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    Cryptocurrency Daily General Discussion - December 15, 2017

    December 15, 2017

    Cryptocurrency Daily General Discussion - December 15, 2017

    Daily General Discussion - December 15, 2017

    Posted: 14 Dec 2017 10:05 PM PST

    Welcome to the Daily General Discussion thread!

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    It's a bubble

    Posted: 14 Dec 2017 04:55 PM PST

    Shoutout to the person who bought 1 Ripple today

    Posted: 14 Dec 2017 09:47 PM PST

    How Fear Is Being Used to Manipulate Cryptocurrency Markets

    Posted: 14 Dec 2017 11:35 AM PST

    This meme represents a life of a hodler very accurately

    Posted: 15 Dec 2017 12:16 AM PST

    Don't believe this Coinbase bullshit

    Posted: 14 Dec 2017 03:36 PM PST

    Tune in for the NavPay launch on the 20th. The world's first mobile cryptocurrency wallet capable of sending anonymous transactions.

    Posted: 14 Dec 2017 11:41 PM PST

    Waltonchain full-node test & Beta test (2-in-1) is finally approaching! It is expected to be released before Christmas.

    Posted: 14 Dec 2017 06:46 PM PST

    How I Went From 10 BTCs, to 30 BTCs to 0.5 BTCs. Lesson For All Newbies.

    Posted: 15 Dec 2017 02:49 AM PST

    I started hearing, investigating and buying cryptocurrency coins from around May 2017. I started off by making a little bit of money, losing money, making a whole lot of money, and currently I'm in a situation whereby I've lost a whole lot of money. This includes initial money invested.

    In May, June & July 2017, I started off by putting in fiat to buy about 10 Bitcoins worth of cryptocurrencies. I bought Bitcoins and then alt coins over a number of weeks. The market was in a sideways movement mostly. There were days when my portfolio was red, and days when it was green. What I did right was I hodled all the coins until I was profitable.

    August 2017. I made extremely great gains during this month, because the market was in a bull run and I'm sure most people made great gains. I went from having about 10 Bitcoins worth of alt coins to having about 30. I was extremely euphoric, and started making plans of when I'll resign from my job, pay off my house one day soon, etc. Only thing I did right was I didn't brag to other people about my crazy gains. I kept it to myself.

    September 2017. This was when the China FUD happened, markets dipped in a huge way. This time instead of hodling, I sold my alt coins. By then I was down from about 25 Bitcoins worth of alt coins to about 9. The other stupid strategy that I adopted was I wanted to go back to having 30 Bitcoins, and have that feeling again of invincibility. So I started gambling, hoping for a coin that would give me a quick 2x or more gain. I would buy a coin, and if it dropped I would sell it.

    October & November 2017. Pretty much the same thing happened, whereby I was gambling and not investing. I would buy a coin that I thought would rise in a few days. If it didn't rise or it fell in price, I would sell it and fomo into a coin that was rising at that time. As most of you might know, FOMOing seldom works, because you end up buying at an ATH. The price drops, you panic sell and the price resumes up again or continues dropping. Either way, I was losing money. By the end of November, I had about 3 Bitcoins worth of alt coins from 9.

    December 2017. We're now in the middle of December and it has been brutal, I didn't learn anything. I would buy an alt coin, and if it didn't rise I would sell it. There were some coins were I made some gains, but I sold quickly and those coins continued rising. I also bought coins that were considered good, they dropped and I sold after seeing a coin that was rising. I am now in a situation where I went from having 3 Bitcoins worth of alt coins to now having 0.5.

    I'm hodling a coin now, and my tokens are at MEW. I have no option but to hodl. I have so little money that I'm willing to wait 6 months to get a 2x, so I can at least have 1 Bitcoin worth of an alt coin. Provided the alt coin keeps up with the price of Bitcoin. Even if the market corrects 50%, I'll still hodl.

    In terms of fiat, I lost about 80% of all money invested. I'm literally broke, lol. The money I spent years saving is gone because of stupid, uneducated and gambling type of trades. In order words, I went into crypto with about $50k, to a high of about $170k, and now I only have about $10k.

    The purpose of this post is to release my feelings and disappointment, but also for other people to learn from my crypto rooky mistakes and for them not make the same mistakes I've been making.

    Hopefully most of you guys have made massive profits, and may you continue to make money money. As for me, all I'm hoping for is a gain back $50k.

    submitted by /u/Sly21C
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    A proposal to incentivize meshnets using blockchain tech: Let's decentralize internet infrastructure and fight back against the FCC

    Posted: 14 Dec 2017 10:13 PM PST

    I originally posted this to /r/bitcoin and /r/ethereum, but the mods deleted the post for some reason - citing it should get posted here.

    "Beware he who would deny you access to information, for in his heart, he dreams himself your master."

    The problem of access to free information is a problem that is plaguing the entire world right now. You have large corporations like Comcast monopolizing entire regions like the Pacific Northwest, or Telcel monopolizing entire countries like in Latin America. They use their lobbying power to control our Congress in America, or to corrupt government officials in others (what's the difference, really?). You have government's like Cuba, who have seized control over the entire flow of information. But, there's hope. Even in these most extreme circumstances, people find a way to keep information flowing, even without access to the internet at all. These groups think they can control the flow of free information with money or by force. I'm here to tell you: they're wrong, and they will never meet this objective, especially if the crypto community has a say in it. And right now, I think we have the loudest and most powerful voice if we can band together. The proposal I will suggest today could very well deliver the death blow to corporations like Telcel and Comcast, and release us of their strangleholds over our data. What if we can take back our data? What if, there's another way? What if it were possible to decentralize the internet infrastructure itself?

    Back in 2011, we were hit with the Stop Online Piracy Act (SOPA), one of the first measures the FCC took to try to deteriorate our first amendment rights in America. This alarmed a lot of privacy advocates, especially after the Snowden leaks - because they knew we were now in for a long battle spanning decades to regain control over our privacy and our access to freedom of information and free speech online. In response, a few programmers came up with CJDNS - a proposed protocol designed around IPv6 that created its own encrypted network, particularly over wireless routers. This technology eventually became what I've came here to discus today:

    The Meshnet

    It's time to reevaluate Meshnet. The technology of today is much better suited for making meshnet a reality than it was 6 years ago. I feel the time is right.
    For a quick rundown on what a meshnet is, you can watch this short, high level video: https://www.youtube.com/watch?v=1tEkyLOh-tY

    In short, it is a way to turn your ordinary wireless router into an access point that lets anyone connect securely and privately to the internet. It allows the creation of its own internet, by daisy chaining each wireless router that joins the network together, allowing anyone to join a community owned and run ISP. So why isn't everyone using it? Why did it fail to receive widespread adoption? I believe there are several factors:

    • The technology sparked up in the early 2010s, when high speed wireless technology like 802.11ac was not available yet, and didn't even gain widespread use until 2014.
    • Meshnets did not consider blockchains. At the time, Bitcoin was still in its infancy, and nobody knew of the technical impact decentralization would have on everything.
    • The project is fairly technical to implement and to join. Your average person won't be capable of understanding how to setup a node or an exit node without those working on meshnet (us, I hope) to abstract it down to a point-and-click setup.
    • Bitcoin, a traditional blockchain, is not the right blockchain approach for a proper meshnet.
    • There are no incentives for running a meshnet node, or for paying for the high speed connection required to act as an exit node (a gateway that connects the meshnet to the general internet). You'd have to donate your time, energy and hardware at your own cost for the benefit of the community. If this were the case with mining in Bitcoin, Bitcoin would have failed too.
    • The focus was primarily on the internal network (or darknet), called Hyperboria, and not really as a focus as an Internet Service Provider.

    Proposal of guidelines for an incentive system within Meshnet

    We need meshnet. I believe idea of the meshnet is possible with todays technology. Furthermore I believe that it is possible to achieve extremely rapid deployment of this network, if it is done in a way that will not only make participating in the network cheap, but gives regular people the capability of making money off the incentives. Unfortunately, I do not have the technical capability to do a project like this alone, but I can at least propose guidelines.

    The incentive system should work similar to how storage based blockchains award their incentives. It needs to award: high scores of confidentiality, availability and reliability, number of people served, and raw throughput.

    • Meshnet needs a way to award regular people who spin up a wireless router to act as a relay and to join the network.
    • Anyone joining their wireless routers to the network should also be forced to participate as a relay to avoid leeching resources.
    • Rewards for relay nodes should prioritize, possibly in this order: reliability/uptime, speed and throughput, number of customers served or number of nodes reached (to award those that invest in powerful wireless equipment).
    • Exit nodes, or nodes that connect the Meshnet to the general public internet we know of today, should be awarded a more lucrative reward to encourage more nodes to act as gateways and to cover the higher costs of backbone networks. By covering this cost and allowing exit nodes to make profit, it will incentivize them to engage backbone providers directly, and completely cut internet service providers out of the equation.
    • Both Exit nodes and Relay nodes need a reputation based system that directly impacts their incentives, and results in banning or suspension from the network. This is to create security through automated community policing, and discourages Exit and Relay nodes from attempting to interfere, disrupt, throttle or tamper with the encrypted connections they are relaying. This will incentivize good behavior and prevent problems that we have seen with other decentralized networks like Tor, where some exit nodes have been known to tamper with connections from time to time.
    • Each user system (like a laptop or cell phone) using the meshnet should pay directly proportional to their usage, with a focus on providing service as cheaply as possible to as many people as possible. I propose aiming for an average cost to use the network at $9 USD per 2 TB per month. Your account balance is paid to the relay and exit nodes that are serving you.
    • Relay nodes should get a smaller portion of token reward versus exit nodes, due to the cost of bandwidth.
    • During times of high network congestion in specific traffic heavy areas, adding a relay node or increasing the capacity of the network should yield slightly higher rewards to the relays. This can be done either the form of either increasing the cost of using the network slightly to the user (only temporarily), or paying more to get access to higher amounts of bandwidth (only temporarily). Protections would need to be put in place to protect the smaller users from being overrun by those with more capital from hijacking a bigger cut of the bandwidth. Maybe, this reward shouldn't exist entirely?

    Proposal of guidelines for the blockchain.

    It is an unfortunate fact that Bitcoin is not technically capable of this type of rewards and incentives based system in its current state. This is not an attempt to pump any coin over another. Bitcoin was simply not designed to do this, after all. Instead, I propose we should take a look at Bitcoins cousin, Ethereum. Regardless of what blockchain is used, I don't think we can afford to have meshnet drift back into obscurity this time. Ethereum already has the technical capabilities to merge meshnet and blockchain technology together. I propose an ERC20 compliant token should be created that can be exchanged directly to Bitcoin or Ethereum, and thus back into any currency in the world. This will tie critical, physical and core infrastructure to the blockchain, and add a measurement of value to Bitcoin or other coins that are not yet present.

    We need everyone's help.

    A project this ambitions will take a lot of time and effort. Spread the word around, and get people talking seriously about a meshnet-based community ISP. I think it is something we can do to take back control over our basic human rights to free enterprise, free information and freedom of speech. We can't afford to fuck it up this time, especially with what's at stake. Let's go around the stupid bureaucracy, and just build our own internet without these people that seek to wring our pockets dry, censor our thoughts, and corrupt our governments. Let's get the discussion started on a crypto-backed ISP.

    submitted by /u/Brave_Little_Roaster
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    Me right now after taking all the profits from this week to buy more coins...

    Posted: 14 Dec 2017 10:35 PM PST

    CoinMarketCap introduces Night Mode

    Posted: 14 Dec 2017 06:17 PM PST

    Massive Vechain news about to drop? They just tweeted out "The Greatest Blockchain Partnerships Transcend Business" and a link to the Chinese national anthem.

    Posted: 14 Dec 2017 07:26 PM PST

    100X coins ?

    Posted: 14 Dec 2017 09:19 PM PST

    Nowadays 10x isn't really surprising , investing in just about anything with ever growing market cap, will bring you 10X. ( hopefully it stays as such)

    Now 100X ... is something trying to go for.

    Let's have some fun, please pick 3 coins that you think will 100X in 2018 and please list valid reasons why, non of that "to da moon" BS.

    And hopefully we can revisit it a year from now :)

    submitted by /u/rubaokus
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    Why is nobody freaking out about Net Neutrality being repealed?

    Posted: 14 Dec 2017 01:25 PM PST

    The FCC just repealed Net Neutrality. There are 4 memes on this subreddit's frontpage and 0 posts about net neutrality.

    Doesn't anybody realise what implications this has for crypto?

    For anybody in the US:

    If your ISP even allows accessing random IP's, you will most likely have to pay to be able to do so. This means that using any crypto network will cost you extra money.

    Because nothing is stopping them, ISP's will most likely charge per mb/gb of data used, especially when accessing "random" IP addresses (those of nodes). This means that running a full node will get very expensive very quickly. If you want to download a 145 GB blockchain (and constantly keep downloading as the blockchain grows) you better be prepared to cash out some money. The speed at which the network operates will most likely also be lower. And why would you go through all that hassle? Running a full node doesn't give you any money.

    The result of this is that the decentralized networks suddenly become very centralized in the US, as few people will be able to afford a full node. This would in turn make it easier for ISP's to completely block certain (or all) cryptocurrencies or charge extra for a "cryptocurrency" package. How would that be for adoption?

     

    "But they suuuurely wouldn't do that right"

    Well, the ISP's have enough reasons to do the things I listed. First of all it charging per mb/gb gives them more money (which is all they care about). Blocking crypto entirely is also not excluded, if I was a bank that didn't like crypto, I would just "donate" 20 million dollars to some ISP's to block their users from accessing any nodes. The ISP's are legally allowed to do all of that now.

    How is nobody freaking out about this? I understand that crypto also thrives outside of the US (I'm not from the US either fyi), but this will still have a massive impact since there are a lot of crypto users in the US.

    Call this FUD all you want, ignorance is bliss I guess.

    submitted by /u/VXeonix
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    To the moon!

    Posted: 15 Dec 2017 12:58 AM PST

    It just cost me $14 in fees, to send $20 in BTC to a charity from Coinbase. FFS Seriously?

    Posted: 14 Dec 2017 06:01 AM PST

    Is this for real? I just wanted to send $20 to a charity so I did it from coinbase. Only after I sent did I notice it was $34 in totall, I checked the transaction it it confirmed $14 in fees. This in Insane! Why is this, is this normal?

    submitted by /u/cryptocm
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    Does anyone else want to punch this guy every time you read an article on crypto????? #punchable face

    Posted: 14 Dec 2017 08:50 PM PST

    A cryptocurrency without a blockchain has been built to outperform bitcoin - MIT Technology Review

    Posted: 14 Dec 2017 06:00 PM PST

    NEO to be decentralized by christmas!!

    Posted: 14 Dec 2017 09:25 AM PST

    Great news from VeChain (VEN) official

    Posted: 14 Dec 2017 11:51 PM PST

    To the Man that sent me to the moon

    Posted: 14 Dec 2017 05:51 PM PST

    I was just thinking back on the last 6 months and what a wild ride investing in crypto has been, and a thought popped into my head about how this crypto addiction all started for me due to two simple words from a reddit user I'll never know.

    I had been working about a year, doing alright and fortunately not living paycheck to paycheck but due to an unfortunate accident, I lost most of the modest savings I had accumulated. Bills were actually starting to become stressful and I would have to carefully budget if I wanted to leave a little savings left at the end of the month. Then I decided to start investing and downloaded the Robinhood app.

    I didn't have the time, interest or experience to know which stocks to pick so I turned to reddit to try and see what others were suggesting. I was looking for something high risk, high reward because I wanted to grow my portfolio as fast as possible. I stumbled onto a post on r/stocks and saw someone had posted asking for the next biotech stock that would blow up even if it was risky as hell. With my interest piqued, I started looking through all the comments and there was one that stood out to me. It simply read "buy ethereum" and had multiple other user comments below it telling the commenter what a dumb investment ethereum was ($45 at that time). I thought to myself, what the hell is ethereum?

    I spent a couple days researching and was fascinated so I bought 6 and checked Coinbase constantly because it was on an upswing and I had never made money so quickly or easily before in my life. When it hit $80 a few weeks later I couldn't believe my good fortune. I almost doubled my freakin money! I thought. But that made me nervous, nervous that it would drop and I would miss out on the money sitting right in front of me. Money I felt I had hardly earned to boot. And besides, there's no way this growth can be sustainable, right? So I sold my 6 eth and was so proud of myself that I bragged about it to my girlfriend and I took her out to a nice restaurant that night.

    Two weeks later when the price broke $150, I was so mad at myself. Why didn't you hold? It was so obvious it was still gonna go up, because it's just gaining popularity. I couldn't believe it. Eventually I got over it, and decided to use the money I had previously cashed out to buy more. And then continued to invest every extra dollar I had into crypto (which wasn't much compared to some of you). But it was exhilarating, terrifying, joyful, regretful, most of these emotions many times over and sometimes all within the same day. The technology behind crypto and trading became the most interested I had ever been in something in my adult life thus far. I would spend all of my free time reading and learning, making money so quickly that everyone I told about it thought it was a scam, and also making plenty of mistakes. And although I sometimes still think of some of the stupid trades I made and money I lost out on by trying to beat the market rather than hodling, I wouldn't change a damn thing.

    So thank you random Reddit stranger for those two words of advice you typed out, having no idea even to this day that you would completely alter the next 6 months of my life. I wish I could shake your hand.

    submitted by /u/Dystopianrobot
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    Check out Hurify, the team of ex-Intel engineers striving to build a market place for the Internet of Things (IoT)

    Posted: 14 Dec 2017 10:46 PM PST

    Cardano is the Most Overvalued Coin in Top 30

    Posted: 14 Dec 2017 11:14 AM PST

    Have people even looked at their roadmap? Its amazing how irrational the market has become. Im not trying to be that guy that craps on another project and I wish them well, but their platform isnt even built yet. Theres a long way to go and then they still need documentation, unit tests, etc. Theres no current dev community (obviously at this stage) and nothing is being built on it and wont be for some time. Trully amazing how stupid people can be to pump a project thats just starting to 5.7 billion.

    submitted by /u/Bobsaget919
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    Hey guys, I’m cashing out

    Posted: 14 Dec 2017 06:19 AM PST

    I bought like 10 geese a couple years ago.

    It turns out they were golden geese and they've been shitting golden eggs pretty much nonstop recently.

    Now I've made like 100x my initial investment so I'm going to sell all of them.

    I have a debt that I'm paying like 5% interest on.

    So I figure... why not take these geese that are constantly shitting gold bricks and sell every last fucking one of them pay off that debt.

    My wife, who's not too bright, was like, "Hey, why don't we just sell like 8 of them, and keep the other 2 since they're still shitting gold eggs like all the fucking time."

    "And then we can pay off some debts AND maybe the geese we keep will keep laying golden eggs, and some of those eggs might even hatch into more golden geese!"

    "And then in a couple years we can sell MORE geese for MORE money and still have those 2 original geese? And just keep doing that?!"

    But nahhh... I'm an all-or-nothing type of dude... I'm just gonna totally cash out... gonna sell all 10 geese and pay off that 5% loan.

    Because fuck her, right?

    This whole goose thing was a good run, but if I need more money in a couple years I'll just make it slinging paper and spreadsheets in my dope-ass cubicle for $14 / hour like everyone else does.

    See you suckers later!

    submitted by /u/WhiteyFisk
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    Waltonchain partnerships with Septwolves, Korea University Engineering Department, South Korea IoT Innovation Center and KISA. Furthermore, contracts with Taiwan Cloud Association, Zhongbao Logistics, Jiangsu Province, and more.

    Posted: 14 Dec 2017 09:19 PM PST

    For more information, read the following research by mj____

    Septwolves: https://www.reddit.com/r/waltonchain/comments/7jvbs0/wtc_partnership_with_major_chinese_apparel/?st=jb7gki56&sh=d14a120c

    Jinhu Development Zone Government Project: https://www.reddit.com/r/waltonchain/comments/7jvwdt/waltonchain_signed_the_air_purifier_project_in/?st=jb7gg7ay&sh=9ddfc576

    Taiwan Cloud Association: https://www.reddit.com/r/waltonchain/comments/7judnb/walton_chain_project_team_signed_a_strategic/?st=jb7gk1lb&sh=2164530b

    Nankang furniture industry: https://www.reddit.com/r/waltonchain/comments/7jpvmf/walton_chain_project_to_help_transform_and/?st=jb7gk72t&sh=96a4a8ae

    Zhongbao Logistics: https://www.reddit.com/r/waltonchain/comments/7jvje2/walton_chain_project_team_signed_with_the_leopard/?st=jb7gkbg4&sh=7bef458e

    South Korea IoT Innovation Center and KISA: https://www.reddit.com/r/waltonchain/comments/7jvyzi/waltonchain_in_cooperation_with_south_korea_iot/?st=jb7gkdlz&sh=dcc82962

    Korea University Engineering Department: https://www.reddit.com/r/waltonchain/comments/7jvndk/walton_chain_project_team_and_korea_university/?st=jb7gkfp2&sh=f35c1ddd

    The project is undeniably strong in terms of fundamentals. With the upcoming Beta release, the team proved themselves once again by overdelivering. Make sure you read the Whitepaper to grasp the full scope of their ambitions and potential for change.

    submitted by /u/StarlikeLOL
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