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    Cryptocurrency Daily Discussion - January 5, 2020 (GMT+0)

    January 05, 2020

    Cryptocurrency Daily Discussion - January 5, 2020 (GMT+0)

    Daily Discussion - January 5, 2020 (GMT+0)

    Posted: 04 Jan 2020 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 The prior exemption for karma and age requirements is no longer in effect.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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    Second choice for ever ?

    Posted: 04 Jan 2020 08:01 AM PST

    Coinbase CEO: What will happen to cryptocurrency in the 2020s

    Posted: 05 Jan 2020 03:27 AM PST

    Ive realised its pointless telling people about crypto.

    Posted: 04 Jan 2020 11:33 PM PST

    The same old responses....

    It's a pyramid scheme

    It's not regulated

    It's not back by anything

    To explain crypto to people you need to program them from all information they have learned about it....before you can even get into discussing the benefits.

    No point.....fuck them. Let them keep their fiat and watch it vanish

    submitted by /u/the_gold_pill
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    ETHBNT is basically changing the entire structure of the Bancor protocol

    Posted: 05 Jan 2020 12:04 AM PST

    China’s new digital currency ‘isn’t bitcoin and is not for speculation’

    Posted: 05 Jan 2020 12:50 AM PST

    Cake Wallet’s Android Monero wallet has been released!

    Posted: 04 Jan 2020 12:33 PM PST

    It Will Take Years for Smart People to Understand Cryptocurrencies - Michael Arrington

    Posted: 04 Jan 2020 05:32 PM PST

    Richard Heart's HEX price is now too small to measure

    Posted: 05 Jan 2020 03:20 AM PST

    How Bitcoin Looked 11 Years Ago

    Posted: 04 Jan 2020 09:12 AM PST

    Libanonvpn: Anonymous Private Network Adapter

    Posted: 04 Jan 2020 01:10 PM PST

    Bitcoin’s Phenomenal Success Since Its Inception Highlighted Through 10 Essential Metrics

    Posted: 05 Jan 2020 03:01 AM PST

    Cointelegraph continues to report the news as if they are actually using a telegraph to receive their facts. Maybe they should change their name to coin-polygraph.

    Posted: 04 Jan 2020 10:39 AM PST

    What happened to Dash around 5am GMT? Screenshot from CoinbasePro

    Posted: 05 Jan 2020 01:46 AM PST

    Built a new site to help you discover cool new products/services in the crypto world that you can actually use

    Posted: 04 Jan 2020 08:56 AM PST

    Here's the site: https://cryptocanary.app/discover

    The title says it all, pretty much the goal is to help crypto adopters like you guys discover new products/services that you can actually use. Everything is crowdsourced so anyone can write comments, share their experiences, and submit new products to the site.

    Can you guys share with me your feedback on it?

    How can we improve it so users like you would want to come back more often?

    submitted by /u/stellarowl12
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    Why I am voting yes to the DigixDao dissolution proposal.

    Posted: 04 Jan 2020 08:42 AM PST

    Why I am voting YES to the DigixDAO dissolution proposal.

    To date more than $21.5 million was disbursed from the DigixDAO, in terms of $ it's ~50% of the current DigixDAO holdings. 50%! With close to zero results. if we continue at the same pace, nothing will soon be left. Ask yourself do you want to risk it?

    The DGX marketcapitalization would have to be in $Billions (with DGX fees turned on) just to justify the current DGD market price! What are the chances of that happening (low) or not happening and draining all the Ether in the DigixDAO (high)? Eventually, the fees will have to be turned off in order to remain competitive. This will be done directly or indirectly through wrapping the DGX token to avoid at least the transaction fees.

    Other than funding the DGD is a token without any meaningful use, a token that adds unnecessary friction in the form of extra fees on top of base fees (e.g. gold storage fees). That's uncompetitive because other gold backed tokens won't charge the end user these additional fees.

    This doesn't seem like a problem now, because the DGD holders are providing funding to the DigixGlobal and DGX ecosystem, but when most of the Ether in the DAO is spent, the main purpose of the DigixDAO will ceases to exist (funding mechanism), and only what will remain is a third party extracting unnecessary fees, decreasing DGX competetivnes. I think, for that reason a full dissolution is unavoidable and it's in the best interest of all DGD holders that it happens sooner than later. The longer we wait the less Ether we will get. Keep in mind, a dissolution clause was always in place since the inception of DigixDAO, in my opinion it was their plan from the very beginning to dissolve the DigixDAO after most of the funds are spent.

    It's better to end it now and leave with 0.193 ETH per DGD, than dissolve the DigixDAO too late and leave DGD holders with nothing.

    The only thing that's holding DGD price at these levels is the Ether the DAO holds, without it, the price would probably match its intrinsic value, which is close to zero. And this price floor (ETH) is decreasing every quarter.

    Most of the problems stems from the facts that DigixGlobal's incentives aren't aligned with DGD holders incetives, therefore both sides have a different form of "skin in the game" e.g. if all the Ether is spent and the DGD price goes to $0, it won't affect the private company DigixGlobal in a way it will affect us DGD holders, e.g. salaries of DigixGlobal employees, funds which were already spent to fund their product DGX, etc.. cannot be refunded! Meaning, even if the DGD price hits $0, they can't lose what they've already got (atm it's >$21.5 million + 15% stake in the DGDAO), but we can lose it all. Every Ether that leaves the DigixDAO is a financial gain for them, but for us it was just a loss so far. On the other hand if the dissolution passes, DGD holders will gain better conditions, but for DigixGlobal it means less funding for their product, less salaries for them and their employees etc.. The way they view DigixDAO is different from our view, for them it's a funding mechanism and we are sponsors, for us it's an investment.

    As you can see the incentives are inverse! One party profits at the expense of the other. It's a zero sum game. This can't work.

    In total there are 3 types of DGD holders, the founders, projects asking for funding (NeutralG) and non-DigixGlobal DGD holders. only the last ones are true DGD holders, because our incentives are directly tied to the success of DigixDAO/DGD (if DGD goes to $0 or the DigixDAO fails so do we), true skin in the game. This doesn't apply to the private company DigixGlobal or projects funded by DigixDAO (NeutralG), because even if the DigixDAO fails they will profit + as a bonus they won't have to share the DGX rewards with DGD holders. They are incetivized to spend all the DGDAO funds, the closer to the 100% utilization the better for them (maximum free funding).

    Another reason for a dissolution is extremely low market liquidity and thus inability to sell large amount of DGD tokens. For U.S. citizens the problem is even worse, they can't use the most "liquid" exchange Binance_com, so technically, they are forced to hold even if they would like to sell. And as if that wasn't enough, U.S. citizens are banned from voting and claiming rewards!

    Finally, let's focus on the numbers:

    -15% of DGD tokens went to the DigixGlobal team at no cost

    -$20 Million (69,702.2 ETH) went to DigixGlobal at no cost

    -$1.5 Million went to NeutralG at no cost (and now they are asking for another $1.2 Million)

    -DGX fees Collected: 479.62 (22k USD of total rewards for the DGD holders)

    -DGX MarketCap now $5.5 million

    -DGX MarketCap right after the CV2 $20M disbursement $3.06 million

    -Currently the DigixDAO holds ~386k ETH

    The dissolution proposal link: https://community.digix.global/#/proposals/0xe7d5d8aefc5f73c4c8bbc716f0c3c2dd52d5282d18217db331da4435b8e6966e

    The official announcement:https://medium.com/digix/proposal-announcement-project-ragnarok-integrating-a-dissolution-mechanism-for-digixdao-354fd871e3e0

    The DigixDAO ETH addresses:
    https://etherscan.io/address/0x75bA02c5bAF9cc3E9fE01C51Df3cB1437E8690D4

    https://etherscan.io/address/0x24626fd95ad815bab2136d6f91ca10562161cda3

    EDIT: (added links)

    EDIT2: (the DigxDAO ETH holdings info + addresses)

    submitted by /u/veryverum
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    Crypto Kylie's Interview with Paul for Edge Wallet

    Posted: 04 Jan 2020 09:20 AM PST

    Whats the best crypto tracking web based site.

    Posted: 04 Jan 2020 10:17 AM PST

    Im lookingv or a decent site that can show me how much fiat I spent on crypto and other analytical data.

    I have tried google, but im not that trusting sites that give the top 10 im guessing they are really paid for ads.

    I just want to know how much i have lost over the last 5 years, lol.

    submitted by /u/neo101b
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    Pantera Partner Paul Veradittakit’s Crypto Predictions for 2020

    Posted: 04 Jan 2020 10:17 AM PST

    Streamr's Head of Comms Shiv Malik explores how crowdselling through real-time data unions might be the technical solution that gives back control of our information.

    Posted: 04 Jan 2020 04:28 PM PST

    The Problem with Crypto

    Posted: 04 Jan 2020 10:08 PM PST

    Your guide to NYZO

    Posted: 04 Jan 2020 04:46 PM PST
    Read more
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