Cryptocurrency Daily Discussion - December 6, 2019 (GMT+0)

Daily Discussion - December 6, 2019 (GMT+0)
The CEO of a Bitcoin exchange is now a sitting US Senator. Let that sink in for a moment.
VIDEO: 1 NANO passed around the globe via mobile wallets - Through 11 countries and 6 continents in 140sec
Well played
XRP set to end 2019 as the worst performing major crypto of the year
Deutsche Bank Research: Crypto to Replace Fiat Currencies by 2030
I bought $1000 worth of the Top Ten Cryptos on January 1st, 2018 (Nov. 2019 Update)
Lots of shitcoin wars brewing this winter��
REMINDER: Delete your Poloniex accounts
Craig Wright to Cough Up $658K in Court Fees
What's going on with CoinTiger?
Why a massive $9 billion of bitcoin moved in one hour (highest hourly USD transaction volume in Bitcoin's history)
Putting this out there for anyone that hasn’t seen this petition for Ross’s release from prison. The punishment does not fit the crime!
Paul Brody on EY's Ethereum zkp advances: "I'm pleased to share that we have released an update to the #Nightfall open source and public domain tools from EY. This update enables our first version of transaction batching - allowing up to 20 transactions at once under zero knowledge."
Kicking off the process of achieving an updated and more decentralized governance model for the VeChainThor platform, powered by the launch of VeVote
No Libra style digital currencies without rules, say EU finance ministers
The Simple Ledger Postage Protocol allows to send tokens even without having base currency. The "Post Office" will ask for a fee denominated in the SLP token and cover the miner fee in exchange. Non custodial.
Podcast interview with Rune Christensen, CEO of MakerDAO talking about the launch of Multi-Collateral Dai, the new Dai Savings Rate and the future of DeFi
Almost 70 Crypto Funds Close This Year, Twice as Many Launch
Eth2 Quick Update no. 5 - Danny Ryan
Microsoft teams up with Enjin to launch community NFT rewards program.
Poloniex sells its soul and creditability in the latest Blockchain controversy
Ocean giving users their data back
Ripple Makes Final Attempt to Dismiss Its XRP Securities Lawsuit
What blockchain he talkin bout?
Pomp Joins Figure’s Board as Firm Completes $103M Funding Round

Daily Discussion - December 6, 2019 (GMT+0)

Posted: 05 Dec 2019 04:10 PM PST

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 prior Skeptics Discussions, click here.

submitted by /u/AutoModerator
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The CEO of a Bitcoin exchange is now a sitting US Senator. Let that sink in for a moment.

Posted: 05 Dec 2019 02:16 PM PST

submitted by /u/victorinox109
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VIDEO: 1 NANO passed around the globe via mobile wallets - Through 11 countries and 6 continents in 140sec

Posted: 06 Dec 2019 12:03 AM PST

submitted by /u/Joohansson
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Well played

Posted: 06 Dec 2019 12:00 AM PST

submitted by /u/Desh23
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XRP set to end 2019 as the worst performing major crypto of the year

Posted: 05 Dec 2019 02:14 PM PST

submitted by /u/victorinox109
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Deutsche Bank Research: Crypto to Replace Fiat Currencies by 2030

Posted: 06 Dec 2019 02:22 AM PST

submitted by /u/StandardCA
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I bought $1000 worth of the Top Ten Cryptos on January 1st, 2018 (Nov. 2019 Update)

Posted: 05 Dec 2019 04:26 AM PST

EXPERIMENT - Tracking Top 10 Cryptocurrencies for Two Years (2018 & 2019) - Month Twenty-Three - Down 85%

Full blog post with all the tables

**NOTE 1** - I'm on the fence whether or not to repeat the experiment yet again in 2020 with the new Top Ten. The problem is that there's been almost no movement: unless something drastic changes in December, it will be the exact same group of cryptos as the 2019 Top Ten minus Tron and plus Binance Coin. Tracking almost the same group, in the same way, for similar prices isn't very inspiring. I have some other ideas, but very open to suggestions: if you have any good ideas, please share them in the comments below. **END NOTE 1**

**NOTE 2** - I usually like to release the two posts a day apart, but I'll be spacing out the Top Ten 2018 and the Top Ten 2019 reports a bit more as readers have mentioned they've been removed by the mods (no offence taken, mods - the content is similar, I assume the posts are being removed because they're seen as identical. **END NOTE 2**

tl;dr - After a positive bounce in October, the cryptoverse is back to the summer's downward trajectory. Every crypto was down in November. Cardano performed the best (or least horribly), Dash lost the month for the first time since the experiment began nearly two years ago. Overall, Bitcoin is still well ahead. 60% of the 2018 Top Ten cryptos has lost at least 90% of their January 2018 value. NEM continues to be the absolute worst performer.

The Experiment:

Instead of hypothetically tracking cryptos, I made an actual $1000 investment, $100 in each of the Top 10 cryptocurrencies by market cap as of the 1st of January 2018. Think of it as a lazy man's Index Fund (no weighting or rebalancing), less technical, more fun (for me at least), and hopefully still a proxy for the market as a whole - or at the very least an interesting snapshot of the 2018/2019 crypto space. I'm trying to keep it simple and accessible for beginners and those looking to get into crypto but maybe not quite ready to jump in yet. I try not to take sides or analyze, but rather report and document in a detached manner letting the numbers speak for themselves.

I have also started a parallel project: on January 1st, 2019, I repeated the experiment, purchasing another $1000 ($100 each) into the new Top Ten cryptos as of January 1st 2019. Spoiler alert: the 2019 Experiment makes for much happier reading.

The Rules:

Buy $100 of each the Top 10 cryptocurrencies on January 1st, 2018. Run the experiment two years. Hold only. No selling. No trading. Report monthly. Compare loosely to the 2019 Top Ten Experiment.

Month Twenty-Three - Down 85%

After a strong October bounce, the 2018 Top Ten portfolio reverted to downward trajectory of the summer months. While all cryptos in the experiment were either in the green or flat last month, the opposite was true in November as each crypto ended the month solidly in the red.

Ranking and November Winners and Losers

There was no upward movement in November: every crypto either held onto its position or slid. After slipping three slots last month, Dash fell two more places in November and has now fallen to #22 and out of the Top Twenty for the first time since the beginning of the experiment. For the second straight month, IOTA dropped two places and now is in danger of joining Dash outside the Top Twenty. Bitcoin Cash and NEM also fell one position each, ending November at #5 and #28 respectively.

November Winners - Although it lost -11% in November, Cardano handily outperformed its peers. NEM finished in second, "only" down -15% on the month.

November Losers - Dash had a rough month, losing -28% of its value and dropping out of the Top Twenty. November also marks the first time since January 2018 that Dash ended a month at the bottom. Bitcoin Cash followed close behind Dash, finishing -27% in November.

For those keeping score, here is tally of which coins have the most monthly wins and losses during the first 23 months of this experiment. Most monthly wins (5): Bitcoin. Most monthly losses (5): Stellar. All cryptos have at least one monthly win. Up until last month, the only two coins never to lose a month were Bitcoin and Dash. Thanks to a Dash's dismal November, Bitcoin now stands alone as the only crypto that hasn't lost a month.

Overall update – Bitcoin still well ahead. 60% of the 2018 Top Ten cryptos have lost at least -90% of their January 2018 value, NEM still absolute worst performer.

Although down -45% since January 2018, Bitcoin is still miles ahead of the rest of the field. Litecoin and Ethereum are virtually tied for second place, down -79%.

NEM has performed the absolute worst (currently down -96%) but has plenty of company at the bottom: six out of the ten cryptos that started 2018 in the Top Ten are down at least 90%: NEM, Cardano, Dash, IOTA, Ripple, and Bitcoin Cash. My initial $100 investment in NEM is worth just $3.83.

Additionally, 40% of the cryptos that started 2018 in the Top Ten have dropped out, specifically NEM, Dash, IOTA, and Cardano. They have been replaced by EOS, Binance Coin, Tether, and BTCSV.

Total Market Cap for the entire cryptocurrency sector:

The crypto market gave up its October gains and then some as $50B was shed in November. The overall market cap now back to the $198B mark, last seen in May 2019. Since January 2018, the total market cap is down -66%.

Bitcoin dominance:

Bitcoin dominance decreased slightly in November. For context, the range since the beginning of the experiment in January 2018 has been quite wide: a high of 70% in September 2019 and a low of 33% in February 2018.

Overall return on investment from January 1st, 2018:

The 2018 Top Ten Portfolio lost -$42 in November. If I cashed out today, my $1000 initial investment would return $150, down -85%.

The 2019 Top Ten Experiment is doing better. If I cashed that experiment out today, that $1,000 initial investment would return $1,100, a +10% gain. Full November report to come. In the meantime, here's the October update.

Taken together, here's the bottom bottom line: after a $2000 investment in both the 2018 and the 2019 Top Ten Cryptocurrencies, my portfolios would be worth $1,250.

That's down -37.5%.

Implications/Observations:

As always, the experiment's focus of solely holding the Top Ten Cryptos continues to be a losing approach. While the overall market is down -%66 from January 2018, the cryptos that began 2018 in the Top Ten are down -85% over the same period. This of course implies that I would have done a bit better if I'd picked a different group of cryptos.

At no point in this experiment has this investment strategy been successful: the initial 2018 Top Ten have under-performed each of the twenty-three months compared to the market overall.

I'm also tracking the S&P 500 as part of my experiment to have a comparison point with other popular investments options. The S&P 500 is now up +17.5% since the beginning of 2018. My initial $1k investment into crypto would have yielded about +$175 had it been redirected to the S&P.

Conclusion:

After a bounce in October, it seems like we're back to our previously scheduled programming of downward movement. One month to go in 2019, let's see what happens.

A note: although I'm planning on continuing to track both the 2018 and 2019 Top Ten Cryptos next year, I'm undecided on whether or not to repeat the experiment yet again in 2020. Please do leave your suggestions and ideas in the comments below.

Thanks for reading and for supporting the experiment. I hope you've found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel project where I repeated the experiment, purchasing another $1000 ($100 each) of a new set of Top Ten cryptos as of January 1st 2019.

submitted by /u/Joe-M-4
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Lots of shitcoin wars brewing this winter��

Posted: 05 Dec 2019 02:30 PM PST

submitted by /u/victorinox109
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REMINDER: Delete your Poloniex accounts

Posted: 05 Dec 2019 01:45 PM PST

submitted by /u/victorinox109
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Craig Wright to Cough Up $658K in Court Fees

Posted: 05 Dec 2019 02:15 PM PST

submitted by /u/fallenkeith2018
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What's going on with CoinTiger?

Posted: 06 Dec 2019 01:33 AM PST

What's going on with CoinTiger?

https://github.com/ccxt/ccxt/issues/6223

I've used them and had some small issues in the past, but nothing like this. There's a whole Telegram channel now of people that have had their funds frozen. I saw https://www.publish0x.com/crypto-project/cointiger-exchange-big-revelation-about-frozen-accounts-sad-xokjlm and tried a test withdrawal after reading it -- It was denied after a couple of hours being "audited". I went to their Telegram channel, and after asking a few questions (No real answers...) was invited by PM to a separate Telegram channel with 20+ people all in the same boat over the last couple of weeks.

The CCXT issue explanation is pretty clear, and GitHub indeed shows that Cointiger changed their API docs in October to limit order cancellations upon threat of a API rate limit. Fair enough, although no annoucement was made that I know of that the API docs had changed, and I use the CoinTiger API quite a lot. The scary part, however, is that almost everybody in the Telegram channel with frozen funds is being told that they violated this cancellation limit and therefore forfit all of their gains. Some were offered the chance to remove just their initial deposit amount, but if they disputed that, CoinTiger then froze everything and refuses to communicate further. Some other people were told, very strangely, that if they waited three months, they could then get their funds back. I haven't done anything since my withdrawal rejection for fear of that happening.

Anyone else here with a similar experience?

submitted by /u/uetani
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Why a massive $9 billion of bitcoin moved in one hour (highest hourly USD transaction volume in Bitcoin's history)

Posted: 05 Dec 2019 04:37 AM PST