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    Cryptocurrency Daily Discussion Megathread - December 12, 2018

    December 12, 2018

    Cryptocurrency Daily Discussion Megathread - December 12, 2018

    Daily Discussion Megathread - December 12, 2018

    Posted: 11 Dec 2018 09:57 PM PST

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

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    submitted by /u/CryptoCurrencyMod
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    The Biggest Problem With Cryptocurrency Right Now

    Posted: 11 Dec 2018 07:42 PM PST

    The constant fight for the moon.

    Posted: 11 Dec 2018 08:46 AM PST

    Too true. . .

    Posted: 11 Dec 2018 04:08 PM PST

    "Government Should Acknowledge Fidelity & Nasdaq" - CEO Of Major OTC Exchange

    Posted: 12 Dec 2018 01:25 AM PST

    Hoskinson: SEC Will Crackdown on EOS

    Posted: 11 Dec 2018 02:47 PM PST

    Samsung – Latest Company To File For Crypto Trademarks

    Posted: 12 Dec 2018 03:04 AM PST

    Brent Jaciow from Utopia Music expressed his opinion about G20 Leaders Plans For The Taxation Of Cryptocurrency

    Posted: 12 Dec 2018 01:54 AM PST

    The New Fusion PSN Wallet Packed with Functionality, Including The Revolutionary Quantum Swap

    Posted: 12 Dec 2018 03:16 AM PST

    Quick maths. . .

    Posted: 11 Dec 2018 11:44 PM PST

    Elastos: Work on ledger nano app for ELA has begun

    Posted: 11 Dec 2018 11:25 PM PST

    When is the Best Time to Buy Bitcoin? Weiss Ratings Says it's Now!

    Posted: 12 Dec 2018 12:29 AM PST

    State Farm is testing blockchain solutions for auto insurance claims - The Block

    Posted: 12 Dec 2018 01:42 AM PST

    Davincij15's thank you video to r/CryptoCurrency

    Posted: 11 Dec 2018 04:59 AM PST

    Leaked Conversations Position CNBC's 'Crypto Trader' Host as Alleged Fraudster

    Posted: 11 Dec 2018 01:01 PM PST

    Bitcoin Gold a Shitcoin Vulnerable to Attack Despite $200 Million Market Cap

    Posted: 11 Dec 2018 08:39 AM PST

    Bitcoin Gold a Shitcoin Vulnerable to Attack Despite $200 Million Market Cap

    ​

    https://i.redd.it/vddehe8qfo321.png

    https://cryptoiq.co/bitcoin-gold-a-shitcoin-vulnerable-to-attack-despite-200-million-market-cap/

    The War On Shitcoins Episode 1: Bitcoin Gold (BTG). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.

    There are more than 2,000 cryptocurrencies listed on CoinMarketCap, and Bitcoin Gold (BTG) is near the top at number 25 with a market cap of $207 million. This would seem to indicate that Bitcoin Gold is a major cryptocurrency, but it is simply a copycat of Bitcoin with one key and debilitating difference that makes it worse than Bitcoin. Bitcoin Gold is designed to block ASIC miners, leaving only GPU miners.

    The idea was that GPU miners would rally around Bitcoin Gold since GPU Bitcoin miners were disenfranchised by ASIC miners years ago. Ultimately, this decision to only allow GPUs resulted in such a low mining hash rate that Bitcoin Gold is vulnerable to 51 percent attacks, and a serious 51 percent attack has already happened once. Further, Bitcoin Gold has had centralization problems from the very beginning.

    When Bitcoin Gold launched in November 2017 the developers did a massive premine of 8,000 blocks, which yielded them about 100,000 BTG. At today's price $12 this is $1.2 million, and when BTG's price peaked near $500, this was $50 million. This premine is unfair to other BTG miners, traders, and investors. Supposedly, the premined BTG were placed in an "endowment," which means the developers will receive all of that money eventually, just not all at once. There is no way to verify if this is even true, however, and the excessive 97 percent BTG price crash since January 2018 might be partially due to developers dumping their coins.

    A far more serious issue than the premine is BTG's lack of network security. BTG made mining ASIC resistant by using the Equishash Proof of Work (PoW) algorithm. However, ASICs were eventually developed for Equihash since ASICs can be developed for any PoW algorithm. In May 2018 a 51 percent double spend attack occurred on the Bitcoin Gold network, and a hacker stole $18.6 million from cryptocurrency exchanges that listed BTG. This caused the developers to hard fork in order to implement a newer version of Equihash that is supposedly more ASIC resistant. Clearly, the developers did not learn their lesson that there is no ASIC-resistant PoW algorithm. If Bitcoin Gold became valuable enough, someone would produce an ASIC for it.

    It is unclear if Equihash ASICs were the reason for the 51 percent attack, since an attacker could literally just rent some hash rate on a cloud mining site and successfully 51 percent attack Bitcoin Gold. Currently it only takes 1.6 MH/s of rented mining power to successfully perform a double spend attack on the Bitcoin Gold network, and this costs about $1,000 per hour if the hash rate is rented from NiceHash.

    Effectively, Bitcoin Gold is not cryptographically secure. The original purpose of banning ASIC miners so that GPU miners could thrive ended up being a fatal flaw for Bitcoin Gold. It is ridiculous that major exchanges like Binance and Bitfinex still offer BTG trading. This is a true disservice to the users of these exchanges and is a risk for the exchanges themselves.

    Crypto users need to educate themselves thoroughly before buying any cryptocurrency, or they could end up buying a shitcoin like Bitcoin Gold just because it has a high ranking on CoinMarketCap. BTG has already lost 97 percent of its value since January 2018, and there is strong potential for it to become completely worthless once someone decides to rent some hash power and perform a vicious 51 percent attack.

    submitted by /u/turtlecane
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    Crypto Community on YouTube is a joke.

    Posted: 11 Dec 2018 11:45 AM PST

    My apologies to the handful of quality producers in this field (you know who you are), but the rest of them are ruining it for you.

    ​

    - The click bait titles and thumbnails are really out of control and quite a joke. This is a red fucking flag. If a channel you're watching uses these tactics, block them from your feed IMMEDIATELY as you can be damn sure they don't give two shits about spreading any real news or commentary on the market. And what they do supply is going to be garbage info anyway because they had to resort to click baiting to get views in the first place.

    ​

    - You have guys who are obviously BRAND NEW to the space supplying technical chart analysis as fact. These guys must spend all day deleting comments that are calling them out on their inexperience because only a handful seem to make it through.

    ​

    - The non-stop moonboy shills for various projects. Doesn't matter that their project crashed another 20% today, following a 50% crash last week, these guys are in mad overdrive pumping out 3-10 videos A DAY doing nothing but yelling HODL and trying to stir a hype train that just isn't there. I really feel sorry for the idiots who are following the advice of these channels. They always say, "I'm not a financial adviser," but then will IMMEDIATELY give financial advice right after uttering those words. It seems pretty obvious to me that the people operating these types of channels are being directly compensated by whatever project they're shilling for.

    ​

    Honestly, I really hope the SEC comes in wrecks some of these channels because the crypto YouTube community is currently a very bad joke.

    ​

    Sorry for the rant.

    ​

    Edit: Oh, forgot about the comment squads being employed to search YouTube all day long and copy/paste the same biased comment on every newly released video. Honestly, the comment manipulation is pretty obvious and laughable.

    ​

    submitted by /u/spectrefax
    [link] [comments]

    TenX: A tale of lies, deceit and ponzi schemes

    Posted: 11 Dec 2018 02:54 PM PST

    Mike Novogratz Explains Why He’s Still All-In on Crypto

    Posted: 11 Dec 2018 09:21 AM PST

    Factom co-founder invited to speak at 3 day event hosted by the US Government´s Department of Homeland Security Science and Technology Directorate

    Posted: 11 Dec 2018 08:12 AM PST

    Coinmama Review [2019]: What to Know Before Getting Started

    Posted: 12 Dec 2018 01:24 AM PST

    The Chain Alliance - a new media initiative

    Posted: 12 Dec 2018 04:00 AM PST

    Opinion: Cryptocurrency phones will be a joke

    Posted: 11 Dec 2018 09:11 PM PST

    -- should have said blockchain phone in title

    Hey all! Hope you're doing fine, I'm feeling conversational so whatever.

    So I'm a little worried, because I still see some people caring about upcoming crypto phones.

    Correct me if I'm wrong, but these are essentially smartphones with a separated trusted environment which signs TX signatures, maybe a few other things? Hardware wallet plus phone, maybe you get an app?

    Every gimmick smartphone is utter trash, and they don't sell.

    Even Red's smartphone looks doomed, and a lot of people expected it to do well, expected a clearly awesome camera. The only other maybe-gimmick smartphone that did great was the Lumia Windows Phone with its killer camera quite a while ago now.

    There will be old SoCs, old Android on release with rare updates if ever, and terrible aftermarket support.

    These will be farmed out to generic builder corps.

    Also. There can and will be shoddy, buggy, insecure shit between the "secure environment" and the main CPU. Console hacking and its continued success against modern separation techniques really tell you something.

    An element is only as secure as its proximity to insecure elements.

    I just don't want us expecting anything that creates wind. I'm long term bullish on privacy coins and longer term bullish on smart contracts, but this ship sails there depending on how we set expectations for the future of the industry.

    And lastly, yes, we very realistically could have chips separated by a known and open process eventually, devices sold in the millions with this as a standard feature. Not out of the question for Intel to put into the Management Engine or AMD to put into PSP(tm), though those are a whole nother can of worms.

    Thanks for reading my blog, please blow smoke up my ass in lieu of compensation, hah

    submitted by /u/Ranguvar
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    Some of the problems with the Lightning Network.

    Posted: 11 Dec 2018 07:31 PM PST

    • If you don't have any Bitcoin to begin with you can't receive it over LN.

    • With LN you first need to become a BTC bag holder and fund a channel and you can't receive more than the size of the channel. If you don't fund it somebody else needs to fund it, and they might as well give you the BTC directly rather than going through the burdensome process of funding a channel. This also means that website that want to natively integrate BTC will have to prefund channels for every new user.

    • With LN you need to be online 24/24 to receive payment. If your LN node is offline you can't receive payment. The other side will get an error message but won't know why.

    • With LN you need to run a full node which you can't on a phone because it requires 150 GB of space.

    • With LN you need to monitor the network to protect yourself against theft.

    • With LN you can never upgrade Bitcoin anymore, if something is broken you can't fix it because the risk it could corrupt all the the channel states is to big

    • With LN you can only make payments up until an interrupted chain of channels funded up to a certain amount.

    • If you want to make a 1 dollar payment and there is not chain of channel between you are the target that all have at least 1 dollar capacity you can't make your payment.

    • On a regular basis, payment on LN fail because no route is found. LN payment have a unpredictable success rate and the larger the payment the smaller the success rate as it becomes harder and harder to find a route that has a big enough channel size.

    • With LN miners don't increase their revenue when LN becomes successful so off chain success does not lead to more security. LN success undermines Bitcoin security, as block reward goes down miners get paid less and less. LN success makes BTC economically unstable because Satoshi designed growing tx revenue to replace block rewards.

    • For LN to serve the entire world, the blocks on BTC need to be 100 MB big. But you need a hard fork for that which is to risky, even when LN would really need a hard fork, it can never be done. Even when all of it's users would cry out for 4 years to get this hard fork done so LN becomes usable again, it could never be done. It's just to risky.

    • With LN you can prevent payments by ddossing certain nodes offline. If a large LN hub is ddossed right now, it would increase LN payment failure by up to 25%

    • With LN government can just make increasingly bigger payment until they find the IP address of the most funded LN hubs and shut them down. LN won't be decentralised until a breakthrough is made in computer science other than the one Satoshi already made.

    • Criminals can threaten to DDOS large LN hubs and try to blackmail them.

    • With LN because you are passing money back and forth your nodes need to follow KYL. Just like a chain of tabs needs to follow KYL laws. These laws can be enforced by governments taking down LN nodes that don't follow the KYL.

    • For LN to be a decentralised payment system rather than having a small number of large hubs it needs to find solutions to certain computer problems that people have try to find solutions for over 30 years. So far only Satoshi solved one of these problems but that solution can not be used in LN because LN is build on top of that solution in the first place.

    • LN is to Bitcoin what paper money is to gold. Rather than trading the gold directly you don't move the gold anymore but you trade paper IOU's that give you the right to move the gold. These paper IOU's are automated and there is less trust involved but they are still IOU's.

    • On LN because you need to have a node online and that node needs to have your priv keys, you risk leaking your priv keys to the internet.

    submitted by /u/Kain_niaK
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    Send2China partners with Tael, sets up EnterpriseNode on Techrock blockchain

    Posted: 12 Dec 2018 03:24 AM PST
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