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    Cryptocurrency Daily Discussion - February 19, 2020 (GMT+0)

    February 19, 2020

    Cryptocurrency Daily Discussion - February 19, 2020 (GMT+0)

    Daily Discussion - February 19, 2020 (GMT+0)

    Posted: 18 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 The prior exemption for karma and age requirements is no longer in effect.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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    How to assign custom flair via InstaMod

    Posted: 18 Feb 2020 04:06 PM PST

    Hey there /r/CryptoCurrency! I'm the developer of the bot /u/InstaMod which is responsible for the automatic flair on this subreddit. You can read more about how InstaMod works on this subreddit here, but today I'm here to talk about assigning custom flair.

    If you are in the top 10% of contributors on this subreddit, then you have the ability to overwrite your automatic flair assign a custom one. Users who achieve this status are notified via a PM from /u/InstaMod with instructions on how to go about applying that flair. However, recently there was a bug which resulted in users not being able to assign flair, so I'd like to give everyone a refresher on how to correctly go about this process now that it's been resolved.

    This link is a pre-formatted PM message which will allow you to assign custom flair. Simply fill out the flair and CSS sections (or leave them blank) and the bot will promptly respond with a confirmation that your flair was updated. If you do not have the permissions to apply custom flair then the bot will reply informing you of that. Here is a list of the current CSS options available:

    Bitcoin, BitcoinShares, Bitcoin Cash fan, Dogecoin, Ethereum, Litecoin, Monero, Dash, NEM, ETC, Ripple, Factom, NEO, OMG, ARK, SIA, Peercoin, Nxt, Namecoin, Waves, Iota, ZCASH, Altcoiner, Developer, Miner, Trader, Investor, Observer, Student, Entrepreneur, Analyst, Moon, Gentleman, Fan

    If you have any questions, suggestions, or issues feel free to let me know in the comments. There are some additional features that I hope to add into InstaMod in the near future so stay tuned!

    submitted by /u/shimmyjimmy97
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    I bought $1000 worth of the Top Ten Cryptos on January 1st, 20120 (Jan 2020 Update)

    Posted: 18 Feb 2020 08:06 AM PST

    I bought $1000 worth of the Top Ten Cryptos on January 1st, 20120 (Jan 2020 Update)

    ​

    2020 \"Index Fund\" EXPERIMENT - Tracking Top 10 Cryptocurrencies of 2019 - Jan 2020 Update - Up 55%

    Full blog post with all the tables

    edit: even if it was possible to alter the title, I don't think I would - enjoying the time travel comments! Apologies for the typo, fighting a bit of jet lag!

    tl;dr - 2020 group off to a strong start, up +55% in January, but trail the 2019 Top Ten, which are up +63%. BSV crushes the competition in January. Focusing on the 2020 Top Ten cryptos paid off in January, a rarity for these experiments. Not a reader? This dude made a video of the findings.

    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 55%

    If you're just finding the experiment now, welcome. You have some catching up to do. Let me explain. No, there is too much. Let me sum up.

    On the 1st of January, 2018, I bought $100 each of the Top Ten cryptos at the time for a total investment of $1000 to see how they would perform over the year. I tracked the experiment and reported each month. I then extended the 2018 experiment repeated the process with the new 2019 Top Ten group of cryptos. How is it going?

    After two years the 2018 Top Ten were down -86%.

    After one year the 2019 Top Ten broke just about even (up +2%).

    I decided to keep things going in 2020, so I repeated the experiment yet again. The round three coins are:

    Bitcoin, Ethereum, XRP, Tether, Bitcoin Cash, Litecoin, EOS, Binance Coin, Bitcoin SV, and Tezos are the coins I'll be tracking as part of the 2020 Top Ten Crypto Index Fund Experiment.

    Let's get into it. Here's the 2020 Top Ten Crypto Experiment update for January.

    Month One – UP 55%

    Well there's something you don't see everyday. Or at least I don't after twenty five months of running these experiments: an all green month. Great start for the 2020 batch and by far the strongest January since the Top Ten experiments started in 2018.

    Ranking and January Winners and Losers

    Except for the top three (BTC, ETH, and XRP), there was a ton of movement in January, most of it downward. Tezos crashed hard, down from #10 to #15 and becomes the first to drop out of the Top Ten. Tether dropped two places, always a good sign for the rest of the group. BSV gained the most ground advancing four spots in the rankings.

    January Winners – BSV dominated the field finishing January up +181%. Bitcoin Cash finished a distant second place gaining +78%.

    January Losers – Tether, which is always great news for the rest of the pack. XRP finished in second place "only" up +25%.

    For those keeping score, I keep a tally of which coins have the most monthly wins and losses:

    Overall update – BSV takes strong early lead. Tether is the worst performer.

    It was hard for the rest of the cryptos to keep up with BSV this month, up +181% in January. That's more than double what second place Bitcoin Cash gained this month. BSV is already worth $280.

    Tether started 2020 in the basement as the rest of the field gained at least +25%.

    Total Market Cap for the entire cryptocurrency sector:

    The crypto market gained over $67B in January 2020, up +36% since New Year's Day.

    Bitcoin dominance:

    Bitcoin dominance dipped a few percentage points to 66% during the first month of 2020, a sign of increasing interest in altcoins.

    Overall return on investment since January 1st, 2020:

    The 2020 Top Ten Portfolio gained about $549 in January 2020. After an initial $1000 investment, the 2020 Top Ten Portfolio is worth $1,549. That's up about +55%.

    There's not much here at the moment, but we'll be looking at the entire experiment, month by month in an attempt to keep some perspective:

    How does the 2020 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:

    The crypto market as a whole is up about +36% in January compared to the 2020 Top Ten cryptos which have gained +55%. Sticking with the Top Ten coins beat the overall market in January.

    Although there are a few examples of this strategy working with the 2019 Top Ten, it's interesting to note that this hasn't yet happened with 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 only the Top Ten cryptos outperformed the overall market.

    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 was flat in January.

    The initial $1k investment I put into crypto would now be worth $1000 had it been redirected to the S&P 500.

    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:

    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:

    A nice start to the year for the 2020 Top Ten and the best January since I started updates in 2018. It's also a nice to be modestly up on the combined 2018, 2019, and 2020 portfolios for a change.

    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 2019 Top Ten Experiment follow up experiment.

    submitted by /u/Joe-M-4
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    Nebulous/Sia announces Skynet - decentralised CDN ready for production

    Posted: 18 Feb 2020 12:01 PM PST

    US Presidential candidate Michael Bloomberg wants clear guidelines on cryptocurrency

    Posted: 19 Feb 2020 05:14 AM PST

    Xtrabytes - Data Integrity Protection by PoSign™

    Posted: 19 Feb 2020 03:37 AM PST

    Hide yo' Tezzies, hide yo' wife - Coinbase wants 25% of your crypto staking reward

    Posted: 18 Feb 2020 07:49 AM PST

    Basic Attention Token BAT

    Posted: 18 Feb 2020 04:16 PM PST

    I plan to post about a different crypto daily for a while to help to promote discussion and ideas, and also to help myself and others learn more.

    Clearly, no one can predict the future, and nothing here should be taken as financial advice. However, I am sure there are some valuable personal opinions out there, and there is definitely an entertainment value in reading stuff like this.

    Regarding the crypto of the day, Basic Attention Token, I am curious of the following...

    Currently at $0.28 after a significant market drop recently, and this past week topped out at $0.3202.

    What do you predict over the next month?

    What do you predict for the end of 2020? 2021? 2025?

    Anyone here suggest investing 50%+ into this project? Or is this in at least your top five or top ten crypto?

    What should we all know, good and bad, about this project?

    Unless anything drastic happens to this project, or the crypto market in general, what is likely the floor?

    It seems people are likely to post the positive in each project, but please remember that critical insight is just as useful.

    submitted by /u/joenorwood77
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    Full Disclosure of the first bZx Hack (With Detailed Profit Analysis)

    Posted: 18 Feb 2020 12:39 PM PST

    Great podcast that investigates the OneCoin scam.

    Posted: 18 Feb 2020 11:50 AM PST

    Coinbase and Visa partnership

    Posted: 19 Feb 2020 04:00 AM PST

    Coinbase becomes a Visa Principal Member to double down on debit card

    Posted: 19 Feb 2020 03:23 AM PST

    Podcast interview with Will Reeves, CEO of Fold: The Bitcoin User Onboarding Opportunity

    Posted: 19 Feb 2020 03:02 AM PST

    KaratGold worries

    Posted: 19 Feb 2020 02:14 AM PST

    I close relative was telling me over the weekend about their buying into KaratGold - a supposedly gold-backed cryptocurrency based out of Germany.

    I few things he said caused alarm bells to start ringing in my head. It was sold to him my a friend in what sounds like an MLM style system. Coins are sold through different tiers of 'packages' from Bronze to VIP level. And when he contacted his friend to see about getting his money out he was told he was already thousands up on the deal and shoud have faith.

    All of that seems to stink of the OneCoin style scam.

    I quick google search has thrown up nothing good - they're being investigated in several countries and have been banned in several others, but apart from that information seems to be sparse. I also can't find their token being traded anywhere except an exchange run by them.

    Has anyone had dealings with or know anything more about KaratGold? How worried should I be for my family member?

    submitted by /u/cs75
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    Why is everything crypto and btc related banned in Oregon? I’m at a loss as to why I cannot make a wallet of any sort.

    Posted: 18 Feb 2020 08:27 AM PST

    I've been trying to make a wallet of some sort, tried Coinbase, blockchain, bitpanda, coinmama, everything. Every time I use my Oregon residence it says I'm not allowed to create an account due to local laws.

    I tried Washington state and it said the same thing.

    Does anyone know what's going on?

    I'm at a loss, I don't know how to extract my BTC from cashapp.

    Thank you advance.

    submitted by /u/RebornSpartan
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    [Request] Long story short, what happened with Dragonchain?

    Posted: 18 Feb 2020 07:01 AM PST

    Hi,

    I invested in alts back at the end of 2017 and have been holding some bags since then. One of my biggest bags was (and still is) Dragonchain. It was promising, but I see the price has never recovered and has only gone down.

    Were there any big news that I miss? I haven't been paying a lot of attention to the crypto world to be honest.

    What is the general consensus right now on this coin?

    Thanks

    submitted by /u/Heco1331
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    New in crypto currencies

    Posted: 19 Feb 2020 02:59 AM PST

    Recently i got 50 euro in a btc wallet and i dont know what to do with it. I want to start trading but i dont know what exactly to do. Can anybody help me with this because it looks interesting to me. I dont know anything about it i just got transfer in btc.com also i need to make this text 215+ characters so i can post this to the subreddit and i need to make it longer.

    submitted by /u/valiviel_lol
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    Bitcoin Gives You Certainty in an Unstable World

    Posted: 19 Feb 2020 02:09 AM PST

    Tom Lee: Bitcoin Avg. Gain 197% When Breaking 200D MA

    Posted: 18 Feb 2020 05:17 AM PST

    IBM Blockchain use case - Cobalt tracing

    Posted: 18 Feb 2020 02:15 PM PST

    Analysis - supply concentration of 7 different coins

    Posted: 18 Feb 2020 09:50 AM PST

    Coinmetrics released a very interesting analysis of supply concentration in 7 different coins. It found the following:

    As of February 2020, large addresses storing over 1/1000th of the total money supply on a given network hold roughly:

    95% of XLM

    85% of XRP

    46% of LTC

    40% of ETH

    29% of BCH

    24% of BSV

    11% of BTC

    ​

    draw whatever conclusions you want but I found it to be a very interesting read!

    https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-2d3

    submitted by /u/ninjajaguar
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    I have some Verge coin on a hard drive that I have access to. How do I sell it?

    Posted: 18 Feb 2020 11:50 AM PST

    So I have some XVG on a hard drive but want to sell it. As far as I can tell, I have to send it back to a place like Binance or buy another supported coin first with that XVG, then send it to an exchange. Problem is I have no idea where to find that address to send it. I currently use both Binance and Coinbase. Any help?

    submitted by /u/B_Wilks
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    In the future, could government replace taxes with transaction fees instead?

    Posted: 18 Feb 2020 04:40 PM PST

    Just an idea...

    Would you prefer to pay small % like 0.1% on every transaction you or anyone makes in favour of no other taxes? I'm wondering if government could release their own crypto where each settled transaction would contribute to the government's budget and that would be only mean of collecting taxes?

    Not sure if that would be sustainable, but doing quick math here:
    US federal budget is 4,7T for 2020.
    US daily transactional volume is about 14T, 0.1% on that times 365 would collect more than they collect in taxes at the moment. 0.1% of (14T * 365) = 5T (in taxes collected)

    That would mean if you transact $10k you would pay $10 of that to settle the transaction where government would be beneficiary of such fee.

    In that case, no matter if money were transacted by drug lords or APPL corp ultimately government would receive their cut.

    Obviously this ideal scenario would require every single transaction to happen on the chain and no more cash. But I would rather pay for transaction every single time I transact, than pay all kind of taxes.

    submitted by /u/digiiital
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