coin gabbar

coin gabbar

1663224744

Understanding Wash Trading and Money Laundering in NFTs

 

Understanding Wash T

Cryptocurrency exchanges are centralized hubs where traders meet to trade different digital assets. As such, they act as intermediaries facilitating transactions and storing their users’ funds in a centralized location. However, the characteristics and nature of a blockchain make it difficult for these intermediaries to operate as they do with traditional financial markets.

In decentralized exchanges (DEXs) like IDEX or services like Bisq, users directly transfer tokens from one party to another by sending them to an Ethereum address. When both parties can control their own private keys, there is no need for an intermediary who can be hacked or maliciously take user funds. 

However, most centralized exchanges have substandard security practices given the lack of trustless alternatives: KYC checks, hot and cold wallets, Know Your Customer documents, and other anti-money laundering schemes are expensive processes that almost all centralized exchanges implement. Users may ask: Is there a way to combine the convenient experience of trading on centralized exchanges with the trustless benefits of decentralized ones? Solving these challenges will require adopting new technologies beyond blockchain — artificial intelligence and machine learning algorithms that understand natural human language could help detect money laundering activities even if they occur on a decentralized platform.

 Money laundering in cryptocurrency

Money laundering is a process by which criminals disguise the origins of illegally obtained assets. It can occur in any financial setting but is often associated with physical currencies like the US dollar. Criminals like to use US dollars because they are easy to obtain and widespread on a global scale. Once criminals obtain US dollars through several illicit means, they try to disguise them by passing them off as though they were obtained legitimately. Although cryptocurrencies like Bitcoin were designed to be decentralized and trustless, they are still mostly traded on centralized exchanges. These exchanges are a prime target for criminals who want to take illegal funds and disguise them as legitimate ones. By moving the funds from one cryptocurrency to another, criminals can slowly clean their funds by making them appear more legitimate over time. This process is referred to as money laundering.

 What is wash trading?

Wash trading is a form of market manipulation in which a trader buys and sells a contract or commodity for their own account to create a false impression of demand for a commodity. Manipulators create an illusion of significant trading activity to trick others into thinking there are more buyers or sellers of a commodity than actually exist. For example, one person or company can buy and sell to themselves at slightly different prices to create the illusion of an active market when there is none. In an NFT setting, a trader (or set of traders) buys and sells the same underlying asset to themselves on different exchanges to make it appear as if there is significant demand for the asset when there is not. This is done by moving the underlying asset between accounts to create a false impression of demand for the asset. It is easy to detect wash trades when assets are fungible and have single-source creation. However, assets that have non-fungible tokens (NFTs) will be harder to detect.

 Why does money laundering occur in cryptocurrency?

Cryptocurrencies are a new asset class with a high degree of anonymity that has attracted nefarious actors. Criminals want to obtain cryptocurrencies through illicit means to “wash” them to make them appear legitimate funds. They do this because they want to use this money to buy goods and services or exchange them for government-issued currencies. Most centralized exchanges require KYC information to prevent money launderers from using them to buy and sell cryptocurrencies. Decentralized exchanges and decentralized hybrid exchanges like IDEX, which support NFTs and fungible tokens, will be the next stage of evolution in the crypto trading industry. Given the decentralized nature of these exchanges, they are not subject to regulation like centralized exchanges are. Therefore, they are not required to implement costly KYC and AML processes that can drive up the cost of trading.

 How is money laundering detected in cryptocurrencies?

There are a few different ways that money laundering can be detected in cryptocurrencies:

  1. Exchanges can implement an internal process to detect suspicious trading activity and report this information to regulators.
  2. Machine learning algorithms can also be used to automatically detect suspicious trading activity. These algorithms are programmed with rules that detect abnormal trading activity that may indicate money laundering.
  3. Machine learning algorithms use data to train themselves to recognize patterns.

There are three phases in the machine learning process: data collection, data preparation, and making predictions. When algorithms are trained with historical data, they can be taught to recognize anomalous trading activity that may indicate money laundering. To build a machine learning model, you will need to collect data, decide on a statistical approach for building and testing your model, and then deploy your model to production.

 Will fungible tokens help prevent money laundering?

Fungible tokens can help prevent money laundering in a few different ways:

  1. The implementation of KYC and AML standards on decentralized exchanges will prevent criminals from using these exchanges to launder money.
  2. The implementation of machine learning algorithms can help detect money laundering even if it is done on a decentralized exchange.
  3. In an ideal world, a token with a single supplier will be easy to detect and flag for money laundering activities because it would be impossible for anyone to trade different quantities of the same token.

However, adopting non-fungible tokens (NFTs) like CryptoKitties, which have a single supply but multiple owners, will make it harder to detect money laundering activities.

 Wrapping up: Where do we go from here?

Decentralized exchanges will help reduce money laundering in the crypto industry, but they cannot wholly stop criminals from using them. Since centralized exchanges also have KYC and AML processes, criminals who want to launder money will also go to these exchanges. However, a few things will help improve the fight against money laundering. First, decentralized exchanges can implement KYC and AML standards to make it harder for criminals to use them. Second, decentralized exchanges should implement machine learning algorithms to help detect money laundering activities. Ultimately, blockchain technology and cryptocurrencies will have a transformative effect on society. These technologies will enable people to transact peer-to-peer in a way that has never been possible.

 

 


 

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Tamia  Walter

Tamia Walter

1593883260

How to Build an On-Demand Car Wash App And How Much Does It Cost?

As many industries are going through a lot in the US and across the world. The carwash industry is one of the industries whose demand is never-ending across the country. From a report given by IBISWorld Industry, the annual revenue over a five-year period from 2016-2021 is estimated at about $10.2 billion with $1.9 billion in profit.

The car wash services are very important and necessary for car owners to maintain their car look and feel better. Many people think that lockdown might take this business downside, but the important fact is that every vehicle owner takes this as an opportunity to maintain their cars at a good outlook and appearance. There is an enormous market for the on-demand car washing market which you should make benefit out of it.

The amount of 75% of car owners avails car washing services in the US. As you will know, it is more effortless to bring in customers to your business by making the most out of the digital marketing strategies. The first step in building the digital value for your business is through a sleek website and a seamless mobile application. When it comes to car wash business, the On-demand application is the best choice to attract new costumers and retain old customers.

Many businesses have transformed their services by developing applications on both iOS and Android platforms. With the next-generation technology, make the most out of the present opportunities.

You shouldn’t build an On-demand Car wash Application without reading this article.

**ALSO READ: **How To Build A Custom CRM From Scratch

This comprehensive blog is to help you decide on how to strategically build your On-demand Car wash Application for your business or as a car wash business marketplace.

Read this article to find answers to the questions in your mind about building a car wash mobile application that will help you make the right decisions. Being a technology specialist Agira technologies have always been serving startups and help entrepreneurs break through the struggles in converting the intellectual business idea into reality.

This is the generation, where peoples use the internet to buy products and started to buy from the company mobile app itself. This mobile app technology influenced all the businesses including the car wash industry also.

Must-have Features of On-Demand Car Wash Application

When you are building a mobile application, it is important to understand the requirements of your business and especially the customers. The users of this application should feel comfortable using the application to make use of the car washing services around their neighborhood.

If you are starting a business, and building an application to support your business, it is better to launch the application with a minimum viable product and then add up the additional features according to the requirements of your customers or by studying their behavior on using the application.

  • User Registration
  • Service Request
  • Geolocation
  • Service Packages
  • Service Availability
  • Multiple payment options
  • Push Notifications

Desirable Features

  • Social Sign-in
  • Reviews and Ratings
  • Order history
  • Heat Map view
  • Discounts and offers
  • Loyalty programs

Admin App Features

  • Order Management
  • Profile Management
  • Schedule Management
  • Wallet Management

To build a complete application that can cater to the business needs and the logic would require a strong backend that can work effectively in any situation and a front end development that lets the customers immerse into the application.

Also, as an entrepreneur, you should be able to decide if you want to build native applications on both platforms or opt for cross-platform application development. Each application development involves its own pros and cons. So, it is important to find the right application development approach that is suitable for your business, budget, and time frame.

**ALSO READ: **How to Build a Local Events App Like Eventbrite and YPlan

How Much Does It Cost To Build A Car Wash Application?

After deciding on the features for your minimum viable product, you can come up with the approximate number that cost to build an On-Demand car wash application. As already mentioned, every feature that is added to application results in adding up more time to build. As you will pay the application developers on an hourly basis, the more it takes to develop, it cost you more. This means that more features approach is equal to an increase in development cost, delay in time to market.

To build a top-notch mobile application, you will need to hire a mobile application development company or hire a team of development teams. In order to build an enterprise application, you will need a development team of the following.

  • UI/UX Designers
  • Backend Developer
  • Android Developers and iOS Developers or cross-platform developers
  • QA Specialists
  • Project Manager

If you want to know the exact cost of building an On-demand Car Wash application, plan your idea, list your requirements, and contact us to get a precise cost estimation for your business project.

We, Agira technologies are a technology solution company with business services and domain solutions that support global clients who comprise the current world economy. Some of the exclusive services that we offer are web development, mobile app development, Blockchain, IoT, and DevOps Consulting.

Do you find it interesting? you might also like these articles. Top 10 Best Tech Companies For Employees To Work In The USA In 2020 and Top 10 IT Staffing and Recruiting Agencies in the USA.

If you have a business idea in your mind and search for a reliable web development company, you are in the right place. Hire the best web developers in the industry from Agira technologies.

Looking For A Tech Partner To Domina

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SIMPLE BITCOIN TRADING STRATEGY | HOW TO FIND THE BEST TRADES

📺 The video in this post was made by Jayson Casper
The origin of the article: https://www.youtube.com/watch?v=SlFEwzrPKSk
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
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How does tinder make money?

Essential information regarding how do dating apps make money and how does tinder make money. Moreover, we present unique ways to make money through dating apps.

#how does tinder make money #how does bumble make money #how much money do dating apps make #how dating apps make money #how do dating apps make money

aaron silva

aaron silva

1617958563

Cryptocurrency Trading Software | Crypto Trading Software

A Cryptocurrency Trading Software is a place where it creates a platform for investors and cryptocurrency traders who want to hire advanced digital tools and technology (i,e, Trading Bot) to realize and earn more revenue from that trading platform.
This platform allows you to trade for Ethereum, Litecoin, Bitcoin (BTC), and many more with ease. These modern tools will take care of your business prerequisites and will make way for your business to stand unique among your competitors.

What is a Crypto Trading Bot?

Cryptocurrency Trading Bot is a digital program that buys and sells cryptocurrencies in keeping with user’s preferences. The user can set an algorithm on the program to handle the bot what to buy and sell and stores the profits in the crypto wallet.

Its Features includes the subsequent noteworthy points:

  • Margin Trading is a facility offered for users where it helps to borrow money to shop for assets that they can’t afford.
  • It matches the trading engine with other users within the platform precisely.
  • Custom-made UI/UX is obtainable on the platform.
  • Unified Web Crypto Wallet.
  • Margin Lending allows the borrowee to lend some funds to the borrower and earn interest on a daily basis.
  • The trading software will work as per your requirements like order book section choices, enables you to line your wish accordingly with other parties within the platform.
  • The trading bot will handle all types of transactions & exchanges of the user and store the profits.

So, grab the industries leading exchange platform development company to sweep through all the obstacles that enter your way while creating your customizable trading platform.

#crypto trading bot #cryptocurrency trading software #exchange platform development #trading platform #trading software

coin gabbar

coin gabbar

1663224744

Understanding Wash Trading and Money Laundering in NFTs

 

Understanding Wash T

Cryptocurrency exchanges are centralized hubs where traders meet to trade different digital assets. As such, they act as intermediaries facilitating transactions and storing their users’ funds in a centralized location. However, the characteristics and nature of a blockchain make it difficult for these intermediaries to operate as they do with traditional financial markets.

In decentralized exchanges (DEXs) like IDEX or services like Bisq, users directly transfer tokens from one party to another by sending them to an Ethereum address. When both parties can control their own private keys, there is no need for an intermediary who can be hacked or maliciously take user funds. 

However, most centralized exchanges have substandard security practices given the lack of trustless alternatives: KYC checks, hot and cold wallets, Know Your Customer documents, and other anti-money laundering schemes are expensive processes that almost all centralized exchanges implement. Users may ask: Is there a way to combine the convenient experience of trading on centralized exchanges with the trustless benefits of decentralized ones? Solving these challenges will require adopting new technologies beyond blockchain — artificial intelligence and machine learning algorithms that understand natural human language could help detect money laundering activities even if they occur on a decentralized platform.

 Money laundering in cryptocurrency

Money laundering is a process by which criminals disguise the origins of illegally obtained assets. It can occur in any financial setting but is often associated with physical currencies like the US dollar. Criminals like to use US dollars because they are easy to obtain and widespread on a global scale. Once criminals obtain US dollars through several illicit means, they try to disguise them by passing them off as though they were obtained legitimately. Although cryptocurrencies like Bitcoin were designed to be decentralized and trustless, they are still mostly traded on centralized exchanges. These exchanges are a prime target for criminals who want to take illegal funds and disguise them as legitimate ones. By moving the funds from one cryptocurrency to another, criminals can slowly clean their funds by making them appear more legitimate over time. This process is referred to as money laundering.

 What is wash trading?

Wash trading is a form of market manipulation in which a trader buys and sells a contract or commodity for their own account to create a false impression of demand for a commodity. Manipulators create an illusion of significant trading activity to trick others into thinking there are more buyers or sellers of a commodity than actually exist. For example, one person or company can buy and sell to themselves at slightly different prices to create the illusion of an active market when there is none. In an NFT setting, a trader (or set of traders) buys and sells the same underlying asset to themselves on different exchanges to make it appear as if there is significant demand for the asset when there is not. This is done by moving the underlying asset between accounts to create a false impression of demand for the asset. It is easy to detect wash trades when assets are fungible and have single-source creation. However, assets that have non-fungible tokens (NFTs) will be harder to detect.

 Why does money laundering occur in cryptocurrency?

Cryptocurrencies are a new asset class with a high degree of anonymity that has attracted nefarious actors. Criminals want to obtain cryptocurrencies through illicit means to “wash” them to make them appear legitimate funds. They do this because they want to use this money to buy goods and services or exchange them for government-issued currencies. Most centralized exchanges require KYC information to prevent money launderers from using them to buy and sell cryptocurrencies. Decentralized exchanges and decentralized hybrid exchanges like IDEX, which support NFTs and fungible tokens, will be the next stage of evolution in the crypto trading industry. Given the decentralized nature of these exchanges, they are not subject to regulation like centralized exchanges are. Therefore, they are not required to implement costly KYC and AML processes that can drive up the cost of trading.

 How is money laundering detected in cryptocurrencies?

There are a few different ways that money laundering can be detected in cryptocurrencies:

  1. Exchanges can implement an internal process to detect suspicious trading activity and report this information to regulators.
  2. Machine learning algorithms can also be used to automatically detect suspicious trading activity. These algorithms are programmed with rules that detect abnormal trading activity that may indicate money laundering.
  3. Machine learning algorithms use data to train themselves to recognize patterns.

There are three phases in the machine learning process: data collection, data preparation, and making predictions. When algorithms are trained with historical data, they can be taught to recognize anomalous trading activity that may indicate money laundering. To build a machine learning model, you will need to collect data, decide on a statistical approach for building and testing your model, and then deploy your model to production.

 Will fungible tokens help prevent money laundering?

Fungible tokens can help prevent money laundering in a few different ways:

  1. The implementation of KYC and AML standards on decentralized exchanges will prevent criminals from using these exchanges to launder money.
  2. The implementation of machine learning algorithms can help detect money laundering even if it is done on a decentralized exchange.
  3. In an ideal world, a token with a single supplier will be easy to detect and flag for money laundering activities because it would be impossible for anyone to trade different quantities of the same token.

However, adopting non-fungible tokens (NFTs) like CryptoKitties, which have a single supply but multiple owners, will make it harder to detect money laundering activities.

 Wrapping up: Where do we go from here?

Decentralized exchanges will help reduce money laundering in the crypto industry, but they cannot wholly stop criminals from using them. Since centralized exchanges also have KYC and AML processes, criminals who want to launder money will also go to these exchanges. However, a few things will help improve the fight against money laundering. First, decentralized exchanges can implement KYC and AML standards to make it harder for criminals to use them. Second, decentralized exchanges should implement machine learning algorithms to help detect money laundering activities. Ultimately, blockchain technology and cryptocurrencies will have a transformative effect on society. These technologies will enable people to transact peer-to-peer in a way that has never been possible.