) in trust by either a corporate trustee for a bank or trust company, the National Boy Scouts of America Foundation, or the Boy Scouts of America Endowment Master Trust; or (b) in the Boy Scouts of America Commingled Endowment Fund LP for the use of the unit or the local council, in accordance with the wishes of the donors, with the provision in the statement of the conditions governing the administering of the funds that in the event of the dissolution of the unit or council or revocation or lapse of its charter said funds will, after any claims against said funds are satisfied, be turned over to the Boy Scouts of America for use by the Boy Scouts of America for the benefit of Scouting in such locality and for the specific purposes for which the fund was granted. If there is no suitable opportunity for the use of said funds in such locality, they may be used elsewhere.
|CURRENT ASSETS||2016 USD AMOUNT|
|Cash and cash equivalents||$3,845,891|
|Due from (to) other funds||-|
|Deferred activity expenses||$1,011,094|
|Note receivable from subsidiary||-|
|TOTAL CURRENT ASSETS||5,222,663|
|NON-CURRENT ASSETS||2016 USD AMOUNT|
|Note receivable, less current position||$746,432|
|Cash restricted to investment L/B/E||$456,392|
|Due from (to) other funds||-|
|Note receivable from subsidiary||-|
|Investments in subsidiary||-|
|Deferred income taxes||$33,400|
|TOTAL NON-CURRENT ASSETS||$23,896,306|
|CURRENT LIABILITES||2016 USD AMOUNT|
|Current position of long-term debt||$205,625|
|Other current liabilities||-|
|TOTAL CURRENT LIABILITES||$2,137,531|
|LONG-TERM DEBT, net of current position||$2,202,476|
|OTHER NON-CURRENT LIABILITES||$1,643,304|
|INVESTMENTS||2016 USD AMOUNT|
|Money Mkt Accounts||$900,822|
|Fixes Income Securities:||-|
|U.S. Treasury Notes||$117,964|
|Mortgage Backed Gov Sec||$287,747|
|Real Estate Investment Trusts||$478,477|
“The Council owns two parcels of land, which have permanent restrictions on them. The Council’s Headquarters is on a piece of land that was given to the Council as long as it is used as the Scout Headquarters. The property’s restriction was removed in 2016 through the Council’s payment of $1,590,000 to the holder of the restrictions. The other restricted property is the Bear Lake Camp in Rich County, Utah, which represents approximately 289 acres that was given to the Council to use strictly as a Boy Scout Camp.”
The bitcoin investment calculator, which is designed to compute the measurement of losses for all future investors, and is designed in a way capable of achieving investments. This article is a good way to highlight that you need to know everything about this bitcoin investment calculator. Increasing popularity in cryptocurrency and more players have even […] Is your marriage stronger than Ashley and G-Easy? YOUR RESULTS Yes Divorce % No Divorce % Yes Divorce Odds No Divorce Odds What has your partner said more of during 2020? I Love You I Hate You How much weight has your partner gained? Select an option Lost Weight 1 to 5 lbs 6 to 10 lbs 11 to 15 Read More Moon rock. Dinosaur bones. And...bitcoin. "In rem" jurisdiction is a fairly common--albeit controversial--way to deal with asset forfeiture cases, and it could prove important to know as alleged ... More complicated divorce cases involving cryptocurrency can be a lengthy and complicated process — and for an accountant learning everything on the fly, this can mean longer hours and a higher ... Bitcoin is a digital currency created by anonymous developers called Satoshi Nakamoto in 2009. It is a currency that exists only in digital form. All Bitcoins and transactions are registered on the Bitcoin blockchain and updated by Bitcoin users rather than centralized authorities. However, the transaction does not include a name, but a digital identifier for each bitcoin.
[index]          
Ivan on Tech video. The USA 🇺🇸 JUST Suggested Some SCARY Regulation for Bitcoin Holders [Both The Fed & Treasury SPEAK] - Duration: 10:33. Altcoin Daily 53,784 views Hey, it’s Mayim, and with all the Shamy wedding talk I figured it’s time to talk a bit about my divorce and the “stuff” left behind after a divorce. Let’s ta... The Comment is a daily ETHNews segment hosted by Sy Franco. Watch concise and informative news updates, commentary and interviews in the world of Ethereum and Blockchain. ETHNews.com is the ... Get life-changing financial advice anytime, anywhere. Subscribe today: https://www.youtube.com/c/TheDaveRamseyShow?sub_confirmation=1 We Bought A House That ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.