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Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

Scaling

This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

Decentralization

Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

Meet Brock Pierce, the Presidential Candidate With Ties to Pedophiles Who Wants to End Human Trafficking

thedailybeast.com | Sep. 20, 2020.
The “Mighty Ducks” actor is running for president. He clears the air (sort of) to Tarpley Hitt about his ties to Jeffrey Epstein and more.
In the trailer for First Kid, the forgettable 1996 comedy about a Secret Service agent assigned to protect the president’s son, the title character, played by a teenage Brock Pierce, describes himself as “definitely the most powerful kid in the universe.” Now, the former child star is running to be the most powerful man in the world, as an Independent candidate for President of the United States.
Before First Kid, the Minnesota-born actor secured roles in a series of PG-rated comedies, playing a young Emilio Estevez in The Mighty Ducks, before graduating to smaller parts in movies like Problem Child 3: Junior in Love. When his screen time shrunk, Pierce retired from acting for a real executive role: co-founding the video production start-up Digital Entertainment Network (DEN) alongside businessman Marc Collins-Rector. At age 17, Pierce served as its vice president, taking in a base salary of $250,000.
DEN became “the poster child for dot-com excesses,” raising more than $60 million in seed investments and plotting a $75 million IPO. But it turned into a shorthand for something else when, in October of 1999, the three co-founders suddenly resigned. That month, a New Jersey man filed a lawsuit alleging Collins-Rector had molested him for three years beginning when he was 13 years old. The following summer, three teens filed a sexual-abuse lawsuit against Pierce, Collins-Rector, and their third co-founder, Chad Shackley. The plaintiffs later dropped their case against Pierce (he made a payment of $21,600 to one of their lawyers) and Shackley. But after a federal grand jury indicted Collins-Rector on criminal charges in 2000, the DEN founders left the country. When Interpol arrested them in 2002, they said they had confiscated “guns, machetes, and child pornography” from the trio’s beach villa in Spain.
While abroad, Pierce had pivoted to a new venture: Internet Gaming Entertainment, which sold virtual accessories in multiplayer online role-playing games to those desperate to pay, as one Wired reporter put it, “as much as $1,800 for an eight-piece suit of Skyshatter chain mail” rather than earn it in the games themselves. In 2005, a 25-year-old Pierce hired then-Goldman Sachs banker Steve Bannon—just before he would co-found Breitbart News. Two years later, after a World of Warcraft player sued the company for “diminishing” the fun of the game, Steve Bannon replaced Pierce as CEO.
Collins-Rector eventually pleaded guilty to eight charges of child enticement and registered as a sex offender. In the years that followed, Pierce waded into the gonzo economy of cryptocurrencies, where he overlapped more than once with Jeffrey Epstein, and counseled him on crypto. In that world, he founded Tether, a cryptocurrency that bills itself as a “stablecoin,” because its value is allegedly tied to the U.S. dollar, and the blockchain software company Block.one. Like his earlier businesses, Pierce’s crypto projects see-sawed between massive investments and curious deals. When Block.one announced a smart contract software called EOS.IO, the company raised $4 billion almost overnight, setting an all-time record before the product even launched. The Securities and Exchange Commission later fined the company $24 million for violating federal securities law. After John Oliver mocked the ordeal, calling Pierce a “sleepy, creepy cowboy,” Block.one fired him. Tether, meanwhile, is currently under investigation by the New York Attorney General for possible fraud.
On July 4, Pierce announced his candidacy for president. His campaign surrogates include a former Cambridge Analytica director and the singer Akon, who recently doubled down on developing an anonymously funded, $6 billion “Wakanda-like” metropolis in Senegal called Akon City. Pierce claims to be bipartisan, and from the 11 paragraphs on the “Policy” section of his website it can be hard to determine where he falls on the political spectrum. He supports legalizing marijuana and abolishing private prisons, but avoids the phrase “climate change.” He wants to end “human trafficking.” His proposal to end police brutality: body cams.
His political contributions tell a more one-sided story. Pierce’s sole Democratic contribution went to the short-lived congressional run of crypto candidate Brian Forde. The rest went to Republican campaigns like Marco Rubio, Rick Perry, John McCain, and the National Right to Life Political Action Committee. Last year alone, Pierce gave over $44,000 to the Republican National Committee and more than $55,000 to Trump’s re-election fund.
Pierce spoke to The Daily Beast from his tour bus and again over email. Those conversations have been combined and edited for clarity.
You’re announcing your presidential candidacy somewhat late, and historically, third-party candidates haven’t had the best luck with the executive office. If you don’t have a strong path to the White House, what do you want out of the race?
I announced on July 4, which I think is quite an auspicious date for an Independent candidate, hoping to bring independence to this country. There’s a lot of things that I can do. One is: I’m 39 years old. I turn 40 in November. So I’ve got time on my side. Whatever happens in this election cycle, I’m laying the groundwork for the future. The overall mission is to create a third major party—not another third party—a third major party in this country. I think that is what America needs most. George Washington in his closing address warned us about the threat of political parties. John Adams and the other founding fathers—their fear for our future was two political parties becoming dominant. And look at where we are. We were warned.
I believe, having studied systems, any time you have a system of two, what happens is those two things come together, like magnets. They come into collision, or they become polarized and become completely divided. I think we need to rise above partisan politics and find a path forward together. As Albert Einstein is quoted—I’m not sure the line came from him, but he’s quoted in many places—he said that the definition of insanity is making the same mistake or doing the same thing over and over and over again, expecting a different result. [Ed. note: Einstein never said this.] It feels like that’s what our election cycle is like. Half the country feels like they won, half the country feels like they lost, at least if they voted or participated.
Obviously, there’s another late-comer to the presidential race, and that’s Kanye West. He’s received a lot of flak for his candidacy, as he’s openly admitted to trying to siphon votes away from Joe Biden to ensure a Trump victory. Is that something you’re hoping to avoid or is that what you’re going for as well?
Oh no. This is a very serious campaign. Our campaign is very serious. You’ll notice I don’t say anything negative about either of the two major political candidates, because I think that’s one of the problems with our political system, instead of people getting on stage, talking about their visionary ideas, inspiring people, informing and educating, talking about problems, mentioning problems, talking about solutions, constructive criticism. That’s why I refuse to run a negative campaign. I am definitely not a spoiler. I’m into data, right? I’m a technologist. I’ve got digital DNA. So does most of our campaign team. We’ve got our finger on the pulse.
Most of my major Democratic contacts are really happy to see that we’re running in a red state like Wyoming. Kanye West’s home state is Wyoming. He’s not on the ballot in Wyoming I could say, in part, because he didn’t have Akon on his team. But I could also say that he probably didn’t want to be on the ballot in Wyoming because it’s a red state. He doesn’t want to take additional points in a state where he’s only running against Trump. But we’re on the ballot in Wyoming, and since we’re on the ballot in Wyoming I think it’s safe—more than safe, I think it’s evident—that we are not here to run as a spoiler for the benefit of Donald Trump.
In running for president, you’ve opened yourself up to be scrutinized from every angle going back to the beginning of your career. I wanted to ask you about your time at the Digital Entertainment Network. Can you tell me a little bit about how you started there? You became a vice president as a teenager. What were your qualifications and what was your job exactly?
Well, I was the co-founder. A lot of it was my idea. I had an idea that people would use the internet to watch videos, and we create content for the internet. The idea was basically YouTube and Hulu and Netflix. Anyone that was around in the ‘90s and has been around digital media since then, they all credit us as the creators of basically those ideas. I was just getting a message from the creator of The Vandals, the punk rock band, right before you called. He’s like, “Brock, looks like we’re going to get the Guinness Book of World Records for having created the first streaming television show.”
We did a lot of that stuff. We had 30 television shows. We had the top most prestigious institutions in the world as investors. The biggest names. High-net-worth investors like Terry Semel, who’s chairman and CEO of Warner Brothers, and became the CEO of Yahoo. I did all sorts of things. I helped sell $150,000 worth of advertising contracts to the CEOs of Pepsi and everything else. I was the face of the company, meeting all the major banks and everything else, selling the vision of what the future was.
You moved in with Marc Collins-Rector and Chad Shackley at a mansion in Encino. Was that the headquarters of the business?
All start-ups, they normally start out in your home. Because it’s just you. The company was first started out of Marc’s house, and it was probably there for the first two or three months, before the company got an office. That’s, like, how it is for all start-ups.
were later a co-defendant in the L.A. County case filed against Marc Collins-Rector for plying minors with alcohol and drugs, in order to facilitate sexual abuse. You were dropped from the case, but you settled with one of the men for $21,600. Can you explain that?
Okay, well, first of all, that’s not accurate. Two of the plaintiffs in that case asked me if I would be a plaintiff. Because I refused to be a part of the lawsuit, they chose to include me to discredit me, to make their case stronger. They also went and offered 50 percent of what they got to the house management—they went around and offered money to anyone to participate in this. They needed people to corroborate their story. Eventually, because I refused to participate in the lawsuit, they named me. Subsequently, all three of the plaintiffs apologized to me, in front of audiences, in front of many people, saying Brock never did anything. They dismissed their cases.
Remember, this is a civil thing. I’ve never been charged with a crime in my life. And the last plaintiff to have his case dismissed, he contacted his lawyer and said, “Dismiss this case against Brock. Brock never did anything. I just apologized. Dismiss his case.” And the lawyer said, “No. I won’t dismiss this case, I have all these out-of-pocket expenses, I refuse to file the paperwork unless you give me my out-of-pocket expenses.” And so the lawyer, I guess, had $21,000 in bills. So I paid his lawyer $21,000—not him, it was not a settlement. That was a payment to his lawyer for his out-of-pocket expenses. Out-of-pocket expenses so that he would file the paperwork to dismiss the case.
You’ve said the cases were unfounded, and the plaintiffs eventually apologized. But your boss, Marc Collins-Rector later pleaded guilty to eight charges of child enticement and registered as a sex offender. Were you aware of his behavior? How do you square the fact that later allegations proved to be true, but these ones were not?
Well, remember: I was 16 and 17 years old at the time? So, no. I don’t think Marc is the man they made him out to be. But Marc is not a person I would associate with today, and someone I haven’t associated with in a very long time. I was 16 and 17. I chose the wrong business partner. You live and you learn.
You’ve pointed out that you were underage when most of these allegations were said to take place. Did you ever feel like you were coerced or in over your head while working at DEN?
I mean, I was working 18 hours a day, doing things I’d never done before. It was business school. But I definitely learned a lot in building that company. We raised $88 million. We filed our [form] S-1 to go public. We were the hottest start-up in Los Angeles.
In 2000, you left the country with Marc Collins-Rector. Why did you leave? How did you spend those two years abroad?
I moved to Spain in 1999 for personal reasons. I spent those two years in Europe working on developing my businesses.
Interpol found you in 2002. The house where you were staying reportedly contained guns, machetes, and child pornography. Whose guns and child porn were those? Were you aware they were in the house, and how did those get there?
My lawyers have addressed this in 32 pages of documentation showing a complete absence of wrongdoing. Please refer to my webpage for more information.
[Ed. Note: The webpage does not mention guns, machetes, or child pornography. It does state:“It is true that when the local police arrested Collins-Rector in Spain in 2002 on an international warrant, Mr. Pierce was also taken into custody, but so was everyone at Collins-Rector’s house in Spain; and it is equally clear that Brock was promptly released, and no charges of any kind were ever filed against Brock concerning this matter.”]
What do you make of the allegations against Bryan Singer? [Ed. Note: Bryan Singer, a close friend of Collins-Rector, invested at least $50,000 in DEN. In an Atlantic article outlining Singer’s history of alleged sexual assault and statutory rape, one source claimed that at age 15, Collins-Rector abused him and introduced him to Singer, who then assaulted him in the DEN headquarters.]
I am aware of them and I support of all victims of sexual assault. I will let America’s justice system decide on Singer’s outcome.
In 2011, you spoke at the Mindshift conference supported by Jeffrey Epstein. At that point, he had already been convicted of soliciting prostitution from a minor. Why did you agree to speak?
I had never heard of Jeffrey Epstein. His name was not on the website. I was asked to speak at a conference alongside Nobel Prize winners. It was not a cryptocurrency conference, it was filled with Nobel Prize winners. I was asked to speak alongside Nobel Prize winners on the future of money. I speak at conferences historically, two to three times a week. I was like, “Nobel Prize winners? Sounds great. I’ll happily talk about the future of money with them.” I had no idea who Jeffrey Epstein was. His name was not listed anywhere on the website. Had I known what I know now? I clearly would have never spoken there. But I spoke at a conference that he cosponsored.
What’s your connection to the Clinton Global Initiative? Did you hear about it through Jeffrey Epstein?
I joined the Clinton Global Initiative as a philanthropist in 2006 and was a member for one year. My involvement with the Initiative had no connection to Jeffrey Epstein whatsoever.
You’ve launched your campaign in Minnesota, where George Floyd was killed by a police officer. How do you feel about the civil uprising against police brutality?
I’m from Minnesota. Born and raised. We just had a press conference there, announcing that we’re on the ballot. Former U.S. Senator Dean Barkley was there. So that tells you, when former U.S. Senators are endorsing the candidate, right?
[Ed. note: Barkley was never elected to the United States Senate. In November of 2002, he was appointed by then Minnesota Governor Jesse Venture to fill the seat after Sen. Paul Wellstone died in a plane crash. Barkley’s term ended on Jan. 3, 2003—two months later.]
Yes, George Floyd was murdered in Minneapolis. My vice-presidential running mate Karla Ballard and I, on our last trip to Minnesota together, went to visit the George Floyd Memorial. I believe in law and order. I believe that law and order is foundational to any functioning society. But there is no doubt in my mind that we need reform. These types of events—this is not an isolated incident. This has happened many times before. It’s time for change. We have a lot of detail around policy on this issue that we will be publishing next week. Not just high-level what we think, not just a summary, but detailed policy.
You said that you support “law and order.” What does that mean?
“Law and order” means creating a fair and just legal system where our number one priority is protecting the inalienable rights of “Life, Liberty and the pursuit of Happiness” for all people. This means reforming how our police intervene in emergency situations, abolishing private prisons that incentivize mass incarceration, and creating new educational and economic opportunities for our most vulnerable communities. I am dedicated to preventing crime by eliminating the socioeconomic conditions that encourage it.
I support accountability and transparency in government and law enforcement. Some of the key policies I support are requiring body-cams on all law enforcement officers who engage with the public, curtailing the 1033 program that provides local law enforcement agencies with access to military equipment, and abolishing private prisons. Rather than simply defund the police, my administration will take a holistic approach to heal and unite America by ending mass incarceration, police brutality, and racial injustice.
Did you attend any Black Lives Matter protests?
I support all movements aimed at ending racial injustice and inequality. I​ have not attended any Black Lives Matter protests.​ My running-mate, Karla Ballard, attended the March on Washington in support of racial justice and equality.
Your platform doesn’t mention the words “climate change.” Is there a reason for that?
I’m not sure what you mean. Our policy platform specifically references human-caused climate change and we have a plan to restabilize the climate, address environmental degradation, and ensure environmental sustainability.
[Ed. Note: As of writing the Pierce campaign’s policy platform does not specifically reference human-caused climate change.]
You’ve recently brought on Akon as a campaign surrogate. How did that happen? Tell me about that.
Akon and I have been friends for quite some time. I was one of the guys that taught him about Bitcoin. I helped make some videogames for him, I think in 2012. We were talking about Bitcoin, teaching him the ropes, back in 2013. And in 2014, we were both speaking at the Milken Global Conference, and I encouraged him to talk about how Bitcoin, Africa, changed the world. He became the biggest celebrity in the world, talking about Bitcoin at the time. I’m an adviser to his Akoin project, very interested in the work that he’s doing to build a city in Africa.
I think we need a government that’s of, for, and by the people. Akon has huge political aspirations. He obviously was a hugely successful artist. But he also discovered artists like Lady Gaga. So not only is he, himself, a great artist, but he’s also a great identifier and builder of other artists. And he’s been a great businessman, philanthropist. He’s pushing the limits of what can be done. We’re like-minded individuals in that regard. I think he’ll be running for political office one day, because he sees what I see: that we need real change, and we need a government that is of, for, and by the people.
You mentioned that you’re an adviser on Akoin. Do you have any financial investments in Akoin or Akon City?
I don’t believe so. I’d have to check. I have so much stuff. But I don’t believe that I have any economic interests in his stuff. I’d have to verify that. We’ll get back to you. I don’t believe that I have any economic interests. My interest is in helping him. He’s a visionary with big ideas that wants to help things in the world. If I can be of assistance in helping him make the world a better place, I’m all for it. I’m not motivated by money. I’m not running for office because I’m motivated by power. I’m running for office because I’m deeply, deeply concerned about our collective future.
You’ve said you’re running on a pro-technology platform. One week into your campaign last month, a New York appeals court approved the state Attorney General’s attempt to investigate the stablecoin Tether for potentially fraudulent activity. Do you think this will impact your ability to sell people on your tech entrepreneurship?
No, I think my role in Tether is as awesome as it gets. It was my idea. I put it together. But I’ve had no involvement in the company since 2015. I gave all of my equity to the other shareholders. I’ve had zero involvement in the company for almost six years. It was just my idea. I put the initial team together. But I think Tether is one of the most important innovations in the world, certainly. The idea is, I digitized the U.S. dollar. I used technology to digitize currency—existing currency. The U.S. dollar in particular. It’s doing $10 trillion a year. Ten trillion dollars a year of transactional volume. It’s probably the most important innovation in currency since the advent of fiat money. The people that took on the business and ran the business in years to come, they’ve done things I’m not proud of. I’m not sure they’ve done anything criminal. But they certainly did things differently than I would do. But it’s like, you have kids, they turn 18, they go out into the world, and sometimes you’re proud of the things they do, and sometimes you shake your head and go, “Ugh, why did you do that?” I have zero concerns as it relates to me personally. I wish they made better decisions.
What do you think the investigation will find?
I have no idea. The problem that was raised is that there was a $5 million loan between two entities and whether or not they had the right to do that, did they disclose it correctly. There’s been no accusations of, like, embezzlement or anything that bad.
[Ed. Note: The Attorney General’s press release on the investigation reads: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds.”]
But there’s been some disclosure things, that is the issue. No one is making any outrageous claims that these are people that have done a bunch of bad—well, on the internet, the media has said that the people behind the business may have been manipulating the price of Bitcoin, but I don’t think that has anything to do with the New York investigation. Again, I’m so not involved, and so not at risk, that I’m not even up to speed on the details.
[Ed note: A representative of the New York State Attorney General told Forbes that he “cannot confirm or deny that the investigation” includes Pierce.]
We’ve recently witnessed the rise of QAnon, the conspiracy theory that Hollywood is an evil cabal of Satanic pedophiles and Trump is the person waging war on them. You mentioned human trafficking, which has become a cause for them. What are your thoughts on that?
I’ve watched some of the content. I think it’s an interesting phenomenon. I’m an internet person, so Anonymous is obviously an organization that has been doing interesting stuff. It’s interesting. I don’t have a big—conspiracy theory stuff is—I guess I have a question for you: What do you think of all of it, since you’re the expert?
You know, I think it’s not true, but I’m not running for president. I do wonder what this politician [Georgia congressional candidate Marjorie Taylor Greene], who’s just won her primary, is going to do on day one, once she finds out there’s no satanic cabal room.
Wait, someone was running for office and won on a QAnon platform, saying that Hollywood did—say what? You’re the expert here.
She won a primary. But I want to push on if we only have a few minutes. In 2006, your gaming company IGE brought on Steve Bannon as an investor. Goldman later bought out most of your stock. Bannon eventually replaced you as CEO of Affinity. You’ve described him as your “right-hand man for, like, seven years.” How well did you know Bannon during that time?
Yes, so this is in my mid-twenties. He wasn’t an investor. He worked for me. He was my banker. He worked for me for three years as my yield guide. And then he was my CEO running the company for another four years. So I haven’t worked with Steve for a decade or so. We worked in videogame stuff and banking. He was at Goldman Sachs. He was not in the political area at the time. But he was a pretty successful banker. He set up Goldman Sachs Los Angeles. So for me, I’d say he did a pretty good job.
During your business relationship, Steve Bannon founded Breitbart News, which has pretty consistently published racist material. How do you feel about Breitbart?
I had no involvement with Breitbart News. As for how I feel about such material, I’m not pleased by any form of hate-mongering. I strongly support the equality of all Americans.
Did you have qualms about Bannon’s role in the 2016 election?
Bannon’s role in the Trump campaign got me to pay closer attention to what he was doing but that’s about it. Whenever you find out that one of your former employees has taken on a role like that, you pay attention.
Bannon served on the board of Cambridge Analytica. A staffer on your campaign, Brittany Kaiser, also served as a business director for them. What are your thoughts on their use of illicitly-obtained Facebook data for campaign promotional material?
Yes, so this will be the last question I can answer because I’ve got to be off for this 5:00 pm. But Brittany Kaiser is a friend of mine. She was the whistleblower of Cambridge Analytica. She came to me and said, “What do I do?” And I said, “Tell the truth. The truth will set you free.”
[Ed. Note: Investigations in Cambridge Analytica took place as early as Nov. 2017, when a U.K. reporter at Channel 4 News recorded their CEO boasting about using “beautiful Ukranian girls” and offers of bribes to discredit political officials. The first whistleblower was Christopher Wylie, who disclosed a cache of documents to The Guardian, published on Mar. 17, 2018. Kaiser’s confession ran five days later, after the scandal made national news. Her association with Cambridge Analytica is not mentioned anywhere on Pierce’s campaign website.]
So I’m glad that people—I’m a supporter of whistleblowers, people that see injustice in the world and something not right happening, and who put themselves in harm’s way to stand up for what they believe in. So I stand up for Brittany Kaiser.
Who do you think [anonymous inventor of Bitcoin] Satoshi Nakamoto is?
We all are Satoshi Nakamoto.
You got married at Burning Man. Have you been attending virtual Burning Man?
I’m running a presidential campaign. So, while I was there in spirit, unfortunately my schedule did not permit me to attend.
OP note: please refer to the original article for reference links within text (as I've not added them here!)
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Flatten the Curve. #18. The current cold war between China and America explained. And how China was behind the 2008 Wall Street financial Crash. World War 3 is coming.

China, the USA, and the Afghanistan war are linked. And in order to get here, we will start there.
9-11 happened. Most of the planet mistakenly understood terrorists had struck a blow against Freedom and Capitalism and Democracy. It was time to invade Afghanistan. Yet all of the terrorists were linked to Saudi Arabia and not Afghanistan, that didn't make sense either. Yet they invaded to find Bin Laden, an ex CIA asset against the Soviet Union and it's subjugation of Afghanistan. The land in the middle of nowhere in relation to North America and the West. It was barren. A backwater without any strategic importance or natural resources.
Or was there?
The survey for rare earth elements was only made possible by the 2001 U.S. invasion, with work beginning in 2004. Mirzad says the Russians had already done significant surveying work during their military occupation of the country in the 1980s. Mirzad also toes the line for U.S. corporations, arguing, “The Afghan government should not touch the mining business. We have to give enough information to potential investors.”
Rare Earth Elements. The elements that make the information age possible. People could understand the First Gulf War and the Geopolitical importance of oil. That was easy, but it still didn't sound morally just to have a war for oil. It was too imperialist and so they fell in line and supported a war for Kuwaiti freedom instead, despite the obvious and public manipulation at the UN by Nayirah.
This is some of her testimony to the Human Rights Council.
While I was there, I saw the Iraqi soldiers come into the hospital with guns. They took the babies out of the incubators, took the incubators and left the children to die on the cold floor. It was horrifying. I could not help but think of my nephew who was born premature and might have died that day as well. After I left the hospital, some of my friends and I distributed flyers condemning the Iraqi invasion until we were warned we might be killed if the Iraqis saw us.
The Iraqis have destroyed everything in Kuwait. They stripped the supermarkets of food, the pharmacies of medicine, the factories of medical supplies, ransacked their houses and tortured neighbors and friends.
There was only one problem. She was the daughter of Saud Al-Sabah, the Kuwaiti ambassador to the United States. Furthermore, it was revealed that her testimony was organized as part of the Citizens for a Free Kuwait public relations campaign, which was run by the American public relations firm Hill & Knowlton for the Kuwaiti government (fun fact, Hill & Knowlton also have extensive ties with Bill Gates).
So the public was aghast at her testimony and supported the war against the mainly Soviet backed, but also American supported and Soviet backed Saddam Hussein, in his war against Iran, after the Iranians refused to Ally with American interests after the Islamic Revolution.
But that was oil, this was Rare Earth Elements. There was a reason the war was called, Operation Enduring Freedom. This natural resource was far more important in the long run. You couldn't have a security surveillance apparatus without it. And what was supposed to be a war on terror was in actuality a territorial occupation for resources.
Sleeping Dragon China is next, and where there's smoke, there's fire.
Let's go point form for clarity.
• China entered the rare earth market in the mid-1980s, at a time when the US was the major producer. But China soon caught up and became the production leader for rare earths. Its heavily state-supported strategy was aimed at dominating the global rare earth industry.
• 1989 Beijing’s Tiananmen Square spring. The U.S. government suspends military sales to Beijing and freezes relations.
• 1997. Clinton secures the release of Wei and Tiananmen Square protester Wang Dan. Beijing deports both dissidents to the United States. (If you don't understand these two were CIA assets working in China, you need to accept that not everything will be published. America wouldn't care about two political activists, but why would care about two intelligence operatives).
• March 1996. Taiwan’s First Free Presidential Vote.
• May 1999. America "accidently" bombs the Belgrade Chinese Embassy.
• 2002 Price competitiveness was hard for the USA to achieve due to low to non-existent Chinese environmental standards; as a result, the US finally stopped its rare earth production.
• October 2000. U.S. President Bill Clinton signs the U.S.-China Relations Act. China's take over of the market share in rare earth elements starts to increase.
• October 2001. Afghanistan war Enduring Freedom started to secure rare earth elements (Haven't you ever wondered how they could mobilize and invade so quickly? The military was already prepared).
• 2005. China establishes a monopoly on global production by keeping mineral prices low and then panics markets by introducing export quotas to raise prices by limiting supply.
• Rare Earth Elements. Prices go into the stratosphere (for example, dysprosium prices do a bitcoin, rocketing from $118/kg to $2,262/kg between 2008 and 2011).
• In a September 2005. Deputy Secretary of State Robert B. Zoellick initiates a strategic dialogue with China. This was presented as dialog to acknowledge China's emergence as a Superpower (which China probably insisted on), but it was about rare earth elements market price.
• October 2006. China allows North Korea to conduct its first nuclear test, China serves as a mediator to bring Pyongyang back to the negotiating table with the USA.
• September 2006. American housing prices start to fall.
(At some point after this, secret negotiations must have become increasingly hostile).
• March 2007. China Increases Military Spending. U.S. Vice President Dick Cheney says China’s military buildup is “not consistent” with the country’s stated goal of a “peaceful rise.”
• Mid-2005 and mid-2006. China bought between $100b and $250 billion of US housing debt between mid-2005 and mid-2006. This debt was bought using the same financial instruments that caused the financial collapse.
• 2006. Housing prices started to fall for the first time in decades.
• Mid-2006 and mid-2007. China likely added another $390b to its reserves. "At the same time, if China stopped buying -- especially now, when the private market is clogged up -- US financial markets would really seize up." Council on Foreign Relations-2007 August
• February 27, 2007. Stock markets in China and the U.S. fell by the most since 2003. Investors leave the money market and flock to Government backed Treasury Bills.
I've never seen it like this before,'' said Jim Galluzzo, who began trading short-maturity Treasuries 20 years ago and now trades bills at RBS Greenwich Capital in Greenwich, Connecticut.Bills right now are trading like dot-coms.''
We had clients asking to be pulled out of money market funds and wanting to get into Treasuries,'' said Henley Smith, fixed-income manager in New York at Castleton Partners, which oversees about $150 million in bonds.People are buying T-bills because you know exactly what's in it.''
• February 13, 2008. The Economic Stimulus Act of 2008 was enacted, which included a tax rebate. The total cost of this bill was projected at $152 billion for 2008. A December 2009 study found that only about one-third of the tax rebate was spent, providing only a modest amount of stimulus.
• September 2008. China Becomes Largest U.S. Foreign Creditor at 600 billion dollars.
• 2010. China’s market power peaked in when it reached a market share of around 97% of all rare earth mineral production. Outside of China, there were almost no other producers left.
Outside of China, the US is the second largest consumer of rare earths in the world behind Japan.
About 60% of US rare earth imports are used as catalysts for petroleum refining, making it the country’s major consumer of rare earths.
The US military also depends on rare earths. Many of the most advanced US weapon systems, including smart bombs, unmanned drones, cruise missiles, laser targeting, radar systems and the Joint Strike Fighter programme rely on rare earths. Against this background, the US Department of Defense (DoD) stated that “reliable access to the necessary material is a bedrock requirement for DOD”
• 2010. A trade dispute arose when the Chinese government reduced its export quotas by 40% in 2010, sending the rare earths prices in the markets outside China soaring. The government argued that the quotas were necessary to protect the environment.
• August 2010. China Becomes World’s Second-Largest Economy.
• November 2011. U.S. Secretary of State Hillary Clinton outlines a U.S. “pivot” to Asia. Clinton’s call for “increased investment—diplomatic, economic, strategic, and otherwise—in the Asia-Pacific region” is seen as a move to counter China’s growing clout.
• December 2011. U.S. President Barack Obama announces the United States and eight other nations have reached an agreement on the Trans-Pacific Partnership later announces plans to deploy 2,500 marines in Australia, prompting criticism from Beijing.
• November 2012. China’s New Leadership. Xi Jinping replaces Hu Jintao as president, Communist Party general secretary, and chairman of the Central Military Commission. Xi delivers a series of speeches on the “rejuvenation” of China.
• June 2013. U.S. President Barack Obama hosts Chinese President Xi Jinping for a “shirt-sleeves summit”
• May 19, 2014. A U.S. court indicts five Chinese hackers, allegedly with ties to China’s People’s Liberation Army, on charges of stealing trade technology from U.S. companies.
• November 12, 2014. Joint Climate Announcement. Barack Obama and Chinese President Xi Jinping issue a joint statement on climate change, pledging to reduce carbon emissions. (which very conveniently allows the quotas to fall and save pride for Xi).
• 2015. China drops the export quotas because in 2014, the WTO ruled against China.
• May 30, 2015 U.S. Warns China Over South China Sea. (China is trying to expand it's buffer zone to build a defense for the coming war).
• January 2016. The government to abolish the one-child policy, now allowing all families to have two children.
• February 9, 2017. Trump Affirms One China Policy After Raising Doubts.
• April 6 – 7, 2017. Trump Hosts Xi at Mar-a-Lago. Beijing and Washington to expand trade of products and services like beef, poultry, and electronic payments, though the countries do not address more contentious trade issues including aluminum, car parts, and steel.
• November 2017. President Xi meets with President Trump in another high profile summit.
• March 22, 2018. Trump Tariffs Target China. The White House alleges Chinese theft of U.S. technology and intellectual property. Coming on the heels of tariffs on steel and aluminum imports, the measures target goods including clothing, shoes, and electronics and restrict some Chinese investment in the United States.
• July 6, 2018 U.S.-China Trade War Escalates.
• September 2018. Modifications led to the exclusion of rare earths from the final list of products and they consequently were not subject to import tariffs imposed by the US government in September 2018.
• October 4, 2018. Pence Speech Signals Hard-Line Approach. He condemns what he calls growing Chinese military aggression, especially in the South China Sea, criticizes increased censorship and religious persecution by the Chinese government, and accuses China of stealing American intellectual property and interfering in U.S. elections.
• December 1, 2018. Canada Arrests Huawei Executive.
• March 6, 2019. Huawei Sues the United States.
• March 27 2019. India and the US signed an agreement to "strengthen bilateral security and civil nuclear cooperation" including the construction of six American nuclear reactors in India
• May 10, 2019. Trade War Intensifies.
• August 5, 2019. U.S. Labels China a Currency Manipulator.
• November 27, 2019. Trump Signs Bill Supporting Hong Kong Protesters. Chinese officials condemn the move, impose sanctions on several U.S.-based organizations, and suspend U.S. warship visits to Hong Kong.
• January 15, 2020. ‘Phase One’ Trade Deal Signed. But the agreement maintains most tariffs and does not mention the Chinese government’s extensive subsidies. Days before the signing, the United States dropped its designation of China as a currency manipulator.
• January 31, 2020. Tensions Soar Amid Coronavirus Pandemic.
• March 18, 2020. China Expels American Journalists. The Chinese government announces it will expel at least thirteen journalists from three U.S. newspapers—the New York Times, Wall Street Journal, and Washington Post—whose press credentials are set to expire in 2020. Beijing also demands that those outlets, as well as TIME and Voice of America, share information with the government about their operations in China. The Chinese Foreign Ministry says the moves are in response to the U.S. government’s decision earlier in the year to limit the number of Chinese journalists from five state-run media outlets in the United States to 100, down from 160, and designate those outlets as foreign missions.
And here we are. You may have noticed the Rare Earth Elements and the inclusion of Environmental Standards. Yes these are key to understanding the Geopolitical reality and importance of these events. There's a reason the one child policy stopped. Troop additions.
I believe our current political reality started at Tiananmen square. The protests were an American sponsored attempt at regime change after the failure to convince them to leave totalitarian communism and join a greater political framework.
Do I have proof? Yes.
China, as far as I'm concerned, was responsible for the 2008 economic crisis. The Rare Earth Elements were an attempt to weaken the States and strengthen themselves simultaneously. This stranglehold either forced America to trade with China, or the trade was an American Trojan horse to eventually collapse their economy and cause a revolution after Tiananmen Square failed. Does my second proposal sound far fetched? Didn't the economy just shut down in response to the epidemic? Aren't both sides blaming the other? At this POINT, the epidemic seems to be overstated doesn’t it? Don't the casualties tend to the elder demographic and those already weakened by a primary disease?
Exactly the kinds who wouldn't fight in a war.
Does this change some of my views on the possibility of upcoming catastrophes and reasons for certain events? No. This is Chess, and there are obvious moves in chess, hidden moves in chess, but the best moves involve peices which can be utilized in different ways if the board calls for it.
Is all what it seems? No.
I definitely changed a few previously held beliefs prior to today, and I would caution you in advance that you will find some previously held convictions challenged.
After uncovering what I did today, I would also strongly suggest reading information cautiously. This is all merely a culmination of ending the cold war, and once I have events laid out, you will see it as well.
At this moment, the end analysis is a war will start in the near future. This will be mainly for a few reasons, preemptive resource control for water and crops, population reduction can be achieved since we have too many people, not enough jobs, and upcoming resource scarcity.
Did you notice my omission of rare earth elements? This is because of Afghanistan. I would wager China or Russia is somehow supporting the continued resistance through Iran. But events are now accelerating with China because the western collation has already begun to build up their mines and start production.
Do you remember when Trump made a "joke" about buying Greenland? Yeah. It turns out that Greenland has one of the largest rare earth mineral deposits on the planet.
Take care. Be safe. Stay aware and be prepared.
This message not brought to you by the Bill and Melinda Gates Foundation, Microsoft, Google, Facebook, Elon Musk, Blackrock, Vangaurd, the Rockefeller Foundation, Rand Corporation, DARPA, Rothschilds, Agenda 21, Agenda 30, and ID 2020.
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[WTS] Fractional AGEs, Pre-33, Sovereigns, Roosters 20 Francs, Premium Silver Libertads, Premium 90%. Bitcoin accepted here.

PRICES EXPIRED. PM me if interested in anything and I'll provide you with an updated price.
Proofity Proof with VIDEO!!
Such an interesting week in PM land! Gold is 1% from breaking it's All Time High (ATH) price. It should soon go into price discovery mode as we explore uncharted territory. How high will it go!?!? Let's find out together!
Silver had a massive run up and is taking a short breather (for how long?) before continuing it's climb to $50 (ATH) and... beyond? As long as the money printers go BRRRRRRR, precious metals should do great!
Here's a huge sale! Something for everyone. Enjoy!
Disclaimers:
Prices are pretty firm unless you buy a ton. That being said, if you find a cheaper price at an online store, let me know and I'll see what I can do for you. I'll also consider giving a discount if you pay in Crypto
Prices guaranteed till midnight PST 7/25/20
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Minimum Order: $100, If you are a bit under that's fine.
Shipping is $5 for less than 8oz else $8 for Priority.
Item Number QTY Description Total Weight Price
FRACTIONAL GOLD
G0 2 **1889s, 1897 - $10 Liberty Gold Eagle in capsule 0.4838 oz SOLD
G1 1 1907 - $2.50 Gold Quarter Eagle Liberty 0.12094 oz $320
G2 2 1881, 1903s - $5 Gold Half Eagle Liberty 0.2419 oz $520
G3 1 2007 1/4 PROOF American Gold Eagle with COA in OGP 0.25 oz SOLD
G4 1 2011 25th Anniversary ULTRA CAMEO 1/4 American Gold Eagle PF69 0.25 oz $550
G5 4 6 1998, 1999, (2 3) 2013, 2014 1/10 American Gold Eagle BU in capsules! 0.1 oz $233
G6 16 Gold French Rooster 20 Francs: ~~1905, (2) 1907, ( 2) 1908, 1909, 1910, (1 2) 1911, (3) 1912, 1913 , (1 2) 1914, 1915~~ 0.1867 oz SOLD
G7 6 9 Several different monarchs! 1832, 1854, 1889, 1905, 1906, 1911, 1912, 1925, 1927, British Sovereigns in capsules!! 0.2354 oz $470
GS8 25 2020 1g 9999 purity Canadian Gold Maplegram + 2020 1oz 9999 purity Canadian Silver Maple 1 g Gold + 1oz Silver SOLD
PREMIUM SILVER
S1 5 20 2020 Premium Silver Stacker Paradise - 1 2020 ASE + 1 2020 Maple + 1 2020 Philharmonic + 1 2020 Britannia + 1 2020 Britain Silver Royal Arms + 1 2020 Niue Owl 6 oz $170
S2 5 Lot of 3 Mexican Libertads, chunky or new style, in capsules or sleeves Dates your choice: 1983, 1985, 1991, 1992, 2012 3 oz SOLD
S3 3 2020 BAT COIN! ATB National Park of American Samoa Silver Coin + First 2 get a free 1 (clad) 2020 bat coin quarter 5 oz SOLD
S5 2 10 oz Texas Mint Silver Bar (New) 10 oz SOLD
S6 1 Vintage Golden State Mint bar in capsule 5 oz $130
S7 16 Made and Mined in AMERICA!! 2020 True Patriot rounds in capsule 1 oz SOLD
S9 23 80 2020 Niue Owl, the only stackable coins to prevent damage in storage!! 1 oz $25.25
S10 17 20 AZTEC Calendar round, in capsule 1 oz $26
S11 9 20 Mixed date Canadian Silver Maples, some spotting 1oz $25.5
S12 2 8 2013 Australian Lunar Series II Snake 0.5oz 0.5 oz $16
S13 4 6 2017 Australian Lunar Series II Rooster 0.5oz 0.5 oz $16
S14 3 10 2016 Australian Lunar Series II Monkey 0.5oz 0.5 oz $16
S15 1 4 2018 Australian Lunar Series II Dog 0.5oz 0.5 oz $16
JUNK SILVER
J1 1 lot $4fv (8) Barber halves 2.86 oz $80
J2 3 $10FV full date Barber Quarters 7.15 oz $200
J3 2 3 $10FV full date Walking Liberty halves 7.15 oz $195
J4 13 20 Very Nice $5FV Mercury “Mercs” 90% Dimes 3.575 oz $98
J5 1 $3.5FV Mercury “Mercs” 90% Dimes 2.5 oz $69
J6 3 5 SUPER SHINNY, BU Like - $5FV Roosevelt 90% Dimes 3.575 oz $95
J7 25 26 Nice $5FV Roosevelt 90% Dimes 3.575 oz $93
J8 3 10 $10FV Washington 90% Quarters 7.15 oz $180
fin.
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An Overview of Arizona Primary Races - Part 4: Legislative Districts 11-20

Welcome back to my omnibus compendium of Arizona’s upcoming primary races in the style of my 2018 summaries. The primary is set to take place August 4th – early voting ballots should have been mailed out on or around July 8th.
Arizona’s a really interesting state (I may be a hair biased), since it not only is home to 2-3 swing House seats and a high-profile Senate race, but also tenuous majorities in both state houses that could – theoretically – neuter Ducey’s trifecta this fall. And counties have their races this year as well, so I’ve highlighted some of the fireworks ongoing in Maricopa.
And this is before factoring in the fact that our state is a COVID-19 hotspot, with an unpopular Republican Governor doing almost nothing to stop it.
If you’re interested about which district you live in, check https://azredistricting.org/districtlocato. If you want to get involved with your local Democratic party, find your legislative district on the previous link (NOT CD), and then search for your LD’s name at this link. Feel free to attend meetings, they’re a great way to get involved with candidates and like-minded individuals.
If you wish to donate to a “clean elections” candidate (mentioned in the post as “clean”), you will have to live in that candidate’s legislative district to give qualifying $5 contributions (check here if anyone needs it in your area), but they are allowed to accept a limited amount of “seed money” from people outside of the district. The three CorpComm candidates can take $5’s statewide.
If you do not want to vote at the polls, you will need to request an early ballot using the website of your county’s recorder prior to July 4th. Example links for Maricopa, Pima, and Pinal. Others available if needed.
Race ratings for listed primaries will be listed as Safe/Likely/Leans/Tilt/Tossup (alternatively Solid instead of Safe if my mind blanks) and are not indicative of my own preference for that seat. I’ll denote my personal primary preferences at the end of this series, as well as the best Republican ticket for the Dems if someone here really really wants to pull a GOP ballot in the primary. I do not advise it, but since I can't stop ya, you'll get my best suggestions.
Write-in candidates have yet to file, which could give us an outside chance at getting some Libertarians on the ballot (the Greens have lost their ballot access).
If you have any questions about voting in the primary, which races are the most contested, and how to get involved with other Democrats in Arizona, feel free to PM me.
All fundraising numbers here are as of 7/18/2020 (“Q2”).
District stats are listed for the race that involved the top Democratic vote-getter in the past two midterm cycles plus the last two presidential races, taken from Daily Kos’s legislative sheet – Clinton’16, Obama’12, Sinema’18, and Garcia’14 (not his 2018 run).
Part 1: Statewide and Congressional Races
Part 2: Maricopa County Races
Update 1: Congressional and County Rating Updates
Part 3: Legislative Districts 1-10
ALL OPINIONS ARE MY OWN SOLELY IN MY CAPACITY AS A VOTER IN ARIZONA, AND NOT REPRESENTATIVE OF ANY ORGANIZATIONS I WORK/ED FOR OR AM/WAS A MEMBER OF. THIS POST IS IN NO WAY ENDORSED BY THE ARIZONA DEMOCRATIC PARTY OR ANY SUB-ORGANIZATION THEREOF, OR ANY FILED CANDIDATE.
Alright, let’s get cracking, y’all. I’m going to try to save time and characters on the safer seats when I can, although of course I’ll expound on any fun stuff that comes up.
Legislative District 11 (McSally+9.93, Trump+13.9, Douglas+16.7, Romney+19.3)
The first district in this writeup installment is LD11, a district very close geographically and politically to LD8. Unlike LD8, however, LD11 has slowly been trending towards Democrats, instead of away from them. Encompassing the southern half of Pinal (including a large chunk of Casa Grande) and bits of Pima, LD11 could swing under the right conditions, but is probably a safe seat this year. That’s disappointing, since the incumbents in the district are pretty darn nasty.
Incumbent Senator Venden “Vince” Leach ($98K COH), a sort-of Great Value Mitch McConnell, loves to spend his time filing SB1487 complaints against various liberal towns in Arizona – basically, suing cities over their attempts to go above and beyond state law when it comes to certain issues. Leach leads the SB1487 leaderboard with 4 SB1487 suits, most recently targeting Pima County over COVID-19 safety regulations that were slightly stricter than state law. Joining the suit were his House counterparts, COVID-19 conspiracy-monger Bret Roberts ($22.4K COH) and actual goddamn Oathkeeper and Charlottesville truther Mark Finchem ($27K COH).
Facing Finchem and Roberts is the Democratic House nominee for LD11, Dr. Felipe Perez ($24.2K COH). Perez has made few waves online and I haven’t seen him even in the same tier of candidates as Girard in LD8, so he’s probably not going to supercharge this district into Dem. territory. But given the spike in public approval for the healthcare industry due to COVID, he may get lucky. On the Senate side, Leach’s opponent will be one of retired public administrator Linda Patterson ($4.7K COH, Clean) and Marine drill instructor Joanna Mendoza ($14.5K COH). Anything could happen between now and August, but Mendoza currently has a significant organizational, political (endorsements) and fiscal advantage over Patterson, and will probably be the nominee come August.
A well-run race could feasibly knock out Finchem or Roberts, but I’ve yet to see that happen. Still, it’s far out enough that I’m not going to slam the door shut on a Perez win just yet.
hunter15991 Rating: GOP primary unopposed, Safe Mendoza, Perez unopposed, Safe Leach, Safe Roberts, Likely Finchem general
Legislative District 12 (McSally+17.19, Trump+24.5, Douglas+17.84, Romney+33.35)
Really not going to focus much on this district to save space, as it’s a snoozefest. House Majority Leader Warren Petersen ($84.8K COH) is running for Senate to replace outgoing Sen. Eddie Farnsworth. Petersen faces Haitian DREAMer. former teacher, and 2018 LD-12 House nominee Lynsey Robinson ($1.4K COH). Robinson’s a great person, but lost her House race against Petersen by the 1v1 equivalent of 20 points, and shows no sign of knocking him off this time around.
Petersen’s runningmates, Rep. Travis Grantham ($39K COH) and Queen Creek Councilman Jake Hoffman ($107.7K COH) are unopposed in both the primary and general.
hunter15991 Rating: Primaries all unopposed, Safe Petersen general, GOP House unopposed
Legislative District 13 (McSally+21.59, Trump+26.96, Douglas+26.22, Romney+31.62)
Moving on to another Safe GOP district with not much activity – LD13! Stretching from the whiter Yuma neighborhoods all the way to Phoenix exurbs in Maricopa County (and the mirror image of LD4 to its south), LD13 routinely sends Republican slates to the legislature. This year, incumbents Sen. Sine Kerr ($58.5K COH), Rep. Tim Dunn ($60.4K COH), and Rep. Joanne Osborne ($15K COH) are all fighting to hold their seats.
Kerr is unopposed in both the primary and general, while Dunn and Osborne are in the opposite situation – they’ve got two elections between now and inauguration day. Democratic paralegal Mariana Sandoval ($3.1K COH, Clean) will put up little resistance for the GOP in the general, but the entrance of former Senator and former Speaker Pro Tem Steve Montenegro ($27.8K COH) could really shake up the LD13 House primary. Montenegro, a Salvadoran-American legislator who resigned his Senate seat to run for the CD-8 special election primary (he placed 3rd, ultimately losing to then-Sen. Debbie Lesko), was a rising star in the AZ-GOP before his resignation and contemporaneous sexting scandal. This Senate run could be a good way for him to get his foot back in the door, and since his election would single-handedly double the amount of non-white Republicans in the legislator, I would figure that some Arizona Republicans are excited that Montenegro is throwing his hat back into the ring.
I haven’t seen much about this primary online, but there’s vague general on GOP pages dinging Montenegro for his ties to a 2016 National Popular Vote bill in the legislature, which is a big purity sticking point for the further-right members of the Arizona GOP. That being said, the chatter is vague at best, and Montenegro has enough conservative cred (with endorsements from people like Joe Arpaio and former Rep. Trent Franks back during his special election run) that he will primarily face issues over the sexting scandal.
I’ll give Osborne and Dunn a slight advantage over their incumbency, financial well-being, and the issues in Montenegro’s closet, but this is a really tight race and Montenegro could very well end up back in the legislature this time next year.
hunter15991 Rating: Dem. unopposed, Kerr unopposed, Tilt Osborne, Tilt Dunn, All Safe GOP general
Legislative District 14 (McSally+23.83, Trump+26.24, Douglas+22.88, Romney+26.84)
This is yet another district where Democrats stand no real chance in competing this year, and haven’t in quite some time. Situated in SE Arizona, LD14 once incorporated some ancestrally Democratic mining towns in Greenlee and Graham County, but they’ve grown red enough in the past couple of decades that this district is now held by three GOP legislators.
Former House Speaker and current Sen. David Gowan ($60.9K COH) (who was previously in the news for trying to use a state vehicle to assist in a failed Congressional campaign) faces realtor Bob Karp ($12.9K COH, Clean) in the general, while House incumbents Rep. Gail “Tax porn to build the wall” Griffin ($50.5K COH) and Rep. Becky Nutt ($47.4K COH) face retired union activist Ronnie Maestas-Condos ($686 COH, Clean) and teacher Kim Beach-Moschetti ($13K COH, Clean). All 3 races will probably be easy GOP wins.
hunter15991 Rating: Candidates unopposed in primaries, All Safe GOP general
Legislative District 15 (McSally+8.01, Trump+16.61, Douglas+11.06, Romney+25.44)
LD15, up in Northern Scottsdale and Phoenix, is one of the final frontiers of suburban expansion for Arizona Democrats, along with the Mormon suburbs of the far East Valley (LD12, 16, and 25). A very wealthy area, LD15 has routinely been a GOP stronghold – but their hold on the area has been dissipating steadily rapidly in the Trump era. In 2018, two Dem. House candidates both managed to outperform the “single-shot” performance of a 2016 candidate, and Kristin Dybvig-Pawelko ($48.6K COH, hereafter “KDP”) improved on the district’s 2016 State Senate margin by several points despite facing a significantly more difficult opponent than the 2016 Democrat.
KDP is running again this year, as a single-shot candidate for the State House. Her opponents have yet to be set in stone, as both GOP Representatives are vacating their seats to run for higher office, and there are three GOP candidates in the August primary vying for two nominations. Veteran Steve Kaiser ($13.6K COH) and State House policy adviser Justin Wilmeth ($16K COH, $5.2K self-funded) are the nominal establishment picks for both seats, and have been endorsed by a whole host of GOP legislators. However, they face stiff competition from businessman Jarret Hamstreet ($23.2K COH, $10K self-funded), who boasts endorsements from GOP power-players like the local Chamber of Commerce and the NRA, as well as tacit support from the incumbent Senator in the district Heather Carter ($101.2K COH) (somewhat of an Arizona Lisa Murkowski). I’ve been able to find very little chatter on the race, but with Hamstreet’s significant fundraising advantage I definitely think he secures one of the two nominations this November. While the district is still quite red, KDP is no spring chicken, and facing Kasier, Hamstreet, or Wilmeth will be a lot easier than her run against Carter in 2018.
If I’m going to be honest, it is the GOP Senate primary that is almost as important as the House general election. Heather Carter has gotten on the bad side of quite a few conservative legislators during her tenure in the Senate, holding up GOP budgets with her partner in crime Paul Boyer in 2019 over a stalled child sexual assault statute of limitations bill and this year over an amendment to give additional funding to firefighters for PPE and to students for tuition support.
That amendment failed 15-15 thanks to one Kate Brophy McGee - more on her later.
Carter’s actual attempts at moderation (as opposed to McGee’s performative bullshit) has inspired current State Rep. Nancy Barto ($9.9K COH) to challenge her for the Senate. Barto has the support of both Kaiser and Wilmeth (as well as most of the GOP establishment) but has been routinely lagging behind Carter in fundraising (both in terms of current COH and overall amount raised). Carter has been bringing in more “moderate” and pro-public education GOP volunteers from all over Phoenix and is sure to put up a fight in August. As it stands, I think she narrowly pulls it off. There is no Democratic Senate opponent in the general, so winning the primary automatically wins the seat.
If you’ve got GOP friends in AZ who just can’t bare phonebanking for Democratic candidates but complain about the state of the Republican party, send them her way.
Carter has beliefs. Barto has none.
Slate totals:
  • CarteHamstreet: $124.4K
  • KDP: $48.6K
  • Barto coalition (KaiseWilmeth/Barto): $40.5K
hunter15991 Rating: Dem. unopposed, Tilt Carter, Lean Hamstreet, Tilt Kaiser, GOP Sen. unopposed in general, Likely Hamstreet, 2nd GOP unopposed
Legislative District 16 (McSally+17.58, Trump+28.37, Douglas+17, Romney+28.11)
LD16, out on the border between Pinal and Maricopa County, is probably the reddest district in Arizona that could still be relatively considered “suburban”. The only Democratic candidate is write-in House candidate Rev. Helen Hunter ($783 COH), and while her background is stellar (incl. past work with the NAACP, Mesa PD’s Use of Force Committee, and other community involvement), there isn’t even a guarantee she’ll make it onto the November ballot.
Meanwhile, Rep. Kelly Townsend ($15.5K COH) has tired of the State House (just like she tired of her furry fursona, and is running unopposed for State Senate.
The real drama, therefore, is in the GOP State House primary to win Townsend’s old seat. Incumbent Rep. John Fillmore ($12.9K COH) is running for another term, and seems set to win one of the two nominations. Townsend’s former seat is contested by respiratory therapist Liza Godzich ($14.6K COH) (who wins the “most moderate” title by default by virtue of taking COVID kinda seriously), CorpComm policy advisor Jacqueline Parker ($16.4K COH), and school choice activist/general lunatic Forest Moriarty ($17.7K COH).
Moriarty has the valuable Townsend endorsement, but has not been able to consolidate support easily elsewhere – Parker’s CorpComm ties let her bring quite a few assets of her own to bear, as well as endorsements from Congressman Andy Biggs and the NRA.
This election will be a test of Townsend’s downballot coattails, as well as those of the school choice movement in AZ parlaying any support they may have into legislative results. Success for Moriarty here could go as far as inspiring Townsend to run for Governor. We’ll see if it comes to that.
hunter15991 Rating: No Dem. filed (pending write-in), Townsend unopposed, Lean Fillmore, Tossup ParkeMoriarty, GOP unopposed in general
Legislative District 17 (Sinema+3.53, Trump+4.09, Douglas+3.12, Romney+14.16)
One of the reasons I significantly delayed writing these writeups was because I was dreading writing about LD17. Not to doxx myself completely, but in 2018 I had far too many negative encounters with the incumbent Democratic Representative, Jennifer Pawlik ($101.3K COH) that made me routinely question my support of her. I’m still trying to heal the wounds in multiple relationships I have with friends that were caused by Pawlik’s actions.
I deeply regret ever lifting a finger to help her when I had opportunities in other districts. But because her actions never got physical, because the stakes are so high this year, and because too much unsubstantiated negative talk about a candidate can get a post deleted - I don’t wish to publicly expound on her actions (nor put words in the mouth of other people who interacted with her). Feel free to PM if interested.
Pawlik as a candidate is a grab-bag. On paper she’d be a strong option for a suburban district – a teacher and education funding activist with a prior win during the 2018 wave. However, behind the scenes she is quite a poor campaigner in ways that directly impact Democratic candidates’ odds and presences in the district, including her own - which makes me more apprehensive of her odds of re-election than her fellow Jennifer in HD18 (Rep. Jennifer Jermaine), who’s quite similar to Pawlik on the whole.
Pawlik’s Senate runningmate this year is local businessman and first-generation American Ajlan “AJ” Kurdoglu ($51.5K COH). AJ’s a good guy and more serious of a campaigner than Pawlik, and is on well enough terms with her that no inter-candidate drama will probably happen this fall (which would be a welcome change for the district). He’s been slightly outpacing her in fundraising and seems to be hitting the ground running.
The Republican incumbents in this district are Sen. JD Mesnard ($102.6K COH), who moonlights as legal counsel for an organization categorized as a hate group by the SPLC, and Jeff Wenninger ($117.8K COH), a backbench Bitcoin bro. Wenninger and Mesnard have both been in their seats for a while, and this cycle were backing Chandler Vice Mayor (and JD Mesnard’s mom) Nora Ellen for the other State House seat – Ellen lost to Pawlik in 2018.
But in a stroke of luck for Pawlik, Ellen failed to qualify for the ballot this year. However, in a similar stroke of luck for the GOP Liz Harris ($27.3K COH, $21.3K self-funded) - a local realtor (like Ellen) - did qualify. I’ve yet to discern just how close she is with Mesnard and Wenninger, and how much cash she is willing to dump into this race, but in terms of how random non-GOP establishment candidates the LD17 Republicans could have done far worse than Harris.
All the pieces in this district would point to a shift even further left than it was in 2018, and had I not known what I know about Pawlik this would be a Tilt D House/Tossup Senate. But I don’t know if she’s changed since 2018 - and if she hasn’t, there is no guarantee that she won’t snatch defeat from the jaws of victory.
hunter15991 Rating: Primaries uncontested, Tilt Mesnard, Tossup House (Pawlik/Harris), Safe Wenninger
Legislative District 18 (Sinema+18.58, Clinton+10.39, Garcia+12.5, Romney+1.93)
Like LD10 in the previous part of my writeup, the situation in LD18 is another blast of the proverbial Gjallarhorn for the AZ-GOP’s suburban chances. Once a very competitive district (fully red as recently as 2016), LD18 is now held by 3 Democrats – Sen. Sean Bowie ($106.3K COH), Rep. Jennifer Jermaine ($65.7K COH), and Rep. Mitzi Epstein ($60.8K COH). Bowie and Epstein have carved rather moderate paths in their respective houses having been elected back when this district was more competitive, while Jermaine’s tacked a bit more to the left, and has been a prominent voice for increasing education funding (prior to running for the State House she was a public school funding activist and IIRC Moms Demand Action member) and for missing indigenous women (Jermaine is part indigenous herself).
The GOP’s troubles in this district started around the filing deadline, when one of their candidates, Alyssa Shearer, withdrew from the primary. Super anti-abortion nut Don Hawker ($619 COH) filed as a write-in candidate to replace her, but it’s uncertain if he’ll qualify for the general election. Their other House candidate, Bob Robson ($11K COH) is on paper a solid candidate (being a former Speaker Pro Tem of the state house), but lost by the equivalent of 6% to Epstein in 2016 and by 19% when he ran for Kyrene Justice of the Peace (a district that roughly matches the boundaries of LD18. Robson’s an old warhorse) - going 0 for 2 since 2014. It’s a sign of the times that he and discount Scott Roeder are the two potential House candidates for the GOP in this district.
In the Senate, the GOP doesn’t fare much better. Real estate agent Suzanne Sharer ($4.2K COH) is trying to run a semblance of a decent race against Sen. Bowie, but keeps using her campaign Twitter (@blondeandsmart – I promise you that’s a real handle) to retweet QAnon shit. Sharer is going nowhere in November. That’s if she makes it to November, given her past retweets advocating for people to drink bleach to cure COVID.
hunter15991 Rating: Primaries uncontested, All Safe Dem. general
Legislative District 19 (Sinema+44.97, Clinton+40.25, Garcia+32.38, Obama+34.3)
LD19 is a safe Democratic district in the West Valley, where all the drama is happening in the primary. Rep. Lorenzo Sierra ($9.3K COH) and Rep. Diego Espinoza ($25.2K COH) are both running for re-election, defending their seats against challenger Leezah Sun ($5.1K COH), a local activist. Sierra and Espinoza haven’t been particularly conservative in their voting records in the legislator, but have taken some flack from the more progressive wing of the party lately for outside corporate expenditures in this primary. I’m honestly unsure why these PACs are weighing in given that Sun isn’t running all that good of a campaign, but I guess better spend it here than in tighter primaries. Assistant State Minority Leader Lupe Contreras ($7.2K COH) is unopposed in his primary.
In the general, there’s one GOP candidate for both House and Senate, but both are write-ins and could possibly not qualify for the ballot. For now, Democrats are unopposed in this district in the general.
hunter15991 Contreras uncontested, Safe Sierra, Safe Espinoza, Uncontested Dem. general
Legislative District 20 (Sinema+3.7, Trump+8.01, Douglas+0.04, Romney+12.87)
LD20 is another suburban district where Democrats could see sizable gains this fall. Won by Sinema and Maricopa County Recorder Adrian Fontes, and almost snagged by David Garcia during the 2014 Superintendent race, LD20 has been on the Arizona Democratic Party’s mind for a few cycles now. Their candidates this year are strong – 2018 Senate nominee Doug Ervin ($94.6K COH) has filed for a rematch after losing by 4 in 2018 (where an independent ex-GOP candidate took 7% - Ervin claims Quelland actually hurt him more than district Republicans), and retired teacher Judy Schweibert ($158.2K COH) is running for House. Both are running bang-up campaigns and seem set to make November a problem for local Republicans, and Ervin has eschewed the public funding he took last time in order to be able to fundraise better for the slugfest ahead.
The local GOP, however, isn’t taking this lying down. Representatives Shawnna Bolick ($161.8K COH) - who was almost bumped off the ballot for using a PO Box as her filing address - and Anthony Kern ($73.4K COH) - an ex-cop on the Brady “untrustworthy cop” list - have been building their warchests in preparation for this cycle after narrowly hanging on in 2018 (despite both Democrats in that race running with public funding). While Bolick has typically stayed out of especially heinous controversy on social media (despite once posting that all masks come from Wuhan and are thus contaminated with COVID), Kern’s time on the force seems to have stuck with him, and his Twitter feed is full of a lot of pro-cop posts and whatnot. With Schweibert running as a single-shot candidate this year I can see Kern’s tendency of accidentally discharging his foot into his mouth finally coming back to bite him.
On the Senate side the past election results are slightly more promising than the House, but the opponent is tougher as well. Sen. Paul Boyer ($50.5K COH) is probably the closest there is to a living John McCain in the Arizona Legislature (not to deify him too much – he’s still conservative), having blocked two GOP budgets in the past two years along with Sen. Heather Carter (see LD15). In 2019 this was over a child sexual assault reform bill (extending the statute of limitations), and in 2020 this was over a lack of funding to firefighters and university students in the emergency “skinny” COVID budget the legislature passed in the spring. His attempts at moderation are visible outside of that: Boyer’s abysmal Q2 fundraising – per his own words – came from not fundraising at all during the 5 month long legislative session despite campaign finance rules only banning lobbyist contributions during the session (and I guess that’s commendable self-policing), and on his website he stops just short of calling for abortion to be banned, which makes him Margaret fucking Sanger among the current AZ-GOP.
That’s not to say that people shouldn’t support Ervin with all it takes – hell, if anything he’ll need more help to oust Boyer. Ultimately I think Ervin holds a narrow lead in this race with the absence of Quelland and with far better fundraising than what the LD20 slate had last year, but the election is still quite far away. If I had to pick one Democrat to win in this district, it’d be Schweibert.
hunter15991 Rating: Primaries uncontested, Tilt Ervin, Tilt Schweibert, 2nd House uncontested
submitted by hunter15991 to VoteDEM [link] [comments]

XT.COM CEO Weber was invited to attend Hacken’s online AMA Event

XT.COM CEO Weber was invited to attend Hacken’s online AMA Event
At 10:00 on the evening of September 24, XT.COM CEO Weber WOO and Haken, the world's leading cyber security consulting company, launched an online AMA with the theme of "Future Development of XT.COM". Weber talked about XT.COM's history, team, business development and attitude towards the development of the blockchain industry. When talking about the future market trend of XT.COM, Weber said, "XT will continue to explore markets in Europe, Southeast Asia, South Asia and South America in the future, and further strengthen XT's international market."
The community members actively presented their questions following the event. Congratulations to the four users u/Nos Tha u/brucelee199 u/DanielleStelle u/brunoiat, getting rewards for putting up questions.

https://preview.redd.it/dp6zmy7fv8p51.png?width=1280&format=png&auto=webp&s=e76a3bb2da20084b5074ee077347ab0446d5e430
For those missing the broadcast, Mr.XT has compiled the content for everyone~ Let’s get a review~
Host: Dyma Budorin | Hacken CEO
Guest: Weber WOO | XT.COM CEO
Dyma:Please introduce yourself a little.Where are you from?When were you involved in crypto?
Weber:Hello Hackeners. I am Weber Woo from the XT.COM exchange. I am glad to be invited here to share something about the XT exchange, XT team, and also myself. I am from Shanghai, China. When I was studying MBA at school in 2012, I read an article in Business Week about Bitcoin being very popular in Iran. Because of sanctions, many Iranians bought bitcoin to transfer their assets to overseas. That was the first time I heard about crypto.
Dyma:What experience do you have in crypto? Trading? Mining? Investing? Holding? Only positive experience or negative, too?
Weber:I will talk about my experience in Blockchain, and also my team.
In 2013, after my friends involved in Bitcoin, I also started to pay more attention to it. We began to mine Bitcoin.
From 2013-2016, we are more focused on mining and trading. We have 100,000 mining machines in our mining factory, located in Yunnan, Sichuan province in China. Of course, most of them are owned by our customers.
At the end of 2016, we started our mining pool business. Our mining portfolio included BTC, ETH, ETC, ZEC, SC, DCR. We had 5%of ETH computing power at the peak.
At the beginning of 2017, we invested a crypto exchange in China. But it was stopped in September 2017, because of China's new policies.
In the middle of 2018, we started the XT exchange in Seychelles, headquartered in HongKong.
Dyma:Have you ever been hacked?
Weber:I've never been hacked directly But lost my Bitcoin from the MT. Gox hack in 2014. That taught me a lot to keep crypto-assets safe.
The MT. Gox incident also reminded our team and me to take security measures very seriously when running the XT exchange.
Business
1.We know that XT has more than 1 millionn global users. You might have a big team. How many people? What idea does unite them?
Currently, XT has more than 80 employees comprised of the C-level team, technical developers, marketers, and business developers. More than 40% of our team have Postgraduate educational background. Our team comes from previous companies like Alibaba, Tencent, China Unicoin, Bosch, LG, and more.
Everyone on the team has a high level of understanding of what opportunities blockchain can and does provide for the world.
2.XT was introduced in 2018 — just in the beginning of crypto winter. Was it hard to start in such conditions? How did you motivate yourself and your colleagues?
Since XT started in a bear market, it was easier for us than other exchanges to stay agile and motivated.
We continued to grow our team and focus on building an exchange that protects its users and listens to what they want.
Understanding that just like any market, crypto goes through market cycles too. We stayed motivated and focused on being ready for the next bull market.
We already spend seven years in the blockchain industry. The bear market is an excellent opportunity to start a new business to save costs and talent recruits.
3.Is it really hard to be a Chinese crypto exchange nowadays?
As I said before, the XT exchange was registered in Seychelles, headquartered in HongKong. We are not officially a Chinese crypto exchange.
Half of our users are from other global markets than China. We are the most popular in Korea and Japan.
Of course, Crypto is still very popular in China, especially recently, with the rise of DeFi. Investors are smarter than 2017, but everyone is excited about all the new blockchain space developments.

https://preview.redd.it/91rmlsidv8p51.png?width=693&format=png&auto=webp&s=debd3e9f3c6bd5efad4b58589fe5e988179d7e19
4.Are your developers working on some new features? What should we expect?
Currently, XT is working on bringing new features to the exchange.
XT is the first social infused exchange that launched a Group Trading function in the BiYong App. BiYong is a social application focused on the Chinese market.
BiYong has more than 5 million users in total. We are the only partner for BiYong in Group trading. Users can trade within the social chatting app together as a collective.
I want to share some benefits for Group Trading.

https://preview.redd.it/4ephtzbcv8p51.png?width=753&format=png&auto=webp&s=191ca9c7e4d294159347d549b6ecd8cdb66ebbfe
This is how Group Trading typically works.

https://preview.redd.it/50opietbv8p51.png?width=753&format=png&auto=webp&s=aaddfb7071da6cb75f249927bbd8ae3591b39793
XT.com is launching a DEX.
We will launch DEX in quarter four this year. The product is still developing, so I cannot share more about it. We are glad to share it when it's ready.
Crypto future
1.Do you think the crypto winter is over?
With everything going on in the world currently, it is difficult to predict the future. I believe we are now in a bull market cycle, but things can change very quickly. We see different lengths of bear markets in the space as it grows. We must all pay attention to the trends and proceed accordingly.
2.Do you believe in the DeFi’s potential to make mass adoption closer? Why do you think it is so popular today?
The rise of DeFi has been incredible this year. Projects like LINK, UNI, YFI caught the attention of millions. The technology for real use cases has been implemented, and there is a real opportunity to get in on the ground floor for eager investors.
With the recent airdrop from Uniswap with their new token, UNI has only driven interest within the DeFi space. I believe it will take time, but DeFi is here to stay regardless if the market decides to cycle again.
We can see DeFi Locked Value in the past three years in the following pic. It's popular and here to stay.
https://preview.redd.it/utk4j4aav8p51.png?width=753&format=png&auto=webp&s=6a9d785c7e854ecc258c2c75f2458b5eceff20ac

3.What could you advise your users? What are the main risks in trading and investing today?
I advise anyone trading or investing in crypto to be smart.
The crypto market is a very volatile place. Using good risk management is critical to ensure the security of their funds.
Do not put all your eggs and one basket and only invest what you are willing to lose would be my recommendation, especially when it comes to altcoins.
I think that Bitcoin and Etheruem are the best low-risk long term investment options.
So I suggest you can divide your investment into 3 sections. For example, 40% in BTC and ETH, 30% for Top 50 altcoins, and 30% for HIGH risk projects if you are willing to take the risk.
We can see the risk from this picture.
https://preview.redd.it/8j9hvng5v8p51.png?width=753&format=png&auto=webp&s=e2ea47fa1cae0940e80048405d064d7726e6c6dc
4. What are your and your company long-term plans? Where will you be in 5 years?
Regarding the market, XT will continue to grow as we expand to more world markets like Europe, SE Asian, South Asian, and South America.
For compliance, we already had our MSB license approved in the US and will apply for more in different markets in the future.
On the business side, we will still focus on mining and the exchange. Of course, our CEX and DEX will be our primary focus in the years to come.
About Hacken
Hacken is a premier cybersecurity consulting company with an essential focus on cryptocurrency exchanges and blockchain security.
Website: https://hacken.io/
About XT.COM
XT.COM is the world's first social infused exchange. Users can chat in communities while knowing the market trend to invest. In XT communities, users explore valuable coins together.
XT.COM is building towards garnering loyalty and bring new potential for the development of the entire blockchain industry. To achieve better development, it is necessary to break the tradition with a fresh model.
XT Exchange not only empowers the blockchain industry but leads the industry with its innovation.
submitted by okoAlderman to XTExchange [link] [comments]

Bittrex Review: One of the First Crypto Exchanges Part 1

Bittrex Review: One of the First Crypto Exchanges Part 1

By Rinat Arslanov, CEO at Revain
Despite the fact that digital asset trading is a relatively new phenomenon, among cryptocurrency exchanges Bittrex is considered a time-tested trading platform that can guarantee a high level of security and reliable service. Today, in this all-encompassing review, we will study how Bittrex Global, one of the most popular and secure crypto exchanges, operates.

Review Contents:

  • Bittrex History and Founders
  • What Bittrex Is and How It Works

1. Bittrex History and Founders

Bittrex Global is currently the oldest holding company concerned professionally with digital assets, as well as having access to major US and European financial markets. It grew out of a small cryptocurrency exchange that started with mining bitcoins for $30 back in 2011. Now the holding, whose headquarters is located in the Principality of Liechtenstein, provides a trading infrastructure to its users, enjoying a reputation of one of the safest exchanges in the world.
Bittrex Global has managed to gain such customer trust and loyalty through the continuous development and implementation of the most advanced technologies that have proven their worth by continuous and reliable operation throughout the 7 years of their existence. The company always ensures fair opportunities for investing in and trading digital assets for all clients, regardless of trading experience.
https://preview.redd.it/e6xsv33codc51.jpg?width=974&format=pjpg&auto=webp&s=748c76c281116a157abb5cf03da0f4bb274170bf
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To this day, since January 2018, Bitcoin has not been able to rise higher than that time.
https://preview.redd.it/nqcifr3hodc51.jpg?width=974&format=pjpg&auto=webp&s=dfb81067c58d42dcf423b303b2e108d04c5121c9
The future Bittrex team really wanted a way to acquire Bitcoins again. Mining was going to prove untenable, so they brainstormed and started the first crypto-based business—GiftcardBTC.
At that time, Bittrex had a simple idea of earning through selling gifts and calling cards for Bitcoin. It was so easy to earn cryptocurrency and then convert it into fiat US dollars, and that endeavor made it possible to offset the costs. Then, the founders of the future cryptocurrency platform designed a Bitcoin miner that started to earn money continuously, but this was not the limit of their dreams.
Less than a year later, the first cryptocurrencies—Bitcoin and its fork Litecoin—got up in price many times and then the creators of Bittrex added Litecoin to their package. Using Coinpayments.net infrastructure for processing payments, they ran into problems, since there were still practically no abilities to convert or withdraw cryptocurrencies into fiat currencies. The founders began to look for convenient automatic ways to do this but at that time exchanges could not provide such services.
At that time, Bill Shihara and Richie Lai regularly traveled to Las Vegas and in late 2013, during one of such trips, they were discussing the problems they faced for many hours, trying to find a solution and considering various options. In the end, they decided to start software development in the west. Now this decision is considered the birthday of the Bittrex trading crypto platform.
They decided to invite a professional from Microsoft, Rami Kawach, to discuss their idea. After some time, they had an ambitious plan to develop and launch a platform for crypto exchange in less than two months. The plan was accompanied by a gentleman's dispute among Rami, Richie, and Bill over a bottle of 25-year-old whiskey, which concerned the timing of the plan.
The formed team began to work actively on a project to which they devoted all their free time and worked day and night. In mid-February 2014, they launched the Bittrex website, and on the last day of February, they made it accessible for the general public. As a result, Richie and Rami won over whiskey against Bill.
https://bitcointalk.org/index.php?topic=463202.0 and started sharing on February 28 https://bitcointalk.org/index.php?topic=492758.0
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It was then when a large partnership began; later, the alliance ensured the joint company’s future success. They formulated several postulates that became the cornerstone of their business:
  1. We ourselves will never trade cryptocurrencies on our exchange. Too many shadows occurred in too many places, and we will not trade against our clients.
  2. We will always maintain honesty on our exchange. No one gets special information. No one gets special prices. Transparency is paramount.
  3. We will never sacrifice long-term gain for short-term gain. We have been together for a long time.
https://preview.redd.it/f9yhldizodc51.jpg?width=744&format=pjpg&auto=webp&s=a0aef8b924395ea7bb3ba3e62ac92fd84bd6be19
Bill Shihara: https://www.linkedin.com/in/billshihara/Co-Founder, CEO at Bittrex GlobalJanuary 2014 to present
Professional Experience:
  • Amazon: 2 years 1 month. Manager, Security Engineer
  • BlackBerry: 2 years 5 months. Manager, Security Engineer
  • Microsoft: 7 years 6 months. Lead Program Manager, Security Program Manager
https://preview.redd.it/ebduvms1pdc51.jpg?width=867&format=pjpg&auto=webp&s=e51beea4f788618c73db69316e3bedad378b813f
Richie Lai: https://www.linkedin.com/in/richielai, https://twitter.com/richielaCo-Founder, CIO at Bittrex GlobalJanuary 2014 to present
Professional Experience:
  • Amazon: 6 years 11 months. Senior Security Engineer, Senior Security Manager
  • Microsoft: 12 years. Software Security Engineer — Principal Development Manager

https://preview.redd.it/i95qdy85pdc51.jpg?width=779&format=pjpg&auto=webp&s=cb15a07174c2e71df0e8f54dbd66ed9150c129b1
Rami Kawach: https://www.linkedin.com/in/rami-kawach-413a63194/, https://twitter.com/ramikawachCTO at Bittrex Global
Professional Experience:
  • Amazon: 7 years. PSA
  • Microsoft: Software Security Engineer, Principal Development Manager

Crypto Exchange Partners

Bittrex is constantly moving forward, embedding a strategy that leads the innovative future of the crypto-financial industry. To implement its strategy, the platform interacts with the most interesting innovative crypto projects based on blockchain technology. They have developed an affiliate program that helps launch trading platforms from 13 countries around the world.
Today Bittrex cooperates with the following businesses across the globe:
  • Bitmonex
  • RAIN
  • Bitvoicex
  • VCC
  • Bitsdaq/BQ.net
  • Biteeu
  • Cryptofacil
  • VALR
  • Ibitt
  • Catalx

2. What Bittrex Is and How It Works

Bittrex is a multi-currency trading platform where you can exchange, buy, or sell cryptocurrency and fiat money. The exchange is available in all facets: you have great opportunities in making foreign exchange transactions, both with digital assets and with ordinary money.
Not everyone understands what fiat currencies are, but in fact, these are the good old usual paper cash and non-cash money that are issued by the central banks of various states. Fiat money mainly differs from cryptocurrencies in that it is regulated by governments, which can influence their output and exchange rate.
On the Bittrex crypto exchange, you will find more than a quarter of thousand of various types of cryptocurrencies and 364 currency pairs. A currency pair is a pair of currencies that can be exchanged one for another at a certain rate. The most common currencies can be exchanged for hundreds and thousands of other currencies, both digital and fiat. Cryptocurrencies such as Bitcoin Litecoin or Ether have the largest number of pairs available for exchange.
Appearance cements the first impression, and the user interface is key in any digital. In Bittrex, the interface is intuitive even for those taking their first steps in trading. Not only does it look sleek but it’s also very easy-to-use. You only see what you need on the trading screen.
Here you can see structured information about trading pairs, history of changes in exchange rates, and wallets. The website will guide you on how to make a deposit, how to work with orders, what happens to your money, and how to withdraw it.
All work with such a platform begins with the opening of an exchange account. You can find everything you need to configure a wallet in Settings.
submitted by mPrestige to revain_org [link] [comments]

The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
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