On April 2, 2019, blockchain project Golem a new documentation platform that would vastly help lower the barriers of entry for people looking to get into the project.
Razing the Entry Barriers
is a blockchain-powered project that allows users to monetize their idle CPU and GPU power in exchange for GNT tokens. In its short history of almost three years, the project has been relatively successful in leveraging the ability to support decentralized applications (dApps).
In a bid to lower the entry barriers for individuals who wish to know more about the project, developers and user experience designers at Golem have been working in close collaboration to come up with robust documentation standards. Both the teams have been working incessantly to find a standardized solution to store Golem’s exhaustive knowledge documents which exceed more than 180,000 lines of code.
In their blog post, the Golem team highlights that creating a single source of information for “All Things Golem” has always been high up on their priority list. The team adds that for a long time it has desired to merge high-level documentation available on Golem’s website with the more tech-heavy knowledge documents on their GitHub.
Enter Docsify
However, at the same time, the team didn’t want to develop the desired documents repository from ground zero as it would distract its developers from Golem’s long-term vision.
Fortunately enough, Golem found its savior in , an open-source simple and lightweight documentation platform that comes with a slew of plug-ins to enhance user experience.
Docsify trumps GitHub in that unlike the latter, it does not generate static HTML files. Instead, it parses the files and displays them as a website on the internet. This feature helps in saving space on the server and ensures quick webpage display.
Some of the other features of Docsify include multiple themes, emoji support, and compatibility with Internet Explorer 10 and above.
Golem’s new documentation repository can be found .
The simple and pleasing look of the webpage makes it easy to navigate for users who might have found GitHub’s interface a bit confusing. It also displays basic details of the project like FAQs, use-cases, and roadmap, among other things.
As by BTCManager on December 20, 2019, Golem’s GNT token got listed on exchange platform Coinbase along with other cryptocurrencies such as , Maker (), and Zilliqa ().
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While bitcoin tends to have slight price premiums and discounts in different currency markets like the CNY or INR, some exchanges are now trading bitcoin with a considerable premium. Bitcoinist explains why.
Bitfinex and Poloniex Price Premium
A quick look at the from all exchanges in the field and one will notice a small anomaly. Both Bitfinex and Poloniex are trading bitcoin with a +$50 premium on the USDT market. While most exchanges currently have an exchange rate of 1 BTC/ 1,200 USD, both Poloniex and Bitfinex are trading at roughly 1 BTC/ 1,260 USD.
What is going on? Price at Bitfinex and Poloniex is still at a $50 . over other USD exchanges.
This premium is due to the difficulty experienced in withdrawing fiat currency from these exchanges, in this case, the U.S.Dollar. While Bitfinex seems to be experiencing problems on the fiat side due to with partner banks, there also seem to be some problems with liquidating the USDT cryptocurrency token that replaces the USD currency on the Poloniex exchange.
It turns out, however, that both exchanges are being affected by the same problem: Wells Fargo.
Bitfinex
Last week, Bitfinex published a regarding delays in processing USD withdrawals. Although Bitfinex doesn’t state what the exact problem is, the situation is believed to be connected with the problems experienced with the Wells Fargo bank which stopped processing transfers from the Taiwanese banks used by Bitfinex. Since then, Bitfinex has decided to file a against the bank and is seeking a preliminary injunction as well as damages of more than $75,000. The announcement reads:
Bitfinex is currently experiencing delays in the processing of outbound USD wires to customers. The normal channels that we have been operating through in the past are currently unavailable. Alternative channels are being opened to solve these transmission delays; however, the complexity and scale involved mean that it is taking some time to return to normal withdrawal velocities. Consequently, customers requesting USD wires should expect delays as we work to normalize the withdrawal process. USD deposits remain unaffected.
However, since then, the situation has escalated and despite the reference made by Bitfinex to the USD deposits remaining unaffected, a new announcement was posted yesterday, stating that USD deposits are being blocked. The new statement enforces the notion that the problems are indeed due to the complications with Well Fargo and Bitfinex’s Taiwanese banks. The reads:
Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective immediately.
As users struggle to withdraw USD, those that are not willing to wait for the operations to return to normal may be pushing the price upward as they buy bitcoin in an attempt to move funds out of the exchange and liquidate them elsewhere at a loss. Other may be taking advantage of the situation and selling for a higher price, hoping that withdrawals will eventually resume, pushing the price back to the average exchange rate.
Poloniex
The problems on Poloniex’s side seem to derive from the USDT (Tether) cryptocurrency token. Poloniex does not allow fiat withdrawals or deposits and works instead with USDT, a crypto asset issued on the bitcoin blockchain through the .
This may cause some liquidity problems for users that are not aware how to exchange USDT for USD. The main USDT/USD market is, in fact, Bitfinex, which is currently experiencing the aforementioned issues with deposits and withdrawals. Other markets like seem to be trading USDT/USD at a discount, currently going for $0.941, meaning that users that sell bitcoin for USDT and then withdraw it through Kraken are doing so at a loss. Other USDT/BTC markets like Bittrex are also seeing a premium for BTC.
Users could still the cryptocurrency for USD on the official Tether website but there’s a problem: Tether was also working with Wells Fargo to process customer in and outgoing transaction but the bank decided to freeze operations, affecting both Tether and Bitfinex.
So, we can see that both Poloniex and Bitfinex are being affected by the same problem which is being caused by Wells Fargo. It is unclear when the situation will be resolved but it’s worth noting that Tether has no legal obligation to resume withdrawals, although they most likely will. The reads:
There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.
Have you been affected by the withdrawal issues on Bitfinex or Poloniex? Let us know in the comments below.
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