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    Cryptocurrency Daily Discussion - May 18, 2020 (GMT+0)

    May 18, 2020

    Cryptocurrency Daily Discussion - May 18, 2020 (GMT+0)

    Daily Discussion - May 18, 2020 (GMT+0)

    Posted: 17 May 2020 05:13 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 The prior exemption for karma and age requirements is no longer in effect.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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    Nipsey Hussle did a better job at explaining Bitcoin than anyone on crypto twitter. R.I.P Nipsey Hussle.

    Posted: 17 May 2020 08:40 AM PDT

    John McAfee GHOST caught plagiarizing PIVX whitepaper

    Posted: 17 May 2020 01:17 PM PDT

    To all newbies and whatnots: FREE GIVEAWAYS are always SCAMS. Period! Stay away! I can't believe this needs to be said but there you have it.

    Posted: 18 May 2020 02:04 AM PDT

    The Federal Reserve Chairman, "We print money digitally. As a central bank, we have the ability to create money."

    Posted: 18 May 2020 01:06 AM PDT

    Reddit's New Blockchain Point System Already has 10,000 Users

    Posted: 17 May 2020 01:59 PM PDT

    Bancor price surge by 56% in the last 24 hours. Is there any reason behind it?

    Posted: 18 May 2020 12:45 AM PDT

    Earlier this year, Syscoin became the first project to implement a two-way bridge between its own Z-DAG layer and the Ethereum blockchain. Enables any dApp developer to send their tokens across the Bridge for processing by the Syscoin network

    Posted: 18 May 2020 12:05 AM PDT

    This is what happens when people like Justin Sun get control over a whole blockchain. They create hardforks with closed sourced code like if it was a privately run website and not a blockchain. Still people who call themselves "decentralization proponents" follow him.

    Posted: 17 May 2020 02:05 PM PDT

    What other currencies besides bitcoin should I look into?

    Posted: 17 May 2020 11:02 PM PDT

    I have $5000 laying around I want to invest into crypto. I don't plan on actually using it but just plan on holding it for several years, I've been looking at bitcoin since that looks like it till be going up in the next few years, but how about things like ethereum will those be doing the same? I know the basics about cryptocurrencies but not much more than that. Any advice on how you guys would spend $5000 for just profit?

    submitted by /u/Tposingmartian
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    Cruzbit review

    Posted: 18 May 2020 12:56 AM PDT

    Eth2.0 for dummies - very good summary

    Posted: 17 May 2020 01:09 PM PDT

    It’s simple; we steal the moon.

    Posted: 18 May 2020 03:46 AM PDT

    For no reason whatsoever, I will reward the first 5-10 comments Reddit Gold; later (12hrs) the top 5-10 comments will get it as well.

    This post is (mostly) an attempt to fix an issue that randomly occurs between my account and this subreddit. I'm not trying to shitpost/appear as spam. Cheers.

    submitted by /u/undergroundinvesting
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    Are there any good EU exchanges?

    Posted: 18 May 2020 03:04 AM PDT

    Does anyone has any experience with EU crypto exchanges?
    I was using Litebit, it was quite good, but lately they started requiring KYC. And Coinbase need KYC too and is down when there is some spikes in prices. So thats a big negative.

    thanks for any recomendations

    submitted by /u/Piccolito
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    I have ideas for smart contracts that should be implemented with existing cryptocurrency systems. What's your feedback?

    Posted: 17 May 2020 07:34 PM PDT

    During my excessive downtime, I look for problems to solve, look at existing ideas, and brainstorm solutions. I have a BBA in Management. I've been a problem solver since I was 10. I'm fascinated with crypto currency like everyone on this sub is.

    I recently thought of different ideas involving automatic self executing functions (aka smart contracts). They include:

    1. Loyalty rewards, gift certificates, and coupons for customers shopping at specific merchants. The problem with punch cards and coupons is that they often get lost. The problem with integrating with a 3rd party solution is that costs the merchant money and customers may not download the app. A solution is for customer paying with a specific cryptocurrency to have the wallet containing the certificate be adjustable only by the merchant. As an analogy, let's say there is a transparent lock box in which the customer can only see it while the merchant has the key is the only one allowed to unlock and hole punch the rewards card. Likewise, the merchant will have a private encryption key so the customer key is read only while the merchant key has read and write privileges.
    2. Third party automated reimbursement for manufacture's coupons. Let's say a customer goes to a grocery store to buy a brand name coffee with a coupon. With printed coupons, the manufacture has to reimburse the merchant. A solution is to have an automatically executed reimbursement as a digital coupon function.
    3. Rotation of duty. A common internal control in business is rotate who deals with the purchasing and who deals with record keeping. In this system, it will work in which one person with the wallet creates a key for the purchasing agent that automatically deactivates. The next key gets activated for the different user.
    4. Escrow for freelancers. Let's say there is a professional photographer and the client paying for the service. With photographers working with clients, there have been instances of one side defrauding the other. They include the photographer taking the money without delivering or the client issuing a recall on the transaction. The escrow will help with this issue. If the client files a claim within the window, the escrow will look at both sides before moving the funds.
    5. Tokens for fiat currency that can be created or destroyed depending on what happens. Let's say a customer goes to a two way ATM. The customer can buy tokens representing the fiat currency using cash and have the tokens to spend. Likewise if the customer wants to convert the tokens into cash at the ATM, the tokens get destroyed.
    6. Ability to have a card for in person transactions in the event of smartphone battery failure.
    7. Money advances for business or personal operations. Let's say a photographer is selling a print of his work that requires a printshop to produce and he must pay the printshop in advanced. The photographer can have borrowed tokens on money that are removed after every successful transaction or if the photographer pays it back. It will also help photographers who sell ready made prints at art fairs.
    8. The ability to with permission, issue a hold on a specific amount of money that can clear immediately. This is useful at gas stations.
    9. Support for hidden ledgers that require private keys to view.
    10. Ability to add or revoke permission for auto pay.

    What are thoughts on these ideas? What ideas do you like the most? What ideas do you have concerns about? What ideas are you indifferent on if any? How should I go about bringing the ideas I mentioned to life? What kind of people should I get together with? What are your own ideas you would like to add? What's your advice in general?

    submitted by /u/cpu5555
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    Analysis of ten years of cryptocurrency discussions and funding data shows repeated cycles of rising crypto activity followed by eventual "crypto winters"

    Posted: 18 May 2020 01:21 AM PDT

    Moons!!! How does one get these new fancy moons? I want to be a sailor of moons

    Posted: 17 May 2020 09:15 PM PDT

    Hey you lovely people of reddit. How do I go about getting some of these moons? I know they don't have a real value as set yet. I know it says people that add content get them. I come to this sub reddit for my crypto news so I don't think I could get them from posting. I also, am not a funny enough guy to get them from comments. So how would one go about getting some?

    submitted by /u/sleepycthulhu
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    Digitalbits (XDB) planning to exit scam due to greed and pillaging of the cryptospace

    Posted: 17 May 2020 08:26 AM PDT

    Do not invest in digitalbits (xdb), and if you have sell ur bags fast. reports from a reliable source show they have scammed their promoters and are planning to dump on their investors. They kept a fake volume across all exchanges using bots (wash trades) and can't keep up anymore.

    Price has been plummeting since lastweek. Get out early before you become a bag holder and regret for the rest of your life. If you think this is FUD, DYOR to find out the chaos they've caused on every social media platform.

    submitted by /u/afloxy
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    Recently joined a LINK Facebook group, constantly been bombarded with these people on my inbox

    Posted: 17 May 2020 09:45 AM PDT

    tBTC ("trustless Bitcoin on ethereum") lasted two days before a catastrophic bug was found. This is why complexity is not always good.

    Posted: 18 May 2020 03:58 AM PDT

    In the last 100 days, the number of Bitcoins in the Grayscale Bitcoin Trust (GBTC) has increased by more than 60000. These coins are locked for 6 months too.

    Posted: 17 May 2020 11:01 AM PDT

    I had made a similar thread 100 days ago.

    The following is a simple table showing the number of bitcoins in the GBTC as seen on its page here on the given days.

    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 (100 days ago) 283,192
    27 Apr 2020 312886
    1 May 2020 323262
    17 May 2020 (today) 343954

    Number of bitcoins acquired in last 100 days: 343954-283192 =60762

    The rate of acquiring bitcoin in gbtc has actually accelerated after April, as you can see above in the table. However, even at the rate of 600 bitcoins per day that GBTC has bought every day for last 100 days, the GBTC is buying Bitcoins equal to 2/3rd of all supply of newly minted Bitcoin.

    For good measure, 60k bitcoins in last 100 days is about 33-34% of all newly minted bitcoins in that period, give or take.

    And GBTC is just one of the many ETF's that people who don't want to fiddle with private keys etc, can use to acquire Bitcoin, albeit the largest one.

    The demand is there. The supply is reduced. Lets see where we will be in 100 days. I am not going to mention price of Bitcoin 100 days ago, because I am not selling anything. DYOR. Make your own investment decisions. This is not investment advice.

    submitted by /u/parakite
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    How much Bitcoin is locked into Ethereum's DeFi applications? This much.

    Posted: 17 May 2020 11:56 AM PDT

    Holding stablecoins

    Posted: 18 May 2020 02:29 AM PDT

    What do you would be the best way for people with no access to dollars to hold money in dollars?

    With Tether just printing their token and not having done a trustable audit is worrying, what other stablecoin should I be looking into to hold until sometime?

    submitted by /u/dapper-detective
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    Cryptocurrency Transaction Fees Spike as Crypto Interest Surges

    Posted: 17 May 2020 06:54 PM PDT

    Governments’ Response to the Economic Crisis Will Be a Catalyst for the Upcoming Bitcoin Price Increase

    Posted: 17 May 2020 12:26 PM PDT
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