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    Cryptocurrency Daily Discussion - June 30, 2020 (GMT+0)

    June 30, 2020

    Cryptocurrency Daily Discussion - June 30, 2020 (GMT+0)

    Daily Discussion - June 30, 2020 (GMT+0)

    Posted: 29 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 The prior exemption for karma and age requirements is no longer in effect.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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    Cryptocurrency is considered a Cash Equivalent

    Posted: 29 Jun 2020 12:50 PM PDT

    It really be

    Posted: 30 Jun 2020 01:59 AM PDT

    How to Bring More Capital and Less Risk to Automated Market Maker DEXs

    Posted: 29 Jun 2020 11:35 PM PDT

    the-blockchain.com is a Scam crypto-news website.

    Posted: 30 Jun 2020 04:18 AM PDT

    There has been an email-phishing scam happening to the Stellar community and other crypto communities lately.

    Documented here on r/CryptoCurrency couple of days ago:

    https://www.reddit.com/r/CryptoCurrency/comments/hg3nd0/stay_safe_and_dont_fall_for_this_scam_claiming/

    and on r/Stellar:

    https://reddit.com/r/Stellar/comments/hfved3/there_is_no_staking_on_stellar/

    This is the website link:

    (SCAM ARTICLE) www. the-blockchain. com/2020/06/26/stellar-unfurls-community-staking-marathon/ (SCAM ARTICLE)

    Within a couple hours of being notified of an email-phishing scam happening to community members, I Googled 'Stellar news'. To my shock, this random website 'the-blockchain.com' was near the top with a new post made '2 hours ago' (no images my bad). The website link is the page I posted above. If you Google 'Stellar news' now, you can't even find it. The webpage with the spoofed account viewer is still live however.

    It's clear this website is a scammer website that is used by the same email-phishing scammers. No one would be dumb enough to re-post a scam article without actually partaking in the scam and/or realizing that the free lumens it's promoting simply empties your wallet the second you post your secret key in the input field.

    This is not only a post to call-out the recent scam happening and to watch out for further scams, but this post is to highlight the fact that scammers will use 'news websites' to further their own scams and garner trust faster.

    Stay safe everyone.

    submitted by /u/KodineDreamin
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    "The collapse of Wirecard, once one of the hottest fintech companies in Europe, dwarfs other German corporate failures. "

    Posted: 30 Jun 2020 03:57 AM PDT

    Telegram to pay $18.5 million and return $1.2 billion following SEC crypto charges

    Posted: 30 Jun 2020 03:49 AM PDT

    How I plan to identify and sell the top of the next market cycle.

    Posted: 30 Jun 2020 03:38 AM PDT

    In this post I will share with you some of the strategies I will use to identify the next market cycle top so I can sell for maximum profits (and of course buy back in later in the subsequent bear market!) In the first part of this post I will discuss the resources I will use and in the second part I will discuss tactics in selling and risk management.

    Indicators

    As the bull run begins to drag on and the price of ETH starts getting closer and closer to $10k I will begin to start watching many of the data science charts over at Look into Bitcoin. This will not be the only source I will use since there are great custom tools on TradingView too as well as more subjective indicators such as friends and family talking crypto and hearing about crypto again in the mainstream media. I'd also like to note that many of the indicators I will be looking at will be Bitcoin focused despite my ETH centred portfolio. Like it or not, this market is still Bitcoin dominated and despite the many proponents of an ETH flippening (myself included), it is quite likely that we will not see it this cycle due to the macro investing environment favouring assets which are good stores of value to weather the uncertainty. Ultimately, Bitcoin has the best store of value meme in crypto and that will be very powerful in the coming years.

    I think it is likely that the time for Ethereum or a network like Ethereum with a yielding asset (ETH under ETH 2.0) and a native economy of DeFi, DApps, NFTs and much more will be once all of the stock market uncertainty is over and investors are ready to take on more risk again. I am of course still expecting Ethereum and altcoins to outperform Bitcoin this cycle. However, I think that Bitcoin losing the number 1 spot will be more likely to happen between 2023 and 2030 rather than in the next 2-3 years. I hope I am wrong though.

    While most of the indicators on Looking into Bitcoin are useful, I will list the ones I'll be focusing on the most here:

    And finally my favourite, the Golden Ratio Multiplier. This indicator has been remarkably accurate at predicting tops using the golden ratio (1.6) and the fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13, 21) multiplied by the 350 day moving average. With each market cycle, the 350 day moving average is multiplied by the next number down in the fibonacci sequence. For example, the 2013 peak only just passed above the 350 day moving average multiplied by 8 and the 2017 bull market just touched the 350 day moving average multiplied by 5. So if this indicator is to work in the next cycle, we can expect the price to slightly exceed 3 times the value of the 350 day moving average. This indicator also worked for Ethereum in the 2017 bull run. While there is no graph for it, on the 13th of January, when ETH hit a peak of $1,419, the 350 day moving average was at $270. $270 multiplied by 5 is $1,350. If you sold at $1,350 you sold incredibly close to the top and I don't think that any macro traders/long term traders would complain about that timing.

    I'd like to note that while indicators like the Golden Ratio Multiplier factors in for less explosive growth each cycle, not all of the above indicators do. So be cautious of this when you think the peak is near as it may be closer than you think. In saying that, there is a lot of luck involved so I should also point out that it also might not be closer than you think. However, it would be better to sell before the peak at say $10,000/BTC as of 2017 than to be left holding all of your crypto when the bear market begins since Bitcoin didn't spend much time above $10,000/BTC after the $20K peak. Ultimately it is up to you to decide your risk appetite and how well you want to try and time the market. For me, I will definitely be on the conservative side so that I don't miss the boat completely and hopefully I will be able to sell most of my crypto just before we peak rather than afterwards.

    Risk Management

    Since timing the top requires a lot of luck, a good method of mitigating the risk is to spread out when you sell. I'm going to share with you my personal strategy but I recommend that you create your own strategy or use this as a basis from which you can use to adjust and tweak it to optimally suit your situation. If you have a large stack, you will probably want to sell early since you might not need such spectacular gains to lock in some life changing money. On the other hand, if you have a smaller stack or if you are younger, you can afford to take more risk and might want to try and time the absolute peak a bit better to get that much closer to making some life changing money. Personally, while my stack isn't very big in dollar terms, it is a significant % of my net worth and so I don't have a high risk tolerance with it (at least relative to other people in crypto!) For this reason I will be selling a little bit on the early side.

    My plan has three pots of crypto. 20% of my crypto I will hold indefinitely since I very strongly believe in the long term prospect of ETH and BTC as investments. This way if I time the markets terribly, I will always have some skin in the crypto game. The second pot of crypto is 40% which I will sell on the way up to take some profits and I don't intend on putting this money back into crypto. Initially I will be selling very small amounts of this 40% and as the indicators listed above get closer and closer to calling a top, I will sell larger proportions of this crypto. I haven't set specific target numbers since things change fast in this space and I feel like the best decisions in this case are made in the moment. For example, estimating a market top is hard when it is 2-3 years away, but it is much easier when it is just months or weeks away. Once again, this is just personal preference. Many of you will find that setting targets now makes it easier for you to pull the trigger and take some profits when everyone else is calling $1M BTC while it is at $100K or calling for $100K ETH when the current price might be $10K.

    Finally, the last 40% I will sell all at once when I feel like we are at the top and I am confident that the price will be lower a year on from that point in time. With this 40% I will try and buy back during the bear market with the help of many of the same indicators I listed above from Look into Bitcoin. I will also use some indicators which I didn't mention above since some are better designed at identifying market bottoms. My goal is to be able to buy back the number of BTC and ETH I held before I sold anything with this 40% (plus the 20% I didn't sell). This is a big ask but it is better in life to set hard goals that seem unattainable or unrealistic than it is to set easy goals.

    To summarise my portfolio strategy, 20% of my portfolio is an indefinite hold, 40% I will sell on the way up and I do not intend on buying back into crypto with this money so I can avoid being over-exposed to crypto. The last 40% I will use to try and sell the top and buy the bottom.

    Closing Notes

    As a closing note I would like to say that it will be important to be aware of the power of greed and FOMO. Do not under-estimate these emotions and try to remain a grounded and rational investor. Don't be scared to take profits. I know from experience trading altcoins that it is better to exit a position early and miss out on another 100% price increase than it is to hold through a bear market and take >90% losses. If you go into this bullrun telling yourself you will take profits on the way up, you will have no reason to regret any early sales since you will know that you made a rational trade and not an emotional trade.

    submitted by /u/Tricky_Troll
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    You were the chosen one!

    Posted: 29 Jun 2020 02:46 PM PDT

    Researchers Say New Lightning Network Attack Could Create ‘Chaos’

    Posted: 29 Jun 2020 02:54 PM PDT

    New to cryptocurrency

    Posted: 29 Jun 2020 11:56 PM PDT

    I have some funds that I can afford to lose so I'm thinking about investing 2/3 in BTC and 1/3 in ETH and then hold for long term. My biggest question right now is which is the best place to buy these? I'm a little bit overwhelmed by the amount of websites. Google searches seem to mostly recommend btcdirect and coinbase. Also I am located in Belgium if it matters.

    submitted by /u/hcollector
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    Los Angeles, Atlanta Among Cities Joining Coalition To Test Universal Basic Income

    Posted: 29 Jun 2020 09:20 PM PDT

    Augur v2 Set to Launch July 28th

    Posted: 29 Jun 2020 02:43 PM PDT

    Andreas Antonopoulos: Use DeFi Contracts for BTC Passive Income

    Posted: 29 Jun 2020 09:42 PM PDT

    Bitcoin could be stolen in Lightning Network attack, warn researchers

    Posted: 29 Jun 2020 08:30 AM PDT

    Kyber's KNC joins list of collateral assets on DeFi protocol Maker

    Posted: 30 Jun 2020 04:31 AM PDT

    Why bother with trading when you can have a 19% ROI with staking?

    Posted: 30 Jun 2020 04:03 AM PDT

    Which network should I use to create my own crypto token?

    Posted: 30 Jun 2020 03:56 AM PDT

    I want to create a crypto coin,

    ​

    But I wonder about future proofing it, ethereum is moving to 2.0 does that mean ERC20 tokens are still relevant? With the advent of other coins creating smart contracts - does it make sense to perhaps consider something else?

    submitted by /u/Pergamum_
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    How big of % of total coin value You can buy?

    Posted: 30 Jun 2020 03:28 AM PDT

    I was thinking, what kind of things I would like to take in a account when buying a cryptho?

    And one of the things I figured was, "How much of a total coin value I could actually buy?".
    I didn't found anywhere this kind of information so I decided to create it myself.

    https://docs.google.com/spreadsheets/d/1ivXL_bS3Aw9nOTjX8nMsnBtG-a3Ej-KN0OUeuCtMStU/edit?usp=sharing

    This is really early version, but I will update it with time, with more coins and extra information.

    Idea for now is to show each coins value/max or current supply and how big part (in percentages) from coins market cap I could buy with 100/300/500/1000 eur and I added how much eur you would need to buy a 1% of coins total market cap.

    What You need to know that for coins like BTC (who have max supply), I am using Max supply for calculations, but coins like ETH Circulating Supply.

    If You have any toughs/comments or ideas I would love to hear them.

    Information will be updated daily somewhere around 9 AM (CMT+3), with time I will look into how to automate it, but now I don't have that much time.

    submitted by /u/maxpred
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    $10+ Trillion 2020 Economic Stimulus Visualized in Physical Cash-USD is Doomed

    Posted: 29 Jun 2020 07:34 AM PDT

    Kraken Having Performance Issues today

    Posted: 29 Jun 2020 02:14 PM PDT

    I hope funds are SAFU

    https://status.kraken.com/

    ​

    Investigating - We're investigating issues with all of our funding gateways. There are also reports of difficulties connecting/signing into kraken.com

    As a result, deposits and withdrawals are currently delayed. We will provide any updates as soon as possible.

    Jun 29, 21:08 UTC

    ​

    Investigating - We are currently experiencing delays with our wire processor for Domestic US deposits through Evolve Bank. This is causing deposits to remain in a "Confirming" or pending state for a few business days longer than normal and delays in service requests.
    Please contact support for assistance with any delayed transactions and see this support article for other domestic US deposit and withdrawal alternatives.

    https://support.kraken.com/hc/en-us/articles/360000381846-Fiat-currency-deposit-options-fees-minimums-and-processing-times-

    Jun 26, 14:45 UTC

    submitted by /u/em2391
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    Ethereum Scalability: Basic Attention Token crosses Syscoin trustless Ethereum bridge (MAINNET DEMO)

    Posted: 29 Jun 2020 03:25 PM PDT

    What is the Tor Network? Its problems and main purposes. How often do you use the Tor if you do?

    Posted: 29 Jun 2020 10:24 PM PDT

    Is XRP Doomed After Another Dip Unable To Recover Like The Rest?

    Posted: 29 Jun 2020 06:13 AM PDT
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