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    Cryptocurrency Daily Discussion - February 12, 2020 (GMT+0)

    February 12, 2020

    Cryptocurrency Daily Discussion - February 12, 2020 (GMT+0)

    Daily Discussion - February 12, 2020 (GMT+0)

    Posted: 11 Feb 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 The prior exemption for karma and age requirements is no longer in effect.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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    We just broke 300B marketcap

    Posted: 11 Feb 2020 11:50 PM PST

    Crypto supporter Yang drops out

    Posted: 11 Feb 2020 07:05 PM PST

    IOTA and the Eclipse Foundation Launch Working Group to Develop Commercial Applications on Distributed Ledger Technology

    Posted: 11 Feb 2020 09:43 AM PST

    CIA controlled global encryption company for decades, says report | US news

    Posted: 11 Feb 2020 06:10 PM PST

    North Korea is mining way more Monero than last year

    Posted: 11 Feb 2020 09:37 AM PST

    Fed Chairman Shows Support For Private Crypto Transactions

    Posted: 11 Feb 2020 12:26 PM PST

    A trend for society as a whole in 2020 is transparency, whether it is in retail, data privacy or cryptocurrency trading. Transparency and accuracy of crypto exchange trading volumes have dogged the industry for years.

    Posted: 12 Feb 2020 12:06 AM PST

    Largest Bank U.S JPMorgan to Merge Its Blockchain Unit With Ethereum's ConsenSys

    Posted: 11 Feb 2020 09:28 AM PST

    I bought $1000 worth of the Top Ten Cryptos on January 1st, 2019 (Jan 2020 Update)

    Posted: 11 Feb 2020 07:22 AM PST

    I bought $1000 worth of the Top Ten Cryptos on January 1st, 2019 (Jan 2020 Update)

    2019 \"Index Fund\" EXPERIMENT - Tracking Top 10 Cryptocurrencies of 2019 - Jan 2020 Update - Up 63%

    Full blog post with all the tables

    tl;dr - The Forks rule January with BSV and Bitcoin Cash dominating the month. Bitcoin loses overall lead to BSV which is now well ahead of its peers. 40% of the 2019 Top Ten Cryptos are up over +100% overall. Stellar is the worst performer, down nearly half since Jan. 2019.

    The Experiment:

    Instead of hypothetically tracking cryptos, I made an actual $1000 investment, $100 in each of the Top 10 cryptocurrencies by market cap on the 1st of January 2018. The result? The 2018 Top Ten portfolio ended the year down 85%, my $1000 worth only $150.

    I then repeated the experiment on the 1st of January 2019 with the new 2019 Top Ten cryptos, then again in 2020.

    Think of the Top Ten Experiments as a lazy man's Index Fund (no weighting or rebalancing), less technical, but hopefully still a proxy for the market as a whole – or at the very least an interesting snapshot of the 2018, 2019, and 2020 crypto space.

    I am trying to keep this project 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 attempt to report in a detached manner letting the numbers speak for themselves.

    This is not investing advice – as a matter of fact, the vast majority of the reports will show that the Top Ten approach under performs other strategies. This is experiment is designed to be documentary in nature, describing a specific period in cryptocurrency history.

    Month Thirteen – UP 63%

    The new year brought new life to the crypto markets. After two down months to end 2019 at nearly the break even point (I was up only +2% after tracking these cryptos for one year) the 2019 Top Ten had a very strong January and now has gained +63% since January 2019.

    Additionally, every crypto finished the first month of the year in the green, something this group hasn't achieved since October 2019.

    Ranking and January Winners and Losers

    Seven of nine ten cryptos changed positions this month. BTCSV gained the most ground advancing four spots as Stellar headed in the opposite direction, down three places in January. The only cryptos to stay put were the top three: BTC, ETH, and XRP.

    Stellar and Tron have dropped out of the 2019 Top Ten and have been replaced by Binance Coin and Cardano.

    January Winners – Good month for the forks: BTCSV absolutely crushed its peers in January, up +193%. Bitcoin Cash finished in second place, up +87%.

    January Losers – Tether picks up a loss, always a good sign for the rest of the 2019 Top Ten (no offense Tether). +24% wasn't enough for XRP to avoid being the second worst performing crypto in January.

    For those keeping score, here is tally of which coins have the most monthly wins and loses during the first thirteen months of this experiment: Tether is still in the lead followed by BTCSV in second place. Bitcoin SV also holds the most monthly losses, finishing last in four out of thirteen months.

    Overall update – Bitcoin falls behind BTCSV. Stellar and Ripple still worst performers.

    Bitcoin, after ending 2019 with a significant lead over then second place Litecoin, has fallen behind BTCSV which ended the month up +194% since January 2019. Bitcoin is now in second place overall (up +147%) followed by Bitcoin Cash which is up +129%. My initial $100 investment in BTCSV is now worth $296.

    40% of the 2019 Top Ten Cryptos are up over +100% at the moment: BTCSV, Bitcoin, Bitcoin Cash, and Litecoin,.

    On the other side of the coin (see what I did there?) Stellar and XRP are taking a beating, down -47% and -33% respectively.

    Total Market Cap for the entire cryptocurrency sector:

    The crypto market gained over $67B in January 2020. The overall market cap is now back over $250B, a level last seen in September 2019. Bigger picture, the crypto market is up over +100% since the Experiment began in January 2019.

    Bitcoin dominance:

    Bitcoin dominance dipped a few percentage points during the first month of 2020, an indicator that the strong January can be attributed more to altcoins than to Bitcoin.

    Overall return on investment since January 1st, 2019:

    The 2019 Top Ten Portfolio gained about $615 in January 2020. After an initial $1000 investment, the 2019 Top Ten Portfolio is worth $1,631, up about +63%.

    Here's a look at the entire experiment, month by month:

    Every month except the first month (January 2019) is green.

    How does the 2019 Top Ten Experiment compare to the parallel projects?

    Taken together, here's the bottom bottom bottom line:

    After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my portfolios are worth $3,382.

    That's up about 12.7%.

    Implications/Observations:

    While the crypto market as a whole is up about +100% since January 2019, the 2019 Top Ten cryptos have gained just +63%.

    This is reminiscent of the 2018 group as at no point in the first twenty-five months of the Top Ten 2018 Experiment has the approach of focusing on the Top Ten cryptos outperformed the overall market. There are a few examples, however, of this approach outperforming the market in the 2019 Top Ten Crypto Experiment and, spoiler alert, the first update of the 2020 Top Ten Crypto Experiment shows that focusing on the Top Ten was a good strategy in January 2020.

    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 up +29% since the beginning of 2019. This is less than half the +63% gain that the 2019 Top Ten portfolio is returning.

    So, the initial $1k investment I put into crypto would now be worth $1290 had it been redirected to the S&P 500 in January 2019.

    But what if I took the same world's-slowest-dollar-cost-averaging/$1,000-per-year-in-January approach with the S&P 500? It would yield the following:

    • $1000 investment in S&P 500 on January 1st, 2018: +$210
    • $1000 investment in S&P 500 on January 1st, 2019: +$290
    • $1000 investment in S&P 500 on January 1st, 2020: +$0

    Taken together, here's the bottom bottom bottom line for the S&P:

    After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,500.

    That's up about +17% (compared to +12.7% with the Top Ten Crypto Experiments).

    Conclusion:

    It was a nice change to have such a strong start to 2020 – both 2018 and 2019 began with crypto in a downward trend. With the Bitcoin Halving only about 100 days away, we should be in for a wild first half of the year.

    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 the original 2018 Top Ten Crypto Index Fund Experiment and the recently launched 2020 Top Ten Experiment.

    submitted by /u/Joe-M-4
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    Australia's New Payments Platform Will Give The RBA & Big Banks Total Control & Surveillance Over All Financial Transactions

    Posted: 12 Feb 2020 02:00 AM PST

    If you've never heard of Hedera Hashgraph you might want to read this old post

    Posted: 11 Feb 2020 11:22 PM PST

    Ethereum user-base explodes in January 2020, up [163%] in Games & Marketplaces

    Posted: 11 Feb 2020 01:53 AM PST

    CME Group’s Chief Economist: Bitcoin Deserves Further Studying

    Posted: 11 Feb 2020 05:43 AM PST

    Comparing the cost of living from 2000 to 2020: Inflation is a lot higher that you think and your purchasing power is declining.

    Posted: 11 Feb 2020 11:49 AM PST

    Sologenic Offers New Bounty Program to Launch XRP Validators

    Posted: 11 Feb 2020 06:08 PM PST

    ARK Desktop Wallet v2.8 is now available! This update is mandatory. This Wallet update includes support for Core v2.6, MultiSig, MultiPay, Business & Bridgechain registration transactions, IPFS, delegate resignation, Nonce support and much more! Please update.

    Posted: 11 Feb 2020 11:54 AM PST

    German bank tokenizing securities on Stellar Blockchain.

    Posted: 11 Feb 2020 07:16 AM PST

    Why Exchanges List Small-Cap Coins Despite 51% Attacks - CoinDesk

    Posted: 11 Feb 2020 01:44 PM PST

    Noob Q regarding monero

    Posted: 11 Feb 2020 01:00 PM PST

    If the whole ledger is private, what stops people to say: "sorry i didnt receive your tx?"

    or are adresses open to public but tx not?

    thx for answers

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    FU automod

    submitted by /u/deineemudda
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    Here's How the 2.09 Million EOS "Hack" Really Happened

    Posted: 12 Feb 2020 12:41 AM PST

    BBC: ‘The Financial Revolution That Hasn’t Quite Happened’

    Posted: 11 Feb 2020 06:17 AM PST

    JPMorgan May Merge Its Blockchain Project With Ethereum Studio ConsenSys: Report

    Posted: 11 Feb 2020 12:08 PM PST

    Why Is Bitcoin Much Better Than Fiat Money

    Posted: 12 Feb 2020 03:39 AM PST

    IRS Reporting

    Posted: 11 Feb 2020 11:20 AM PST

    I did not realize how many exchanges now report our financial information to the IRS. Wasn't the intent of cryptocurrencies to be off of the books? LOL

    Coinbase, Coincase Pro, Gemini, and Binance US all report when we hit both 200+ transactions and $20,000 within a calendar year.

    Kraken does not report unless they are asked to provide information on a specific person due to a legal investigation.

    Can anyone add more to this list of which report to the IRS and which do not?

    Obviously, we are all expected to report our financial information to the IRS. It is just nice to know going in, which private information each exchange has agreed to report.

    EDIT: Someone pointed this out and I copied this directly from the Coinbase website...

    Note: Coinbase customers (who do not also use Coinbase Pro) will not receive 1099-Ks — they are not required at this time.

    submitted by /u/joenorwood77
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