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    Crypto Currency Markets Weekly Discussion Megathread - 07/May/2018

    May 07, 2018

    Crypto Currency Markets Weekly Discussion Megathread - 07/May/2018

    Weekly Discussion Megathread - 07/May/2018

    Posted: 07 May 2018 10:12 AM PDT

    Welcome to the /r/CryptoMarkets Weekly Discussion thread. The thread guidelines are as follows:

    The thread guidelines are as follows:

    • Discussion topics include, but are not limited to, events of the day, technical analysis, and minor questions.
    • Breaking news or other important content should be submitted as a separate post.
    • Cryptocurrency discussion not related to trading should be referred to the r/CryptoCurrency general discussion thread, see here.

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    Thank you in advance for your participation. Enjoy!

    submitted by /u/AutoModerator
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    HBO's Silicon Valley UN-AIRED clip: Gilfoyle's pro-crypto rant on Bloomberg TV...

    Posted: 07 May 2018 12:42 PM PDT

    In a free and unregulated market, you don't get a bailout when shot doesn't go your way. No one is forced to subsidize your losses while you privatize your gains

    Posted: 07 May 2018 03:37 PM PDT

    If you didn’t catch tonight’s Silicon Valley, they are starting to really incorporate crypto into their storyline. Gilfoyle really gets some great points across. It’s so exciting to hear on a popular national TV show. [X-post from r/cryptocurrency]

    Posted: 07 May 2018 10:02 AM PDT

    For everyone doubting the use of Blockchain..watch this video by World Economic Forum which shows us how Blockchain is helping refugees

    Posted: 07 May 2018 07:09 AM PDT

    Huge if true

    Posted: 07 May 2018 06:18 PM PDT

    that munger hunger

    Posted: 07 May 2018 09:24 PM PDT

    Lightning User Experience: A Day in the Life of Mr Derp

    Posted: 07 May 2018 09:14 PM PDT

    The goal of this post is to give the Bitcoin community and prospective Lightning users insight into what the end user experience of the Lightning Network is like right now. Here, we're focusing on the story of Mr Derp, a new Lightning Network user.

    Meet Mr Derp. In today's post, Mr Derp is the hero of the story.

    Mr Derp setup an online shop after hearing about all the wonderful hype of the Lightning Network and couldn't wait to try it out himself. First thing first, Mr Derp went to enrol in degrees for cryptography, security, game theory, economics, and more. Source: https://twitter.com/abrkn/status/992744771054485506

    Fast forward time, Mr Derp is now equipped with the knowledge to be a LN user because doing things simple is not for him. Bitcoin Cash users just download Bitcoin.com wallet to get started, no advanced degrees, even his grandmother could use Bitcoin Cash. But who likes to a simple life? Not Mr Derp!

    Mr Derp enjoys making his life as complicated as possible, so he opt for Lightning Network instead of the simple Bitcoin.com wallet.

    Then he realize his Lightning Network wallet needs to be online all the time. This is perfect for Mr Derp because he does not like his funds secure so he enjoy putting his wallet out there 24 hours a day to let people steal his funds. He doesn't like the highly secure and often highly recommended secure way of cold storage. Mr Derp enjoys living his life dangerously. Life is more exciting when you wake up each day not knowing if your funds are still there or not.

    Unfortunately, the next day, Mr Derp realize his funds was lost in the Lightning Network. https://www.trustnodes.com/2018/03/26/lightning-network-user-loses-funds

    Doesn't matter, Mr Derp has lots of money to throw away. He setup another LN again but this time, he is a little bit less stupid.

    Then Mr Derp realize his customers can't pay him without him locking up enough money in the Lightning Network payment channel. Mr Derp likes to lock up his own money the same way he locks up his money in the bank. "What type of people don't want their money to be locked up?", Mr Derp thought to himself.

    Then Mr Derp realize his customers was still unable to pay him due to too little funds locked up in the Lightning Network payment channel. Mr Derp likes complicated things so he thought maybe topping up will work. Turns out he can't top up his original balance and has to close the existing payment channel and create a new payment channel. "The more complicated the better it is", Mr Derp thought to himself.

    After months of LN experience, Mr Derp is now excited to show everyone how amazing his Lightning Network works. He even made a YouTube video to demo this https://www.youtube.com/watch?v=GxgBgWBw6wc

    • The above story is a parody of the existing problems of the Lightning Network. Unfortunately, these are real serious problems and I only listed a few of it because I don't have time to write the entire list of Lightning Network problems. It would be too long and too boring anyway.
    submitted by /u/MobTwo
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    Bitcoin Price Fails to Test $10,000 Once Again, Alternative Cryptocurrencies Drop

    Posted: 07 May 2018 05:06 AM PDT

    Crypto at a crossroads ahead of SEC Regulatory announcement as ETH and ICO-based tokens considered under Security Asset Law.

    Posted: 07 May 2018 12:22 AM PDT

    Forbes Japan featuring Quantstamp's CEO Richard Ma! Why security is needed for Global Businesses and achieving mass adoption in blockchain technology

    Posted: 07 May 2018 04:25 AM PDT

    XTRABYTES On The Pulse update - STATIC Simulation System goes live

    Posted: 07 May 2018 12:25 PM PDT

    How Bitcoin Futures Led to December 2017 Crash

    Posted: 07 May 2018 09:47 PM PDT

    ChronoBank Press: ASX Release Official Announcement of ChronoBank and Invigor Group Partnership

    Posted: 07 May 2018 09:31 PM PDT

    ASX Official Announcement of ChronoBank/Invigor Partnership

    ASX have released their official announcement of the partnership between ChronoBank and Invigor Group.

    Leading data analytics group Invigor Group Limited and ChronoBank plan to introduce the 'Infinity' token under their joint venture, a digital token which will be earned from purchases and services, that can be used to reward consumers and track their purchasing journey.

    • Read the official announcement at the ASX website here.
    • Learn more about the ChronoBank/Invigor partnership and the 'Inifinity' token on our blog post by clicking here.

    In the press: This significant announcement has already been mentioned in the press several times. Read the articles where ChronoBank is mentioned below:

    submitted by /u/ChronoBank
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    (5/7/18) BTC/LTC/ETH Chart Analysis (Botmentality)

    Posted: 07 May 2018 09:17 PM PDT

    8 Cryptocurrency Investment Tips for Beginners

    Posted: 07 May 2018 09:03 PM PDT

    ICO 2.0 — The Advent of What Crypto-Fund Raising Should Really Look Like

    Posted: 07 May 2018 03:03 PM PDT

    We're launching a crypto exchange. Will you take this survey? (xpost - r/bitcoin)

    Posted: 07 May 2018 02:42 PM PDT

    Hi r/CryptoMarkets, my company is assisting in the launch of a new crypto exchange. It'd be incredibly helpful to us if you could take this survey. It should take less than 5 minutes and the results will be used to help us determine what's important to crypto traders. Thanks in advance!

    https://docs.google.com/forms/d/12-lrE8MEKHn7WHZ-ON37dYuxbIV7l_J_1b7NjuR1pM0/

    submitted by /u/kahenson
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    EQUI Capital Expands Its Horizons, Readies for Public Pre-Sale | NewsBTC

    Posted: 07 May 2018 09:08 AM PDT

    THE COINJANITOR

    Posted: 07 May 2018 08:01 PM PDT

    Coinjanitor is not a regular ICO. Its a community funded project that aims to do what has not been done before. It will contribute positively to the larger crypto community by cleaning up dead/delisted coins. Benefits of a Coinjanitor token holder Supporters of the Coinjanitor project will be able to give their suggestions on how the cleaning up should be done in the future.

    submitted by /u/Cryptoboss12
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    5 Reasons Why Storing your Crypto on an Exchange is a Bad Idea!

    Posted: 07 May 2018 04:57 AM PDT

    Most of us already know that storing cryptocurrency is inconvenient and almost too difficult. It's not surprising, given how new the technology is.

    We're still a little while away before we hit high adoption rates for cryptocurrency because of this. But with tech startups paving the way for innovative solutions around storing cryptocurrencies,we'll hopefully experience more convenience, security, and trustworthy services.

    For some of us that continue with the struggle, we continue the with the hard route and 'be our own bank_'. Others continue to go down the _somewhat easier route: leaving their cryptocurrency on the exchange.

    Keeping your cryptocurrencies on exchanges does offer some benefits though.

    Pros:

    • Offers liquidity — transfer coins in/out very quickly
    • Convenient
    • No danger of losing access because of forgotten passwords or seeds
    • Low fees to transfer between coins
    • Access to a large number of altcoins
    • Offer multi wallet capability (storage for multiple cryptocurrencies)
    • No technical knowledge required to setup
    • Offers two factor authentication

    These are significant advantages over cold storage solutions currently. However, the following will make you think twice before you keep your cryptocurrency on an exchange.

    Here are 5 reasons why it can be a bad idea!

    The original is published here if you want to read the article with images.

    5. Exchange BTC-E seized by FBI- locking users funds

    Mid 2017

    BTC-E, a popular exchange in the past, was seized by the FBI over the alleged Alexander Vinnik who was found guilty of laundering funds through the exchange. Alexander Vinnik was originally thought to be one of the operators of the website, however these claims were denied by BTC-E later on.

    Since then BTC-E has shipped operations to New Zealand and re-branded to WEX. It is believed that most users have been able to access their funds.

    Having said that, it was difficult time during the down-time, with all users unsure if they'd ever be able to access their funds. Although the user base continues to grow, the community had been split over BTC-E. Several users have resisted transacting on the exchange due to their secretive operations.

    On the other hand BTC-E has had significant support, one user commenting "BTC-E deserves respect" over their commitment to re-opening the portal to it's users.

    It has been in-evident that BTC-E played any part in the laundering. So, although BTC-E may not have been 100% at fault- the story does show you the risk you put yourself against trusting a third party to mind your coins for you.

    4. Indian crypto exchange Coinsecure loses $3.5m in customers' bitcoin

    April 2018
    An exchange operating in India had nearly $3.5 million worth of user's Bitcoin stolen. The company blamed the security chief, Dr Amitabh Saxena for stealing the funds. Regardless of how the 438.318 Bitcoin went missing- it clearly shows the lack of protective measures exchanges get away with.

    Coinsecure claims that they are working "_day in and day out, and investigations are in full swing for a possible recovery of the lost BTC_". However they are treading carefully, even with their promises, their website states "should we be able to recover all of our BTC, all BTC holdings will be refunded". Key words being 'should we be able to'.

    3. Italian exchange BitGrail claims $195 million worth of Nano (XRB) lost through hack

    February 2018

    The exchange claimed that the cryptocurrency was stolen through a hack. Bitgrail have not accepted responsibility for the breach, claiming that the Nano cryptocurrency was flawed.

    Nano on the other hand continues to hold its ground, stating: "to date, all reliable evidence we have reviewed continues to point to a bug in BitGrail's exchange software as the reason for the loss of funds."

    Once again, BitGrail confirms to have been a victim of theft. A crime made possible by taking advantage of known failures in the NANO team's various software (Rai Node and the Official Block Explorer) and therefore, for these reasons and in accordance with the law, BitGrail doesn't consider itself responsible for the unforeseen circumstances.- Official statement from BitGrail

    After several months of halt, Bitgrail has announced a commencement of operations on 2 May 2018 at 10:00 UTC stating, "the markets and withdrawals will be operating for all coins, except for NANO/XRB. BitGrail re-open the NANO/XRB market for users at a date to be announced shortly."

    2. $400 Million Goes Missing From Japanese cryptocurrency Exchange Coincheck

    January 2018

    Yet another unsettling few months for investors as they wait for 500 million XEM tokens to be refunded after they were stolen. The Japanese exchangehalted all trading at the time and have recently restarted trading. This was regarded as one of the biggest cryptocurrency thefts, next to the infamous Mt Gox saga.

    1. Mt. Gox Declares bankruptcy over 850,000 missing Bitcoin

    2011–2014

    Mt. Gox at its prime was regarded as one of the biggest Bitcoin exchanges. Unfortunately, it came to a nasty end once it was found that an extensive number of Bitcoins went missing. Investigations in 2015 found that the coins went missing over time, starting in 2011.

    By far, the most infamous and nerve wrecking loss in the history of cryptocurrency. The saga continues to date though, with the trustee claiming to have sold a large chunk of Bitcoin in early 2018. It was speculated but not definitive that this had a large hand in causing the Bitcoin crash around the time.

    The above is not intended to spread FUD. It is a reminder to be careful on how you store your cryptocurrency and raise awareness of the potential risks.

    The statement 'be your own bank', rings true still. It will continue to do so until we can receive service offerings that combine cryptocurrency with convenience, trust, and security. Having said that, there are also severe risks you carry if you do become your own bank. Damned if you do, damned if you don't!

    Here's a quick run down on different storage methods for cryptocurrency and their associated risks.

    Most of the cryptocurrencies in the market today are based on ERC20. So you can also download this free guide on storing Ethereum and ERC20 tokens.

    But if you decide to continue storing your cryptocurrency on an exchange you may want to do the following:

    1. Diversify across multiple exchanges- keeping your crypto on multiple exchange means less risk of losing ALL your holdings in case one exchange goes down or shuts down
    2. Keep a small portion on an exchange for transfers while the rest in cold storage.
    submitted by /u/doctorjay_
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    80,000 ATN will be distributed to accounts registered on RightBTC Tonight

    Posted: 07 May 2018 02:00 PM PDT

    Made a review of Nano currency - inspired by Reddit! Would love your thoughts/feedback!

    Posted: 07 May 2018 03:52 PM PDT

    Relational Blockchain is the Way Forward

    Posted: 07 May 2018 05:23 PM PDT

    MINUTES $XMIN Airdrop for TIME and XEM holders

    Posted: 07 May 2018 05:23 PM PDT

    On December 9th 2017, ChronoBank, in cooperation with NEMrussia, announced its loyalty awarding asset named MINUTES, a so called "mosaic" deployed on the NEM blockchain.

    • To find out how to take part, follow the link here.
    • To learn more about NEM-based mosaics, click here.

    $XMIN Airdrop for TIME and XEM holders

    submitted by /u/ChronoBank
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    Havven : A Decentralized Payment Network and Stablecoin

    Posted: 07 May 2018 11:13 AM PDT
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