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    Cryptocurrency Daily Discussion - August 31, 2019 (GMT+0)

    August 31, 2019

    Cryptocurrency Daily Discussion - August 31, 2019 (GMT+0)

    Daily Discussion - August 31, 2019 (GMT+0)

    Posted: 30 Aug 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.

    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 The prior exemption for karma and age requirements is no longer in effect.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.

    To see the latest or prior Skeptics Discussions, click here.

    To see the latest or prior Support Discussions, click here.

    submitted by /u/AutoModerator
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    Everyone has a little Thomas in them

    Posted: 30 Aug 2019 12:11 PM PDT

    Crypto ATM next to regular ATMs in Estonia

    Posted: 31 Aug 2019 03:33 AM PDT

    Norway unveils energy-positive building showcasing smart city potential

    Posted: 30 Aug 2019 05:41 AM PDT

    Would a game like World of Warcraft work with cryptocurrency?

    Posted: 30 Aug 2019 04:01 PM PDT

    I think about this a lot because the reason I got into crypto is partly because of games. The fact that you can create a whole new ecosystem that has a different monetary model with its own earn and spend opportunities always facinated me.

    But I wonder if it would be possible with a deflationary monetary model. You would get crypto through quests but the first users would get more? Or the distribution would adjust itself depending on the price of the token?

    In short, how would the current game change if it would implement crypto instead of gold/silver/bronze?

    Edit: phrasing

    Edit: people downvoting this post.. Why? I just thought it was interesting to think about this and different use cases of crypto. I really don't understand this community sometimes

    submitted by /u/MagoCrypto
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    Telegram Announces The Launch Date For Its New Native Token

    Posted: 31 Aug 2019 02:59 AM PDT

    A bitcoin ATM in a gas station on the border of Austria

    Posted: 31 Aug 2019 12:38 AM PDT

    Telegram follows Facebook in starting its own cryptocurrency

    Posted: 31 Aug 2019 01:05 AM PDT

    Vitalik Buterin: The Dawn of Hybrid Layer 2 Protocols

    Posted: 30 Aug 2019 09:46 AM PDT

    Can we ban spam source sites?

    Posted: 30 Aug 2019 04:02 PM PDT

    There are so many of them using vote manipulation, posting old news.

    Here's an example:

    https://np.reddit.com/r/CryptoCurrency/comments/cxi498/wikipedia_joins_brave_as_a_verified_publisher/

    The user's post history is entirely cryptoverze.com spam.

    Here's another:

    https://np.reddit.com/r/CryptoCurrency/comments/cxhm4g/in_terms_of_riskadjusted_return_bitcoin_eclipses/

    Both on the front page right now.

    submitted by /u/mmmmmmm7
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    liquid .com exchange, any good?

    Posted: 30 Aug 2019 10:11 PM PDT

    Hey guys,

    In a world of shady exchanges and a million places to buy crypto, I turn to you, my trusted crypto thread friends... who here has dealt with liquid.com?

    Got a few questions

    1. Are they trustworthy?
    2. What are the KYC requirements
    3. Do you need KYC for initial sign up?
    4. any more pros/cons
    submitted by /u/JamesGDev
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    Watch Out! The $5 Wrench Attack - CryptoSec

    Posted: 30 Aug 2019 08:36 PM PDT

    Anyone staking using the Raspberry Pi 4B?

    Posted: 30 Aug 2019 05:39 PM PDT

    Mine just got delivered and I have a couple of coins that are POS. Hoping to load wallets onto my Raspberry Pi so I don't have to leave my computer running all the time. Just wondering if people are already staking with the 4B?

    Trying to learn new things!

    submitted by /u/tamedog22
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    Much ado about Crypto.com

    Posted: 30 Aug 2019 04:13 PM PDT

    Crypto.com sees an awful lot of senseless FUD and misinformation whenever a curious user asks about it here in r/CC. Unfortunately, going to any currencies specific subreddit can be just as detrimental for a potential investor with the FOMO moon lambo believers commenting there. So let's set the record straight, go on a two year journey back in time, and finish it off with where some of the disdain stems from.

    Please keep in mind that I'm not a writer, and this will be far from perfect. I'm also not here to shill, so while I'm going to give you the most neutral possible write-up, free of speculation and personal opinions, do know that I hold MCO and regularly use their services. Finally, before we begin, let me remind you that you should ALWAYS do your own research before investing into cryptocurrency.

    Part 1: The who, what, when, and where of Crypto.com

    Who:

    Crypto.com, formerly known as Monaco. For future reference, this is why their main tokens ticker symbol is MCO (we'll discuss their other token, CRO, later.) The company was founded by Kris Marszalek and co-founded by Rafael Melo, Gary Or, and Bobby Bao.

    What:

    A cryptocurrency company offering up an app/card combo with emphasis on customers who use and exchange foreign currency. Their ambition is to "Accelerate the world's transition to cryptocurrency" by having "Cryptocurrency in every wallet." They offer a tiered card program dependent on how many MCO tokens you will need to stake for at least six months. Here is the chart (which is vastly better than any table I can make in Reddit comments) so you can see the benefits of each tier. All rebates and cash back are paid in MCO.

    • If you decide to choose a tier requiring a stake, said tokens will remain locked for six months, after which you're free to unlock or leave them for continued benefits. For those residing anywhere the cards are currently available, your card will be shipped once you've staked NOT once six months are up.
    • For those who reside somewhere the cards have not yet gone live, then as long as you've completed your staking period you'll receive the respective card.

    Now while you're perfectly able to unlock your MCO once the staking period is up, you'll be forfeiting some of the benefits, which can be seen in their above linked card page using the iPhone-esque slider button. The card, however, is yours to keep. This all being said, the cards are currently only available in Singapore, and [37/50]

    *Since I began writing this Kansas was cleared for business bringing us up to [38/50] states in the US. EU is their next expansion, and has already received approval from VISA. No word yet on a set date aside from by the years end. APAC is next, though unfortunately still in the air with no comments on when.

    Aside from the Visa card, they offer a few other services, notably: earn, credit, and invest. For reference in the following services, a minimum of 50 MCO is required for their better percentage rates.

    • Earn: The HODLR's dream. Currently, you can lock BTC, ETH, LTC, XRP, BNB, MCO, LINK, MKR, USDC, BAT, TUSD, PAX, and DAI for a period of your choosing: 3-month, 1-month, or flexible (flexible can be withdrawn at any time.) The deposit will accrue interest, paid weekly in the same currency, on the number of tokens locked, NOT the FIAT amount. For example: you lock 1 BTC in the 3-month, with 50 MCO staked, netting you 8% per annum. At the end of the 3-month holding period you will have earned .02 BTC. Upon completion of each lock period your balance will be placed into the flexible option until you either remove or re-lock it. If your token bag of choice isn't listed, just wait, as new currencies are being added as options regularly.

    Earn is not currently available in Hong Kong, Switzerland, or Malta.

    • Credit: AKA a crypto-loan. Currently, only BTC is accepted as collateral, though MCO will be allowed at some point. The cut and dried to this is 40% of your BTC deposit is allotted as an instant loan with no repayment deadline and an APR based on whether or not you have the minimum 50 MCO staked. 8% with 12% without.

    Credit is not currently available in Hong Kong, Singapore, Switzerland, Malta, or the USA.

    • Invest: Simply put, you'll deposit a FIAT equivalent of $20-$50,000 in BTC, choose between a low, medium, or high risk portfolio, and then they work their magic in the trading game. You are able to withdraw your funds at any point, and only gains incur a fee. (9% with MCO staked, 18% without.)

    Invest is not currently available in Hong Kong, Singapore, Switzerland, or the USA.

    When:

    Monaco ran their ICO from 18th May, 2017 through 18th June, 2017. On 6th July, 2018 Monaco unveiled their new moniker: Crypto.com.

    Where:

    Based in Hong Kong, they consist of a team roughly 160 people strong and growing according to the July AMA

    Part 2: MCO Vs. CRO

    MCO

    • An ETH based ERC-20 token which serves as the driving force, being used as the means of card lockup, cashback, referral incentives, rebates, etc.
    • MCO has a total supply of 31,587,682, with 50% circulating. Here is the remaining supply on exchanges. The other 50% is held by Crypto.com, originally being intended for use as reserves, funding, talent hiring, etc. Here you can see they've used none, and as stated in July's AMA, intend to keep it that way, effectively making the new max supply 15,793,830.

    CRO

    • Also and ETH based ERC-20 token, which serves to fuel another one of Crypto.com's services: Crypto Pay. Currently, the Pay feature allows the purchase of gift cards to a menagerie of places, though they're actively recruiting online stores to begin using this feature.
    • CRO was introduced the 20th November, 2018, with the intention of fixing problems we see with FIAT such as time and cost. It is, however, very much a work in progress.
    • CRO can also be staked, either in the app or through Allnodes to serve as a council node, which earns you a 12% per annum, paid out daily, in CRO.

    • CRO has a total supply of 100,000,000,000 of which 9,363,013,699 is currently circulating. The remaining CRO is divided into five separate addresses:

    • Secondary distribution

    • Network long-term incentives

    • Capital reserve

    • Ecosystem grants

    • Airdrop & community development

    Part 3: Safety, and Reasons for Resentment

    This final section does not follow the above template, and is instead a mixed bag. It also gives a couple of the reasons you'll see blatant hatred towards the company, as things promised were taken away.

    Is it safe?

    Yes. While the "not your key, not your coin" epithet rings true, you should know the following:

    1. On 15th May, 2019, Crypto.com became one of the first cryptocurrency companies to receive an ISO/IEC 27001:2013 certification. In layman's terms this means they underwent an audit to assess their company and ensure they meet very stringent standards on whether your data is safe or not.
    2. Also on 15th May, 2019, it was announced that they had teamed up with Ledger to keep all assets in Ledger's Vault platform, which you can read more about here. The short and sweet on what this means for the user base is that all your funds are being held in cold storage, even though you don't personally have the keys.
    3. All of Crypto.com's users' assets are backed up to $100 million in insurance. This was a recent addition, announced on 21st August, 2019. Their full page on security can be found here.

    BG50 fiasco

    On the 16th July, 2019, Crypto.com announced a revised referral program named BG50. Before we even begin discussing, this iteration, lets first cover the previous iterations, keeping in mind the $ amount is the equivalent paid out in MCO tokens:

    Version 1.0: $10 for both parties, referrer receives commission off of referrals purchases, and you moved up in line to receive your card for when the original plan was a global card launch. Limit 10.

    Version 2.0: Referral reward changed from being $10 to be based on the card tier you were reserving, i.e.: $20 for 50 MCO, $40 for 500, $80 for 5000, and $100 for the 50,000 tier. The referral reward would be held for 90 days before being distributed. Limit 10.

    Version 3.0: BG50. This new and improved referral program was both a step forward and back in that the 5,000 and 50,000 tier holders would be getting less per referral, but you could now refer unlimited people, and the $50 was paid out as soon as the referred party successfully completed a valid transaction. Unfortunately, the valid transaction part was what doomed it to fail, as this meant they could sign up, do a minimum purchase in the app, and get the $50.

    Version 3.1: BG50 was amended less than 24 hours later to now require a successful lockup of 50 MCO minimum.

    They did end up honoring any referrals made prior to the updated terms, but many users still felt cheated out of their money. To add insult to injury, the massive influx of users trying to claim said reward and sell out took down their trading platform, causing transactions to be stuck for an extended period of time.

    Removal of the CRO airdrop

    When CRO was first unveiled, the announcement came alongside news that MCO holders would be receiving a monthly airdrop based on the total staked MCO they had. This monthly airdrop would continue each month for five years, totaling 60 airdrops, at a rate of 5,276 CRO per every 1,000 MCO held. The CRO would be distributed to you after a 12 month holding period based on a snapshot of your staked MCO, with the amount decreasing based on whether or not/how much you sold of said MCO during that time. Users based in Hong Kong, China, Switzerland, and the USA were excluded from this feature.

    This news was cut short when the airdrops were officially cancelled in a blog update on the 20th June, 2019. The article can be found Here. This caused an uproar in the community, as only seven of the aforementioned 60 airdrops had been allocated. The reason for cancelling said feature ended up being due in part to the impending US launch, as airdrops are not currently compliant with US securities laws. Compliancy being something Crypto.com is an avid believer in.

    Removal of asset contracts

    Asset contracts were a key feature in the original whitepaper, long before becoming Crypto.com. For those unfamiliar, their asset contract would accrue a 1% licencing fee from users using the card for transactions, as well as transactions between BTC/ETH and FIAT currencies. These fees would be allocated, in the original denomination, to a portfolio the user could access and trade their MCO tokens for the underlying value, while simultaneously burning the MCO. Then, on the 31st October, 2017, just four months after the ICO ended, they announced that they would not be moving forward with implementation of this feature. The article can be found here. Again, this was simply them deciding to comply with the plethora of rules and regulations of each and every market.

    Concluding thoughts

    So there you have it, two years of ups and downs, compiled into the company we have today. Hopefully this clears up who and what Crypto.com is, as well as giving you a better idea on whether or not this is something you want to get into. Was this even necessary? Probably not. Do I feel better now? Absolutely. If I've inspired you to join the club, feel free to PM me and I'd happily give you a referral, but I won't be including it in the article, as I said I won't be shilling. Here's to hoping you all have a wonderful weekend regardless of your feelings on Crypto.com!

    submitted by /u/Lumiair
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    Bakkt Bitcoin Futures A Big Positive Say Crypto Insiders, Step Towards ETFs (EthereumWorldNews)

    Posted: 30 Aug 2019 10:11 AM PDT

    Lightning Network security alert: Security issues have been found in various lightning projects which could cause loss of funds!

    Posted: 30 Aug 2019 05:22 AM PDT

    Venezuelan Textile Startup Fined and Seized for Paying Wages in Bitcoin

    Posted: 30 Aug 2019 04:50 PM PDT

    Feed The Birds!!!

    Posted: 30 Aug 2019 02:27 PM PDT

    Everything You Need to Know About Cryptocurrency Regulation (Right Now)

    Posted: 30 Aug 2019 10:56 PM PDT

    U.S. SEC Settles with Bitqyck After Alleged Fraud and $13 Million Unregistered Securities Offering

    Posted: 31 Aug 2019 04:30 AM PDT

    Detailed Guide to ICON (ICX) Staking And Voting: How Things Do Exactly Work?

    Posted: 31 Aug 2019 03:12 AM PDT

    Cryptocurrency and associated rights to business for sale to a good development team

    Posted: 31 Aug 2019 02:22 AM PDT

    Hi,

    we at connect token have decided to hand over the rains of the company to an experienced development team.

    Connect [CNCT] is listed on 4 exchanges, you will inherit all of the connect teams tokens along with all software etc.

    Asking price is between 15-25k depending on the experience of the team wishing to buy.

    submitted by /u/connecttoken
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    Maverick indicator on ETH/USD 2 DAY chart

    Posted: 30 Aug 2019 12:47 PM PDT
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