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ICO Review: Is Bidao Chain ICO worth looking into?

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It has been a while since we have done any ICO Reviews. Not because ICOs are not happening but because good ones have mostly been taking place behind the closed doors giving access to high net worth individuals.  

This is primarily because the SEC has been cracking down on ICOs offered without its blessings.

Irrespective of the reasons, the whole spirit of cryptocurrencies being equalizers of economic disparity has been taking a back seat with many ICOs turning out to be scams and then the rest with the fear of being cracked down by the SEC and the alike.

Today, we are going to look at a new ICO that is currently underway. Bidao Chain.

What is Bidao Chain?

bidao chainDAO stands for Decentralized Autonomous Organization and because this solution is integrated with Binance Blockchain initially it is called BiDAO.  We will call it Bidao, BiDAO, BIDAO interchangeably.

You can think of Bidao as a stable-coin that is blockchain-agnostic, meaning it can accommodate any blockchain network (although it is tied to Binance initially).  It is similar to MakerDAO but without heavily relying on just one blockchain network.  It is the ‘first decentralized, trustless USD stablecoin & DeFi on Binance Chain.’

Similar to MakerDAO, Bidao also has three token structure.   

MakerDAO’s main token is called Maker and Bidao’s main token is called BID.

MakerDAO’s underlying currency is Ethereum while Bidao uses Binance Coin.

MakerDAO’s stablecoin is DAI and Bidao’s stablecoin is called BAI.

As you can see, structurally, it looks like a clone of MakerDAO, however, MakerDAO only has a supply of about 1 million, Bidao has over 2.6 Billion (1.95 billion sold during ICO which represents 75%). 

MakerDAO is also primarily focused on Ethereum Blockchain while Bidao is aiming to be blockchain-agnostic.

Problem Bidao solves

From their executive summaryAt the moment there is no trustless stablecoin that is blockchain-agnostic and allows different crypto assets as collaterals. The only similar system is MakerDAO, but MakerDAO is completely dependent on the Ethereum Blockchain and therefore not able to interact frictionless with other crypto assets. The decentralized finance (Defi) market is growing each day and users are looking for new tools that can be used in the new decentralized.”

Dedicated to DeFi applications

Bidao is looking to focus on Decentralized Finance space. 

Decentralized Finance, as the name suggests, is financial services built and offered on top of trustless systems like Blockchain. Currently, the biggest offerings under the DeFi are:

  • Stablecoins
  • Crypto Lending services
  • Decentralized Exchanges
  • Tokenization platforms

Stablecoins touch almost all aspects of DeFi.  Bidao addresses the stablecoin aspect.

Executive summary explainsBidao is building a new blockchain system that is dedicated to DeFi. In the beginning, Bidao will be completely integrated with the Binance Blockchain and BNB will be used as the collateral. In the future also other Blockchains will be integrated into the Bidao ecosystem. Our goal is to create a blockchain-agnostic ecosystem for DeFi applications.”

Team

Bastian Aigner is the CEO of Bidao Chain who is just 21 years old.  You might be tempted to see him as the new Vitalik.  Don’t let his looks fool you – Bastian has been coding since he was 9 years old and he is among the only few people in the world to have received Apple WWDC Student Scholarship, 3 times.  

Bastian has been working in the blockchain industry for the past 3 years and he is fond of Binance and naturally Bidao is now tied to Binance Coin (and platform).  We will let him give you his own intro.

21-year-old Apple Scholar Launches Bidao on the Binance Chain!

Decentralized finance and trustless Stablecoin on the Binance-chain. You can find more details here: https://bidaochain.com/ Our CEO is a three-times Apple s…

Their CTO, Brian Condenanza, was among the top 10 of the 2018 “Top 100 Young Entrepreneurs in the World” and a TED talk fame.   

Partnerships & Progress

Bidao Partnership withWe must say that Bidao has been quite impressive on the execution side. It has already worked on and released over 140,000 lines of code.

It already has partnerships with Binance, Tellor, Tron, Chainlink, Ontology, Qtum and they continue to add more.

Building on Binance will give Bidao access to a great pool of traders and projects built on top of Binance.  Bidao expects to make BNB backed loans as simple as clicking a button.

Bidao Chainlink

Bidao Partnerships Binance

Bidao Partnerships

 

Social media following:  This is probably a pet peeve of ours. Bidao seems to lack the social media buzz that it deserves, in our opinion.  At the time of this writing, their social media stats look like this:

YouTube subscribers: 1.8K 

Telegram: 1866

Twitter: 2906

Reddit: 107

We would have appreciated it if they made their links about media mentions live…we couldn’t personally verify these.

Bidao Features

They still have 6 more months to go and may gain traction/following.  

Addressable market size – trillions of dollars

It is expected that Ethereum alone is poised to capture over a Trillion dollar market cap with the DeFi Applications on Ethereum network.  

The entire addressable that could be disrupted by the DeFi applications is worth multi-trillions dollars.

There is room for a lot of players in this space and Binance which is at the forefront of every aspect of Crypto will not stay on the sidelines while Ethereum builds to cater DeFi.

Binance created the crypto news sensation by buying CoinMarketCap for 400 Million dollars. If Binance backs Bidao to make waves in the DeFi space – we could see some push from Binance to promote Bidao.  This is a speculation at this point. 

Nevertheless, the addressable market size for DeFi is too massive and can accommodate many billion dollar companies.

Tokenomics

What is unique about Bidao project is investors can start staking their tokens right away.  This is important because the token sale is going to be going on for a year, similar to EOS, except Bidao is not looking to raise 4 Billion dollars.  Their hard cap is 19.5 Million dollars.  In our view that is a decent hard cap which leaves room for growth.  

Bidao Tokenomics
Source: Whitepaper

Restricted countries: USA, China

Staking tiers:

Investors can stake their coins while the ICO is going on.  Below is the staking tier:

    Bidao ico phase
Source: Whitepaper

Coins purchased post ICO will yield a 3% interest for life.

Bidao token sale

Pros & Cons

Pros: If the profiles were to be believed – the team comes with a good skill set.  In technology – age does not correlate with the experience.  Their partnerships and work put into the project are all a plus. 

Cons: Relatively unknown team although we have 3 time Apple prize winner and a TED talk fame.  Lack of advisors on the project is concerning. Their somewhat salesy approach to token sale is a turn off.

Conclusion

Bidao is a mixed bag of a project. It has the great intellectual backing of young-talented-techie so one could argue it can sore to Ethereum heights, while their videos are pretty ‘salesy’ which can be off putting.  

The staking tier is both a good marketing strategy to lure people to the ICO and at the same time it could be a turn off for many.

It has a lot of partnerships even before the ICO ended and the team seems to be busting it with 140,000 line code.  We expect to see more partnerships and traction for this project.

MakerDAO and Ethereum are already at the forefront of DeFi, however, being among the first – these projects do have some shortcomings that can be exploited by Bidao.

In our opinion, we think this would have been a great project given the team’s dedication and the traction it has gained so far but falls short because of lack of advisors on the team, lack of genuine social buzz, claims of scam and somewhat sales pitch and ICO tier structure.

As with everything in the crypto space, there are no guarantees and one could lose the entire investment. We can only give you our opinion, we cannot tell you what to do.

Disclaimer: We invest in the projects we review, although this is not always the case (especially when there are restrictions), however, we keep our review/opinions unbiased as we are not compensated for posting a review.

Related Articles:

  1. ICO Review: ICON: Could this be the ICONic ICO we have been waiting for?
  2. ICO Review: Could this be the Internet of Things with Wings (IoTW)?

Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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