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    Cryptocurrency Daily Discussion - February 18, 2020 (GMT+0)

    February 18, 2020

    Cryptocurrency Daily Discussion - February 18, 2020 (GMT+0)

    Daily Discussion - February 18, 2020 (GMT+0)

    Posted: 17 Feb 2020 04:09 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 The prior exemption for karma and age requirements is no longer in effect.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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    Enjin goes live on Ethereum Mainnet

    Posted: 17 Feb 2020 01:41 PM PST

    "The Enjin Platform is live on Ethereum Mainnet! The culmination of over two years of hard work and relentless dedication, this release signifies the beginning of a new chapter for Enjin and blockch..."

    Read more below

    https://blockfolio.com/coin/ENJ/signal/zNNtFks1V6

    submitted by /u/nycityinsomniac
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    I legitimately, actually believe Crypto will make lots of people here, active in this sub right now, millionaires (and I think it's fairly obvious).

    Posted: 17 Feb 2020 05:48 PM PST

    I'm just looking at all the factors:

    • Crypto trade volume is growing - It's like 300-400% higher than during the "Big Bull Run" of 2017.

    • It's getting easier to buy and trade crypto everyday. And the user interfaces are becoming more and more normie-friendly.

    • Libra is coming. Which is, if nothing else, a SHIT TON of press for crypto. (Who's to say Google or Amazon won't enter the market as well?) Awareness of crypto will just continue to swell...

    • The 10+ year bull run in the traditional stock market won't last forever (and may end soon). Remember: Crypto has accomplished everything it has even while competing with relatively safe and easy returns on Wall St. Just wait til the stock market stalls and/shrink and we get real institutional investors.

    • People are CRAVING high return, high speculation, tech savvy, investments. Look at Tesla over the last 6 months.

    • Boomers are retiring and dying off. Millennials are entering the investment world.

    • The BTC halving is in May.

    Not every coin will moon, obviously.

    But even the newest newb on this sub right now is still an early adopter with a chance at 100X-1000X gains if they buy, HODL, and see where this goes.

    Crypto is risky as fuck. But show me another investment like it—show me another investment with potential returns like this with factors that make sense to me like the ones above.

    submitted by /u/landmindboom
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    “Block Chains” vs “Block Pools”: A New Technology That Can Power a Decentralized Marketplace and Social Network

    Posted: 17 Feb 2020 09:13 PM PST

    I had a lapse in judgement and got scammed.

    Posted: 17 Feb 2020 07:19 PM PST

    Hi so this post is fye and for me to vent about my own stupidity.

    So about an hour ago I was scammed by a YouTube livestream. Correction: I scammed myself because of a YouTube livestream.

    I was browsing my home page on YouTube when I come across an 'Ethereum Foundation' livestream advertising a 100,000 ETH giveaway. I click on it and it has a couple thousand viewers and the channel has around 60k subs. I check the description and there's a link with the giveaway instructions 'signed' by Vitalik Buterin. My stupid ass looks at this and says 'this looks legit, 3 eth for 15 eth in return, and if there's none left you get your eth back! No downsides!!'

    Well after I sent the 3 eth, I look through the channel uploads and it's just some dude in Africa. I'm mad at myself for falling for such a dumb gimmick (I've been in the crypto space since October) and I'm really just writing this to get my frustration out. I know it's not a terribly huge amount of money lost, but it still hurts that I could've been so stupid for those 5 min.

    I know most of the people here already know about these scams, but I guess if someone hasn't and they read this, it might save them some money (and shame) in the future.

    I hope this gave you a laugh and I look forward to all the comments telling me I'm an idiot. :)

    submitted by /u/cabogabo
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    Decentralized finance (DeFi) lending protocol bZx has just been exploited – again The estimated loss is 2,388 ether (ETH) this time, i.e. nearly $645,000

    Posted: 18 Feb 2020 01:06 AM PST

    What is the actual deal with Bitcoin (BTC) ?

    Posted: 17 Feb 2020 06:14 AM PST

    I'm really trying to figure out what is actually going on with Bitcoin and why there are so many people who believe in a project that has done so little in 5 years.

    For a project that is supposedly trying to be a currency and to make everything perfect, how come they can't even agree on block size and have no plan on how to achieve world wide use? Why does it take anywhere from 15 minutes to an hour for me to buy something?

    There are literally projects in the low million market cap range that have faster blockchains and can be used as currency. What am I actually missing here?

    How come we never get to hear from any of the decision makers or developers. It's literally always strangers talking about the same things over and over. It's like a cult following and I personally do not have a good feeling about this sheep mentality or people telling me to buy it with nothing to back it up other than how "its going to go up"

    I was a BTC holder since the dawn of time itself but I literally sold yesterday and I'm wondering other people's thoughts on the project. I think it will still pump, not because of innovation but in the same way that Doge will pump.

    Edit - Parody of https://www.reddit.com/r/CryptoCurrency/comments/f51om4/what_is_the_actual_deal_with_cardano_ada/

    submitted by /u/Native411
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    There's a massive increase in developer activity on BNT and locked DeFI liquidity on Bancor. The number has doubled in just a few weeks causing the token value to rise

    Posted: 18 Feb 2020 12:58 AM PST

    Improving on Data Integrity Protection

    Posted: 18 Feb 2020 04:25 AM PST

    Attempt at an unbiased summary of the IOTA attack by a non-bag holder

    Posted: 17 Feb 2020 09:10 AM PST

    On February 12th the IOTA Foundation (IF) posted a status update:

    February 12th 2020 - 08:55

    After receiving several reports of fund theft that looked out of the ordinary in a short timeframe we decided to warn about this in Discord and on Twitter. As a precaution we ask you to keep your Trinity wallet closed for now.

    25 minutes later they decide to shut down the "coordinator", blocking all "value" transactions.

    February 12th 2020 - 09:20

    After initial investigation we decided to turn off the Coordinator to make sure no further theft can occur until we find out the root cause of these thefts. Further investigation taking place from here on.

    They then spend 5 days investigating the theft.

    After about 24 hours, only about 10 people reported that they had been stolen from/were identified.

    February 13th 2020 - 07:45

    We've shifted the complete focus of all relevant resources of the IOTA Foundation to this investigation last night and we have been working in teams to investigate impact and cause together with the identified victims. The conclusions so far are:

    - Most evidence is pointing towards seed theft, cause still unknown and under investigation

    - Victims (around 10 that identified with the IOTA Foundation so far) all seem to have recently used Trinity

    However, it seems by examining at the transactions that they knew were associated with the theft and were able to identify some new thefts.

    February 14th 2020 - 05:45

    ...

    The investigation has yielded absolutely no indication that there has been a core protocol breach of any kind. Rather, all evidence so far points to a problem with a dependency of the Trinity wallet.

    The attack pattern analysis showed that the halt of the coordinator interrupted the attacker's attempts to liquidate funds on exchanges. The stolen funds have been purposely and repeatedly merged and split to obfuscate the investigation, and with the current token exchange rate as well as exchanges' KYC limits in mind. We received additional feedback from more exchanges (not all yet), confirming that none of the identified transactions has been received or liquidated. Our current assumption is that the perpetrator targeted high value accounts first, before moving on to smaller accounts and then being interrupted early by the halt of the coordinator. (Again: Hardware wallet users are not affected.)

    To me, the details sound like the perpetrator was experienced and knew how to convert the tokens to a less-centralized cryptocurency without KYC/AML. It wasn't simply a crime of opportunity, but rather there was some planning.

    There was a lot of speculation over whether or not the hacker was "sophisticated". Of course, he did manage to pwn IOTA's official wallet. However, the "Chairman of the Board" of IOTA wrote "Let's just say theres a lot of traces. The attacker does not seem to have been tоо sophisticated", on discord. Screenshot

    On February 16th, IF released a new version of their wallet.

    ​

    Trinity Desktop 1.4.1 is out.

    ...

    - Update: Remove exchange support (#2565)

    - Update: Adjust update alerts and disable auto update (#2566)

    - Fix: Allow wallet entry when nodes are not in sync (#2563)

    - Update: New Crowdin translations (#2553) - Fix: Endless loading cycle (#2568)

    Two interesting changes are they removed exchange support and they disabled auto updates. IF had recently integrated "Moonpay"in their wallet, which allows users to buy IOTA with their credit cards for a 4.5% fee. Moonpay appears to be affiliated with Roger Ver and Bitcoin.com but I didn't look into this too much. Purely speculation, but it seems that Moonpay may be involved in the key theft.

    Quite a few users in Discord were reporting that they had trouble with the new version.

    About 12 hours later they released a new desktop version (1.4.2) with

    - Fix: Incorrect alert on password change for some users (#2570)

    Fast forward to today, IF released their remediation plan.

    Basically, if you used their official wallet since December 17th, 2019 then your seed might be compromised. However, they say that the attack didn't really start until January 25th, so the Dec 17th date is out of an abundance of caution. (Note: I'm pretty sure December 17th is when Moonpay integration occurred.)

    Here's the IF remediation plan from status.iota.org:

    February 17th 2020 - 05:47

    Here is a short overview of the attack remediation plan and the next steps going forward. Essentially the remediation plan involves three steps:

    STEP 1: INSTALL UPDATED VERSION OF TRINITY

    As announced yesterday, we have released an updated version of Trinity which allows you to check your balance and transactions. Please download this newest version of Trinity here and install it over your old version: https://github.com/iotaledger/trinity-wallet/releases/tag/desktop-1.4.1

    When you download the new version, MAKE SURE TO CHANGE YOUR PASSWORD AND STORE IT IN A PASSWORD MANAGER. If you have used the same password also for other services or websites, we strongly recommend you change it there, too, as a precaution.

    By upgrading to this new version of Trinity, you will remove the vulnerability from your wallet and render the hacker incapable of accessing your wallet if s/he has not already done so.

    STEP 2: MIGRATE YOUR TOKENS TO SAFE SEEDS

    In the upcoming days, we will release a seed migration tool that will allow users to transfer their tokens to a safe seed. We strongly recommend that ALL users who have opened any version of Trinity (Desktop or Mobile) since the 17th of December 2019 utilize the tool and migrate their tokens to a new, safe seed during the soon-to-be-announced migration period BEFORE the coordinator is re-started. More information on the tool and how to use it will be provided when the tool is published.

    By migrating your tokens to new, safe seeds prior to the re-start of the coordinator, you will render the attacker incapable of making unauthorized transfers of your tokens if s/he has not already done so.

    *Note: our current information indicates that the hack started on or around 25 January 2020 and that only Trinity Desktop users' seeds were potentially compromised. However, out of an abundance of caution, we are nevertheless recommending that ALL users (not only desktop users) who are concerned about possible token loss should migrate their tokens to a new seed.

    *Note: Ledger Nano users do not need to use the migration tool but a password change is still strongly recommended.

    STEP 3: RECLAIM YOUR STOLEN TOKENS IF NECESSARY

    Our current information indicates that only a limited number of bundles were successfully transferred by the attacker out of the true owners' wallets. We have notified all exchanges of all compromised bundles we are aware of so as to prevent any further movement of any stolen tokens. We therefore anticipate that in the majority of cases, Steps 1 and 2 will be sufficient to protect most users' tokens.

    To address the minority of cases in which unauthorized token transfers were made out of users' wallets, a third step is needed. We will perform a global snapshot of the network that will, pending community validation, enable us to bring stolen tokens back to the affected users. More information on the process as well as the consequences for all affected users will be provided soon.

    Assuming the snapshot is successfully validated by the IOTA community (node operators), we will implement a KYC procedure involving a third party that will enable all users who had their tokens stolen to reclaim them. The same procedure will also be required for certain cases in which the migration tool is used fraudulently or incorrectly. More information on this process will follow shortly.

    After the migration process, we will restart the coordinator and resume normal operations on the network. An update on the timeline will be released in the upcoming days.

    We will publish detailed instructions on the steps users should take as soon as the remediation tools and processes are ready. For now, please make sure to download the new Trinity version to change your password and check your balance.

    We would also like to ask any affected users from the United States to come forward and DM our team, as your cooperation could assist us with ongoing law enforcement investigations.

    Thank you all for your patience. We will continue to update you on all important steps along the way and will do our best to make the transition as easy and smooth as possible.

    So yea, if you got your tokens stolen, they will return them to you after you submit KYC/AML to the IOTA Foundation, assuming that "node operators" agree to roll back the theft.

    Hopefully users didn't reuse the same seed for another cryptocurrency because they won't be able to roll those back.

    It sounds like they're working with the FBI (or US law enforcement) on this which is a bit surprising. I'm skeptical that they have really identified the perpetrator -- a common attack is to steal developer Github credentials which could be what happened here. But again, that's purely speculation.

    Please don't repost this on your for-profit crypto news site without attributing to me ;)

    ​

    edit: formatting

    submitted by /u/Priest_of_Satoshi
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    Monero is the real digital Gold, not Bitcoin

    Posted: 17 Feb 2020 02:28 PM PST

    Monero can do everything that Bitcoin can do but it has completely private transactions and no way to know who holds what. No other significant crypto does that.

    The other advantage that Monero has is that its devs and community are open minded to trying out new ways to scale it. The Bitcoin devs decided to go the LN route and Blockstream sidechains and closed off other routes.

    Bitcoin is terrible as digital Gold.

    submitted by /u/genius3edition
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    Binance is overloaded right now?

    Posted: 17 Feb 2020 07:03 PM PST

    What are the different options for privacy coins ya'll are looking into?

    Posted: 17 Feb 2020 04:58 PM PST

    We all know that Monero (XMR) is basically 'the' privacy coin atm.
    I believe that privacy coins are going to be one of the categories that get extra interest in the coming years.
    What are some other projects you are watching which are privacy oriented that may or may not be popular yet and you think is worth following? -And- In your own words what's something that makes the project worthwhile?

    I'll go first to give an example using Monero,
    Monero (XMR) - One of the OG privacy coins so it's had time to develop a fair distribution and from what I've read, a fair issuance, and the mining algo used helps even the playing field for ASIC competitors. It's fungible, private by default, and the whole 'adaptive block sizing' seems to on the surface be an excellent help for possible issues to come like network congestion.
    Now Monero is kind of an easy one to pick out and chat about, but it's one of the few that I know about and I wanted to give an example.

    What projects do ya'll have to share?

    submitted by /u/jc_harming
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    Have almost 0.4 BTC locked on CryptoBridge. Is there anything I can do?

    Posted: 17 Feb 2020 08:24 AM PST

    Hello. So I've just realized that CryptoBridge - "decentralised" exchange has been closed 2 months ago. I've had almost 0.4 btc there. Is there anything I can do now or is it lost forever? I just left it there because it was allegedly decentralised so I thought it's safe to leave it there.

    submitted by /u/3aglee
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    How to check Tezos staking (delegation) rewards and payments

    Posted: 18 Feb 2020 03:28 AM PST

    Honest question

    Posted: 17 Feb 2020 04:18 AM PST

    Why do so many people dig in behind their favorite crypto like its a sports team?

    I mean, sure, I have my favorites as well but I don't waste time trying to convince others that they're buying "shitcoins" if they don't buy my favorite coin/token.

    IMHO this fanboy mentality really needs to go, it will only turn people against each other and continue to hurt this space.

    Good luck everyone!

    submitted by /u/mcshanksshanks
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    Bloomberg: Crypto Giant Binance Launches Cloud Service in Revenue Shift

    Posted: 18 Feb 2020 04:18 AM PST

    Tether (USDT) is coming to Bitcoin Cash (skip to 16:00)

    Posted: 18 Feb 2020 04:14 AM PST

    Switching/mixing coins for anonymity?

    Posted: 18 Feb 2020 03:23 AM PST

    Lets say I buy ethererum to my wallet, and decide to switch my ETH to BTC using something like 'coinswitch'. How could anyone trace those ethereums to the bitcoins, other than coinswitch themselves? Is this a good way of keeping yourself anonymous?

    submitted by /u/Greated
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    Conspiracy Alex Jones Finally Becomes a Bitcoin Believer - Bitcoinist.com

    Posted: 17 Feb 2020 07:55 AM PST

    Blockchain Expo 2020 has speakers from Nasdaq, Citi, HSBC, Barcleys, ING, Mastercard, Bank of England, IDC & more. - Is buying crypto still like buying Beanie Babies?

    Posted: 17 Feb 2020 09:17 AM PST

    Question: For the earlier folks that were here during past bull markets (prior to the 2017 market) were people still talking about the "Next bull run!" before 2017, or had hype died off?

    Posted: 17 Feb 2020 05:36 AM PST

    Title has the question. I guess I'm a permabear now, but we haven't stopped talking about the "next bull run" since the crash. I don't have a metric for anything, but it seems like the more folks talk about something in crypto the less likely the chance of it happening is.

    submitted by /u/CasterBaiter
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    Announcing VIMWorld, the official NFT ecosystem for the 8Hours Foundation and PlayTable ecosystem

    Posted: 17 Feb 2020 12:24 PM PST

    Could crypto investments be tax-free under new Trump policy?

    Posted: 17 Feb 2020 09:45 AM PST

    Trezor vs Ledger (Trezor Model T, Ledger Nano S Hardware Wallet Review/Best cryptocurrency wallet) - Exodus Wallet

    Posted: 17 Feb 2020 03:10 PM PST
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