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    Cryptocurrency Daily Discussion - June 16, 2020 (GMT+0)

    June 16, 2020

    Cryptocurrency Daily Discussion - June 16, 2020 (GMT+0)

    Daily Discussion - June 16, 2020 (GMT+0)

    Posted: 15 Jun 2020 05:11 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 The prior exemption for karma and age requirements is no longer in effect.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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    Here I thought criminals only used BTC and Crypto for their illegal activities?

    Posted: 15 Jun 2020 05:03 PM PDT

    Chainlink Awarded as Technology Pioneer by World Economic Forum

    Posted: 16 Jun 2020 02:36 AM PDT

    Bitcoin Whale Population Approaching September 2017 Levels

    Posted: 15 Jun 2020 09:33 PM PDT

    Billion dollar blockchain EOS is in trouble, research shows - Developers working on the EOS platform fell more than 85% year on year

    Posted: 15 Jun 2020 07:30 AM PDT

    Craig Wright demolished live on stage

    Posted: 16 Jun 2020 04:13 AM PDT

    UP 47% on $1k - 2020 Top10 Crypto "Index Fund" Experiment Portfolio Update

    Posted: 15 Jun 2020 09:08 PM PDT

    UP 47% on $1k - 2020 Top10 Crypto "Index Fund" Experiment Portfolio Update

    https://preview.redd.it/aiwodwkb57551.png?width=666&format=png&auto=webp&s=efca7b2ca6e1b22645525a0270377fdb0a4e85d8

    Full blog post with all the tables here.

    tl;dr - ETH is having a good spring: it followed April's +57% gain with a +16% in May. Overall: Tezos increases lead over second place BSV, followed by ETH in third. All ten are in the green. Not counting Tether, the worst performing is XRP (although still up +11% since 01.01.2020). Total $3k (3 x $1k) investments the 2018, 2019, and 2020 Top Tens are up +3.5%, but same approach with US stocks market would have yielded +10%.

    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? The 2018 Top Ten portfolio ended 2018 down 85%, my $1000 worth only $150. I then 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 experiment is designed to be documentary in nature, describing a specific period in cryptocurrency history.

    The Rules:

    Buy $100 of each the Top 10 cryptocurrencies on January 1st, 2018, 2019, and 2020. Hold only. No selling. No trading. Report monthly.

    Month Five – UP 47%

    Welcome to the best performing of the Top Ten "Index Fund" Experiments for the fourth straight month. This month wasn't quite as strong as the all-green April, but thanks to solid late May BTC and ETH gains the portfolio has now added +47% since January 1st, 2020.

    ​

    Mostly green month, all green overall.

    Question of the month:

    In May, Harry Potter author J.K. Rowling joked that she was a holder of what 2020 Top Ten Crypto Experiment currency?

    A) Bitcoin
    B) Tether
    C) EOS
    D) Ethereum

    Scroll down for the answer.

    Ranking and March Winners and Losers

    Zero rank movement this month. Super weird for the ever changing cryptocurrency space.

    May Winners – Ethereum is having a good spring: it followed up last month's +57% gain with a +16% in May. BTC came in a close second this month, up +14%.

    May Losers – BSV under-performed its peers, finishing down -3.9% this month. Second worst was XRP, down -3.7% in May.

    For those keeping score, I also keep a tally of which coins have the most monthly wins and losses. After five months, we're starting to see some patterns emerge: both BSV and Tether have two losses each and Tezos is the only crypto with two monthly wins.

    Overall update – Tezos increases lead over second place BSV and 100% of Top Ten are in positive territory.

    Tezos (+131%) increased its lead over second place BSV (+107%) this month. Third comes Ethereum (+93%) and then Bitcoin (+40%) a distant fourth place. Not counting Tether, the worst performing crypto is now XRP (although it is still up +11% since January 2020).

    Total Market Cap for the entire cryptocurrency sector:

    The overall crypto market added about $35B in May 2020 and is now close to where it was in August 2019. It is up +50% since the beginning this year's experiment in January 2020.

    Bitcoin dominance:

    Steady as she goes, Bitcoin dominance hasn't budged in the last three months and hasn't really made any significant moves all year.

    Overall return on investment since January 1st, 2020:

    After an initial $1000 investment, the 2020 Top Ten Portfolio is now worth $1,467, up about +47%. It is the best performing Top Ten Crypto Portfolio out of the three.

    Here's the month by month ROI of the 2020 Top Ten Experiment, hopefully helpful to maintain perspective and provide an overview as we go along:

    Besides the zombie apocalypse blip in March, so far so good: all green is good to see and a nice change from the all red table you'll see in the 2018 experiment. The range of monthly ROI for the 2020 Top Ten has been between +7% and +55%.

    So, 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 $3,104‬.

    That's up about +3.5% for the combined portfolios.

    Better than a few months ago (aka the zombie apocalypse) where it was down -24%, but not yet back at January (+13%) or February (+6%) levels.

    So that's the Top Ten Crypto Index Fund Experiments snapshot. Let's take a look at how traditional markets are doing.

    Comparison to S&P 500

    I'm also tracking the S&P 500 as part of my experiment to have a comparison point with other popular investments options. Even with COVID and riots in the US, stocks continued to rebound in May, now down -5% since the beginning of the year.

    Over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +47%, the initial $1k investment now worth about $1,467.

    The money I put into crypto in January 2020 would now be worth $950 had it been redirected to the S&P 500. That's a $517 swing on an initial $1,000 investment.

    And what if I invested in the S&P 500 the same way I did during the first three years of the Top Ten Crypto Index Fund Experiments? This world's slowest dollar cost averaging/$1k on January 1st approach? Here are the figures:

    • $1000 investment in S&P 500 on January 1st, 2018: +$140
    • $1000 investment in S&P 500 on January 1st, 2019: +$220
    • $1000 investment in S&P 500 on January 1st, 2020: -$50

    Taken together, here's the bottom bottom bottom line for a similar approach with 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 $3,310.

    $3,310 is up over +10% since January 2018, compared to the $3,104 value (+3.5%) of the combined Top Ten Crypto Experiment Portfolios.

    That's about a +7% edge in favor of the stock market. Last month it was a bit closer, only a 3% difference. The month before, the gap was 13% in favor of the stock market.

    Implications/Observations:

    The crypto market as a whole is up +50% since the beginning of the year compared to the 2020 Top Ten cryptos which have gained +47%. For the first time since the Top Ten 2020 began, the cryptos in this group have under-performed the overall market. This breaks a four month streak where the opposite was true.

    Focusing on the Top Ten has been a solid approach so far in 2020, but it has not worked so well in the other experiment years. 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-nine months of the Top Ten 2018 Experiment has the approach of focusing on the Top Ten cryptos outperformed the overall market. Not even once.

    Conclusion:

    The Bitcoin halving came and went and traditional markets continue to steadily rise despite riots in the US and a global pandemic. 2020 has been an extremely volatile year and we still have a long way to go. What do all these changes mean for crypto?

    Final word: Please take care of yourselves, your families, and be excellent to each other.

    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 2019 Top Ten Experiment follow up experiment.

    And the Answer is…

    D) Ethereum

    J.K. Rowling managed to troll both the BTC and ETH communities with her May 18th tweet claiming she had "significant Ethereum holdings."

    submitted by /u/Joe-M-4
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    Etherscan Launches Search Engine For The Decentralized Web

    Posted: 16 Jun 2020 03:12 AM PDT

    WhatsApp Launches feeless In-App Payments in Brazil - you still need a bank account however

    Posted: 16 Jun 2020 03:03 AM PDT

    Buying cryptocurrencies is a non-violent peaceful protest of the current financial system.

    Posted: 15 Jun 2020 07:50 AM PDT

    It's time for all cryptocurrency/open public blockchain enthusiasts to unite. While we all may not agree on how the crypto future will play out with all these different coins and what the dominant system will be, I think all of us believe in a starkly different financial system than the one currently in existence based on government's monopolistic control of national currencies.

    Whether you believe in Bitcoin, Ether, Litecoin, etc, or you believe they all serve different purposes, there is no doubt that open public blockchains have a great deal of potential and a new platform for human organization.

    submitted by /u/the420chronicler
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    Crypto Predictions Using Artificial Intelligence

    Posted: 15 Jun 2020 11:33 AM PDT

    Welcome to Monument Crypto! A FREE predictions tool that uses artificial intelligence!

    We built Monument (http://monument.ai/) to empower cryptocurrency traders to directly use cutting edge AI techniques without costly training or experience.

    Monument makes getting started with AI as easy as getting started with other tools like Excel or Powerpoint. Now, you'll be able to get cryptocurrency predictions on your own, without the need of asking someone else.

    Laser-focused on this goal, we invested years of engineering effort to make AI algorithms run efficiently on any off-the-shelf laptop. Freeing AI from the world of GPUs, cloud computing, and Python notebooks allowed us to create the simplest user experience in the world of AI.

    Monument allows you to quickly load crypto data, compare a variety of AI algorithms, and view your results. Find insights in minutes instead of hours or even days.

    This is the future of cryptocurrency trading.

    This platform is FREE as we are just beginning our journey. The platform and tool took a little more than 2 years to develop and we are finally ready to come to market.

    If you have questions, that's expected. Our team is from the traditional finance sector of the United States. We have a lot of experience in these areas and can help answer your questions. Join the discord to learn more!

    Discord: monument.ai/discord

    submitted by /u/rockdrummersrock
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    Quant Network has partnered with Oracle as a Fintech partner, delivering Financial Services Infrastructure to Oracle FS clients

    Posted: 15 Jun 2020 10:50 AM PDT

    Quant Network has partnered with Oracle as a Fintech partner, delivering Financial Services Infrastructure to Oracle FS clients

    [Quant Network's tweet about the partnership] (https://twitter.com/quant_network/status/1272449087300870144?s=19)

    Quant listed on Oracle's website

    Quant Network (Oracle Partner Network member)

    Cross Border Open Banking

    Overledger by Quant Network allows Financial Institutions to have access to new markets, eliminate lock-in and enable cross-platform blockchain applications that are necessary for a hyper-connected powered by Oracle Cloud.

    Overledger brings blockchain interoperability at scale to simplify the blockchain application stack and enables cross-platform interoperability with just 3 lines of code.

    Running Overledger on Oracle Cloud Infrastructure results in customers having choice, flexibility and eliminating technology lock-in. Overledger interconnects Oracle Blockchain Platform with any other blockchain to have access to new markets, eliminate lock-in and enable cross-platform blockchain and financial applications that are necessary for a hyper-connected world.

    ​

    ​

    https://preview.redd.it/p71gim9j45551.jpg?width=1220&format=pjpg&auto=webp&s=b4687f300d0f55e75ac971d9302e875b9765fb7e

    https://preview.redd.it/6o0798aj45551.jpg?width=1280&format=pjpg&auto=webp&s=fa5b38667d2edfe18420a13c763ee455889f66a9

    submitted by /u/drinksbeerdaily
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    Ethereum Mining Revenue Increases by 46%

    Posted: 15 Jun 2020 09:54 AM PDT

    Cryptotipping bots for all subreddits

    Posted: 15 Jun 2020 10:40 PM PDT

    Are there any legit crypto-tipping bots, that work for all subreddits?

    We could spark interest in crypto by tipping on big subreddits.

    If you tip someone who does not know about crypto, he or she is forced to research it.

    submitted by /u/MierenKnager
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    The Government Is Playing Around With a Hybrid Crypto Dollar - "Virtual equivalent of taping gold to dollar bills."

    Posted: 15 Jun 2020 08:17 PM PDT

    Why is Coinbase suggesting that you don't have to pay U.S. taxes if you earned less than $600 in crypto for the year?

    Posted: 15 Jun 2020 11:19 PM PDT

    Looking for a good open source multi cryptocurrency wallet

    Posted: 16 Jun 2020 02:40 AM PDT

    Hi everyone,

    I got some BTC for a while (stored with MyCelium) and now plan to get some ETH.

    I would like to centralize both in the same wallet, ideally something open source.

    What would you recommend?

    Thanks for your advises

    submitted by /u/Ludszzz
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    How to Earn Crypto on Your Crypto

    Posted: 16 Jun 2020 05:48 AM PDT

    Can we talk worst case and most likely scenario of using a vpn to bypass US exchange blocks?

    Posted: 16 Jun 2020 05:48 AM PDT

    I'm about to hop on a vpn to buy some crypto unavailable to New Yorkers.

    What type of legal repercussions, if any would I possibly face should I be caught? Will the fact that we will be reporting any of our gains to IRS, magnify my risk?

    Also, can anyone recommend a vpn for this sole purpose?

    Thanks

    submitted by /u/Max_Roc
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    Periodically go back and check for wallets you've missed!

    Posted: 16 Jun 2020 05:21 AM PDT

    I decided to flick through and double check my past wallets and, to my dismay found my very first wallet although empty of ETH, had a juicy token balance.

    This was in 2017 so knew a lot less about backing up or checking balances, so although annoyed I'd written it off.

    Released I'd used Exodus as my very first wallet and digging through my emails found an Exodus restore link. Although I've got the link I can't actually get into the wallet without the password...but it's a start (Going to have to spend the day trying passwords!)

    ​

    Just a quick reminder to go back and check your wallets and have a backed up place where you keep your old seed phrases!

    submitted by /u/OriginalGravity8
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    Ripple to Expand On-Demand Liquidity to Brazil ‘Very Soon’

    Posted: 16 Jun 2020 05:17 AM PDT

    Chainlink recognized as a Technology Pioneer by the World Economic Forum

    Posted: 16 Jun 2020 04:57 AM PDT

    Great article from Business Insider on how Chainlink is being recognized as a Technology Pioneer by the World Economic Forum. Chainlink is in great company as "Past recipients of this award include: Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Spotify, TransferWise, Twitter and Wikimedia."

    This award, though prestigious, also comes with practical benefits for the project, as "...Chainlink's co-founder Sergey Nazarov will be invited to participate at World Economic Forum activities, events, and discussions throughout the year. Chainlink will also contribute to Forum initiatives over the next two years, working with policymakers and private sector leaders to help define the global agenda on key issues."

    Link to the article: https://markets.businessinsider.com/news/stocks/chainlink-awarded-as-technology-pioneer-by-world-economic-forum-1029311066

    submitted by /u/elementalemmental
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    Is crypto . com a scam ? Can you really stake coins with their wallet ?

    Posted: 15 Jun 2020 03:56 PM PDT

    Basically, title says it all. I found one video that says that if you hold in Crypto . com coins, they stake at certain percentage yearly. Does this really work or ? They claim that if you hold at least one MCO coin on their wallet, they will stake your coins, according to their percentage. If its true indeed, then shouldnt be everyone using this platform ? It just seems too good to be true and I have not really found any of the bad reviews about their platform online, so thats why im trying to get at least some info here, hoping someone already knows about it.

    submitted by /u/xAVISEZSKINS
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    Crypto with Whatsapp integration

    Posted: 16 Jun 2020 03:36 AM PDT

    Inspired by this post that I just saw: I was wondering whether there were already solutions on the market for sending crypto peer-to-peer over Whatsapp. Many of my friends are quite interested in crypto, but feel like the barriers to entry are relatively high. What I wanted to do was simply send them some crypto over Whatsapp, as in having it create a wallet for them that I could send some too, then perhaps use it as a sort of "fun" currency. We tend to make dumb bets with each other every once in a while for small sums of money or beers, this seems like a fun alternative.

    Googling got me to "Lite.IM", but their website appears to be down. If working, it should work for BTC, LTC and ETH, which I think is pretty cool. Checking through this sub, there's also "thenanobot" which I'd somehow missed during the build-off, which seems to do exactly what I want using Nano, and which I'm testing now with some friends.

    So yeah, fun little idea for those interested. If there are any other cryptos with which this is possible (easily) please do let me know, because I love the idea of having such an easy / low-barrier way to introduce friends to crypto.

    submitted by /u/SenatusSPQR
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    Bitfly To Distribute $2.6 Million Ethereum Fee To Miners

    Posted: 15 Jun 2020 02:28 PM PDT
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