DFS

coinfeeds-bot

tldr; The New York State Department of Financial Services (DFS) has issued a new regulatory guidance for virtual currency companies looking to issue USD-backed stablecoins in New York. Stablecoins must be fully backed by a Reserve of assets, backed by U.S. Treasury Bills, Treasury notes, and/or Treasury bonds. The Reserve must be segregated from the proprietary assets of the issuing entity. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

simplelifestyle

> PayPal was able to offer the new functionality after transitioning from a “conditional” BitLicense to a “full” one following approval from the New York Department of Financial Services. > > NYDFS Superintendent Adrienne Harris said in a statement: “DFS is committed to keeping New York at the center of responsible technological innovation and forward looking regulation.” Good.

icest0

Did you read the article? > However, Taylor only reported an income of approximately $3,000 on his 2017 tax returns and a loss of $140,000 on his 2018 tax returns. In addition, his business did not have a money transmission license or a virtual currency business license (Bitlicense) from the New York State Department of Financial Services (DFS). It is also not licensed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

New_Firefighter_5416

That’s good then, exciting things coming up in Q2. I recently came across Polysports as well, a fantasy sport play to earn game. The IDO is happening in Q2 as well and they have an app (DFS) launching too.

coinfeeds-bot

tldr; The Department of Financial Services (DFS) will use blockchain technology to monitor if financial sanctions applied to Russia are appropriately executed. It will also observe whether some individuals seek a backdoor to avoid embargoes. The agency predicts that bad actors will try to evade sanctions through the transmission of digital currencies. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

timpanzeez

Does anyone else keep random accounts open for the bonuses? I have old DFS, poker, and other accounts that give me like $5-10 in free play a month. Then I just withdraw whatever I win after the free play

Darkcryptomoon

Well, TS started June 2020, so it hasn't been around two years. Now if you mean # of users when it had the highest growth (February of 2021), turns out it wasn't a flood of new users then, it was multi-accounting that they have since addressed, so yeah, # of new users don't seem as high, but it's a solid natural growth that has occurred the last 6 months. When was the last time you were on TS? People are more active than ever on there with the flash challenges and DFS stuff. And Dapper has done very minimal marketing so far, so I'm not sure what you mean by marketing hype. Did you ever actually participate in TS? A quick check of the marketplace and discord is all that's needed to disprove your statements.

Darkcryptomoon

K. I'll give an example of a positive use of NFTs. NBA Top Shot. Some people will never want to switch to a digital version of the collectable, because they need to be able to feel the card...similar to traditional books vs ebooks. They don't care you can hold 250 books on a small device and rent books from your library without ever having to leave your house, they still prefer the physical versions. The NFT version of basketball cards (NBA Top Shot) has the advantages of: 1) you can store thousands digitally on your phone, with access to your entire inventory 24/7. 2) the marketplace is much faster and more efficient (no mailing your cards off to get graded, then waiting for them to grade them and mail them back, then put for sale on ebay, and then mail the cards to the buyer). 3) You know exactly how many were minted, because it's all on the Blockchain. You have no idea how many physical cards were minted. 4) You can see exactly who previously bought your NFT and how much they paid. This allows for better Marketplace analysis. 5) You don't have to worry about your NFTs physically degrading or being destroyed. 6) NFTs generally have much more utility. Top Shot rewards collectors on a daily basis with various contests and challenges. Owners of Phoenix Suns moments were entered into a raffle and the winners received an all expenses paid trip to the finals game in Phoenix with a suite etc. There is also a DFS you can play daily using the Top Shot moments you have with cash prizes of $10,000/week. 7) The Top Shot NFTs aren't a static image. It's an entire play. And you can display your NFTs on digital frames if you're wanting to show them off (like some people do with thier physical collectables). 8) The communities built around some NFTs are amazing. Every new tech has bad actors in it and people trying to copy other projects for a quick cash grab. But it doesn't mean all NFTs are bad/a scam. The video is very biased against NFTs because that's what gets the clicks/shares. Hating NFTs is very trendy, so it makes sense to make a video only bashing NFTs instead of doing one that's non-biased, or at the very least tell some of the positives of NFTs. You can find videos on YouTube that show recordings of shows back in the day absolutely bashing the internet and how it's only a scam and the only real use is money laundering and buying drugs. It's no different now with NFTs. It's a needed tech for a more digital future.

Darkcryptomoon

NBA Top Shot is far superior to cards. Let me explain why. Sure, some people will never want to switch to a digital version of the collectable, because they need to be able to feel the card...similar to traditional books vs ebooks. They don't care you can hold 250 books on a small device and rent books from your library without ever having to leave your house, they still prefer the physical versions. The NFT version of basketball cards (NBA Top Shot) has the advantages of: 1) you can store thousands digitally on your phone, with access to your entire inventory 24/7. 2) the marketplace is much faster and more efficient (no mailing your cards off to get graded, then waiting for them to grade them and mail them back, then put for sale on ebay, and then mail the cards to the buyer). 3) You know exactly how many were minted, because it's all on the Blockchain. You have no idea how many physical cards were minted. 4) You can see exactly who previously bought your NFT and how much they paid. This allows for better Marketplace analysis. 5) You don't have to worry about your NFTs physically degrading or being destroyed. 6) NFTs generally have much more utility. Top Shot rewards collectors on a daily basis with various contests and challenges. Owners of Phoenix Suns moments were entered into a raffle and the winners received an all expenses paid trip to the finals game in Phoenix with a suite etc. There is also a DFS you can play daily using the Top Shot moments you have with cash prizes of $10,000/week. 7) The Top Shot NFTs aren't a static image. It's an entire play. And you can display your NFTs on digital frames if you're wanting to show them off (like some people do with thier physical collectables). 8) Many of the communities built around Top Shot are awesome (discord communities built around completing certain sets and YouTube channels such as NBA Top Shot Talk and Team Hold as examples). I know it's super trendy to bash NFTs right now, but people's opinions usually change when they actually try Top Shot and see how fun it can be.

timpanzeez

Nah I just like the idea. Always been huge into fantasy sports, loved DFS for a while. This feels like a natural progression

timpanzeez

SoRare has to be my favourite NFT project. Prizes come from transfer fees, most common cards still limited to /1000, and not building off hype and JPEG’s. Plus fantasy sports and money are my kryptonite. DFS and crypto combined sounds like my dream

BronsonDon91

Should play some DFS while watching some playoffs

Think_Positively

First give me defi DFS where I can stake tokens to get a % of the vig from degenerate gamblers while also gambling like a degenerate.

phollas00

DeFi more like DFS with all these sales

Darkcryptomoon

It's a way to prove ownership of a digital item. For instance, if you want to flex how much money you own, you may buy a Rolex or really expensive Nikes. But how do you do that in the metaverse? You buy a RTFKT pair of shoes (now part of Nike) or a BAYC/Crypto Punk. Another example would be some clubs and casinos in the MV require you to own one of their NFTs to get in and participate. Why not just require a regular old username and password? Because the NFTs accomplish the same thing, but with much more transparency (being on the Blockchain). Another example would be traditional basketball cards vs digital basketball cards (NFTs). Some people will never want to switch to a digital version if the collectable, because they need to be able to feel the card...similar to traditional books vs ebooks. They don't care you can hold 250 books on a small device and rent books from your library without ever having to leave your house, they still prefer the physical versions. The NFT version of basketball cards (NBA Top Shot) has the advantages of: 1) you can store thousands digitally on your phone, with access to your entire inventory 24/7. 2) the marketplace is much faster and more efficient (no mailing your cards off to get graded, then waiting for them to grade them and mail them back, then put for sale on ebay, and then mail the cards to the buyer). 3) You know exactly how many were minted, because it's all on the Blockchain. You have no idea how many physical cards were minted. 4) You can see exactly who previously bought your NFT and how much they paid. This allows for better Marketplace analysis. 5) You don't have to worry about your NFTs physically degrading or being destroyed. 6) NFTs generally have much more utility. Top Shot rewards collectors on a daily basis with various contests and challenges. Owners of Phoenix Suns moments were entered into a raffle and the winners received an all expenses paid trip to the finals game in Phoenix with a suite etc. There is also a DFS you can play daily using the Top Shot moments you have with cash prizes of $10,000/week. 7) The Top Shot NFTs aren't a static image. It's an entire play. And you can display your NFTs on digital frames if you're wanting to show them off (like some people do with thier physical collectables). 8) The communities built around some NFTs are amazing. They aren't for everyone, but too many people aren't critically thinking enough about them, instead just dismissing them as stupid because that's the popular belief right now (which I understand, because all most people know about NFTs is BAYC and CryptoPunks...but those are a very small percentage of people flexing how much money they have. It's not representative of the NFT community). If you think we are moving to a more digital future, then you might want to at least try some out to see for yourself. If you are into sports, I suggest NBA Top Shot (they have NBA, NFL, and will soon have UFC). If you like gambling, I suggest Gambling Apes. They have just built a casino in the Decentraland Metaverse and give profit sharing to all GA NFT holders (as well as free monthly poker tournaments with crypto prizes). If you are a dad, I suggest CryptoDads. They have a great support group, sell their own energy drinks and whisky, and have IRL meetups all over the U.S. If you are into comics, I suggest VeVe. But there are many other NFTs for a variety of other things. All I ask is you give it a try (you don't have to buy anything, just check them out). It's just a superior product, kind of like Netflix vs Blockbuster, IMO.

ShoeFullofBeans

DFS, gotta cut that out of my life.

bittabet

I use both Kraken and CB pro and the fees are not 50-80% cheaper on Kraken. Some tiers CB pro is cheaper some tiers Kraken is cheaper because they don’t use the exact same tier structure. You need to look at both taker and maker fees, typically I use maker orders and coinbase aggressively discounts those. Of course it has everything to do with being a fiat on-ramp in the USA. They don’t charge money to load or withdraw fiat so costs of compliance just get passed on via fees. Otherwise we’d have more competitors in the US. I prefer Kraken due to them actually having customer service but Coinbase has better liquidity. I dislike Coinbase for their shitty service but the fees on Pro are the way they are because they have to deal with all sorts of regulations. They even have a NY DFS license which requires a LOT of extra capital, go look it up.

jakeups2613

It would be skill based. No gambling, the same way they consider DFS skill based.

DrFrancisMorgan

Hot take from another noob: truly experience folk making a living WONT share their tips because it will eat in to their edge. It's why I laugh at everyone on those DFS sites. No one with skills is going to tell you, the person they are playing against, optimum plays

scuddystud

It’s the same as touts for sports betting and daily fantasy sports. Less than 1% of the people who do it are good enough to make a living off of just that. You don’t see that 1% making videos or selling their picks. The ones in those spaces who do sell picks do so because their picks aren’t good enough for them to live solely off that. Those people are much better at marketing than they are at sports betting or DFS

Deadpoulpe

Really ? Let's Google a little bit if you don't mind : >Standard Chartered is a British banking and financial services company founded in 1969, headquartered in London, England. In 2004, Standard Chartered had some problems with the Federal Reserve and the New York regulator due to the lack of AML practices. During 2005 and 2006 the bank broke sanctions against Iran by ignoring regulatory agreements and work with Iranians. >In 2012, Standard Chartered was accused by New York's Department of Financial Services (DFS) for the Iranian government's failures in anti-money laundering controls that helped clear the U.S. regulations for a period of $ 265 billion. Other example >Founded on June 16, 1879, as Wachovia National Bank, Wachovia Bank had become one of the biggest financial services companies in the United States. Wachovia offers its customers banking, brokerage, asset and wealth management, corporate and investment banking products and services, as well as nationwide retail brokerage, mortgage loan, and auto financing services provided. >In 2008, Wachovia Corporation was acquired by Wells Fargo & Company to create North America's most comprehensive distribution system for financial services. Once one of the largest US banks, Wachovia is unfortunately responsible for the biggest money-laundering event of all time. In 2010, it was found that the bank allowed drug cartels in Mexico between 2004 and 2007 to allow money laundering close to USD 390 billion through its branches. Drug cartels used US dollars from drug sales in the US to smuggle them across the Mexican border. Someone should text the criminals and tell them they're doing it wrong.

FrigginRandy

DraftKings is now running a DFS contest where the winner gets an NFT. This contest is a $75 per entry NFL contest and 1st place gets Cool Cat #3904 Looks like they spent 30 ETH on it lmao

dlt92

Banks are constantly getting sued and fined by the SEC. If the argument is that crypto is more scrutinized than banks, it's not a good point. Banks don't just have the SEC to deal with. They also have to deal with the Fed, OCC, FDIC, Treasury Department, and that's just the US agancies they are scrutinized by. Institutions in New York are also regulated by the NY DFS. On top of that, if you are an international bank, you have to deal with those regulators too from other jurisdictions. I'm not arguing banks haven't gotten away with things, clearly they have and there is a good reason for the amount of scrutiny they have. But that is not a good reason for the SEC to look the other way on crypto. If there is fraud and ponzi schemes happening on crypto exchanges, they should absolutely be fined and held accountable. Your language is so hyperbolic too. If you want to put all of your money in crypto, that's your choice, but don't act like people are out of their mind dumb for keeping some money in a savings account at a bank. It's not a dumb decision to put money into a savings account at a bank. Having money set aside into an account that is insured by the FDIC is not stupid. It's basic financial planning to have liquid cash in a low risk vehicle in case of emergencies.. Also there are so many other investment alternatives than crypto and a savings account. It's not like those are your only two choices like you make it seem. Crypto and a savings account serve two completely different purposes. Have you ever stopped to think for a second that maybe the motive to prevent fraud and pozi schemes is exactly that? To prevent people from being defrauded and losing their money? Why is that a bad thing? Why should the SEC look the other way on crypto if there is known fraud and ponzi schemes?

timpanzeez

All the DFS winnings from NFL go into what coin? Leaning a mix of SOL and VET

thedkexperience

This is an excellent point and unfortunately the whole DFS industry is a shitty gray area of capital gains. I check every site each year and they tell me if I owe taxes or not. It’s a problem that I do not know the answer to unfortunately. If this was Coinbase I’d have a different story.

nikola_j

Wow, thanks for the DeFi Saver shoutout. I'm a team member at DFS and super glad to see it mentioned in r/cc. If anyone has questions about the app, please feel free to tag me whenever.🙌

Think_Positively

Anyone being able to run a blockchain casino sounds incredibly dangerous. I would personally like to see a defi DFS option. The vig Draftkings and Fanduel take is absurd.

Set1Less

BUSD is a "regulated stablecoin" run by Paxos (and not by Binance) and is approved by NYDFS https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/virtual_currencies USDC doesnt feature in the NY DFS list, however the issuer of USD - Circle are US regulated entity, so their ability to pull something like Tether is much less. However USDC is still backed by a basket of assets. Paxos claim their stablecoin BUSD and PAX are backed 1:1 by USD held in bank accounts. Key takeaway of regulated stablecoins are: > The value of each stablecoin token is tied directly to the value of the US dollar, and the amount of “reserve” dollars equal or exceed the number of stablecoins outstanding. > Regulators are overseeing the establishment and maintenance of reserves backing the stablecoins. > Reserves may only be held in the safest forms, such as FDIC-insured bank accounts and in short-term maturity US Treasury instruments. For a detailed argument on this (i.e. why regulated stablecoin are better than stablecoins backed by assets) by Paxos, check out their blog post: https://www.paxos.com/a-regulated-stablecoin-means-having-a-regulator

0ne_too

Can't wait to play fantasy football on a decent blockchain with a good UI and rewarded in crypto. I prefer DFS to season long but i could do either. Also wouldn't mind being able to bet spreads and O/U for NFL through a dApp. Someone will figure it out someday hopefully.

Quantris

NP! You may want to look into iterative deepening DFS as well.

TheMoneyEarner

Right now its like a DFS sofa sale, it is always on SALE

DetroitMotorShow

DAI recently also is being backed with USDC. https://www.coindesk.com/makerdao-adds-usdc-as-defi-collateral-following-black-thursday-chaos Paxos managed BUSD is definitely a better choice compared to USDC. BUSD is NY DFS approved and can be used by New Yorkers as well. Its only branded by Binance, but the operations are all managed by Paxos, who also issue Paxos gold which is a highly regulated cryptotoken. BUSD also does more attestations when compared USDC As per my latest understanding of the ever evolving , ever more shady stablecoin market: BUSD/PAX > DAI > USDC > TUSD > UST

NotBandyBurrito

Sorare is a pretty cool concept that my buddy introduced me to. Imagine DFS for soccer but you buy cards using ETH and the tournament prizes are NFT player cards. No mobile device though and it’s definitely more in the vein of gambling than arcade gaming

thedkexperience

While I truly do appreciate the insights on coin technology that I glean from this sub, it’s eerily familiar to read high quality statistical based evidence and then watch it be outdone simply by people who are good at gambling. This is exactly what used to happen on daily fantasy forums. It still does a bit but the best DFS players have realized the last few years that no matter how technically sound you are there will always be winners who did everything “wrong” from a technical perspective. A spreadsheet does not account for human emotion. It does not account for whims of morons and it certainly does not account for the whims of billionaires. No matter how technically good a coin is, the power of “lol shitcoin go brrrrrr” will always be a large part of the market. And you know what? Some shitcoins will go brrrrrr. Most won’t. But some will. Anyway, if you are technically savvy congrats but you probably need to put a bit of chaos into your portfolio. Conversely if your portfolio is pure chaos then you should probably take the time to read up on technicals.

Far_Elephant1705

It’s just an extended sale guys Just hope it’s not like the DFS one

ComfortableWind9296

Bitcoin is like DFS at the moment , having constant sale :)

pugwizzle

Teacher, online poker and NFL DFS degen

FlowersforAlgorand

Bring the dips! Living thru the wins and losses on Fanduel and Draftkings has more than prepared me for crypto. I barely even flinch thru these swings. Anyone else out there move from DFS to crypto?

Slayerofgondor

Crypto has more sales than DFS

Mightyf00l

The entire decentralized file storage has been moved to the background. In current bull cycle, people follow hype. First DeFi now NFT. Truth is, DFS used to be very poor in scaling, additionally, the majority of the world doesn't care about privacy either and are not willing to pay more for storage. I truly do believe the DFS is going to be huge in the future. I quote "Block Dream Fund" founder, Dora: **“We predict that the distributed storage market will explode in the coming years and want to invest our resources in companies building on Filecoin. We expect several unicorn startups to emerge from the Filecoin ecosystem”.** Personally I think The Safe Network by MaidSafe will come out on top of all this, what these guys have been building is admirable and the pace is ramping up.

SecretaryImaginary44

They should change LTO’s ticker to DFS because this is a looooooong sale

Sneaky_Bones

And I took the advice...am I supposed to delete the comment now or agree with your apologisms even though they are at odds with the reality of the situation. I was always able to withdraw from all other exchanges I've used, even Robinhood was better. I've still found no solution and am doing all I can. I'm hoping there is a work-around I'm not seeing. I've e-mailed them, messaged them on fb, posted questions on gemini's sub, and even made a BBB complaint. Tomorrow I will file a complaint with the NY DFS. But I'd rather just deposit my money back into my bank with a 'deposit into your bank' button like literally every other exchange and brokerage I've ever used.