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    Cryptocurrency Daily Discussion - March 11, 2020 (GMT+0)

    March 11, 2020

    Cryptocurrency Daily Discussion - March 11, 2020 (GMT+0)

    Daily Discussion - March 11, 2020 (GMT+0)

    Posted: 10 Mar 2020 05:09 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 The prior exemption for karma and age requirements is no longer in effect.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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    Reminder: Most "Crypto Experts" are Idiots.

    Posted: 10 Mar 2020 12:36 PM PDT

    FED just pumped more than the market cap of Bitcoin into the financial system

    Posted: 10 Mar 2020 08:42 AM PDT

    The Steem Saga Exposes the Dangers of Staking Pools

    Posted: 11 Mar 2020 02:37 AM PDT

    Oil Market Crumbles As Russia Leaves OPEC+ and Saudi Arabia Responds With Flood of Oil, Causing Global Stock and Crypto Markets To Tumble

    Posted: 10 Mar 2020 06:44 AM PDT

    IOTA is back online nearly a month after $2 million attack on wallet software users

    Posted: 10 Mar 2020 02:54 PM PDT

    Figure Technologies Securitizes $150M of Home Equity Loans on Blockchain

    Posted: 11 Mar 2020 03:44 AM PDT

    MCO Visa now works with Apple/Google/Samsung Pay (US Only)

    Posted: 10 Mar 2020 06:30 PM PDT

    Civic CVC

    Posted: 10 Mar 2020 04:04 PM PDT

    -Today's Crypto of the Day is Civic CVC, and it's current price is $0.027.

    -Downvoting these posts only prevents others from reading about it, as it quickly becomes buried once the votes become zero.

    -If you are downvoting because you dislike the coin or project, it is far more helpful to post why. This helps to educate others, rather than just avoiding talking about it. Your post might help to prevent someone from making a terrible investment. If there is a project you feel is worthless or a scam, I think it is even more critical to upvote so people can read your concerns that you address within the thread.

    -So far, I have featured all 20 crypto from Coinbase and all 5 from Gemini.

    -I am currently finishing up the 26 on Coinbase Pro.

    -I will then finish out those remaining on Binance US and Kraken, and probably more.

    -I am continuing my daily posts of, "crypto of the day". Just because I feature a specific project does not mean that I even like it. My goal is to eventually help to facilitate a discussion on all projects listed on any of the main exchanges, as well as some moonshots that the community and/or I like. Some projects discussed will be straight up trash, but those are just as important to evaluate as those with promise.

    -These posts are not meant to be financial advice, but instead to be an educational discussion. Everyone is responsible for doing their own research.

    -For each project, I am interested in learning if you have any investment in it, and if so, about what percentage of your portfolio does it carry.

    -If you have any strong opinions about how much it may be worth over the course of the next year or so, feel free to share that number for entertainment purposes. However, be ready for people to talk crap about your prediction, since no one can truly predict the future.

    -Most importantly, what should we all know; good, bad, and indifferent, about this project?

    -It is useful to hear pros and cons about every project, even if you are simply playing devils advocate. If all people post only positive or only negative information on any given project, that discussion is truly limited. You can even begin a post by saying something like, "First off, I love this project and over half of my portfiolio consists of it. However, if there is any concern one might have about this coin, it is probably that _____."

    I look forward to reading thoughts on this project...

    submitted by /u/joenorwood77
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    Never received a tax form from Coinbase.

    Posted: 11 Mar 2020 04:38 AM PDT

    I only traded a few times in 2019 but now my accountant wants to see my crypto details. I sent my transactions as that was all Coinbase offered.

    I signed up for the tax reports on Coinbase Pro but then it never sent any forms. I traded well under $20k and 200 transactions.

    What did you all do with the 1099 form?

    submitted by /u/DumbDumbGoodbye
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    Dev Update | This month in Conceal (March 2020)

    Posted: 11 Mar 2020 03:16 AM PDT

    My thoughts on the past week

    Posted: 11 Mar 2020 02:56 AM PDT

    The original purpose of crypto was to disrupt the status quo mainstem financial system and give people a decentralized option for financial transactions other than the traditional system. But if there is anything that the drop in crypto prices the past week shows it is that crypto has instead become just another asset in the mainstem financial system. That's not to say that there hasnt been innovation and disruption resulting from crypto (mainly DLT/blockchain stuff). And this isn't the worst drop ever or anything but it's the first that I recall being linked with massive stock market drops. I may have missed some others because I've been mostly a buy and hold person so I don't always follow the news. Unfortunately I happened to sell some BTC puts in February that are now way ITM but oh well. Been hedging selling futures and staunching the bleed but only with really great returns on the futures.

    submitted by /u/OWbeginner
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    IOTA value transactions will resume ~5PM CET. Trinity hack aftermath.

    Posted: 10 Mar 2020 06:51 AM PDT

    IOTA value transactions will resume around 5PM CET today.

    Value transactions were paused since February 12 because IOTA's most popular wallet (Trinity) had a security issue with a third-party integration. Several seeds (private keys) were stolen. The IOTA foundation organized a seed migration period from February 29 - March 7 to allow users to migrate to a new seed.

    If you have missed this migration period, and if you have used Trinity, you still need to take action as soon as possible:

    "If you used Trinity between 17 Dec - 17 Feb and you have not migrated your seed, make sure to create a new seed in Trinity and transfer your funds from your old seed when the network is restarted later today."

    David, one of the co-founders, has stated that he will refund all victims. They still have good hope to catch the thief under the official police investigation: LKA Berlin, Center for Cybercrime, case number: 200213-1717-i00290.

    "To bring assurance to everyone here, I will commit to that all victims identified here shall be made whole again. A significant portion of my own holdings will go towards resolving this unfortunate incident."

    For latest info and context see https://status.iota.org/

    submitted by /u/nstratz
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    BTSE Donates 80000$ to the BTCPay Project

    Posted: 10 Mar 2020 12:59 PM PDT

    Andreas Antonopoulos talking about Bitcoin in 2013.

    Posted: 10 Mar 2020 02:10 PM PDT

    Recession, Bitcoin, and the Central Banks.

    Posted: 10 Mar 2020 09:04 AM PDT

    The prospect of a recession in the US and Europe is being priced in to markets everywhere. Some countries are already in the midst of financial chaos—think Venezuela, Argentina, Turkey. As is usual in the face of such worries, the gold price has lifted. So has Bitcoin—up substantially in recent months.

    Bitcoin critics are numerous, and have long been vocal in their claims that the project is criminal, or will fail, or that it offers no lasting value. Despite this, the market remains robust, and the Bitcoin blockchain has performed perfectly since its inception over ten years ago. New features to improve access, utility, and performance are continually being developed, and this track record, along with the blockchain's complete transparency, is an effective recruiting sergeant. The network metrics show that Bitcoin is increasingly popular. Several large financial corporations now offer their clients exposure to Bitcoin through custody as well as derivatives. In light of future financial uncertainty, most commentators expect further value flows into cryptos, and especially Bitcoin, which enjoys the majority of the sector's liquidity and capital value.

    With discussions about Facebook's Project Libra still in the news, we are at the point where central banks are now considering how to respond to the advent of natively digital money. Whether the banks tokenize their own currencies directly, or adopt a mutual coin—perhaps in concert with other central banks or through the IMF—it seems certain that within a few years millions of people will be interacting with the financial system through programmable money rather than the "dumb" fiat we've all been using for centuries (and which will certainly continue for some time yet). There will be numerous problems to overcome, to be sure, (for instance, many of the profit centers of commercial banks are obviated by crypto and so-called De-Fi [de-centralized finance] at a stroke, so such a momentous move must be carefully planned), but the advantages and efficiencies are substantial—too great to ignore.

    Switching to a digital currency regime does throw up some interesting issues.

    For example, at present, very few ordinary people do any "carry trading"—where you borrow in one currency to invest in another. The exchange rate risks are obvious and you have to be on your toes. But anyone using a tokenized currency can easily swap their depreciating national-currency tokens for another kind that is scarcer and which appreciates. This means that people could keep their wealth in a coin that appreciates (e.g. Bitcoin), and spend in their local currency (euros, dollars, etc, that depreciate) with their wallet making the required exchanges on the fly (if exchange is even necessary—many merchants will simply accept the appreciating currency). In other words, sovereign digital currencies that lose 2% of their buying power every year (as they are deliberately engineered to do, to keep people spending) will inevitably be exchanged for money that is deflationary. And because the costs of doing so will be close to zero, and users' wallets can make any necessary exchanges on the fly, the risk of loss due to exchange fluctuation is also close to zero.

    There are other questions that digital currencies throw up, such as how central banks avoid putting retail banks out of business. Doubtless the Game Theorists are having a ball.

    The adoption or introduction of digital currency will mean that the existing monetary policies of many sovereigns will have to be modified—and will surely have to be much more aligned with each other. The standard 2% inflation target, for example, will almost certainly have to be dropped. Seigniorage by commercial banks will no longer be possible in the conventional way. The implications for structural debt are obvious and alarming. A traditionally depreciating currency shrinks debt. A currency that is appreciating in value makes old debt more expensive as time goes by.

    In short, governments are likely to be extremely cautious about adopting digital currencies, because although the advantages are substantial, the potential downsides are also severe. The debate about whether and to what extent private institutions should be allowed to determine monetary policy or control the money supply will intensify. The chances of any government ceding control of these economic levers to private hands look extremely unlikely in the current landscape.

    So for the coming few years at least, Bitcoin will be the go-to coin for people wishing to hold some of their wealth in a digital token. There is the possibility that one or more central banks will begin to hold some BTC as part of their reserves. This would obviously have a large effect on the market, so any such measures would probably be undertaken gradually and secretly. There are good reasons why central banks—probably acting in concert—would buy BTC, not least to allow them to control this vital component of what will be a large digital currency market in the future. Moreover, purchasing a controlling fraction (which would be much less than 50% of the available coins) now would be a relatively trivial expense (perhaps 50 billion USD spread across 20 central banks). Doing it in 5 years might not (>500 billion USD). This possibility alone is a good reason to hold a few BTC.

    submitted by /u/Nullius_123
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    Beginning noob question

    Posted: 10 Mar 2020 11:32 PM PDT

    Last month I started invest into crypto and I'm doing very well in terms of profit. I live in the United States and I'm using Coinbase Pro and I want to start day trading but the fees are a bit high. Just curious in what crypto exchanges you guys use and what are the best exchanges for day trading with a big bag $$$

    submitted by /u/ThyDaniel123
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    The Largest Financial Event Of Our Lifetime Is Upon Us - Raoul Pal (Timestamps Below)

    Posted: 10 Mar 2020 11:19 PM PDT

    Why I think Ren is a game-changer for decentralized finance.

    Posted: 10 Mar 2020 09:38 AM PDT

    I'm Ken the author of The Weekly Coin newsletter, where every week I highlight high potential lower cap cryptocurrency projects one might have overlooked, the projects listed beyond the first page of CoinMarketCap. The Weekly Coin is merely a jumping-off point for you to do your own research.

    If you're interested you can sign up for The Weekly Coin here. No ads, no spam, just the results of my research.

    This week in The Weekly Coin we're highlighting Ren. Ren currently lands on the 77th slot on CoinMarketCap. Yea, it's not hidden in the realms of the 2nd CMC pages and beyond. But, after researching this coin, I think it's a game-changer for DeFi and well, the cryptocurrency world as a whole. Also important to note is that I'm not invested in Ren, no one paid me to write this, and of course, I'm not a financial adviser. 😁

    TL;DR

    Ren allows the free movement of value between all blockchains and transfer of tokens in zero-knowledge. Unlocking new liquidity and resources to power a new wave of value in the open finance movement. With Ren all decentralized applications can run in secret, preserving the privacy of all users and data. (Renproject.io)

    What is Ren?

    Ren had humble beginnings as a project called Republic Protocol. Republic Protocol launched in 2017 and had their ICO on February 3, 2018. The platform focused on providing decentralized dark pools. A dark pool is a term used in traditional finance for anonymous over-the-counter (OTC) order books without moving the market (more on dark pools here). Republic Protocol's decentralized dark pools were specially designed to combat OTC trading which is known for their high fees and also to help increase institutional money flow into crypto. The technology behind these decentralized dark pools is called RenVM.

    💡 Institutional investors want to get in the game but are staying on the sidelines until crypto has matured and risk is low.

    RenVM turned out to be the perfect solution for interoperability between blockchains. This is because in a decentralized dark pool blockchains need to see each other. Republic Protocol then saw how massive this opportunity was and rebranded to Ren.

    Ren is the evolution of the technology that underpins RepublicProtocol, in its most useful and general form. It becomes something much bigger than Republic Protocol and will empower developers to build decentralized and trustless applications, with a distinct focus on financial applications. Using our own newly developed secure multiparty computation protocol, all DeFi applications will have access to interoperable liquidity and run in complete secrecy. (Ren —The Evolution of a Protocol)

    💡 To dumb it down a bit, Ren is the organization's name, REN is the ERC-20 based token, and RenVM is Ren's core product.

    Token use

    To put simply, for now, the REN token is used as a work token. The token is used as a bond to run a Darknode. What is a Darknode?

    RenVM is replicated over thousands of machines that work together to power it, contributing their network bandwidth, their computational power, and their storage capacity. These machines are known as Darknodes.

    Darknodes communicate with other Darknodes around the world to keep RenVM running. Without them, there is no virtual machine upon which Ren can exist. RenVM uses Byzantine Fault Tolerant consensus algorithms and secure multiparty computations so that Darknodes can be operated by anyone without needing to trust them. This is what makes RenVM — and by extension, Ren itself — decentralized, trustless, and private. (Ren Documentation)

    Ok so now we know what a Darknode is but what is REN Tokens used for?

    The decentralized network of Darknodes is permissionless, but to prevent the forging of a large number of identities a good behavior a bond of 100,000 REN tokens is required in order to register and run a Darknode. This prevents malicious adversaries from running an unbounded number of Darknodes and overwhelming the network with misbehaving Darknodes. (Ren Documentation)

    As stated, to run a Darknode you'll need 100,000 REN. You can liken this to Proof of Stake (PoS) systems in which you stake a certain currency to encourage honest behavior in block production. The benefits of running a Darknode is you will be paid transaction fees. Initially, the fees were paid in REN tokens but now Darknode operators can be paid other cryptocurrencies such as BTC, ETH, ZEC, and other ERC20 tokens.

    The REN token is required to run a Darknode but the tokens are not required to use RenVM. Let's say someone wants to acquire BAT with their BTC using a RenVM enabled DEX; where would they get the REN to preform the transaction? A centralized exchange? That defeats the purpose. A decentralized exchange? They'd need ETH or an ERC-20 token. Idk if you've used Uniswap before but you don't need an Uniswap token to swap, send, or pool. Using the RenVM is similar, you don't need to use the REN token.

    Why I think Ren is a game-changer

    With around 900 million dollars locked up in DeFi it's no secret that DeFi is booming right now. Go to DeFi Pulse and take a look at which chains all the DeFi applications are being built on, go on. What you'll see is every application is built on Ethereum.

    Ethereum has a smart contract platform for business logic, whereas Bitcoin doesn't. You can loan and mint something like DAI without trusting an intermediary, all of this is done on Ethereum. But what if you wanted to use Bitcoin on a DEX to get DAI? Another problem is Ethereum doesn't know Bitcoin exists and vice versa. Ren fixes this. You can trade Bitcoin on a DEX like Uniswap against Ethereum or mint Dai with Bitcoin. Check out this Github repo outlining how to enable BTC and ZEC in Uniswap. As a developer of a decentralized exchange myself, I think this is huge. 🔥

    Well you might be saying "We have wrapped Bitcoin", well wBTC isn't actually Bitcoin, it's more like an IOU token or a proxy. An imposter!

    Well, you might be saying "We have Atomic Swaps", well Atomic Swaps are slow and a bit annoying and complex. The two parties looking to transact have to send the transaction, wait for confirmation, then send a transaction and then finally wait for a confirmation. What if the internet goes down for a person in the party? What happens if the market gets flooded?

    With the RenVM it's only one transaction, it's quick, easy, and you send actual Bitcoin. There is also no need for specialized software. The RenVM takes care of it all. Check out these examples of RenVM in action.

    https://youtu.be/7nqTpNt4BD0

    https://youtu.be/FfQ5gBbhzlc

    Also, check out Ren's Chaos Dex where you can swap SAI (DAI) for BTC or ZEC. For more information on Chaos Dex go here. Idk about you but this stuff blows my mind.

    Ren is in talks with dApps in the DeFi space making sure RenVM is aligned with their platforms. There also is documentation and integrations for you to build on RenVM. Ren also has been making great strides recently in inter-blockchain liquidity by recently announcing The Ren Alliance.

    The Ren Alliance is a consortium of DeFi companies and/or projects that are helping secure, develop, and utilize RenVM. (Introducing the Ren Alliance)

    Also, Important to note is Ren has top tier investors in the likes of FGB Capital, Polychain Capital, and Kenetic Capital. But its headlining investor is crypto giant Huobi, which this past July launched its Huobi Cloud platform for OTC desks. Work is being done and a lot of progress is being made.

    Why do we even need Interoperability?

    I'm gonna yank the text straight from an article by Capgemini which explains the benefits of interoperability quite nicely.

    The blockchain-based networks are being built to offer specific capabilities such as making payments, storing and trading assets and others. However, these capabilities are being offered in isolation where these networks don't talk to each other and cannot share data. Existing centralized systems have evolved to offer the same capabilities in a more integrated way where these systems are able to run end to end transactions seamlessly making it easier for users.

    If blockchain-based networks have to make a strong case for their adoption, they have to be able to work with each other and offer this seamless integration of capabilities to their users.

    Strong interoperability would give users a much more useful, user-friendly experience. With this interoperability, users will be able to experience the seamless integration of capabilities being offered by the blockchain-based networks. If we have to hypothesize an example, it would look something like this – User will be able to tokenize the asset (e.g. artwork) over Ethereum based DApp, will be able to transfer the tokenized asset to another address over Cardano, and pay any corresponding transaction fees over the bitcoin network. (Capgemini)

    The cryptocurrency space is pretty fragmented at times. There also is a bunch of tribalism. It can be a bit annoying. One coin makes massive efforts over here and another coin is making massive efforts over there. What if we could combine the efforts into one big force of nature? I think we can take over the world. Which, would be, huge.

    Idk about y'all but I'm gonna be following the Ren team to see what they come up with. The impact this coin can have could be massive. I think Ren is definitely a coin you should look at.

    submitted by /u/Raleigh_CA
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    SOME U.S. residents can still actually use/trade on Binance.com EMAIL SUPPORT PROOF on why

    Posted: 10 Mar 2020 06:19 PM PDT

    SOME U.S. residents can still actually use/trade on Binance.com EMAIL SUPPORT PROOF on why

    ​

    https://preview.redd.it/6u5ugljp3yl41.png?width=1149&format=png&auto=webp&s=046cf606be4fcf4772066f0fa5409e8d284182b4

    I know this is old at this point, but I have been wondering why I and many others are still able to log on and trade/use Binance.com. This whole time me and I am sure some of you have been wondering how we are able to still trade on it, and nervous....well I got email support verification from Binance on why we are able to. Basically some of us are grand-fathered in so to speak, for now at least. Just wanted to share this, cause I know I am not the only one that was nervous about using Binance and wondering how I wasn't banned like others claimed to be. So it sucks no new comers can join, but those of us who registered and were verified before that cut off date are fine, and this is why we are still able to trade. We just do not have access to margin and future trading.

    The crypto articles and major blog sites never clarified this exactly...they all said we were all banned indefinitely, soI wanted to clarify this for some of you. So the many that are able to still use Binance can stop panicing and worrying about why/how you are still able to use your U.S. accounts. Hope this helped some of you, it did me!

    submitted by /u/misterscorp
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    Absolute fail (?) from a scammer youtube livestream channel (context inside)... They are changing the way they do things. Be safe, friends.

    Posted: 10 Mar 2020 05:37 PM PDT

    https://www.youtube.com/watch?v=uOmzegTTtTs

    Some guy is posing as Elon musk and livestreaming things he's said / done in various interviews. So, what's new this time around? There is no cryptocurrency donation address listed in the description. Instead he expects you to click through the "elonlive" website that he made with a bunch of "marketing lingo".

    submitted by /u/sgtslaughterTV
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    VCC Exchanges stops being no KYC, Move to Bittrex ASAP

    Posted: 10 Mar 2020 09:19 PM PDT

    Buccaneer (PRIVATE) - The first private ethereum token

    Posted: 11 Mar 2020 12:19 AM PDT

    Have you heard about this token? is a very recent token already listed on coingecko and trading on uniswap.

    The team guarantees that all the transactions made with this token remain PRIVATE , this is really innovative and from what i researched seems to be true.

    DYOR and share your thoughts on the project.

    Links: https://www.coingecko.com/en/coins/buccaneer

    Etherscan : https://etherscan.io/token/0x17540494ad5e39aefd49901774528e9ff17fe40b

    Team/whitepapper/memes : https://buccaneer-private.github.io/new/

    You can already trade this token on uniswap, you will have to add it using the contract adress :

    0x17540494ad5e39aefd49901774528e9ff17fe40b

    submitted by /u/-masterbaiter-
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    CoinLoan increases earning rates up to 10.5% APY on crypto deposits

    Posted: 10 Mar 2020 12:35 PM PDT
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