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Which are your Top 5 favourite coins out of the Top 100? An analysis.

I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year?
Here is a complete overview of all coins in an excel sheet including name, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0
The 12 markets are
  1. Currency 13 coins
  2. Platform 25 coins
  3. Ecosystem 9 coins
  4. Privacy 10 coins
  5. Currency Exchange Tool 8 coins
  6. Gaming & Gambling 5 coins
  7. Misc 15 coins
  8. Social Network 4 coins
  9. Fee Token 3 coins
  10. Decentralized Data Storage 4 coins
  11. Cloud Computing 3 coins
  12. Stable Coin 2 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue scalability first:
Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Its goal is to replace dollar, Euro, Yen, all FIAT currencies worldwide. The coin that will achieve that will be worth several trillion dollars.
Bitcoin can only process 7 transactions per second (TPS). In order to replace all FIAT, it would need to perform at at least VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate.
For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet.
With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 with Sharding.
However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove itself resilient and performant.
Without further ado, here are the coins of the first market

Market 1 - Currency:

  1. Bitcoin: 1st generation blockchain with currently bad scalability currently, though the implementation of the Lightning Network looks promising and could alleviate most scalability concerns, scalability and high energy use.
  2. Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
  3. Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
  4. Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
  5. Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
  6. IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
  7. Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
  8. Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
  9. Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. They don’t need to pay the network for every time they compute and can also operate with greater privacy. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Of course, the data source could still be hacked, so Aeternity implements a prediction market where users can bet on the accuracy and honesty of incoming data from various oracles.It also uses prediction markets for various voting and verification purposes within the platform. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
  10. Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
  11. Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
  12. Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
  13. Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte rebalances the load between the five mining algorithms by adjusting the difficulty of each so one algorithm doesn’t become dominant. The algorithm's asymmetric difficulty has gained notoriety and been deployed in many other blockchains.DigiByte’s adoption over the past four years has been slow. It’s still a relatively obscure currency compared its competitors. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
  14. Bitcoin Diamond Asic resistant Bitcoin and Copycat

Market 2 - Platform

Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
  1. Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka Plasma and its Sharding concept.
  2. EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. Highly overvalued right now. However, there are lots of red flags, have dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product.
  3. Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
  4. VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
  5. Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
  6. Stellar: PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
  7. Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
  8. Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
  9. QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
  10. Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments. No big differentiators to the other 20 Ethereums, except that is has a product. That is a plus. Maybe cheap alternative to Ethereum.
  11. LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. However, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
  12. Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
  13. ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
  14. Ontology: Similar to Neo. Interesting coin
  15. Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
  16. Nxt: Similar to Lisk
  17. Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
  18. Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.16. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
  19. Neblio: Similar to Neo, but 30x smaller market cap.
  20. NEM: Is similar to Neo No marketing team, very high market cap for little clarilty what they do.
  21. Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
  22. Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
  23. Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.

Market 3 - Ecosystem

The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
  1. Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
  2. Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
  3. Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
  4. CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
  5. WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
  6. Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
  7. Aion: Aion is the token that pays for services on the Aeternity platform.
  8. USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.

Market 4 - Privacy

The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
  1. Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
  2. Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
  3. Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
  4. Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
  5. Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
  6. Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
  7. PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
  8. Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
  9. Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
  10. Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
  11. Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier. However, the question is if full privacy coins will be hindered in growth through government regulations and optional privacy coins will become more successful through ease of use and no regulatory hindrance.

Market 5 - Currency Exchange Tool

Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
  1. Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
  2. QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. If the forex conversions and crypto conversions match then the trade will go through and the Worldbook will match it, it'll make the sale and the purchase on either exchange and each user will get what they wanted, which means exchanges with lower liquidity if they join the Worldbook will be able to fill orders and take trade fees they otherwise would miss out on.They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners. More info here https://www.reddit.com/CryptoCurrency/comments/8a8lnwhich_are_your_top_5_favourite_coins_out_of_the/dwyjcbb/?context=3
  3. Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
  4. Achain: Building a boundless blockchain world like Req .
  5. Req: Exchange between cryptocurrencies.
  6. Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, bitshares had several Scam accusations in the past.
  7. Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets.
  8. ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.

Market 6 - Gaming

With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
  1. Storm: Mobile game currency on a platform with 9 million players.
  2. Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
  3. Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
  4. Wax: Marketplace to trade in-game items

Market 7 - Misc

There are various markets being tapped right now. They are all summed up under misc.
  1. OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
  2. Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
  3. Populous: A platform that connects business owners and invoice buyers without middlemen. Invoice sellers get cash flow to fund their business and invoice buyers earn interest. Similar to OMG, small market.
  4. Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
  5. Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
  6. Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
  7. Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
  8. Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
  9. TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
  10. Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
  11. Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
  12. BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
  13. Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
  14. Ncash: End to end encrypted Identification system for retailers to better serve their customers .
  15. Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .

Market 8 - Social network

Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
  1. Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
  2. Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
  3. Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
  4. Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.

Market 9 - Fee token

Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
  1. BNB: Fee token for Binance
  2. Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
  3. Kucoin: Fee token for Kucoin

Market 10 - Decentralized Data Storage

Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester., he requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
  1. Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
  2. Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
  3. Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, SAFE’s network uses advanced P2P technology to bring together the spare computing capacity of all SAFE users and create a global network. You can think of SAFE as a crowd-sourced internet. All data and applications reside in this network. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. The data is then randomly distributed across the network. Redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
  4. Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.

Market 11 - Cloud computing

Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
  1. Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
  2. Elf: Allows easy use of Cloud computing in exchange for tokens.

Market 12 - Stablecoin

Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
  1. DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
  2. Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
EDIT: Added a risk factor from 0 to 10. The baseline is 2 for any crypto. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor.
EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x, PIVX gets a 10 for being as good as Monero while carrying a 10x smaller market cap, which would make PIVX go 100x if Monero goes 10x.
submitted by galan77 to CryptoCurrency [link] [comments]

【翻译Quora上一篇问答】中国是否正在面临一次银行危机(谈到房地产) by phoebeDD on 2016-10-04

Is China really facing a banking crisis? What are its origins?
(中国是否正在面对一次银行危机?其根源又是什么?)



According to a recent article titled China facing full-blown banking crisis, world's top financial watchdog war
ns published in the Telegraph:
(根据近期电讯文章报道:“世界顶级金融观察者发出警告:中国正在面临全面的银行危机”)
China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis
(中国已对债务违约失去控制,他们正在面对随之而来的全面性银行危机)
(中国债务/GDP 占比图)


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Robin Daverman, Dealmaker
Written Sep 27


Ah, but maybe you want to look around a bit and see how China’s total debt is compared with other economies, like this?
(你可能想看看其他经济体与中国的债务情况相比是怎么样的,如下图)

(G10债务分布图)
If you put China’s data on this chart, it will be somewhere around Canada and New Zealand. Guess Which Country Has Debt Of Nearly 1000% Of GDP... Shocking, isn’t it?
如果你将中国的数据插入上图进行比较的话,中国的数据大约会在加拿大和新西兰之间。猜猜看哪个国家债务大约是自己GDP的10倍....(英国)非常震惊吧
UK has almost 1000% Debt-to-GDP ratio, compared with China’s < 300% Debt-to-GDP ratio, mostly because of that over-sized financial debt - at the end of the day, the government must stand behind it. On top of that, the UK has no resource to sell, hardly any industry left, going through a divorce with EU, and almost never ever meets her fiscal targets. And yet, UK, with its near 1000% debt-to-GDP ratio, is still viewed as the gold standard among safe havens. PRESENTING: The Rosetta Stone Of The Entire Sovereign Debt Crisis Why? Because UK issues debt in her own currency. And who prints the pound? The UK government.
英国的债务/GDP占比将近1000%而中国只是小于300%,其原因是其过于庞大的金融债务——政府最终将不得不为之站台。在此之上,英国没用可出售的资源,没有任何本国工业,正在脱离欧盟,而且英国基本上从来没有达成其财务目标。即使如此,英国仍然被某些传媒视为安全经济体的黄金标准。其原因就是英债都以英镑的方式结算。那么是谁印英镑的呢?英国政府。
Then you take a look at Japan, wow that’s 600%+ debt-to-GDP ratio! But - Japan’s debt is not only mostly internal, in Japanese Yen, but also with 0% or even negative interest. You can roll this kind of debt over practically forever. That’s why people have been yelling about Japanese debt for the last 20 years, and nothing happens.
然后你看看日本,将近600%的债务/GDP占比!但是,日本的债务几乎都是内部的,以日元的形式出售的债务,而且日本是0利率甚至是负利率。实际上这种债务你可以无限积累下去(经济常识:如果是负利率,政府只要保持债务不变,多出来的部分会自行消失)。这就是为啥人们对日债担心了20年但屁事没有发生。
Then you take a look at those economies that have blown up on debt:
Argentina: Government/Sovereign debt in USD, with jurisdiction in New York!Greece: Government/Sovereign debt in Euro, with jurisdiction in Brussels!Iceland: External financial debt → nationalized into Government/Sovereign debt in USD and Euro alone was 700%+ GDP in 2008, with jurisdiction in New York and Brussels.
然后你看看那些因债务问题毁掉的经济体:
阿根廷:政府/主权债务以美元形式结算,其裁判权在纽约!希腊:政府/主权债务以欧元方式结算,其裁判权在布鲁塞尔!冰岛:外部金融债务→债务国有化后2008年政府/主权债务以美元和欧元的形式达到GDP的700%,其裁判权在纽约和布鲁塞尔
Then you look at China, with her debt almost entirely internal, in Chinese RMB to Chinese citizens, government debt at 55%, lower than the US, Japan, and EU average, in her own currency. China’s external debt is about 9% of GDP, globally ranked 184th (less than North Korea, similar to Kosovo) - anyway you look at it, it’s hardly the kind of material to make a banking crisis. China is borrowing a little bit from her own piggy bank. Argentina/Greece/Iceland were borrowing a lot from the Mafia.
然后你看看中国,中国的债务基本都是内部以人民币结算的。中国政府债务只占总债务的55%,比美国,日本和欧盟都要低,再次强调,其债务以人民币结算。中国外部债务只占GDP的9%,全球排行184位(比朝鲜低,比科索沃高)。无论怎么看,你都不会看到中国有任何银行危机的迹象。中国只是向其国内贪心的银行借钱。阿根廷/希腊/冰岛可是像美国欧盟这些黑手党借钱。
PS: The most significant increase in China’s debt is in the financial sector, driven by rising real estate price (which means higher value of housing loans). Right now, the Chinese government is basically using it as a tool to do macro-economic engineering. The goal is to cap urban growth in top tier cities (Beijing, Shanghai, etc.) and push the economic growth to second- and third- tier cities (Hangzhou, the city that just hosted G20, is an example.http://www.g20.org/English/Hangzhou/About/index.html Now you can look back and see why the Chinese government decided to host G20 in a city nobody has ever heard of). This is clearly stated by the Chinese government like 100 times since last year in the official news channels. The reason? Top tier Chinese cities like Shanghai (25 million) already have more city residents than the whole nation of Australia! The metropolitan area of Shanghai (44 million) has more people than the entire population of Canada! In one city! Beijing’s population grew by 8 million within the last decade! The place is simply full.List of cities in China by population and built-up area
PS: 中国最显著的债务增长是在其金融领域内不断升高的房价造成的(不断增高的房贷造成债务问题)。现在中国政府正在利用房价作为宏观经济调控的工具。其目的是限制一线城市的城市化进程和加速二三线城市的发展(刚刚举办了G20的杭州就是个例子,现在你就能知道为啥中国政府将G20放在一个没人听说过的城市举行了)。这些政策中国政府已经在官媒上宣布了无数次。原因就是一线城市,例如上海(2500万人口),其居民数量比阿根廷全国人口还要多!上海都市圈(4400万人口)的人口数量比加拿大全国还要多!北京人口数量在过去的10年内增长了800万!这些城市的人口数量已经饱和了。
In addition to real estate prices, the Chinese government is also doing stuff like restricting residents permits, disallowing second or third homes, even restricting jobs to local residents, everything to say “this place is full. We have these other nice choices, with lower housing prices. Go there.” Young people complaining about housing prices in tier-one cities? But that’s the whole point. The debt you have to take on to live in tier-one cities SHOULD SCARE YOU OFF. The Chinese government is trying to stop the influx of people pouring into tier-one cities, and get these smart and energetic youths to go build two, three, four, five. … more Shanghai’s in other parts of China. 1.4 billion people can’t all fit into tier-one cities.
除了以房地产为手段,中国政府也加强控制了居住证的发放,禁止第二/三套房买入甚至对本地居民的工作种类进行限制,这些都是为了表达一个意思:这些地方都人满为患了。二三线城市有更低的房价和更好的生活条件,快点去那里吧!年轻人都在抱怨一线城市的高房价?但这就是中国政府想要的。你在一线城市生存需要的代价会把你吓退。中国政府正在尝试控制一线城市的人口流入而让有技术和充满活力的年轻人去建设二三四五线城市——让更多的上海出现在国家的其他地方。14亿人口是没可能全部都聚集在一线城市的。
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Paul Denlinger, Involved in China economics study
Written Sep 27


There is too much debt, and a lot of it is likely to turn into bad debt, but that does not equal a banking crisis.
是因为中国贷款太多了,而这些贷款大多数会变成不良贷款,但这些都不等银行危机
Banking crisis may be a nice term to bandy around and get clicks and headlines, but does not really explain what is going on.
银行危机或许是一个十分吸引眼球的头条,但是根本就不能解释实际的情况
There was a lot of debt financing, especially after the 2008 subprime mortgage crisis in the US. In order to keep the economy on a steady keel, the Chinese government, through its banks, pumped money to Chinese state-owned enterprises, in order to keep high employment and maintain an image of “growth”. A lot of this money then found its way into the underground banking system through “wealth management products” and other means. A lot of this has turned into bad debt.
中国政府有过很多次债务融资,特别是08年美国次贷危机之后。为了稳住经济增长,中国政府通过银行将大量人民币注入到国企内以维持就业率和高增长的形象。但这些钱最终大都以理财产品和其他形式流进了地下钱庄。这些大部分都变成了不良贷款。
Another problem area, which frequently overlaps with the “wealth management products” is the local government financing vehicle used to fund local property development, which I have discussed here: Paul Denlinger's answer to Why does China have so many ghost towns?
另一个有问题的领域,和“理财产品”有莫大关联的,就是地方政府为当地基础建设所采用的金融工具(我在这个地方有详细的分析:https://www.quora.com/Why-does-China-have-so-many-ghost-towns/answePaul-Denlinger?srid=tR&share=22b99cfc
What is likely to happen in China is that growth will slow down in some areas, while there will be certain newer parts of the economy which will continue to grow. If the Chinese government is able to support the newer parts of the economy and help them to grow, while cutting back on loans to the weaker parts of the economy, it may be able to handle this transition better.
最可能发生的情况就是中国的经济增长将会放缓,但是肯定会用新的增站点。如果中国政府能支持新的增长点而且能减低夕阳工业的不良贷款率,那么或许能更好地度过过渡期。
This is exactly what the Chinese government is trying to do and you can read about it here:Here is how China is going to quietly save its economy
这些正是中国政府正在尝试去做的,你可以读读这个文章了解一下:http://www.scmp.com/news/china/economy/article/2022491/china-deploys-policy-banks-stealth-mission-stimulate-growth
So, if you are expecting there to be a dramatic run on the banks, and the Chinese people to take to the streets and overthrow the Chinese Communist Party, and become a full-blown democracy like Taiwan, Japan or South Korea, you are very likely to be disappointed.
所以,如果你是期待一次强烈的bank run(自行百度啥是bank run),然后中国人民上街推翻TG,中国大陆变成与台湾,日本韩国一样的政体,那么你要失望了。
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Nikhil Ambhorkar, Self studied Finance.
Written Sep 26


Is China facing a Banking crisis?
中国是在面临一个银行危机吗?
Yes.

Is it facing a full blown Banking crisis?
中国正在面临一个全面性的银行危机吗?
No.

Combined debt of China is almost 300% of its GDP. But the the categorized in 4 parts as it is shown in the image with the question too.
中国的总债务大概是GDP的300%。但是分在了如图所示的4个领域内。
The corporate debt has the lion's portion of the total debt. The household debt and non corporate debt are nothing to worry about because it is less many other developed countries and has some room to grow.
公司债务在总债务中占了大头。个人债务和非公司债务根本没啥可担心的因为这些比大多数发达国家还要低所以还有增长的空间。
Government Debt is not too big when compared to standards set by many global institutions like IMF, World Bank, etc.
政府债务以多数国际组织,例如世行和IMF,设定得标准来看其实不高。
The only major concern which is of a serious magnitude is the corporate debt. This is also reiterated by many economists.
最主要的关注点就是公司债务了。许多经济学家都重申了这点无数次了。
Now the problem with China is that data that comes out of major Chinese institutions is murky so their are many different types of estimates by many different institutions but the common theme in it is corporate debt and its size.
中国最大的问题就是中国国内组织公布的数据来源不清晰所以不同的国际组织对中国经济的实际情况估算会不一样。但所有组织最关心的都是中国的公司债务与其规模。
Corporate debt consists of debt owned by state owned corporations and private corporations. Private corporations in China are generally crowded out by the state owned corporations because of connections and political agenda.
公司债务又分成了国企和私企的债务。中国私企大多数收到国企排挤,这是有政体造成的。
Many state owned corporations have invested into unproductive projects as a result of excess boost given by government after 2008 to prop up the economy. This has resulted in a huge amount of NPAs. So, in all the major problem is state owned corporations piling up huge amount of debt. To solve this problem, the government tried to convert the debt into shares which the bank owns and can recover money through profit dividends but this was one of the causes for last year's stock market crash.
在08年过度的经济刺激政策下,很多国企在许多无效益项目上投了许多钱。这造成了大量的无效能资产。所以,最大的问题是国企堆积了大量债务。为了解决这个问题,政府正在尝试将国企的债务转化为股份,那么银行就能将债务转化为红利而最终将债务收回了。但这造成了上年的股灾.....
Hence, it is a big crisis but not the one government cannot handle with so much trade surplus and forex reserves. But actions are definitely needed to stop it from growing into a bigger problem.
所以,这是一个危机但仍然是政府能控制的,毕竟中国政府有大量贸易顺差和外汇储备。但是仍然需要实际行动来防止事态的扩展。
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submitted by robot301_01 to kfq [link] [comments]

The Future of Bitcoin

It's another one those “let's have a rational discussion about Bitcoin” posts.
As something of a believer I am not interested in trashing Bitcoin, but it's clear that not everyone's vision of the future for Bitcoin is the same, so here is mine.
First the negative.
Bitcoin is terrible for in person transactions, and I suspect it always will be. What Bitcoin excels at is being “Internet Money”. No average Joe wants to wait 10 minutes for a confirmation whilst buying a cup of coffee. The main arguments against this are a mixture of “zero confirms is good enough” and “services on top of Bitcoin facilitating off chain transactions”.
Merchants do care about small value losses, the CCTV cameras in most small convenience stores prove this, whilst the Satoshi client does not let you double spend easily with zero confirms, in terms of the protocol it is trivial. If Bitcoin adoption grows and zero confirms start to become common we should assume we will see alternate clients designed to make double spending as easy as possible.
As for services facilitating off chain transactions, what is the difference from the consumers point of view between this and a Credit Card?, add in the fees for this off chain service and you are likely at the same cost as a CC payment. Bitcoin adds little value over cash or CC in the real world, fiat currencies for transacting locally are difficult to beat.
The enthusiasm for Bitcoin is impressive, but Bitcoin's future does not lie in Subway, bars, coffee shops, etc.
Bitcoin has also conclusively proved that not everybody is ready to be their own bank, here are some examples.
The last point about security is important, I consider myself to be fairly technical but find the task of securing Bitcoins daunting. The most difficult scenario is where someone has a lot of coins but needs to spend some of them frequently. The community could really do with a dedicated guide about security listing the options and trade off's, the Bitcoin wiki page currently is a bit too focussed on the Satoshi client.
Note that simply blaming the user isn't good enough, CC and cash offer a much better consumer experience (lost your credit card?, call your bank and get it cancelled and re-issued).
Now the positive.
I see lots of scenarios where Bitcoin is incredibly successful but the average Joe knows nearly nothing about it.
The last point is also important, one common theme I see in the Bitcoin community is that of banks hating Bitcoin. For investment banks in particular this is likely to false, they currently trade and speculate on a large number of commodities every day and would welcome a global instrument like Bitcoin.
Retail banks don't have much to fear either, as previously mentioned even Bitcoiners love to be able to reverse payments in some circumstances (BFL pre orders).
I suspect the reason the banks are not all over Bitcoin yet, is due to a combination of regulatory worries and inertia. Banks have become risk averse since the 2008 financial collapse and it would be disingenuous to suggest that Bitcoin is without risk.
One final point about inflation versus deflation, roughly speaking most western countries were on the gold standard for about a 100 years, and we have been off it for nearly as long. What is often ignored by newcomers to Bitcoin (but I have seen raised in the community) is that a monetary system is not independent of the world it exists in. The last hundred years have seen a huge increase in the planets population and this will inevitably bring with it resource scarcity. There may be a perfect one size fits all monetary policy, I doubt Bitcoin will be it, but Bitcoin may be exactly what the world needs to get the world through leaner times.
So to summarise, I find it hard to envision Bitcoin replacing fiat completely, if Bitcoin is really successful fiat could be commonly measured against Bitcoin.
submitted by btcthrowaway12 to Bitcoin [link] [comments]

[Table] IAmA Goldman Sachs Investment Banker AMAA

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-01-12
Link to submission (Has self-text)
Link to my post
Questions Answers
I have a good friend who is a VP at your firm . They blamed the entire Financial crisis on ' poor people who could not afford their mortgages ' they said this was pretty much he opinion among the investment banks . How do you feel about what happened to Greece and Goldmans hand in it ? That is not true. Opinion is very much split within the investment banks and there is no right or wrong answer. I personally don't believe at all that the crisis was caused by 'poor people' - and I don't like that sort of categorization of people in the first place. There are perhaps 15/20 different institutions you could blame for the crisis, there's no way of isolating individuals. I'm not sure what exactly you think GS's hand in the Greece affair was. Of course it's a sad story and I feel remorseful - I recently donated £50,000 at a charity ball to help rebuild one of the islands which has almost been burned to the ground. But ultimately Greece employed GS at the time because they wanted to fudge their finances so as to meet entry requirements for the Euro i.e. the greek government was knowingly employing GS to help perform an extremely risky task - GS didn't force anything upon them. If the experiment explodes 10 years later (as it did), should GS really be the party to blame?
The next day, you are flipping through television channels and randomly come across a pre-season CFL game between the Toronto Argonauts and the Saskatchewan Roughriders. Knowing your inevitable future, do you now watch it? Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name.
I love seeing the ignorance that emerges in these AMA's relating to investment bankers. I am really interested in a career in either IB or Consulting, have a few questions for you. Thank you to fletch below for answering this question.
1) How did you cope with the hours? I like working hard, I like working for my money but I also like enjoying free time and having a social life. When working a 100 hours as an analyst that would certainly have to suffer 2)What were you academic results like through your degree? I'm currently in my second year and will be realistically looking at 2.2, 2.2, 2.1 and 2.1 (years 1-4). This summer I'd hope to get an accountancy internship in one of the big 4 followed by an internship next year in one of the large IBs. I know there's more to a candidate than solely their academic credentials + internship but would this stand me well for a BB in London? (Top Irish university, undergrad will be in Business and French) 3) What is it that makes you enjoy this job? I know the paycheck is certainly a bonus but you've said there's more to it than that? Whatever your breakdown between modules is, you need a 2.1 overall. Even if your average is 60% or 61%, that's enough to get you past the minimum requirements and through to interviews. After that it's up to you - they'll take someone with a good business mind and strong communications skills irrespective of whether they average 60 or 78 or 92. I disagree with him. My job is extremely rewarding and i wouldn't swap it for any other industry at the moment. If you want evidence of people enjoying their jobs look at the number of years they spend at their respective firms. Most of the partners at GS are 'home-grown' and have spent 20/30 years sweating away but don't regret it for a second.
Do you realize that in countries like Spain you're seen as an evil person that only wants to get profit and don't have any soul or feelings and probably kicks puppies for fun? If so, how do you feel about it? Yes and understand their anger but it should be re-directed to politicians!
Proof? and of course... how much did you make in 2012 approximately? Approx 600k. How do upload proof e.g. photo evidence?
Sorry, new to reddit!
Do you have free ticket for me? Always looking for handouts. What is it young people say, lolz??
I'm very curious of your opinion of Secretary Geithner's role in LIBOR. Do you think he was guilty? innocent? Thanks! LIBOR scandal is way too complicated to explain at 2.30 am after a few beers. Many active players are implicated and i think he will be seen in the wrong eventually like many others.
What hours do you work? Approx 80 hours a week not incl. flight time I go to festivals in Europe but would love to go it. Do you have free ticket for me?
If the concept and idea of a monetary system was replaced with something better (hypothetically) what would you do? As in for a career or what not since now you are jobless. Resources will always be scarce so someone will have to ensure an optimal allocation. There will always be a market of some kind whether it be a public market or an internal government one.
Hypothetically we could have unlimited power, molecular production, and master matteenergy conversion. Would that change your answer? Good interview question. I'll keep it in mind.
In your view, are there any regulations that could meaningfully alter the moral hazard typified by the 2008-2009 bailout of the financial sector? If so, what might they be? And if not, to what extent does regulatory capture play a role? Regulatory capture is a seriously problem not just in banking e.g. also in the energy business. How do you reduce it? It won't happen unless the public demand it, as everyone with power tends to benefit from it and so they won't make meaningful steps to change anything, i.e. its a win win situation for government and business. However it needs more than just 'occupy movements' but rather i am talking the mass voter population.
Have you seen @gselevator on twitter? if so have you ever contributed/is it legit? Haha yes i have seen it and no its not legit, well at least i think its not. Seriously though the elevator chats can be quite entertaining and revealing.
Do you use a mouse when you work on excel? Are you joking?
No.
In your opinion, do you think the money you make is worth the hell that you go through to make it? I love my job and so i am lucky that the money is not the only motivator.
But yes i love checking my bank balance at an atm.
How can i break into finance with a sub-par gpa? Network and try non BB firms.
A company founded by 100 duck sized horses. or A company founded by 1 horse sized duck? 100 duck sized horses every time. Basic risk management theory - don't put all your eggs in one basket. If that 1 horse sized duck isn't exceptional, your business is going down the tubes.
Prior to the collapse, did you have any idea what was about to happen? It was getting obvious that there was a bubble, but never predicted how great the fallout would be and that in 2013 we would still be suffering
What do you do day to day? I work in the energy field in Europe but don't want to get too specific. Day to day we advise natural resource companies on all things financial such as m&a and financing strategy and then execute on their behalf. So I am on the corporate finance side rather than sales and trading. However I work closely with the syndication and sales guys such as if we are executing an IPO or a follow-on share offering.
I have a buddy who's small but established clean tech company needs money building biodiesel manufacturing plants around the US that run off garbage and wood chips. The technology is actually coming from a company based in Sweden. Can you help him on the money side? Send me a link to their website.
I find clean tech very interesting.
How did you get your job? Did a summer internship then got FT conversion.
What college did you go to? I went to LSE (university in the UK)
What jobs did you work before getting this one? Did another internship whilst at university at an oil company.
At what age did you get this job? 22.
I hear the GS company culture is like " a frat on steriods" true or false? False more than true but depends on team.
Is it as cut throat as I have heard with the bottom 50% of people getting sacked each year to make way for new guys who will probably be sacked the year after? Bottom 5% is more accurate. 7-8% in a bad year, 3-4% in a good year. It's a fine line between 'cut throat' and having a 'healthy competitive atmosphere'. But we'd be out of business very quickly if we kept firing half of our staff every year...
Is there any stock I should look into in 2013? Long term or short term. Short term- African Barrick Gold. The chinese walked away and so the share price plunged and despite serious operational issues, the massive drop has presented a golden buying opportunity.
Long term- anything to avoid inflation, inflation scares the crap out of me and is going to be a big problem in the Uk and elsewhere in the future.
Also buy into soft commodity boom e.g. meat in africa, think zambeef etc if you can find an attractive entry point.
What's the best preparation for an interview with an i-bank? I'm over here in the states and come from a non-target. Read WSO, the forums are full of useful hints and tips especially for non target guys. Depending on what area you are applying for, make sure you know some really good examples and stock pitches as it is amazing how many candidates lack knowledge e.g. if applying for ECM for god sakes know some of the recent IPO's and likewise for equity research have good stock pitches and have conviction when presenting. Best of luck!
How important is your undergrad majogpa I'm double majoring in Econ/Conflict resolution studies with a possible minor in poly sci (depending on how the credits work out) I got a 3.9 gpa last semester but it only brought my overall gpa to a 2.4 because fuck klonopin. I should have at least a 3.0 by graduation, but I'm wondering its worth it to pay for and retake my first semester. Can I have $373 dollars? :D :D I promise only to get moderately drunk with this money. Sorry, a lot of questions, thanks for answering. Oh also, one last thing, all else being equal, is calc I enough math to apply for analyst job? or do I need more? Undergrad course choice is not that important for IBD but obviously for more quant roles you need maths skills Again i am sorry but i am not very clued up on GPA Ok i give you money but first you have to register yourself as a charity so that you can gift aid it and get much more!
Where did you go to college? LSE.
As an undergrad? How hard was it? I hear it's very difficult. Yes, undergrad.
Harder than most places depending on your course. Especially as you are competing with loads of kids from Asia who do extra calculus to relax.
How do you see regulation affecting the overall banking culture? Everything I have been reading and what people have been saying is that the culture is changing. Have you been seeing this? I recommend reading "The Culture of Success" by Lisa Endlich.
Also how do you like the goldman culture? Regulation is hurting us...but: Link to business.financialpost.com
How much total did you make in each of your years at the firm? I don't want to get into specifics.
But for your first three years as an analyst roughly 50k-70k (£ not $)
As an associate 120k-160k.
After that the numbers get exciting.
What tools do you use on a regular basis? Excel, Outlook, Excel, Outlook, Excel, Outlook...powerpoint.
What is the biggest reward of working in IB? Where I study, students with high grades are pushed to chase the prestigious internships firms like GS, MS, etc offer. Their reasoning why they chase these jobs is that they think it is the highest (prestige) in finance they can go or are attracted by the money. It seems shallow to me. What does IB offer that makes your career personally fulfilling? Why didn't you choose to work elsewhere? I find what i do at the front end of the energy sector fascinating. If your interested in business or globalisation or other similiar areas then IBD is pretty much at the cutting edge of it.
Thanks for the reply! When you were first starting out at GS, were you able to balance a personal life aside from your work? Has it gotten easier as you have gained more experience? Would you recommend IB as a field to pursue to your own children today? Thanks again! I'd say during my first 3 years as an analyst the 'balance' was almost non-existent i.e. i was regularly working 100+ hours/week. Since then it's become easier year by year and i think that's true for most. And yes certainly i would encourage my children to pursue it - not that i have any yet.
Where did you go to uni what was your gpa? how many physics majors work their? did you start off as an intern? sorry for rapid firing questions. LSE (london school of economics) - first class honours but don't know how that translates into GPA.
I know only 3/4 physics majors in the office at the moment.
Yes started as an intern.
Do banker run the world? how much political influence do they really have? It works two ways. Some bankers have their fingers in politics in a way they perhaps shouldn't. But equally many politicians have their fingers in banking and can force our hands.
How hard is it for a non ivy leager studying finance to get an entry level job at GS? what about internships? Tough. But with enough internship experience beforehand it's possible.
What do you think of Forex? Would you ever trade on it with your personal money? Difficult to answer - you can trade forex in a million different ways - some ways are more interesting than others. I don't personally trade it, but others forge a very successful career out of it.
What was your bets investment in? (If that's how it works) That's not really my role in IBD.
But outside GS I invested in the Shanghai property market a decade ago or so. My 4 flats there are now worth 10-12 times what they were worth then.
WTF caused the 2010 flash crash? Good question. Nobody knows for sure.
From the link you've provided, I find no.2 the most plausible explanation. But I would also add 6. UBS did something stupid again.
As hardcore capitalists what is your feeling about (management of) banks that seem to live under the impression that profits are for a happy few while losses should be carried by tax-payers? That's not what I believe at all.
And by the way all of us are tax payers too. The top 5% contribute approx. 50% of the government's taxation revenue. So if losses are being 'carried by tax-payers' - that doesn't exclude people in the banking industry by any means.
Matt Levin at Dealbreaker (former GS guy) describes Investment Bankers as "Travelling money salesmen". Do you feel that this description is apt? The operative word in your question is 'former'
Do you think that's how he described investment bankers whilst he was still with the firm?
People tend to get very bitter and sensitive after they get fired. See Gregg Smith for further evidence..
Is an MBA necessary to be competitive when looking for a job or is a B. Comm enough to compete with others when looking for jobs in the industry? Depends on what entry point - if you do an mba then you apply for associate entry whereas b.comm is an undergrad degree and so you apply for analyst roles. If you do a b.comm at a top university/college and get some internships then you should be well placed. Good luck!
Do any of your co-workers frequent Reddit? I imagine less than 0.1%.
Then again 2 people on this feed at least have claimed to be my co-workers, so who knows...
Since you're new to Reddit, what made you want to do an ama here? I'd like to alter the public perception of bankers - not all of us are the obnoxious greedy individuals you read about in the media.
I'm also extremely interested in hearing what non-finance people see as our key economic issues at the moment - this seemed a good way to find out.
Proof? How do i upload photos? i will upload photo proof. Sorry not very experienced with reddit!
I am a senior in high school and I am interested in majoring in either accounting or finance, but I don't think I know enough about either career path to make the best decision, can you explain the large differences the two paths I would go down depending on major, or any advice that may influence my decision that I would not know at this point? What you choose to study doesn't necessarily determine the industry you'll end up in. We have guys in the office who studied history, languages, even medicine. Just go for what interests you the most and focus on getting high marks.
Curious as to what kind of degree you hold/what was your GPA in college? BSc. Economics degree from LSE. First class honours, don't know about gpa
I used to work for the swiss banks and swiss stock market indirectly, and have a few friends in the banking business, including GS and Nakamura in London. What is your personall opinion on prostitution, cocaine, and medication misusage in your business? Also, also what is your stance on GS' questionable involvment in Backpage.com? With regards to backpage.com, the guys on the deal did not do their KYC checks properly. KYC checks are crucial for banks- your reputation and future success is more important than any single customer. Look up riggs bank and the Obiang family and then you'll see!
Possible. But realistically those kind of excuses are given no matter what really happened. For a company as big and powerful as GS I can only take it with a grain of salt. Are you content in the way GS does business from a moral point of view? It's either a pinch of salt, or a grain of sand...
Thanks. I'm not a native english speaker and have not used it regularly for years, so it's gotten pretty shit. Any chance you answer the other questions? Yes, apologies. I think some of our deals have been morally reprehensible in the past. The same goes for any major investment bank. But i think we've done a very good job in 'cleaning up our act' over the past few years and the public has played a large part in that. With any luck we will see a much healthier banking industry soon.
How accurate is what is said on the Twitter handle @GSElevator? It's grossly exaggerated, but not entirely inaccurate...
You guys got trolled hard. A GS IBD guy not knowing how to upload something to the internet? Seriously wtf. Probably some guy from wso who wanted to feel like he was "in". Link to i.imgur.com Just doing some work now! Link to i.imgur.com In case you wondered what Lloyd's signature looked like.
Is there anyway you can help me out, connections or anything, someone I should talk to to get a interview? Can you interview me, I shall forward you my resume! Private message me and we will discuss. Sure i can help you out. I know how tough it is for you guys who are trying to get in!
Any thoughts on the MSI/SSG mini-scandal this week? Yes but won't comment.
Very hush hush.
I also work for GS. Which building are you in? I'm based in PBC. Also IBD, North. Would do an AMA and provide proof. I'm in PBC too, moved from RC quite a few years ago. I'm not sure exactly what sort of proof i'm supposed to provide...?
Would you say you were groomed for this kind of work from a young age? LSE is an elite school. Did you go to elite private schools growing up or were you an exceptional student at a normal school? Yes, Jimmy groomed me from four years old
Do you like your job, or should i say career? Yes. If i did not then i would go and sail around the world again.
From your experience, how relevant is CFA nowdays? Definitely worth doing.
How large was your Xmas bonus and did it get taxed over 50%? See below - total comp was c.600k and yes taxed above 50%
You said in other replies that you were 22 when you got this job and make 600K now. How old are you now, and how long did it take you to get the that salary level? Is it all commission? Was analyst at 22 and then moved up the ranks. Just turned 30, feeling old now!.
Can you give some insight on the business model of Investment banking? (I have no clue to be honest) . And what does a portfolio manager do exactly? Portfolio manager is not IBD. He/she would work in investment management e.g. for blackrock or GSAM or a hedge fund.
I'm currently writing a thesis on the future of rentierism in the gulf with an emphasis on Saudi Arabia. I don't have much of an economic background apart from this, but the international energy market is obviously important to my research. Can you recommend any good (preferably free or low cost) primers and newsletters on the subject? Hmm there are many on energy market but not too sure about rentier specific ones. Will have a think. I did my university thesis on Saudi and so will have a dig around.
How do you live with yourself? Knowing that the company that you work for doesn't give a fuck about you or anybody. All they care about is money. They have ruined america many times over. Seriously, how do you live with yourself? Actually our business is dependent on America and more importantly the rest of the world's prosperity. So actually our interests are nicely aligned.
Link to www.rollingstone.com. Seems to me like your bosses and former bosses don't give a flying fuck about anyone but themselves. Can you name one good thing Sachs has done since you have been there? I think you meant 'don't give a flying fuck" in your comment.
Do you happen to work with quantitative analysts? Depends which deal we are working on. Sometimes we need them, other times we don't.
What's your retirement savings invested in? Property (international and uk), shares mainly through tax efficient ways e.g. isa and EIS, pensions and artwork.
No swiss bank account i am afraid.
"The first thing you'll realize is that they are extremely disciplined. You would never come across a Goldman employee, who would, after two or three beers, say "My colleagues are a bunch of dickheads" From Money and Power William D Cohan. What do you have to say about this? I agree with it.
What advice would you give someone who is interested in going into finance and is currently in university. What would you have liked to do in your time spent at LSE now looking back? Party more! You only live once. You can have that advice for free.
Thanks for the AMA. Do you know anybody I could speak with regarding interviewing and internship opportunities? Private message me.
Doing an AMAA are you putting your job at risk for releasing company secrets/opinions whatever? I've not released a single company secret.
Edit: added an A to AMA. There's nothing in my contract to say I can't express my own opinions.
What do the hopes and dreams of Americans taste like? Raspberry sorbet, in my opinion
What is your feeling on the separation of traditional banking and investment banking as is proposed by the FSA? I think overall it's sensible - Barclays being the best example of why they should be separated.
At GS specifically of course we're not involved in traditional retail banking at all so it's not the most pressing issue for us at the moment.
You mentioned 80 hour work weeks. Could you explain the timeline for your typical work day. Do you work 7 days per week? Is your work more project based where you go non stop and have some time off between projects? There's no typical working day - some days are 18 hours and others are 12. Depends entirely what stage of a deal we are at. Generally I work 5/6 days a week, but keep in email contact with the office 24/7.
Yes, entirely project based. But if we are doing our jobs properly there's not much 'time off' in between.
I'm currently on target for a 2:1 or a first at university in my economics degree. But due to a slight hiccup in my a-levels, in which i got A* A C, still managed to go to a top 10 university but do they look at the C, which was in maths. Your university grades are definitely more important. If you do well in a mathematical module at uni that will allay any fears they have about an A-level grade.
Do they look at a-level grades and expect a minimum maths grade? I'm not bad at maths by any means, just an unfortunate anomaly in the exam season. Which uni are you at and what do you study?
Manchester and economics BA - but i have econometric modules and another mathematical module for 2nd year. Any chance of switching it to a BSc? Immediately reassures employers about your quantitative skills..
Hello there, first of all I want to thank you for doing this AMA. I am a dutch college student and currently I'm writing an essay about the BRIC countries. I used your book to write down predictions of their economic future, and I'd like to ask: did you participate in writing that book? Are you referring to Jim O'Neill's book? I have a copy on my desk, but no I wasn't involved in writing it.
What do the guys at GS think about @gselevator? See same q&a earlier on!
How often do interns get recommended to come back? In a good year, approx. 50% of an intern class will get hired.
In a bad year (2008 for example) perhaps only 10% or 20%
Any opinion on Nautilus Minerals? Can't comment on that company i am afraid.
How do you feel about manipulating the currency markets to screw over the average retail trader? I don't know what you are talking about.
Have you ever seen American Psycho? Yes.
I am going to copy and paste this in an email and send it around my team. You will famous at the firm, well at least in my team in london anyway! Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name. That would also be an awesome interview question! And i give them 5 secs to answer.
I highly doubt GS interns work for free. I've almost never heard of an internship in finance that didn't pay -- most firms I've encountered usually pay the same base wage as the first year full timer positions you are interning for. Interns in front office at GS in london get circa £42k pro rata. So not bad for a summer job and remember no tax as they are below threshold across the year!
Gold Mansachs. Not sure about that one.
I prefer Goldman Snachs, the name of our canteen.
Yes, Jimmy groomed me from four years old But yes went to a private boarding school before. Widening the diversity of applicants in IB is a key target for HCM.
What is the future of investment banking in a new world order where both governments and the people are fed up with the excesses that led us into this credit crisis. The industry is always evolving, that's what makes it an exciting industry to be in. I imagine it will take us a good few years to fully regain the trust of certain clients, but ultimately if this whole saga causes us to readdress our methods and practices to improve our service then in the long run it's a positive outcome.
PS. Do you not think people should be fed up with the governments too, as well as the banks?
Not OP but I can answer this as a 2012 intern who got converted for Programming. A Math degree is a good +. There are 2 ways. Either join in as a programmer, show your merit and change departments, ie move to Quant side. Other option is to get a MBA, and join the I-Banking dept you want. What's your name?
Do you have any books or resources you'd recommend the layman for learning investment skills (i.e. the wealthy barber) I ask because i feel there is a lot of crap out there and would like to genuinely learn. I have never heard of the wealthy barber.
Last updated: 2013-01-16 15:54 UTC
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