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    Cryptocurrency Daily Discussion - June 8, 2020 (GMT+0)

    June 08, 2020

    Cryptocurrency Daily Discussion - June 8, 2020 (GMT+0)

    Daily Discussion - June 8, 2020 (GMT+0)

    Posted: 07 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 The prior exemption for karma and age requirements is no longer in effect.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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    I think it's about time we put this FUD to rest.

    Posted: 07 Jun 2020 10:08 PM PDT

    The gambling industry experienced massive growth during the COVID-19 pandemic lockdown. However, the current lottery model is severely outdated and it seems many users are switching to decentralized platforms in search of efficiency and transparency.

    Posted: 07 Jun 2020 04:16 AM PDT

    MakerDAO's MKR Token Gets a Boost in Liquidity

    Posted: 07 Jun 2020 09:22 AM PDT

    Hex - How the Claiming Method Might be Making Your Bitcoins and Privacy Vulnerable

    Posted: 08 Jun 2020 01:47 AM PDT

    Why Loopring Pay is one of the BIGGEST things to EVER happen to Ethereum - Trustless, Instant, Free transaction, and 1000x Scaling. This exists TODAY (read inside)

    Posted: 07 Jun 2020 08:20 AM PDT

    Why Loopring Pay is one of the BIGGEST things to EVER happen to Ethereum - Trustless, Instant, Free transaction, and 1000x Scaling. This exists TODAY (read inside)

    Loopring just released their transfer feature which they are calling "Loopring Pay".

    This is pretty big

    Honestly, it's hard to overstate how significant this development is. Thousands of transactions per second. All transactions are free and instant. No paying fees, no waiting for block confirmations. This is like Lighning Network on steroids, with none of the downsides and it actually works!

    • No channels.
    • No need to maintain multiple channel balances.
    • No locking up your coins.
    • No risk of someone trying to broadcast old transactions to steal your coins (like on LN).
    • No need to be always online.
    • No watch towers.
    • etc

    Loopring Pay actually delivers the easy to use Layer 2 scaling that people wished LN would one day offer, and it exists today.

    ​

    Here's how it works.

    You sign an on chain transaction to open a Loopring Pay "account" - This is your Layer 2 wallet. You can then transfer ETH or any ERC20 token to your Layer 2 wallet with an on-chain transaction.

    Once you have coins in your Layer 2 wallet, you can send the coins to anyone else who has a Layer 2 wallet with Loopring Pay. Your transaction will be instant and free, really no fees.

    ​

    Here's a 30 second video demonstration:

    Sending a transaction with Loopring Pay

    Here is the same video on YouTube: Link Here

    Wallet Integrations

    Currently, the only way to use this Layer 2 wallet is to go to the Loopring DEX website, click Transfer and sign the transaction with Metamask.

    In the near future, we could see Mobile and Desktop wallets integrating this into their user interface. A simple "Move coins to L2 Wallet" button could be added to any wallet.

    If wallets decide to integrate this, we can scale Ethereum Today!

    submitted by /u/UnknownEssence
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    Binance and CoinMarketCap now 22nd and 23rd biggest Finance, Investing websites.

    Posted: 07 Jun 2020 12:42 PM PDT

    Ten Best Books to Read on Bitcoin and Cryptocurrency in 2020

    Posted: 07 Jun 2020 06:00 PM PDT

    Which platforms are you guys using to earn interest on your crypto?

    Posted: 07 Jun 2020 04:11 PM PDT

    I like to hold a portion of my crypto on platforms offering interest (although most of my crypto is safe in my own wallet).

    To reduce the risk I like to just keep a relatively small amount on each platform and spread it out over multiple platforms.

    So far I have been using BlockFi, Crypto.com and Celsius Network. The interest is better than any traditional bank account, but the risk is obviously way higher. Considering the referral bonuses for each of these I have already earned a nice amount of extra crypto even with small amount of deposited crypto over just a few months.

    I have also been looking at Nexo and CoinLoan, but I haven't had time to do the proper research on them or deposit anything. For me the security and reputation is more important than the actual interest rate.

    I would love to hear about some of your favorite platforms for interest on Crypto and Stablecoins. Is there any major player I have missed?

    submitted by /u/Kno010
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    Bitcoin hashrate spikes to near all time highs

    Posted: 07 Jun 2020 06:06 AM PDT

    A Pentagon war game shows Gen Z using Bitcoin to fight the system

    Posted: 07 Jun 2020 01:57 PM PDT

    Polkadash - a VueJS-based starter kit for your Polkadot / Kusama / Substrate dashboard. Here's a link to the intro post and two tutorials - one for developing a new component which subscribes to Polkadot events, one to build a filter for translating between Substrate-chain addresses

    Posted: 08 Jun 2020 01:16 AM PDT

    Personal Security - Any Tips?

    Posted: 07 Jun 2020 04:54 PM PDT

    Hey everyone!

    As my interest and involvement in crypto gets deeper and deeper, my need for security and the lingering thought of what could go wrong in the back of my mind gets stronger. I'm wondering if anybody has any tips on personal security, both for my crypto, and my computer that I operate my crypto portfolio on? I've got a hardware wallet which pretty much everything is stored on which I know is a good start, but keen to create some more solid foundations for my personal security too.

    ​

    I'm also hearing a lot about certain social platforms & websites not being trustworthy with their permissions on microphones/cameras so keen to hear if anybody has any thoughts or mitigations for those issues as well.

    ​

    Thanks guys!

    submitted by /u/maoridip
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    Governance as a Service: a New Business Model for DAOs?

    Posted: 07 Jun 2020 04:48 PM PDT

    Cryptocurrency markets recover from weekend dip with $9 billion injection

    Posted: 08 Jun 2020 02:50 AM PDT

    Looking for price charts for all/most currencies

    Posted: 08 Jun 2020 01:29 AM PDT

    Hi, I'm looking for access to annual, monthly, weekly and daily pricing charts for just about every crypto currency that is available, even the obscure lesser known ones for analytic purposes. Is there some place that just provides all of that in simple csv files, or am I going to be forced to use some API..? If the latter is true, which API would you all recommend? Thank you.

    submitted by /u/Smiliey
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    Zerion - DeFi has never been so simple

    Posted: 08 Jun 2020 12:58 AM PDT

    Crypto Trends 8 June ⏩ Philippe Castonguay on Layer 2 coming soon™ �� OMG Network V1 Public Mainnet Beta �� Danny Ryan on the State of Eth2

    Posted: 08 Jun 2020 12:05 AM PDT

    New to crypto. Should I invest?

    Posted: 07 Jun 2020 10:53 AM PDT

    Hi I would like to invest a very small amount of money from my every month salary, like 30 to 50 $ per month. (Like 1/2 dollar per day).

    I am a completely beginner. From your POV it is worth to do it? Actually i Have no short term expectation, but maybe in the 5 to 10 years. Is that a good attitude?

    submitted by /u/crepuscopoli
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    Cold wallet vs secured 12 word phrase

    Posted: 07 Jun 2020 11:52 AM PDT

    I've been following the following wallet security advice:

    - Setup a warm wallet like Exodus (desktop software wallet) and deposit crypto

    - Store the recovery phrase in a secure way (I have 6 words stored in google drive, 6 words printed and stored in a physical location). Also memorize it.

    - Delete the wallet from your device

    Allegedly this is as secure as a cold wallet or hardware wallet. Also, there is no device to hack. It also means I don't rely on a physical device - I can travel between countries freely with with recovery phrase memorized or stored securely.

    My question: is there any reason for me to still get a hardware wallet? What advantages would a trezor have over my current setup?

    submitted by /u/Jesse2014
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    Cryptocurrency taxes?

    Posted: 07 Jun 2020 02:01 PM PDT

    I put around $400 in 2017, now that's all the way down to $50.

    From 2017-2019 I made a ton of crypto to crypto trades and made nothing out of it because I had no clue what I was doing. I probably made 50-100 trades. I don't have any record of those trades. All my money is in NANO now.

    Do I need to worry about paying taxes even if I lose almost all my money? What if my $50 turns in to $1000 some day, do I need to somehow find those trades?

    submitted by /u/Ghostserpent
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    How can cryptos change the world?

    Posted: 07 Jun 2020 12:14 PM PDT

    What are your views? How do you think cryptos will effect the financial ecosystem/economies? How do you see tokenization affecting someone's everyday life?

    ​

    Do you truly believe in the technology? or just the speculation?

    ​

    Please share your thoughts! I will be replying. I wanna have a good discussion :)

    submitted by /u/yawwzah
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    Isn't it funny how the top 4 contracts are all Ponzi schemes?

    Posted: 07 Jun 2020 02:08 PM PDT

    As Ethereum 2.0 continues to be delayed, new smart contract platforms have emerged, adding a healthy competition to the market

    Posted: 07 Jun 2020 06:46 AM PDT
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