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Rhys Muter

Rhys Mutter was a cryptocurrency writer for Finder.

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Hi, Thanks for your question, and it is something I had wondered that despite the claims why did Komodo's atomic swap protocols not feature more highly in popular forums. Since looking to respond to your question I have read the Komodo white paper and I liked the general philosophy of the paper and found it easy to feel a connection with the project. I had also read this article from Cryptovest praising Komodo and BarterDex written by Christine Masters. This seems to just take the exchange's word at face value, which although may be news worthy may not be accurate. However, just with a quick read of the white paper there are a few concerns that jumped out at me. 1) The document did not have page numbers. 2) An atomic swap dependent on the market taker's pledge of '212.5%' of the trade seems questionable to say the least. (found under heading: Introducing, Alice and Bob) 3) Considering the high deposit for a trade, the role of liquidity provider nodes (LPs [found under heading: BarterDEX: A Complete Solution]) is also questionable to say the least. and with a supposed '15% failure rate' in BarterDex's Beta phase the risk to a market taker becomes very problematic (found under heading: The DEX Fee: ). In my opinion, Because the role of the LP is not clearly communicated there is a chance that as liquidity providers the LP nodes may in affect be trusted third-party intermediaries. That in turn could mean that BarterDex may not only be centralised, but maybe even that despite the sophisticated codswallop about UTXOs, Komodo may not even be performing any genuine atomic swaps... At all.

Commented on What is an atomic swap?

Hi david! Thanks for your question. Most reputable exchanges operate a Telegram channel. Telegram is a social media app that has good group chat networking solutions. I am not surprised it strikes you as concerning that no emails or phone addresses are provided by Cryipto Premier. The reason for this is that if something goes wrong in the deal there is no way for you to contact the other party. You could lose your entire investment. This is the reason why I've mentioned Telegram and the exchanges that operate chat rooms via that app. Those chat rooms operate to serve their customers. Its a very effective way of managing customer complaints and queries. I'm not sure where you are with cryptocurrency in terms of knowledge and experience but when dealing with a new exchange these chat rooms can be very helpful to understand some common problems and complaints about an exchange. I would recommend making yourself familiar with the Telegram app and connecting with some reputable exchanges via these means of communication. Below I've provided some links to information about exchanges: https://www.finder.com.au/cryptocurrency/exchanges https://www.finder.com.au/cryptocurrency https://www.finder.com.au/sites-like-coinspot All the best!

Commented on The confirmed list of fake ICOs, Ponzi schemes and wallets

Glad to help. I find the Meetup website and app to be helpful. If you still have questions about the group and what they're about, you could hit up the group's organisers. If you're like me, you may need to try a couple different ones before you find the one that fits.

Commented on Confusion surrounds LitePay launch

Hi again, Gpu mining is possible for any cryptocurrency, the question is whether it is profitable to do so. There are several altcoins that are profitable (see link provided below). Mining them is possible on a GPU and switching between altcoins is easier utilising gpus. https://www.coinwarz.com/cryptocurrency In order to know the details of the running efficiency of a GPU mining rig, it is necessary for the system to be hooked up to a monitor. While my understanding of mining is limited it seems that a monitor is necessary for most, if not all mining operations. If there was no monitor, there would still be the requirement for a user interface. I hope I answered your question sufficiently. Best of luck. R

Commented on Confusion surrounds LitePay launch

Hi, Thanks for your comment! That's a really interesting question. There has been some really interesting news around GPU mining at the moment and that is pretty specific. I'll have a look into it and get back to you. Cheers

Commented on Confusion surrounds LitePay launch

Hi Paul, My understanding is that it depends on the individual wallet that is used. There are a range of different wallets. Some are held in a sort of USB stick by the holder and others are accessed over the internet. To make the learning process simpler I've attached some links below. The first link is a comparison page detailing pros and cons of various wallets. The second link has an A-Z listing of wallets if you would like further information on a particular wallet or wallets. Happy reading, and feel free to let us know how you go! https://www.finder.com.au/cryptocurrency/wallets https://www.finder.com.au/view-cryptocurrency-wallets

Commented on Ripple price weekly analysis: The battering Ripple has endured may not last long

Hi! Thanks for your question. In the Twitter box embedded to the article was a link to a website that is linked to below. It is my understanding that Adyen has the capacity to integrate Ripple technology, which in this case might be facilitated by Ripple's xVia. There is a second link to that resource. Thanks for your feedback. https://apiant.com/connect/Adyen-to-Ripple https://ripple.com/solutions/send-payments/

Commented on What affects the price of Ripple?

Hi! Thanks for your question. It is my understanding that it is the responsibility of the node to update their software. That updated software allows for transaction data to be recorded off the blockchain. What transaction data exactly, I don't know. To answer your question, it seems that another forked coin will not be necessary. You can find more information about the Lightning Network here: https://www.reddit.com/r/Bitcoin/comments/7pwna9/lightning_network_megathread/ Thanks again for your question and happy reading!

Commented on Will the Lightning Network make other “fast” altcoins redundant?

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