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    Cryptocurrency Daily Discussion - June 9, 2020 (GMT+0)

    June 09, 2020

    Cryptocurrency Daily Discussion - June 9, 2020 (GMT+0)

    Daily Discussion - June 9, 2020 (GMT+0)

    Posted: 08 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 The prior exemption for karma and age requirements is no longer in effect.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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    CocaCola vending machines in New Zealand now support payments via cryptocurrency

    Posted: 08 Jun 2020 05:40 PM PDT

    Ethereum surpassed Bitcoin by $50,000 in Daily Transaction Fees

    Posted: 08 Jun 2020 02:39 PM PDT

    Bitcoin Whale Moves Entire Wallet In $194 Million Transaction

    Posted: 08 Jun 2020 03:29 PM PDT

    Coinbase is fueling increased US govt surveillance of crypto-assets

    Posted: 08 Jun 2020 08:11 AM PDT

    #DeleteCoinbase hashtag gaining speed on Twitter

    Posted: 08 Jun 2020 04:00 PM PDT

    Are you going to delete Coinbase and move your coins elsewhere? There are only five other US exchanges to choose from, but one of them has to be a better alternative.

    66% of users willing to leave due to mounting concerns over Privacy

    https://news.bitcoin.com/66-of-coinbase-users-willing-to-leave-the-exchange-due-to-mounting-privacy-concerns/

    https://twitter.com/FlamingCode/status/1270106638528069633

    https://twitter.com/iamzatoshi/status/1269855324837740544

    According to this guy:

    https://twitter.com/sethisimmons/status/1269778308629135360

    A tip for those taking part in #DeleteCoinbase: Make sure to go into your account to Settings > Privacy > Request Deletion > Delete all of my data (before closing your account!)

    Coinbase

    • Invasive KYC
    • Leaks your personal data to third-partys (notably the IRS)
    • Buys surveillance companies to link your identity to your on-chain activity
    • Always down when bitcoin is up
    • Coinbase Pro exchange is getting worse by the week, doesn't load right, needs constant refreshing, incredibly slow, shitty tools for traders

    It's time!

    #DeleteCoinbase

    submitted by /u/DarkMatterEclipse
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    German Federal Office for Information Security (BSI) mentions VeChain and OriginTrail as the (future) Blockchain Supply Chain Management market leaders.

    Posted: 08 Jun 2020 07:53 AM PDT

    Binance broker bots?

    Posted: 09 Jun 2020 12:57 AM PDT

    Does anyone have a list of official Binance broker bots?

    The other day I received an email from Binance saying that use this bot it is our broker blah blah.

    I want to be able to pick and choose which bot, but I want to trust it and I think if Binance trusts it, I can do it as well.

    I looked at the broker page provided by Binance but could not find such a list.

    The page says:

    "Through the Binance Broker Program, we're able to collaborate with more than 100 brokers to jointly grow the blockchain ecosystem. With the introduction of the Binance Futures Broker Bonus Program, bigger growth lies ahead. "

    Where is the list?

    submitted by /u/Vincent_Lionheart
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    Winklevoss twins team up with Greg Silverman to adapt Bitcoin Billionaire into a feature film

    Posted: 08 Jun 2020 11:41 PM PDT

    Chainanalysis Report for 2 "Privacy Coins"

    Posted: 08 Jun 2020 09:14 AM PDT

    https://blog.chainalysis.com/reports/introducing-chainalysis-investigation-compliance-support-dash-zcash

    I know it's kind of old news, but 2 supposed privacy coins provide almost no privacy for 99 percent of all transactions.

    The percentage of Dash transactions that constitute actual transfers of funds using PrivateSend is less than 0.7%.

    Chainalysis can still provide the transaction value and at least one address for over 99% of ZEC activity

    Buy Monero, use Monero. Newb use of Monero is more confidential than ninja use of any other coin.

    submitted by /u/bawdyanarchist
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    Chinese Police Freezing OTC Traders' Bank Accounts Over 'Tainted' Crypto Transactions

    Posted: 08 Jun 2020 10:55 AM PDT

    Interesting read on Cryptocurrency adoption by Deutsche Bank Research

    Posted: 08 Jun 2020 04:37 PM PDT

    Singapore is moving into tracking its citizens every step, this is why we need crypto

    Posted: 09 Jun 2020 03:00 AM PDT

    Brave Partners With K-Pop’s BTS to Release Browser Exclusive to Japan

    Posted: 08 Jun 2020 08:24 PM PDT

    Bitcoin is like Pong.

    Posted: 09 Jun 2020 05:02 AM PDT

    Bitcoin is like Pong in the sense that all you can do with it is send it back and forth. Ethereum is like Cyberpunk 2077, in the sense that it's a fleshed out world with many different methods of gameplay thats hyped as fuck but hasnt released yet.

    submitted by /u/Chyeadeed
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    Can you mine cryptocurrency with integrated graphics? (yeah but it sucks)

    Posted: 09 Jun 2020 04:50 AM PDT

    The Truth about Venture Capital?

    Posted: 09 Jun 2020 03:23 AM PDT

    When people hear the phrase Venture Capital, some ask:

    1). Wait a minute, what is venture capital?

    2). Others, who are more versed in finance, ask: wait a minute, what is really going on here?

    Let's tackle the first question.

    Venture Capital basically means you take the capital of your LPs (your limited partners, i.e. extremely rich families, sovereign wealth funds, corporate pension funds, endowments, etc) and invest it into early-stage businesses in exchange for equity (i.e. an ownership stake) in those businesses.

    You charge your limited partners a fee for managing their money.

    This fee model is generally '2 and 20' - so you get 2% of the assets under management (the AUM) annually and 20% of the profits (otherwise known as the carry) on your investments.

    We'll go over fees in more detail later, as this is a very important piece to understand...

    We also need to understand some jargon - specifically, the funding rounds:

    We have the Seed round; followed by

    The Series A round; followed by

    The Series B round; followed by

    The Series C round; and

    Some companies can go on to Series D and even Series E rounds of funding.

    These funding rounds are merely stepping stones in the process of turning a successful startup into a commercially viable firm, potentially leading to an IPO.

    An IPO can be like hitting the jackpot for early VCs: this is when they often join the ranks of the super rich.

    Now, let's tackle the second question.

    The endgame is FEES.

    Specifically, it is management fees that are a guaranteed cash cow.

    When saying the VC firm raises a new fund, this means that they are locking in another batch of LPs money for 10 years, this is the typical length of a fund.

    To clarify, the 2% fee is cash compensation paid annually - regardless of the investment activity or performance of the VC firm.

    This fixed 2% fee structure obviously creates the incentive to accumulate and manage more assets. The larger the fund, the larger the fee stream. Raising bigger subsequent funds allows VCs to lock in larger, and cumulative, fixed cash compensation.

    Let's look at an example:

    For a one billion dollar fund, over a typical 10 year timeframe, what are the management fees collected?

    Well, 2% annually, i.e. $20MM annually - OR $200MM over the full duration of the fund.

    Sure, some of that covers operating expenses, but a lot of it ends up with the Partners at the head of the firm; in all but the smallest funds, the partners make high six, and more often seven, figures in fixed cash compensation.

    As we touched on earlier, the carry (the 20% of profits if it goes well) can make these partners extremely rich at IPO - however, the dirty secret in Venture Capital is that the guaranteed fees are the guaranteed cash cow.

    According to Bureau of Labor Statistics, the median wage of US workers is just under $50K per year.

    This means that an average partner at a reasonably sized VC firm is earning roughly 20X the average annual salary of an average American worker on just the management fee from raising a single fund, without investing a single dollar.

    A study by Harvard and Yale researchers found that VCs' abilities to pick investments and nurture start-ups "play little role if any" in long-term out-performance.

    The authors analysed decades of portfolio investment and performance data to assess the mechanisms of venture capital success.

    They found that investing in the right companies at the right time gives VC firms access to better deals, which often leads to long-term out-performance. Moreover, picking those original winners appears to be a matter of luck.

    https://www.youtube.com/watch?v=hneLUAmEhhY

    submitted by /u/financeoptimum
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    Rich Dad Poor Dad - Why I Changed My Mind On Buy Bitcoin

    Posted: 09 Jun 2020 03:19 AM PDT

    Completely noob and beginner guide to start investing and trading?

    Posted: 09 Jun 2020 02:18 AM PDT

    Hi i am completely new to investing and trading. The argument just took my interest right now, since i would like both to invest my money for the future, for an interest rate of 3/4% in the long term Pov and get back in 20 years, and also start investing/trading on cryptocurrency for the "shorter term".

    Which are master guide course of general knowledge to learn?

    submitted by /u/crepuscopoli
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    How is Money Created? – Everything You Need to Know

    Posted: 08 Jun 2020 03:15 PM PDT

    Decent Partnerships from an upcoming blockchain platform you probably don't know - Cypherium

    Posted: 09 Jun 2020 04:28 AM PDT

    Pending Transaction for ETH Question

    Posted: 08 Jun 2020 03:53 PM PDT

    Hello all,

    So I have an ETH transaction that has been pending for about 26 hours now. I'm guessing it has to do with there not being enough gas.

    Can someone please help me understand:

    1) Will the transaction eventually reject if it is not verified so that I can resubmit it with more gas?

    2) Alternatively, is there a way to overwrite the transaction with more gas to increase its speed of verification?

    Appreciate any help.

    submitted by /u/cough_cough_harrumph
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    Privacy no more. ConsenSys to track your DeFi moves, but there is hope.

    Posted: 09 Jun 2020 12:30 AM PDT

    Bitcoin Market Cycle ROI: Different perspectives

    Posted: 08 Jun 2020 11:59 PM PDT

    Former KFC employee arrested over running Silk Road like operation.

    Posted: 08 Jun 2020 10:35 PM PDT
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