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    Cryptocurrency Monthly Skeptics Discussion - March 2020

    March 06, 2020

    Cryptocurrency Monthly Skeptics Discussion - March 2020

    Monthly Skeptics Discussion - March 2020

    Posted: 29 Feb 2020 04:14 PM PST

    Welcome to the Monthly Skeptics Discussion thread. The goal of this thread is to promote critical discussion by challenging popular or conventional beliefs.

    This thread is scheduled to be reposted on the 1st of every month. Due to the 2 post sticky limit, this thread will not be permanently stickied like the Daily Discussion thread. It will often be taken down to make room for important announcements or news.

    Rules:

    • All sub rules apply here.
    • Discussion topics must be on topic, i.e. only related to skeptical or critical discussion about cryptocurrency. Markets or financial advice discussion, will most likely be removed and is better suited for the daily thread.
    • Promotional top-level comments will be removed. For example, giving the current composition of your portfolio or stating you sold X coin for Y coin(shilling), will promptly be removed.
    • Karma and age requirements are in full effect and may be increased if necessary.

    Guidelines:

    • Share any uncertainties, shortcomings, concerns, etc you have about crypto related projects.
    • Refer topics such as price, gossip, events, etc to the Daily Discussion.
    • Please report top-level promotional comments and/or shilling.

    Resources and Tools:

    • Read through the CryptoWikis Library for material to discuss and consider contributing to it if you're interested. r/CryptoWikis is the home subreddit for the CryptoWikis project. Its goal is to give an equal voice to supporting and opposing opinions on all crypto related projects. You can also try reading through the Critical Discussion search listing.
    • Consider changing your comment sorting around to find more critical discussion. Sorting by controversial might be a good choice.

    • Click the RES subscribe button below if you would like to be notified when comments are posted.

    To see prior Daily Discussions, click here.

    -

    Thank you in advance for your participation.

    submitted by /u/AutoModerator
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    Daily Discussion - March 6, 2020 (GMT+0)

    Posted: 05 Mar 2020 04:11 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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    A New York Power Plant Is Mining $50K Worth of Bitcoin a Day

    Posted: 05 Mar 2020 09:08 PM PST

    French Court Recognizes Bitcoin as Currency

    Posted: 05 Mar 2020 01:23 PM PST

    Cash could be spreading the coronavirus, warns the World Health Organization

    Posted: 05 Mar 2020 04:59 PM PST

    Heroes who helped legalize cryptocurrency in India.

    Posted: 05 Mar 2020 06:04 AM PST

    What do you think of a new Ethereum dApp ETHWall?

    Posted: 05 Mar 2020 03:27 PM PST

    Shower thought: The real reason the don't want crypto to be anonymous is to repeat confiscation similar to Gold in 1933.

    Posted: 05 Mar 2020 10:37 PM PST

    If there is a major ressession or depression planned, and the supply of fiat (dollars) needs to be increases or decreased in a controlled manner, they will need to eliminate competing options to prevent movement to alternatives. They will not be able to do that if they cannot tie crypto addresses to names so as to confiscate the crypto by force. Thus, the Trump administration is moving against finantial privacy, by claiming crime, sanction avoidance, and tax evasion.

    submitted by /u/cm18
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    India's 4th Largest Bank Has Been Bailed Out & Withdrawal Limits Imposed

    Posted: 05 Mar 2020 01:18 PM PST

    Phenomenal progress! AdsDax expands cryptocurrency product offerings in Indian advertising market

    Posted: 06 Mar 2020 03:07 AM PST

    Podcast interview with Thomas Walton-Pocock, CEO of Aztec Protocol: The Need for Financial Privacy

    Posted: 06 Mar 2020 02:17 AM PST

    Crypto taxes are a 'nightmare,' testifies congressional witness

    Posted: 05 Mar 2020 07:37 AM PST

    Exploring Different Scaling Solutions - Bitcoin & Crypto Guide - Altcoin Buzz

    Posted: 06 Mar 2020 03:07 AM PST

    Do we respect the site-wide self promotion rules here?

    Posted: 05 Mar 2020 06:27 PM PST

    We have users like /u/BitcoinMafia post their website on crypto-related subreddits daily. Often the same article multiple times.

    Reddit says this:

    You should submit from a variety of sources (a general rule of thumb is that 10% or less of your posting and conversation should link to your own content), talk to people in the comments (and not just on your own links), and generally be a good member of the community.

    They promote micky.com.au more than 10% of their content. It seems that the admins let the enforcement of this fall on the mods.

    So, my question to the mods, do you enforce this?

    Thanks.

    submitted by /u/marcziee
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    Decentralized Doom - A video game hosted on the decentralized storage platform Skynet

    Posted: 05 Mar 2020 06:15 PM PST

    Justin Sun's now deleted "witness voting policy". The replies are glorious (link in comments)

    Posted: 05 Mar 2020 01:07 PM PST

    Unstoppable Domains Launches Chrome and Brave Extension to Deliver Censorship-Resistant Websites.

    Posted: 05 Mar 2020 08:58 AM PST

    The Steem Takeover And The Coming Proof-Of-Stake Crisis

    Posted: 05 Mar 2020 08:41 PM PST

    What's your horror story when banks have shown its despise against crypto?

    Posted: 05 Mar 2020 10:09 PM PST

    Some of us have experienced first-hand that banks can show a real depsise towards Bitcoin, crypto and crypto holders. Anything from denying crypto companies business. To not allowing customers to buy cryptocurrencies, or refusing new customers due to past crypto activities.

    I know in the U.S this has happened from time to time. Which are the bad eggs? And which are the ones that go against the tide and show that they can welcome this?

    Any examples from around the world would be interesting!

    Cheers P

    submitted by /u/polagon
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    Would cryptocurrency become more valuable following a recession?

    Posted: 05 Mar 2020 01:12 PM PST

    Not that I hope for a recession, but many would say we'll encounter one in the next 5 years. I was thinking. Money holds value relative to other money based on the value assigned to it, based on the actual productivity and value created by humans to back it. So when a stock corrects itself, put as simply as possible, investors gave too much value in and received less in return, so they overvalued the company and its future profits. Now, with that as the premise, crypto, although not a stock or bond, has to gather value from somewhere. Instead of the "investor" middle-man, though, it's simply a real-world to human-given value relationship.

    ​

    All that premise behind, because I have to assume I'm right and don't have anything fundamentally wrong with my understanding of how money works (do I?) before asking this. If a recession is to occur, in any country, then the value created by labor in the country goes down, thus the value of the currency follows and/or inflates. If such a thing were to happen, would the value of crypto go down at about the same rate? Or would the current coin in-circulation still be considered that value because it's not connected to any sort of market? Because in that case, the imaginary value of crypto staying the same in everyone's mind means it's suddenly worth more in a receded environment. Right?

    submitted by /u/Marisa_Nya
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    Treasury to Roll Out Cryptocurrency Rules

    Posted: 05 Mar 2020 07:45 PM PST

    South Korea becomes a Pro Crypto Gov!

    Posted: 05 Mar 2020 03:04 PM PST

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

    Posted: 05 Mar 2020 08:38 AM PST

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

    ​

    2020 \"Index Fund\" EXPERIMENT - Tracking Top 10 Cryptocurrencies of 2020 - Feb 2020 Update - Up 51%

    Full blog post with all the tables

    **NOTE** - I'm going to release these in reverse order this month.

    tl;dr - The 2020 Top Ten portfolio is up +51% on the year and is now the best performing of the three.
    Tezos easily outperforms the field in February, BSV still in healthy overall lead. For the second month in a row, focusing on the 2020 Top Ten cryptos outperformed the market as a whole, a rarity for these experiments.

    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? After one year, the 2018 Top Ten portfolio was down 85%, my $1000 worth only $150.

    A glutton for punishment, I 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 Two – UP 51%

    Despite an overall down month, the damage was mitigated by the strong performances of both Tezos and Ethereum. The 2020 Top Ten Portfolio is now the best performing of the three.

    Ranking and February Winners and Losers

    A stable month rank-wise with only three of the 2020 Top Ten moving in February. BSV fell one spot. Tether moved upward (never a good sign) from #6 to #5. Tezos, after crashing hard last month, bounced right back up to #10 from #15. Welcome back to the Top Ten.

    February Winners – Tezos outperformed the field easily in February, ending the month +56%. Ethereum also had a strong month, up +21%.

    February Losers – BSV and Litecoin both finished the month by losing -17% in value. Since they're basically tied, I'll go ahead and give the loss to BSV which also fell one place in the rankings while Litecoin stayed put. Close behind was Bitcoin Cash, down -16%.

    For those keeping score, I also keep a tally of which coins have the most monthly wins and losses. Still too early to have a clear overall winner or loser:

    Overall update – BSV maintains strong lead, followed by Tezos. All others in positive territory.

    BSV is up +133% so far, the clear front runner at this point in the year. Tezos, with a strong February, is solidly in second place, up nearly 100% since January 1st, 2020. Not counting Tether, Bitcoin has performed the worst in 2020 (although it's still up 19% on the year).

    Total Market Cap for the entire cryptocurrency sector:

    The crypto market lost about $12B and crypto watchers had this reaction. Since the beginning of 2020, the market as a whole is up +29%.

    Bitcoin dominance:

    Bitcoin dominance dipped a few more percentage points in February, finishing the month at 64%. That's down about 4% since the beginning of the year and shows an increased appetite for altcoins at the moment.

    Overall return on investment since January 1st, 2020:

    The 2020 Top Ten Portfolio lost about $40 in February 2020. After an initial $1000 investment, the 2020 Top Ten Portfolio is worth $1,511. That's up about +51%.

    There's still not much here at the moment, but this is where I'll track the month by month ROI of the entire experiment in an attempt to maintain perspective and provide an overview as we go along:

    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 $‭3,170‬.

    That's up about +5.6%.

    Implications/Observations:

    The crypto market as a whole is up about +29% since the beginning of the year and the 2020 Top Ten cryptos have gained +51%. Focusing on the Top Ten 2020 coins has handily beaten the overall market two months in a row.

    This is hasn't happened very often since I started these experiments in January 2018. Although there are a few examples of the Top Ten strategy outperforming the overall market in the 2019 Top Ten Experiment, it's interesting to note 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.

    Not even once.

    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 took a coronavirus nosedive in February and is now down -9% in 2020.

    The initial $1k investment I put into crypto would now be worth $910 had it been redirected to the S&P 500.

    And if I took the same world's-slowest-dollar-cost-averaging/$1,000-per-year-in-January approach with the S&P 500? Here are the figures:

    • $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:

    After three $1,000 investments into an S&P 500 index fund in January 1st, 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:

    Due to coronavirus fears, the ROI gap between what these experiments are yielding vs. what the stock market would have yielded using the same approach is narrower than ever before. If investors consider crypto a safe haven during this period of massive global volatility, next month's report may finally tip the scale in favor of the Top Ten Crypto portfolios.

    Thanks for reading and for supporting the experiment, I really appreciate it. 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 the2019 Top Ten Experiment follow up experiment.

    submitted by /u/Joe-M-4
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    In landmark move, South Korean lawmakers amend law to regulate crypto companies - The Block

    Posted: 06 Mar 2020 01:03 AM PST

    NEO blockchain: Only 6 dapps have some daily user

    Posted: 05 Mar 2020 06:24 AM PST

    Haven't touched my crypto since 2017 would like some opinions on what I am currently hodling

    Posted: 05 Mar 2020 12:50 PM PST

    Hello all, I have basically not payed attention to my crypto since 2017 and committed to the HODL. I am holding some things I am sure I want to trade, but I'll stay quiet on that until I get some opinions. Here is my current portfolio in %s.

    Eth 67%

    BAT 13%

    ZRX 4.3%

    OMG 3.6%

    TRX 3.9%

    BTC 2%

    VET 1.6%

    LTC 1%

    FUN .8%

    SNGLS .7%

    SNT .5%

    GNT .5%

    SUB .5%

    .2% or less: Nano, wtc, neo, Nmr, icx, req, dnt

    Any input would be useful.

    submitted by /u/tastehbacon
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