1-minute (60-second) Binary Options Strategy: 14 of 18 wins

Student Loan Default: The Guide (ReUploaded)

NOTE: I'm pasting this guide from where I originally found it, over on Studentloandefaulters. It was originally pasted there from someone who found it after the original was deleted.

Student Loan Default: The Guide (reuploaded)

📷
The original guide that was recently deleted here: https://www.reddit.com/studentloandefaulters/comments/cg1fd7/student_loan_default_a_guide/
I take no credit for this post, just happened to have it saved in a document and thought I'd be doing an injustice by not sharing this information once I saw the original post was missing! All credit goes to the original author, and without further ado...
Student Loan Default: A Guide
I’ve been wanting to write this for a long time, and seeing that person be in $500,000 of debt and no one really helping him on studentloans, I felt it was time to summarize everything I’ve learned. While there is great information on this sub, it is not centralized. It requires some digging. I hope now to bring all of it to the surface.
Definitions:
Strategic Default: When a borrower realizes that he or she can spend less money by not paying a loan. The borrower waits out the statute of limitations and then either settles or waits the debt out.
Shills: People who are paid to prevent the spread of student loan default information
Statute of Limitations: The number of years your state requires before a debt can no longer be collected.
Cosigner: The poor person who is just as legally required to pay your loans as you are
Foreign Earned Income Tax Exclusion: A tax rule that states any US citizen can earn up to about $100,000 a year in another country and report their US taxes as 0.
Fraudulent Transfer: When a party tries to move assets to someone else in order to avoid a lien on their property.
Lien: Essentially when the government slaps a bill onto your property forcing you to pay off a debt before you can sell the property.
Income Based Repayment (IBR): Federal loans can be paid with 15% of your discretionary income (money earned after taxes) instead of a higher, unpayable amount
Aggregate Student Loan Limit: The total amount a student can take out before the federal government or a private lender stops authorizing new loans
Wage Garnishment: When a court forces your employer to take out a certain percentage of your paycheck to pay back a debt
Bank Levy: When the government or a court takes all of the money directly out of your bank account to pay a debt
Private Loans: Loans that originate from anyone but the federal government. These loans have a statute of limitations and less power but higher interest rates.
Federal Loans: These loans have no statute of limitations, the government can collect anything you earn to get these back, and they come with IBR which is manageable
Sallie Mae: The worst private lender on the market. They only offer deferment for four short years.
Forbearance: A period where you do not have to pay your student loans, but interest accrues.
Deferment: A period where you do not have to pay your student loans, but interest does not accrue.
Credit Score: A number that tells people how responsible of a borrower you are.
Student Loan Tax Bomb: After you have paid for 10 - 25 years on your federal loans, you are forgiven the rest. That is considered income by the IRS. You then add this “income” to your regular income for the year and pay the tax. It can be over $10,000.
Insolvency: When you are unable to pay your debts. This works well for defusing the student loan tax bomb.
Public Service Loan Forgiveness: If you work for 10 years at a government job, you can get your entire federal student loan balance forgiven. In 2019, the feds are making it near impossible to collect. This could change.
A note on cosigners before we begin: Look, your cosigner is probably going to be very mad at you. Prepare for your relationship to be strained. You need to try and get them on the same page as you, and I do offer a tactic here to at least shift all of the financial burden off of your cosigner below. If you decide to do any of these tactics without getting your cosigner off the hook, there could be more risk involved if you or your cosigners have a lot of assets.
Strategy
Student loan default is a strategy. And to have a good strategy, one must plan as much as possible. You have to know all of your options. While strategy is your overall game plan, tactics are the individual options you have to get your strategy accomplished. Below are the tactics that you can employ to beat the student loan companies.
Tactics
Paying Your Loans: [low risk] In the rare chance you have anywhere between $1,000 to $20,000 in federal student loans and you have completed your bachelor’s degree, you should probably just pay the damn loans. All you have to do is set up an auto debit and forget about it. It will be about 15% of your income. You really want to try and avoid consolidating if you can, because it will count against some of your IBR payments. You would also lose your grace period if you did this. At the end of 10 to 25 years, you will be forgiven all of the loan amount you did not pay. That forgiven amount is considered income by the IRS, so you will be put into a higher tax bracket. I would get an accountant when this comes. In your case, your tax bomb will be low enough where you could probably just pay it. If you want to really shake things up though, you are welcome to try either the Asset Creation Tactic or the Madlad Method below. Here is more information on Income Based Repayment: https://www.studentdebtrelief.us/repayment-plans/income-based-repayment-plan/
Default Private IBR Federal (Staying Put): [low risk] The standard strategy here on studentloandefaulters. As mentioned above, for the federal loans, it’s best to just IBR and automatically debit your bank account each month and forget about it. For the private loans, this is where the game begins. Your overall plan here is to default, wait out the statute of limitations in your home state, and either settle the debt for less than 30% or just hope they leave you alone and you don’t pay at all. From this moment on, whatever you would have paid for your private monthly bill, sock that money away. Once you go past 120 days of no payments, you are in default. This is where the phone calls come in. They will start to harass you. They will call your work, your cell phone, your cosigner, etc relentlessly. Most likely, they’ll start doing this before you get to default. As they call you, you can either just give them the cold shoulder or start immediately acting like you do not own the debt. Never admit that you own the debt. Tell them you think they are crazy and have the wrong person. Inform your cosigner to do the same. Once your loans are sold to a collection agency, wait until they call you and ask for verification of the debt. If they do not provide it, you won. Chances are, they will be able to verify it, so just make sure you never admit to the debt on the phone or make a payment. If you make a payment, you’ll reset the statute of limitations. Do not give them five dollars, two dollars, a penny. If they do sue you, show up for court. Get a lawyer if you can afford it. You have to show up to court, or they win automatically. Even if you don’t have a lawyer in court, you need to make them verify the debt. You could still lose here. If you do lose in court, go to my tactic of “The Cat and Mouse Game.” They are playing a numbers game, and if you are harder to sue than John Smith down the street, they may prey on him or her instead of you. Now, there are four states in the United States that do not have wage garnishment: Pennsylvania, North Carolina, South Carolina, and Texas. You could move there, and if you have barely any assets, you are considered judgement proof. This means you’re not worth the time to be sued, because you have nothing to take and cannot be garnished. Moving is hard, though, so that’s a personal decision. Also, from what I understand, if you do move to these states, you can switch your statute of limitations over to their states which may be less time until you cannot be sued anymore. If you do lose and just want to stop here, you could get your bank levied and you could be slapped with up to a 25% wage garnishment until paid in full Clarification: a lot of people do not ever get garnished, and bank levies are rare (they are non-existent on federal loans). Do not let this freak you out!. I repeat this is super rare and not likely to happen. Anyways, you have options at this point. If it does happen, try another tactic like leave the country or cat and mouse below.
Default Private Default Federal: [medium risk] Some of the wilder people have attempted to default on both federal and private loans in order to do a cash settlement. The same strategy above in Default Private IBR Federal applies, but realize that the US government could just step in and do an administrative garnish on you eventually. If you were living some sort of cash existence, you could potentially avoid them and then write them a money order and settle for 30% or something. This way, you avoid the tax bomb and would probably pay a lot less interest overall. If you do this and it works, I would love to hear about it.
Cat and Mouse: [medium risk] So, you want to avoid getting sued or you lost a judgement? You don’t have to sit back and take it. u/nowaysalliemae has successfully avoided being sued by essentially going on the run. You see, to be sued successfully, they need to know where you work. If you get sued, move to another state, and switch jobs, they have to do the entire process over again! This means find you, verify the debt, sue you, etc. You can essentially do this until your statute of limitations runs out. And then, you dispute the debt on your credit score. They take it off at that point, and you just saved a lot of money. I decided to put this as medium risk, because moving around a lot would require some luck. Especially since you would need to work wherever you go, there are a lot of moving parts here. I think it is totally doable, and if you are an adventurous personality type, it could be a lot of fun. This only works for the private student loan side, because the US government has a lot more power. You would still IBR your federal loans on this tactic. For more information, go through nowaysalliemae's post history.
Leave the Country: [medium risk] What if you want to avoid all of this altogether? Do you want a reset button on your life? You can just leave the country and start over. Seriously. Your credit score does not follow you across countries. The federal government cannot garnish your paycheck if you work internationally. You are not a criminal doing this. Furthermore, there is something called the Foreign Earned Income Tax Exclusion. Since you will still IBR your federal loans on this plan, as long as you make less than $100,000 in another country, your US income is zero. This means you just got a free education while you make money in another country. Once you pay zero for 25 years, you will have to defuse your student tax bomb. Tactic Below. Private companies do not stand a chance here. There are countries in the commonwealth such as Australia and Canada that are more willing to take you in if you meet certain requirements. You could teach English at a bunch of places. You could apply for residency at these places or be a perpetual tourist. A perpetual tourist is someone who essentially moves to a new country, goes to a neighboring country for a weekend, and then goes back to that new country they are trying to start a new life in*. This in no means you have to go back to the U.S. Ever. For example, you want to live in Panama forever, every 90 days, you take a weekend trip to Nicaragua. You come back to Panama after the weekend is over and get another 90 day pass. Rinse and repeat. This gives you another 90 days in your country of choice. If you make money on the internet, this strategy would work pretty well. You can just be a perpetual tourist or marry someone in another country and start a new life. This will not be a good fit for everyone, but there’s something exciting about this. If you are young, single, and restless, this could be the adventure of a lifetime. Here's more info on being a perpetual traveler and the FEIE: https://www.escapeartist.com/blog/perpetual-traveler-us-tax-code/
Suspend Payment Without More Debt: [low risk] So recently, it has been brought to my attention that there is a community college, Luna Community College (in Las Vegas, NM), that has tuition so low you could go half time all year for about 684 dollars. They have a small amount of associate's degrees. If you just want to stop paying without taking any more loans, this would be the way to do it. You could do this for many years. Luna Community College's tuition matrix: https://luna.edu/tuition_matrix
Convert Private Loans to Federal: [low risk] From this point on, these are my special tactics I’ve been thinking about. They might work really well for some people. So, you have a bunch of federal loans and a good amount of private loans. You don’t want to fight debt collectors or move around. Try this. This plan only works if you have a bachelor’s degree though. Anyways, there is a special loan offered by the US Federal Government called the Graduate Plus Loan. This loan is incredible, because there is no aggregate student loan limit. In other words, you can borrow as much money as you want here. Even a million dollars no questions asked. All you need is no delinquency or default on your credit report. If you do have these things, you can get a cosigner in on the plan. They won’t ever be responsible anyways because you will defuse the tax bomb at the end. This works to your advantage, because you could go back to school at the graduate level, get a diploma mill master’s degree online, use your room and board payment to start paying off your private loans ASAP. Just make sure you are doing whatever your school considers half time enrollment in order to avoid student loan payments while doing this. Once you’ve gone to school long enough and converted all of your private loans to grad plus loans, you could just go on an IBR plan. This will at least make your life manageable. You would have to defuse your student tax bomb once this is over. Tactic below.
Convert Federal Loans to Private: [medium risk] So, what if you wanted to go the opposite way? Maybe you want to convert all of your federal loans to private ones, default, and then leave the country? Hey, maybe there are reasons you want to hurry up the settlement process. You could essentially do the same strategy as above, but instead just borrow from Sallie Mae, Wells Fargo, etc until all of your federal loans are paid off. Then, either cat and mouse or leave the country. I don’t think a lot of people would find a use for this, but hey who knows?
Asset Creation Method: [high risk] What if you wanted to not just pay off your loans but get ahead in life? Maybe you feel like using your student loan debt to your advantage. Thanks to the work done by u/BinaryAlgorithm, you could really come out on top here. Remember those Grad Plus loans we were talking about? Well, there’s nothing stopping you from continually borrowing all year on these loans, investing the room and board, and acting as if you do not have the debt in the first place. While I had originally said that rental property does not count as income, I cannot find any documentation proving this. You can still invest this money however you want, and you just defuse the tax bomb at the end (if anyone can find that documentation, please let me know). I did find that rental properties offer a lot of ways to reduce your adjusted gross income (management fees, advertising, etc), and these could reduce your income closer to zero. We’re not done here. Moreover, you could get a job that qualifies for Public Student Loan Forgiveness, enjoy your investments, and then pay for the 10 years. Be sure to convert all loans to federal before starting this tactic. I only put this as high risk, because the whole plan falls apart if Grad Plus loans get capped. Will they? Probably not, because those are the loans doctors and lawyers take out to go to their professional schools. It would take an act of congress to change the way the law stands now, but still, you should know that. This plan spans decades, so a lot can change. Also, having this many installment loans may lower your credit score over a multitude of years, but based on what everyone has found out here, it's not by much. For more information, go to this subreddit's search bar and type in "aggregate" and go look at BinaryAlgorithm's two posts on the subject.
Defusing the Student Tax Bomb: [low risk] So lucky for you, I talked to an actual lawyer and an actual IRS agent about this. This is completely legal and doable. Okay, so you were a good person and paid your IBR for 25-30 years. What now? Well, you’re about to be hit hard with a tax bomb. All of that money that is now forgiven counts as income on your taxes. This could mean a bill in the tens of thousands if you combined this with any of the other methods here—or just borrowed a lot to begin with. Luckily for us, there is something called insolvency. This means you are unable to pay your debts, and there is a really simple formula for whether or not you are insolvent. As long as you have more liabilities than assets at the time of student loan forgiveness, you are considered insolvent. In other words, right before you are about to be forgiven, like year 24 out of 25, you would take out a loan on something. All you would need to do is buy a house, buy a car, or buy something with a huge price tag. As long as your liabilities are way higher than your assets (like aim for 100K or something more), you are considered insolvent and you don’t have to pay any of the tax bomb. Boom. The IRS agent said this is fine. The lawyer said this is fine. I cannot believe this is fine. Where could you get the money to borrow for a house? Check Asset Creation method above. You could always sell the asset after the tax bomb is dealt with. For more information on defusing the student loan tax bomb: https://lawyerist.com/defusing-student-loan-interest-tax-bomb/
Getting Your Cosigner Off the Hook: So 90% of us have cosigners based on some statistic I read. These people are going to pissed at you, because they get harassed. If you have a lot of time to plan your strategy out, you can simply convert all of your private loans to federal ones. They are no longer responsible. The plan is above. Check out “Convert Private Loans to Federal.” Furthermore, if you are attempting to go the default route with private loans, you could potentially get your cosigner off the hook by refinancing your student loans without the cosigner. After you refinance, you could just default then. You would need good credit and meet certain requirements for this. Also, if you plan on defaulting, you might want to get your cosigner to transfer their assets to their spouse or someone trustworthy. Even though liens are rare, this could give you some peace of mind. As long as about 3-5 years go by, this is no longer considered a fraudulent transfer. Your state will have certain rules about this. If you are from Florida, apparently houses are untouchable there. You will need a lawyer to plan the asset transfer. At the same time, you may not be able to get your cosigner off the hook. Make peace with that. Student loans are brutal, so all you can really do is educate yourself and your cosigner and hope you come out on top.
Madlad Method: [high risk] Now, here comes my personal plan. This is what I’m doing, because I want to live a life on my terms and not really work for anyone my entire life. I’m also not a normal person, so this will probably appear crazy to some or most of you. So at this point, if you understand all of the methods before you, you are a powerful player in the student loan circus. You can do anything from fight the man to maliciously comply and bankrupt the system while becoming upper-middle class. I don’t really care for any of that. I want to go to a tropical paradise and make music for 20 years, so here is my interpretation of everything. I have some federal loans and private loans. I net about 25K a year through the Grad Plus loans, and I work about 4 hours a week in the online classroom. I take that federal loan money, and I sock away a few hundred every month to save up for my private loan settlement in about five years. Since I save 300 every month, I’ll have about 18K in 5 years when I go into default. I will settle ASAP. At the same time, I will continue to go to diploma mill universities, get master's degree after master’s degree, and move to a Latin American country where the cost of living is even lower. This way, my 25K a year puts me in the upper class of that country. I can live where I want and really do whatever I damn well please for as long as the Grad Plus loans are around. As an added bonus, I will already be starting a new life in another country where I can make connections and maybe even get married. I studied linguistics, so I know how to teach English. I can do that if I want a source of income anywhere. So there is my plan, and honestly, one day we might get someone in office who just wipes out all of this debt anyways. If that’s the case, I can just play the waiting game until all of this is over. Here are the rules on adverse credit history and Grad Plus loans: https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf
Final Thoughts: Defaulting on student loans is not immoral or a sin. It is a business decision. Everyone else gets bailouts, why should student borrowers be any different? You’re going to have to ignore the people who tell you why they think you should be a good little slave and pay your loans. Those people are not your friends. Those people are not on your side. Some of the best advice I ever received in life was you have to do what’s best for you. Also, if you have anything you would like to add to this or would like to challenge, please let me know. I want this to be as accurate as possible. I will be looking at this perpetually to make sure there are no errors. Take care. Good luck. You can do this.
submitted by I_Ride_A_Nimbus to StudentLoanEscape [link] [comments]

Student Loan Default: The Guide (reuploaded)

The original guide that was recently deleted here: https://www.reddit.com/studentloandefaulters/comments/cg1fd7/student_loan_default_a_guide/
I take no credit for this post, just happened to have it saved in a document and thought I'd be doing an injustice by not sharing this information once I saw the original post was missing! All credit goes to the original author, and without further ado...

Student Loan Default: A Guide
I’ve been wanting to write this for a long time, and seeing that person be in $500,000 of debt and no one really helping him on studentloans, I felt it was time to summarize everything I’ve learned. While there is great information on this sub, it is not centralized. It requires some digging. I hope now to bring all of it to the surface.

Definitions:

Strategic Default: When a borrower realizes that he or she can spend less money by not paying a loan. The borrower waits out the statute of limitations and then either settles or waits the debt out.

Shills: People who are paid to prevent the spread of student loan default information

Statute of Limitations: The number of years your state requires before a debt can no longer be collected.

Cosigner: The poor person who is just as legally required to pay your loans as you are

Foreign Earned Income Tax Exclusion: A tax rule that states any US citizen can earn up to about $100,000 a year in another country and report their US taxes as 0.

Fraudulent Transfer: When a party tries to move assets to someone else in order to avoid a lien on their property.

Lien: Essentially when the government slaps a bill onto your property forcing you to pay off a debt before you can sell the property.

Income Based Repayment (IBR): Federal loans can be paid with 15% of your discretionary income (money earned after taxes) instead of a higher, unpayable amount

Aggregate Student Loan Limit: The total amount a student can take out before the federal government or a private lender stops authorizing new loans

Wage Garnishment: When a court forces your employer to take out a certain percentage of your paycheck to pay back a debt

Bank Levy: When the government or a court takes all of the money directly out of your bank account to pay a debt

Private Loans: Loans that originate from anyone but the federal government. These loans have a statute of limitations and less power but higher interest rates.

Federal Loans: These loans have no statute of limitations, the government can collect anything you earn to get these back, and they come with IBR which is manageable

Sallie Mae: The worst private lender on the market. They only offer deferment for four short years.

Forbearance: A period where you do not have to pay your student loans, but interest accrues.

Deferment: A period where you do not have to pay your student loans, but interest does not accrue.

Credit Score: A number that tells people how responsible of a borrower you are.

Student Loan Tax Bomb: After you have paid for 10 - 25 years on your federal loans, you are forgiven the rest. That is considered income by the IRS. You then add this “income” to your regular income for the year and pay the tax. It can be over $10,000.

Insolvency: When you are unable to pay your debts. This works well for defusing the student loan tax bomb.

Public Service Loan Forgiveness: If you work for 10 years at a government job, you can get your entire federal student loan balance forgiven. In 2019, the feds are making it near impossible to collect. This could change.

A note on cosigners before we begin: Look, your cosigner is probably going to be very mad at you. Prepare for your relationship to be strained. You need to try and get them on the same page as you, and I do offer a tactic here to at least shift all of the financial burden off of your cosigner below. If you decide to do any of these tactics without getting your cosigner off the hook, there could be more risk involved if you or your cosigners have a lot of assets.

Strategy

Student loan default is a strategy. And to have a good strategy, one must plan as much as possible. You have to know all of your options. While strategy is your overall game plan, tactics are the individual options you have to get your strategy accomplished. Below are the tactics that you can employ to beat the student loan companies.

Tactics

Paying Your Loans: [low risk] In the rare chance you have anywhere between $1,000 to $20,000 in federal student loans and you have completed your bachelor’s degree, you should probably just pay the damn loans. All you have to do is set up an auto debit and forget about it. It will be about 15% of your income. You really want to try and avoid consolidating if you can, because it will count against some of your IBR payments. You would also lose your grace period if you did this. At the end of 10 to 25 years, you will be forgiven all of the loan amount you did not pay. That forgiven amount is considered income by the IRS, so you will be put into a higher tax bracket. I would get an accountant when this comes. In your case, your tax bomb will be low enough where you could probably just pay it. If you want to really shake things up though, you are welcome to try either the Asset Creation Tactic or the Madlad Method below. Here is more information on Income Based Repayment: https://www.studentdebtrelief.us/repayment-plans/income-based-repayment-plan/

Default Private IBR Federal (Staying Put): [low risk] The standard strategy here on studentloandefaulters. As mentioned above, for the federal loans, it’s best to just IBR and automatically debit your bank account each month and forget about it. For the private loans, this is where the game begins. Your overall plan here is to default, wait out the statute of limitations in your home state, and either settle the debt for less than 30% or just hope they leave you alone and you don’t pay at all. From this moment on, whatever you would have paid for your private monthly bill, sock that money away. Once you go past 120 days of no payments, you are in default. This is where the phone calls come in. They will start to harass you. They will call your work, your cell phone, your cosigner, etc relentlessly. Most likely, they’ll start doing this before you get to default. As they call you, you can either just give them the cold shoulder or start immediately acting like you do not own the debt. Never admit that you own the debt. Tell them you think they are crazy and have the wrong person. Inform your cosigner to do the same. Once your loans are sold to a collection agency, wait until they call you and ask for verification of the debt. If they do not provide it, you won. Chances are, they will be able to verify it, so just make sure you never admit to the debt on the phone or make a payment. If you make a payment, you’ll reset the statute of limitations. Do not give them five dollars, two dollars, a penny. If they do sue you, show up for court. Get a lawyer if you can afford it. You have to show up to court, or they win automatically. Even if you don’t have a lawyer in court, you need to make them verify the debt. You could still lose here. If you do lose in court, go to my tactic of “The Cat and Mouse Game.” They are playing a numbers game, and if you are harder to sue than John Smith down the street, they may prey on him or her instead of you. Now, there are four states in the United States that do not have wage garnishment: Pennsylvania, North Carolina, South Carolina, and Texas. You could move there, and if you have barely any assets, you are considered judgement proof. This means you’re not worth the time to be sued, because you have nothing to take and cannot be garnished. Moving is hard, though, so that’s a personal decision. Also, from what I understand, if you do move to these states, you can switch your statute of limitations over to their states which may be less time until you cannot be sued anymore. If you do lose and just want to stop here, you could get your bank levied and you could be slapped with up to a 25% wage garnishment until paid in full Clarification: a lot of people do not ever get garnished, and bank levies are rare (they are non-existent on federal loans). Do not let this freak you out!. I repeat this is super rare and not likely to happen. Anyways, you have options at this point. If it does happen, try another tactic like leave the country or cat and mouse below.

Default Private Default Federal: [medium risk] Some of the wilder people have attempted to default on both federal and private loans in order to do a cash settlement. The same strategy above in Default Private IBR Federal applies, but realize that the US government could just step in and do an administrative garnish on you eventually. If you were living some sort of cash existence, you could potentially avoid them and then write them a money order and settle for 30% or something. This way, you avoid the tax bomb and would probably pay a lot less interest overall. If you do this and it works, I would love to hear about it.

Cat and Mouse: [medium risk] So, you want to avoid getting sued or you lost a judgement? You don’t have to sit back and take it. u/nowaysalliemae has successfully avoided being sued by essentially going on the run. You see, to be sued successfully, they need to know where you work. If you get sued, move to another state, and switch jobs, they have to do the entire process over again! This means find you, verify the debt, sue you, etc. You can essentially do this until your statute of limitations runs out. And then, you dispute the debt on your credit score. They take it off at that point, and you just saved a lot of money. I decided to put this as medium risk, because moving around a lot would require some luck. Especially since you would need to work wherever you go, there are a lot of moving parts here. I think it is totally doable, and if you are an adventurous personality type, it could be a lot of fun. This only works for the private student loan side, because the US government has a lot more power. You would still IBR your federal loans on this tactic. For more information, go through nowaysalliemae's post history.

Leave the Country: [medium risk] What if you want to avoid all of this altogether? Do you want a reset button on your life? You can just leave the country and start over. Seriously. Your credit score does not follow you across countries. The federal government cannot garnish your paycheck if you work internationally. You are not a criminal doing this. Furthermore, there is something called the Foreign Earned Income Tax Exclusion. Since you will still IBR your federal loans on this plan, as long as you make less than $100,000 in another country, your US income is zero. This means you just got a free education while you make money in another country. Once you pay zero for 25 years, you will have to defuse your student tax bomb. Tactic Below. Private companies do not stand a chance here. There are countries in the commonwealth such as Australia and Canada that are more willing to take you in if you meet certain requirements. You could teach English at a bunch of places. You could apply for residency at these places or be a perpetual tourist. A perpetual tourist is someone who essentially moves to a new country, goes to a neighboring country for a weekend, and then goes back to that new country they are trying to start a new life in*. This in no means you have to go back to the U.S. Ever. For example, you want to live in Panama forever, every 90 days, you take a weekend trip to Nicaragua. You come back to Panama after the weekend is over and get another 90 day pass. Rinse and repeat. This gives you another 90 days in your country of choice. If you make money on the internet, this strategy would work pretty well. You can just be a perpetual tourist or marry someone in another country and start a new life. This will not be a good fit for everyone, but there’s something exciting about this. If you are young, single, and restless, this could be the adventure of a lifetime. Here's more info on being a perpetual traveler and the FEIE: https://www.escapeartist.com/blog/perpetual-traveler-us-tax-code/

Suspend Payment Without More Debt: [low risk] So recently, it has been brought to my attention that there is a community college, Luna Community College (in Las Vegas, NM), that has tuition so low you could go half time all year for about 684 dollars. They have a small amount of associate's degrees. If you just want to stop paying without taking any more loans, this would be the way to do it. You could do this for many years. Luna Community College's tuition matrix: https://luna.edu/tuition_matrix

Convert Private Loans to Federal: [low risk] From this point on, these are my special tactics I’ve been thinking about. They might work really well for some people. So, you have a bunch of federal loans and a good amount of private loans. You don’t want to fight debt collectors or move around. Try this. This plan only works if you have a bachelor’s degree though. Anyways, there is a special loan offered by the US Federal Government called the Graduate Plus Loan. This loan is incredible, because there is no aggregate student loan limit. In other words, you can borrow as much money as you want here. Even a million dollars no questions asked. All you need is no delinquency or default on your credit report. If you do have these things, you can get a cosigner in on the plan. They won’t ever be responsible anyways because you will defuse the tax bomb at the end. This works to your advantage, because you could go back to school at the graduate level, get a diploma mill master’s degree online, use your room and board payment to start paying off your private loans ASAP. Just make sure you are doing whatever your school considers half time enrollment in order to avoid student loan payments while doing this. Once you’ve gone to school long enough and converted all of your private loans to grad plus loans, you could just go on an IBR plan. This will at least make your life manageable. You would have to defuse your student tax bomb once this is over. Tactic below.

Convert Federal Loans to Private: [medium risk] So, what if you wanted to go the opposite way? Maybe you want to convert all of your federal loans to private ones, default, and then leave the country? Hey, maybe there are reasons you want to hurry up the settlement process. You could essentially do the same strategy as above, but instead just borrow from Sallie Mae, Wells Fargo, etc until all of your federal loans are paid off. Then, either cat and mouse or leave the country. I don’t think a lot of people would find a use for this, but hey who knows?

Asset Creation Method: [high risk] What if you wanted to not just pay off your loans but get ahead in life? Maybe you feel like using your student loan debt to your advantage. Thanks to the work done by u/BinaryAlgorithm, you could really come out on top here. Remember those Grad Plus loans we were talking about? Well, there’s nothing stopping you from continually borrowing all year on these loans, investing the room and board, and acting as if you do not have the debt in the first place. While I had originally said that rental property does not count as income, I cannot find any documentation proving this. You can still invest this money however you want, and you just defuse the tax bomb at the end (if anyone can find that documentation, please let me know). I did find that rental properties offer a lot of ways to reduce your adjusted gross income (management fees, advertising, etc), and these could reduce your income closer to zero. We’re not done here. Moreover, you could get a job that qualifies for Public Student Loan Forgiveness, enjoy your investments, and then pay for the 10 years. Be sure to convert all loans to federal before starting this tactic. I only put this as high risk, because the whole plan falls apart if Grad Plus loans get capped. Will they? Probably not, because those are the loans doctors and lawyers take out to go to their professional schools. It would take an act of congress to change the way the law stands now, but still, you should know that. This plan spans decades, so a lot can change. Also, having this many installment loans may lower your credit score over a multitude of years, but based on what everyone has found out here, it's not by much. For more information, go to this subreddit's search bar and type in "aggregate" and go look at BinaryAlgorithm's two posts on the subject.

Defusing the Student Tax Bomb: [low risk] So lucky for you, I talked to an actual lawyer and an actual IRS agent about this. This is completely legal and doable. Okay, so you were a good person and paid your IBR for 25-30 years. What now? Well, you’re about to be hit hard with a tax bomb. All of that money that is now forgiven counts as income on your taxes. This could mean a bill in the tens of thousands if you combined this with any of the other methods here—or just borrowed a lot to begin with. Luckily for us, there is something called insolvency. This means you are unable to pay your debts, and there is a really simple formula for whether or not you are insolvent. As long as you have more liabilities than assets at the time of student loan forgiveness, you are considered insolvent. In other words, right before you are about to be forgiven, like year 24 out of 25, you would take out a loan on something. All you would need to do is buy a house, buy a car, or buy something with a huge price tag. As long as your liabilities are way higher than your assets (like aim for 100K or something more), you are considered insolvent and you don’t have to pay any of the tax bomb. Boom. The IRS agent said this is fine. The lawyer said this is fine. I cannot believe this is fine. Where could you get the money to borrow for a house? Check Asset Creation method above. You could always sell the asset after the tax bomb is dealt with. For more information on defusing the student loan tax bomb: https://lawyerist.com/defusing-student-loan-interest-tax-bomb/

Getting Your Cosigner Off the Hook: So 90% of us have cosigners based on some statistic I read. These people are going to pissed at you, because they get harassed. If you have a lot of time to plan your strategy out, you can simply convert all of your private loans to federal ones. They are no longer responsible. The plan is above. Check out “Convert Private Loans to Federal.” Furthermore, if you are attempting to go the default route with private loans, you could potentially get your cosigner off the hook by refinancing your student loans without the cosigner. After you refinance, you could just default then. You would need good credit and meet certain requirements for this. Also, if you plan on defaulting, you might want to get your cosigner to transfer their assets to their spouse or someone trustworthy. Even though liens are rare, this could give you some peace of mind. As long as about 3-5 years go by, this is no longer considered a fraudulent transfer. Your state will have certain rules about this. If you are from Florida, apparently houses are untouchable there. You will need a lawyer to plan the asset transfer. At the same time, you may not be able to get your cosigner off the hook. Make peace with that. Student loans are brutal, so all you can really do is educate yourself and your cosigner and hope you come out on top.

Madlad Method: [high risk] Now, here comes my personal plan. This is what I’m doing, because I want to live a life on my terms and not really work for anyone my entire life. I’m also not a normal person, so this will probably appear crazy to some or most of you. So at this point, if you understand all of the methods before you, you are a powerful player in the student loan circus. You can do anything from fight the man to maliciously comply and bankrupt the system while becoming upper-middle class. I don’t really care for any of that. I want to go to a tropical paradise and make music for 20 years, so here is my interpretation of everything. I have some federal loans and private loans. I net about 25K a year through the Grad Plus loans, and I work about 4 hours a week in the online classroom. I take that federal loan money, and I sock away a few hundred every month to save up for my private loan settlement in about five years. Since I save 300 every month, I’ll have about 18K in 5 years when I go into default. I will settle ASAP. At the same time, I will continue to go to diploma mill universities, get master's degree after master’s degree, and move to a Latin American country where the cost of living is even lower. This way, my 25K a year puts me in the upper class of that country. I can live where I want and really do whatever I damn well please for as long as the Grad Plus loans are around. As an added bonus, I will already be starting a new life in another country where I can make connections and maybe even get married. I studied linguistics, so I know how to teach English. I can do that if I want a source of income anywhere. So there is my plan, and honestly, one day we might get someone in office who just wipes out all of this debt anyways. If that’s the case, I can just play the waiting game until all of this is over. Here are the rules on adverse credit history and Grad Plus loans: https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf

Final Thoughts: Defaulting on student loans is not immoral or a sin. It is a business decision. Everyone else gets bailouts, why should student borrowers be any different? You’re going to have to ignore the people who tell you why they think you should be a good little slave and pay your loans. Those people are not your friends. Those people are not on your side. Some of the best advice I ever received in life was you have to do what’s best for you. Also, if you have anything you would like to add to this or would like to challenge, please let me know. I want this to be as accurate as possible. I will be looking at this perpetually to make sure there are no errors. Take care. Good luck. You can do this.
submitted by PlsvoteforBernie to studentloandefaulters [link] [comments]

What is SynchroBit Digital Assets Trading Platform All About?

About
SynchroBit.io (“SynchroBit”) is a Centralized P2P Digital Assets Trading Platform for trading all kinds of listed digital assets with both cryptocurrencies and fiat currencies.
SynchroBit™ is service and platform of SYNCHRONIUM LLC, and as an official trademark of SYNCHRONIUM LLC. It is a part of its innovative ecosystem, the SynchroSphere. SynchroBit benefits from a wide range of new technologies for faster, smarter, cheaper, and better trading of digital assets and provides the users with integrated 24/7 customer support via phone, chat, and online ticketing systems.
Registration on SynchroBit™ is free and open to everyone above 18 years old from non-sanctioned countries and territories by the European Union, and United Nations Security Council.
SynchroBit™ is an evolving digital assets trading platform which will be developed and upgraded in various versions to provide the users with higher standards, faster, smarter, and better trading opportunities and options.
What is the SNB Token?
SynchroBit™ will use its own native cryptocurrency, the SynchroBit Coin (SNB) which is an ERC-20 Ethereum based token. Users with passing the KYC/AML process can participate in SNB Token crowd-sales on www.snbtoken.io, by considering the terms and conditions and reading the official whitepaper provided on the website. Based on the SynchroBit business policy, trading with SNB token on SynchroBit.io will be free and the holders will benefit from added-value services and loyalty programs which will be only available to use by SNB Token. In addition to SynchroBit trading platform, SNB Token will be integrated with other major platforms of SYNCHRONIUM to increase its popularity and applications.
Why SynchroBit™
Digital assets trading is a fast-growing trend in the global financial market. A digital assets trading platform is an online platform which enables the users to trade various kinds of tradable assets and funds, including cryptocurrencies, futures, options, stocks, currencies, etc.
With an overview of the existing major trading platforms, someone can observe a wide range of problems from the user’s point of view including (but not limited to);

SynchroBit™ is designed by an international group of experts from various sectors including digital assets trading, blockchain, programming, cybersecurity, digital marketing, financial services, and investment advisors to provide the users with innovative solutions and tools to minimize their risks and maximize their ROIs.
SynchroBit™ aims to minimize the conventional boundaries and provide its users with a comprehensive platform for trading various kinds of digital assets in various trading ways including binary options, futures, options, and smart contracts.
SynchroBit™ is a Peer-to-Peer (P2P) trading platform on which users are dealing with each other anonymously. Due to its P2P nature, users play a key role in the liquidity of the assets. However, SynchroBit™ will also provide the adequate liquidity for the trading of assets and funds in partnership with global liquidity providers.
SynchroBit™ is a hybrid trading platform which benefits from the both technological features of centralized exchange (CEX) and decentralized exchange (DEX). Due to its innovative technology and features, users will experience leading-edge security, integrity, and functionality on SynchroBit™.
SynchroBit™ aims to minimize the trading fees by introducing its own native monetary system via its token, SynchroBit Coin (SNB) token, by which the trading fees will be zero.
SynchroBit™ is more than a digital assets trading platform and provides a wide range of innovative solutions and value-added services to its valuable users including advanced analytics, virtual trading, social trading, and many more through its upcoming new versions.
SynchroBit™ is incredibly fast and its speed will be enhanced and improved through the next upcoming versions as well. Basically, SynchroBit™ can handle 1,000,000 TXP which means every TX will take place only in 40 Nano Seconds (40 billionths of a second) on SynchroBit™.
SynchroBit™ APIs enable 3rd party developers to develop new applications and solutions to create new platforms and services. The core technology of SynchroBit™ synchronizes the integration of various trading solutions via hyper-secure connections.
Diversity and Simplicity
SynchroBit™ aims to provide its valuable users with a diversified range of features, options, tools, and solutions while keeping its simplicity of use and functionality. This is and always will be the essence of SynchroBit™ as a trading platform.
SynchroBit™ initial version comes with innovative features for trading cryptocurrency assets with fiat and cryptocurrencies. While the keeping the core technology more advanced and secure, SynchroBit™ will continue to add new trading features and markets to provide its users with diversified assets and markets.
Working with SynchroBit™ will be quite simple for both newcomers and professional traders and our support team will be always available to our customers in 24 hours, 7 days a week via phone, live chat, email, video conference, social media, and advanced CRM system.
Enhanced User Engagement
Since SYNCHRONIUM® manifesto indicates it’s a global enterprise of the people, by the people, and for the people, SynchroBit™ is also the same. We have open doors to our users via our platform and welcome their participation in making SynchroBit™ faster, smarter, and better than ever.
User engagement on SynchroBit™ is a principle strategy to enhance the functionality and the popularity of the trading platform to everyone. SynchroBit™ provides its valuable users with a wide range of communicational and socializing tools including public and private chatrooms, trading groups, forums, tournaments, loyalty programs, and public summits to make SynchroBit™ a platform for smart trading.
Integrated Customer Support and Services
In fact, integrated customer support and services (ICSS) is a neglected on most of existing trading platforms. SynchroBit™ team believes that ICSS is one of our key competitive advantages in the market due to our superior ICSS policy and procedures.
There will be various membership plans available to our valuable users ranging from basic to platinum which provides them with a wide range of services ranging from advanced analytics, market insights, account management, etc.
SynchroBit™ users will experience the customer intimacy like no one else. Our customers will be arranged so that they will have their own account managers who solve their problem and helps them to improve their performances on SynchroBit™.
We are committed to obeying the international laws and regulation on Anti-Money Laundry (AML) and Countering the Financing of Terrorism (CFT) to prevent any potential abuse of our platform for outlaw behavior or activity. However, due to our responsibility to our valuable users, their information and data will be always considered as classified information with the Confidentiality Rank of C4 (the highest confidentiality rank at SYNCHRONIUM® which mean such information only can be provided to courts and law enforcement organization through the legal procedures).
A well-trained team of customer support agents, working under the supervision of well-experienced customer support managers will provide SynchroBit™ users with 24 hours, 7 days a week support to asking their questions, solving their problems, and providing them with useful information. SynchroBit™ Customer Service Center is a decentralized and globally distributed network with agents speaking English, Russia, Arabic, Persian, Turkish, Hindi, Spanish, Chinese, and French languages.
Although SynchroBit™ user interface is in the English language, however, we’ll provide our platform in the other languages for our users which are mostly used by them. At this phase, since we are analyzing the most used languages by our future costumers and adding new languages will be accomplished gradually in the next versions on SynchroBit™. It’s important to note that by releasing SynchroBit™ Version 1.0, all major languages used by SynchroBit™ users will be available.
SynchroBit™ Wallets
SynchroBit™ users can enjoy the most diversified wallet features provided on any trading platform ever! As a P2P digital assets trading platform, SynchroBit™ has implemented all required wallets for the users.
Cold Wallet
Every SynchroBit™ user can easily integrate her cold-wallet with our platform. currently, we have cooperated with Trezor, which is one of the most popular and secure cold-wallet providers in the market. While trading, user just need to connect her Trezor cold-wallet and enable its integration with SynchroBit™, safely transfer their funds for trading and/or withdraw their crypto funds safely and directly to her old wallet!
In next version, we’ll integrate other cold-wallets including Ledger and Meta Mask for more convenience of our valuable users.
Crypto Wallets
Unlike the other trading platforms, every user on SynchroBit™ will benefit advanced and highly secure crypto wallets. In addition to the features stated before, these wallets have additional features, including

The crypto wallets are available for various coins including BTC, BCH, ETH, XLM, ZEC, LTC, and XRP.
Meanwhile, all ETH based tokens are supported by SynchroBit™ Crypto Wallets.
The maximum withdrawal limit from SynchroBit™ wallets for the users who have not passed their KYC is 5 BTC (or its equivalent value to other cryptocurrencies) in every 24 hours.
Crypto Addresses
In addition to crypto wallets, users can generate the unlimited number of crypto addresses for their crypto wallets which are fully integrated. Every 24 hours, a user can generate a new crypto address for her BTC, BCH, ZEC, and LTC wallets while keeping and using the older crypto addresses.
This feature increases the security of the wallets and the assets of the users, as well.
Fiat Wallet
Fiat wallets are one of the great features of SynchroBit™. This feature is only available for the users who successfully passed their KYC/AML process by the support team. There is no limit for depositing fiat funds on the fiat wallets, however, withdrawals require the banking procedures and clearance for large amounts depending on EU and USA banking regulations for transferring of funds.
Users can deposit their fiat funds via the following procedures:

Any deposit and withdrawals from the fiat wallets require the confirmation of SynchroBit™ for ensuring the security measures of user funds.
Depositing on fiat wallets has zero fees, however, withdrawals may include charges and fees, depending on the bank, currency, regulations, and limits.
SynchroBit™ fiat deposits and withdrawals are available in US$ and Euro, however, in the next versions, depositing more fiat currencies including Turkish Lira, GBP, AED, AUD, CAD, CHF, Rubble, JPY, and GEL.
Diversified Markets
SynchroBit™ will not be limited only to the trading of cryptocurrencies. Based on the roadmap, in addition to a diversified and comprehensive market for the trading of valuable and reliable cryptocurrencies, SynchroBit™ will add new markets including metal markets, energy markets, commodity markets, and other tradable digital assets in its upcoming versions.
Diversified Trading Methods
SynchroBit™ opens new horizons for the users to trade the digital assets in P2P manner. in addition to formal trades with the market price, setting limits and stop-limits, SynchroBit™ introduces Trend-Limit which is an innovative way of setting various stop-limits to minimize the trading risk.
In addition to formal P2P binary trading, SynchroBit users will benefit from other trading methods including margin trading and features trading in the next versions.
How to Help Us?
Developing, maintaining and upgrading SynchroBit™ is a costly work that evolves an international team of experts. Interested people can participate in SNB Token ICO by visiting www.snbtoken.io and join our crowd-sales. The raised funds from the crowd-sales will be used by SYNCHRONIUM LLC to develop and launch the next version of SynchroBit.
Need further information?
To find out more about SynchroBit project you may visit www.snbtoken.io and read the final version of SynchroBit Whitepaper.
In addition, our FAQ page may help you to get more information about SynchroBit, its features, functionality, and services.
You may be interested to try the demo of SynchroBit and explore its features and functionality. Click here to explore how it works!
submitted by SynchroBit to u/SynchroBit [link] [comments]

Beginner’s Guide to BitMEX

Beginner’s Guide to BitMEX

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Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.

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Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
Visit BitMEX

How to Sign Up to BitMEX

In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
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However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
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Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
  • Limit Order (the order is fulfilled if the given price is achieved);
  • Market Order (the order is executed at current market price);
  • Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
  • Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
  • Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
  • Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
  • Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.

Futures and Swaps

A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.

Bitmex Leverage

BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
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The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.

BitMEX Fees

For traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
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However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.

Deposits and Withdrawals

BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
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Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Supported Currencies

BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
  • Bitcoin (XBT)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple Token (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Tron (TRX)
  • EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
  • 5x: Zcash (ZEC)
  • 20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
  • 25x: Monero (XMR)
  • 33x: Litecoin (LTC)
  • 50x: Ethereum (ETH)
  • 100x: Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)

Trading Technologies International Partnership

HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.
https://preview.redd.it/qcqunaby3cc41.png?width=672&format=png&auto=webp&s=b77b45ac2b44a9af30a4985e3d9dbafc9bbdb77c

The BitMEX Insurance Fund

The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
https://preview.redd.it/wel3rka04cc41.png?width=669&format=png&auto=webp&s=3f93dac2d3b40aa842d281384113d2e26f25947e
Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
https://preview.redd.it/is89ep924cc41.png?width=699&format=png&auto=webp&s=f0419c68fe88703e594c121b5b742c963c7e2229
(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
https://preview.redd.it/vb4mj3n54cc41.png?width=707&format=png&auto=webp&s=0c63b7c99ae1c114d8e3b947fb490e9144dfe61b
(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
  • BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
  • BitMEX does not demand payments from traders with negative account balances.
  • The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism.
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

How suitable is BitMEX for Beginners?

BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
  • **Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
  • **Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
  • **Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
  • **References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
  • **API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts.
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.

Is BitMEX Safe?

BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
https://preview.redd.it/t04qs3484cc41.jpg?width=808&format=pjpg&auto=webp&s=a3b106cbc9116713dcdd5e908c00b555fd704ee6
In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.

How Secure is the platform?

As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.

BitMEX Customer Support

The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
https://preview.redd.it/8k81zl0a4cc41.jpg?width=808&format=pjpg&auto=webp&s=e30e5b7ca93d2931f49e2dc84025f2fda386eab1
The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here

Conclusion

There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
Visit BitMEX
submitted by bitmex_register to u/bitmex_register [link] [comments]

Crypto Became a Gambler’s Paradise?

Source https://news.bitcoin.com/how-crypto-became-a-gamblers-paradise/
Comparing cryptocurrency trading to gambling is like comparing crypto tribalism to religion: the analogy is correct, but it’s also tired. What bears emphasizing, then, isn’t that crypto trading and crypto gambling are often indistinguishable, but the extent to which the two disciplines permeate the cryptosphere. From the most popular dapps to the leading hacks, everything of interest within the space can be interpreted as a form of gambling. It’s the reason why crypto is so fascinating and so addictive.

The Whole World Is a Game

The gamification of everything is the endgame of life itself. Soon it will be impossible to go for a jog without receiving a high score or being showered in shitcoins for your efforts. Competition is what drives us as humans. The desire to be better than one’s fellow man or woman is the reason we’re here today on the internet, and not still living in mud huts. Combining money, mathematical puzzles, economics and copious amounts of game theory, crypto is a heady concoction of all the things that spur a man to get out of bed in the morning and conquer the world.
And the use of “man,” on this occasion is deliberate. There are many reasons why crypto has been historically male-dominated, some of which are too contentious or tangential to delve into here. This much, however, needs said: men are greater risk takers in life. It’s why their fortunes are more likely to fall in the extremes than in the mean: atop the mountain or in the gutter, but rarely in between. It’s also why crypto’s greatest success story so far has been letting men do what they were gonna do anyway: gamble, both literally and loosely, while striving to stack more sats than their peers.

Gambling on a Future for Dapps

What is altcoin trading if not a game to end up with more BTC than you started out with? Whether you get there through charting ichimoku clouds or rolling high-low in a crypto casino seems immaterial. To understand the extent to which gambling dominates the cryptosphere, there’s only one place to start – the dapp store. Hit up your favorite dapp tracker (Dappradar or State of the Dapps are probably best) and take a look at the most popular decentralized applications on each chain.

Top 10 dapps according to Dappradar

State of the Dapps notes six of the dapps in its top 10 as being gambling. Dappradar, which records more crypto networks, including Tron, also has six gambling applications in its top 10. Leading the pack is Wink, the betting platform that uses the same principles as Bitcoin.com’s Cashgames: instant wins, micropayments, and provably fair gambling. Wink can be accessed as a conventional casino or on a game by game (i.e dapp by dapp) basis. In most respects, Wink is indistinguishable from any other crypto casino, with the primary difference being the way in which it’s accessed.
Online casinos can be banned and geo-restricted, as often occurs at national level. Dapps, while not the censorship-resistant paradise their proponents would have them, are a lot harder to block. It’s no surprise that many of the most popular gambling dapps have struck gold in Asia, where download links are shared in Wechat groups and where wagering on life is a way of life for many.

Trading or Wagering?

Not all gambling dapps can be neatly filed into the gambling category. How to interpret Bulls vs Bears for example? Like many of the leading dapps on Tron and EOS, it’s dubbed as gaming, rather than gambling, and as a skill-based endeavor, that’s technically correct. Players don’t compete against the house, and since the game calls for predicting crypto market trends, there’s skill involved. With talk of a “dynamic wagering environment” and large jackpots, though, it’s clear who the dapp’s target demographic is. Like many new dapps trying to bootstrap, Bulls vs Bears relies on giveaways (in this case TRX tokens for signing up) as a means of getting bodies through the door, or rather users on the protocol.
In condensing the act of trading into basic binary options – high/low, bull/bear, the dapp bestows the same duality that bifurcates so many other domains in life, from U.S. politics to dead rappers. Are you a bull or bear? Republican or Democrat? Biggie or Tupac fan? Somewhere out there is a dapp for that, where you can wager on binary options for all the things you love and hate.
Further blurring the lines between what constitutes gambling and what’s trading is Guesser. Built on Augur, it’s technically a prediction market that uses crowdsourced wisdom to determine probable outcomes. In reality though, it’s a betting dapp, and a very neat one at that. Guesser appears to have given up all pretences of operating a prediction market, inviting users to “Bet up to” a certain amount on each market.

There’s More Than One Way to Beat a Dapp

While crypto users have been filling Telegram and Wechat groups with gambling dapp strategies, a handful of more enterprising individuals have been working on their own means of beating the system. In crypto, as in everything else, there’s always a way to fast track your way to riches, provided you don’t mind breaking a few rules along the way.
Eosplay usage briefly dropped to zero after an attacker found a way to drain the pool of EOS.
Eosplay is the sixth most popular gambling dapp on EOS. For a short while, over the weekend, it was also the most profitable for whoever rented a bunch of resources and used them to clean out 30,000 EOS from the contract. Call it genius, cheating or a bit of both, it was an effective case study in unorthodox ways to beat the house.
People can moan about the rough edges around defi protocols, the unreadability of bitcoin addresses, and the complexity of wallet recovery, but not everything in crypto is quite so wonky. Gambling has been a mainstay since the beginning of Bitcoin, and developers have gotten extremely efficient at it. If crypto builders can approach other ecosystem verticals with the same gusto with which players and devs have approached gambling dapps, mainstream adoption is just a UX breakthrough away. Where there’s a will to innovate, there’s a way, and when there’s money wagering on it, no problem is too big to solve.
From casinos to bitcoin, formerly fringe interests have now been normalized, thanks to those willing to put a punt on them when no one else would. Where gamblers lead, the mainstream tends to follow.
Do you think gambling is one of the best use cases for crypto to date? Let us know in the comments section below.
submitted by Alanonzales to CryptoCurrency [link] [comments]

Frequently Asked Questions (FAQ)

1. Data Management

1.1 The Medicalchain Blockchain

How has Medicalchain Built its Blockchain?
Medicalchain has built a secure medical platform supported by a dual blockchain structure: Hyperledger Fabric and Ethereum. Medical data is extremely sensitive, in both a social and legal sense, therefore it was critical to focus on elements of privacy, safeguarding and legality whilst considering blockchain development. By selecting Hyperledger Fabric, we were able to build upon a modular architecture ensuring high degrees of confidentiality, resilience, flexibility and scalability.
Hyperledger Fabric creates a permissioned based blockchain that synergises two versions of patient’s data, the hash version being stored on-chain and the digital file version being stored off-chain (Expanded further in “How does Medicalchain Store data?”). The Ethereum network facilitates the smart contract transactions of our digital currency (MTN).
Further clarification: No personal data is stored on Medicalchain’s blockchain (on-chain) - hashes are binary numbers that represent a digital ‘fingerprint’ of your data.
What is the difference between a public and enterprise blockchain?
A blockchain is a network of nodes that maintains the publishing of a digital ledger containing all the transactions taking place within an ecosystem. Blockchain options can be generalised into two categories, a public and enterprise blockchain. Although serving the aforementioned purpose, the stark differentiators can be identified from node restrictions, publicity of transactions and consensus algorithm. Below we define the basic parameters of the contrasted:
Public blockchain:
Enterprise blockchain: (Medicalchain’s option)
How does Medicalchain store data?
Medicalchain’s data storage strategy uses a dual blockchain structure with a hybrid of on-chain data & off-chain data.
Only stakeholders which are relevant to the transactions on our platform will be aware of the corresponding transactions within the blockchain ledger. Hyperledger being a permission based blockchain, will ensure information governance by introducing layers of access control as well as security functions amongst all nodes, creating effective interoperability and data protection.
Why has Medicalchain decided to use a hybrid strategy?
Storing data on any blockchain is an extremely cumbersome and risk ridden pursuit. Creating physical servers that are certified by each local government’s regulatory Electronic Health Record (EHR) compliance procedures is not the most effective approach to mass adoption. Nor is it acceptable to mount such sensitive data distributed within personal devices or other non-compliant data storages - legal barriers are inbound for this approach. With this in mind, we’ve decided on selecting nodes that are already equipped to handle health data in a compliant way, such as hospitals, GP clinics, research labs, etc. Medicalchain will have a fleet of data lakes deployed in the areas which we operate in. Each one of these will be compliant to local regulations and will enable us to maintain data decentralization by removing reliance on a centralised data hub, while still maintaining the integrity of this data by recording the hashes of the datasets as an on-chain transaction on our blockchain.
To compound on the risks & limitations of storing actual medical data on-chain:

1.2 Data Mining

How do you plan on gathering all the different medical format files including hand-written documents?
Recognising that infrastructure for health data formatting varies from country to country is the first step. As for data mining for physical data (paper written documents) we will utilise OCR (Optical Character Recognition), whilst with electronic data we will use API (Application Programing Interface) integration in order to merge data into a user’s Medicalchain ‘Health Passport’.

1.3 Data Sharing

Can anyone see my Electronic Health Record?
No, all patient information is kept private. Only the person that the record pertains to is able to see their electronic health record and control who has access to it.
How does Medicalchain allow patients to share their EHR?
Every patient that signs up to Medicalchain will receive a Medicalchain “Health Passport.” Each Health Passport represents a unique medical identity for each patient; it contains a patient’s complete electronic health record. Access to this digital file is available through the Medicalchain application anywhere and anytime. It will enable patients to not only see their EHR, but to have direct control over who else has access to their data also.
What are the benefits of holding a Medicalchain Health Passport?
For Patients
For Doctors and Health Professionals
For Research Institutes
For Insurance Companies

1.4 Data Manipulation

Who can update medical information?
Only certified doctors can append the Medicalchain Health Passport under the correct transactional conditions (no doctor should be able to self administer results).
Can patients hide medical information?
There exists the opportunity for patients not to disclose aspects of their Health Passport using our platform. Their intent could possibly be avoiding higher insurance premiums or even denial in health coverage. However, in exchange, the health care/insurance personnel can limit their advisement, treatment and prescription based on knowledge that information is limited to them. Similar to how insurance companies will grant lowediscounted premiums for greater transparency from the patients and the opposite if not. At the end of the day, it is the patient's decision on what to share and therefore would also determine the amount of liability a hospital would be willing to expose themselves to.
There will be a surplus of data at times, depending on the treatment, so in that case limited access to only necessary information would be appropriate.

2. Business Strategy

2.1 User Adoption

How will Medicalchain approach each market?
Medicalchain's market strategy will be a bottom-up approach. Meaning patients are able to download the application and grant Medicalchain consent to help gather their medical data from the relevant parties. Once this is done we can request a patient’s records on their behalf and populate a patient’s Health Passport (EHR) on Medicalchain’s platform. Each market has its own unique landscape and Medicalchain has sought local experts to help us penetrate each market.

2.2 Institutional Adoption

Why would incumbent healthcare institutions adopt Medicalchain?
Institutions could tap into additional revenue streams by having access to Medicalchain’s ecosystem by way of integration with the patient network, leveraging our electronic health data marketplace, using our future value-added services within the Medicalchain ecosystem. Reduction in administration costs and improved medical accuracy; accurate aggregated data goes a long way in solving the issue of fragmented and disparate health records currently plaguing healthcare systems.
How does Medicalchain earn money?
For every transaction that occurs within Medicalchain’s platform, we will charge a fee. Payments for using services such as telemedicine, the health data marketplace and other applications that will be developed within our eco-system, are also subject to this fee.

3. Additional Questions

3.1 MTN Token

Where does Medicalchain's Token Value derive from?
Medicalchain token is a reflection of the utility health data has for all stakeholders within the medical industry (patients, hospitals, insurance companies, university research divisions, non-profit, etc) - please do refer to the white paper, it clarifies better.
What is Medicalchain's Token (MTN) Utility?
MTN is a Utility Token. It can be exchanged for several services on the Medicalchain platform such as: 1. Health Data Marketplace: Payment for accessing medical data. 2. Telemedicine application: Online Medical Consultation. 3. Other future applications that could involve medical goods, healthcare packages, etc. You will be able to convert fiat into MTN within the platform, which will be the international currency of exchange.

3.2 Patient/Practitioner Experience

How will Medicalchain’s blockchain change the customer experience?
From a consumer standpoint you won't actually be able to recognise the difference. All you will experience is the ability to open up your application and bear witness to your complete health records, as well as gaining access to the multitude of value-added services built on Medicalchain’s platform.
Can doctors from any country register to provide medical consultation on Medicalchain's platform?
It will be on a case-by-case basis. For example, registering a doctor onto our platform requires due diligence to ensure our standards for onboarding are satisfied, however the exact process varies depending on the particular country in question. The strategy will therefore be country by country, step by step. We eventually aim to allow any doctor anywhere to participate, as well as patients.

4. Medical Landscape

4.1 Competition

Medicalchain vs competitors?
Every day there erupts new startups, both cloud-based and blockchain powered that attempt to solve the same pain points as Medicalchain. We acknowledge that differing design choices have varying tradeoffs inherent in them, but we are confident that our solution is the correct choice to solve the problems of disparate and uninteroperable health data as well as disempowered patients.
Generally speaking, here are some defining differences:
Control of your own data:
We provide an alternative from entities controlling and profiting from your data by providing a decentralised data platform where all of a patient’s health data can be stored. Moreover, we give patients control over their data and give them the ability to use a suite of applications and services.
Open eco-system via API + SDK:
Having an open platform invites developers to craft applications on top of this system enabling Medicalchain to become one of the largest utility prospects for medical activities globally. Medicalchain plans to release applications for telemedicine consultations as well as a health data marketplace. However, developers are free to make any kind of application they would like that uses health data; the possibilities are endless. Decentralizing data for patients is just the first step of Medicalchain. We're developing an ecosystem for the healthcare of the future.
Decentralizing data for patients is just the first step of Medicalchain. We're developing an ecosystem for the healthcare of the future.
submitted by CD-digitalnomad to medicalchain [link] [comments]

Open thread, July 2017

This is an open thread to discuss items of interest. I may also use it to drop thoughts as they occur to me as well -- something of a replacement of my former "tab closure" posts, as ... well, it seems tabs are simply running away from me. Consider this an experiment that's been mulling for some time.
If you've got a question, observation, link, or anything else, feel free to post it, with a thought to the lair rules -- like house rules, but larrier.

Plugs

I strongly recommend eleitl's subreddit, /collapsademic/. "Low-volume, low-noise, moderated discussion of our coming collapse".
That's one of a set of "limits and collapse" subs I've created a multireddit for:

Facebook's secret sauce wasn't software, it was Harvard

That is, Facebook was once literally Harvard. Something it very much isn't anymore, a point I noted after cries of "but the normal people are coming" rang out on Mastodon. It's a point danah boyd has also made in her research.
There's a corollary: if your interest is in creating the next Facebook, or even merely disrupting the present one, then it strikes me one viable option would be to identify whatever your next Harvard is -- a cohort of intelligent, attractive, interesting people, who aren't much impressed by Facebook Which Is No Longer Harvard -- and kick some funding and technical support at them.
Your Next Harvard doesn't have to be Harvard, mind, though that's probably a good (and symbolic) target to include. And I can pretty much guarantee that the folks at 1 Hacker Way will go into a blind panic.
Which might just be a sufficient disruption.

Veritasium: What YouTube's algorithm selects for

Derek Muller, among the higher-quality YouTube creators, has reflected from time to time on what makes for successful YouTube content. Much of that (as with other social channels) is strongly dependent on what the site's own algorithms incentivise for. This 12 minute video looks at recent changes, and what this suggests.
Why YouTube Used to Prefer Quality.
This ties in with a ... much larger .. reflection I've been engaged in on media generally. It also highlights one of many failings with The Information Diet, which is that the information appearing online, at social media sites such as Facebook, Twitter, or Reddit, or on the sites and content farms feeding those maws, depends tremendously on what is being selected for and promoted.
Muller also fails to consider a few elements:

Tech Ontology -- Blocking factors

I'm trying to explore a few concepts before writing a post (or posts? or book?) on the idea of an ontology of technological mechanisms. In particular a few bits:
Identifying what technology is, specifically, and how it differes from both science and the liberal arts / humanities. There's a very good passage from John Stuart Mill in his Essays on some unsettled Questions of Political Economy:
One of the strongest reasons for drawing the line of separation clearly and broadly between science and art is the following:—That the principle of classification in science most conveniently follows the classification of causes, while arts must necessarily be classified according to the classification of the effects, the production of which is their appropriate end. Now an effect, whether in physics or morals, commonly depends upon a concurrence of causes, and it frequently happens that several of these causes belong to different sciences. Thus in the construction of engines upon the principles of the science of mechanics, it is necessary to bear in mind the chemical properties of the material, such as its liability to oxydize; its electrical and magnetic properties, and so forth. From this it follows that although the necessary foundation of all art is science, that is, the knowledge of the properties or laws of the objects upon which, and with which, the art dons its work; it is not equally true that every art corresponds to one particular science. Each art presupposes, not one science, but science in general; or, at least, many distinct sciences.
Comparing existing ontologies of technology. The Encyclopedia Britannica, the Bacons (Francis and Roger), the Library of Congress Classification System, the Random House Encyclopedia, and Joseph Needham's classifications come to mind.
Comparison with mechanisms within biology. Why biology? Because human technology is, as I see it, an extension of biological mechanisms, at least in large part. Nick Lane in particular has some very interesting work here.
Are the mechanisms themselves technologies? I think my answer here is no, though I want to check myself on this.
The fundamental mechanisms. All the categories boil down to "do less" or "use more", I think.
The Network Elements. Numerous of the categories I've defined have or represent network-type effects. I'm asking myself if these cannot be simplified.
Keeping the end in mind. The ultimate goal of any classification scheme is to find an underlying and simplifying pattern. The realisation as I started putting this together was that each of the mechanisms implied specific benefits, and disadvantages, for the associated mechanisms, as well as a set of common features.
Disruption. I'm looking for ways Clayton Christensen's concept comes in to play. See also Jill Lepore's The Disruption Machine: What the gospel of innovation gets wrong (2014).

John Baez, Category & Network Theory

Category theory and Network Theory are areas of research of University of California, Riverside, physics professor John Baez. I've been playing catch-up with his G+ profile and Azimuth blog. Baez has maths I don't have, but the ideas he's pursuing strike me as similar to where I'm going with my own.
See particularly his Oxford Network Theory collection.

Can privacy be quantified?

This presupposes a few other questions, including defining what privacy is.
Jill Lepore, again, has a University of Kansas lecture, "Unseen - the History of Privacy" (April, 2017), which suggests a progression from mystery to secrecy, then privacy:
Lepore also notes that "the case for privacy always comes too late" -- after the horse is out of the barn. Debates over privacy always lag advances in technology.
There's a related set of etymologies: cabinet, a chamber of secrets, secretary, one entrusted to secrets, and secret itself: "set apart, withdrawn; hidden, concealed, private", from PIE root *krei- "to sieve," thus "discriminate, distinguish".
It seems to me that privacy is the abilty to set, define, and defend boundaries. (A source of rather constant friction with Google.) In which case some of the possiblities for measurement:
That's a partial and speculative list, but it gives some sense of where I'm looking.

Employment and Automation: Why is factory work different?

The focus on the automation debate is over the likely falling wages, and apparently job security, of labour. This frequently prompts the counterargument that factory work was an earlier age's version of automation, and ultimately paid well.
One though that occurs: What if manufacturing-based factory work was an exception?
And if so, an exception to what, exactliy, and why?
A few points come to mind, with Arnold Toynbee's Lectures on the Industrial Revolution and Robert Gordon's The Rise and Fall of American Growth supplying much of the background here.
Adam Smith writes of the five factors which provide for a premium on wages:
first, the agreeableness or disagreeableness of the employments themselves; secondly, the easiness and cheapness, or the difficulty and expense of learning them; thirdly, the constancy or inconstancy of employment in them; fourthly, the small or great trust which must be reposed in those who exercise them; and, fifthly, the probability or improbability of success in them.
Several of these apply to factory work:
That's four of the five factors.
The real key to me though is that the role of human workers was as the brains and control element of a structured, automated, and powered process. Factory work is very much literally a force multiplier of raw human skill. A single man, plus machines, could have his output multiplied many times. And due to the considerations above, plus unionisation, eventually claimed a high wage.
The question is how these factors extend into the coming world of work. I have concerns. And I don't see any of the discussion of this point following the lines of analysis I've given here.
Further development in a comment at The Other Place.
And, back to unionisation: factories represent both a strength and a weakness of monopoly-as-network-control.
On the one hand, a factory is a nexus of capital, access to financing, marketing and vendor relationships, transport, power or energy, and labour. On the other, a factory is much like a mine: you cannot simply pick it up an move it to another location. Or at least this was far less true in the 19th and much of the 20th century. Over the past 50 years or so, mobility of capital, and the ability to finance and construct new factories largely at-will has increased, with labour organisation falling largely in parallel.

The Brain and the Eighth Hand

I was reminded of a fantastical riff Yonatan Zunger posted to G+ a while back in which he created an entire wealth, class, and informational complexity theory around Star Wars vaporator droids. This is fiction-on-fiction, mind, but a wonderful set of imagery:
When Owen asked C-3PO if he spoke the binary language of moisture vaporators, the proper answer for him to give (in binary) would have been "with neither too many hands nor too few," that being the idiom for speaking politely and properly. Moisture vaporators use their hands as communication ports, each finger transmitting or receiving a single channel, and touch hands to one another in order to speak; if you were to speak with more hands than the listener had available, they would miss part of what you were saying, and (especially if that were crucial metadata) they would not be able to understand you. Conversely, if you spoke with fewer hands than they listened with, your transmissions would be slow, stilted, taking far too much time. Speaking with the appropriate number of hands is a key aspect of their culture.
But as with many societies, etiquette conceals notions of class: the number of hands a moisture vaporator has is largely determined by wealth and their role. As a result, a common worker with only two or three hands will always seem slow-witted and foolish when trying to speak to a five-handed member of their bourgeoisie, and that burgher would in turn feel profoundly uncomfortable in "seven-handed society."
An eighth hand, by law and by custom, is permitted only to their Emperor, and in fact "the eighth hand" is both a symbol of and metaphor for Imperial power.
So, we get communications, class, wealth, status, and complexity of thought, in one package.
I'd run across an item at Nautilus (fantastic online source, by the way, and they're actively soliciting support currently), "How Your Brain Decides Without You:
The structure of the brain [Lisa Feldman Barrett] notes, is such that there are many more intrinsic connections between neurons than there are connections that bring sensory information from the world. From that incomplete picture, she says, the brain is “filling in the details, making sense out of ambiguous sensory input.” The brain, she says, is an “inference generating organ.” She describes an increasingly well-supported working hypothesis called predictive coding, according to which perceptions are driven by your own brain and corrected by input from the world. There would otherwise simple be too much sensory input to take in. “It’s not efficient,” she says. “The brain has to find other ways to work.” So it constantly predicts. When “the sensory information that comes in does not match your prediction,” she says, “you either change your prediction—or you change the sensory information that you receive.”
To which I obseved on the Inevitability of the Eighth Hand, by the Emperor, that is, the decisionmaking centre of society:
Thus: the emperor must always have the eighth hand, and proper interpretation and framing of the Universe requires more processing power then sensing power, and/or the obligation to discard information which cannot be integrated into the receiving frame.
On which I'll note that the most startling element of this whole episode was that I was actually able to find it using G+ search -- otherwise almost wholly useless.

"Forward to the Past" -- the Digital Library as the problem, not the solution

Eric van der Velde writes on my newfound obsession, libraries, in "Forward to the Past". I've points of disagreement and agreement.
What particularly caught my attention, though, is this:
Why is there no scholarly app store, where students and faculty can build their own libraries?
Though I disagree with the market-based approach, the premise of a self-controlled, self-contained facility for personal information management ... yeah, I'm kinda hankering that way myself.

Subreddit styling: Geopolitics has a wonderful thread-collapse design

I'd first run across this some time back ... and then couldn't recall which subreddit it was. /Geopolitics has a very slick CSS where the "collapse thread" control runs the full height of the left-hand margin, for each nesting level of a comment thread. If you've decided you've had enough of a particular digression, you can close any level of it with a single click, without having to hunt up-thread for the relevant comment. See this archived post for an example.
I'm impressed and may well steal the concept. Good UI is very rare. This is a good UI.
Why? It puts the control directly in context, makes it easy, makes it obvious, and, should you close an item by accident, makes undoing the action trivially easy.

China and classifications of industrial sectors

In a YouTube video, Mark Anderson of INVNT/IP makes mention of a classification by China of the global economy into 417 sectors, and apparently is targeting those for economic espionage. On inquiring as to where that classification is made: the Communist Party of China's 12th Five Year Plan, 2011 - 2015.
Which I now feel I need to find an English translation of.
I did track down a U.S. government assessment of the plan, however. And in that, a further interesting note on what it considers to be a failure of the plan: though the performance targets of the plan were generally hit (and fairly impressively so), the analysis argues that the structural foundations of the economy weren't adequately addressed. This strikes me as an interesting possible response to various "things are going so amazingly awfully terrifically swell!!!" glurge posts which emerge from time to time. Interesting how vision clears when focused outward....

The Tech Ontology Purity Test: Filters

Another aspect of the tech ontology: I'm somewhat stuck on the point of various purification processes and mechanisms and how these fit within the notional framework I've conceived. Especially as this capability is a highly fundamental biological process, one that is key to virtually any process. Actually, it gets us straight back to entropy and de-entropisation.
A process by which a conglomeration of two (or more) things can be reduced to two (or more) separate collections, each with only one set of components to it, is what de-entroposiation is all about.
That might be a mechanical sorting (e.g., hand-picking), size-based filters (sieves, nets, filters), density differentials (wheat/chaff sorting, bouancy, air-jet separation, charged beam, gas diffusion, centrifuge), magnetic properties, distillation processes, chemical solutions, ion-diffussion / proton-pump mechanisms (cell-wall), etc. The upshot is: how do you distinguish between what you want, and then, somehow, act differentially on the one vs. the other?
Is this strictly a process knowlege, in which case it falls under "technology"? Is it a class of actions? Is it material properties? Systems management?

Asset price inflation and Adam Smith

A wonderful Smith quote:
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
-- Adam Smith, Wealth of Nations, Book I, Chapter VI
See previously, Asset Price Inflation of Maslovian and Productive Goods.

Robert Behn and "Gresham's Law of Leadership Strategies"

From his book The performanceStat potential a leadership strategy for producing results, Robert Behn distills what I see as a statement of Gresham's Law as a generalised constraint on complexity within systems:
He starts with the pithy observation:
Simple leadership strategies drive out the complex.
But then expands this more completely, showing the information-theoretical underpinnings of the fundamental Gresham's mechanism:
Simple, easily explained, easily comprehended, explicit-knowledge descriptions of a leadership strategy dive out subtle, complicated, tacit-knowlege appreciation for the potential of a complex leadership strategy to influence organizational behavior in ways that improve performance.
He continues to note that this comes in two forms:
  1. We humans prefer simple leadership strategies to complex ones.
  2. We also prefer simple explanations of complex leadership strategies to the subtle and complicated reality.
What I particularly like is the focus on several elements of psychology and cognition:
This suggests a subsuming mechanisms for Gresham's Law which jibes with concepts from Darwinian evolution: that systems evolve complexity costs, and that among the selective pressures which exist are those for a minimisation of complexity in light of such costs. There's an article on a computational evolution experiment, "Meet the Animats", which notes that there is a minimum complexity bound to various maze-traversal "animat" bots, though, without a complexity cost factor, the experiment found no constraint on the upward bound of complexity.
A few minor edits -- mostly deletions -- makes Behn's formulation on page 42 (appropriate) much more general:
"Simple, easily explained, easily comprehended, explicit-knowledge, descriptions ... drive out subtle, complicated, tacit-knowledge appreciation for the potential of a complex model."

Pilots vs. software users

From HN, ncallaway and kbuttler note that the airline industry's safety record is based on pushing beyond "pilot error" as an acceptable prime factor in accidents, and that the software industry might well do similarly.
While I agree generally with that sentiment, there's a key difference.
Airplane pilots are licensed, certified, trained, and regulated. There's a clear floor to who is allowed in the cockpit (barring extreme emergencies, e.g., incapacitation of a pilot). By contrast, software is made available to pretty much the entire world. And it turns out that two thirds of all adults have "poor", "below poor", or no computer skills at all. Which is to say, the qualifications floor is nonexistent. It's the tyranny of the minimum viable user.
If you're designing a one-size-fits-all system, you've got to design for this. The results, I'd argue, are ... not particularly satisfactory.
I'm not saying "don't design for the user in mind", or "don't dismiss user error". But rather, than when your floor is zero, you're going to have a remarkably difficult challenge.

One last thing ...

Do you like what you're reading here? Would you like to see a broader discussion? Do you think there are ideas which should be shared more broadly?
The Lair isn't a numbers game, my real goal is quality -- reaching, and hopefully interacting with, an intelligent online community. Something which I've found, in several decades of online interactions, difficult to achieve.
But there's something which works surprisingly well: word of mouth. Shares, by others, to appropriate venues, have generated the best interactions. I do some of that, but I could use your help as well.
So: if you see something that strikes you as particularly cogent (or, perhaps, insipid), please share it. To another subreddit. To Twitter or Facebook or G+. To the small-but-high-quality Metafilter. To your blogging circle, or a mailing list. If you work in technology, or policy, or economics, there as well.
Thanks, Morbius.
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