/biz/ - Business & Finance

>Stakenet has built a true next-generation DEX solving many of the issues that currently plague the DEX industry, such as ever-increasing costs and transaction times. Stakenet has built their DEX from the ground up using time-tested Layer 2 technologies such as the Lightning Network and Connext Network.

>Using Stakenet’s technology it’s possible to make a layer 2 instant swap between BTC and USDT, and that’s just the beginning. Their tireless efforts have rendered them irreplaceable for crypto.

Key highlights of Stakenet’s Layer 2 DEX:

>It provides instant and virtually feeless cross-chain trading.
>Users retain full custody of their funds at all times as they own the private key for their wallet.
>Projects and users can run their own hub of the DEX which adds further liquidity to it and can support their chosen currencies.
>“Vortex” enables the DEX to share liquidity with other exchanges, both centralized and decentralized.
>It is run entirely on their decentralized Masternode network.
>The community members who run a master node will earn a share of the fees earned from the DEX.

>>26355226
>Layer 2 allows Stakenet DEX users to trade faster, cheaper, and more privately than any other DEX available today. Professional trading tools can also be used on Stakenet DEX opening the door for decentralized high-frequency trading. With Stakenet DEX there are only two “expensive” on-chain transactions. Moving your funds off of their main chain to Layer 2 and moving them back on-chain to their main blockchain. Once off-chain, there are no on-chain/gas fees and transactions are settled instantly making it ideal for high-frequency trading.

>With more users going towards Layer 2 solutions, Stakenet is a great choice because of its inevitable connection to all other chains.
>They’ve ensured their long term survival because of Bitcoin’s lightning network infrastructure. Any other project that implements the lightning network is instantly compatible with Stakenet.

>Stakenet utilizes their arbitrage/liquidity mining functionality dubbed “Vortex” by their community which is connected to any Centralized Exchange (CEX) or Decentralized Exchange (DEX) that allows API access. Vortex allows users to trade on the DEX and access the liquidity within the other exchanges order books, such as Binance, by utilizing the instant transactions to complete orders on the opposing exchange with confidence.

https://medium.com/stakenet/bitfinex-exchange-listing-announcement-jan-12-2021-9745c885a170

The momentum of the cryptocurrency space has snowballed exponentially over the past decade. Each market cycle to this point has brought a cornucopia of new strides and breakthroughs in blockchain technology. The rapid growth has led to immense profits for an uncountable number of long-term participants.

Adoption continues to spread with increased institutional backing and consumer payment channels. Indeed, all signs point to cryptocurrencies reaching a new plateau on the stage of global commerce. An essential question must be asked at this transitory junction in what appears to be the early stages of another bull market. How far will profit allow the underlying blockchain technology to deviate away from the roots of its essence and justification? There is no better source to reflect upon than the Cypherpunk Manifesto.

That which ages among the best is that which only becomes more biting and significant over time. Originally published by Eric Hughes in March of 1993, the Cypherpunk Manifesto has a short, sweet, and directly to the point message with an especially understated foresight about it that’s decades ahead of its time. It is a must-read for any digital native. It emphasizes the essence of digital privacy, decentralization, censorship-resistance/immutability, and the freedom to remain anonymous at-will. It argues that these principles be made manifest for any form of communication or commerce. Its backbone lies with every individual coder who cherishes the fruits of civil liberties and dares to counter and obsolete the many intrusive and invasive forms of technology with open-source, cryptographically effective solutions for the greater good of society.

>>26355275
These were the principles that Bitcoin was constructed with and designed to honor. While its inherent technology stays true to this nature (mining aside), the infrastructure that has been built up around it is flawed by design and sacrifices a good number of strengths and freedoms. Most notably are the many vulnerable points of exchange run by central authorities on trust where funds are at risk to be frozen or stolen, KYC (know your customer) policies, and the traceability, restrictions, and risks that come from these two points.

Shortly after BTC found a value that could be directly pegged to the USD (and with the USD, every global currency), a number of exchanges offering trade between the two opened for business. The first of these exchanges was the infamous Mt. Gox which implemented KYC policies by 2011 before exit scamming in early 2014. KYC policies were initially introduced to comply with the many regulations regarding the exchange of various fiat currencies for crypto in addition to demanding a deeper sense of customer accountability. Up until the point that they were introduced, the only sure way it would have been possible to trace specific addresses is if the recipient publicly disclosed their wallet address. KYC brought a considerably more advanced form of traceability with it. In addition to e-mail addresses and bank accounts, everything from names, addresses, full ID info, and pictures of each and every customer became tethered to their respective deposit and withdrawal history. Though somewhat convoluted with the nature of exchange wallets, there are patterns that can be followed and traced.

As BTC continued to grow, so did the number of its forks and competing cryptocurrencies pegged to its value in satoshis. The forks grew to be numerous and with them, the number of centralized C2C exchanges where you could trade them for BTC. Like the fiat-to-crypto exchange points before them, KYC was implemented on numerous C2C exchanges as well.

>>26355275
>>26355292
Centralized exchanges of all sorts are perhaps the weakest link in entire cryptocurrency space. They have repeatedly proven to be weak in terms of security. This year alone, the following exchanges have been compromised: Binance, Bithumb, Coinbene, Coinbin, Cryptopia, and QuadrigaCX. What’s worse, they’ve sacrificed many of the core principles of the cypherpunks that built Bitcoin in the first place.

How can crypto be censorship-resistant and immutable if exchanges can decide to freeze funds or put a certain wallet into maintenance at whim? How can it be private if every account has every bit of trade, deposit, and withdrawal history it has done tethered to its name? How can it be anonymous at-will if full documentation is demanded, sometimes as a ransom for frozen funds? How can it be secure when billions of dollars have been hijacked from weak security? It could be argued that these exchanges are the antithesis of the cypherpunks: an easily-exploitable honeypot of funds and user data with a central authority.

>>26355275
>>26355292
>>26355308
Consider the efforts of the X9 Developers building Stakenet. True to the nature of the cypherpunks, they have been working to make these numerous vulnerabilities in the cryptocurrency infrastructure obsolete. To strengthen censorship-resistance and decentralization in this space, they have been implementing an immutable and purely decentralized exchange into their network where no central authority can freeze funds, where exit scamming is impossible, and where security is as tight as the blockchain technology it runs atop. To restore the principle of at-will anonymity, their immutable DEX will have no KYC, nor will it require registered accounts. In the interests of privacy, they have built a solution that allows for one-click TOR lightning swaps that strengthen the privacy of every participating coin and the Lightning Network itself. To strengthen the nature of the decentralized exchanges that are already out there, they are working on a DEX aggregator that pools together the offerings of many promising DEXes suffering from low volume or difficulty of use.

>>26355275
>>26355292
>>26355308
>>26355331
Put briefly, this team has the foresight and skill to acknowledge and address the numerous risks and shortcomings that anyone coin may face the second it is sent from a private wallet to any other point in trust. They are compounding these solutions into one streamlined and convenient wallet where funds are firmly secured, trustlessly staked, and instantly tradable from one singular point.

To build up the world of cryptocurrency is to honor the ways of the cypherpunks and carry on their torch. It is to fight for freedom from the intrusiveness and corruption of centralized authorities by obsoleting them. It is preserving the privacy of funds, resisting mutability, and decentralizing any and everything which stands to benefit from it. Whether that be a store of value, the means by which that value is secured and traded, or the platforms on which these mechanisms are discussed. This era of mass-censorship, intrusiveness, digital balkanization, and monopolies from many of the premier digital spaces not only shows how right they were 26 years ago but that there is still a considerable amount of work to do.

I've been in this space for a while and I am known by my peers as quite the crypto connoisseur.
My track record speaks for itself. I bought ether at $2, XRB at $0.01 and chainlink at $0.16.
I always do my due diligence and I take great pride in being a very thorough investigator - always with a keen eye for important details that others tend to overlook.

After going through Stakenet and everything related to its core project, I found nothing but red flags. The DEX is both ambitious and intriguing at first glance, but when you take a closer look, you will find shocking revelations - if you know where to look.

1 - the XSN blockchain is a hardfork of the previous scam project PoSW. Usually these hardforks are community driven and want to continue their own way without the criminal devs.
In this case however its the devs themselves who did the hardfork. This way they get to scam the community TWICE with the same blockchain. They dont have to go through the effort of establishing a new community for their next scam - remember, this is often the most time consuming stage for a scammer.
If you disregard all the immoral implications that follows, its almost commendable what they've achieved.

2 - The team controls a massive share of the supply. I indexed the blockchain via their block explorer and found a strong correlation between the top 100 wallets and amount of time spent before they vote on governance votings.
This is just sloppy on their part. What this means is that once they've created a governance protocol to vote for, they will go to their wallets/nodes and cast votes in their favor (usuall treasury unlocks for team etc).
The top 100 wallets are with a 0.97 accuracy always the quickest to vote, within minutes every time. I assume they've made some sort of program that automatically casts the vote on behalf of all the nodes so they dont have to do it manually.
These wallets account for close to 40% of the supply. Highly problematic!

>>26355472
thanks for the bump

>>26355472
3 - The community is very racist. In their discord, XSN is often referred to as "only for whites!" and slogans like "1488" is thrown around constantly.
Furthermore, if you ask a question in their help channel you first have to provide a picture of your hand before you get any answers. If your hand is melanin rich the community leaders will either give you a false answer or outright ban you. For instance - the other day some fellow from Kenya came in and wanted to know how to deposit XSN to stakenets cloud staking service.
After providing a picture of his hand, Jopark (one of the admins) gave him the burn address instead of the cloud staking address. Poor guy lost 100% of his crypto portfolio cause the recent shill campaign on /biz/ convinced him to go all in.

If you have mistakenly bought in to Stakenet, i must strongly advice you to sell. The price will most likely continue to trend downwards until it floors at 5 cents.
Reason being that the team is continuously transferring coins from the treasury to bitfinex under the pretence of "providing liquidity".
I have said what i came here to say, now the rest is up to you. good luck.

>>26355498
thanks for the bump

FRIENDLY WARNING TO ALL NEWFAGS

there has been an endless FUD campaign waged against XSN for years now. If you search the archives, you will see the same tired, baseless arguments copy and pasted again and again.

Stakenet (XSN) has now been listed on a tier 1 exchange, bitfinex. The 5th largest crypto exchange. These top exchanges have to perform a huge amount of due diligence and thorough research on any coin that wishes to get listed. Only if the coin meets their thorough criteria will they risk listing it.

In the case of bitfinex, owned by iFinex (the parent company of bitfinex and Tether), they are enormous influence on the crypto economy and under much scrutiny by law enforcement across the world as regulations tighten and governments look to restrict access to cryptocurrency. Bitfinex wouldn't risk listing anything even potentially worthy of litigation.

tldr; all FUD has been rendered obsolete by the bitfinex listing, you are being scammed by XSN whales who are trying to keep new investors out and suppress the price

(X) I know DEFI is the entire purpose of crypto. Its why btc was created. So we can be our own bank.

(X) I know BTC did not succeed because it didn't scale and for btc to succeed now it requires lightning network. For similar reasons, I know for eth to succeed, connext is required.

(X) I know a DEX with atomic swaps is too slow to be commercially feasible. A lightning and connext dex is required.

(X) I know people are fearful of trading on CEX due to situations like Cryptopia and Quadriga.

(X) I know XSN is the only project with a true dex integrating lightning and connext. It will allow people to trade peer to peer directly from their computer. They always hold their coin. Never transfer to an exchange.

(X) I know XSN has an actual working product available for public beta testing, and full launch date being announced this month

(X) I know XSN is not a project that talks. They just do. I don't have to worry about an exit scam.

(X) I know XSN masternodes will process transactions on the dex and will receive the fees.

If all of the above are true, FUDers will be swinging from lamp posts and Stakeholders will be sailing into the sunset on superyachts.

Each of the following coins below are layer 1 DEX's with a native currency, or otherwise has a use case that will be rendered obsolete by Stakenet DEX:

UNI $2,000,000,000
SNX $1,850,000,000
SUSHI $850,000,000
LRC $470,000,000
ZRX $405,000,000
KNC $240,000,000
CRV $215,000,000
BNT $178,000,000
1INCH $100,000,000

This is a combined market share of roughly $6,300,000,000. There are many more layer 1 projects, and the real number is much higher.

Stakenet DEX will render all layer 1 DEX's obsolete.

https://streamable.com/kzpimj

And unlike the majority of these shitcoins, Stakenet actually has utility and is required to run the network.

I expect XSN to exceed this valuation by the end of the year. And this is not even taking into account the market share of the existing CEX's that XSN will absorb.

>>26355498
This type of fud is more enjoyable than the retarded full caps wall of shit. Keep it up! I got my buy orders at 0.18 cents, please move expand to other platforms too.

Yours sincerely,
Schlomo Goldsteinjewberg

This is STRAIGHT from the CTO of Bitfinex in late November:

https://twitter.com/paoloardoino/status/1309499845925679104?s=21

>1. I believe that DEXes are a key component for the future of crypto, but current DEXes are easy targets (as in liquidity providers, token holders, companies promoting the product, eventually will cash out from CEXes) hence their best feature to me is being non custodial.

>2. But then you can still have non-custodial solutions with central high perf matching

>3. If you want to have a real DEX it has to be P2P, with a network structure similar to #LightningNetwork You can still have central matching and P2P settlement and thousands of micro-exchanges.

>4. @bitfinex is working to provide a standardized interface to centralised matching for non-custodial exchanges. This is the next frontier.

>5. Then if you want to build the next unstoppable underground cyberpunk DEX I'm with you. Why it is not born yet such product? Because in order to make it unstoppable it won't generate profits for the developers but just for who runs a micro exchange node.

Everything he describes here aligns with XSN. He then proceeds to get several replies from XSN shills on twitter detailing the project.

Granted, we already had an anon here at the start of september claiming the XSN devs have a 'deal behind closed doors with a top 10 CEX to pull billions of $ in volume through the DEX'....

More 'larp' posts drip feed over the months, including one in november that claims a deal was reached in early september and they were under NDA, so they couldn't discuss it. If we search the discord history, we see the devs refer to the fact that they are under NDA several times...

Then we can start looking at Bitfinex and it's history, its ownership, and see why it's owners would clearly be very motivated to possess the utility that Stakenet will provide.

See the date on the original post.

>>26355498

Only for whites? Holy shit based, I'm going to invest some now. I thought it was a pajeet scam but if the FUDder himself if saying it's whites only then I'm convinced

You can stop with the copy pasta man. On both sides. It’s so tiresome

>>26356472
thanks for the bump

>>26356070
>>26356297
This was last november...

>>26355472
>>26355498
Thanks for the improved fud. Much more enjoyable than the usual bullshit. Cheers cunt.