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    Cryptocurrency Daily Discussion Megathread - December 14, 2018

    December 14, 2018

    Cryptocurrency Daily Discussion Megathread - December 14, 2018

    Daily Discussion Megathread - December 14, 2018

    Posted: 13 Dec 2018 09:54 PM PST

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

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 The prior exemption for karma and age requirements is no longer in effect.

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    Thank you in advance for your participation. Enjoy!

    submitted by /u/CryptoCurrencyMod
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    Forever and always. . .

    Posted: 13 Dec 2018 04:39 PM PST

    Audi x IOTA Collaboration Successfully “Pushes New Use Case to Reality”

    Posted: 14 Dec 2018 01:44 AM PST

    2018 was a VERY VERY scary year...

    Posted: 14 Dec 2018 03:47 AM PST

    Facebook appears to be changing its mind about cryptocurrency and have plans to take a dive into blockchain and digital assets.

    Posted: 14 Dec 2018 12:18 AM PST

    Reports Of Bitcoin's Demise Have Been 'Greatly Exaggerated'

    Posted: 14 Dec 2018 02:47 AM PST

    Shakepay announces new feature to turn your spare change into BTC

    Posted: 13 Dec 2018 07:30 AM PST

    90% of all XMR before tail emission has now been mined.

    Posted: 13 Dec 2018 02:32 PM PST

    A milestone for mining in Monero has recently been reached: 90% of all XMR before the tail emission scheduled for 2022 has now been mined.

    For those unfamiliar with how Monero block rewards function, here is how it works. Unlike BTC where there are scheduled "halvings" every 4 years, Monero's block reward decreases by a very small amount with each successive block that is mined. Currently, the block reward for Monero is roughly 3.44 XMR. This block reward will slowly decrease until it reaches 0.6 XMR, which will happen around 2022. At that point, Monero will reach "tail emission". From that point on, the block reward will always be 0.6 XMR. This tail emission is designed to incentive miners to continue to mine by always providing a block reward alongside mining fees (which were significantly reduced thanks to the bulletproofs upgrade XMR got a few months ago). It also provides a very, very small amount of inflation to compensate for lost coins and help with liquidity.

    I know things have been pretty rough recently in terms of prices and whatnot, but I figured I would share this nice little milestone. PoW coins depend on mining, and just because the market has a whole has taken a nosedive doesn't mean that mining stops.

    submitted by /u/surgingchaos
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    China's Ban May Have Failed - There's Now 7.5 Million Chinese Cryptonians

    Posted: 13 Dec 2018 09:43 AM PST

    I opened a small web-store that sells Christmas/greeting cards. You can pay with cryptocurrency and we ship globally! Hope you like it :)

    Posted: 13 Dec 2018 07:18 AM PST

    Hey everyone, in the midst of the bear market blues just wanted to say that I've launched a mini web store selling greeting cards. We accept cryptocurrency, ship globally and have recently expanded our collection to include a winter range.

    Website: https://www.lumacards.co.uk/

    If you need cards for things such as personal messages or to go alongside presents feel free to check it out. Plus, you can save 25% by using the code 'REDDITCRYPTO' at the checkout.

    Cryptocurrencies we accept: BTC, ETH, LTC, XMR, BAT, DAI, NANO, ZRX, OMG, REQ, VTC, BCH and more.

    Thank you for reading and I hope you like it :)

    Also, thank you to whoever sent the reddit Gold!

    submitted by /u/ShowMeTheBlueprint
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    Bitcoin SV (BSV) Double Spending Exploit

    Posted: 13 Dec 2018 12:27 PM PST

    Bitmain Fires, Vechain Hires As Bear Market Brings Clarity

    Posted: 14 Dec 2018 01:04 AM PST

    Pro-Crypto French MPs Want to Invest 500 Million Euros to Make France 'Blockchain Nation'

    Posted: 13 Dec 2018 12:22 PM PST

    DafuqCoin (DFQ): The Coin That Emptied Crypto Wallets and Killed Mining Pools and an Exchange

    Posted: 13 Dec 2018 03:40 PM PST

    DafuqCoin (DFQ): The Coin That Emptied Crypto Wallets and Killed Mining Pools and an Exchange

    ​

    https://i.redd.it/o6k5eqtms4421.png

    https://cryptoiq.co/dafuqcoin-dfq-the-coin-that-emptied-crypto-wallets-and-killed-mining-pools-and-an-exchange/

    The War On Shitcoins Episode 4: DafuqCoin. 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.

    Back in 2014, cryptocurrency miners were eager to mine any new cryptocurrency no matter how unoriginal it was. Miners had hopes of collecting significant numbers of coins in the first few days of mining and then cashing out as soon as it was listed. This strategy often worked, but the great equalizer was Dafuq Coin, which had the official motto, "Dafuq did I just mined?"

    To make miners even more eager to jump onboard and mine immediately, DafuqCoin had once per month block halvings and was said to be a Scrypt coin, the most popular algorithm for at-home miners. Also, there were supposedly random and possibly very high block rewards and bonus multipliers to make it more tempting.

    DafuqCoin's developer/hacker clearly had a sense of humor, with the motto "Dafuq did I just mined," plus listing the algorithm Proof of Dafuq (PoD) alongside PoW.

    The reason this is humorous, in hindsight, is that the mining software for DafuqCoin had a virus that emptied all unprotected cryptocurrency wallets on a miner's computer.

    Every miner who participated in this coin's launch got Dafuqed.

    Bitcointalk users rushed to make mining pools for DafuqCoin like they did with every other cryptocurrency at the time, and this greatly exacerbated the problem. Mining pools that added DafuqCoin were at extreme risk of losing all of their cryptocurrency, and most of them added the DafuqCoin software without even checking it.

    The hacker let the tension build up for a couple of days and then launched it on the stoner holiday of April 20 — 4/20. Miners immediately noticed that the mining software was not working correctly, and one miner commented: "sounds like it's launching perfectly dafuqed up."

    DafuqCoin also forked at block four, which might be an all-time record for a cryptocurrency. The miners kept mining, though, and were kvetching in the Bitcointalk thread, asking the developer to re-launch when he got his shit together.

    ​

    https://i.redd.it/gicpb9jes4421.png

    After 18 pages of Bitcointalk discussion, with miners helping each other download this software and mine DafuqCoin, a user actually checked the code and realized that DafuqCoin was a trojan virus. By this point, DafuqCoin was already listed on at least two exchanges. People were selling it for 10 satoshis, despite DafuqCoin being a virus and having broken into multiple forks! Truly, any cryptocurrency can gain value even in the worst case scenario, apparently.

    One of the exchanges that added DafuqCoin, CryptoKK, was the first known victim and got totally rekt. Believe it or not, Bittrex added DafuqCoin as well, and users were complaining that their coins were locked on Bittrex despite the obvious fact the whole thing was a scam.

    ​

    https://i.redd.it/jq81jflbs4421.png

    In the last pages of the Bitcointalk thread, individual users were reporting losses of various cryptocurrencies. The scryptominers, Whitecoin, and Marinecoin, pools lost all of their money and closed down. Hilariously, a week after all this happened, the exchange Ecoinfund posted in the thread to announce that they had added DafuqCoin to voting for a potential listing.

    Although DafuqCoin was a disaster and totally left miners thinking Dafuq did I just mined, it taught an important lesson that miners, pools, and exchanges should not download any new cryptocurrency's wallet software without thoroughly checking the code.

    submitted by /u/turtlecane
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    Coin360: Daily Market Overview, December 14

    Posted: 14 Dec 2018 04:02 AM PST

    Understanding IOTA's underlying tech with a visualizer

    Posted: 14 Dec 2018 03:54 AM PST

    Many of you will know IOTA is based on a directed acyclic graph (DAG) instead of a blockchain.

    But to really understand this approach, and the difference with blockchain it can be very clarifying to visit a tangle visualizer such as:

    http://tangle.glumb.de

    Example of a 15 min visualization: https://imgur.com/a/rPguXgo

    It's really fun to watch.

    If you're a bit into math you can understand how this model can scale more easily than a blockchain. A blockchain needs bigger blocks or faster processing. The DAG will become wider and will go forward faster (until you reach the bandwidth limits of nodes, after that clustering comes in play).

    submitted by /u/nstratz
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    Bitcoin Tops Google Searches in 2018

    Posted: 14 Dec 2018 01:29 AM PST

    [SERIOUS] People here that own NO BTC. Why not?

    Posted: 13 Dec 2018 10:24 AM PST

    I am interested in reasons and opinions of people that are bullish on crypto, but do not own any Bitcoin (BTC).

    Given that Bitcoin was the original cryptocurrency, has survived 10 years, has the highest marketcap etc, why not Bitcoin?

    Serious answers only please.

    This is not a "pump your bags" thread!

    Nor is this a thread for me to pump Bitcoin.

    Just genuinely interested!

    EDIT:

    Thanks Bitcoin skeptics, was good to read over all of these. I think I've read every reply and they largely break down as:

    1) I believe in Bitcoin but I missed the boat / I want to make more money

    2) Bitcoin was interesting but the tech isn't fancy enough, ________ solves all of Bitcoins issues.

    3) PoW is wasteful

    My summarised response to these are:

    1) Higher risk = higher reward. So betting on an outlier coin is riskier. Of course, you have to pick the right coin amongst 1000's. However, IF your argument is that is that Bitcoin will raise in price, it's just that some alts will raise more, then instead of going through the stress and increased risk of picking the right coin, you can simple leverage Bitcoin which you believe will go up as well. You can get 100x leverage on Bitmex. While that sounds risky, it is surely less risky than having to pick the right alt?

    2) Yes Bitcoin is simple. In fact as simple as possible. Bitcoin is being built as a nuclear proof base layer of a technology stack that will hopefully carry trillions in value. The base layer must be extremely robust, decentralised, and censorship-resistant. These are Bitcoin's primary goals. To build a foundation layer of digital scarcity so robust and trusted that it can support a whole skyscraper of technology on top. Lightning Network is taking huge strides, (LN FUDders read this first) and you know the best thing about Lightning? If it completely fails, who cares? Bitcoin is unaffected. Such is the power of having a robust base layer and kick innovation up the stack.

    3) Electricity is powering your fridge/heating/car/christmas lights, you pay for it and use it as you wish. Miners pay for their electricity and use it as they wish, as is their right. Money is fungible, and money is stored human energy. Once you realise this, you realise why you don't get to create new money without expending energy. PoS and other systems must also expend energy to create value, PoW is just the most straight forward and transparent way to convert one type of energy into the energy store that is money. It's what gives money it's value. https://blog.picks.co/pow-is-efficient-aa3d442754d3

    submitted by /u/rain-is-wet
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    Japanese Congressman Proposes Crypto Tax Cuts

    Posted: 14 Dec 2018 04:02 AM PST

    Crypto and Blockchain Smartphones Will be The Next Big Thing

    Posted: 14 Dec 2018 02:47 AM PST

    GP Bullhound Predicts 2019 Will Be Year of Crypto, After Precisely Predicting 2018 Price Decline

    Posted: 13 Dec 2018 09:26 AM PST

    Bitcoin Flat; Number of Crypto Users Doubled in 2018, Study Finds

    Posted: 14 Dec 2018 03:46 AM PST

    87% of top 25 crypto exchange 'volume' is wash-trading. Top exchanges are also commanding over $50,000 per token listing based on fake volumes.

    Posted: 13 Dec 2018 07:11 AM PST

    French Lawmakers Propose Lower Electricity Rates for Cryptocurrency Miners

    Posted: 14 Dec 2018 02:07 AM PST

    Bitcoin’s Fair Market Price is $14,800, Says Cryptocurrency Bull Tom Lee

    Posted: 13 Dec 2018 06:59 PM PST

    No ‘Significant’ Changes to Russian Crypto Bill Draft According to Deputy Prime Minister

    Posted: 14 Dec 2018 04:24 AM PST
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