• Breaking News

    Sunday, June 7, 2020

    Home Unlabelled Cryptocurrency Daily Discussion - June 7, 2020 (GMT+0)

    Cryptocurrency Daily Discussion - June 7, 2020 (GMT+0)

    June 07, 2020

    Cryptocurrency Daily Discussion - June 7, 2020 (GMT+0)

    Daily Discussion - June 7, 2020 (GMT+0)

    Posted: 06 Jun 2020 05:12 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 The prior exemption for karma and age requirements is no longer in effect.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
    [link] [comments]

    I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? Down -79%

    Posted: 06 Jun 2020 10:07 AM PDT

    I bought $1k of the Top Ten Cryptos on January 1st, 2018. Result? Down -79%

    ​

    EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month Twenty-Nine - Down -79%

    See the full blog post with all the tables here.

    tl;dr - Cardano wins May, BTC still way ahead, ETH solidly in second place, NEM (anyone still remember NEM?) still in basement. Markets going up despite world on fire. 3 x $1k investments in crypto in 2018, 2019, 2020 are down -7% compared to the US stock market. Word.

    Month Twenty-Nine – Down 79%

    While not quite as strong as April, May was undeniably a strong month overall, especially with the last minute push that saw Bitcoin climb over the $10k mark. Although BTC (and the market overall) has fallen in the last few days while I've been compiling these updates, we saw almost every 2018 Top Ten crypto end the month of May higher than where it started.

    Question of the month:

    The Bitcoin halving took place on May 11th, 2020 at 7:23 PM UTC. Since the first Bitcoin block was generated in 2009, how many halving events have occurred?

    A) One
    B) Three
    C) Five
    D) None of the above

    Scroll down for the answer.

    Ranking and May Winners and Losers

    Half of our 2018 Top Ten group were on the move in May. Cardano made the most upward progress, climbing two positions to #11. IOTA picked up rose one spot in the standings to #24 as well. On the other side, NEM keeps slipping, losing three spots to #30. Dash and Stellar also dropped two positions each in May.

    The overall drop out rate remains at the 50% mark (meaning half of the cryptos that started 2018 in the Top Ten have dropped out). NEM, Dash, IOTA, Cardano, and Stellar have been replaced by EOS, Binance Coin, Tezos, Tether, and BSV.

    May Winners – Massive month for ADA, up an impressive +62%. That's about what Cardano gained last month, so, yeah, Cardano is having a great spring. IOTA also had a solid month, up +28%.

    May Losers – XRP lost about -4% making it the worst performing of this group in May.

    How has your favorite crypto fared over the first 29 months of the 2018 Top Ten Crypto Index Fund Experiment? Most monthly wins (7): Bitcoin. Most monthly losses (5) is a now tie between Stellar and NEM. All cryptos have at least one monthly win and Bitcoin stands alone as the only crypto that hasn't lost a month (although it came close in January 2020 when it gained "only" +31%).

    Overall update – BTC still way ahead, ETH firmly in second place, NEM worst performing.

    Bitcoin made up more ground in May, now down -23% since January 2018. The last time we saw this price level to end a month was August 2019. The initial $100 investment is now worth about $77.

    BTC is still well ahead of the field and Ethereum is firmly in second place. This may feel like a foregone conclusion at this point, but for context, long time 2018 Top Ten Experiment followers will note that this has not always been the case. Just a little over a year ago for example, BTC was second place behind Stellar.

    NEM (down -95%) is in last place. That initial $100 investment in NEM? Now worth $4.74.

    Total Market Cap for the entire cryptocurrency sector:

    The overall crypto market added about $35B in May 2020, back near August 2019 levels. This is down about half from January 2018 when the market was worth roughly $575B.

    Bitcoin dominance:

    Another flat month for Bitcoin dominance, which hasn't moved at all in the last three months.

    For context, the range since the beginning of the experiment in January 2018 has been wide: a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

    Overall return on investment since January 1st, 2018:

    The 2018 Top Ten Portfolio gained about $20 bucks in May 2020, back near where it was at the end of February. If I cashed out today, my $1000 initial investment would return about $205, down -79% from January 2018.

    Here's the ROI over the life of the experiment, month by month:

    The streak of nine consecutive months down at least -80% was finally broken in May. Just barely (at -79%), but hey, I'll take it. July 2019 was the last time the 2018 Top Ten finished a month in the negative seventies. What about the negative sixties? That level hasn't been seen in about two years.

    Painful stuff. What about the follow on Experiments? Let's see:

    So overall? Taking the three portfolios 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.

    Comparison to S&P 500:

    I'm also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. The stock market (as measured by the S&P) continued to recover in May. It's pretty amazing with all that's going on in the world, but the market is already back up where it was in February 2020. The initial $1k investment into crypto on New Year's Day 2018 would have gained about $140 had it been redirected to the S&P.

    This is where it gets interesting. Taking the same drop-$1,000-per-year-on-January-1st approach with the S&P 500 that I've been documenting through the Top Ten Crypto Experiments would yield the following:

    • $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.

    That 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% difference in favor of the stock market. Last month, there was only a 3% difference. The month before, the gap was 13%.

    Implications/Observations:

    No news here: the 2018 Experiment's focus of solely holding the Top Ten Cryptos has not and has never been a winning approach when compared to the overall market. The total market cap is down -51% from January 2018 compared to the -79% for the cryptos that began 2018 in the Top Ten. This of course implies that I would have done a bit better if I'd picked different cryptos – but much better than if I'd put all my eggs in NEM's -95% basket, for example. To reiterate, at no point in this experiment has this investment strategy been successful: the initial 2018 Top Ten have under-performed each of the twenty-nine months compared to the market overall.

    In the following two Top Ten experiments, it's a slightly different story. There are a few examples of this approach outperforming the overall market in the parallel 2019 Top Ten Crypto Experiment. For the most recent 2020 group, this approach had outperformed the overall market 100% of the time…until this month.

    Conclusion:

    The Bitcoin halving turned out to be a non event and markets continue to steadily rise despite riots in the US and a global pandemic. We're almost half way through a very strange year. As the world changes, what will crypto's place be in the new normal?

    Final word: Please take care of yourselves, your families, and your communities. 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 my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

    And the Answer is…

    B) Three

    Bitcoin's third halving event took place May 2020.

    submitted by /u/Joe-M-4
    [link] [comments]

    Brave browser automatically redirects you to their referral link when you type "binance.us" or "binance.com" in the address bar

    Posted: 06 Jun 2020 08:39 AM PDT

    I’m not a rich man.. Nor was I a smart man

    Posted: 06 Jun 2020 01:23 PM PDT

    BTC hasn't had an upgrade in 5 years

    Posted: 06 Jun 2020 11:30 AM PDT

    Time to do this with our FIAT

    Posted: 06 Jun 2020 06:28 AM PDT

    This Week's Top Bitcoin, Cryptocurrency & Global Finance News - June 7th 2020

    Posted: 07 Jun 2020 01:09 AM PDT

    Privacy browser Brave under fire for violating users’ trust

    Posted: 07 Jun 2020 02:20 AM PDT

    Got Brave browser on your mobile? Type "binance" and get an unfamiliar referral link suggestion. (same goes for "binance.us"/"binance.com" on DESKTOP).

    Posted: 06 Jun 2020 08:44 AM PDT

    Stacking sats until 1M

    Posted: 07 Jun 2020 02:39 AM PDT

    So been stacking sats like a mofo for the past few years. No big buys, no timing the lows, no selling, constant monthly purchases. Youve all heard the 'stacking sats' slogan. But where can it take you? This is my stacking story of X number of years (lets see how many i need) and constant smallish purchases. I will get to a million dollars. Just a matter of time. But it wont come easy or quick. It will come with hard work and it will come slowly. However, it will come, and when it will there will still be altcoins promising the moon and 100x returns. But I was able to resist and ignore. I was able to focus. You can too. Enjoy!

    http://er-bybitcoin.com/stackingem-vol1/

    submitted by /u/jamespunk
    [link] [comments]

    Debit card cancelled after coinbase transaction

    Posted: 06 Jun 2020 12:46 PM PDT

    Recently I made a coinbase account and linked my TD debit chequeing and savings card. I had time to make one purchase before coinbase removed my card, and later today I went to use my card and it's been deactivated, refer to to branch notification on the card reader. I will be contacting my bank to confirm why they deactivated my card and update this post and even take the post down if it had no reason to do with the coinbase purchase, but in the mean time I figure people might like to know.

    submitted by /u/69632147
    [link] [comments]

    HEX Coin - The Savings Account That LOSES Your Money

    Posted: 06 Jun 2020 02:19 PM PDT

    Where to buy Grayscale GBTC

    Posted: 07 Jun 2020 03:35 AM PDT

    Hey all. Got some £ I want to put into GBTC, but having trouble finding somewhere to buy. I have accounts with HL (who sell old client holdings but won't let you buy), IG and DEGIRO but none seem to sell it. Anyone have a list of brokers who do?

    Before people ask why I'm not just buying BTC, I have my reasons but just can't be arsed to type them here.

    Thanks!

    submitted by /u/flat_line_
    [link] [comments]

    US Consumer Financial Protection Bureau Highlights Ripple and XRP

    Posted: 06 Jun 2020 04:09 PM PDT

    Tezos join Ethereum with domain names – simplifying the crypto experience

    Posted: 07 Jun 2020 01:11 AM PDT

    Grayscale Is Massively Accumulating Bitcoin in Advance of the Upcoming Bull Market

    Posted: 07 Jun 2020 01:06 AM PDT

    Brave web browser cleverly adds Binance affiliate code as soon as type "Binance" in URL bar

    Posted: 06 Jun 2020 09:10 AM PDT

    Grayscale Is Buying Up More Than Just Bitcoin

    Posted: 06 Jun 2020 06:18 AM PDT

    70k investment.

    Posted: 07 Jun 2020 12:22 AM PDT

    Thinking about lumping in a heavy amount into some altcoins. They definitely haven't followed btc like they did in 2018. The likes of Litecoin, neo, eth , zcash.

    I have been acquiring bitcoin for the last few years. But hesitant to lump more into that at the moment Seems the alts couldn fetch you some good gains.

    Is anyone currently following the alts?

    submitted by /u/2019Jamesy
    [link] [comments]

    Downsides of a Hardware wallet?

    Posted: 06 Jun 2020 02:56 PM PDT

    We all know about the positives that come with owning a hardware wallet.However, I recently switched to a Trezor and I'm curious what everyone's negative experiences have been with either trezor or ledger. Are there any major issues or problems when selling your crypto for profit? etc.

    submitted by /u/DrAntagonism
    [link] [comments]

    ��HeartNumber is Redefining algorithmic trading�� Check out these videos:

    Posted: 06 Jun 2020 11:30 PM PDT

    Does anyone have experience with setting up a crypto-related LLC in Wyoming or another state?

    Posted: 06 Jun 2020 02:48 PM PDT

    i recently made the leap to trading full-time (focus on crypto but trade traditional markets as well) and after doing some research I was lookiing at Wyoming to setup a trading entity in the form of an LLC/LLP for tax benefits and other advantages.

    I was wondering if you guys had any good resources to read up on the current accounting and legal practices as it comes to cryptocurrency trading in Wyoming?

    I was looking at this website -- https://wyomingllcattorney.com/Blog/Wyoming-LLC-for-Bitcoin

    Any input would be appreciated!

    submitted by /u/AbruptlySoundCeased
    [link] [comments]

    SiaStream...coming soon for your media and streaming needs!

    Posted: 06 Jun 2020 06:00 AM PDT

    Possible CC scam??

    Posted: 06 Jun 2020 01:58 PM PDT

    So, I know the basics of cryptocurrency and today a guy said he wanted to be my sugar daddy and spoil me with some money. He said he'd send it all through CC since he worked with it. However, he claimed to have done it through RChain cooperative. He asked for my account email only, and i received an email saying that the transaction ID was -16-32taec-971 I went online (I'm skeptical) and found out there are ways of finding the transaction through the ID. I used this code and it didn't show anything. Then, he said I had to make a U$100 deposit on CEX.IO and withdraw it to the wallet number he had sent me, otherwise i wouldn't be able to withdraw it. I refused to deposit U$100 and didn't reply anymore. I believe it was possibly a scam, and I would like to expose the case and ask if anyone can help me confirm the scam, i have printscreens of it all. Since he claimed to be from the US and I'm not, i can only alert more people, so i would like to confirm if I've done the right thing. I'm pretty upset rn, so sorry for spelling and if this isn't the right thread. I'm just SO mad, because l was trying to give him attention and be caring... Well that was just me venting, sorry.

    submitted by /u/hentai_mistress
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment