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Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
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Nyancoins Megapost - Central Link Collection

Edit: Going to finally start an overhaul on this (April 23rd, 2016); it's been six months since the last edit. I'm going to go from current back, so there's going to be a gap between this top, new stuff and what's below until I finish the update.
I'm just going to have the last six months all shoved together into one large update here. There's weak categorization, but basically just think of it as a huge list. In general, the newer items will be higher within a given category than the older items. I apologize if I left anything out which people would like to see included. Some things I considered more of a temporary update than something relevant months later, but just PM me and I'll add anything requested!
We're currently in a quiet low point. Nothing catastrophic is happening, but we are relatively weak. I call it "the best nadir" because if this is as bad as it gets, we're doing alright. The price is down to 4 satoshi now, which is the lowest sustained price since the beginning of the revival. I'm going on a year behind my original goal for releasing NYAN2, still stuck on a new build computer (alternately time and energy to cripple together a build system out of what I have available).
One major new element: I've set a goal for us to have a mission to visit the site of Apollo 17 in twenty years. This is basically a new dimension. For the first ten years, I envision this as a purely "paper program", doing research on past space programs, in particular Mercury through Apollo, but any and all launch platforms and spacecraft which have been done. We may additionally seek to gain additional education (for instance, I would like aerospace engineering and material science undergraduate degrees at a minimum; we also are going to need experienced test pilots).
Space Program Initial Vision: [NYAN 2035] We must send a mission to visit the site of the Apollo 17 plaque on the Moon
Also, I've replaced the previous "Nekonauts of the Month" competition with a "Who Wants to be a Nillionaire?". The major difference is that rather than relying upon me to track everything, the expectation is that Nekonauts will sign up and self-report accomplishments.
Nyan Projects
[Hype] Browser based MMORPG accepting Nyancoins for member items: KojoSlayer's latest foray into nyan video game development! I've seen an early preview and it reminds me of a primitive Runescape (meant as a compliment)
Fun Posts
Insert NyanDisk 1 into Drive A:: NyanDOS!
Nyan like it's 1999 ....: telnet into nyan!
[breaking news] Nyancoins will be bought out by Garza in a last-ditch attempt to save Paycoin - April fool's post
Trumpchain on Twitter: "It can happen. Our blockchain has tremendous potential. We have tremendous people. #MakeTheBlockchainGreatAgain" - Terrific shitpost; really fantastic!
Join the Nekonauts today! - Cool nyan poster
"I really hope Satoshi is finally dumping and declaring that, like, Nyancoin is the true bearer of his vision." - CountOneInterrupt - My favorite idea ever
Nyancoin Zen - So cute. This may be my favorite nyan image ever for its understatement and beauty.
High Definition Nyan up close - Amusing
Making PC more Nyan-Friendly! - cute; amusing. Such nyan!
Typical Nyancoiner breakfast. - DobbsCoin is great with this stuff!
[meta] [misadventures of coinaday] [Pizza Boy Adventures] Late Night Pizza - Just a little choose-your-own-delivery I wrote during my stint as a pizza delivery boy.
I don't know how I wasn't aware of this site before - I still can't believe there's an entire site for this!
Get NYAN
Want more NYAN? Faucet Mrai and trade to me for NYAN (and then hodl!): What is says on the tin. The faucet is down temporarily at time of this writing, but it'll be back up before I update this section likely. The price offered there is low (mailing list mentioning 200-300 satoshi currently; my offer is worth about 2 satoshi currently); I would consider higher, but probably wouldn't pay those apparent market rates (no actual exchange yet).
Force Multipliers
Content about the difference a determined person can make. Intended as inspiration.
[Force Multiplier] [Original Content] [pdf; 23 pages] Archimedes and the Siege of Syracuse - Previously unpublished paper I wrote for a history course in college.
[Force Multipliers] [Military History] Julius Caesar's Greatest Military Victory (Video; 10 minutes) - An explanation of achieving victory in an apparently unwinnable situation.
[Force Multipliers] [Naval History] Korea: Admiral Yi - I: Keep Beating the Drum - Extra History - Incredible loyalty and dedication from this greatest Admiral saved his country
Philosophy
Content which fits the themes of fun, self-improvement, and service to others.
Wikipedia essay: WikiLove - I think Wikipedia's policies are in a lot of ways something to look up to. It's true that they're stuck in bureaucracy now, and have driven away many experts, but they function and their policies have helped to give some structure to the anarchy.
[US history and macroeconomics] [59 minute video] Thom Hartmann, "The Crash of 2016" - Interesting video. I think the predicted outcome is something of a longshot, but it's interesting to me that he called Sanders as a major factor in the election years ago.
Taylor Mali, "Words and Their Consequences" (68 min video) - Poetry and philosophy
We Are One - Didn't get any attention at the time, but this is a general statement about the power of people working together.
A Message of Hope for the World - What's the point of Nyancoins? To inspire people.
A brief word on censorship - tl;dr: Censorship is bad, m'kay?
Who Owns Nyancoins? - Hodlers.
To The Moon is Not Enough: 100 Year Planning - About the importance of an unlimited time horizon. We build to last.
General
Catch-all category. Okay, this category got out of hand. I should do a second round later and break this out into a few different ones.
The best argument I've heard so far for keeping the 1MB cap in Bitcoin - I still think it would have been better for Bitcoin to grow, but this is the strongest argument for its stagnation in capacity that I've seen.
[conceptual design] How we should expect 100,000 transactions in a minute (or second?) to be handled - This is about the idea that we should expect to be able to handle large loads without crashing. Pretty basic. Related to an /cryptocurrency post I'd made: 100,000 Transactions Per Second: How Do We Get There?, which gives a very high-level overview of one way to reach high throughput capacity using blockchains.
Interesting cryptocurrency to try: raiblocks, protocol without transaction fees or block rewards - I think Raiblocks will be a valuable "companion coin" to Nyancoins ultimately. I don't know how exactly that'll work, but I believe that good cryptocurrency communities should make alliances. If nothing else, we can be valuable to each other as the "loyal opposition", critics who want to see success.
Coin-a-Year: Nyancoin : link to /CryptoCurrency post - Summary of the first year or so of NYAN revival
[far future concept] Nyanshares, Nythereumbits, and all-in on 37 rainbow - A double post: first part describes a possible spin-off, hybrid, 'companion coin' we could make in future years. The second part talks about what a gamble NYAN is.
NyanCoin compilation guide and downsizing nyan.space / NyanChain [semi-meta] - Has a link to a guide for compiling nyancoind on servers.
[meta] [misadventures of coinaday] Stuck in the Dihydrogen Monoxide - Another in a series of coinaday posts proving "play stupid games; win stupid prizes"
[Data] Faucet Stats - KojoSlayer's faucet stats
Thing to do a thing that can't do that thing.... - Bit of code for pulling BTC/NYAN feed from Cryptopia.
Fresh builds, coming up! - initial report from vmp32k on attempting to modernize the codebase
DigiShield - suggestion for different difficulty algorithm
BIP101 implementation to be made available for altcoins - prohashing announcing that they will have a Scrypt BIP101 implementation; this is planned to be our base for NYAN3
Year 1: Acquisition and Triage ; Year 2: Acquisition and Build - Optimistic; in reality, year two of the revival has largely been me just trying to survive. Hopefully more acquisition and build as the year goes on.
[technical] [financial] Price Stability and Consistent Hashing - Basic theory. If we have consistent prices, we'll have more consistent hashing.
[technical] [forking] [NYAN3] Should running old defaults be considered a vote against a hard fork or should the veto need to be explicit? / General voting discussion - What it says on the tin. I haven't gotten feedback on this yet. It's far in the future, but I think it's a critical question. I'm not sure which way is correct.
2015 in review: overview - Initial summary of the previous year; written before the Coin-a-Year post which did similar
[meta] [finance] [misadventures of coinaday] Paying Debts - Since writing this, I've gone further into debt. I need to get my personal finances together this year, for my own sake, for the sake of those I owe, and for the sake of Nyancoins.
Countdown to the Second Halving - The current block is 1168851 as I write this; we've got less than 350,000 more blocks until the third halving!
I updated the major risks page for Nyancoins to include mention of the fork bug and 'time warp'. Please review and comment. - bolded for visibility; I consider the risks document and making sure that we inform potential buyers as much as possible to be a critical requirement for us
[technical] [security] Time warp, fork bug, disclosure policies, and practical results: a working system despite flaws - Discussion of the success of Nyancoins as a working system despite its technical vulnerabilities.
Zero Fees (*) - Discussion of the role of zero fee transactions and why I consider them important
[finance] [meta] [Misadventures of coinaday] overdrafts and consequences / Cryptopia 1sat Dump - Discussion of my stupidity and its consequences on Nyancoins' financial health
[technical] NIP 1: Base NYAN3 on XT - I consider this critical. We will make a statement about not following the path Bitcoin is currently going down. This is not urgent for us because our activity is so low, but it will be part of building a strong foundation for the future.
Hodling Update: 30% - I haven't done the math recently. I'm probably within 5% of this, but I don't know if I've gone up or down. I haven't given away a whole lot, but I have put no new money into Nyancoins for months from being so broke. I've still gained some millions more from when my 5 satoshi bids got hit though.
[finance] Up? Down? Horizontal? - Considering 30 - It's pretty sad how far we are from 30 satoshi now (4 satoshi at the moment). I believe we'll get it back ultimately, but the revival certainly hasn't had the financial success I'd hoped.
Dice soft launch - Not sure of the current state here. Check with KojoSlayer.
State of the NYAN October 2015: An interlude for gratitude and yearning for more - I should get back to doing these monthly eventually. Right now it's quiet enough that there doesn't seem to be a real need.
[financial] NYAN vs DOGE as a long-term store of value - What it says. I believe that the lower supply inflation and smaller supply of NYAN will ultimately lead to NYAN trading above DOGE (currently trading at less than 10:1).
[finance] [stats] [gaming] Breaking the Bank: Risk-of-Ruin, Dice Games, and Basic Logic - I'm pretty proud of this one. By having more money than god, and a screwed up default max bet rule, I was able to beat the house. 8-)
100M - Talking about the remaining supply and the implications.
I think I'm done with this update (at least getting the new content in; I have not changed the old text and content, which is everything below).
Since I can only have one thing stickied at a time, but there are a lot of different things going on, I've switched over to having one main link collection post. And this is it.
I'll update this periodically (I'll try to do a major update once a month) and might replace it at some point. It'll have general discussion of the context behind why these various threads are significant.
I'm doing August and September together for Nekonaut awards and updates here since I got a bit busy at work. NYAN2 is released as a first-draft, but I haven't built it yet (nor done final changes and fixes). I need a computer with more RAM than what I have available to me now. However, I'm quite satisfied with the performance of NYAN1.2, ancient though it may be, so I'm not treating it as an emergency.
The biggest news is that we are now listed on cryptopia.co.nz ! They are a great community and provide better ecosystem support than most exchanges: they include a pool and explorer along with the exchange. And their exchange has a lot of basepairs, with NYAN/BTC, NYAN/UNO, NYAN/DOGE, and NYAN/DOT being relatively active, NYAN/LTC being quiet, and the other two (popularcoin and feathercoin) being unfamiliar to me and generally unused.
Oh, also, when I've taken a look at it, the Nyanchain seems to be running smoothly. I haven't been watching too closely, but the status page is usually showing all green. I especially like seeing the high number of connections (generally close to 30). [Comment from July version; still accurate. I should get automated metrics on the Nyanchain someday, but in the meantime, it seems to be moving pretty smoothly anecdotally.]
Top stories from August and Septemberish
Nekonauts of the Months, August and September 2015 - Combined awards, three awards for 1M as a result, and such. Just check it out. :-)
New IRC channel and tipbot - This came about during the listing process; we are now at #nyan2
WE ARE LIVE! Cryptopia added us just now!! - Culmination of the process of getting listed on Cryptopia. After leading in user votes and DOT votes after the first couple days, the admins decided to add us. So as I count it, we won three votes. :-)
Looking good on Cryptopia so far - My early reaction to the exchange.
The past few days. - Repost of a classic, which is always a good idea in NYAN, given our rich archives.
Miners We Need YOU! - Brief discussion by KojoSlayer about the importance of miners to the Nyancoin ecosystem.
Nyancoind Dockerfile (for the tech-nyans) - Cool demo by vmp32k
Nyancat all up on your Vim command line. - Cool xpost from /vim.
[financial] I hit a positive balance on Cryptsy-NYAN again - I started buying on Cryptsy. I've since withdrawn from Cryptsy and am working on eliminating my balances there, but I've got a lot of altcoins to consolidate yet.
100M - A discussion of the remaining supply to be generated (now under 100 million more coins)
Top stories from July
Gitian Build Instructions - !!! This is exactly what I was trying to figure out. With this roadmap, we should be able to help others build *coins with gitian as well as provide a solid introduction to our own community members. This should be linked and submitted for feedback elsewhere; I should report back to the Litecoin thread with a link to this for discussion. I cannot overstate how important I find this contribution.
Nekonauts of the Month, July 2015 - Still going with this. I may not always get this perfect, but I hope that it will help add some motivation and recognition to the community who is building the next generation of Nyancoins.
Ɲyancoins for Nekonauts! [designs] - Some logos and concept art; a start by W7phone; we hope to see more of this type of thing!
[hypothetical] What would it take for us to be able to start our own Nyan exchanges? - tl;dr: Let's get setup on some decentralized exchanges!
Linux Nekonauts: Building nyancoind - I should get this in the sidebar somewhere. An excellent first post by gentlenyan !
Top stories from June
Nekonauts of the Month, June 2015 - Latest round of awards; I plan to keep doing this each month for as long as I can
[community] You are a leader of Nyancoins / Herding Cats: Leading Leaders; Leadership in a Decentralized Community - A discussion of the importance of you to the success of Nyancoins
vmp32k launches a beta of a faucet - When is this going live?
kojoslayer launches a faucet
Various post on mining being stuck - we are still a bit spotty, but it seems like it might be a bit better. We could use something more than just an instantaneous status page; if someone wants to make something which does statistical analysis of the performance of the nyanchain, that would be awesome.
Broke through the 40 satoshi ceiling, and Plagiarizing great speeches in history and claiming to have a community mandate: Coin-a-Day writes inspirational pap as we stand on the verge of breaking through the 50 satoshi ceiling and envisions the glorious future ahead - and rather more. The price dipped back down on Cryptsy since, but we had a nice rise for a while. I'm hoping that when we get an exchange we have confidence in, we'll see more buying again.
Warning: Cryptsy does not process large NYAN withdrawals - This is why I recommend not using Cryptsy; plus this
Top stories from May
First off: Ɲyancoins needs YOU! - This is a discussion of how all of us have something we can do for Nyancoins, and how improving your own life is absolutely one of those things.
Nekonauts of the Month, May 2015 - This is my first month running this competition. I'm looking to recognize people who are active and contributing to the community and to give them NYAN to help further whatever they'd like to do next.
The network is stable! - Thanks to a new miner, spydud22, we are showing all green on status!
Wow, very large chunk of NYAN at 40 satoshi (6 million) - The title is outdated; there's about double this volume now. [Edit: And now the title is accurate again.]
Initial notes and thoughts on the Nyancoins client update - I've identified the approximate version of Litecoin that Nyancoins is based on and looked at a diff. It looks reasonable and do-able. I haven't yet looked at the latest branch on which I'll apply these changes.
Nyancoins 2.0
https://github.com/mathwizard1232/nyancoins/tree/nyancoins2 - first draft of NYAN2
(intentional duplication from top stories for July; I consider it that important): Gitian Build Instructions - !!! This is exactly what I was trying to figure out. With this roadmap, we should be able to help others build *coins with gitian as well as provide a solid introduction to our own community members. This should be linked and submitted for feedback elsewhere; I should report back to the Litecoin thread with a link to this for discussion. I cannot overstate how important I find this contribution.- earlier working notes
Cross-platform Gitian builds - Discussion about getting Gitian builds to work for Mac without access to a Mac.
Initial notes and thoughts on the Nyancoins client update - Right now I haven't had time to do much more on this, but I need to work on doing the Litecoin gitian build yet.
Gitian Build - jwflame's initial notes on trying the gitian build
DLC
Distributed Library Coin; stealing^Wrepurposing the ideas of others - Introducing the concept; basically a virtual lending library for the community; Learned Optimism is offered.
[DLC] Siege of Earth - Second post, offering Siege of Earth, a classic sci fi tale
Minecraft
[Idea] Minecraft NyanCoins - KojoSlayer is making a cool Minecraft Nyancoins faucet sort of thing (get Nyancoins for playing Minecraft).
[Sneak Peak] Nyancoin Minecraft Server - This project is moving forward quite quickly! See also /NyanCoinsMC for more information.
[Beta] Launch Nyancoins Minecraft Server : NyanCoinsMC - BOOM! I'm amazed at how quickly this has gotten setup. Go check it out!
Background / theory
Overview of major risks of buying Nyancoins - I've tried to collect every risk I could think of in this one place. This is important reading before investing.
Nyan's core principles and why they matter
draft one of Cold Storage 101: How to secure your coins for long-term hodling - I need to incorporate the suggestions still, but between the article and the comments, this is decent.
I will work harder: in which Coinaday reports for duty - My statement that this is going to a new level for me: I'm considering this my dream job now, rather than just my hobby. I'm dedicating myself to serving this community as best I can.
[community] You are a leader of Nyancoins / Herding Cats: Leading Leaders; Leadership in a Decentralized Community - This is a discussion of the importance of each individual, in particular you, to this revival.
A really good read about fiduciary duties in running an exchange - discussion of the responsibility one takes on in managing money for others
[rant] In response to "there is only BTC [and maybe LTC [and maybe DOGE]] AND DEFINITELY NOTHING ELSE MATTERS" - Possibly amusing rant.
My most worthless and most valuable coins: Comparing DIME and 42 - A discussion about interpreting spot price in context
[theory] Bitcoin discussion of hard forks - Talking about the risks involved with a hard fork
Rooting for LTC's Rally to Hold: Nyancoins and the Cryptocurrency Market - Nyancoins do not stand alone. Although it's easy to see the rise of another cryptocurrency as weakening us, because we might trade lower against them temporarily, I believe that a stronger CryptoCurrency market as a whole will be important for our long-term health.
[financial] Cryptocurrency valuation models: Considering Nyancoins as a zero-coupon bond against the community
Classic Posts
Why Nyancoin will hit $1/NYAN (and much more). We're going to space, and you're invited! - This is an infamous post by americanpegasus. I believe it was actually someone mocking him in /bitcoin by linking to this which first made me aware that Nyancoins existed, and got the idea in my head that it was a deadcoin (from seeing a post/comments on the sub at the time which claimed that). So the dream of this post was actually so bold that it brought it back from the grave, because it was bold enough to be mocked, and that mockery eventually led me to investigate it, and that investigation led me to fall in love.
1Ɲ >= 1Đ - This is a vision I have, that we shall rise above DOGE. This is not a dig against DOGE but merely a statement about the growth I expect to see us have. There are about 500x as many Dogecoins as there are Nyancoins, so even if we remain significantly smaller we can easily pass their unit price. We've done so briefly previously but are currently below this mark.
We choose to go to the Moon - This is my manifesto about why I am doing this. Cribbed from JFK's moon speech, it is meant to express that it is because of, not in spite of, the challenges that we face that I am here. This started out as a personal challenge. While I certainly would like to get rich off of this, the reason I chose to pursue this is because if we do then, then we're awesome badasses that people can be impressed by.
The original Nyancoins intro video - wasn't really sure where to categorize this
Older stories
I'll move stories down here as they get older. For now it's the block stoppage stuff as that seems to have stabilized.
Holy shit, 22 hours since the last block. At this rate, I'm going to have to start solving hashes by hand... - This was my post about the block stoppage.
Difficulty has spiked again; if we hit another stall I'll try the transaction fee trick again - Another block stoppage, and a record of my attempt to use the same trick to break it loose again (transaction fee incentive).
I'm ready to give up on life; in which coinaday finally has his full-blown mental breakdown. So long, and thanks for all the rainbows! - My personal mental breakdown. Just listed here because it made an impact. Also, it was an amazing response from the community which meant a lot to me.
Fuck it; encore une fois - My reaction afterward, saying that I'll give things another shot.
GFS
Disregard the below: GFS has been down for a few months and probably won't be back. At one point, this project had been offered to me, and perhaps I should have taken it, but I felt like I was already heavily committed here and couldn't take that on as well. It's a shame that no one managed to keep it running though. I really liked the idea.
Disregard the below: it's back down again, last I checked. Not sure what to link on that. The new bot got mildly political again / referenced being a shadowbanned user, and bam. I'm not sure where this is going to go now, if anywhere. Although I suppose the on-blockchain stuff isn't affected, and I'd wager go1dfish will do something again.
/GetFairShare will be attempting another distribution today; go try it out! - GetFairShare is back! Go get free money!
I don't really understand what's going on, but apparently the bot used for /GetFairShare got banned - Some background on GFS having gone down
I think that this will continue to be useful as we gain a larger and larger volume of posts and help me not have to worry about burying something significant posted a couple weeks back or something.
Also, right now I'm just gleaning from the frontpage, but I'll add in some great classic posts too.
Let me know in the comments if there are other posts you'd like to see added here.
submitted by coinaday to nyancoins [link] [comments]

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