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    Cryptocurrency Daily Discussion - February 3, 2020 (GMT+0)

    February 03, 2020

    Cryptocurrency Daily Discussion - February 3, 2020 (GMT+0)

    Daily Discussion - February 3, 2020 (GMT+0)

    Posted: 02 Feb 2020 04:13 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 The prior exemption for karma and age requirements is no longer in effect.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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    Blockchain Games achieve stunning [75%] retention rate

    Posted: 03 Feb 2020 01:46 AM PST

    Coinbase limiting daily withdraw limits to $10 for some users

    Posted: 02 Feb 2020 03:53 PM PST

    Bermuda Is Planning a Comprehensive Crypto Ecosystem

    Posted: 02 Feb 2020 07:01 PM PST

    Why should I buy 1 BTC instead of 50 ETH

    Posted: 02 Feb 2020 08:54 PM PST

    I understand that it is flawed to not look at bitcoin in sats but I'm still having a very hard time getting myself to move 50 ETH to 1 BTC. The ROI just doesn't seem there for me and I feel it would be a huge regret. I would love to hear from Bitcoin maximalists as to why 1 BTC is a better investment

    submitted by /u/nycityinsomniac
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    Bloomberg on 8% Market Sell Off In China: XBT/USD Easter Egg - Feb 2 2020

    Posted: 02 Feb 2020 09:14 PM PST

    Mining Taxes Can Ultimately Centralize Power Into the Hands of a Small Group of Devs, While Causing Community Splits and Price Devaluation Along the Way

    Posted: 03 Feb 2020 03:30 AM PST

    Asset managers come back for another bite at bitcoin

    Posted: 03 Feb 2020 03:50 AM PST

    Venezuela's Tax Reform aims to boost Petro demand by imposing taxes on transactions using Bitcoin, Ethereum, Dash, and foreign currencies such as U.S. dollars

    Posted: 02 Feb 2020 01:08 PM PST

    Venezuela's failed cryptocurrency Petro is still being pushed by the regime. The reform in the Law on Value Added Tax (VAT, set in 16%) gives the regime the possibility of charging an extra fee on the general rate of 16%. The extra rate may be between a minimum of 5% and a maximum of 25% when the sale of goods or the provision of services is made in currencies or in a cryptocurrency other than petro.

    The U.S. dollar has been used increasingly to make payments in local businesses and stores as the country is being dollarized de facto, however, bolivars are still used in the majority of the transactions.

    Buying petros is almost impossible for foreigners and as a local the platform designed to make it possible is full of bugs.

    Venezuela reported a 82% decrease in production during the third quarter of 2019 compared with the same quarter of 2018, according the country's chambers of commerce, Conindustria [Source]

    submitted by /u/chamochamochamochamo
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    Where to buy crypto without an ID.

    Posted: 02 Feb 2020 06:32 PM PST

    I'm trying to get some crypto without providing an ID. Where is the best place to do this? Paxful? They charge like 10% fee for straight PayPal though, while some people sell for under market place. Where are the peer to peer sites?

    submitted by /u/iplaypokgo
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    The most important properties of a CryptoCurrency and why crypto cannot compete with Fiat/USD today. [Thoughtful Discussion]

    Posted: 02 Feb 2020 11:16 AM PST

    The dream of bitcoin, at least originally, was to become a spendable currency. One that could replace the use of government fiat currency. However, today there are not cryptocurrency that are realistically good enough to be used in place of standard USD debit cards or cash. So what properties would a cryptocurrency have to have in order for me to be able to stop using USD almost completely? I will attempt to build a list. The lack of any 1 of these properties would make it very, very difficult to replace USD completely.

    1. Ownership/Control/Security - it must be in my control, like bitcoin. Not custodial, like PayPal. Many cryptos offer meet this requirement as it's perhaps the main benefit of crypto.
    2. Cheap to use - I pay minimal transaction fees when using USD to buy things, I wouldn't want to switch to something that's much more expensive.
    3. Easy to Use/Spend - Mobile wallets are important here, because I can't bring my PC and Hardware wallet to the grocery checkout. Must be comparable to Apply/Samsung pay
    4. Instant Settlement - I'll lump in Transaction times and TPS together here. If my transaction isn't final nearly instantly, I just can't to use it to replace USD at the checkout.
    5. Financial Privacy - nobody knows the balance of my bank account or my transaction history when I use USD, and I wouldn't use a system where that info public. Nearly all coins fail this one.
    6. Stable value (or increasing) - When using USD, I know how much purchasing power I have. If I have enough money in my account to pay my rent, then the next day I don't. That's a problem.

    There are no cryptocurrencies in existence in existence today that have all of the required properties listed above, and that is why crypto is a competitor to fiat/USD today.

    At the risk of being downvoted for mentioning specific coins, I will provide some commentary on some existing projects that attempt to capture these important properties listed above.

    • Bitcoin - Clearly provides property #1 (security) and I would also say it's fairly easy to use (Property #3) as there are many great mobile wallets that exist. Aside from properties, bitcoin fail to provide the rest listed, so its far from being a replacement for USD, at least for me.
    • Smart Contract Coins - These, provide properties that go beyond that of traditional money and as such, is beyond the scope of this discussion. For the purposes of this discussion, Ethereum offers similar properties to that of Bitcoin, but the 12 sec transaction times (soon to be 2 sec) is a plus for property #4. The ability to use smart contracts to do Zcash-like transaction on Ethereum also adds a positive mark for property #5, although far from what Monero can provide.
    • Privacy Coins
      • Monero - I would say that Monero offers the same properties as Bitcoin, #1 and #3 (I've found the mobile wallet very easy to use) but with the added benefit of privacy (#5).
      • Zcash - Similar properties to Monero, but with added negatives (in my opinion). The 20% dev tax and high inflation is an addition negative mark for #5 (stable value). The trusted setup could be seen as a negative mark for #1 (security), and the opt-in privacy is a negative for #5 (financial privacy).
    • Stable Coins
      • USDT, USDC, TUSD, etc. - These stable coins are among the few crypto projects that are able to provide property #6 (stable value). However, in doing essentially giving up property #1, as these coins are backed by a 3rd party company who olds the underlying assets.
      • DAI - The stable coins stands out above the rest due to the fact that it is the only crypto project that can provide both properties #1 and #6. As a decentralized stable-coin, there is not 3rd party custodial.
    • Instant transaction coins
      • Nano - transactions are literally instant, so there is no waiting for confirmations. However, to achieve this the DPOS consensus algorithm is used, which can be seen as a negative mark against property #1 since most of the voting power is held by just a few accounts. Also worth noting transactions are competely free, although I don't think this is so important, since many coins have fees so low that they are practically free as well.
      • IOTA - Very similar properties to Nano in that transactions are free and instant. But again, like Nano, (#1) security is the tradeoff here, as IOTA still relies on a centralized coordinator, and even without it, the network is easier to attack than traditional PoW blockchains. Usability (#3) takes a hit here also, as you can't send IOTA to the same address twice, or it will be lost forever.
      • Dash - Due to a recent update, Dash transactions are now 100% confirmed instantly. Dash also cannot be 51% attacked, so that's a positive mark for #1 (security). They also have (on the testnet now) human readable account names which is a plus for usability #3, although only slightly since QR codes are already easy to use.

    If I didn't list your favorite coin, or I am missing any projects with a unique combination of properties, please leave a comment and let me know. Obviously it's impossible for me to know everything about every project out there.

    As it stands today, there are no coins in existence that provides all 6 of these required properties, and that is the reason I still use USD for my day-to-day transactions. I could perhaps even look past 1 or even 2 of these properties if they were missing. But even then, few if any crypto projects today are close to providing all or most of these properties.

    In my estimation, the ideal USD replacement coin (for me) would look something like DAI + Monero's privacy + Nano's speed and feeless-ness. So for the time being, I can't ditch my debit card.

    submitted by /u/UnknownEssence
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    Podcast interview with Jason Goldberg, CEO of Pepo and OST: Key Lessons for Crypto Entrepreneurs

    Posted: 03 Feb 2020 04:24 AM PST

    Top Cryptocurrency Tezos Sets New All-Time High: Are More Gains Imminent?

    Posted: 03 Feb 2020 04:16 AM PST

    Three Major Mistakes That Cause People Buying Bitcoin and Cryptocurrencies to Lose a Lot of Money

    Posted: 03 Feb 2020 02:24 AM PST

    Want to Invest But Only 17

    Posted: 02 Feb 2020 06:40 PM PST

    I am currently working a minimum wage job as a 17 year old. I have been interested in cryptocurrency, specifically LINK. I want to invest a little bit of money into LINK and see where it goes, but my main concern is my age. I realized that it may be difficult to invest any money at all because I am not 18 yet. Am I fucked? Or is there some way I can legally do this.

    submitted by /u/Redified1337
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    Have a few questions, super thankful for any answers I can get

    Posted: 02 Feb 2020 08:39 PM PST

    Hi All,

    I bought a few LTC a few years ago and held onto them in my coinbase account. Getting a bit more into it, just had a few questions.

    1. I just picked up a Ledger X and got it all set up and ready I believe. Buying from Coinbase in the past was super easy and it looks like if I want to buy directly from my app for the Ledger, I need to setup an account with Changelly, NDAX, Coinhouse, etc. Which of these would you recommend?
    2. What are these app catalogs? Do I need to download just the ones I plan to buy?
    submitted by /u/StarfoxNA
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    Sim swap attack

    Posted: 02 Feb 2020 10:01 AM PST

    This morning I woke up to what I am pretty sure was a Sim Swap attack.

    I got a text from Coinbase saying my password had been reset. When I went in to try to fix it, my email password had been changed as well. At this point I started freaking out and noticed I didn't have cell service. I knew what was happening.

    I reset my phone and the service was back. I was able to get into my Coinbase and nothing went missing. I immediately dumped everything into my Ledger. So I got lucky there. I then got into my email and changed the password. I then noticed an email alert from earlier in the day letting me know my password had been changed from the UK (I'm from USA) and they used my phone number as the security method. So it seems they were able to get into my email using my phone number and that is when I knew it was a Sim swap.

    I then went in and changed all my passwords (everything from my banks to my Netflix) and added 2FA to anything that didn't already have it. I also changed my security phone number on my email account to a google voice number. I am going to go back and do this on anything else that uses texts for 2FA.

    I then called my cell provider and they said my Sim was in fact swapped earlier in the morning and swapped back about 15 minutes later (must have been when I reset my phone.) They said they would hand it over to the fraud department. I also tried to get a brand new Sim Card at the T-Mobile store but they were unable to do it because of the fraud department locking my account until they get back to me.

    My question is this. Have I done everything I need to do to protect myself from this happening again? I got lucky and it doesn't seem like I lost anything so far, but I am worried that if they were able to get in once, they can get in again. I've been paranoid all day and my stress is trough the roof. Changing passwords, adding 2FA, using google voice for text 2FA, and getting a new SIM card; will these things protect me from the recent attack as well as prevent others?

    submitted by /u/juancho393
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    Ripple (XRP) and its Potential in Southeast Asia (SEA)

    Posted: 02 Feb 2020 10:34 PM PST

    The Top 10 Bullish Bitcoin & Crypto Facts for 2020

    Posted: 02 Feb 2020 11:35 PM PST

    BitCoin MultiSig abailable in Guarda Wallets

    Posted: 02 Feb 2020 12:15 PM PST

    Eyes on Crypto

    Posted: 02 Feb 2020 07:46 AM PST

    accessing V20 wallet

    Posted: 02 Feb 2020 08:54 AM PST

    Is my secuX V20 wallet worthless? I bought this fucking thing a couple of months ago and set it up to take a few coins. I have finally gotten around to doing so today and I can login to the wallet itself but in no way can I access the interface to use the goddamned thing. I am irritated enough to smash the fucking thing at the moment. If anyone has some info or useful links I would be fucking thankful.

    submitted by /u/trollking66
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