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    Home Unlabelled Cryptocurrency Monthly Skeptics Discussion - September, 2018 | Pro & Con-test - Stable Coins: Tether, TrueUSD, Dai(MakerDAO), bitCNY(BitShares).

    Cryptocurrency Monthly Skeptics Discussion - September, 2018 | Pro & Con-test - Stable Coins: Tether, TrueUSD, Dai(MakerDAO), bitCNY(BitShares).

    September 18, 2018

    Cryptocurrency Monthly Skeptics Discussion - September, 2018 | Pro & Con-test - Stable Coins: Tether, TrueUSD, Dai(MakerDAO), bitCNY(BitShares).

    Monthly Skeptics Discussion - September, 2018 | Pro & Con-test - Stable Coins: Tether, TrueUSD, Dai(MakerDAO), bitCNY(BitShares).

    Posted: 01 Sep 2018 11:42 AM PDT

    Welcome to the Monthly Skeptics Discussion thread. The goal of this thread is to promote critical discussion and challenge commonly promoted narratives through rigorous debate. It will be posted and stickied every Sunday. Due to the 2 post sticky limit, this thread will not be permanently stickied like the Daily Discussion thread. It may often be taken down to make room for important announcements or news.

    To see the latest Daily Discussion Megathread, click here

    To see the latest Weekly Support Discussion, click here

    Rules:

    • All sub rules apply in this thread.

    • Discussion topics must be on topic, ie only related to critical discussion about cryptocurrency. Shilling or promotional top-level comments will be removed. For example, giving the current composition of your portfolio, asking for financial adivce, or stating you sold X coin for Y coin(shilling), will be removed.

    • Karma and age requirements are in effect here.

    Guidelines:

    • Share any uncertainties, shortcomings, concerns, etc you have about crypto related projects.

    • Refer topics such as price, gossip, events, etc to the Daily Discussion Megathread.

    • Please report promotional top-level comments or shilling.

    • Consider changing your comment sorting around to find more criticial discussion. Sorting by controversial might be a good choice.

    • Share links to any high-quality critical content posted in the past week. To help with this, try searching through the Critical Discussion search listing.

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    • Click the RES subscribe button below if you would like to be notified when comments are posted.

    • Consider participating in the monthly Pro & Con-test, formerly named the Pro & Con Contest which will be stickied inside the Skeptics Discussion on the 1st of every month. Since it is a pilot project, the rules and format may evolve over time. See the offical contest thread for more details when it gets posted and stickied below.

    Thank you in advance for your participation.

    submitted by /u/CryptoCurrencyMod
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    Daily Discussion Megathread - September 18, 2018

    Posted: 17 Sep 2018 11:25 PM PDT

    Welcome to the Daily Discussion Megathread. Please read the disclaimer, guidelines, and rules before participating.

    To see the latest Weekly Skeptics thread, click here

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    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and excercise utmost caution before acting on any trade tip mentioned here.

    PnDs and brigades are not sanctioned by the mod team in any way as they violate rule III. If you discover this thread is being used for these activities, bring it to the mod teams's notice via the modmail.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.

    • Discussion topics must be related to cryptocurrency.

    • Comments will be sorted by newest first.

    Guidelines:

    • Questions, debates, meta issues, etc are all welcome.

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    • Consider checking out our Weekly Skeptics Thread for discussion focused solely on critical analysis. Click here and select the latest thread on the search listing.

    Thank you in advance for your participation. Enjoy!

    submitted by /u/CryptoCurrencyMod
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    Dear SEC Commissioner Hester Pierce, thank you so much for understanding Bitcoin and Crypto ��

    Posted: 17 Sep 2018 03:18 PM PDT

    Elon Musk reaches out to the founder of Dogecoin (Jackson Palmer) for help.

    Posted: 17 Sep 2018 07:23 PM PDT

    Cryptocurrencies are now worth less than $186 billion, the lowest level this year

    Posted: 17 Sep 2018 10:26 PM PDT

    Professional trading software will facilitate greater liquidity in crypto assets. Institutional traders simply need better tools for the crypto market. Galaxy Capital leads a $16 million funding for crypto project Caspian aiming to solve this problem.

    Posted: 18 Sep 2018 12:23 AM PDT

    Trustchain could solve the classic problems of blockchain - scalability and transaction costs - while introducing unique features for payments and stable coins, like stability framework and charged back transactions.

    Posted: 18 Sep 2018 12:33 AM PDT

    xRapid to Launch in One Month Says Sagar Sarbhai Head of Regulatory Relations at Ripple

    Posted: 18 Sep 2018 12:05 AM PDT

    Miikka Saloseutu joins the BRAVO team – BRAVO Pay – Medium

    Posted: 18 Sep 2018 03:15 AM PDT

    Jack Ma on Blockchain: “It’s meaningless without a proper integration”

    Posted: 17 Sep 2018 11:21 PM PDT

    Fall from sky! Tokens that lost up to 90% of its value since ICO...

    Posted: 17 Sep 2018 10:47 PM PDT

    Why we shouldn't be asking for regulation and why we need the RIGHT to make bad investments.

    Posted: 17 Sep 2018 01:18 PM PDT

    I have deleted some of my old accounts but I have been frequenting r/bitcoin since 2014 and I am rather disappointed with the change over the last year and calls for regulation of crypto. So I thought I should make a reasoned argument as to why regulation is a terrible idea.

    1. There aren't THAT many scams

    4 out of 5 startups fail crypto or not. Failing is does not equate to scam. Further more sometimes the difference between a scam, just a poorly run startup, slimely business, and a bad idea isn't so clear. I'd guesstimate that at least 95% of crypto projects actually are acting in good faith.

    2. Fraudsters don't follow laws anyways

    Scammers are often already breaking laws, if they promise they will do X, Y, and Z and they don't they have already broken a contract and are liable to civil suits, and yes even just a promise in a whitepaper can already be considered a contract! Even emails can be considered to be legally binding between two parties in most countries and most freelancers already know this.

    If a fraudster is going to really scam people they will be one of those projects with an anonymous team or a fake one. And guess what since the government can't stop people from making crypto transactions a scammer from Russia is still going to be taking your ETH regardless of the regulation because they are anonymous!

    3. Regulation favors the rich

    In America you often have to be an accredited investor to invest in early startups. In other words to invest in a young company that is having an ICO, if the same rules applied to crypto, you would have to be accredited. So what is an accredited investor?

    To be an accredited investor, a person must demonstrate an annual income of $200,000, or $300,000 for joint income, for the last two years with expectation of earning the same or higher income. An individual must have earned income above the thresholds either alone or with a spouse over the last three years. The income test cannot be satisfied by showing one year of an individual's income and the next two years of joint income with a spouse. The exception to this rule is when a person is married within the period of conducting a test. A person is also considered an accredited investor if he has a net worth exceeding $1 million, either individually or jointly with his spouse. The SEC also considers a person to be an accredited investor if he is a general partner, executive officer, director or a related combination thereof for the issuer of unregistered securities.

    source

    This means you basically have to be a millionaire to invest in early stages of a startup. So that means 99% of people in this subbreddit could no longer participate in ICOs if the same rules applied.

    Furthermore the people that will be writing these regulations are going to tend to be older people who have more traditional and conservative investments, so why would someone who is invested in say paypal, want to make it easy for their investment to be made irrelevant? They have disincentive to create good and fair regulations. They lack what Nassim Taleb calls "Skin in The Game" which leads to poor or selfish decisions.

    4. No one seems to actually know what "regulation" means

    I see people commenting about how they don't like project A and that its a "scam". Truthfully I feel this is often because sometimes it isn't always the best technology or startup that is the best investment so people can get butt hurt over it when they see projects they don't like become successful and then they say "oh I wish there was regulation so this wouldn't become popular." What the fuck are you guys talking about? How do regulate whether or not a shitty technology is favored by people over a good one? Do you really think the government should be deciding what is "good" or "bad" technology? Because if they did Bitcoin would have never been invented in the first place.

    Also "regulation" isn't some magic thing that will stop bad things or even scams. Because of the nature of decentralization people can very easily be anonymous and setup ICOs.

    5. Regulation will be ineffective and will cause brain drain

    Like it or not tax/regulation havens will always exist. So companies will tend to move to places with the least regulation, Binance is a good example of that. And since crypto transactions are trustless the actual company can be in Malta even if the token or coin is used primarily in somewhere like the US. Which means that these crypto companies will still be able to reap the benefits without any of the cost of physically being in some country. That's a lot of tax revenue that will be lost because of regulation.

    This also creates more inequality as it means most of the worlds wealth will end up be more concentrated in tax havens. Not to mention anonymous scammers don't follow regulations anyways.

    6. You are telling the government you are too stupid to handle your own money

    Why on earth should you or the government or anyone tell me I can't throw $1000 bucks at some startup on the other side of the world? Regulation is only going to add more red tap for small startups, I have some experience with this personally as I work for two blockchain startups.

    One of these startups I suggested they add an equity function to their utility token, turning it into stock + utility token, as I think that is way more valuable to investors and they will likely be able to raise more money in their ICO. However they have determined that the paperwork alone costs way too much time and money. So these regulations are already hurting both investors and startups. Regulation KILLS innovation.

    You can't get 1000x return on one investment without taking a 95% loss on 10, in the end it is still worth it and you still win but regulations will make it damn near impossible for regular people to invest in projects in their early stages or from new better startups being created, so you will only be "protected" from insane profits with maybe a slight improvement in your losses.

    More regulation means less profit, and lets be real, most of you are here and want "regulation" because you want more money but this is the worst way to go about it.

    If you are too stupid to do basic research and to have diversified your portfolio then you are bad at investing and you shouldn't be playing this game, no amount of regulation will make you a better decision maker. We need the right to make bad investments that fail because that's how investing is done, you tend to make a loss on most investments but the few that profit more than make up for the sum of losses. Just think of the potential of millions of world changing startups that will never be because of red tape.

    It's like taxing people because they are dumb.

    The Solution: Lawsuits

    You can still sue people for things that are not explicitly breaking a law, but breaking a contract. The only regulation should be a business license so the government knows who they are, after that its not harm no foul rule. That means that if ICOs or cryptos try to trick people that they can be taken to court and sued to hell so they still are culpable for wrong doing without hindering young startups.

    Stricter regulations would have made a lot more sense in a pre-internet and pre-crypto world. This is because only people who could make researching and educating themselves a full time job could really understand if a business had a reasonable proposition and model since researching anything pre-internet was way more difficult. However with the democratization of information with the internet and of value with crypto these regulations don't make as much sense because the informational asymmetry has almost entirely disappeared between accredited investors and regular motivated people. The only difference now is the size of the wallet, this is a terrible world to live in where only rich have the options.

    I highly recommend everyone in crypto read Nassim Talebs "Incerto" collection particularly his latest book "Skin in The Game".

    submitted by /u/cryptonewsguy
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    $414 Billion Alibaba’s Jack Ma: Blockchain Needs to Target Manufacturing

    Posted: 17 Sep 2018 09:01 PM PDT

    So how do you feel about tezos?

    Posted: 17 Sep 2018 08:44 PM PDT

    Now that the mainnet has launched, how do we feel about tezos?

    In this time of BTC dominance I am debating moving a bit of my BTC into alts, and tezos crossed my mind. I don't own any coins from the smart contract platforms as of now.

    What do you think of tezos, particularly compared to ETH? Their formal verification works seems unique and legitimate. Tezos never seems to get mentioned in this sub even though it obviously had a high profile journey to launch.

    submitted by /u/Spanjapan
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    Crypto Art, Crypto Wearables.. What about Art on Blockchain?

    Posted: 18 Sep 2018 12:19 AM PDT

    https://thenextweb.com/hardfork/2018/08/06/cryptocurrency-artist-graffiti/

    I like to browse Art on Crypto occasionally and have an inclination to getting Crypto Wearables. I can see these kinds of collectibles gaining popularity.. but this got me thinking. What about Art on the Blockchain itself? Literally tokenizing a masterpiece and owning a share of it.

    It's crazy what fungible and non-fungible tokens are capable of. But I also worry on Ethereum's current capacity for improvement. What are your thoughts?

    submitted by /u/SiennaSierre
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    MyEtherWallet Has More Attempted Attacks Than Fortune 500 Banks

    Posted: 18 Sep 2018 02:26 AM PDT

    Duke professor says U.S. should replace paper money with national cryptocurrency

    Posted: 17 Sep 2018 09:59 PM PDT

    Dubai Police Chief: Cryptocurrency Will Soon Overtake Fiat Money

    Posted: 18 Sep 2018 12:40 AM PDT

    The Top 5 Blockchain Projects - An Overview Created by Uber Research Scientist

    Posted: 17 Sep 2018 01:24 PM PDT

    Monero evangelist gets a little feisty with tone vays

    Posted: 17 Sep 2018 11:37 PM PDT

    MyEtherWallet.com’s secure log-in app for iOS is now available for everyone — an Android version is coming soon

    Posted: 18 Sep 2018 12:37 AM PDT

    Hodl or Sodl?

    Posted: 18 Sep 2018 12:04 AM PDT

    Who here sodl in December and who here are still hodling?

    If you sodl after December when did you sell?

    If you're still hodling when did you start hodling?

    For those who are still hodling, what's the reason that you have not sodl? And for those who sodl, why did you not hodl?

    submitted by /u/Winnal
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    Bank of America joins Bitcoin derivatives race and is preparing a Bitcoin investment product for its clients!

    Posted: 17 Sep 2018 09:33 AM PDT

    CoinBundle has launched - no fee, expert designed auto-balanced portfolios that are insured and purchased with credit card. This is how mass adoption starts!

    Posted: 18 Sep 2018 03:23 AM PDT

    Coinbase Survey Shows 18% of US Students Now Own Cryptocurrency

    Posted: 17 Sep 2018 11:34 PM PDT
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