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    Cryptocurrency Daily Discussion - March 10, 2020 (GMT+0)

    March 10, 2020

    Cryptocurrency Daily Discussion - March 10, 2020 (GMT+0)

    Daily Discussion - March 10, 2020 (GMT+0)

    Posted: 09 Mar 2020 05:08 PM PDT

    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 The prior exemption for karma and age requirements is no longer in effect.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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    This is crazy. Some guy in China made a soup so bad that it collapsed the global economy.

    Posted: 09 Mar 2020 06:59 AM PDT

    Tulsi Gabbard Admits She’s Invested in Crypto

    Posted: 09 Mar 2020 04:36 PM PDT

    534,441 BAT purchased by Brave

    Posted: 10 Mar 2020 03:07 AM PDT

    Coinbase Pro is Robbing You on Trading Fees

    Posted: 09 Mar 2020 07:12 AM PDT

    ‘I Am Lawyer’: Judge demolishes Craig Wright’s hilarious privilege claims

    Posted: 09 Mar 2020 08:06 PM PDT

    Blaming this carnage on Corona? Don’t think so. Is a blackswan event good for crypto?

    Posted: 09 Mar 2020 09:13 PM PDT

    It's basically about balance sheets.

    For the past 50 years Western economics have simply consumed more than they produced and Corona was the pin that burst that bubble and showed the scale of insolvency. In my opinion we will most likely go into recession, might not be as bad and fingers crossed we don't go into a depression… Or maybe we have to?

    Good or bad?

    If crypto is ever get mainstream adoption you quite honestly need a Blackswan event to show people this system is broken, people are corrupt and we need to look for an alternative. We are asking the public to change from the every day credit cards and cash to magic Internet money… They have never cared about money so why should they adopt BTC or crypto X? Maybe we need a crash?

    Things might get a lot worse before they get a lot better. History shows superior technology always prevails it's ruthless and it destroys companies and makes new billionaires but a new currency and new store of value? These are huge shifts in the world and May require more than just years. Even if cryptocurrency could scale today and it truly was decentralised by everyone's standards would we see any adoption? Look at nano, apparently it's scales cheap fast and yet no demand. Are people going to educate themselves naturally over time and change from government backed fiat or do we need to force them to educate themselves via Blackswan events?

    What are your thoughts?

    submitted by /u/Robby16
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    Are we witnessing a global black swan event? [Newsletter]

    Posted: 10 Mar 2020 02:36 AM PDT

    Major Ripple supporter sells of all XRP holdings due to toxic community

    Posted: 09 Mar 2020 12:31 PM PDT

    Founders of Sylo (most popular smart wallet DApp) interviewed on Founder's Series Podcast

    Posted: 09 Mar 2020 04:55 PM PDT

    Dillweed over at investing can’t take the heat

    Posted: 09 Mar 2020 07:00 PM PDT

    Charles Hoskinson's new video concerning doom, gloom, the future of the world and crypto (all of them) . Surprisingly uplifting and fitting for today.

    Posted: 09 Mar 2020 11:06 AM PDT

    Introducing the Enjin Multiverse Program

    Posted: 09 Mar 2020 01:14 PM PDT

    Italy Suspends Mortgage Payments For The Entire Country As Financial System Faces Collapse

    Posted: 10 Mar 2020 02:54 AM PDT

    Steem community member was approached by Tron, received an offer to buy Steemit Inc stake. Says "Tron would have never bought the stake had they known it had all of the clauses attached. Ned Scott really screwed everyone over"

    Posted: 09 Mar 2020 12:20 PM PDT

    Get ready for the start of QE4ever

    Posted: 09 Mar 2020 05:54 AM PDT

    Fatburger Experiments With Securities Issued on Ethereum

    Posted: 10 Mar 2020 01:32 AM PDT

    Nervos settlement layer store of asset Blockchain

    Posted: 09 Mar 2020 09:18 PM PDT

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

    Posted: 09 Mar 2020 08:10 AM PDT

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

    ​

    2019 \"Index Fund\" EXPERIMENT - Tracking Top 10 Cryptocurrencies of 2019 - Feb 2020/Month Fourteen Update - Up 47%

    Full blog post with all the tables

    tl;dr - ETH only crypto in the green, BSV worst performer in February. BSV still has a commanding lead and Stellar remains at the bottoms since the experiment started in January 2019.

    Month Fourteen – UP 47%

    After a January which saw green across the board, the 2019 Top Ten cooled off significantly. With the exception of ETH, the entire group finished down in February.

    Ranking and February Winners and Losers

    Two up, two down this month. Both Stellar and Tether climbed one spot and BSV and Tron both fell in February – one spot to #6 for BSV and two spots to #15 for Tron.

    Stellar and Tron remain the only two cryptos to have dropped out of the 2019 Top Ten. They have been replaced by Binance Coin and Cardano. If we compare to the 2018 Top Ten Experiment, four cryptos had already dropped out by the 14 month mark.

    February Winners – Ethereum alone finished in positive territory, ending the month up an impressive +21%.

    February Losers – BSV and Litecoin finished the month in a virtual tie, both down -17%. But since it also lost one place in the rankings, I'll go ahead and give BSV the loss. Close behind was Bitcoin Cash, down -16% in February.

    For those keeping score, here is tally of which coins have the most monthly wins and loses during the first fourteen months of the 2019 Top Ten Experiment: Tether is still in the lead followed by BSV in second place. BSV also holds the most monthly losses, finishing last in five out of fourteen months.

    Overall update – BSV in overall lead. Stellar worst performer, down -50%.

    BSV lost a bit of ground to Bitcoin this month, but still is holding on to the lead it opened up in January. It is up +144% since January 2019 compared to second place BTC, up +127%. Bitcoin Cash follows in third place, up +92%. My initial $100 investment in BSV is now worth $246.

    While 40% of the 2019 Top Ten Cryptos were up over the +100% mark last month, this month it's only BSV and Bitcoin. Still, seven out of the ten cryptos in this group have either broke even or are solidly in the green.

    Stellar remains firmly at the bottom, down -50% after the first 14 months. XRP is the second worst performer, down -36%.

    Total Market Cap for the entire cryptocurrency sector:

    Not that bad of a month, at least not for those who have been following crypto for a while. The market did lose about $12B in February, but overall the crypto market is up +92% since the 2019 Top Ten Experiment began in January 2019.

    Bitcoin dominance:

    Bitcoin dominance dipped a few more percentage points in February, finishing the month at 64%. The last time BTC dominance was this low was in July 2019. The range since the beginning of the experiment in January 2019 has been between 50%-70%.

    Overall return on investment since January 1st, 2019:

    The 2019 Top Ten Portfolio lost about $160 in February. After the initial $1000 investment, the 2019 Top Ten Portfolio is worth $1,472, up about +47%.

    Here's a look at the ROI over the life of the first fourteen months of the experiment, month by month:

    As you can see, every month except the first month (January 2019) is green. At the lowest point, the 2019 Top Ten portfolio was down -9%, at the highest point, up +114% (May 2019).

    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 $‭3,170‬.

    That's up about +5.6%.

    Implications/Observations:

    While the crypto market as a whole is up +92% since January 2019, the 2019 Top Ten cryptos have gained just +47%.

    This is reminiscent of the 2018 group as at no point in the first twenty-six 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 the first couple of 2020 Experiment updates show that focusing on the Top Ten is a winning strategy, at least in the first two months of 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 took a coronavirus beating in February, but is still up +18% since the January 2019. The 2019 Top Ten portfolio is returning +47% over the same time period.

    So, the initial $1k investment I put into crypto would now be worth $1180 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: +$110
    • $1000 investment in S&P 500 on January 1st, 2019: +$180
    • $1000 investment in S&P 500 on January 1st, 2020: -$90

    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 $3,200.

    That's up about +6.7% compared to +5.6% with the Top Ten Crypto Experiments, the narrowest gap since I started the updates in January 2018.

    Conclusion:

    While Coronavirus is tanking world markets, crypto followers shrug – we're used to seeing this kind of movement. I guess one of the perks of following such a volatile asset class?

    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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    Bitcoin Price Drops Sharply, but Don’t Worry, You Still Own the Same Amount of BTC

    Posted: 10 Mar 2020 04:10 AM PDT

    CryptoTrader.Tax Review - A Detailed Look At This Crypto Tax Reporting Platform

    Posted: 09 Mar 2020 02:34 PM PDT

    WHO Encourages Use Of Contactless Payments Due To COVID-19 Adoption by Virus ?

    Posted: 09 Mar 2020 06:51 PM PDT

    Smart wallet "Argent" raises $12m Series A investment

    Posted: 09 Mar 2020 12:09 PM PDT
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