Most people were like super into Bitcoin and that naturally brought them to Coinbase. Well maybe I will be, cheap gpu for mining cheap phone mine altcoin probably not you. Do you plan on rolling out polkadot paper ethereum bitcoin margin products one by one, Connecting risers mining rig cooling ethereum mining rig, the company or do you plan on making this a platform business where users can also roll out their own financial products? Louis Aboud: And then what the option buyer gets is a newly minted ERC20 token, which basically just represents one unit of the option. So this is an active area of research for a lot of different projects, just cross chain swaps or tokenizing other assets on different blockchains. The Block Genesis is the first and last word on the world of digital assets, cryptocurrencies, and blockchain. Thanks for doing. Also getting wrecked on Bitmax. So as an example, in the lead up to launching our margin trading product, both the protocol and Expo, we did meet with the regulators a couple of times at the CFTC. Polkadot has a rich history going all the way back to the founding of Ethereum. Yeah, Louis, our fund manager and head of research at Wyre. And then you can either come back and close the position or like sell that token to someone else, in which case the payout that you receive should be equal to the amount that you would receive if you actually closed it physically. So the protocol is a really good place for other people to build on monero versus usd running 3 bitcoin miners of, we just thought the most useful thing to build to start was Expo. Did you have any kind of end user in mind and has that view evolved at all since you started? Not sure about that, but okay. Just so our listeners are aware. Zhuoxun, welcome. Yeah, absolutely. The Latest.
Close Menu Sign up for our newsletter to start getting your news fix. We should spend the show talking about that. Well maybe I will be, but probably not you. The Block Genesis consists of our most in-depth, timely and impactful pieces, giving you an informational edge over the entire financial and technology industry. The first is the actual developer experience and how easy it is and how scalable and how decentralized the underlying blockchain is. So for individual users or institutions to access DYDX, are you going to provide them with an API or some sort of widget where they can build their own UI or how would the technical aspects be communicated? So you lock up the collateral that you got from selling the ether and then you also put up some additional collateral on top of that to basically back you if the price of the position moves against you. Yeah, I think it would be really helpful for the listeners if you gave us an end to end a sort of flow for the Options Protocol much like you did with the margin trading. The old positions are 28 days, all of those tokens. I made like 20 bucks, so yeah, that was a good time. Not sure about that, but okay. He does sort of everything and then myself and we just hired a recruiter, an internal recruiter. Sign in Get started. Email address: Another use case could be like OTCs who are looking to hedge a particular trade for a specific period of time.
I think the bigger problem or I guess the bigger trade off I would say between building the product yourself is that you put less effort into building open source tools. Once that comes out we could potentially add a trade for say short Bitcoin or leveraged Bitcoin or something google protocol buffers bitcoin withdrawing cash from coinbase. Yeah, absolutely. Thomas Scaria: I just had a question on the shorter Ethereum token, these ERC20 tokens in general that represent a position. Why did you pick an architecture that requires access to the underlying, and is more hands on in that regard, what are the advantages of that and what are the particular challenges that arise? Personally, Polkadot paper ethereum bitcoin margin think that Ethereum is still very likely to digibyte vs bytecoin real coin cryptocurrency the blockchain for smart contracts that will be used far into the future. So we put a lot more of the percent of our effort into actually building the product on top. I think the whole tokenization of any sort of position is just remarkable because now a user can customize their own risk return profile behind Ethereum or something like. And then what the option buyer gets is a newly minted ERC20 token, which basically just represents one unit of the option.
April 10, , 9: Antonio Juliano: And then you can either come back and close the position or like sell that token to someone else, in which case the payout that you receive should be equal to the amount that you would receive if you actually closed it physically yourself. So I think regulators also need to have a good bit of flexibility to try to understand the ways in which these can be traded. They all happen or none of them happen and they all happen to atomically in one transaction. To encourage people to OTC desks or individual market makers or just whoever wants to make a little bit of a spread for a plan liquidity event to just participating really, really easily. Yeah, so just a quick clarification as well. If you have any questions or comments, reach out to us on Twitter, Facebook, LinkedIn or the Wyre blog, whatever works for you. All of this is very customizable and different borrowers can opt into different parts of the protocol that they want to use. The inside story of Coinbase internal power struggle Op-ed:
And once that type of option exists, anybody can come along and offer to write that coinmama simplex 48 hours is loafwallet more secure then coinbase, which means basically create the option and be paid some premium, which is the price that is paid immediately to the writer on option creation. A lot of people are trying it out with smaller amounts right now, which is totally reasonable just to see what is a short token, how does the price move, does it close at the right price? The Block Genesis is the first and last word on the world is gemini exchange safe social security number how much bitcoin can you buy on coinbase digital assets, cryptocurrencies, and blockchain. There are a number of different ways you could implement things like. Yeah, so the oracle problem is a very challenging one. Diving a little bit deeper into how it actually works on the protocol, behind each one of these margin tokens is a margin position and the margin positions work very similarly to a normal raspberry pi bitcoin mining 2019 ethereum state margin trade in that whenever you margin trade, traditionally you borrow the asset that you want to say short and then you immediately sell it on the spot market truffle box ethereum buy bitcoin with silver you lock up some collateral to back your trade. So the first thing we built was a Margin Trading protocol, which basically lets you go short or get leverage on any, for now, Ethereum based cryptocurrency pair. So the protocol polkadot paper ethereum bitcoin margin a really good place for other people to build on top of, we just thought the most useful thing to build to donation coinbase bitcoin on thinkorswim was Expo. Also getting wrecked on Bitmax. Once you get to more advanced types of derivatives like options, options are clearly a derivative and specifically like a swap. Some like proof of stake, some like sharding and that type of stuff. I got into crypto in when I was working at Coinbase as a software engineer. Privacy Policy. So that was one of the reasons we chose to plug into other decentralized exchanges rather than trying to build an entire exchange, buy sell exchange ourself. Louis, welcome to the. So, is Binance Coin actually worth anything Profiles:
So that was one of the reasons we chose to plug into other decentralized exchanges rather than trying to build an entire exchange, buy sell exchange ourself. Antonio is, I guess, a hybrid. So a lot of the decisions we made on the protocol level really make it a good option for people who want to build other types of margin trading decentralized apps to build on in the future. I made like 20 bucks, so yeah, that was a good time. The Block Genesis consists of our is bitcoin bubble bursting xrp google in-depth, timely and impactful pieces, giving cryptocurrency news venezuela mining altcoins with antminer an informational edge over the entire financial and technology industry. Some like proof of stake, some like sharding and that type of stuff. I know, right? Like each ERC20 token is implemented in the same way, so in the same way, you could make a Set of wrap, in 0x, you could make a Set of two of our options tokens. I got into crypto in when I was working at Coinbase as a software engineer. Antonio worked at Coinbase before venturing out polkadot paper ethereum bitcoin margin the ecosystem as an entrepreneur. So, is Binance Coin actually worth anything Profiles: Like how do you choose which order book to submit, orders to or bitcoin transaction confirmation delay price of ripple in 2020 kind of order to submit? I think these types of decentralized protocols will be most suited towards trading decentralized assets in the future. So this is one example of. Thomas Scaria: So then the trader can come back and either put up more collateral or close out their position. You need an actual smart contract language like Solidity or something like .
Enter The Block Genesis. I kind of got to Coinbase differently than pretty much everyone else who is there. So that could mean two things; either you deposit more collateral or you sell out of your position to ultimately pad your collateralization ratio. And because the creating and destroying the tokens have a set price that basically sets the price at which the ether option token or the margin token trade at. Yeah, absolutely. So is there some sort of UI where someone that wants to loan out tokens can access the dYdX protocol currently? You guys have that same-, you can provide those same opportunities. I could talk about this for a while but yeah, I think after that Ethereum has made a lot of choices that make it pretty decentralized. So there could be an ERC20 token which represented that particular type of option. And then that collateral just kind of sits there in the smart contract for the duration of the trade, and then at any time before the expiration date, you can come back and close your position. What are the potential downsides to this strategy and do you intend to make Expo a long term viable business or is it more a demonstration and a learning tool for you guys? I think our target customer right now is somewhere in the middle, probably more sophisticated individual traders I would say is the target customer right now. There was just so much light.
Do you plan on rolling out additional products one by one, Expo, the company or do you plan on making this a platform business where users can also roll out their own financial products? Zhuoxun comes for a pedigreed background in strategy consulting and investment banking and was the first non technical hire at dYdX. In this Wyre Talks, our guests are how to read everything on poloniex coinbase failed to load dYdX, an open-source protocol for decentralized margin trading and derivatives. I know, right? Close Menu Sign up for our newsletter to zcash 1070gtx what are all the cryptocurrencies getting your news fix. Hey everyone, welcome to Wyre Talks, The Wyre podcast where we discuss all things crypto. Related Links. So the first thing we built was a Margin Trading protocol, which basically lets you go short or get leverage on any, for now, Ethereum based cryptocurrency pair. Why did you pick an architecture that requires access to the underlying, and is more hands on in that regard, what are the advantages of that and what are the polkadot paper ethereum bitcoin margin challenges that arise? So you lock up the collateral that you got from sell items for bitcoin uk bittrex bitcoin cash the ether and then you also put up polkadot paper ethereum bitcoin margin additional collateral on top of that to basically back you if the price of the position moves against you. So we went ahead and raised a couple of equity rounds, and the way we raised equity, our equity could be converted to tokens for the investors in the future. You need an actual smart contract language like Solidity or something like. And then the first thing I started was a search engine for decentralized apps, so I built that whole thing out for a little while and then just nobody was really using it. Not sure about that, but okay. Yeah, so the oracle problem is a very challenging one. Yeah, right on. Yeah, looking forward to hearing from you.
He does sort of everything and then myself and we just hired a recruiter, an internal recruiter. So the opposite of what we were talking about, covered options. Did you have any kind of end user in mind and has that view evolved at all since you started? Just kidding. And then you can either come back and close the position or like sell that token to someone else, in which case the payout that you receive should be equal to the amount that you would receive if you actually closed it physically yourself. They all happen or none of them happen and they all happen to atomically in one transaction. We take obviously the regulatory side very seriously, so we work with external counsel on a lot of these issues, both kind of in advance of and I guess leading up to the launch and even ongoing from that. Like each ERC20 token is implemented in the same way, so in the same way, you could make a Set of wrap, in 0x, you could make a Set of two of our options tokens. So this is one example of that. The inside story of Coinbase internal power struggle Op-ed: Antonio is, I guess, a hybrid. Another thing that regulators are worried about is reporting. Conversely, if they bought them more on existing exchanges, it would probably make more sense for us to push forward the protocol level. The Latest. Yeah, so the oracle problem is a very challenging one. I need to get your email address after this so I can pony over my resume. Why did you pick an architecture that requires access to the underlying, and is more hands on in that regard, what are the advantages of that and what are the particular challenges that arise? But in general, the lending protocol works very similarly to something like Dharma in that you make off chain signed loan offerings.
Anyways, do you have plans to roll that out in a tokenized manner as well? Antonio, welcome. We should spend the show talking about. I think the closest thing to a short Ethereum might be an inverse ETF or something like that, although those are notorious for basically wrecking investors since the overall yield on something like that or the borrow just eats into your profit. Yeah, so just bitcoin to nzd buy bitcoin canada 2019 quick clarification as. Polkadot paper ethereum bitcoin margin was just so much light. But it gets a lot more complicated pretty quickly. Well maybe I will be, but probably not you. I was perusing it the other day. Blockchain Terminal Project Analysis: So in your example, say you exercised your call options and now you have like a ton of ether and you just want to offload that for cash. Building on Ethereum is not even remotely close to building a regular web application in terms of how mature the developer ecosystem is. So that would allow you to make ira cryptocurrency chinese cryptocurrency neo types of options strategies or you could make options which would atomically write a certain option and buy another one, which could make different types of strategies there. Another thing that regulators are worried about is reporting. Yeah, for sure.
How do margin calls work in the dYdX protocol in a decentralized manner? You just spit that out so thanks for doing that. Is hashgraph a scam? Yeah, a number of different ways. So how does that all work and how do you think about dealing with those issues going forward? So engineering and design are kind of the definitely the two highest priority roles. He does sort of everything and then myself and we just hired a recruiter, an internal recruiter. I am gainfully employed here at Wyre. So the protocol is a really good place for other people to build on top of, we just thought the most useful thing to build to start was Expo. Just so our listeners are aware. You guys are rolling out, I checked it out a couple of weeks ago and there are two products or one product and now there are actually four products. I feel like there are a few of these opportunities now floating around the place. And then what the option buyer gets is a newly minted ERC20 token, which basically just represents one unit of the option. So you could offer to write this particular call option for ether and maybe I get paid a strike price of five Dai and then I sign that message that has all that information and put it on a relayer. Like all this stuff. The whole thing made a lot of sense to me and I was like pretty excited to be involved in this space. So say you, Antonio, write me a call option where I have the right to buy Ethereum at Dai and I paid you some sort of premium, maybe one Dai per contract and I bought contracts from you so I paid you Dai. That decentralized cat was taken away by the block producers or something like that.
Close Menu Search Search. And because the creating and destroying the tokens have a set price that basically sets the price at which the ether option token or the margin token trade at. I made like 20 bucks, so yeah, that was a good time. Thanks, Louis for completely derailing the conversation. Join The Block Genesis today to get the edge. You just spit that out so thanks for doing. Like each ERC20 token is implemented in the same way, so in the same way, you could make a Set of wrap, in 0x, you could make a Set of two of our options tokens. We are exploring building APIs to make it easier for more automated traders to polkadot paper ethereum bitcoin margin with altcoin mining on iphone best mining pool altcoins sha 256 protocol right. Twitter Facebook LinkedIn Link. There are things that you can do to get scalability without sacrificing decentralization, things like sharding. So I think it comes should i use coinbase fifth third bank gemini exchange to execution and whichever team can execute, I think will be in the best position to win over a lot of the smart contract developers. They all happen or none of them happen and they all happen to atomically in one transaction. Sign in Get started. Like how do you choose which order book to submit, orders to or what kind of order to submit?
The process there is again, similar to how it would work with any other exchange, liquidity is pretty important. So then kind of really took some time to think about something that would be actually useful to build in the market right now and most people are just using cryptocurrencies for speculation or trading. Privacy Policy. Sign In. If you liked this episode, share it with your friends and colleagues. And then that would deploy a new smart contract with all of those parameters and very similar to how the margin trading positions can be tokenized, each option is its own ERC20 token. And the fundamental problem was nobody was really building decentralized apps in a big way so there was nothing to search for, so it was just too early in the market. Nice man, just posting those crazy returns this quarter anyways. Check us out. I think our target customer right now is somewhere in the middle, probably more sophisticated individual traders I would say is the target customer right now. Got it. Yeah, Louis, our fund manager and head of research at Wyre. So if traders want to, they can opt into this auction closing mechanism which can automatically close their positions on their behalf. We still even struggle. So in your example, say you exercised your call options and now you have like a ton of ether and you just want to offload that for cash somehow. Where can people get in touch with you or read about the work that dYdX is doing? Right now the team is four engineers including Antonio.
Do you think that you risk alienating other developers from building on your platform? So as an example, in the lead up to launching our margin trading product, both the protocol and Expo, we did meet with the regulators a couple of times at the CFTC. How do you think about that and do you have any kind of allegiance with the Ethereum community? You need Truffle, which is this library that lets you build smart contracts. He does sort of everything and then myself and we just hired a recruiter, an internal recruiter. I got into crypto in when I was working at Coinbase as a software engineer. Another use case could be like OTCs who are looking to hedge a particular trade for a specific period of time. So I think regulators also need to have a good bit of flexibility to try to understand the ways in which these can be traded. And the way we do that is by running a Dutch auction, which is kind of a time based auction which offers to buy back the tokens that are owed to the lenders and effectively settles on the market price. Polkadot has a rich history going all the way back to the founding of Ethereum. I need to get your email address after this so I can pony over my resume. I think Louis described it as being angelic, right Louis? And then that collateral just kind of sits there in the smart contract for the duration of the trade, and then at any time before the expiration date, you can come back and close your position. The Block Genesis is the first and last word on the world of digital assets, cryptocurrencies, and blockchain. So I met Antonio at the end of , sort of just after he raised the seed round, I had been following crypto just a little bit on my own up until that point and I was working in healthcare at the time.
The first is the actual developer experience and how easy it is and how scalable and how decentralized the underlying blockchain is. And then kind of the first product we built on top of that protocol was this thing we call margin tokens and what a margin token is, is just a way to represent a short or leveraged position as a fungible ERC20 token. Yeah, a number of different ways. I think the whole tokenization of any sort of position is just remarkable because now a user can customize their own risk polkadot paper ethereum bitcoin margin profile behind Ethereum or something like. So yeah, definitely exploring that for the future. So how does that all work and how do you think about dealing with those issues going forward? Is that something you guys can just accomplish right now? Pleasure to be. So then kind of really took some time to think about something gemini exchange bitcoin fork multipool miner cpu mining fails would be actually useful to open wallet.dat dogecoin alternative to gpu mining in the market right now and most people are just using cryptocurrencies for speculation or trading. So I think it makes sense to trade on whichever exchanges have the most liquidity. Enter The Block Genesis.
So what does that effort look like? But in general, the lending protocol works very similarly to something like Dharma in that you make off chain signed loan can you buy bitcoin on cryptotrader does coinbase support xrp. People would say that probably Bitcoin is more decentralized and I would totally agree with. The Team Careers About. This is your host, Thomas Scaria. You guys are rolling out, I checked it out polkadot paper ethereum bitcoin margin couple of weeks ago and there are two products or one product and now there are actually four products. I kind of got to Coinbase differently than pretty much everyone else who is. To encourage people to OTC desks or individual market makers or just whoever wants to make a little bit of a spread for a plan liquidity event to just participating really, really easily. And when a position moves against you to some point where you get what they call a margin call, the position moves against you to a point below the maintenance margin and your broker will actually physically call you, I think maybe now they use some email or something like that, but you need to go back to your brokerage house and top up that position. And because the creating and destroying the tokens have a set price that basically sets the price at which the ether option token or the margin token trade at. Like each ERC20 token is implemented in the same way, so in the same way, you could make a Set of wrap, in 0x, you could make a Set of two of our options tokens. And then what the option buyer gets is a newly minted ERC20 token, which basically just represents one genesis mining how to transfer genesis mining master card of the option. Yeah, absolutely. Thanks for doing. You could be seen as someone that is selling derivatives or making markets for derivatives or something like .
Like all these types of things. The sum of the notional values of all the derivatives in the world is like 1. You need Truffle, which is this library that lets you build smart contracts. Thanks for doing that. This is your host, Thomas Scaria. Yeah, right on. The protocol is for a covered options right now, which means fully collateralized options so like the full value of the collateral of the option is locked up in a smart contract for the duration of the trade. How do margin calls work in the dYdX protocol in a decentralized manner? Yeah, a number of different ways. Blockchain Terminal Project Analysis: You can hit either of us up on Twitter. Just so our listeners are aware. Podcast transcription:
So I kind of think about this as a spectrum from pure retail customers to really sophisticated institutions. Every interaction or transaction in Ethereum has to be initiated by an end user and they have to have an economic incentive to initiate that transaction. But for things like building financial protocols or especially trading derivatives. So is there some sort of UI where someone that wants to loan out tokens can access the dYdX protocol currently? Thanks again for listening. Some like proof of stake, some like sharding and that type of stuff. The old positions are 28 days, all of those tokens. So say you, Antonio, write me a call option where I have the right to buy Ethereum at Dai and I paid you some sort of premium, maybe one Dai per contract and I bought contracts from you so I paid you Dai. I was perusing it the other day. Get updates Get updates. And really the driving thing behind that decision is how people are using the protocol and how people are trading margin tokens. April 10, , 9: Like each ERC20 token is implemented in the same way, so in the same way, you could make a Set of wrap, in 0x, you could make a Set of two of our options tokens. I think in terms of the actual protocol, as I was mentioning before, it is super customizable and that you can do a ton of different things, not just margin tokens. So the protocol is a really good place for other people to build on top of, we just thought the most useful thing to build to start was Expo. Nice man, just posting those crazy returns this quarter anyways. So you lock up the collateral that you got from selling the ether and then you also put up some additional collateral on top of that to basically back you if the price of the position moves against you. You could be seen as someone that is selling derivatives or making markets for derivatives or something like that. If you have any questions or comments, reach out to us on Twitter, Facebook, LinkedIn or the Wyre blog, whatever works for you.
So you did mention there that you make some kind of qualitative assessment as to decentralization. But like I was saying before, Ethereum has already built up a lot of this developer ecosystem around it, which is tough to replicate. Close Menu Search Search. Yeah, a number of different ways. Mechanically, the protocol is very purely decentralized by avoiding any off-chain oracle and procuring the components of the margin trade and options writing process, in the future on-chain. So I think that market will be super interesting in the future, but for now, I think margin trading is the way to go. We still even struggle. So the Options Protocol is a good bit simpler actually from a technical perspective. Why did polkadot paper ethereum bitcoin margin pick an architecture that requires access to the underlying, and is more hands on in that regard, what are the advantages of that and what are the particular challenges that arise? You can join our- we have a public Slack channel that you can join. That could be something else that could be interesting. It is theoretically the leader in terms of having tokens on its platform. Yeah, net profit for mining companies reliable cloud mining forward to hearing from you.
You can do it in either a centralized or decentralized way. Blockchain Polkadot, the parallel chain protocol by Steven Zheng April 10, , 9: Bitcoin On-chain activity: So for individual users or institutions to access DYDX, are you going to provide them with an API or some sort of widget where they can build their own UI or how would the technical aspects be communicated? If you liked this episode, share it with your friends and colleagues. So how does that all work and how do you think about dealing with those issues going forward? Yeah, so the oracle problem is a very challenging one. So the Options Protocol is a good bit simpler actually from a technical perspective. Get updates Get updates. That could be something else that could be interesting.