How to protect your Bitcoin from a hard fork – Chain Split Tokens
Chain Split Tokens were announced by Bitfinex on March 18, 2017. Here is a copy of the announcement that Simon Dixon, CEO BnkToTheFuture discusses with Phil Potter, Bitfinex. They discuss how to protect your Bitcoins from any upcoming hard fork and a general update from Bitfinex since the 2016 Bitcoin heist.
Today, Bitfinex proudly introduces trading on Chain Split Tokens (CST). The first such product of its kind, CSTs will allow Bitfinex customers to speculate on future fork events of the Bitcoin blockchain, specifically, the potential fork between Bitcoin Core and Bitcoin Unlimited. We are designating these CSTs as BCC (Bitcoin Core) and BCU (Bitcoin Unlimited).
CSTs will trade as BTC and USD pairs, initially without margin, and as will any other product with list, we will reevaluate that decision if there is sufficient liquidity.
Users will be able to create CSTs by “splitting” a bitcoin through the Token Manager (located in the Order Type drop down menu of the sidebar order ticket). Once split, the BTC will be removed from your account for each BCC and BCU added. Through the same Token Manager, you will be able to reverse this process at anytime, trading in equal numbers of BCC and BCU to extract BTC.
If no fork occurs by December 31, 2017, then BCU will expire worthless and BTC will be given in exchange for each BCC holder. If, however, there is a fork, specifically Bitcoin Unlimited, then, as soon as we list Bitcoin Unlimited, we will exchange BCU tokens for Bitcoin Unlimited tokens as well as retiring BCC tokens in favor of Bitcoin Core tokens. More detailed information can be found in the Chains Split Token Terms and Conditions.
We are planning a few additional enhancements including a realtime display of total CSTs as well as segregated cold storage for the bitcoins that have been split, which we will periodically settle to and from our hot wallet.
In February 2014 Bitcoin exchange Mt. Gox suspended trading, announcing that 850,000 bitcoins were stolen from their exchange. At today’s market value that’s over $900 million in value.
No customer has ever received any funds back, however, plenty of lawyers, accountants, auditors and court officials have been paid as they chose to follow traditional liquidation proceedings.
On August 2nd 2016 Bitcoin exchange Bitfinex reported that nearly 120,000 Bitcoins, representing approximately $72 million in value, had been stolen from their exchange.
Bitfinex handled the crisis differently.They decided to use financial innovation as an alternative to traditional liquidation proceedings.
They took the value of all stolen Bitcoins and implemented a 36% haircut on their clients deposits along with a promise to repay them in the future.
This ‘promise to repay’ took the form of a digital token that traded on a market or could be held for future repayment. Each token represented $1 to be repaid in the future.
Those that thought this ‘promise to repay’ was worthless were able to sell it.
This gave clients the ability to speculate on Bitfinex recovery and ability to repay.
The most sceptical sold their ‘promise to repay’ for 30 cents on the dollar and walked away with approximately 75% of the funds recovered.
BitFinex started to pay down some of these promises at the full value of $1. As they started to implement new security measures more and more customers returned to trading on the exchange giving BitFinex more revenues to repay more promises and the market peaked at over 82 cents on the dollar.
At BnkToTheFuture we watched the disastrous consequences of the Mt. Gox theft and watched in amazement as the BitFinex team chose a different path.
We wanted to do our part to help investors that believed in the recovery of BitFinex and set about working with the BitFinex team to allow victims of the hack to benefit from any upside thereafter.
We worked with the Bitfinex team to create an accurate representation of the businesses current situation and their future projections and allowed qualifying investors to convert their ‘promises to repay’ into equity in the company. Investors could redeem their promises at the premium market value of $1 and receive $1 of equity for every promise they swapped for BitFinex equity.
At the time of this recording over $36 million of the $72 million ‘promises to repay’ have been converted.
Investors now own up to 40% of the equity of one of the most profitable companies in the Bitcoin sector with all the dividends and exit proceeds that may come in the future for as long as they are shareholders.
While the full recovery is not over and BitFinex is only half way there, in less than half a year victims of the hack have many options to choose from and the most sceptical have recovered approximately 75% of their funds. Other speculators have recovered over 100% of their funds.
BnkToTheFuture is the world’s largest Online Investment Platform of professional investors all investing in the future of finance and technology.
At BnkToTheFuture we believe that the future of finance looks very different from the past. If BitFinex makes a full recovery we’ve made financial history that will be read about in economics text books for years to come.
The history is still writing itself, but this may be the story of how financial innovation outperformed traditional liquidation proceedings by an order of magnitude.
We look forward to bringing more financial innovation and technology to investors. ONLY on BnkToTheFuture.
Banks! Bitcoin is the technology behind Blockchain
Banks! Bitcoin is the technology behind Blockchain. Simon Dixon explains at the Blockchain Summit 2017 in Sydney, Australia.
EXODUS – BnkToTheFuture Case Study Interview
Chronicled Investor Update Video
BitPesa – BnkToTheFuture Case Study
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At the time of this recording, Africa has the fastest growing middle-class and over 250 billion US Dollars in payments between its top markets like Nigeria, Kenya, US, Europe and Asia.
Yet, there are no pan-African payment companies,
Africa only has a 3% penetration of credit cards,
and the average cost of international transfers is 12% or more with a settlement time of 7 to 14 days
At Bnk to the future we were amazed at the mobile money revolution which allowed Kenya to become the 3rd fastest growing economy in the world.
we also believe that Africa should be able to send their money anywhere, anytime and without losing 12% just to send it back home to their family and friends.
Well, you’ll be glad to know that these problems will soon become history.
BitPesa developed products to tackle these issues and chose to raise part of their funding on our Online Investment Platform – BankToTheFuture.com
BitPesa now links local systems in each country to international payment rails in Africa.
Visa Europe launched a pilot application using BitPesa to help people remit money to and from Africa.
and now BitPesa offers global financial inclusion to a growing number of African countries after winning a grant from the World Bank.
BnkToTheFuture.com is the largest Online Investment Platform with thousands of professional investors waiting to invest in Financial and Technological innovation.
Go to our homepage and you’ll get to see the total number of professional investors, how much they have invested, and the amount of dividends that they’ve received.
BitPesa was a perfect match for us. They had a top lineup of support from investors like Barry Silbert’s Digital Currency Group, Pantera Capital, Blockchain Capital, Bitcoin Capital and BitFury Group.
They wanted funding from professional investors who believed in them and knew the value of their business.
and they wanted the investment to come through fast, in different currencies and with a streamlined compliance and documentation process.
A solution was found, and BitPesa decided to list on Bnk To The Future.
We gave BitPesa access to a global community of thousands of qualifying investors ready to invest in Financial and Technological innovation.
We gave them a platform that complies with international financial regulations tailored for most major currencies and countries.
We structured the investment in a way that meant they only get one registered investor.
We cut out the painful admin, legal costs and problems raising further finance in the future, as compliance and documentation was completed by us in an optimised investment structure.
And all under a “no win, no fee” agreement with no up-front costs.
We provided all our investors with one investment agreement and a forum to communicate with the team quickly, efficiently and privately with additional investor protections. Investors can download all legal work, due diligence and certificates via our platform whenever they want.
We also invested in BitPesa through one of our Venture Capital funds – Bitcoin Capital, meaning, investors got to co-invest with us on the same terms and our interests are aligned.
If BitPesa floats on a stock market, is acquired in the future or pays investors dividends, investors get their returns minus our 5% administration fee.
We built our Online Investment Platform with one purpose in mind – to prepare for a radically different future in Financial and Technological Innovation…
Businesses just like BitPesa can raise finance in a safe, fast and effective way, while our investors get to allocate a portion of their wealth to an extremely disruptive and fast growing area that many are beginning to see could change the world of finance – FOREVER!
Just like BitPesa, you can get involved by making a quick online application for finance at BankToTheFuture.com or register to see if you qualify to invest.
Factom – BnkToTheFuture Case Study
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Ever wondered what it would be like if you couldn’t prove your home, or even the land it’s built on, was actually yours?
Ever pondered what happens to your data when you share it online, with your bank or with your government?
At Bank to the future we believe that important records and data should be in your control, secure from hackers and stored in a way it cannot be tampered with.
Well, you’ll be glad to know that these problems will soon become history.
Factom developed technology to tackle these issues and chose to raise part of their funding on our Online Investment Platform – BankToTheFuture.com
Unlike many companies, Factom believes that data should never be stored with one organisation. It is simply too attractive a target for hackers.
Unlike banks, Factom believes that customers should only share their important information as and when it is needed.
Unlike governments, Factom believes that important records should be stored in a tamper proof way, transparently and impossible to be altered.
…and we agree.
BnkToTheFuture.com is the largest Online Investment Platform with thousands of professional investors waiting to invest in Financial and Technological innovation.
Go to our homepage and you’ll get to see the total number of professional investors, how much they have invested, and the amount of dividends that they’ve received.
Factom was a perfect match for us. They had built technology that stored huge data on the Bitcoin Blockchain secure from hackers, scalable and in a way that can never be tampered.
They had already funded the development of the not-for-profit side of their technology by issuing their own CryptoCurrency, but were now ready to fund the for-profit side of their business.
They secured a partnership with MicroSoft, a contract to build smart Cities in China and an initial agreement to build a proof-of-concept product to store land title deeds for a government.
They wanted funding from professional investors who believed in them and knew the value of their business.
and they wanted the investment to come through fast, in different currencies and with a streamlined compliance and documentation process.
A solution was found, and Factom decided to list on Bank To The Future.
We gave Factom access to a global community of thousands of qualifying investors ready to invest in Financial and Technological innovation.
We gave them a platform that complies with international financial regulations tailored for most major currencies and countries.
We structured the investment in a way that meant they only get one registered investor.
We cut out the painful admin, legal costs and problems raising further finance in the future, as compliance and documentation was completed by us in an optimised investment structure.
And all under a “no win, no fee” agreement with no up-front costs.
We provided all our investors with one investment agreement and a forum to communicate with the team quickly, efficiently and privately with additional investor protections. Investors can download all legal work, due diligence and certificates via our platform whenever they want.
We also invested in Factom through one of our Venture Capital funds – Bitcoin Capital, meaning, investors got to co-invest with us on the same terms and our interests are aligned.
If Factom floats on a stock market, is acquired in the future or pays investors dividends, investors get their returns minus our 5% fee.
We built our Online Investment Platform with one purpose in mind – to prepare for a radically different future in Financial and Technological Innovation…
Businesses just like Factom can raise finance in a safe, fast and effective way, while our investors get to allocate a portion of their wealth to an extremely disruptive and fast growing area that many are beginning to see could change the world of finance – FOREVER!
Just like Factom, you can get involved by making a quick online application for finance at BankToTheFuture.com or register to see if you qualify to invest.
http://bit.ly/1AJOQiZ
Unocoin – BnkToTheFuture Case Study
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At the time of this recording, India trumps the rest of the world when it comes to receiving remittances…. that’s more than $70 billion of money transfers from their family and friends abroad!
Yet India only has a 5% penetration of credit card usage, and 50% of residents do not have a bank account at all.
At Bank to the future we were shocked to learn that It is still common practice to send cash in the post and have to factor in an additional 1% fee for bribes even though India is the 4th fastest growing economy in the world.
We believe that people who live in India should be able to send their money anywhere, anytime and without losing a large percentage just to send it back home to their family and friends.
Well, you’ll be glad to know that these problems will soon become history.
Unocoin developed products to tackle these issues and chose to raise part of their funding on our Online Investment Platform – BankToTheFuture.com
We both believed that the people of India have many reasons to use Bitcoin.The costs are lower, it’s faster, and it serves the 50% who are unbanked.
But prior to Unocoin, there was no simple solution to transact Bitcoin in India in the comfort of one’s home and online. Most of the transactions took place offline, which required physical meet-up points along with duffle bags of cash to exchange into Bitcoin.
BnkToTheFuture.com is the largest Online Investment Platform with thousands of professional investors waiting to invest in Financial and Technological innovation.
Go to our homepage and you’ll get to see the total number of professional investors, how much they have invested, and the amount of dividends that they’ve received.
Unocoin was a perfect match for us. They had a top lineup of support from investors like Barry Silbert’s Digital Currency Group, Pantera Capital, Bitcoin Capital and Mumbai Angels.
They wanted more funding from professional investors who believed in them and knew the value of their business.
and they wanted the investment to come through fast, in different currencies and with a streamlined compliance and documentation process.
A solution was found, and UnoCoin decided to list on Bank To The Future.
We gave UnoCoin access to a global community of thousands of qualifying investors ready to invest in Financial and Technological innovation.
We gave them a platform that complies with international financial regulations tailored for most major currencies and countries.
We structured the investment in a way that meant they only get one registered investor.
We cut out the painful admin, legal costs and problems raising further finance in the future, as compliance and documentation was completed by us in an optimised investment structure.
And all under a “no win, no fee” agreement with no up-front costs.
We provided all our investors with one investment agreement and a forum to communicate with the team quickly, efficiently and privately with additional investor protections. Investors can download all legal work, due diligence and certificates via our platform whenever they want.
We also invested in UnoCoin through one of our Venture Capital funds – Bitcoin Capital, meaning, investors got to co-invest with us on the same terms and our interests are aligned.
If UnoCoin floats on a stock market, is acquired in the future or pays investors dividends, investors get their returns minus our 5% administration fee.
We built our Online Investment Platform with one purpose in mind – to prepare for a radically different future in Financial and Technological Innovation…
Businesses just like UnoCoin can raise finance in a safe, fast and effective way, while our investors get to allocate a portion of their wealth to an extremely disruptive and fast growing area that many are beginning to see could change the world of finance – FOREVER!
Just like UnoCoin, you can get involved by making a quick online application for finance at BankToTheFuture.com or register to see if you qualify to invest.
http://bit.ly/1HsmT4x
Uphold – BnkToTheFuture Case Study
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Ever wondered why sending your money abroad is more difficult and expensive than spending it at home?
Ever pondered why your deposits at a bank could be taken from you when the bank takes huge risk with your money?
At Bnk to the future we believe that sending money should be as as cheap and easy as sending an email.
We’re surprised how few people question what happens to their money when deposited at a bank.
Well, you’ll be glad to know that these problems will soon become history.
Uphold developed products to tackle these issues and chose to raise part of their funding on our Online Investment Platform – BankToTheFuture.com
Unlike banks, Uphold believes money should flow freely between people – whatever the currency, and that developers should be able to build ‘money Apps’ on top of their technology.
Unlike banks, Uphold believes that customers should know exactly how much money is on deposit with them.
Unlike banks, Uphold believes they should hold more money on reserve than is deposited with them.
…and we agree.
BnkToTheFuture.com is the largest Online Investment Platform with thousands of professional investors waiting to invest in Financial and Technological innovation.
Go to our homepage and you’ll get to see the total number of professional investors, how much they have invested, and the amount of dividends that they’ve received.
Uphold was a perfect match for us. They had a team co-founded by Halsey Minor, the co-founder of SalesForce, CNET and the company that later became Google Voice.
They had already raised some funding
and they had completed over $630m in cloud money transactions..
They wanted funding from professional investors who believed in them and knew the value of their business.
and they wanted the investment to come through fast, in different currencies and with a streamlined compliance and documentation process.
A solution was found, and Uphold decided to list on Bnk To The Future.
We gave Uphold access to a global community of thousands of qualifying investors ready to invest in Financial and Technological innovation.
We gave them a platform that complies with international financial regulations tailored for most major currencies and countries.
We structured the investment in a way that meant they only get one registered investor.
We cut out the painful admin, legal costs and problems raising further finance in the future, as compliance and documentation was completed by us in an optimised investment structure.
And all under a “no win, no fee” agreement with no up-front costs.
We provided all our investors with one investment agreement and a forum to communicate with the team quickly, efficiently and privately with additional investor protections. Investors can download all legal work, due diligence and certificates via our platform whenever they want.
We also invested in Uphold through one of our Venture Capital funds – Bitcoin Capital, meaning, investors got to co-invest with us on the same terms and our interests are aligned.
If Uphold floats on a stock market, is acquired in the future or pays investors dividends, investors get their returns minus our 5% administration fee.
We built our Online Investment Platform with one purpose in mind – to prepare for a radically different future in Financial and Technological Innovation…
Businesses just like Uphold can raise finance in a safe, fast and effective way, while our investors get to allocate a portion of their wealth to an extremely disruptive and fast growing area that many are beginning to see could change the world of finance – FOREVER!
Just like Uphold, you can get involved by making a quick online application for finance at BankToTheFuture.com or register to see if you qualify to invest.
2016 The Year In Review Video
3 Parts to the Year In Review
1. Platform growth update 2. Porfolio Update 3. 2017 for BnkToTheFuture.com, FinTech & The Future of Finance and Money.
1 – Platform growth update
33,000 Registered professional investors
$122m invested since launch
Over 18,600 BTC
Over 22k investments.
6,100%growth since we launched as a FinTech platform in May 2015
190% growth from last year
560k micro dividends paid returning over $1.6m to investors so far
Over 18,600 BTC invested. $17m. 14% of amount invested. Received funds as BTC rather than converting to fiat.
Over 22k investments.
Face to Face meetings over 100 Fund Managers in Tokyo, Singapore, Hong Kong, London, Boston, San Francisco, New York.
Presentations in Vietnam, South Korea, Hong Kong, Japan, China, Thailand, USA, Dubai, Singapore, UK, Malaysia, Iceland
2017 Countries – Australia, India, South Africa, South America, Africa.
2 – Portfolio Update
New portfolio investments – BitPay, Kraken, Bitfinex, BitStamp, TallySticks, Mega Upload 2, Storj, Maidsafe, BitSo, Unocoin, ZCash, EXODUS, BitWage, Loytal, BitSpark, CoinPayments, BSave, Brave New Coin, Tokenly, Credible Friends, Credits, Synereo and Airbitz.
Follow on funding – ShapeShift, BitPesa, Factom,
Highlighted stories
FinTech Story 1 – Unocoin and demonetization.
FinTech Story 2 – BitFinex hack & Bitcoin recovery.
FinTech Story 3 – BitSo and Mexican remittances in the era of Donald Trump.
FinTech Story 4 – Encryption and Privacy advancements from MegaUpload 2, MaidSafe and Storj.
3 – 2017 for BnkToTheFuture.com and FinTech
2017 for us – New investor tools – portfolio evaluation tools, tools to exchange investments, loan based products, secondary markets.
2017 for FinTech – Government’s war on cash. central banks new digital currencies. FinTech built upon central banking. More radical banking reform. Bail in legislation. Bank Privacy Updates.
