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    Cryptocurrency Daily Discussion - June 2, 2019 (GMT+0)

    June 02, 2019

    Cryptocurrency Daily Discussion - June 2, 2019 (GMT+0)

    Daily Discussion - June 2, 2019 (GMT+0)

    Posted: 01 Jun 2019 05:13 PM PDT

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

    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 exercise utmost caution before acting on any trade tip mentioned here.

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    The importance of Money

    Posted: 02 Jun 2019 12:25 AM PDT

    LocalBitcoins just banned cash. In response, LocalEthereum has lowered the fee on cash exchanges to 0%.

    Posted: 01 Jun 2019 08:20 PM PDT

    Peter McCormack seriously believes that waiting over 20 seconds for a Lightning transaction to complete is "badass".

    Posted: 01 Jun 2019 09:20 PM PDT

    Longtime IOTA critic Eric Wall discusses IOTA's "Shimmer" consensus mechanism with Hans Moog from the IOTA Foundation.

    Posted: 01 Jun 2019 10:01 PM PDT

    The cryptocurrency movement can feel like a ubiquitous and inevitable move toward the future of finance and technology. So why crypto adoption is taking so long?

    Posted: 02 Jun 2019 01:19 AM PDT

    Coinbase has secretly changed their terms for bank transfers from May 2nd and people are falling victim to predatory practices.

    Posted: 02 Jun 2019 04:02 AM PDT

    See these threads for similar issues:

    https://np.www.reddit.com/r/CoinBase/comments/8i7bzu/all_of_a_sudden_i_have_to_wait_5_days_to_send/

    https://np.www.reddit.com/r/Bitcoin/comments/bmz9u6/uk_bank_transfers_to_coinbase_big_changes_to_rules/

    Among many others.

    The process used to be - send money to Coinbase, let's say £100. When you send via bank transfer it turns up within the hour and then you deposit that into Coinbase Pro (formerly GDAX) and then send on to Binance or wherever, overall fees were like... 15p

    Now, when you deposit into Coinbase, the funds are locked for 5 days, for UK, EU and US customers. You are totally unable to move them to Coinbase Pro, so your only choice is to convert direct to ETH or BTC from Coinbase and eat a fee that's something like 4%.

    Email support gives you this line:

    For your account's security and to prevent any potential fraudulent activity, you will be unable to withdraw these funds or send the value of this deposit from Coinbase for 5 calendars days after deposit.

    Which is funny, because I can just convert it to BTC or ETH straight on Coinbase and then send it wherever I please.

    So if I was accessing John Smith's account fraudulently, I could transfer his money into his Coinbase account, swap it for BTC and shoot it off to anywhere in the world within the hour.

    This does NOTHING for safety and security, it's simply a means for Coinbase to force you into eating their 4% fee. In fact, you can't even withdraw back to your bank account. Your money is literally stuck for 5 days in Limbo and the only way to "Get out of Jail" early is to pay the 4% fee.

    Coinbase, fuck you. I'm not using this shit any more.

    For anyone in the UK, get a free Revolut account, aside from being an awesome travel card, you can send GBP and exchange it to Euro instantly at an Interbank exchange rate. Then send this Euro to Bitstamp where you have the freedom to exchange it for many different Crypto's and send those on to Binance or your exchange of choice for a miniscule fee.

    Fuck you Coinbase.

    submitted by /u/TNGSystems
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    Vitalik explains Ethereum

    Posted: 01 Jun 2019 07:20 PM PDT

    Chainlink announces the launch of its mainnet on Ethereum

    Posted: 02 Jun 2019 02:06 AM PDT

    What did you expect?

    Posted: 01 Jun 2019 11:41 PM PDT

    From this article:

    If you hold your coins with Coinbase, you will no longer be able to send or receive crypto to or from just any old bitcoin address if it has been through a KYC process. Once you move your funds into a non-custodial account, you'll be free to send them to any self-custody address, but if you've never formally associated your identity with that address via a regulated entity, you won't be able to transact with a Coinbase address or one administered by any other regulated custody provider.

    I've posted here a few times, warning of (obvious) developments like this.

    You don't understand these people. They will stop at nothing but total control over who transacts with whom, how much and how often.

    They reason that only by putting everyone under surveillance can they protect us from crime.

    This is totalitarian thinking at its finest. With this reasoning, you must put everyone under surveillance to see who is talking to whom (could be a terrorist or a pedo), you must boobytrap the entire legacy banking system to see who is transacting with whom (they could be funding terrorists or - gasp - buying vegetation to smoke online), you must lobby against end-to-end encryption which "keeps you in the dark" (they feel entitled to know everything about everyone, so in that light this sentiment makes sense) and prevents you from finding terrorists and pedos - nevermind that in the process you get to know every intimate, banal, subversive, conversation that everyone has with everyone else.

    Those of you less into computers don't get it. And your ignorance is costing the world greatly. They are not looking for anyone in particular most of the time (so the "I have nothing to hide" argument is just stupid), the important thing to understand is that without massive amounts of data siphoned off from as many people in as many situations as possible, their artificial intelligence won't work.

    It needs your data to work.

    Stop giving it your data. Unless we are to become digital cattle, this must be resisted with all our might.

    If you don't care about this, you don't understand the grave danger in having the government and its friendly big corporations knowing everything about everyone. You should come to care about this, and you should come to understand this, before it's too late.

    These new FATF recommendations are nothing unexpected if you understand how they think.

    This regulation will give them the ability to know who everyone is transacting with, which allows the artificial intelligence to start doing its thing and labeling / cataloging social connections in yet another dimension.

    It also sets the stage - just you wait for it - to pressure merchants, not just exchanges, to stop accepting orders from non-KYC'd addresses at a global scale, if they are feeling kind only above certain amounts.

    In the mean time, the artificial intelligence will be busy linking all of your addresses with your purchases too, and someone will be making a fat profit off your data, a la Google/Facebook. And you'll be powerless to stop it, because while the beast was still a baby we failed to slay it.

    I legitimately believe that this threat is unlike anything we've faced before in human history. We've had mass-surveillance before, but never at anything even remotely approaching this level. We've had tyrants before, but never at a global level. We've had repression, but never with the cold, precise calculations of computers making connections in a split second that would take human operators YEARS.

    For the sake of all that's good, this massive abuse of human rights has to be stopped. Or we're fucked. Your children are fucked. Their children are fucked.

    The technology will only get better. The regulations will only get tighter. These people understand very well what they're doing, they see you and your data as their property, and they would very much like to know where you are at all times, who you speak to, what about, what you enjoy reading, how you like spending your time, what your hobbies are, and most relevant to /r/cryptocurrency, where do you spend your money and who you transact with.

    The surveillance state would simply crumble without its many tentacles sucking the information out of the digital realm.

    Resistance has to start somewhere: I suggest Tor, getting rid of facebook, using another search engine besides google (and through Tor), using ad-blockers, encrypting your email, choosing Signal over WhatsApp.

    And let's not forget getting rid of built-in spyware on your phone - choose LineageOS (arguably our best bet on Android) and f-droid - choose apps that respect your privacy.

    Turn the damn phone off too, do you really need to be online and reachable 24/7? Trust me, it's pretty liberating not to. Time slows down without all the interruptions and impulses to check this or that online - and that's a good thing.

    And in the domain of cryptocurrency, I suggest you look into Monero.

    To quote from the article linked in the beginning:

    Anyone stuck on these exchanges will not be allowed to send BTC to certain addresses deemed not in compliance. Let me be clear, this will not be enforced at the protocol level, but at the exchange and services level. Business owners will be forced to censor their users, hopefully driving a significant portion of their user bases away as they wise up and learn how to use the protocol as designed.

    Look, I love this guy, he hosts a podcast which is usually very deep and entertaining and which I highly recommend - a great recent episode to listen to if you are not familiar with it is episode 76 with Alex Gladstein, for instance.

    But like all bitcoin maximalists he fails to notice, because of purely ideological reasons, that it is the inherent obvious flaws in bitcoin that allow for this emerging nightmare to manifest.

    Bitcoin has no built-in privacy. It was only a matter of time until the usual suspects would leverage this for max impact - this process is now well underway, and as I wrote before, expect the same logic to be applied to merchants; and don't you even think about mixing your coins with something like wasabi wallet, because they will automatically be assumed dirty.

    The Monero community has been saying for years, and the wider brothers and sisters in the crypto community are still reluctant to comprehend: if a cryptocurrency has no privacy built-in, it cannot be fungible; if it is not fungible, it can and will be censored - and it will (has) be repurposed as a mass-surveillance tool.

    Look, am I saying dump all your BTC and buy Monero yesterday? Not really. Bitcoin has by far the largest network effect, the largest developer community, and the largest brand recognition. We need Bitcoin to succeed if crypto is to succeed, at least for the foreseeable future.

    And plenty of innovation comes out of Bitcoin.

    What I am trying to call your attention to is the orwellian intentions of those who would propose to get as much data about as many aspects of our lives in order to "protect" us.

    Listen, wake up. You're more likely to die from a bizarre accident with a lightning strike than a terrorist attack. The mass-media distorts everything, we react emotionally to things without considering the odds of it actually happening - repeating the same images over and over usually does the trick.

    Certain things are being used as leverage (excuses) to strip away our civil liberties and build a global surveillance state. Your government and my government come up with this sort of regulation, behind my back and your back, without having been requested by the people of their countries to do so.

    Is it for my own good? Is it for your own good? Cui bono ?

    Who benefits from a global surveillance net that continuously builds profiles about everyone and discerns ever more precise patterns in behavior?

    Could it be those who would very much like the status quo to remain the status quo? If you know exactly who to target in order to silence opposition..

    Could it be those companies that get to make billions from predicting human behavior and selling stuff to people - precisely the right kind of stuff for that kind of person - at precisely the right time for precisely the right reasons? (Whether they actually need the stuff or not)

    It's time to wake up to these very important issues folks. The governments that claim to represent us have cast the dice already, and our best interests are not on the table.

    It is up to us to change the tide, demand privacy, and say that enough is enough.

    What are they going to do? Put everyone in jail?

    Wake up, before it's too late.

    TL;DR (by popular demand): Why surveillance is not OK.

    submitted by /u/xmr_karnal
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    A strategic partnership of KuCoin and BabelBank

    Posted: 01 Jun 2019 11:35 PM PDT

    Youtube: U.S. Banks Are Terrified of Chinese Payment Apps

    Posted: 01 Jun 2019 11:39 PM PDT

    This video states that many Chinese people do not even have bank accounts.. how do they store their funds.. is it purely cryptocurrency?? This is definitely the future though..

    https://www.youtube.com/watch?v=SJh_Uir5EMI

    submitted by /u/Atari260O
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    Reaching true decentralisation, it's harder than you think

    Posted: 02 Jun 2019 01:07 AM PDT

    Decentralisation has many different forms, it is very hard to reach all of them. Many of the crypto enthousiasts forget that it's all about decentralisation, they just see greed.

    Architectural (de)centralization — how many physical computers is a system made up of? How many of those computers can it tolerate breaking down at any single time?

    Political (de)centralization — how many individuals or organizations ultimately control the computers that the system is made up of?

    Logical (de)centralization— does the interface and data structures that the system presents and maintains look more like a single monolithic object, or an amorphous swarm? One simple heuristic is: if you cut the system in half, including both providers and users, will both halves continue to fully operate as independent units?

    These were all written down by vitalik, it is very hard for a project to have all of these. I think only bitcoin and ethereum can really say they are decentralised on these points.

    But vitalik is forgetting one important one on which bitcoin differs from ethereum, a fair distribution. Everyone had an equal chance of getting a hold of bitcoin, while ethereum had a huge premine.

    This is also the reason why most projects are just moneymakers, they lack the fair distribution. Maybe only nano, but they are not succeeding on the other decentralisation factors.

    https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274

    submitted by /u/freshandsticky
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    SingularityNET's ROBAMA | Robotic Analysis of Multiple Agents

    Posted: 01 Jun 2019 10:53 PM PDT

    Dr. Ben Goertzel and Vitalik Buterin Discussion at the Crypto Chicks Blockchain & AI conference

    Posted: 02 Jun 2019 02:47 AM PDT

    U.S. lawmakers urges advisors to Trump to promote blockchain

    Posted: 01 Jun 2019 11:02 AM PDT

    Anyone watch the eos talk? New social platform voice just seems like a rebrand of a copy of steemit with I'd verification

    Posted: 01 Jun 2019 05:15 PM PDT

    Cryptopia Exchange Opening Creditor Claims

    Posted: 01 Jun 2019 11:56 PM PDT

    Project Sand Dollar seeks to “tokenize” the fiat currency issued by the Central Bank of the Bahamas (CBOB). As crypto continues to take over the financial spectrum, many have lost sight of fiat and are looking to digitize everything.

    Posted: 02 Jun 2019 12:27 AM PDT

    $637 million Vietnamese seaport development project endorses Relex, requests National Bank of Belarus to invest via Relex cryptocurrency model

    Posted: 01 Jun 2019 06:11 PM PDT

    This is what happens when you dump your tokens onto your holders. [Official Update] - Aphelion Current State of Affairs June 1, 2019

    Posted: 01 Jun 2019 10:08 PM PDT

    USA Today exposes PayPal and Venmo as being used for illegal drug activity

    Posted: 31 May 2019 06:15 PM PDT

    Weekly Support Discussion - June 2, 2019

    Posted: 01 Jun 2019 11:12 PM PDT

    Welcome to the Weekly Support Discussion thread. The prupose of this thread is to provide technical or educational assistance to newcomers.

    To see the latest Daily Discussion Megathread, click here

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    Rules:

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    What TRULY decentralized exchanges are viable right now?

    Posted: 01 Jun 2019 08:46 PM PDT

    Whats up,

    I've been using Binance for a while now, and I would very much like to switch over to a DEX. I know that a lot of DEXs right now aren't truly decentralized, e.g. Binance DEX. I've been looking at a couple such as OpenLeger DEX or Blocknet DEX, but I haven't been able to find much information on which exchanges are truly decentralized and which ones have enough adoption to be used as a primary exchange for most major coins.

    Any recommendations?

    submitted by /u/Mariguanaa
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