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    Cryptocurrency Daily Discussion - August 7, 2019 (GMT+0)

    August 07, 2019

    Cryptocurrency Daily Discussion - August 7, 2019 (GMT+0)

    Daily Discussion - August 7, 2019 (GMT+0)

    Posted: 06 Aug 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 The prior exemption for karma and age requirements is no longer in effect.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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    The reason cryptocurrency will fail is because we keep treating it like stock, and we inspire others to treat it like stock.

    Posted: 06 Aug 2019 04:53 PM PDT

    And because of that, it will not be taken seriously. Not for a long time. We buy shitcoins for a pump, we dump good coins to follow whales, we inspire others to join in not for the sake of the idea of crypto and what is can be but the opportunity for making a quick buck. We pretend people will catch on and finally just pick and stay with a coin they believe in, but crypto wont trully hit its potential in use until we stop dumbing it down into a get rich quick scheme. I want to use our cryptos anywhere i go but people became hesitant to even adopt it nowadays.

    Edit: im not going to reply to everyone but some of you should atleast skim through the thread to atleast see if your talking point you wrote is already made by another user.

    Those who simply just come and say "youre wrong" without even an argument to back it up. Youre a waste of time.

    I have my opinion on this and it can change but im really not going to change it until the community itself changes. Some of you try to justify this way that were proceeding but you simply arent thinking of others imo, just yourselves and your understanding of the current market which allows you to capitalize on it. Profit on it. And blame others for the weaknesses crypto has.

    If you dont want to atleast to see another light of a topic because youre adamant on keeping your own point of view in tact, just ignore this post completely. Theres enough people already circlejerking the same talking points regardless if theyve been proven wrong or inconsistent. So please talk about something that helps create understanding or good arguments for future use. Thats all i have left to say.

    I wish you all the best and i hope we make it in the next 10 years.

    submitted by /u/Chickachic-aaaaahhh
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    Binance KYC hacked. Pictures of passports with people holding them have been leaked in a Telegram group

    Posted: 06 Aug 2019 10:09 PM PDT

    What happens when BTC block rewards are not enough?

    Posted: 06 Aug 2019 04:26 PM PDT

    As the price of btc rises, typically so to does hash rate to protect the network and be awarded the newly minted coins. But there seems to be a massive problem, as the newly minted bitcoin rate drops to eventually zero, what things will happen to maintain the healthy hash rate to protect the network while maintaining a usable fee rate? Even just going by today's rate of 12.5 btc block reward and average of 3500 tx per block leaves the average tx cost at 40-45usd with the reward removed.

    In the future, I imagine if btc was to ever reach the fabled $1Million per coin, this relative fee to protect against network attacks would likely need to be far greater than $40 to pay for the needed hashrate.

    Enter "lightning network", the thing that will solve bitcoins problems... but does it actually? Lets say bitcoins 21 million coins have been mined and they are worth 1 million each, and the average cost to transact on the chain is in the hundreds. People will almost certainly end up needing to stay permanently in the LN in systems not to different to what we already have today with banks. This is the go to solution for maximalists wanting to palm wave away the issues. But if everyone is using the LN, who is paying to secure the main chain hashrate? Do you really think there is going to be corporates ect paying insane fees to have the privilege to transact on the mainchain? The cost of power alone to protect a 1 million dollar bitcoin would be in the hundreds of billions of dollars a year (currently 3-4 billion annually at only 10~14k per coin).

    If there's one things corporates love, its cutting costs. We are entering a new era of cryptocurrencies where some projects are questioning whether we even need miners at all! So given projects without miners start to prove themselves, I don't see a realistic long term outcome for coins that need expensive and dictative miner networks, aka "middlemen".

    So what real steps have been discussed that solves these economic concerns in the bitcoin network? I bring this up as I am worried that once/if bitcoin becomes this global reserve and countries put their economic weight into btc mining they will have the majority rule on the hashrate and start enforcing things that go against what bitcoin is supposed to be.

    With no one willing to pay the hash rate costs, my main fear is that a couple decades down the road it might suddenly start sounding like a "good idea" to uncap the bitcoin supply and let the block rewards flow into the pockets of these massive mining farms. At that point we might as well start calling them the fed. Before you start hand waving this off as "never gunna happen", consider the fact that this already has happened before with gold. People in general are lazy and don't seem to have enough time outside of keeping up with the kardashians to be concerned with peering behind the wizards curtain to see what is really going on. %99 of people have no idea how the money system today works, that same %99 of people will likely never know how btc works either.

    Before you start going all tribal on me for questioning the larger logistics of how bitcoin is supposed to work long term. Please consider this discussion for the betterment of humanity than the betterment of what ever your favorite bags are.

    submitted by /u/lucidPrelusion
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    The City of Seoul Will Create a Cryptocurrency for Citizen Rewards

    Posted: 06 Aug 2019 06:58 PM PDT

    Ethereum's on-chain stablecoin transaction volumes surpassed Venmo 's total payment volume in Q2 2019

    Posted: 06 Aug 2019 10:52 PM PDT

    $100 million in Liquidations over the last 6 hours ($60m Shorts vs 40m Longs)

    Posted: 06 Aug 2019 03:40 AM PDT

    Bitcoin Trading in Venezuela Hits All-Time High

    Posted: 07 Aug 2019 01:45 AM PDT

    Just spotted in Bulgaria!

    Posted: 07 Aug 2019 12:25 AM PDT

    China Softening Stance on Bitcoin and Crypto, Says Circle CEO

    Posted: 06 Aug 2019 09:01 AM PDT

    Band Protocol | Decentralized Data Governance | BlockchainBrad | Datasets for DApps | Web3

    Posted: 07 Aug 2019 02:22 AM PDT

    Israeli Banks refuse cryptocurrency deposits from investors

    Posted: 06 Aug 2019 05:45 AM PDT

    UK Crypto investors on alert as British tax agency demands customer data

    Posted: 07 Aug 2019 02:08 AM PDT

    Banks stonewall Israeli Bitcoin investors trying to pay taxes

    Posted: 06 Aug 2019 08:04 PM PDT

    Shimmer testing stable at 7000tps

    Posted: 06 Aug 2019 04:42 PM PDT

    A crypto expert explains why bitcoin is a good hedge against global turmoil

    Posted: 06 Aug 2019 05:43 AM PDT

    The Wine Traceability Platform Co-Developed by VeChain and D.I.G, Kickstarted its Second Phase with the Introduction of Penfolds Bin 407 For Enhanced Transparency and Reliability (X-Post r/VeChain)

    Posted: 06 Aug 2019 06:03 AM PDT

    Chat app Kik fights back against SEC’s cryptocurrency lawsuit

    Posted: 06 Aug 2019 11:38 PM PDT

    Binance Was ‘Threatened and Harassed’ Over ‘False KYC Leak’

    Posted: 07 Aug 2019 01:40 AM PDT

    Seoul Metropolitan Government confirms it's moving forward on it's plans to turn Seoul into a Blockchain Smart City!

    Posted: 07 Aug 2019 01:24 AM PDT

    Seoul to give crypto rewards usable at local merchants to tax payers and voters

    Posted: 07 Aug 2019 01:06 AM PDT

    Seoul to give crypto rewards usable at local merchants to tax payers and voters

    Korean

    English

    Seoul has launched S-coin as part of the Zeropay program to reward citizens who use public services with cryptos, namely S-coin. Zeropay is a national payment system using QR codes and includes a no-merchant-fee benefit.

    Basically, if you are in Korea and you pay your taxes on time or vote (yes, vote, as in just go to the polls and press a button), you will get paid in crypto which you can use in conjunction with Zeropay. Zeropay isn't used everywhere, but is used widely at most mom n pops.

    Smart healthcare, donation management, and online certification verification are among the other blockchain-powered projects the city plans to launch in November.

    ​

    https://i.redd.it/qr2loiqohze31.png

    submitted by /u/CoKBrian
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    Crypto economics: debunking misconceptions about deflation

    Posted: 06 Aug 2019 10:44 PM PDT

    5 page article on Smart Contracts on Azure IoT in Microsoft's latest MSDN magazine for software developers

    Posted: 06 Aug 2019 09:30 AM PDT

    $BEST IEO sells out raising almost 44 million euro before launch of the Bitpanda Global Exchange tomorrow - (fees leaked in comments)

    Posted: 06 Aug 2019 08:13 AM PDT

    "We Must Not Let Blockchain Create a New Digital Economy Elite" (European Economic and Social Committee)

    Posted: 06 Aug 2019 08:33 AM PDT
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