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Monthly Archives: July 2020
Is High-Frequency Trading the Reason Bitcoin Has Become Boring? – Cointelegraph
Posted: July 21, 2020 at 11:49 am
The Bitcoin (BTC) market has been quiet lately. A little too quiet.
As of Tuesday Bitcoins volatility levels had dropped to levels unseen since 2017. In recent weeks, Bitcoin has fallen behind as investors piled into altcoins such as Chainlink (LINK) and Cardano (ADA) .
One possible explanation for Bitcoins consolidation may be an increased presence of high-frequency trading (HFT) firms in crypto in recent months. Speaking to Cointelegraph, Paolo Ardoino, CTO of Bitfinex explained that he believes HFT is a major reason behind Bitcoins low volatility.
In crypto, we are back to the old days of HFT before it became the zero-sum game that it has become today. In crypto HFT firms can make a lot of money deploying relatively straightforward plays, such as cross-exchange arbitrage and exploiting the spread between one exchange and another.
HFT is a trading method that uses algorithms to transact a large number of orders in fractions of a second. It has existed in the cryptocurrency space for a long time. But just as billionaire Paul Tudor Jones revealed his Bitcoin holdings recently, other institutional investors are increasingly joining the market. This may explain the greater use of HFT.
Bitfinex, which claims to be huge for HFT in crypto, recently revealed that between 80 percent and 90 percent of volume on Bitfinex was now generated by HFT firms. Bitfinex partnered with Market Synergy and has been offering institutional standard cryptocurrency connectivity.
Bitfinex concludes the growing use of HFT represents increasing maturity in the digital asset space. But why would Bitcoin volatility go down with increased use of HFT? Ardoino explains the increased liquidity due to the surge of HFT tradings leads to low volatility:
As Bitcoin becomes an established asset class, we anticipate the high levels of volatility associated with cryptocurrency to recede, he explained. There is generally an inverse correlation between liquidity and volatility; i.e., higher liquidity tends to lead to lower price volatility.
The increasing presence of HFT firms in crypto seems to have added more liquidity to crypto exchanges. This provides sufficient orders for both sides of the order book and increases market efficiency, contributing to prolonged low volatility price consolidation in Bitcoin
Bitcoin is famous for moving aggressively for a short period of time. Last year, Tom Lee of Fundstrat reminded investors that the majority of Bitcoin (BTC) gains come in the ten best trading days of the year. However, the growing presence of HFT may be changing the rule of 10 best days as well.
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The Deck Is Not Rigged: Poker and the Limits of AI – Undark Magazine
Posted: at 11:49 am
Tuomas Sandholm, a computer scientist at Carnegie Mellon University, is not a poker player or much of a poker fan, in fact but he is fascinated by the game for much the same reason as the great game theorist John von Neumann before him. Von Neumann, who died in 1957, viewed poker as the perfect model for human decision making, for finding the balance between skill and chance that accompanies our every choice. He saw poker as the ultimate strategic challenge, combining as it does not just the mathematical elements of a game like chess but the uniquely human, psychological angles that are more difficult to model precisely a view shared years later by Sandholm in his research with artificial intelligence.
WHAT I LEFT OUT is a recurring feature in which book authors are invited to share anecdotes and narratives that, for whatever reason, did not make it into their final manuscripts. In this installment, Maria Konnikova shares a story that was left out of The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win (Penguin Press).
Poker is the main benchmark and challenge program for games of imperfect information, Sandholm told me on a warm spring afternoon in 2018, when we met in his offices in Pittsburgh. The game, it turns out, has become the gold standard for developing artificial intelligence.
Tall and thin, with wire-frame glasses and neat brow hair framing a friendly face, Sandholm is behind the creation of three computer programs designed to test their mettle against human poker players: Claudico, Libratus, and most recently, Pluribus. (When we met, Libratus was still a toddler and Pluribus didnt yet exist.) The goal isnt to solve poker, as such, but to create algorithms whose decision making prowess in pokers world of imperfect information and stochastic situations situations that are randomly determined and unable to be predicted can then be applied to other stochastic realms, like the military, business, government, cybersecurity, even health care.
While the first program, Claudico, was summarily beaten by human poker players one broke-ass robot, an observer called it Libratus has triumphed in a series of one-on-one, or heads-up, matches against some of the best online players in the United States.
Libratus relies on three main modules. The first involves a basic blueprint strategy for the whole game, allowing it to reach a much faster equilibrium than its predecessor. It includes an algorithm called the Monte Carlo Counterfactual Regret Minimization, which evaluates all future actions to figure out which one would cause the least amount of regret. Regret, of course, is a human emotion. Regret for a computer simply means realizing that an action that wasnt chosen would have yielded a better outcome than one that was. Intuitively, regret represents how much the AI regrets having not chosen that action in the past, says Sandholm. The higher the regret, the higher the chance of choosing that action next time.
Its a useful way of thinking but one that is incredibly difficult for the human mind to implement. We are notoriously bad at anticipating our future emotions. How much will we regret doing something? How much will we regret not doing something else? For us, its an emotionally laden calculus, and we typically fail to apply it in quite the right way. For a computer, its all about the computation of values. What does it regret not doing the most, the thing that would have yielded the highest possible expected value?
The second module is a sub-game solver that takes into account the mistakes the opponent has made so far and accounts for every hand she could possibly have. And finally, there is a self-improver. This is the area where data and machine learning come into play. Its dangerous to try to exploit your opponent it opens you up to the risk that youll get exploited right back, especially if youre a computer program and your opponent is human. So instead of attempting to do that, the self-improver lets the opponents actions inform the areas where the program should focus. That lets the opponents actions tell us where [they] think theyve found holes in our strategy, Sandholm explained. This allows the algorithm to develop a blueprint strategy to patch those holes.
Its a very human-like adaptation, if you think about it. Im not going to try to outmaneuver you head on. Instead, Im going to see how youre trying to outmaneuver me and respond accordingly. Sun-Tzu would surely approve. Watch how youre perceived, not how you perceive yourself because in the end, youre playing against those who are doing the perceiving, and their opinion, right or not, is the only one that matters when you craft your strategy. Overnight, the algorithm patches up its overall approach according to the resulting analysis.
Theres one final thing Libratus is able to do: play in situations with unknown probabilities. Theres a concept in game theory known as the trembling hand: There are branches of the game tree that, under an optimal strategy, one should theoretically never get to; but with some probability, your all-too-human opponents hand trembles, they take a wrong action, and youre suddenly in a totally unmapped part of the game. Before, that would spell disaster for the computer: An unmapped part of the tree means the program no longer knows how to respond. Now, theres a contingency plan.
Of course, no algorithm is perfect. When Libratus is playing poker, its essentially working in a zero-sum environment. It wins, the opponent loses. The opponent wins, it loses. But while some real-life interactions really are zero-sum cyber warfare comes to mind many others are not nearly as straightforward: My win does not necessarily mean your loss. The pie is not fixed, and our interactions may be more positive-sum than not.
Whats more, real-life applications have to contend with something that a poker algorithm does not: the weights that are assigned to different elements of a decision. In poker, this is a simple value-maximizing process. But what is value in the human realm? Sandholm had to contend with this before, when he helped craft the worlds first kidney exchange. Do you want to be more efficient, giving the maximum number of kidneys as quickly as possible or more fair, which may come at a cost to efficiency? Do you want as many lives as possible saved or do some take priority at the cost of reaching more? Is there a preference for the length of the wait until a transplant? Do kids get preference? And on and on. Its essential, Sandholm says, to separate means and the ends. To figure out the ends, a human has to decide what the goal is.
The world will ultimately become a lot safer with the help of algorithms like Libratus, Sandholm told me. I wasnt sure what he meant. The last thing that most people would do is call poker, with its competition, its winners and losers, its quest to gain the maximum edge over your opponent, a haven of safety.
Logic is good, and the AI is much better at strategic reasoning than humans can ever be, he explained. Its taking out irrationality, emotionality. And its fairer. If you have an AI on your side, it can lift non-experts to the level of experts. Nave negotiators will suddenly have a better weapon. We can start to close off the digital divide.
It was an optimistic note to end on a zero-sum, competitive game yielding a more ultimately fair and rational world.
I wanted to learn more, to see if it was really possible that mathematics and algorithms could ultimately be the future of more human, more psychological interactions. And so, later that day, I accompanied Nick Nystrom, the chief scientist of the Pittsburgh Supercomputing Center the place that runs all of Sandholms poker-AI programs to the actual processing center that make undertakings like Libratus possible.
A half-hour drive found us in a parking lot by a large glass building. Id expected something more futuristic, not the same square, corporate glass squares Ive seen countless times before. The inside, however, was more promising. First the security checkpoint. Then the ride in the elevator down, not up, to roughly three stories below ground, where we found ourselves in a maze of corridors with card readers at every juncture to make sure you dont slip through undetected. A red-lit panel formed the final barrier, leading to a small sliver of space between two sets of doors. I could hear a loud hum coming from the far side.
Let me tell you what youre going to see before we walk in, Nystrom told me. Once we get inside, it will be too loud to hear.
I was about to witness the heart of the supercomputing center: 27 large containers, in neat rows, each housing multiple processors with speeds and abilities too great for my mind to wrap around. Inside, the temperature is by turns arctic and tropic, so-called cold rows alternating with hot fans operate around the clock to cool the processors as they churn through millions of giga, mega, tera, peta and other ever-increasing scales of data bytes. In the cool rows, robotic-looking lights blink green and blue in orderly progression. In the hot rows, a jumble of multicolored wires crisscrosses in tangled skeins.
In the corners stood machines that had outlived their heyday. There was Sherlock, an old Cray model, that warmed my heart. There was a sad nameless computer, whose anonymity was partially compensated for by the Warhol soup cans adorning its cage (an homage to Warhols Pittsburghian origins).
And where does Libratus live, I asked? Which of these computers is Bridges, the computer that runs the AI Sandholm and I had been discussing?
Bridges, it turned out, isnt a single computer. Its a system with processing power beyond comprehension. It takes over two and a half petabytes to run Libratus. A single petabyte is a million gigabytes: You could watch over 13 years of HD video, store 10 billion photos, catalog the contents of the entire Library of Congress word for word. Thats a whole lot of computing power. And thats only to succeed at heads-up poker, in limited circumstances.
Yet despite the breathtaking computing power at its disposal, Libratus is still severely limited. Yes, it beat its opponents where Claudico failed. But the poker professionals werent allowed to use many of the tools of their trade, including the opponent analysis software that they depend on in actual online games. And humans tire. Libratus can churn for a two-week marathon, where the human mind falters.
But theres still much it cant do: play more opponents, play live, or win every time. Theres more humanity in poker than Libratus has yet conquered. Theres this belief that its all about statistics and correlations. And we actually dont believe that, Nystrom explained as we left Bridges behind. Once in a while correlations are good, but in general, they can also be really misleading.
Two years later, the Sandholm lab will produce Pluribus. Pluribus will be able to play against five players and will run on a single computer. Much of the human edge will have evaporated in a short, very short time. The algorithms have improved, as have the computers. AI, it seems, has gained by leaps and bounds.
So does that mean that, ultimately, the algorithmic can indeed beat out the human, that computation can untangle the web of human interaction by discerning the little tactics of deception, of asking yourself what is the other man going to think I mean to do, as von Neumann put it?
Long before Id spoken to Sandholm, Id met Kevin Slavin, a polymath of sorts whose past careers have including founding a game design company and an interactive art space and launching the Playful Systems group at MITs Media Lab. Slavin has a decidedly different view from the creators of Pluribus. On the one hand, [von Neumann] was a genius, Kevin Slavin reflects. But the presumptuousness of it.
Slavin is firmly on the side of the gambler, who recognizes uncertainty for what it is and thus is able to take calculated risks when necessary, all the while tampering confidence at the outcome. The most you can do is put yourself in the path of luck but to think you can guess with certainty the actual outcome is a presumptuousness the true poker player foregoes. For Slavin, the wonder of computers is That they can generate this fabulous, complex randomness. His opinion of the algorithmic assaults on chance? This is their moment, he said. But its the exact opposite of whats really beautiful about a computer, which is that it can do something thats actually unpredictable. That, to me, is the magic.
Will they actually succeed in making the unpredictable predictable, though? Thats what I want to know. Because everything Ive seen tells me that absolute success is impossible. The deck is not rigged.
Its an unbelievable amount of work to get there. What do you get at the end? Lets say theyre successful. Then we live in a world where theres no God, agency, or luck, Slavin responded.
I dont want to live there, he added I just dont want to live there.
Luckily, it seems that for now, he wont have to. There are more things in life than are yet written in the algorithms. We have no reliable lie detection software whether in the face, the skin, or the brain. In a recent test of bluffing in poker, computer face recognition failed miserably. We can get at discomfort, but we cant get at the reasons for that discomfort: lying, fatigue, stress they all look much the same. And humans, of course, can also mimic stress where none exists, complicating the picture even further.
Pluribus may turn out to be powerful, but von Neumanns challenge still stands: The true nature of games, the most human of the human, remains to be conquered.
Maria Konnikova is the author, most recently, of The Biggest Bluff. She is a regularly contributing writer for The New Yorker, the author of two previous New York Times best-sellers, and a professional poker player.
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The Deck Is Not Rigged: Poker and the Limits of AI - Undark Magazine
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Most-wanted Wirecard executive reportedly owns significant sums of Bitcoin Report – Yahoo Finance
Posted: at 11:48 am
The former chief operating officer at disgraced payments firm Wirecard has reportedly brought "significant sums" of bitcoin following his escape from Germany, according to reporting by a leading German business newspaper Handelsblatt.
Jan Marsalek was a key figure behind the breakdown of Germany-based Wirecard, which has made headlines for filing for insolvency and allegations of improper accounting tied to billions of dollars that went missing from its balance sheet.
As per German publication Handelsblatt, Marsalek has been missing for weeks and he "is said to have brought significant sums to Russia in the form of bitcoins from Dubai, where Wirecard had dubious operations" as per a translation of a Sunday evening report. The report says he is in Moscow under the supervision of Russian military.
Marsaleks fascination with cryptocurrencies has been documented, as reported by The Wall Street Journal.
"Mr. Marsalek liked engaging in late-night discussions about cryptocurrencies and their ability to move money without a trace," a July report noted.
2020The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Most-wanted Wirecard executive reportedly owns significant sums of Bitcoin Report - Yahoo Finance
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Today’s lottery news: the Poker Lotto numbers and results for Monday July 20, 2020 are here… – Born2Invest
Posted: at 11:48 am
Todays Poker Lotto results are in. Here are the winning numbers for Monday July 20, 2020
Anxious to get your Poker Lotto results? Worry no more. Born2Invest has you covered as we publish your Poker Lotto results right after each drawing.
Is yours the winning ticket? To find out, you can visit this page after every drawing where you will find the most recent winning numbers.
Incredible lottery opportunities you can play right now:
There is no need to run to your local store to buy a lottery ticket. You can do so directly online, in total confidence and security. You can also play the lottery, dice games and many other games using Bitcoin. Of course, there is also a wide selection of casino games one can play, in jurisdictions where games of chance are legal.
Forget about the Holy Grail, what people are truly searching for is the key to getting that golden lottery ticket. Lottery experts have dedicated thousands of column inches to lottery tips and techniques that will supposedly help lottery players hit the jackpot. Unfortunately these tips often dont work, otherwise wed all have hit the jackpot by now.
There is no silver bullet but there are a handful of tips and tricks that can help you maximize your chances:
Celebrities, authors and journalists have mused about the lottery for centuries. Among a sea of quotes, here are a couple of great ones about the lottery:
Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer your approach to this certainty.(Adam Smith)
I have won this lottery. Its a gigantic lottery, and its called Amazon.com. And Im using my lottery winnings to push us a little further into space. (Jeff Bezos)
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Trump’s approach to politics bears the hallmarks of a bad poker player, author says – CBC.ca
Posted: at 11:48 am
Author and former professional poker player Maria Konnikova says that U.S. President Donald Trumpcould stand to learn a thing or two about politics from a game of Texas Hold'em.
In her latest book,The Biggest Bluff,Konnikovadetails what poker can teach us about decision making and writing for Politico, she argues Trump's political strategies bear all the hallmarks of a bad poker player.
She spoke to Day 6 guest host Peter Armstrong about how she thinks the skills she learned at the poker table could benefit the president.
Below is part of their conversation.
Trump himself has said that he sees his life as something of a poker match. How do you think he's faring at this point in the game?
I remain convinced that he probably is not quite aware of the rules of poker. And it's so funny for someone who lies as openly and as frequently as Trump does, I'm shocked that he hasn't just said, "Oh, yes, I'm a wonderful poker player."
It makes me think that he does realize that it might be a game that's a little bit above his pay grade.
You've said his whole process of decision-making ... stands in direct contrast to what the game of poker teaches. What are the key lessons that he's missed?
There's a notion in poker that I think just everyone outside the poker world should employ in their vocabulary because it's such a convenient word and that's tilt. And when somebody is 'on tilt' or 'tilted' or when you find something 'tilting' that means that you've let emotions into your decision process so you're no longer thinking logically.
This can be both positive and negative in terms of the valence of the emotions so it can be very angry, you can be really ecstatic.
Tilt makes someone a much worse player because tilt is very exploitable by other opponents. That means that people can take advantage of it.
So what Trump should be doing, or what any good poker player should be doing, is trying to perform that calculus on themselves and figure out, "OK, how am I emotional? What things get to me?"
In the great geopolitical poker game, if Trump is the guy at the table who is on tilt, can you look from a distance and see what other players are taking advantage of that?
Yeah, absolutely. I think someone who is very, very good at taking advantage of it is Vladimir Putin. And that's very disconcerting. You do not want a leader who's that easy to manipulate.
Of course, all of this comes with a huge caveat, which is that Trump has already won the presidency and who's to say he's not going to win the re-election?Sometimes this kind of strategy can be successful, despite everything that you think is going to go down.
Do [Trump's] bluffing skills maybe make up for his bluster and emotion and erraticism on the other?
In some ways, yes. It's funny, even though this book was about poker, my last book was about con artists. And even though I think Trump would be a horrendous poker player, he is an excellent con artist and is able to convince people of just about anything who already want to believe it he's very good at selling people the version of the world that they already want to be true.
And what we know about victims of con artists is that once they've already fallen for a con, almost nothing that you can say or do will convince them otherwise.
But, is he someone who is successful at bluffing people who aren't victims of the con artist Trump and instead are just looking from the outside at the politician Trump? And there I think you might see him falter.
So his bluffs work against the weaker players, but I think the strong opponents will be able to sniff out where he's actually just full of it and take advantage of it. And you actually see Trump walking back some of his biggest bluffs when people fight back.
As poker analogies go, this one's pretty incredibly high stakes. [Trump] just used his presidential powers to commute the sentence of a criminal associate. COVID-19 cases are absolutely surging.
We're heading into an election season. He doesn't show any signs of improving his poker skills. If you were betting on it or if you were sitting at this sort of analogous table, how would you weigh the odds that he might actually win this game this round?
I'm actually still incredibly nervous that Trump's chances are much higher than we think that they are, because, first of all, anything can happen, and he's shown himself to be someone who's very good in the 11th hour.
We also know that his international standing doesn't really matter when it comes to re-election. So it doesn't matter that all these leaders are able to take advantage of a hermit and that he's not really a match for the best leaders on the global scale.
Right now, the betting markets are favouring [Joe] Biden. But until it happens, I'm not going to believe it. And I would actually not put any money against Trump right now, personally.
Written by Kyle Myzuka. Produced by Annie Bender. Q&A edited for length and clarity.
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Trump's approach to politics bears the hallmarks of a bad poker player, author says - CBC.ca
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Where, Oh Where Has Bitcoin Volatility Gone? Part 2 – Cointelegraph
Posted: at 11:48 am
At the same time that volatility and short-term implied volatility have been sucked out of the market, longer dated options (six months or so until expiration) are still pricing closer to their historical average volatility in the 70% range. This steepness in implied volatility term structure suggests one of two things: Investors expect that this period of low volatility will be transitory and that a catalyst in the next couple of months will once again rock markets, or perhaps sellers of options are just not willing to make a longer-term bet, and as such, are not providing any supply in these longer-term options. The result is a steepness in term structure that could present an opportunity for the volatility-savvy trader.
Implied volatility is an interesting asset to trade. Most individual investors who use options as part of their investment strategy do so for the purpose of speculation or protection. They might even employ income generation strategies by selling options against their holdings. They tend to be focused on prices: What level do they think this asset can get to before expiration? Where would they be willing to sell it or buy it? While the nuances of volatility and options pricing may not be obvious to everyone, every trade that a trader makes is implicitly taking a stand on implied volatility.
On the other side of the individual investors trades are option market makers. These players think of almost nothing but implied volatility. The goal of a market maker is to keep their net position as flat as possible while collecting a bid/ask spread on each trade. The likelihood of order flow being balanced on every single option strike and expiry is essentially zero, so they use implied volatility curves and term structure to relate option prices to each other, keeping their risks balanced even if their position becomes a hodgepodge of long and short calls and puts at all different strikes and expirations. Option market-makers prefer to have all their risks balanced out, but when customer order flow is concentrated in one direction, sometimes that is simply not possible.
The result of this unbalanced order flow, with investors happily selling short-dated options while being skittish to sell longer dated options, has led to extreme steepness in the implied volatility term structure in Bitcoin (BTC) options. As of this writing, according to data analytics service Skew, the implication in options prices (as illustrated by forward implied volatility, which is the calculated volatility between two specific expiries) shows the expectation that volatility will realize 30% in the next week, the last week of July will see volatility of 50%, the month of August will see 60%, and the month of September will see 70%.
Perhaps the market is right and has great insight about when the current low volatility environment will end. But more likely, order flow is at such an imbalance between expiries that market-makers have twisted the term structure to levels that present some positive expectancy opportunities.
If traders wanted to express the opinion that the current cycle of low volatility reinforced by continued short-dated option selling will continue, they would do well to sell both calls and puts on various strikes with expiration dates in six to eight weeks, just after the inflection point where implied volatilities really start to drop off.
If the current environment continues, they will likely see gains not just from collecting decay on the option premium, but also from implied volatilities rolling down the term structure surface. If they wanted to, or needed to, for margin purposes, they could hedge some of the risk of an unexpected event by buying a few options in much longer dated expiries and a few contracts in cheap, short-dated expiries as well.
No one can predict exactly when the next high-volatility market event will come, but its likely not tomorrow. It is more likely to happen within the next month, and even more likely than that within the next two months.
It is very reasonable for volatility term structure to be upward sloping, but the current steepness in that slope implies a specific time frame for the reemergence of increased volatility coming in early August. Its entirely likely that this implication is priced into the Bitcoin options market not because its the actual forecast, but because there are plenty of investors willing to sell two-week options, while there are few willing to sell one-month and two-month options.
If a trader has the appetite for this risk and believes that there is no specific reason that realized volatility should double within the next several weeks, they could theoretically get paid a hefty premium for selling those options.
This is part two of a two-part series on Bitcoin volatility read part one on the rise and fall of BTC volatility here.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, readers their own research when making a decision.
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article was co-authored by Chad Steinglass and Kristin Boggiano.
Chad Steinglass is the head of trading at CrossTower, an exchange operator. He has over 15 years of experience trading equity, index and credit derivatives. He was an options market-maker at Susquehanna and Morgan Stanley and the head trader for a division of Guggenheim. He was also a portfolio manager of capital structure arbitrage at Jefferies. He is an expert in market dynamics, market microstructure and automated market-making and trading systems.
Kristin Boggiano is president and co-founder at CrossTower, an exchange operator. Kristin is a structured products, regulatory and digital asset expert who brings over 20 years of experience as a trading and regulatory lawyer and over nine years in digital asset trading and regulation. Prior to founding CrossTower, Boggiano was a chief legal officer of AlphaPoint, managing director of an algorithmic trading platform at Guggenheim, and special counsel at Schulte Roth, where she founded the structured products and derivatives division and led the regulatory group for Dodd Frank. Kristin is also the founder of Digital Asset Legal Alliance and Women in Derivatives. She earned her law degree and MBA from Northeastern University and her B.A. from Sarah Lawrence College.
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Where, Oh Where Has Bitcoin Volatility Gone? Part 2 - Cointelegraph
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How Has Poker Changed Over Many Years? – Loop21
Posted: at 11:48 am
Life goes on with the changing world.Almost everything is made to be changed after some time. Poker is as old as theexistence of man. It was designed to play cards in leisure time. But now it haschanged drastically over many years due to the advent of technology. Manysignificant changes are observed in a poker game during the past few years.Change in the privacy policies, the settings, and the way of playing it haschanged over many years.
Reasons for Changes in Poker
The online poker industry has manypotential reasons which act as a massive catalyst for changing the strategiesin the poker industry. Lets discuss all of these reasons in detail as below.
The strategies of poker werestraightforward in the past. Most players knew every trick to win the game inthe end. There were many traditional resources available to every player,because of this, the competition was quite low. This is the significant reason whythe change was needed in strategies of poker.
There is no doubt in the past 6-10years that the availability and quality of resources to poker users becomequite restricted. In the past, there were many skill books for the training ofnew pokers in the market, which they used to develop more in the industry ofpoker. In the past, players were worried about the offloading of their secrets,but now everything is open to them. They can get all the techniques by usingmany resources on the internet.
Most players realized that there aremany other impressive ways to beat their opponents. This was the most importantreason for the change in strategies of poker. The creativity of players hasbeen increased with the help of many online training sites. These onlinetraining sites play an essential role in enhancing the creativity of playersworldwide.
Ways in Which Poker Has Changed Over the Last Many Years
Poker has made drastic changes inrecent years, which is very prominent in the gaming industry. In past yearspoker has made massive progress in the filed of continuation bet. However,still, there is nothing new in it. Most players played this version many yearsago. Most players used to okay at hands about five years ago, but now they aremade to assign a range of hands so that the opponents could not recognize them.
Poker strategies have also changed, considering the decision support tools. Many decision tools play an essential role. There is a long list of such tools available now, which can give a raft of online support tools, which will allow you to play in a post-mortem of poker for playing at hands. If you are searching to play poker according to new strategies, then you must have to visit Situs sbobet; it will guide you in the best way.
Poker has always been an essentialsports activity for most players. It doesnt matter how it has changed over therecent years; it is still an exciting activity for people.
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The Origins of the World’s Oldest Bitcoin Metric, Explained – CoinDesk – CoinDesk
Posted: at 11:48 am
The concept of bitcoin days destroyed (BDD) was introduced in 2011, two years after the creation of the worlds first cryptocurrency,bitcoin. People were already beginning to create blockchain metrics to measure on-chain transaction activity and value.
Once the first cryptocurrency metric was created, BDD was quickly followed by a plethora of other unique metrics including unspent transaction output (UTXO), market value to realized value (MVRV) and spent output profit ratio (SOPR). Despite the sophistication of cryptocurrency data and analysis since 2011, BDD remains a fundamental metric to understanding and valuing bitcoin.
[BDD] is a metric that reflects the collective action of long-term [BTC] holders, said CoinDesk senior research analyst Galen Moore on a special podcast episode about the metric. Whats the psychology of the long-term holder? You can see that in a collective way [through BDD] in a way I dont think is possible in other asset categories.
Moore interviewed Coin Metrics Lucas Nuzzi on July 7, to learn more about BDDs use cases and limitations. In a follow-up discussion July 9, Moore noted no other financial asset enables traders and investors to see the activity of long-term asset holders as transparently as bitcoin.
To this, CoinDesk research intern Duy Nguyen noted the motivations behind why long-term holders are moving funds at any given time is still largely a guessing game that requires further off-chain analysis beyond the scope of BDD.
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The Origins of the World's Oldest Bitcoin Metric, Explained - CoinDesk - CoinDesk
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Bitcoin and Cardanos ADA Weekly Technical Analysis July 20th, 2020 – Yahoo Finance
Posted: at 11:48 am
Bitcoin
Bitcoin fell by 0.95% in the week ending 19th July. Partially reversing a 2.50% gain from the previous week, Bitcoin ended the week at $9,231.2.
It was a bearish start to the week. Bitcoin fell from a Monday intraweek high $9,350 to a Wednesday intraweek low $9,026.6.
Bitcoin fell through the first major support level at $9,095 before finding support in the 2nd half of the week.
3 consecutive days in the green cut the deficit for the week, with Bitcoin recovering to $9,200 levels.
3-days in the red, however, were enough to leave Bitcoin in negative territory for the week.
Bitcoin would need to move back through the $9,200 pivot to bring the first major resistance level at $9,380 into play.
Support from the broader market would be needed for Bitcoin to break back through to $9,300 levels.
Barring an extended crypto rally, the first major resistance level and last weeks high $9,380 would likely cap any upside.
In the event of a breakout, Bitcoin could take a run at $9,500 levels before any pullback. The second major resistance level at $9,526 would likely cap any upside, however.
Failure to move back through the $9,200 pivot would bring support levels into play.
A pullback through to sub-$9,100 levels would bring the first major support level at $9,055 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,879.0. The 23.6% FIB of $8,900 should limit any downside in the week.
At the time of writing, Bitcoin was down by 0.36% to $9,197.9. A mixed start to the week saw Bitcoin rise to an early Monday high $9,238.2 before falling to a low $9,191.2.
Bitcoin left the major support and resistance levels untested at the start of the week.
Cardanos ADA fell by 2.23% in the week ending 19th July. Following a 29.24% rally from the previous week, Cardanos ADA ended the week at $0.12409.
It was a mixed start to the week. Cardanos ADA rose to a Monday intraweek high $0.1369 before ending the day in the red.
Falling short of the first major resistance level at $0.1468, Cardanos ADA slid to a Thursday intraweek low $0.1169.
Steering clear of the first major support level at $0.10116, Cardanos ADA recovered to $0.12 levels to limit the downside.
4-days in the red that included a 3.49% loss on Thursday and 3.01% fall on Friday delivered the weekly loss. A 6.61% rally on Tuesday limited the downside for the week, however.
Cardanos ADA would need to move through the $0.1260 pivot to support a run at the first major resistance level at $0.1350.
Support from the broader market would be needed, however, for Cardanos ADA to break back through to $0.130 levels.
Barring another extended crypto rally, the first major resistance level and last weeks high $0.1369 would likely cap any upside.
In the event of another breakout, the second major resistance level at $0.14596 and $0.15 levels could come into play.
Failure to move through the $0.1260 pivot could see Cardanos ADA see a 2nd consecutive week in the red.
A pullback through to sub-$0.12 levels would bring the first major support level at $0.1150 and 23.6% FIB of $0.1125 into play.
Barring an extended broader-market sell-off, however, Cardanos ADA should steer well clear of sub-$0.010 levels. The second major support level at $0.1060 should limit any downside.
Story continues
At the time of writing, Cardanos ADA was down by 0.92% to $0.12294. A bearish start to the week saw Cardanos ADA fall from an early Monday high $0.12444 to a low $0.12267.
Cardanos ADA left the major support and resistance levels untested at the start of the week.
This article was originally posted on FX Empire
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Bitcoin and Cardanos ADA Weekly Technical Analysis July 20th, 2020 - Yahoo Finance
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Natural8 2020 WSOP Online Hand of the Week: A Wholesome Hand for Ryan Depaulo – PokerNews.com
Posted: at 11:48 am
July 21, 2020Chad Holloway
Natural8 is home to the WSOP 2020 Online with 54 Bracelet Events taking place from July 19th till September 6th. Win a Bracelet and join the exclusive Natural8 Winner's Circle where up to $700,000 in Sponsorship rewards are waiting to be claimed. Start your journey by exploring the WSOP Silk Road Micro-Stakes Tournaments or via the $5,000,000 WSOP Giveaway. The opportunities are endless.
The 2020 World Series of Poker (WSOP) online bracelet events are running now through September 6th. The series is comprised of 85 WSOP gold bracelets on the digital felt across two different clients: WSOP.com and GG Poker.
Each week, well highlight a Hand(s) of the Week, which very well could include bad beats, lucky suck outs, and game-changing swings. In the first week of the 2020 WSOP online series, we shared two big hands played by
PLAY IN WSOP ONLINE 2020 AT NATURAL8
This weeks hand comes from Event #12: $500 The Big 500 No-Limit Hold'em, a tournament that attracted 2,427 entries (1,624 unique players who rebought 803 times). Its from that event that arguably the 2020 WSOPs most popular story sprung the victory of poker vlogger Ryan joeyisamush Depaulo, who captured a $159,563 top prize and his first gold bracelet.
What really caught the attention of the poker world was that Depaulo, who was a recent guest on the PokerNews Podcast, was literally playing from inside his car in a New Jersey Whole Foods parking lot. It was also a redeeming victory as last summer he finished third in the 2019 WSOP Event #61: $400 Colossus for $208,643.
Depaulos victory wasnt easy as he had to deal with seasoned veteran Jack "EarlGrey" Salter in heads-up play. Depaulo began the match with a nice chip lead but Salter, who has more than $8.4 million in lifetime earnings, used his experience to battle back and claim it for himself. It looked as if the bracelet was going to slip through Depaulos fingers, but then he got a little lucky.
Arguably the most influential hand of the tournament took place in Level 47 (400,000/800,000/100,000) when Salter limped the button and then called when Depaulo moved all in for 17.2 million.
Ryan "joeyisamush" Depaulo: Jack "EarlGrey" Salter:
The board ran out and Depaulo shipped a big double into the chip lead, which subsequently left Salter with 13.7 million.
Salter dwindled a bit before doubling with ace-eight against king-four, and for a moment it appeared as if he was going to claw back. The comeback was cut short though when Salter opened for 1.6 million from the button, and Depaulo three-bet jammed in the big blind. Salter called off his last 17,000,000 and the cards were tabled.
Jack "EarlGrey" Salter: Ryan "Joeyisamush" Depaulo:
The flop and turn meant Salter had to hit an ace to survive, but instead the bricked on the river. Salter had to settle for second-place while Depaulo earned his first WSOP gold bracelet and made history by doing it in a Whole Foods parking lot.
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In the days that followed, PokerNews caught up with Depaulo to talk about the whole experience:
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Natural8 2020 WSOP Online Hand of the Week: A Wholesome Hand for Ryan Depaulo - PokerNews.com
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