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    Cryptocurrency Daily Discussion - June 22, 2020 (GMT+0)

    June 22, 2020

    Cryptocurrency Daily Discussion - June 22, 2020 (GMT+0)

    Daily Discussion - June 22, 2020 (GMT+0)

    Posted: 21 Jun 2020 05:16 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 The prior exemption for karma and age requirements is no longer in effect.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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    Happy father's Day to all Hodlers

    Posted: 21 Jun 2020 12:34 PM PDT

    How many of you actually use crypto as a currency?

    Posted: 22 Jun 2020 04:12 AM PDT

    One of the biggest appeals of cryptocurrency to me is that it could supplement or replace traditional fiat currency. Unfortunately, it looks like many people only view crypto as a speculative asset (which in many ways it is).

    I'd love to hear from people that actually use it day to day as a currency, and how you go about doing so!

    submitted by /u/Adalwolf311
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    Italian Banks Are Ready to Trial a Digital Euro

    Posted: 21 Jun 2020 08:07 PM PDT

    Chainlink has launched the BNT/USD price feed. This is an important step towards releasing the next major version of the Bancor V2 Protocol

    Posted: 21 Jun 2020 11:22 PM PDT

    Thai startup raises $80m from Toyota and others amid pandemic

    Posted: 21 Jun 2020 07:28 PM PDT

    OMG network's parent get a Series C funding of $80 mln

    Posted: 21 Jun 2020 07:56 PM PDT

    Smart Contracts are a superior form of digital agreements. Crypto is the future guys!

    Posted: 21 Jun 2020 07:12 AM PDT

    question for the crypto-chads

    Posted: 21 Jun 2020 09:17 PM PDT

    So I'm essentially the potential crypto investor that's getting meme'd to heck on here.
    I've worked within the financial industry so essentially this stuff is like weird pagan rituals to me XD

    I'd like some reasoned opinions, and as someone who again has worked in finance can tell a lot of the advice being passed around on here is people hoping to pump their own portfolios.

    Main question for the chads.

    Why is now, not a month ago and not any point in the future, a good idea to move assets.
    I'm sitting at a precarious spot financially due to the pandemic, and would be willing to put the time needed into learning this market properly if I can get some responses that don't seem like someone selling their niche unheard of currency or platform to me.

    Even bankers/former bankers see where this is all going, the jumping on point is whats unclear.

    I enjoy dialogue so i encourage any comments if i get some to please argue the heck out of it XD I prefer a multitude of opinions to draw from in creating my own.

    Thanks for your time in reading this!

    submitted by /u/KashMango
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    Bank branches and ATMs will start disappearing across Australia as the coronavirus pandemic shifts Australians further towards a cashless economy

    Posted: 21 Jun 2020 08:10 AM PDT

    Compound approaching $1 billion in lending supply, BAT at 24% APY

    Posted: 21 Jun 2020 08:33 PM PDT

    10 famous cryptocurrency quotes and what we can learn from them - read and don't look like a fool anymore :P

    Posted: 21 Jun 2020 10:26 AM PDT

    "If you don't believe it or don't get it, I don't have the time to try to convince you, sorry." – Satoshi Nakamoto

    This is an early quote from Satoshi Nakamoto to the Bitcoin doubters on the forums. Since those early days, a whole industry has been created around his invention. With hindsight, it is easy to say that perhaps people should have listened, but what was created was something entirely unique and therefore difficult for many to understand. A key aspect of this message is that to understand Bitcoin, you need to put the time and effort in to learn on your own. Mistakes can easily be made by trusting unscrupulous actors.

    "It's money 2.0, a huge, huge, huge deal." – Chamath Palihapitiya, venture capitalist

    Chamath Palihapitiya was an early employee at Facebook before moving on and setting up his own investment fund. By 2015, his fund had over $1.1 billion in assets, and he also became a minority shareholder of the Golden State Warriors NBA team. Despite stating he is a disciple of Warren Buffett, they do disagree on the notion of Bitcoin. Palihapitiya is a strong believer in the cryptocurrency. He believes that within the next 20 years, Bitcoin will rise to $1 million.

    "It's a fraud" and "worse than tulip bulbs" – Jamie Dimon, CEO of JP Morgan

    Unsurprisingly, the boss of JP Morgan – Jamie Dimon – isn't much of a fan of Bitcoin. This quote from Mr Dimon in 2017 was spoken during the most recent Bitcoin bubble. Since then however, JP Morgan has announced its own form of cryptocurrency, suggesting the banking titan isn't as adverse to crypto as the quote suggests. One of Bitcoin's main aims is to remove the need for such huge banks as JP Morgan, so it is unlikely that Jamie Dimon will ever change his mind.

    "Stay away from it. It's a mirage, basically. In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending." – Warren Buffett, legendary investor

    Coming back to the traditional finance sector, the fact that Buffet isn't a fan of Bitcoin or cryptocurrencies in general is to be expected. Buffett's fortune has been accumulated through traditional assets and a patient approach. The risk and volatility seen in cryptocurrencies would be an instant warning sign to the famous investor. Buffett has been notoriously adverse to upcoming technology stocks, so a punt on Bitcoin isn't going to be happening any time soon.

    "I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world." – Peter Thiel, co-founder of PayPal

    Peter Thiel and his team had a similar idea to Bitcoin when in the process of creating PayPal. However, at the time, they were unable to get their idea off the ground. Peter Thiel is now one of the largest venture capitalists in Silicon Valley and a staunch Randian. These two factors should show why he has an interest in Bitcoin.

    "Bitcoin actually has the balance and incentives center, and that is why it is starting to take off." – Julian Assange, founder of Wikileaks

    Bitcoin and Wikileaks have a long relationship. Indeed, without Bitcoin, there may not be a Wikileaks as we know it. When the major credit card companies attempted to block payments to Wikileaks, the company asked for donations in Bitcoin instead, which allowed it to survive. Nakamoto was adverse to supporting Wikileaks due to the pressure it would put on the young network. Julian Assange himself is one of the earlier cypherpunks, regularly interacting with members on the CypherPunk mailing list from 1995. Ideas such as Bitcoin were common on the mailing list, so when Bitcoin was finally released, the fact that Wikileaks appropriated it is not surprising.

    "The Federal Reserve simply does not have authority to supervise or regulate Bitcoin in any way." – Janet Yellen, former chair of the US Federal Reserve

    Janet Yellen highlights a key aspect of Bitcoin in her quote. Bitcoin is not a US cryptocurrency. Instead, it is the first truly global currency. It isn't run by anyone in particular, but anyone who wants to get involved can do so. This makes it extremely difficult for the authorities to formulate regulations around Bitcoin. This also makes Bitcoin extremely difficult to stop. Many bans have been rumoured throughout the years, but this has never stopped Bitcoin from progressing.

    "Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly." – Vitalik Buterin, co-founder of Ethereum

    Buterin's quote recognises the removal of third parties that cryptocurrencies allow for. Instead of a company like Uber or say Dropbox taking a cut of the profits, this can all be managed in a peer-to-peer manner through cryptocurrencies. This increases the profits for you and me, reduces costs, and can help remove some of the largest corporations in the world in the hope of creating a fairer economy.

    "I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions." – Hal Finney

    This early quote from Hal Finney shows that he understood the possibilities of Bitcoin from a very early stage. This was helped by the many discussions that took place on the CypherPunk mailing list in the 1990s, whereby digital currencies and issues of privacy were constantly discussed and philosophised.

    "Since we're all rich with Bitcoins … we ought to put some of this unearned wealth to good use." – Hal Finney

    Hal Finney is one of the few people involved in Bitcoin who is liked by everyone. Even Faketoshi has a soft spot for Finney. Sadly, Finney passed away before he could witness the beast that Bitcoin evolved into. Finney was an early contributor to the CypherPunk mailing list like Assange, and was instrumental in helping Bitcoin grow from day one. This quote above highlights what all who have become rich through Bitcoin should do – give back and help others.

    submitted by /u/alvarosb
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    Are the any cryptocurrencies that use a Proof of Time system or do something useful with POW?

    Posted: 22 Jun 2020 04:18 AM PDT

    The POW system I believe is common to most cryptocurrencies as a way to slow down transactions and prevent the network from hitting a denial of service state or being attacked.

    However POW is just wasting energy and processing power, when it could be doing something useful like helping to cure COVID 19 or cure cancer with all that computing power.

    Or if the systems used a POT (Proof of Time) approach whereby transaction blocks are timestamped and the network will only accept processed transactions after a short delay.

    Potential Benefits:

    • Massive reduction in processing power needed to process transitions.
    • Keeping the delay to a short period of time for computers allows super fast transaction rates in human terms.
    • Anyone with any capable processor could run transactions with minimal energy and processor usage.
    • The delay period could be based on the current network load and dynamically slow transaction processing down to prevent DOS events.

    I would think that a transition from POW to POT would save a lot of energy and end the need for dedicated ASIC processors or super GPUs.

    submitted by /u/Arowx
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    The leaders of the Crypto Valley Top 50 Companies gathered online to discuss the impact of the COVID-19 on the industry.

    Posted: 22 Jun 2020 04:16 AM PDT

    ClearWaters: Treasure Hunt in Berlin

    Posted: 22 Jun 2020 03:47 AM PDT

    My company has decided to help the city waters become cleaner. Especially now in the good season many people travel by boat instead of car or bike and some even move there on cabinato boats.

    So you can imagine the trash has increased and has endangered the already poor life of the wildlife in the city. There has been a big issue with swans this year, ducks are also in a bad shape and please let's not mention life underwater, which is in a dire situation due to overfishing.

    With my company we have left 1000 used bottles of glass or plastic in the water. Doesn't that increase trash, do you think? No!!! How is that possible? The bottles are sealed and contain the seeds of a wallet containing 50 euro each (value about one week ago). After a test phase of about 3 years we will take the money from the wallets. Otherwise if you find it move it to another wallet where we don't have access.

    What's the gain for my company? They just wanna throw 50K in the trash? Well, we are involved in keeping Berlin's water clean, so if people find the bottles hopefully they'll pick up some other trash and don't urinate around or throw trash on the road, which by the wind can end up in the water.

    So, please have fun and keep me updated! Let's start the treasure hunt!

    submitted by /u/whyNadorp
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    Is hotbit worth the hassle?

    Posted: 21 Jun 2020 08:01 PM PDT

    I've noticed my buy orders won't go through if the price raises by 5% or more after the order was set. I bought at .12c and the price raised to .15c but my order has been stuck at 15% filled for hours. But when the price stays put or goes negative my order is filled in minutes. Is this a legit exchange, is this common on other exchanges? I've only used uniswap so Im unsure if this is normal or hotbit is legit.

    submitted by /u/MattyPDNfingers
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    Blockchain Company Factom Inc. Files for Chapter 11 Bankruptcy

    Posted: 21 Jun 2020 04:53 AM PDT

    IVAN ON ADS - Ivan On Tech Parody - Wojak Explains

    Posted: 21 Jun 2020 12:54 PM PDT

    DeFi Rev- The Ultimate Guide to DeFi Lending in 2020

    Posted: 21 Jun 2020 08:24 AM PDT

    Looking for some straightforward blockchain answers

    Posted: 21 Jun 2020 06:24 PM PDT

    Sorry if this is the wrong place to post this, I'm just a little confused about some stuff.

    I've been doing some research into blockchain for a project, and I have a couple questions that I just can't seem to find any answers for, so I was hoping someone here could shed a little light for me. I can't talk too much detail about the project, but basically I'm looking to make a blockchain for part tracking in manufacturing, along the lines of this:

    First question: If I use something like Ethereum for example, do I HAVE to pay for transaction fees to validate a transaction, or is there a way I can use my own local resources to do the validation for free? Same question goes for others like Hyperledger, Cosmos, etc

    Second question: Do I have to use a platform like Ethereum, Hyperledger, etc, or can I just expand what some of these little "Build a blockchain in 5 minutes in Go" tutorials do? Are the resources to host and validate transactions the benefit of those platforms?

    submitted by /u/NotU7
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    The four pillars of a decentralized society (Communication, Law, Production, Finance)

    Posted: 21 Jun 2020 05:42 AM PDT

    If Craig Wright was a fictional character

    Posted: 21 Jun 2020 07:03 AM PDT

    Consortium consisting of Mitsubishi and Toyota holdings invest $80 mln on SYNQA the parent of OMG network. And agree to use OMG network for Toyota wallet

    Posted: 21 Jun 2020 11:18 PM PDT
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