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    Cryptocurrency Daily Discussion - February 7, 2020 (GMT+0)

    February 07, 2020

    Cryptocurrency Daily Discussion - February 7, 2020 (GMT+0)

    Daily Discussion - February 7, 2020 (GMT+0)

    Posted: 06 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 The prior exemption for karma and age requirements is no longer in effect.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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    Up to 26,000 Bitcoins was bought by people through just GBTC - Grayscale Bitcoin Trust - only in last 4 months. These coins are locked for one year too.

    Posted: 06 Feb 2020 10:12 PM PST

    These are some of the figures which show how much of Bitcoins are being bought by people through institutional investors. GBTC can only be bought by institutional investors, which means people buy it through their 401k etc.

    In 2019, more than $400 million worth of btc was bought from GBTC.

    And all these coins have a 1 year lock in period. Which is why the price of a gbtc btc share is much higher than simple market price of just btc.

    Here are detailed figures for number of bitcoins held in this single trust, with latest number at last row:

    ​

    Date Number of btc in GBTC
    31 Dec 2017 170,000
    31 Dec 2018 204,390
    26 July 2019 239,513
    26 Oct 2019 257798
    7 Feb 2020 (today) 283,192

    26k Bitcoins bought by GBTC over last 4 months represents about 12% of all coins mined in that period.

    This is good for Bitcointm

    submitted by /u/parakite
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    You can't be too careful

    Posted: 07 Feb 2020 01:42 AM PST

    Scam livestream. Pretending to be Coinbase with 2K viewers. It needs to be shut down

    Posted: 06 Feb 2020 10:53 PM PST

    I bought $1000 worth of the Top Ten Cryptos on January 1st, 2018 (Jan 2020 Update)

    Posted: 06 Feb 2020 07:46 AM PST

    I bought $1000 worth of the Top Ten Cryptos on January 1st, 2018 (Jan 2020 Update)

    ​

    2015 \"Index Fund\" EXPERIMENT - Tracking Top 10 Cryptocurrencies of 2018 - Jan 2020 Update - Down -80%

    Full blog post with all the tables

    **NOTE** - I usually like to release the updates a day apart, but I'll be spacing out the Top Ten 2018, 2019, and 2020 a bit more as readers have mentioned they've been removed by the mods (no offence taken, mods - the content is similar, I assume the posts are being removed because they're seen as identical). **END NOTE**

    tl;dr - Alt-lead rally in January, but Bitcoin still in comfortable overall lead. NEM still in the basement. Dash crushes competition in January. January 2020 was easily the best start to a year since the experiments began in 2018.

    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 Twenty-Five- Down 80%

    After two straight down months to end last year, 2020 started off with a bang. Every 2018 Top Ten crypto finished the month in the green, a rare event for the 2018 Top Ten and something this grouping hasn't seen since May 2019. The "worst" performing crypto still gained about +25% in January (XRP).

    Ranking and January Winners and Losers

    Six out of the Ten Top cryptos were on the move this month, most gaining ground. Bitcoin Cash climbed back to 4th place, up one from last month. Cardano and IOTA both advanced three places to #10 and #20 respectively. Dash made a massive leap this month, gaining 10 places from #26 to #16, the largest month to month move for any coin (in any direction) since this experiment began in 2018.

    On the other hand, even though they both had great months, Litecoin (+68%) fell one spot and Stellar (+34%) slipped three spots to settle at positions #7 and #14 respectively.

    January Winners – Dash blew everyone out of the water during the first month of 2020 gaining an astounding +184% and climbing 10 positions in the rankings. Bitcoin Cash and IOTA finished in a virtual tie for second place, both up about +87%.

    January Losers – XRP under-performed the pack, but still finished January up +24%. And Bitcoin, despite receiving most of the headlines in early 2020, couldn't keep pace with its altcoin peers "only" gaining +31%.

    For those keeping score, here is tally of which coins have the most monthly wins and losses in the first 25 months of the 2018 Top Ten Crypto Index Fund Experiment. Most monthly wins (6): Bitcoin. Most monthly losses (5): Stellar. All cryptos have at least one monthly win and Bitcoin now stands alone as the only crypto that hasn't lost a month (although it came close in January 2020).

    Overall update – Bitcoin still with healthy lead, alts recover a bit, NEM still at the bottom

    Down -46% just last month, Bitcoin made up a lot of ground in January 2020 and now is down -29% since the beginning of the experiment in 2018. Litecoin is now safely in second place at -68%, then comes Ethereum in third, down -75%.

    NEM remains stuck at the bottom, down -95% despite a strong +48% gain in January. Cardano and IOTA join NEM as the three cryptos that are down over -90% since January 2018.

    40% of the cryptos that started 2018 in the Top Ten have dropped out, specifically NEM, Dash, IOTA, and Stellar. They have been replaced by EOS, Binance Coin, Tether, and BTCSV.

    Total Market Cap for the entire cryptocurrency sector:

    The overall crypto market gained approximately $67B in January 2020, up about +36%. After two months under $200B, the overall market cap is now back over $250B, a level not seen since September 2019. So, yes a good January 2020, but for some perspective: since January 2018, the total market cap is down -55%.

    Bitcoin dominance:

    As could be inferred by its relative under-performance compared to altcoins this month, Bitcoin dominance dropped to 66% in January 2020. It was near this level a few months ago, in early December 2019.

    For context, the range since the beginning of the experiment in January 2018 has been quite wide: a high of 70% in September 2019 and a low of 33% in February 2018.

    Overall return on investment since January 1st, 2018:

    The 2018 Top Ten Portfolio gained about $65 in January 2020. If I cashed out today, my $1000 initial investment would return $202, down -80%.

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

    As you can see, nothing but red. The closest this group has come to breaking even was after the very first month.

    The 2019 Top Ten Experiment and the just launched 2020 Top Ten Experiment are both doing much better:

    (Yes, this feels like the world's slowest dollar cost averaging)

    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:

    As always, the experiment's focus of solely holding the Top Ten Cryptos continues to be a losing approach. While the overall market is down -55% from January 2018, the cryptos that began 2018 in the Top Ten are down -80% over the same period. This of course implies that I would have done a bit better if I'd picked different cryptos.

    At no point in this experiment has this investment strategy been successful: the initial 2018 Top Ten have under-performed each of the twenty-five months compared to the market overall. There are a few examples, however, of this approach outperforming the overall market in the parallel 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.

    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 now up +21% since the beginning of 2018. My initial $1k investment into crypto would have yielded about +$210 had it been redirected to the S&P.

    Taking the same $1,000 per year in January approach with the S&P 500 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 a similar approach with 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:

    After whimpering across the 2019 finish line, crypto has begun 2020 with a roar. A rare all green January for the 2018 Top Ten cryptos is hopefully a good sign for the year to come.

    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 my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

    submitted by /u/Joe-M-4
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    Beware of scammers! Avoid HITBTC at all costs guys

    Posted: 07 Feb 2020 02:34 AM PST

    UPDATE: HITBTC has refused to do anything on the ground that they are allowed to KYC any user at any given time. Guys lets fight this bullshit. I dont care about my case here and now. Just dont repeat those mistakes

    So here is the story. I went on my account and realized i left some tokens there few month ago. We are talking few hundred USD worth of a certain ETH token. I try to withdraw. HitBTC closes withdraws and says my account is closed until I do full KYC, send social network accounts, my mobile phone, etc (of course I am not planning to do this. WTF!!!)

    Beware guys

    submitted by /u/serejandmyself
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    Warren Buffet was gifted a Samsung phone with a single bitcoin and trx.. gifted by Justin Sun.. yes the dinner actually happened and made Bloomberg news!

    Posted: 06 Feb 2020 10:35 AM PST

    Most people thought JS broke contractual agreements by promoting crypto but WB still had the dinner.

    Convincing WB of the pros of crypto is a good thing for every single crypto community!

    submitted by /u/provoko
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    'This doesn't sound right': Mastercard's CEO ditched Facebook's Libra after multiple red flags

    Posted: 06 Feb 2020 10:09 AM PST

    Ethereum EIP 1559 - near zero inflation with robust network security

    Posted: 07 Feb 2020 03:15 AM PST

    XTRABYTES advances to Genesis Network

    Posted: 07 Feb 2020 04:13 AM PST

    ICON - South Korean university issues blockchain-stored diplomas amid the spread of the coronavirus

    Posted: 06 Feb 2020 01:01 PM PST

    Are you still holding the same alts that you bought during the 2017 bull run, or did you trade them?

    Posted: 06 Feb 2020 07:39 AM PST

    Like many here, I joined crypto in late 2017/early 2018 at the height of the mania and many of the alts I held quickly dropped in value, never to return to their highs.

    I'm curious - how many here are holding the same bags from 2 years ago?

    I still have alts, but the only one I still have from 2017/2018 is XMR. The others I realized were mostly terrible projects as I learned more about crypto and how it really works. I cut back from 15 alts down to 4 now. Besides XMR, none of the other 3 are from the group of 15 I originally had. Reddit was really a terrible influence when first learning about crypto.

    So... are you still holding your 2 year old coins? or are you mostly out of those positions?

    submitted by /u/ninjajaguar
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    SEC Commissioner Hester Peirce Proposes 3-Year Safe Harbor Period for Crypto Token Sales

    Posted: 06 Feb 2020 08:56 AM PST

    Coronavirus shuts down Chinese Bitcoin mine

    Posted: 06 Feb 2020 12:16 PM PST

    Fiat Money Is Your Comfort Zone, Bitcoin Is Your Growth Zone

    Posted: 07 Feb 2020 03:18 AM PST

    What does your moon look like?

    Posted: 06 Feb 2020 03:57 PM PST

    Crypto is a lot of things to a lot of people. And I'm sure many of us share the same sentiment that they want to see their portfolios go "to the Moon". I got in when BTC was around 9.5k and 20k seems like a good profit, but we will see when we get there. Anyway what's y'all's moon?

    submitted by /u/mikeyw972
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    1 Billion XRP dumped by Co-founder

    Posted: 07 Feb 2020 04:28 AM PST

    1 Billion XRP dumped by Co-founder Jed McCaleb according to a blog post by Whale Alert. After the recent dump, he will still be left with 4.7 Billion XRP. Many speculate that the price of XRP may drop but the market indicates a bull run for XRP in the past few days.

    https://weplaycoins.com/1-billion-xrp-dumped-by-co-founder/

    submitted by /u/redryder749
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    What is your best way to buy BTC, first timers US with credit card?

    Posted: 07 Feb 2020 03:12 AM PST

    Hey Crypto Fam!

    As the interest for Bitcoin and crypto grows massively.

    What is your best way of buying BTC when using a debit/credit card?

    Which is your favorite place?

    Looking for a relatively private, low fees, reliable with a good track record and a neat user interface for newcomers.

    Thank you for your help!

    Happy Friday and have a good one!

    Cheers!

    submitted by /u/CekoNereza
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    Don't know it's the old one or not! But it always true ��

    Posted: 07 Feb 2020 04:55 AM PST

    Trading Altcoins in NY

    Posted: 07 Feb 2020 03:36 AM PST

    With the new altcoin boom I'm looking to start trading alts again. 2 years ago it was quite easy with binance, bittrex, Hitbtc, etc. But now there is seemingly nowhere legally trade the top 100 coins in New York. What are my options?

    submitted by /u/fatesepics
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    FinCEN Director Touches on CryptoCurrency in Prepared Statement Today: "Make no mistake about it... we will regulate"

    Posted: 06 Feb 2020 02:33 PM PST

    https://www.fincen.gov/news/speeches/prepared-remarks-fincen-deputy-director-jamal-el-hindi-delivered-sifma-20th-anti

    "Make no mistake about it, whether it is through existing rules and guidance or future rules and guidance, we will regulate in this space consistent with the existing principles underlying the BSA/AML regime. Industry will have to develop its new products and services to ensure appropriate transparency for law enforcement and national security purposes. And where that doesn't happen, we have the ability to protect our financial system." - FinCEN Deputy Director Jamal El-Hindi

    Land of the Free

    submitted by /u/CAB13
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    Japanese Lawmakers Want US to Place Digital Currencies on G7 Agenda. “Japan should work in close coordination with the United States. As part of such efforts, we should ask the United States to set (digital currency) on the G7 agenda as chair.”

    Posted: 07 Feb 2020 02:31 AM PST

    New 2020 Crypto Bullmarket Confirmed?!

    Posted: 07 Feb 2020 01:51 AM PST

    Japan ruling party lawmakers urge government to issue digital currency

    Posted: 06 Feb 2020 09:53 PM PST
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