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    Cryptocurrency Daily General Discussion - December 26, 2017

    December 26, 2017

    Cryptocurrency Daily General Discussion - December 26, 2017

    Daily General Discussion - December 26, 2017

    Posted: 25 Dec 2017 10:05 PM PST

    Welcome to the Daily General Discussion thread!

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    • Questions, debates, meta issues, etc are all welcome.
    • Breaking news should be posted separately from this thread.

    Rules:

    • All sub rules still apply in this thread except for the karma and age requirements. Anyone can post comments.
    • Be respectful to one another. Follow the golden rule.
    • No trolling or shilling.
    • Discussion topics must be related to cryptocurrency.

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    Thank you in advance for your participation. Enjoy!

    submitted by /u/AutoModerator
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    We've added an addendum to Rule 2 concerning low-effort posts.

    Posted: 23 Dec 2017 05:46 PM PST

    Hey /r/CryptoCurrency,

    The moderation team has been working on filtering out the high volumes of low-quality posts that don't promote healthy discussion. These are posts such as:

    • What coin is going to 100x next?!

    • What will ____ coin's price be in a year?

    • What coin should I buy???

    • Is (coin)... good?

    Let's be real, these posts are a dime a dozen and they don't do anything except promote wild speculation and shilling whatever coin that commenters are holding. One of my initiatives is to empower cryptocurrency newcomers into doing their own research, making their own decisions, and discovering the technology behind coins -- not just seeing them as a get-rich-quick scheme.

    So from here on out, we're going to be removing posts from the queue that are similar to the examples I provided. The official addendum to the rule is as follows:

    RULE 2: NO SPAM No low-effort content asking for baseless price speculations (e.g. "What will BTC's price be in 2019?"), invitations for shilling (e.g. "What coin can I buy that will make me rich next week??"), or coin-related threads without a proper discussion topic outlined by the OP (e.g. "Is Litecoin good?").

    Posters will be encouraged to post these questions in the daily discussion thread if they really feel that such a discussion is necessary.

    We're committed to creating a healthy environment where all cryptocurrency can be discussed in a civilized manner. If you have any suggestions or questions about improving /r/CryptoCurrency then feel free to comment here or message the mod team.

    P.S. Congrats on 300k subscribers!

    submitted by /u/INGWR
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    I've created an Excel Crypto Portfolio Tracker that draws live prices and coin data from CoinMarketCap.com. Here is how to create your own.

    Posted: 25 Dec 2017 01:22 PM PST

    The Absolute Fucking Impossibility of Reporting Taxes On This Shit

    Posted: 25 Dec 2017 06:34 PM PST

    EDIT: PLEASE STOP ASKING ME FOR DAY-TRADING TIPS. LEARN BY DOING.

    I'm in the US. I day-trade cryptocurrencies and have made tens of thousands of orders across many pairs and exchanges (and have made substantially more than I would have by just "hodl xd", even with short-term penalty added, thank you very much). Uncle Sam wants his pie. Okay, fine. I know exactly how much I've made by simply tallying the deposits and withdrawals from by bank to my fiat gateways, and I'm willing to be taxed on that, but...

    The IRS expects me to report every single transaction on a form with each interval gain and loss step reported in USD. Every single one of my tens of thousands of orders and partial trades, most of which having no actual valuation or realization in USD, yet somehow I'm expected to calculate the imaginary USD gain/loss of each when BTC/USD fluctuates by whole percents every other minute on the reference fiat exchange (GDAX, say). No matter what painstaking diligence is paid to reporting the notional USD gain/loss for every alt pair and perpetual swap trade by cross-referencing those irrelevant data points, I will inevitably end up with a totally fictional sequence of numbers that deviates significantly from my known, actual USD gain from what hit my fucking bank and what is presently on my exchange accounts. This especially when transaction and trading and funding fees are taken into account, as well as the nightmare of slippage and partial fills.

    Also Bittrex completely wiped out my trade history, and everyone else's from what I hear, but my deposits/withdrawals are still there and that should really be all that matters (but not to the IRS apparently). I also had a stint on poswallet.com, same situation.

    Now here's the mind-melting part: I use BitMEX. I've made most of my gains from there. (Yes, I know that US customers are ostensibly disallowed by BitMEX from using BitMEX, but we all know this is lip service, and it is not illegal in itself by US law to violate a site's T&S, plus at any rate I could establish a non-US business entity if need be, and honestly BitMEX rocks so hard I'd be willing to renounce citizenship and move to keep using it). The IRS virtual currency guidance defines cryptocurrency as "property" and seems to concern itself with "exchange of virtual currency for other property", which is taxable. Okay, but is a perpetual swap or futures contract taxable? How is it possible to calculate the "cost basis" of a BitMEX position, where posted margin can arbitrarily and dynamically scale? No actual buying or selling of bitcoin occurs on BitMEX, so how is it taxable? How is it reportable? How?

    How the fuck do I even report any kind of short position on Form 8949? This would apply to Poloniex and Bitfinex as well.

    The IRS stipulates different (and highly favorable) tax rules for conventional futures trading, such as the 60/40 rule, where as I understand it 60 percent of futures gains are considered long-term and 40 percent are considered short-term, as marked-to-market. Would this apply to BitMEX futures as well? And how about when, at the end, you withdraw your bitcoin from there and it becomes "property" again to sell for fiat?

    Even if I went to a tax attorney or CPA, as I intend to do, would they know more than me what with the terribly incomplete guidance the IRS has given about all this? Nevermind the logistical insanity of the step-by-step fictional USD conversion process. And forget about bitcoin.tax; they don't handle BitMEX or any kind of serious trading activity.

    I've made a lot of money. I'm fine with being taxed fairly on my net gain. But the IRS has not adequately addressed the problems I have described in their guidance. What the hell do I do?

    submitted by /u/IshizakaLand
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    Kucoin announces that RaiBlocks (XRB) has won their new coin voting competition and will be added to their exchange.

    Posted: 25 Dec 2017 01:23 PM PST

    RaiBlocks (XRB) is about to pass the $1 billion market cap threshold, despite only being listed on two exchanges

    Posted: 25 Dec 2017 08:22 PM PST

    As title. RaiBlocks is hitting multiple all time highs today, and it's about to pass the $1 billion market cap threshold for the first time. This is absolutely crazy.

    With new exchanges also coming soon, it looks like XRB is going to do extremely well in 2018. Congrats to Colin and the rest of the RaiBlocks team! Here's to fast transactions with no fees!

    https://coinmarketcap.com/currencies/raiblocks/

    submitted by /u/Qwahzi
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    If you are invested in Verge get out now

    Posted: 25 Dec 2017 01:00 PM PST

    Believe me or not I don't care but be warned.

    According to ex VP of marketing for Verge, Sunerok (only developer on Verge) hasn't communicated with his Verge team in 2 months and the entire marketing team (which was basically the entire rest of the team) quit the project. He even claims Sunerok never intended on releasing Wraith.

    This will go down as the largest pump and dump in crypto history.

    Don't say you weren't warned.

    PROOF

    Original post that was deleted: https://imgur.com/a/P5ycG

    Look at comment from Kieran Daniels. He was VP of marketing for Verge.

    More proof: https://medium.com/verge-currency-xvg/meet-the-core-team-our-future-vision-and-an-important-announcement-3965730bd0b8

    Edit: There has been some confusion. I am not Twitter guy who deleted post. It appears someone deleted Kieran's Facebook post though so I have attached screenshot. I would also like to say I have not nor ever will invest in XVG. I have no financial incentive to divulge this information, I just saw an obvious scam and thought people should be warned.

    submitted by /u/fireguy7
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    Piratebay's View on Bitcoin Cash

    Posted: 25 Dec 2017 09:23 AM PST

    The European Union does not intend to regulate Bitcoin!

    Posted: 25 Dec 2017 04:55 AM PST

    A Moment of Silence for XVG owners who bought at $0.29

    Posted: 25 Dec 2017 03:18 PM PST

    John Mcafee is a bad bad man. What an asshole. This is what happens tho when you believe in shitcoins. Verge just dropped 40% in 3 mins what a disaster. Merry Christmas indeed for Mr Mcafee. You cant beat the whales boys sorry

    submitted by /u/LiberyMan
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    vAtomic Redemption - How Big Brands Will Use BlockV (VEE)

    Posted: 25 Dec 2017 08:58 PM PST

    Introducing Groestlcoin Easyminer 2018 Community Project. Released Yesterday

    Posted: 26 Dec 2017 01:49 AM PST

    One more senior developer from Alibaba just joined #Tron #TRX $TRX. We are putting all our efforts in the open source on Dec. 29th.

    Posted: 25 Dec 2017 11:14 PM PST

    Quick PSA: If you are sending BTC, LTC, ETH from Coinbase, transfer it to your GDAX wallet and send it from there. They pay the network fee.

    Posted: 25 Dec 2017 08:25 AM PST

    Maybe this is common knowledge but withdraws from GDAX are free to the user and they pay the network fee. I am not sure if there is a minimum withdraw amount, but I have withdrawn as little as $10, which is usually less than the fee costs by itself.

    I've only tested this with BTC, but it should work with LTC and ETH as well.

    submitted by /u/noremac13
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    [CHRISTMAS UPDATE] - Elixir Website & Smart Contracts Demo

    Posted: 26 Dec 2017 12:46 AM PST

    Handcrafted from my brother for Christmas!

    Posted: 25 Dec 2017 03:41 PM PST

    Top 11 cryptocurrencies excatly one year ago..

    Posted: 25 Dec 2017 04:54 PM PST

    If you think the crypto space is nothing but a bubble, then you don't truly realise what a breakthrough tech the blockchain really is

    Posted: 25 Dec 2017 09:00 PM PST

    I hear over and over on this sub that the cryptro space is just a bubble, just a MLM/pyramid scheme. Cash out while you can. You're going to get your fingers burned. The market is over-heated.

    To me, that's a "tell" that the person making that claim doesn't understand the underlying blockchain technology used. The very same people would be calling the internet a scam back in the mid-90s because they didn't understand the business/profit implications of breakthrough tech. If you don't understand it, then you're just as likely to put your money into pets.com than you are into Amazon. If you can't see the utility of having a trustless, immutable and decentralised database, then everything looks like hype. If you DO understand the tech, it will lead you to build a portfolio based on identifying the most utilitarian, real-world-problem-solving uses of the blockchain. And knowing the TIME it will take for such ideas to come to fruition, you will hold your coins over many months - because the actual execution of ideas is what helps drive the price. That's where the smart money goes. And when I say "smart money", I mean "can be bothered to spend an hour or two researching a coin before deciding to invest in it". The dumb coins don't need that amount of research to begin with. Can't be bothered to research? Then the crypto space looks like a casino where people are randomly chasing profit, panic buying and then panic selling at a loss. Removing that real-world breakthrough tech aspect, then everything looks like hype and FOMO. It's all just tulips.

    In reality, everyone here has a golden opportunity to make big returns on high-utility blockchain tech if they can simply be bothered to do a modicum of research and are willing to truly HOLD these coins to let the ideas come to fruition. These are early days - take advantage. An opportunity like this comes once every 25 years or so. Big business has already bought into this technology: banks, big corps - all on board. If you think it's a bubble, then you are free to sit on the sidelines. If you see the utility of certain ideas, then you will know they take time to develop. You're less likely to FOMO and "chase profits" (AKA buying high, selling low). Relax people - research, buy, hold over multiple months.

    I know someone will say "so what coins are you invested in/speculating on?". If anyone asks this, they don't get my point. It's not for me to convince you what to speculate on. You need to be convinced by the business idea and real-world utility of any given blockchain. If nothing convinces you, then you need to ask yourself if you truly understand what the blockchain is, and what it's capable of doing. If an idea DOES convince you, then holding is a lot easier.

    submitted by /u/andwhatjusthappened
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    ICX (ICON) surpassed NEO, EOS, and XMR in daily volume whilst only available on 2 exchanges - Binance and OKex

    Posted: 25 Dec 2017 10:31 AM PST

    There is not a vs. talk with the above coins. This is just to highlight how strong this coin is in a red market. Smart money is going into ICX. Once Koreans have access to it this coin will go to 30$ easy. Many keep mentioning it already has a 2bil cap, forgetting we're in a 600bil market during a down trend. 1trillion is a matter of a few weeks

    submitted by /u/Dakro2017
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    Watching your cryptos on blockfolio one by one turn green and the rise from the Christmas dip...

    Posted: 25 Dec 2017 08:30 PM PST

    Jim Breyer, Forbes 400, talks about VeChain

    Posted: 25 Dec 2017 01:35 PM PST

    Forbes: "Alleged: Bitcoin Cash Insider Trading Discovered Via CoinBase With Potential 8X Return"

    Posted: 25 Dec 2017 08:38 PM PST

    MOTLEY FOOL: Forget Bitcoin. Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners

    Posted: 25 Dec 2017 05:57 PM PST

    Summary of the Verge fud/drama

    Posted: 26 Dec 2017 03:04 AM PST

    Firstly, a post made by an IOTA supporter on r/cryptocurrency went viral https://www.reddit.com/r/CryptoCurrency/comments/7m3jt8/if_you_are_invested_in_verge_get_out_now/ The post has been flagged by the mods.

    A guy named MarQuis Trill tweeted the reddit post without any research to 4.6 million people https://twitter.com/6BillionPeople People then moved out of Verge, creating the huge dip. Marquis has received backlash and is under a witch hunt. Since then, he has made his Twitter private. You can find screenshots of the tweet on this sub. Here's a link for convenience: https://twitter.com/pasdinspirate/status/945442294718717954

    During the dip, somebody bought 2 billion verge. Here's the reddit post: https://www.reddit.com/r/vergecurrency/comments/7m47kd/some_one_is_trying_to_buy_cheap_verge_he_was_not/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=vergecurrency Some people think that this may be a co ordinated attack to buy verge dirt cheap.

    VergeLife (one of the devs) has tweeted that the FUD campaign is caused by Kieran. https://twitter.com/VergeLife/status/945440132647317505

    Verge has recovered since then with a loss on market cap.

    About Kieran:

    He's been fired from another company for slacking off in business development doing nothing. Evidence here: https://www.reddit.com/r/CryptoCurrency/comments/7m3jt8/if_you_are_invested_in_verge_get_out_now/drrdrem/

    Here is evidence of him, caught starting the fud: https://imgur.com/a/P5ycG

    This is how the fud has affected people thinking he's somebody reputable. https://www.reddit.com/r/CryptoCurrency/comments/7m44mb/pretty_much_my_opinion_on_xvg/drrdr51/

    The devs have addressed this from their Facebook stating that Kieran and them have bad blood and Kieran is sabotaging them: https://m.facebook.com/story.php?story_fbid=1461078837336141&id=629028063874560

    Other info:

    For those who are wondering, yes the dev team are in touch, nobody has left except for Kieran. There are more than one dev and here's one of the devs addressing it: https://twitter.com/CryptoRekt/status/945451012118142976

    For those people who claimed that wraith should have been released earlier, it was NEVER the case. here's the roadmap on the website: https://vergecurrency.com/#roadmap Wraith protocol (not to be confused with the wallet) has always been planned to be released on Q4 2017, titled (Core Wallet 3.0 Release Stage 2). Many people who got it confused with wallet 3.0 stage 1 thought that it was wraith protocol.

    XVG whale, a trusted account who has been in contact with the devs has confirmed that it will be released later this week: https://twitter.com/XVGWhale/status/945525379153956864 Wraith being a scam will only be valid after this week.

    Also, no, Verge is not a fork of doge coin. The previous name DogeCoinDark was used to ride the waves of Dogecoin. If you do a simple search, you will find that DogeCoinDark was never related to DogeCoin except trying to be fancy with the name.

    submitted by /u/hydrater
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    Here is why this American Healthcare Foundation chose NEO over 4 other blockchains (ETH, BTC, IOTA, Cryptonote)!

    Posted: 26 Dec 2017 02:47 AM PST

    WABI Token - Best Cryptocurrency Project Yet? Wabi Price Prediction and Review

    Posted: 25 Dec 2017 11:09 PM PST
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