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    Cryptocurrency Daily Discussion - April 21, 2020 (GMT+0)

    April 21, 2020

    Cryptocurrency Daily Discussion - April 21, 2020 (GMT+0)

    Daily Discussion - April 21, 2020 (GMT+0)

    Posted: 20 Apr 2020 05:10 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 The prior exemption for karma and age requirements is no longer in effect.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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    Hey oil traders

    Posted: 20 Apr 2020 11:43 AM PDT

    ... And You Thought It Was Bad When Your Coin Lost 99% Of Its Value...

    Posted: 20 Apr 2020 12:00 PM PDT

    The Australian central bank has injected 36 Billion AUD into its economy, inflation in Brazil has risen, and the US government debt is reaching a record high. This period might provide an unexpected opportunity to the crypto market

    Posted: 21 Apr 2020 01:09 AM PDT

    A barrel of oil is less than $2!

    Posted: 20 Apr 2020 10:47 AM PDT

    Monero - The Elephant in the Room

    Posted: 20 Apr 2020 06:59 PM PDT

    The state of financial privacy in 2020

    Note: You can read this in a friendlier format with images over on Medium - https://medium.com/@johnfoss/the-elephant-in-the-room-34e061f5912a

    The erosion of personal privacy is gaining momentum since the coronavirus pandemic took hold. Worldwide, there have been numerous calls by governments and social commentators to increase the surveillance of citizens in hope of controlling the virus. Corporations such as Google and Apple, along with countries such as Singapore, Germany, Belgium, USA, and South Korea have been utilizing smartphone data in different capacities to monitor the movements of citizens.

    Many believe the implementation of new surveillance measures will calcify and become the new norm, setting precedence for further encroachment.

    Mainstream media has also begun supporting the notion of increased surveillance to serve social and financial needs. A recent Bloomberg opinion piece discussed the need for increased surveillance, pointing out the financial system we operate within is fractured and inefficient when dealing with wide spread social and economic problems.

    Once again, government over-reach of citizens' privacy is a considered solution to our problems.

    Countries such as Sweden (which is expected to go entirely cashless by 2023) have been leading the charge in moving to a cashless world, and in Australia the government is preparing to ban cash transactions over ten thousand dollars in order to increase monitorization.

    This road to a cashless society is being sped up by the coronavirus pandemic. There is correlation between countries where 'cash is king' and a high number of coronavirus infections. Many retail stores are now too afraid to accept cash due to possible virus transmission, with some outright refusing to transact with cash.

    The erosion of privacy, and the gradual transition from cash to digital financial transactions leads us to murky waters. Will we be able to conduct private financial transactions five to ten years from now?

    Throughout the past decade, unorthodox individuals turned to Bitcoin in order to transact privately. This led to the inception of popular online darknet markets such as the Silk Road. However, many of the darknet markets proved to be unreliable and short-lived. It soon became apparent to Bitcoin users that Bitcoin is not private, and many of those conducting transactions in relation to darknet markets were identified and prosecuted.

    Blockchain analytic companies such as Chainanalysis gained traction and suddenly Bitcoin tumblers were found to be ineffective. Blockchain analytic companies take advantage of Bitcoin's transparent blockchain, analysing data and tracking transaction outputs. The blockchain analytic company then sells this information to cryptocurrency exchanges and government organisations so they can link Bitcoin addresses to specific users. Many Bitcoin advocates tout Bitcoin can be used privately via the use of newer tumbling technologies, however this is a somewhat arduous process with no guarantee of its effectiveness. In December 2019 Chainanalysis demonstrated how they tracked transactions mixed via Wasabi Wallet that were associated with the PlusToken scam. Tumbling also leads to the possibility of coin taint, whereas certain Bitcoin may be perceived to be less valuable because they can be identified as being associated with nefarious activities, and as a result exchange services may confiscate coins when a user attempts to sell them.

    While Bitcoin holds many desirable characteristics of sound money, many prominent figures within the Bitcoin space have repeatedly discussed on the need for default privacy and fungibility. However, as was seen in previous years' block size dispute, the issue of privacy will come with great lengthy debate as stakeholders attempt to reach a consensus that does not impact upon the characteristics of Bitcoin.

    As change within the social and financial landscape continues to accelerate, those seeking financial privacy may turn to Monero.

    Monero is the elephant in the room.

    Monero is a cryptocurrency similar to Bitcoin and shares many of the same characteristics of sound money, however it also provides default privacy. Unlike other privacy focused cryptocurrencies, privacy isn't opt-in, so all transactions and wallet amounts are unknown and indistinguishable from one another. Every unit of Monero is valued equally as no matter its history. This allows Monero to be truly fungible, and eradicates any possibility of coin taint. It has proven this in a number of cases. For example, exchanges have been hesitant to list Monero due to KYC/AML compliance issues it raises because it is impossible to determine transaction history.

    If Monero provides financial privacy solutions, why is Monero being ignored?

    Firstly, while most deem privacy to be important, many are yet to find it necessary to adopt privacy technologies. There are many easy to use privacy solutions such as Signal or DuckDuckGo, however these are not widely used as users opt for convenience instead. As surveillance increases and data collected is harnessed to marginalize or punish users, it is like that privacy technologies will become extremely desirable. Additionally, acquiring Monero can be difficult or inconvenient for some, as cryptocurrency exchanges must comply with laws and regulations, and may perceive it to be a risk listing an untraceable cryptocurrency. This also leads to lower liquidity than other cryptocurrencies.

    Monero remains a community driven project. Public figures such as John McAfee and Crypto Vigilante continue to advocate the use of Monero ahead of Bitcoin. Due to its humble and open-source nature, Monero isn't widely promoted even though it maintains the third largest cryptocurrency community on Reddit after Bitcoin and Ethereum.

    In respect to the technology, Monero's hashrate has steadily been increasing over time, and the number of daily transactions taking place on the Monero blockchain are higher than ever. The Monero Research Lab continues its research in order to improve the protocol. Over the past few years these improvements resulted in reduced transaction fees, and enhanced scalability and privacy.

    In just a few years from now, it is extremely likely traditional financial systems will not provide the capacity to transact privately. Banks will be required to ask questions regarding why certain transactions took place, and recorded transaction data will be sold to third parties. As the erosion of our privacy continues to accelerate, it won't be long until Monero gains the use and recognition it deserves, and price reflects this.

    Monero is what people think Bitcoin is.

    Feel free to share or publish this article as you wish.

    submitted by /u/johnfoss68
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    You Can Now Buy Over a Million Barrels of Oil for 1 Bitcoin

    Posted: 20 Apr 2020 11:48 AM PDT

    CryptoCafé - a Portuguese podcast about crypto

    Posted: 21 Apr 2020 03:37 AM PDT

    Ethereum 2.0 testnet reaches almost 20,000 validators in just two days

    Posted: 20 Apr 2020 08:10 AM PDT

    1999 Cypherpunks Forum Message from a Young Satoshi Nakamoto? Well now...

    Posted: 20 Apr 2020 01:39 PM PDT

    cypherpunks post links here

    Recently found post from anonymous cypherpunks member who some think could be Satoshi Nakamoto a decade before the White Paper was released.

    I don't know what to think but these kind of revelations are/should be of interest to those who would like to know more about how the cryptoverse was born.

    I hope this article will lead to more such revelations leading up to the birth of Bitcoin.

    submitted by /u/cryptologyx
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    Facebook’s Libra Revamped in Response to Regulatory Requirements

    Posted: 21 Apr 2020 03:52 AM PDT

    3 Reasons Why $DAI is DeFi's Biggest Risk - The Problems of MakerDAO

    Posted: 21 Apr 2020 03:39 AM PDT

    Oxford – Cryptocurrency Regulation is Required to Prevent Financial Meltdown

    Posted: 21 Apr 2020 03:15 AM PDT

    Is there a way to invest in crude oil with crypto?

    Posted: 20 Apr 2020 10:39 PM PDT

    Like how Uphold, Vaultoro and tether gold lets you invest in gold with crypto.

    Are there any equivalents with crude oil price?

    Like how Uphold, Vaultoro and tether gold lets you invest in gold with crypto.
    Are there any equivalents with crude oil price?
    Like how Uphold, Vaultoro and tether gold lets you invest in gold with crypto.
    Are there any equivalents with crude oil price?

    submitted by /u/yeh-nah-yeh
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    PSA: There are crypto scammers on Reddit and this sub, they will send you PM's and invite to chat; ignore all

    Posted: 20 Apr 2020 05:24 AM PDT

    The ones I have come across will invite you to chat with them via Reddit, they will chat you up, then they will then start sharing google docs or files or "cool links" with you for various scam crap., all of which are carefully hidden to look legit. Often they will pose as females or just "buddies" who want to talk crypto. Ignore them all (or report them)

    submitted by /u/ronnie_s
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    This is new to me, how to report crypto scams. I wasn’t aware of the resources.

    Posted: 21 Apr 2020 01:50 AM PDT

    Tools to use to track which platform I sent to using the hash?

    Posted: 20 Apr 2020 06:24 PM PDT

    Hi, I started trading coins early 2017, and stayed in until everything started to drop, sold off and never looked back. Just happened to go through some old transactions and saw I had pulled out all my BTC and ETH in the great sell off at the end of 2018, however I it shows in my history I sent off a couple transactions of LTC and cannot for the life of me find where it went. At the time I was using exchanges to bounce around currencies, coinbase, kraken, gdax (at the time) and poloniex. Checked all of which except of course poloniex and cannot find it,

    ​

    any good tools to figure out what platform I sent a coin to using the hash?

    submitted by /u/TILmynameisMike
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    Left iOS, went to Android. What should I know/check out.

    Posted: 20 Apr 2020 05:09 PM PDT

    Aright, I am finally making the switch. Is there any crypto apps or dapps I should be looking out for once I get my phone? I am not huge into crypto, I mostly treat it like gambling what I put in, I don't expect to get out.

    On my iPhone I only had about 2 crypto related apps. Just looking for something to keep me more aware of crypto.

    submitted by /u/Foot-Note
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    PSA: Be aware of Staked Wallet offering unrealistic returns. Potential ponzi.

    Posted: 20 Apr 2020 10:05 AM PDT

    Cybermiles scammed my ETH!

    Posted: 20 Apr 2020 10:48 PM PDT

    So cybermiles (cmt) backed by the 5miles app, created a store called www.blocktonic.io. The gimmic of blocktonic is that you get rebated for products you buy using CMT in ETH. Their CMT cube was priced at $299 and had a 100% rebate, paid in ETH (but you had to wait a year).

    I checked the blocktonic site today and it had shutdown. The message on the website said if you dont withdraw your ETH its considered abandoned.

    Yet cybermiles and blocktonic, did not send any emails to notify their users of this (despite needing an email to sign up for blocktonic). Nor did they post any notification of this on any of their social media sites.

    It seems they wanted the smallest amount of people to know, so they wouldnt need to pay back anyone. Yet try to hide behind the fact they seemingly gave notice on their website.

    Scammers.

    submitted by /u/nokettle
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    can someone help please! :)

    Posted: 20 Apr 2020 04:16 PM PDT

    Hi, I've been investing for a long time, have quite a collection of coins and have always cashed out through coinbase, but I want to know if there are other methods of cashing out coins directly to my bank, I'm from uk also if that matters!

    Thanks guys.

    (Yes I have looked it up before multiple times,but I would rather hear personal experiences on here then shitty YouTube videos)

    submitted by /u/XenonBOB
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    Primecoin is bringing a new era of consensus - The Bitcoin News

    Posted: 21 Apr 2020 03:04 AM PDT
    Read more
    at

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