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Blame game rages over ASX’s failed CHESS system blockchain upgrade
Australian Stock Exchange writes off 7 year blockchain project for $245 million
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And also that we trade against each other when you sell someone else buys,And when you buy someone else sells... UTS A VERY INTENSE GAME OF CHESS!!!!!!
For the other commenters, this has nothing to do with the game of chess. CHESS stands for Clearing House Electronic Subregister System.
Yeah, I knew about the Maersk one, and I think Overstock.com might have been floating this concept as well at one point. "Many announcements, no successes" is precisely what I meant by vaporware. I wasn't familiar with ASX and CHESS so thanks for that. That one sounds especially sketchy, like someone trying to create a perceived need for blockchain in traditional finance.
Tranchess (CHESS) is the governance token of their yield tracking platform, also has 3 tranche tokens (QUEEN BISHOP ROOK), also has a DEX, money market, staking, etc. Thought it was a good entry point for me but alas. MDT is Measurable Data Token, decentralized data exchange, basically anonymous big data sharing for revenue, and able to buy big data. Was in it because I used their email app MailTime so I know they're legit on the tech side, was a pretty big email app used by my company in the past.
Tranchess (CHESS) is the governance token of their yield tracking platform, also has 3 tranche tokens (QUEEN BISHOP ROOK), also has a DEX, money market, staking, etc. Thought it was a good entry point for me but alas. MDT is Measurable Data Token, decentralized data exchange, basically anonymous big data sharing for revenue, and able to buy big data. Was in it because I used their email app MailTime so I know they're legit on the tech side, was a pretty big email app used by my company in the past.
EVERYTHING is mooning except my two biggest investments, MDT and CHESS, feeling like a clown right about now
The issue is that numerous companies have dipped their toes in blockchain projects for years now, and most end up not coming to fruition. For instance, Maersk and IBM are shutting down TradeLens, their experiment at creating a more efficient and inexpensive method that utilized blockchain technology for tracking global shipments. Another example is the recent cancelling of the Australian Stock Exchange's long-delayed blockchain replacement for its antiquated Clearing House Electronic Subregister System (CHESS). It seems that blockchain technology is not proving to a massive success in the areas where adoption has already been attempted. After all, what advantages does the blockchain bring for the financial and law sectors?
>Despite the issues involved in efforts to reinvent the CHESS system, an ASX spokesperson said in a statement that the current CHESS infrastructure “remains secure and stable, and is performing well.” ​ ​ Oh.
tldr; The Australian Securities Exchange (ASX) is set to axe almost 200 contractors who were working on incorporating blockchain technology into its CHESS clearing and settlement system. This comes after the company announced the demise of its seven-year-long project earlier this month, writing down a $170 million pre-tax loss as a result. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
We are all playing checkers…this dude is playing CHESS
tldr; The Australian Securities Exchange (ASX) has halted work on its CHESS core system replacement project. The decision means a $245-255 million pre-tax write-off for its first half results, but the exchange said it would have "no impact on dividends". The exchange said the existing CHESS system "remains stable and secure" *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
With stocks you still have your CHESS holdings in your name. Bank deposits you have Financial Claims Scheme (FCS) from the govt. There's literally fuck all if a crypto exchange goes under. Always assume the worst, and protect yourself.
In Australia, under the CHESS system, you directly own your (Australian) shares irrespective of what exchange they are on. Exchange collapses - you’re still good
I'm waiting for this as I got extra usdt to buy KOLnet, PLUG, CHESS and RACA on which everything is listed on MEXC. I'm getting ready for the big pump soon.
Same thing! DCA is the best way. It's effective on my PLUG and CHESS which are currently listed on MEXC! It's easier for me to do my trades. Plugnet is releasing the Otto V2 platform soon with an improved UI and a secured platform.
And maybe this song for some reason LMFAO.. What have I just watched.. Murray Head - One night in Bangkok "From CHESS" https://youtu.be/rgc_LRjlbTU
In other countries like Australia you are covered for stocks if it’s a CHESS registered broker (so stocks under your name- broker can still use the stocks for whatever they do BUT the stocks are yours- if the broker dies then you still get the rights to your stocks)
DCA is a good idea! Been doing that on my CHESS, PLUG, 4PLAY and all are listed on MEXC as the fees are cheap. Not fond of the game on 4play but I like to just add the token. For Plugnet, the Otto blockchain is their focus to release in the public prioritizing our security and privacy!
is there any website with CHESS ENGINE SECURITY CONTROL to play chess and bet bitcoin on each game?
So Russia basically basically said create and sell off none backed assets to the west and don’t allow it to be used in Russia. CHESS is a long game.
I believe CHESS will at least 3x this year. Current price: $1.063.
This is not as ‘new’ as it seems. The BBC published this in December 2017: [https://www.bbc.co.uk/news/business-42261456](https://www.bbc.co.uk/news/business-42261456) Note the reference to Digital Asset Holdings ‘start up’ in USA. Turning to Wikipedia: Digital Asset Digital Asset Logo 2016.png Industry Blockchain Founders Don R. Wilson & Sunil Hirani Headquarters New York City, United States Area served Global Website digitalasset.com Digital Asset (or Digital Asset Holdings, LLC) is a financial technology company founded in 2014 by Sunil Hirani and Don R. Wilson. [https://en.wikipedia.org/wiki/Digital\_Asset\_Holdings](https://en.wikipedia.org/wiki/Digital_Asset_Holdings) Except when you go to the DAH website now, there is no mention of the original founders whatsoever. There are still clear links to DRW (Don R Wilson) but it’s strange how he and Hirani have been airbrushed out. The implementation by ASX to replace the CHESS system has been repeatedly delayed, now not expected before April 2023! [https://www.zdnet.com/article/asxs-blockchain-based-chess-replacement-pushed-to-april-2023/](https://www.zdnet.com/article/asxs-blockchain-based-chess-replacement-pushed-to-april-2023/) TLDR: The Big Boys do not want this adopted anytime soon. It will disrupt the multiple ways they have of screwing retail on Wall Street. Putting securities on blockchains per se is nothing special. It is attaching the MONEY to the security that counts. Doing that enables the Holy Grail of Real Time Gross Settlement. I.e. instantaneous transfer of the money alongside the security. At the moment, ALL the trickery, chicanery and cheating goes on because the securities and the money are currently settled separately, involving delays to ‘net out‘ trades and complex accounting systems. RTGS puts thousands of back office staff, regulators, lawyers and brokers out of a reason to be there at all. RTGS would save retail eye watering sums of money and eliminate unimaginable degrees of corruption. No wonder the Australians are taking more than 7 years to implement it.
It is almost as if a bunch of Big Brains sat down and said ‘how can we make securities trading fairer, more transparent and have the money follow the security so we can stamp out fraud, manipulation and illegal abusive naked short selling?‘ I.e. ‘how can we have Real Time Gross Settlement of securities?‘ RTGS. And they designed a blockchain. Later on, someone called Satoshi Nakamoto had an ‘aha’ moment. In other words, blockchain tech has NEVER had a better use case. Including Bitcoin. Incredibly, the Australian ASX stock exchange has been exploring implementing a blockchain based securities settlement system since at least 2016. A replacement for CHESS. With Digital Asset Holdings LLC. Repeatedly pushed back and now not due till 2023. The Big Boys on Wall Street will fight this tooth and nail. Watch.
4D CHESS INDEED. I kept thinking earlier this morning while I was driving in, just get out results of what the damn govt is gonna do, I'm sure some folks already know anyways. I keep seeing people saying the price is baked in, I get it now. Playing dirty, the whale way.
Bought CHESS at 5$ now it's 2$...ARE YOU NOT ENTERTAINED
They are playing CHESS while de are still playing CHECKERS
did CHESS have news or something? just looked and 45% up
CHESS is the next GTC. Check out the max supply. 🙌
I rather prefer farming some random coins by staking cake. I had done this with the CHESS token and when it got listed on binance i made some good profit. You can also farm trx, btt etc. Even 10 cake is enough for a good monthly yield if you are not greedy enough. Decent way to.earn extra few bucks which might 10x or whatever value x anyday.
Aren’t shares centralised in that there is a record of ownership kept by an entity other than the broker? Australia has a system like that (CHESS I think it’s called). Not a share trader so happy to be corrected.
My strong buys are TORN and CHESS Torn for money laundering and chess for the protocol behind it
Is anyone into CHESS? i invested some for the short term. But i dont have much any jnfo about it.
dunno what CHESS is but it looks like a breakout
I'd call it CHESS, both for Cheese and for the lolz
good advice, I might focus in on Prosper and CHESS instead.
There is a company in Australia that was going to move the entire Australian stock exchange onto blockchain, because the current system in place is pretty shit, if I buy stock I might get the information about it from CHESS or link, which connect into the stock exchange and all that jazz.. ​ ISX was going to put it ALL on the blockchain as well as facilitate the day to day trading's of the stock exchange as well (would eliminate bots etc) -- the company has been suspended for a while now lol - by the ASX, because what it does is cuts out all the BS -- basically if you dont know the ASX - australian stock exchange IS considered the wild west or casino in that world. The shorting, manipulation, dark markets are out of control - they only briefly suspended short selling in 2008 when the global financial crisis hit, but its all back with algo bot trading big time which is illegal for people like you and me. The brokers have far far too much control. ISX if successful and move the entire exchange on the block chain would clean it up over night.. But as I said, the stock is suspended (been well over a year now) they are in court with ASIC over it and constantly stalled and delayed. ​ I tell you this because its not real well know, but its starting. And the people whos system it will crush/replace ARE fighting back at the moment.
I’ve just placed my first order for Queen and Bishop and staked some CHESS..see how it goes..
None, we actually stumbled across something quite suspicious regarding the timestamps of those Binance announcements. The bot picked up the new announcement for the CHESS coin, but only 5 minutes after the announcement was made. The code runs every 10 seconds so that shouldn't have been an error on the code side. Many people who have also helped test the bot seem to think that Binance backdates their announcement timestamps by 5 minutes. Whether there's something fishy like insider trading going on or some other explanation we don't know. We're looking into ways to see if we can get around this or to confirm that it was just a glitch on the Binance page.
>Seems too good to be true Because it is. It's been pretty well documented, especially since the CHESS announcement, that the coins pump just *before* the announcement page updates. The bot works exactly as advertised, except because of the timing it ends up buying at the peak and everyone's left holding bags. I haven't seen a single comment confirming that anyone's made money- every person who used this bot lost money instead.
Anybody know how the CHESS rebates work?
Well it did detect CHESS and places an order, though it was 5 minutes later than anticipated. Speculating that there may have been a fluke on the Binance Announcement page, we’re looking into what caused it and how to improve the speed if it’s on our end
In your last post you said you hadn't had the opportunity for a live test of the latest iteration because binance hadn't announced a coin listing since it was developed. Yesterday they announced CHESS, so how did it go?
New coin in binance launchpad today Tranches ( CHESS ) It is a yield enhancing asset with varied risk return solutions on the binance smart chain. Chess is the governance token and the protocol and can be used for voting on governance proposals. Holders of the token also receive 50% of the fees generated by the protocol as weekly rebate rewards. I don't have a clue what this protocol does Its current price is 4.47 down from a high of 7.91.
What is this? CHESS Tranchess
Buying CHESS right now reasonable right now?
So!! How did it go with CHESS?? I bought a Raspberry pi just for your bot. Such a legend
We used your bot and it spotter CHESS but it bought in at 8.3 and sold for a loss. It bought during the second 5 minute candle so I don’t think it’s 0.1 of a second? What could have went wrong It said tp 8.146 and SL 14.767? Last price 8.783
The bot bought CHESS/USDT at 7.9, shortly after it crashed to 4.9 lol
Go nuts and chuck it on CHESS on pancakeswap before it gets put on binance
It was about the CHESS token listing. Wasn't a mistake, cause it appears again in their site. They'll soon list CHESS, whatever the f that is.
It was about the CHESS token listing. Wasn't a mistake, cause it appears again in their site. They'll soon list CHESS, whatever the f that is.
I've spotted some interesting gems in the past, such as CHESS, MTV and CAKE itself! A good chunk of the tokens are doomed to fail though
Depends on the tokenomics. Pancakeswap value prop is the farming pools, where you can stake CAKE at good APR for other tokens, like BTT, CHESS, TLOS, etc. TraderJoe stakes tokens give the people who stake the coin a % of all transactions (and, eventually, lending revenues) There are DEXs with good use cases out there
“Trade. Earn. Win.” The happy bunny flipping a pancake and the double- or triple-digit interest rates on offer are closer to the marketing style of Las Vegas than Wall Street. Don’t be fooled: PancakeSwap and its competitors in what’s now known as DeFi, or decentralized finance, are bringing casino capitalism to the crypto masses. The promised rewards are huge, and the marketing makes it easy. “High APR, low risk” is the pitch for PancakeSwap’s “Syrup Pools,” where anyone can lend money. The annual percentage rates, the APRs, are sweet: On Monday a crypto token called CHESS was promising more than 300% a year, paid in CHESS. The speed of growth is truly extraordinary, as DeFi barely existed until last year. The CAKE tokens issued by PancakeSwap and others from DeFi competitors such as Uniswap and Aave are together worth $120 billion, according to CoinMarketCap. More than $7 billion has been locked up just in one part of DeFi, “yield farming,” the crypto jargon for financing market making. DeFi is both wonderful and scary. The innovation—made possible by smart contracts, which can automatically move crypto around based on rules enshrined in computer code—has allowed crypto enthusiasts to replicate pretty much all the functions of Wall Street for crypto, without needing Wall Street. Market making, or yield farming, is among the most basic. Prime brokerage, the bank units that serve hedge funds, has reappeared as DeFi’s collateralized lending, allowing speculators to pile on leverage or short a token they want to bet against by borrowing and selling it. Interest-rate swaps and basis swaps are increasingly common as people use debt to arbitrage between exchanges, DeFi providers and different cryptocurrencies. Even structured credit has appeared. The CHESS token that pays so much was created this summer as the core of Tranchess, designed to allow leveraged bets on bitcoin by splitting up a fund into high- and low-risk tranches. The principle is similar to CDOs, or collateralized debt obligations—only instead of the subprime mortgages at the heart of the 2007 CDO collapse, this holds bitcoin. The only way for the ordinary investor to take part in Wall Street’s prime brokerage, market making, structured credit or lending activities is to buy shares in an investment bank. DeFi offers the opportunity to do it yourself, without the cost of investment bankers, executives or regulators. The flip side of being given easy access to Wall Street’s methods of making trading profits is you also get easy access to Wall Street’s trading losses, often without any sort of warning, and, at least for now, no regulation. All of DeFi comes with two basic risks that much of Wall Street has been designed to minimize: fraud and operational mistakes. Fraud is so common that there’s even crypto jargon for it: “Rug pulls” are when the issuers of high-paying tokens simply abscond with the money. Operational risk is huge, with the smart contracts that govern DeFi frequently found to have loopholes that allow scammers to make off with the assets, or design flaws that throw the asset into a spiral of decline. It’s not only these two risks that matter, of course. The customer is on their own in navigating the other main dangers of DeFi: credit, liquidity and currency risks. These risks are played down or not even mentioned by DeFi platforms, leaving investors to rely on asking for advice on Reddit. Sometimes that advice is great, other times not so much. The boosterism is embedded in the DeFi terms: The calculated risk of losing money on market making is widely known, bizarrely, as “impermanent loss,” even though it is money that’s gone forever once you withdraw your funds. The libertarian in me likes the idea of people learning to make their own mistakes. I don’t like the proliferation of scams, and I hate the marketing of DeFi as though it is an alternative to a bank account. It isn’t, because bank accounts come with federal insurance, while DeFi comes with large hidden risks. But I love the idea that ordinary savers are forced to understand complex financial problems, instead of being cosseted into ignorance by the state. The economist in me is bothered by the waste. DeFi is beautiful and innovative, but ultimately it is totally self-absorbed, all about providing different ways for people to speculate on cryptocurrencies. Maybe one day DeFi will find a real use, being deployed with stocks, bonds or a central-bank digital currency. That hasn’t happened yet, though. It is my inner historian that’s braced for disaster. Every major financial innovation led to far too much leverage and a blow-up before being tamed by regulators, and opening up Wall Street-style trades to the wider public is a major financial innovation. For now, I’m reassured by the minimal links between crypto and the real economy, and it isn’t obvious how a major DeFi problem would rebound back to mainstream finance. Even with its rapid growth, DeFi is probably still too small to pose a serious threat—except to those lending their money without understanding that high rewards are possible only because they come with high risks.
there's a new farming pool on Pancakeswap for CHESS. you stake CAKE and earn CHESS. CHESS isn't available on Binance...yet. But Binance Labs have tweeted about them: https://twitter.com/BinanceLabs/status/1429740083679092736 I wonder how much it will pump when it gets listed?
AUTO, great yield farming platform across 3 blockchains so far. You can earn AUTO staking other coins and stake AUTO to earn more AUTO (15.5% APY currently). Kava, 20% APY for staking + low transfer fees that are very fast. Haven't even checked out their actual platform much but overall seems like an underrated project and will probably soon be in the top 100. Tranchess, released July 20th and is up over 10x so far. You can stake CHESS on their platform for 60% + APY. Autofarm also has a CHESS-USDC LP earning 192% APY with 14% in AUTO rewards. CHESS also offers a USDC based stablecoin BISHOP with 84% staking APY which seems crazy good for a stablecoin. They also offer ROOK which is a BTC tracking token with 33% APY from staking.
Not sure about their site but so far CHESS has been killing it. Was .4$ when it released last month and has been around 4-5$ and has been on a steady climb. It's the governance token for tranchess apparently but the apy for staking it on their site is pretty low at 22%~, but it's been doing way better on the autofarm pancake vault (CHESS-USDC is at 386% apy) Probably going to stick with autofarm for now but curious to try the tranchess site. They've got a deal going for their launch: >In celebration of Tranchess' recent launch, 75% of total protocol fee (usual rate @50%) is being given out to people who lock CHESS. This promotion lasts until 23 Sep.
figured it out. took me a minute though [redfox](https://redfox.finance/tokens/0x20de22029ab63cf9a7cf5feb2b737ca1ee4c82a6) was only reporting a liquidity of $4k too but dex.gurus comprehensive liquidity tracking [shows](https://dex.guru/token/0x20de22029ab63cf9a7cf5feb2b737ca1ee4c82a6-bsc) a fuckton of tx staking liquidity. which isnt typical protocol/dev activity. deflationary coins will often have a set amount that triggers the purchase of the lp token, and stakes it. so i checked pancakeswap, and they have a new yield farming pool for users to stake USDC/CHESS LPs for an aggregated yield bonus (plus a share of tx fees) which totals $2m this is technically liquidity, which is why PCS is adding it to their total, but it isnt provided by the project devs, its 100% community staked, which is likely why bogged and redfox arent accounting for it. alternatively, the smart contract for this usdc pool could just also be too recent for them to pull in. new pools take a day or so to register on yield watch.
The first is CHESS 0x20de22029ab63cf9A7Cf5fEB2b737Ca1eE4c82A6 LP contract: 0x1472976E0B97F5B2fC93f1FFF14e2b5C4447b64F PCS says liquidity is 1.2m, bogged says its 8k The second is ADX 0x6bfF4Fb161347ad7de4A625AE5aa3A1CA7077819 LP: 0x0648ff5de80Adf54aAc07EcE2490f50a418Dde23
We would get $PIANO or $CHESS tokens instead, lol
CHESS sponsorship and the equivalent in other countries is somewhat like having stock ownership in a centralized ledger.
CHESS FINANCE IS A RUG PULL A few hundred of us got rugpulled on another coin called Hermes Protocol with the exact same characteristics as Chess Finance. I tried to warn everyone on the telegram chat but the admins kicked me out. My comment will probably get deleted, I hope at least some of you see this
GREAT CHESS MOVE TO PASSIVE INCOME! Congrats