What are the best places to be leading up to or during collapse?
It is important to ask this question to constrain the search space to the possible. It makes fuck-all difference if a somali goat herder knows about the ToP SeCret ElitE mULtibiLLioNaIre New ZEaLand sOUth IsLaNd ReDoUbt BuNkeR CoMmUnITy It is not going to help him and should not be in the search space as a survival strategy."What are the best places to be, leading up to or during collapse, that i can get to, and establish myself in such a way that I can maintain the best standard of living possible for as long as I can or simply increase my probability of surviving the incoming population bottleneck."
What are the best places to be, leading up to or during collapse, that i can get to, and establish myself in such a way that I can maintain the best standard of living possible for as long as I can or simply increase my probability of surviving the incoming population bottleneck."
submitted by bitmex_register to u/bitmex_register [link] [comments]
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.
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.
How to Sign Up to BitMEXIn 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.
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.
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:
Futures and SwapsA 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 LeverageBitMEX 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.
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 FeesFor 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:
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 WithdrawalsBitMEX 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.
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 CurrenciesBitMEX 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:
Trading Technologies International PartnershipHDR 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.
The BitMEX Insurance FundThe 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.
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
(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
(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:
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:
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.
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 SupportThe 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.
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
ConclusionThere 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.
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.
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:
- Minimal to zero node restrictions: Personal computers to mining rigs suffice as nodes, no invitation required.
- Shared Digital Ledger: Every node will have complete visibility of the ledger.
- Consensus algorithm: Varies for every public blockchain but generally it requires every node to process the transaction block. Potentially slowing down data processing.
Enterprise blockchain: (Medicalchain’s option)
- Heavy to medium node restrictions: Selective participation based on enterprise requirements such as informatics, data infrastructure compliance and institutional stature.
- Limited Digital Ledger: Limiting the visibility of the digital ledger to only the relevant stakeholders of the transactions - ensuring privacy.
- Consensus algorithm: Varies for every enterprise blockchain as well. However, generally within this solution, transaction blocks are solved by the closest proximity node and therefore do not suffer from the typical data processing lead times.
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.
- On-chain: Limited to hashes (digital ‘fingerprint’ of the dataset) which points to the location of that data and also an access control mechanism.
- Off-chain data: Complete digital version of Electronic Health Records (EHRs) held encrypted in jurisdictionally compliant data lakes that correspond to the patient’s country of residence.
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:
- Resource drawbacks: Each region has their own regulatory standards in certifying whether or not certain servers are permissible data centres to house local medical data. These regulatory standards are not easily met and pose many financial and technical barriers.
- Relying on unstandardised nodes: The possibility of medical data infringement by relying on insecure nodes can lead to legal drawbacks that are potentially more harmful than any initial financial costing.
- Electronic health records are sizable electronic files: Electronic health records often contain files that consume a large amount of storage space. Therefore, it is not a feasible route to have 100% on-chain data without incurring directly correlated costs.
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’.
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.
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.
- Mobile Access: 24/7 access to their complete health records, all from their mobile device.
- Medical Services: The ability to engage with medical services provided on the Medicalchain platform.
- Commercial Benefits: The opportunity for patients to negotiate commercial terms with third parties for alternative uses or application of their personal health data.
For Doctors and Health Professionals
- Greater Accuracy: Healthcare professionals are given access to the right data at the right time, enabling them to administer the right care with utmost accuracy.
- Improvement in Diagnosis: Increasing outcomes by providing access to full longitudinal health records.
- Speed of care: Reductions in administration costs and facilitating treatment.
For Research Institutes
- Primary Data accessibility: Connects directly to the source of primary information by facilitating access to patient’s complete health data with their consent. In contrast, current methods suffer from data formatting issues and fragmentation.
- Plethora of data: Integration with third-party applications and Internet of Things devices provides unprecedented access to additional anatomic, biological, environmental, genomic, phenomic and physiological data.
- Expanded research frontier: Access to greater data points will expand the limitations of modern medical research.
For Insurance Companies
- Mitigate insurer risk: Expanding available data to include EHRs as well as other health data integrations. As a result, better risk assessment models can be created which will lead to lower premiums for patients.
- Collaborative premium packages: Creates opportunities for patients and insurance companies to collaborate by allowing for real-time progress monitoring of health goals, in exchange for health premiums or other incentives.
- Prevent insurance fraud: By powering our EHR with blockchain technology we are able to make immutable and verifiable records of care delivered. In turn, this mitigates possible insurance fraud opportunities internally and externally as well as lowering the costs to audit claims in question.
Only certified doctors can append the Medicalchain Health Passport under the correct transactional conditions (no doctor should be able to self administer results).
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.
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.
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.
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.
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.
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.
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.
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.
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.
|Why is the formula for calculating credit scores so secret? Considering the profound effects that number has on your life, people should at least know how it works.||There are multiple reasons.|
|First the creators and banks are worried that you will game the system if you know the formula.|
|Next the more cynical answer is that the credit scoring industry generates hundreds of millions of dollars per year in revenue. By keeping them proprietary, the creators can keep charging and claiming that their score is the best.|
|Every man has his price and some people would be willing to pay a lot of money for such knowledge. How much of a bribe would it take to get detailed information about your scoring models?||I haven't created in a decade. Even then it would be hundreds of lines of code.|
|It seems to me like there are two camps: those who don't understand credit/credit scores at all and dig holes for themselves they can't get out of, and those who obsess about their credit score when it probably doesn't matter. The former is probably pretty self-explanatory. About the second: am I wrong in thinking that your score probably doesn't matter much unless you're trying to get a car loan or a mortgage? Following up on that: Are there things people should consider doing that they're currently too scared to do because it might hurt their score, like opening up new credit cards for points/rewards and then closing them as soon as they can cash in their rewards? That activity would hurt your score, but if you don't need a high score and you act responsibly about those cards, that's basically free money. Right? What are some other tips/tricks?||I think your score doesn't matter much if it is above 700 or generally considered good depending on the model and scale. For everyone else it has ramifications from auto insurance rates to just get by in life. There are many best practices to building credit that people don't do that they should. #1 is getting a no annual fee credit card. These things are free and they build credit. In many cases, they will even pay you to use them (cash back or miles). I suggest having 3-5 credit cards. Apply for them over 2-4 years. Never carry a balance. Never buy what you can't afford. If you do just this, your credit score will be in the good category in 2-3 years.|
|How do you model the "winner's curse" problem where you know you're competing with other credit suppliers, and you only win business when you've offered better terms than your rivals saw fit to?||Adverse selection and positive selection are very real parts of the business. Many issuers will test the same product with different pricing to measure the effects rates and fees.|
|Along the same lines, if there was some hit on someone's credit that you knew didn't affect the payment probability but that did affect the customer's ability to get credit elsewhere, would you use it to charge him a higher rate?||Ten year ago when I was at an issuer, we wouldn't do this. Few banks are predatory when it comes to pricing. Credit scores account for most of the risk and you would have to prove that the data is non-discriminating to regulators for the rest. It's just not worth it.|
|Do you prefer customers who generate lots of late fees but ultimately pay over ones who pay promptly?||Fees generate lots of revenues. This question is a matter of strategy for the bank. Amex for example wants people who pay on time with no risk. Other banks may serve the middle market that take the fees into account when going after the market. You usually pick one or the other.|
|Do you pay any attention to people who try to game the cards, like when I only use my Chase Freedom card for whatever's in the 5% categories this quarter, or when people used to buy dollar coins from the Mint?||For most issuers, this is a known cost of business. Some customers simply cost banks money either in the form of default or usage pattern.|
|What do you feel is the primary misconception about credit scores that you'd like to clear up?||The biggest misconception is that there is only one credit score. I see this one all over the Internet and Reddit.|
|Each consumer has dozens of credit scores. You will never be able to see them all since many are not sold to consumers. This is further exacerbated by the fact that there are three bureaus which means that each score has three variants.|
|It is up to the bank to decide which credit score they want to use based on the price and how well the score predicts risk. Banks often don't want to talk about which score they use because it is a key determine of their losses and therefore a very competitive piece of information.|
|FICO tries to position themselves as the only score that matters. But it is really up to the banks. With that said, FICO is the most common score in mortgages cause Freddie and Fannie required a common risk score. FICO was the defacto score due to circumstances 20 years ago. But in every other industry, it is totally up to the bank to decided which score is best for them. Vantage is the next largest competitor. Here are their adoption numbers as validation: Link to vantagescore.com|
|What are the most common misconceptions about the credit industry?||I think the second most common is that pulling your own credit score will hurt your score. The first was answered above.|
|There are two types of credit inquiries (aka credit pulls). A soft inquiry is what happens when you check your own credit. This is also what happens when you are pre-screened without your knowledge. These types of inquiries do not hurt your credit score.|
|The second type of credit inquiry is a hard inquiry. These are credit checks when you apply for credit.|
|Because both are called inquiries, many consumers believe that any inquiry will hurt their score. This is simply not true.|
|I'm 18 about to turn 19 and I live in my parents, next month I start school (local community college/ freshman) I have a part time job and average about 150-250$ a week. The only payments I have are my iphone which is 90/month and my insurance which is 100/month. What advice would you give to me regarding building a maintaining a GOOD credit score?||Find a student credit card (they have lower requirements). Use it for gas or groceries. Never carry a balance. Never use more than 30% of the credit limit. In a year, your score will be higher. Get one more card (more cards will open up), keep the old one open. Follow the same process. Stop at 3 or 4 cards. In 3 years, your score will be in the 700s, you won't have paid a penny in interest.|
|Can you recommend any student credit cards?||I think most of the big issuers have decent products. Check out Capital One Journey. In full disclosure we have a business relationship with them but they seem to be doing the right things in my eye.|
|I have a guy that I work with who had his mother open up credit for him when he was very very young, like prepubesent, or so he says. He finally came to age where is figured out how money works and ended up getting credit cards with 10K plus limits. He ended up raping his credit and joined the Air Force because of that. Is doing that sort of thing, getting credit as a kid, feasable? Or was he just lieing? Also, when I got my first credit card years ago, I pulled my FICO and it was like 700. That was extremely misleading to me. They should start credit in the middle, like 500/450, and go up and down from there... Also, I had perfect credit for 3 years, and bought a new car with 0.9% financing and they said they fought tooth and nail for me to get it. Should I hug them? Or did they lie?||Twenty years ago it was all about score. Today most of the issuers use score and a host of custom data points and models. For example they might give you an adjustment if you have a mortgage in a declining real estate market. Scores matter but they are just a part of the decisioning process for any sophisticated credit card company. Generally credit starts at 600 for people with no history. It goes up or down based on what you do from there.|
|I'm a Credit Karma user and I love your service...it's helped me maintain a pretty high credit score over the past couple of years and given me a better understanding of how things like credit card utilization work. So here's a question for you...my credit is in the high 700's (775). Is there any real benefit to me to have a score much higher than that? If I'm say, shopping for a mortgage will the rate I'm offered differ significantly if my credit score is 800 instead of 775?||Only bragging rights. Otherwise there is no real benefit.|
|What's the best way to check my credit score?||The best way to check your credit report is AnnualCreditReport.com. Self promoting here but I think the best way to check your credit score is CreditKarma.com.|
|Just checked my score on creditkarma and I'm at 788. What I found odd was my credit card utilization score. I have $30,000 in limits. $90 in debts (actually paid that off today). Utilization of 0% and a grade of C. Why such the low grade? Simply because I have high limits and don't ever carry a balance?||The grade we create by correlation. The rounding brings you to zero utilization which correlates with lower credit scores. If your score is 788, you have nothing to worry about. We have been wanting to address this corner case for a while.|
|When should you check your credit score? I know it's free once a year, but when is the best time to pull it? I've never checked me credit score, and I know it's not very good but I'm curious to see how bad it actually is. My fear is that if I pull it now, I might need it again sometime before that year is up. Should I wait until I know I need it, or is ok to check it now out of curiosity?||If you check your report once per quarter, you should be fine. Check out CreditKarma if you are interested in check your score for free. (Shameless Plug)|
|Do people really give you their birthday and SSN that easily?||When we first launched, no. But today we have been around for 5 years and have over 7 million users. That helps us get over the credibility hump.|
|Is it actually free or are you going to slam me with hidden fees when I don't expect it?||Best answered by others.|
|I'm 23 years old, make 35K a year, and have never been able to open up a line of credit; I've been denied by USAA, Chase, even Target. Is secured credit my only option? Any suggestions as to where I would have a good chance at opening up an unsecured line of credit?||If you have no serious derogs you might try Capital One. They cater to people with limited credit. If you credit is very bad due to delinquencies or charge off then yes secured is your best option.|
|Please note there is a difference between no credit and bad credit.|
|I have no credit whatsoever, would I still have a shot with Capital One?||No credit yes. Bad credit maybe. It is important to note that there are differences between the two.|
|A request for your Website's Credit Simulator: Simulate the result of closing a card that is not the oldest, letting the user input the card's age and the amount of credit that will be removed.||We have a number of simulator initiatives. They can be painful. Please bear with us.|
|A specific question related to the above: A year ago I obtained a new card with a very small ($1,000, compared to up to $35,000 on my other cards, the oldest from the mid-1990s) line without thinking about how this would affect the average age of my cards. Should I close the card, which I don't need, even if this means that my available credit would decrease slightly?||As for closing your account, don't do it if there is no annual fee. Low limits don't hurt your score but short histories do. Just cut up the card and check on it once per quarter.|
|Is there any harm to having too many cards or too much available credit? I have a few cards with $1-2k limits that I'll never use again, but I haven't closed them because they're older than my current cash back cards.||Rarely. If you have 20+ cards, it might be too many. But here is a chart you might find interesting. Link to www.creditkarma.com|
|Could you guys add to that infographic the population ratio between each of the five sectors to give a general idea of how how many people succeed in getting those higher scores?||We have this image on our site. Link to ne.edgecastcdn.net|
|Thanks, is that chart derived from the same sample as the other one or is it a different group?||Same criteria different time periods.|
|If you have a negative hit on your credit score by a collector how hard is it to remove it? The issue here isn't paying the fee but the detrimental effect on your credit score.||If the collections inquiry is factual, it is fairly difficult to remove. Many people don't know that you can negotiate with the collections company. Google "pay for deletion" agreement. In that approach, the collections company agrees to remove the inquiry in exchange for you paying the debt. You can use it as leverage but it is not standard so get it in writing before you pay.|
|Thank you so damn much for this!||My pleasure. Credit and Street Fighter are two of the things I'm good at.|
|How likely are they to agree to this? Sometimes I wonder if the goal of the credit agency is to collect money or to actually mess with people.||Credit agencies don't collect money. They just report. Collections companies are different.|
|Collections companies buy you debt for pennies on the dollar. They want to collect something but they don't expect all of it. As a matter of fact the only expect a percent of their percent so just negotiate with them. They will gladly take something over nothing.|
|What is a perfect credit score and is it possible to hit it? My dad has had a credit card since they came out, more or less, and has never missed a payment.||It depends on the model and the range. It is very difficult to have a perfect FICO score (850). In fact, I don't recall ever seeing one.|
|With Vantage it is much easier, I have seen many (maybe ~5% of users) have perfect Vantage scores (990).|
|Does having a credit card and not using it ever negatively impact your credit rating?||No, the only risk you run is the issuer closing your account. I suggest charging a tank of gas once per month to avoid the pitfall.|
|I'm more interested in how you got in your line of work. How did you get to work for a credit card industry as a statistician?||I had a math and econ degree. I was good with numbers and just ended up at a credit card company by happenstance. There is no formal training needed. Analysts are always in high demand. Learn SQL and SAS if you want a leg up on everyone.|
|How much experience did you have with statistical analysis, SAS, and SQL before you got your first job in the field?||SAS - None SQL - None Stat - I have several grad level econometrics and stats classed but no real world experience.|
|I'm signed up with you and creditsesame. Right now your estimates differ by over 100 points. How do your methods differ, and what do you think of your competition?||They use a different bureau so that is going to be a factor. Next they use a different model which will be another factor. More than anything the score matters. For example, my TransRisk score is 781 but my Vantage score is 990. Keep in mind both are the same credit bureau but this is a key illustration of why range and context matters.|
|We see our competitors as validation of the model. May the best product win.|
|I'm recently engaged and have a 700+ credit score. My fiancée made some bad decisions in her younger years and has a really bad score. She had debt collectors in the past and has been declined for a credit card and pretty much only uses cash now. She's debt free now an plans on staying that way. Any future pitflalls I should be aware of and what can I do to help rebuild her score?||Have her get a secure credit card. Its like a pre-paid but it will start to build her credit. In 3-4 years her credit could be fine and it won't cost you anything to rebuild with the exception of the opportunity cost of the deposit.|
|What's your advice for somebody without a credit history? For examples, in case I move to the US for professional reasons (and have good credit back "home").||Just start like someone new to credit. Link to www.reddit.com|
|What probability distribution do credit scores have?||They are logarithmic. It becomes increasingly more difficult to get from 750 to 800 than 550 to 600.|
|Scores are for consumer benefits. The models we build give us a probability. I suspect the industry transformed that probability into a score as no to offend but in the end, the banks translate the scores back in to a default risk. Very silly if you think about it.|
|Why get a credit card? I am an adult male in my mid thirties and have never had one. I have taken out three loans in my life and paid them off successfully. I have never been in real trouble with landlords or utilities. For the most part, my driving record should be clean as well. Do I still need a credit card, or can I continue to get by without one?||Credit cards are virtually free and they are the backbone to your credit. Sure you can get by without credit but that is a more difficult path IMHO.|
|I'm interested in becoming a statistician. I was wondering if you could tell me how your got started? What was your degree? Is the pay respectable for the amount of education required? Where do statisticians get hired? How is the job security/prospects? I love math and statistics!||Answers are peppered throughout the AMA. The career is great if you like data and understand data well.|
|Is it ever to late to start building credit with a card?||No, credit scores can not take the age of a consumer into account as it would be discriminatory. As such, it is never too late or too early to build credit.|
|How many hard inquiries can you have on your record before it becomes detrimental? I currently only have 1 card opened, and 3 inquiries that have been there for less than 1 year. Credit Score is above 700.||It varies by model and your current score. Most things in the credit score world aren't linear. I know that is a shitty answer but we performs lots of transformations and adjustments based on the user. My generalized answer is avoid more than 2 inquiries in any 6 month period unless you are shopping for a home or auto.|
|It's my understanding that if you have several 'hard' inquires of the same type (mortgage or auto for example) in a limited timeframe(14 days?) that they all count as the 'same' hard inquiry. Is that correct?||That is correct. All will show on your report but for the score it will only count as one. The timeframe is dependent on the model.|
|What is your educational background and certifications. Are you an actuary?||I have a degree in economics and mathematics. Mostly you need to know econometric or statistics. I started my career in a credit card risk modeling group and just learned most of the industry specific skills on the job.|
|What statistical tests and procedures do you use the most often?||Expect lots of logistical regression. You will be looking at predictors of default (0,1)|
|In addition, CHAID and Clustering can often be used.|
|Many times, Excel and pivot tables are great precursors to modeling data.|
|I got a credit card when I was 18 with the intention of building up a good credit score so that when I actually needed it, I'd have no issue getting a loan or car or anything of the such. I'm currently 22. Sadly, last Christmas I went out and stupidly purchased more than I could afford. It was the first time I've ever done this. Since then, the balance has been riding on almost maxed, but never over, and never late payments (As I don't have much in terms of money, I can't exactly pay more than minimum each month. I understand this is stupid and I won't pay it off for a long time, but I don't intend on continuing this situation past more than a month from now. But I'm curious how this is affecting my credit, having a balance on it for the last 6 months and not paying it off completely. Is it negatively affecting me since it hasn't been paid off, or is it fine since I haven't went over my balance + I've made the minimum payment?||Duration is less a factor as more credit scores are snap shots rather than time series. Try to get it under control ASAP. As long as you don't miss payments the impact should be minimal.|
|Why can't a creditor estimate the amount of credit to be offered if provided with a credit score?||Most credit limits are based on DTI (debt to income) and score. Without the income and the other debts, limits are a shot in the dark. Keep in mind income is not on your credit report.|
|Still doesn't make sense. I will get a credit limit anyway. How do they decide? If I apply for a credit card and don't like the conditions and the limits and close it immediately, why is my score still affected... Why can't I shop around like in a real market economy?||Shopping is fine for home loans and autos. But credit cards generally have rates displayed ahead of time.|
|When you apply for too many products in a short period of time (specifically credit cards) you are a higher risk person. Think about it this way: "We have a guy that is applying for everything under the sun. We should be very careful with him" that's how the scores work and the statistics back it up.|
|A friend of mine has been considering bk, chapter 7. If he goes through with it and is smart afterwards, how long could it be before he establishes reputable credit?||Usually take 4-7 years. It depends on the product. Cap One may grant a secure card or small line instantly. But Fannie and Freddie won't back a mortgage for several years.|
|Thanks so much for this IAMA! I just had a quick question. I'm 21 and have never had a credit card nor a loan. I have a lot of money saved up in my bank account so I know I can pay off pretty much any type of card, I just never have gotten around to getting one. What type of credit card do you think would be best for me, and how do you think I can build up a good credit score in as little time as possible?||Get a no annual fee card. Capital One really serves this category so look there. Your bank might have a good product as well especially if you have large deposits.|
|Sounds great to me! also, lets say I wanted to get into the field. I'm currently studying accounting and economics at university. How much of a demand is there for this field, and is the pay good?||Yes and Yes. The US is moving to a service industry and these are prime examples.|
|I rec'd a settlement offer for a loan I had on a car. I was told to do it by some, not to do it by others. If I pay them the total settlement, what will that look like on my credit?||To rebuild credit, get a secure credit card. They will re-establish a history for you. Approval is almost assured since it is secured.|
|Very interesting information. I never checked my FICO score (& didn't know other scores even existed) yet & I'm curious what it might be. Can you at least say the lowest & highest possible values? Does it run 0--1000 or some other range? Does it have gimmicks like getting 200 points for simply existing/signing your name like on the SATs?||It depends on the score as they have different ranges. The most common range is 350-850 which is the FICO range but others exist. As such you need to look at your relative score in the range rather than the absolute value.|
|I'm about to enter college, so is it a good idea to get a credit card and make all purchases on it to build credit? And if I made my payments on time, will that guarantee a good score? Provided I spend conservatively...||I focused mostly on econometric in college. Data modelers have always in demand even through the recession.|
|Also, tell me more about your statistical background. Is it applied or mathematical statistics?||As for credit cards and building credit, I have a post somewhere. Maybe I'll edit the post to include the tip.|
|How much do federal student loans affect one's credit score?||It is just like any other loan. The impact depends on the breadth of your credit history. If it is your only loan then it makes up a a majority of your credit. Conversely, if you have 10 open accounts, the impact is greatly diminished.|
|I have 2 cards that are closed but am still paying them off. And 3 open cards that gave balances as well. My question is, is it better fir me to pay off the closed accounts first? Or the open accounts? I'm gonna do the snowball effect ($500 to one card, and slightly above min on the others). TIA.||From a credit score optimizing perspective, it is probably best pay down the open account first since it create "open to buy" or said another way it lowers your credit card utilization. The closed loans don't have available limit so it doesn't help your score. Obviously the other main consideration is the APR on the respective cards.|
|So I have a secured credit card now because I kept getting declined when applying for credit cards. Does it hurt your credit score by keeping on trying to get a credit card and getting declined?||Yes. Don't apply for cards more than once per 6 months. Ideally once per year. You want to apply for cards in your credit range.|
|I was wondering, I know any bad mark disappears after 7 years, but if I've made s late payment or two, how long does that negatively affect my score? The entire 7 years?||The effects generally diminish over time, it is not binary. I suggest get the account current and making sure you pay on time going forward. The impact to you score should be gone in 1-2 years depending on your score and other accounts statuses.|
|What software do you build your models with? R?||R, SPSS, and SAS are probably the most common stats software. The credit card industry tends to use SAS so if you can build a competence in that you will be like the Java developer in Silicon Valley.|
|Cancelling a credit card: bad for your credit or not? Not missing payments, good history, just wanna cancel and have one less card in your life type of thing. (Assuming you have others)||Usually bad. Credit is all about the predictors. If you have a card and it stays open for a long time, it suggests to other lenders that you are very responsible.|
|So I suggest, cutting up the card. Keep it open and check that no one uses it online every quarter.|
|I am a statistics undergrad, particularly interested in econometrics, which is seemingly tangentially related to what do you. What advice could you give to a young statistician on what to focus on, what are the new things that will be more relevant in the years to come?||"Big Data" is all the rage in Silicon Valley. That means good data miners are going to be in high demand. Learn SQL, SAS, and a scripting language if you want job security with lots of upside.|
|I missed your open house today. When will you have another event?||It was fun. Probably too much fun. I am sure there will be other launch parties in our future.|
|Wait, always pay it off in full? I was always told to leave a balance on it so that they know you're able to handle that. Have I been lied to?||You have.|
General Risk Warning: Binary options trading carries a high level of risk and can result in the loss of all your funds. your account balance is at risk of hitting zero, even if you have a good trading strategy in place. a binary options strategy is essential if you want to trade profitably. It gives structure to your trading, removes Binary options are based on a yes or no proposition and come with either a payout of a fixed amount or nothing at all. These options come with the possibility of capped risk or capped potential Best binary options brokers who accept Small Minimum Deposits! If you are not sure that your binary options trading strategy is good, or if you still learn how to trade binary options using real money, the best way to enter on binary options world is a low minimum deposit! Binary option trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade binary options or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk "My dad has recently gotten involved with trading binary options online. The basic premise for the site he uses is at a specific time, say 1:25 p.m., you can put down perhaps $100 that XYZ stock
[index]          
“General Risk Warning: Forex and Binary options trading carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose ... Dear Viewers, this is a most powerful strategy. This is 100% risk Free Strategy Totally free without any hidden charges. Subscribe and email to me [email protected] you will get this strategy ... 3 win and 0 loss iq option moving average strategy 2020 100% sure winning strategy-binary option Open IQ Option free demo account and get virtual $10,000: https://bit.ly/2AZ1R4F Register Olymp ... Binary Options Zero Risk High Profit Strategy binaryoptionswinningstrategy A simple strategy that will help you earn over 3000$ a month Rise/Fall: The usual binary option trades where you have to ... Online option and stock brokers A site for both experienced and novice equity option investors Home Uncategorized Does optionsxpress offer binary options zero risk strategy pdf binary option ...