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    Cryptocurrency Daily Discussion - June 29, 2019 (GMT+0)

    Cryptocurrency Daily Discussion - June 29, 2019 (GMT+0)


    Daily Discussion - June 29, 2019 (GMT+0)

    Posted: 28 Jun 2019 05:14 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.

    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 The prior exemption for karma and age requirements is no longer in effect.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.
    submitted by /u/AutoModerator
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    ‘Bitcoin Inventor’ Craig Wright Allegedly Cries in Court Amid $10B Crypto Lawsuit

    Posted: 28 Jun 2019 04:36 PM PDT

    Netflix launching a documentary show based on Cryptocurrency-Bitcoin and altcoins

    Posted: 28 Jun 2019 04:03 PM PDT

    WaltonChain mainnet is under a 99.99% attack starting on block #175,368. Expect hardfork.

    Posted: 28 Jun 2019 10:45 PM PDT

    NANO v19 (anti-spam measure) has yielded succesful test results.

    Posted: 28 Jun 2019 10:02 PM PDT

    IOTA & STMicroelectronics

    Posted: 28 Jun 2019 09:43 PM PDT

    ‪Banks say Bitcoin will never work because they understand it's a threat.‬ ‪You say Bitcoin will never work because you don't understand it at all.‬

    Posted: 28 Jun 2019 11:08 AM PDT

    Nano questions from a bitcoin maximalist

    Posted: 28 Jun 2019 11:27 PM PDT

    I believe currency, especially global decentralized ones, is a winner take all. There's an opportunity cost to holding two currencies. I can't have my maximal purchasing power in both, as one will be weaker. The only way for nano to succeed is to convince regular people to adopt it. And the best way to get regular people to adopt it, en masse, is to convince Bitcoin holders to give up their coins and switch. As of right now I'm not convinced.

    Here are my options

    1)Fiat Pros: accepted everywhere around me. Transactions are instant for their purposes Cons: inflation Robs me of purchasing power

    2)Bitcoin Pros: can't debase it, so it's a better store of their purchasing power, when used to save (long term) than Fiat since governments can't stop their printing machines. Has the largest cryptocurrency network (really big) with the most liquidity in it so you can spend it at places

    Cons: At places where I can't use Bitcoin I can Sell Bitcoin easily and still have increased/not decreased my purchasing power over Fiat. Transaction fees, but I have saved money overall because my currency hasn't been debased.

    3)Nano Pros: instant and free transactions Cons: abysmal adoption. What's the point of no fee transactions when I can't find anyone to spend it on? Why would I save in nano when I can save in a better currency and have more purchasing power? The nano:btc ratio doesn't bode well with me and I would be losing purchasing power switching over, with no one to transact with at the end. Sure I can sell nano for Fiat when needed but that's a waste of exchange fees and I should've just stayed in Fiat. Also I would've gotten more Fiat if I had stayed in bitcoin

    For the average person, there's no real urgency to buy nano. Is there something I can only buy with nano that I want? With Bitcoin, a person can understand the need for a safe store of value that won't be debased by a government. Nano can't be debased as well, but you'll be be losing purchasing power compared to Bitcoin that offsets any fees.

    Onto the actual technology, I have some questions and concerns:

    Free and instant means everyone in the world can send to themselves infinite times. Transaction flooding is simply sending as many valid transactions as possible in order to saturate the network. Usually an attacker will send transactions to other accounts they control so it can be continued indefinitely.. The attack is rated moderate. Defense is a pow that doesn't adjust? Because if it did then people won't be able to send if an attacker raises the proof of work. Who's the authority of what is spam? What if a business needs to make infinite transactions to their internal wallets. It's free right? And their solution only involves pruned nodes. Not full nodes which is needed to make the system trustless. Don't give me buzzwords like v20 is coming out. Tell me exactly how free and instant can work without bloating the requirements to run a full non pruned node. If this would be the world currency, if it advertised free transactions then people would utilize that feature.

    I don't think nano has true finality that Bitcoin offers. https://docs.nano.org/glossary/#open-representative-voting-orv If I'm understanding this right, it depends on who your representative is and they get to choose the right chain based on their percentage of the total supply. What if people lose their coins and it comes to a situation where we can't have someone decide? The software can be changed to lower the threshold right? But what if someone miraculously found their coins and voted on another history of the chain.

    If I'm understanding correctly, if there's no conflicts then consensus is fast. But in the future if everyone on Earth can make many free and instant double transactions, how will one know which one is the final chain?

    Also it seems like sometimes a minimum of 21% is needed to reach consensus because not all nodes will be online to vote with. A node treats a transaction as confirmed only if the number of votes of the send block is over the "confirmation quorum" of 50% from the voting weight of the representatives which are online (with a minimum of 45% from the maximum voting weight - 133 millions), so at the minimum, a transaction is confirmed with 22% from the maximum voting weight (133 millions).

    What... I like how Bitcoin has 100% consensus when confirmed in a block. 22% consensus is like a Bitcoin 0 confirmation. The threshold can be set by the user, but doesn't that mean there could be a another history of the network?

    submitted by /u/Buttoshi
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    JPMorgan CEO Jamie Dimon Downplays Threat from Facebook’s Libra: "Absurdity is watching two CEOs argue over whose corporate 'cryptocurrency' is better."

    Posted: 28 Jun 2019 03:53 PM PDT

    Iran seizes 1,000 Bitcoin mining machines

    Posted: 29 Jun 2019 02:50 AM PDT

    Counterfeiters Have Identified a Hot New Target in High End Cosmetics [Blockchain Application]

    Posted: 29 Jun 2019 01:43 AM PDT

    Reports Says Security Tokens are the Future But Needs a Well Defined Regulatory Framework

    Posted: 29 Jun 2019 01:40 AM PDT

    The Race To Acquire 32 ETH For Staking Is About To Begin

    Posted: 28 Jun 2019 02:44 PM PDT

    How much do your friends/family know about your crypto portfolio?

    Posted: 29 Jun 2019 01:35 AM PDT

    For me, my friends know I hold some (but not a huge amount) of crypto. My close family members know that it's a fairly significant amount but not the exact amount. They only know as it's included in my will.

    I've never told anyone the exact amount and I don't think I will. They do know the coins I'm in though.

    How about you?

    submitted by /u/Alchemisia
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    Bitcoin Google Searches are Up Next to Kim Kardashian Benchmark

    Posted: 28 Jun 2019 02:32 PM PDT

    CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users

    Posted: 28 Jun 2019 05:08 AM PDT

    Cryptocurrency: A Mistaken Identity

    Posted: 28 Jun 2019 08:36 PM PDT

    Ethplode token is a scam! (Warning)

    Posted: 29 Jun 2019 03:17 AM PDT

    Watch out with Ethplode (copy of BOMB token)

    I joined their ref program a while back to get some free tokens because I thought it wouldnt hurt to sign up for some free tokens.

    They also had a ref program available that gave a small reward when you promoted the link they gave you.

    I gave that link to my friends and they were nice enough to sign up. Sweet, I thought I was getting some free tokens. Couldnt hurt to try right?

    Few days later I check the waller and they removed all my referrals and reset my balance to 0.

    I got curious and went to their Telegram chat.

    After asking why my referrals were removed the admin explained that I was signing up fake users, he laughed and banned me from their Telegram chat.

    Impossible because the referrals were all real people that I know personally. How the hell are they fake?

    This is just a small warning for people that are searching for reviews for Ethplode. Ethplode is a scam and you shouldnt bother with their crap. All reviews about Ethplode are paid for.

    To see more proof just check their Reddit page:

    /r/ETHplode

    These upvotes and comments are ALL bought with ethplode tokens.

    Nice vote manipulation!

    submitted by /u/joris
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    Bullish... big money...

    Posted: 28 Jun 2019 08:53 PM PDT

    When you catch your dog trying to buy bitcoins

    Posted: 28 Jun 2019 11:17 AM PDT

    Stellar x Be-Bound

    Posted: 29 Jun 2019 02:06 AM PDT

    Big 4 or Altcoins?

    Posted: 28 Jun 2019 08:54 PM PDT

    I have an even split between BTC, XRP, and ETH with some money in LTC.

    While I believe these to be the big 4, altcoins such as Nano, IOTA, Link, etc have been super tempting for me.

    Should I be adding these alts to my portfolio, or stick to my guns and the big 4 for the long run? Anyone have any recommendations/advice?

    submitted by /u/Avanaj
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    THE 10 COMMANDMENTS OF CRYPTO TRADING: For Newcomers and Veterans alike

    Posted: 28 Jun 2019 09:12 AM PDT

    This is just a friendly reminder/advice for anyone new to crypto.

    1. Do your own research. No one here knows enough to be giving financial advice. Also learn how to spot scams from real projects.

    2. Not your keys, not your coins. This means if you leave your holdings on an exchange, it is susceptible to hacks and you can lose everything. Get a ledger/trezor and keep your crypto safe!

    3. Don't disclose how much crypto you hold on here or anywhere.

    4. Dips and corrections happen, sometimes up to -40% in a day. Don't get weak hands, hodl.

    5. The easiest way to invest stress free is to DCA (dollar cost averaging). Take a certain amount you are willing to lose from your paycheck and periodically and automatically invest, which leads to my next point:

    6. DON'T INVEST MORE THAN YOU CAN AFFORD TO LOSE. People have literally lost homes, family and friends because of this. Be smart.

    7. Have an exit strategy ready. Typically you want to have an end goal in mind and know how to exit the market quickly and efficiently. This is especially important if you plan to ride "the big one". The market can drop very quickly so have a plan.

    8. Don't forget about taxes! In many countries, each trade is considered a taxable event. Make sure you record everything as to not get screwed later on.

    9. This is not a get rich quick scheme. This is a very young industry with plenty of time left to mature.

    10. 99% of coins will fail. This is why it is so important to do your own research and take advice with a grain of salt (yes including this i guess).

    submitted by /u/Onsyde
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    A Warning On Common Scams (Google Docs, Pump and Dump, ICOs, Fake Partnerships, Volume/Transactions)

    Posted: 28 Jun 2019 06:07 AM PDT

    As the traffic across cryptocurrency subs starts to spike again, it's clear that there is an influx of both new and returning users. I wanted to take a few moments to highlight some of the most common scams in the crypto space to help keep you and your investment safe.

    While not all projects who fall into these categories are scams it is important to be aware of the issues and proceed with caution. Many legitimate projects can have frequent partnerships for example, but, its important to examine them closely.

    Google Docs/Surveys:

    One of the scams that commonly swoops up a number of victims is the common "help with this survey". Usually the attacker poses as student or someone doing research and asks a series of questions about your crypto holdings.

    There are two attack vectors here:

    1. Google docs can be connected to multiple Google apps and include things like Google App script which can be leverage in spam attacks, malicious redirects, or to trick you into downloading malware.

    2. Google Forms, which is used for surveys, has the ability to let the admin check the box "collect user emails" on their survey. In this case, even without entering your email address Google Forms will provide the email address of any Google account you are actively logged into on Google, Gmail or in the Chrome Browser. This allows attackers to specifically identify you (possibly even your real identity) as well as use your email in future phishing attacks.

    To help prevent this type of attack on our subreddit, we don't allow Google Doc surveys, even from legitimate requesters. Surveys would need to be approved by moderators and use platforms that are non-email collecting and not connected to scripting apps (such as SurveyMonkey).

    Pump and Dump Groups:

    Are "Pump and Dump Groups" profitable? Yes.

    But, they are profitable for the people running them. Not for you.

    Pump and Dump groups (often branding themselves as professional crypto "signal" groups) claim that they have awesome "technical analysis" skills and will pick winners. They'll show you charts of all these great trades they've made.

    Many are free groups on Discord, but some will even ask users to pay (claiming this is what makes them "legitimate").

    The truth is, there is no insight that these groups have. They look for small market cap coins and buy in themselves. They then announce it to the pump group where everyone starts to buy in and the price skyrockets due to low liquidity. During this time the group admin sells their holdings.

    To those who got in early enough, a little bit of profit is made. But, their profit and the profit of the admin actually comes from the rest of the group who is stuck 'holding the bag'.

    To the rest of the group, its easy to feel "oh man that was a great call, if only I had got in earlier" and they repeat the process.

    Signals, insights and even TA are psuedo-science at best. If anyone had it figured out in a way that would work more than 51% of the time, the modern economy would be even more broken than it currently is.

    The best you can do is use actual trading signals as input on top of your own research to make investing decision and avoid shady pump and dump groups. (After all, if someone really unlocked the magical analysis to help make 30%+ returns on all of their trades, why the hell would they need your $100 to share their signals? They'd be too busy sipping Mai-Thai's on their private yacht!)

    ICOs:

    Are some ICOs legitimate? Yes.

    Are most ICOs legitimate? No.

    Most ICOs have no product, a team incapable of building the product their pitching, and are proposing to build something that industry doesn't even need.

    But, unless you are an expert in that industry, or an experienced venture capital/private equity investor you likely don't have the skillsets to evaluate those gaps.

    So ICOs make flashy websites, name drop the places where all their talented engineers used to work (likely as interns) and do whatever they can to convince you to buy their token.

    It's far too easy to make those sites, last year, someone even made an AI driven parody website that shows you how easy it is to generate ICO sites. (https://yetanotherico.com/ - every time the page is reloaded it is a new fake ICO).

    Even ICO rating services are all "pay-to-play" and should be ignored.

    In a world with IEOs and Token Sale Management tools, there are very few (some - but, very few) valid reasons to do an ICO.

    IEOs don't guarantee a project is any more legitimate, especially on some lower tier exchanges, but at least their is an additional level of vetting.

    ICOs were sketchy to begin with, but, given they are no longer the standard distribution method in the industry you should be even more skeptical of them.

    Fake Partnerships:

    Some cryptocurrencies have the idea that if they just keep on appearing in the news you'll cave and buy them and they can keep everyone happy.

    Reddit and Twitter are constantly inundated with cryptocurrencies claiming they have a 'big partnership' with 'brand x'.

    These usually equate to:

    1. One local division of the brand, had a low-to-mid level regional manager trial the blockchain product while the bulk of the company had no idea.
    2. The company is using a fork of the blockchain for their own private stuff which will never impact the public price.
    3. The blockchain got into an incubator or accelerator program run by that company.
    4. The blockchain competed in a startup contest or tech contest with or by that company.
    5. The blockchain is a customer of that company. (i.e. We run on Amazon AWS, therefore we list Amazon as a partner for helping to provide security to our nodes!).

    You should be skeptical when projects produce frequent partnership announcements.

    On our sub, we only allow partnerships that are announced via the official company website and not via third-parties or the blockchain projects site/community. This helps to curb a small portion of these issues, but, you still need to do your own research in-depth to understand the nature of these partnerships.

    Volume/Transactions:

    The last major common scam is volume/transactions.

    Many projects like to "paint the tape" and "wash trade" which are methods of manipulating the trades of their token to look like there are lots of buyers and sellers at an increasingly high-price, when in actuality there are very few. Many exchanges are complicit in this because they feel the higher volume makes them look legitimate as well.

    Do not rely on steady price increase, or high-volume to tell you if a project is legitimate, especially when it is only highly traded on low tier exchanges or if all of its volume is highly concentrated to specific exchanges.

    The other volume issue is transactions. Blockchain projects love to brag about the number of transactions they do per day, the number of wallets they have or the number of tx/s they can process.

    At the end of the day, any project worth their weight in salt can write a script to spam transactions to the network at almost no loss, and they can mass produce wallets quite easily.

    Plus, since every blockchain processes "transactions/operations" differently it's extremely hard to compare these directly.

    Many projects will claim that this is mass adoption, or that they clearly have the highest user base or most real world use cases because of these results. You should always take them with a grain of salt and do further research.

    When projects are truly the most-used, or biggest in their field they don't brag about it, because they don't need to. They have become the de facto representative of that industry. If someone is telling you they are the best, the most used, etc it is usually puffery designed to bolster their position.

    submitted by /u/AdamSC1
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