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    Cryptocurrency Daily Discussion - August 14, 2020 (GMT+0)

    August 14, 2020

    Cryptocurrency Daily Discussion - August 14, 2020 (GMT+0)

    Daily Discussion - August 14, 2020 (GMT+0)

    Posted: 13 Aug 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 The prior exemption for karma and age requirements is no longer in effect.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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    Big Mac Coin coming!

    Posted: 13 Aug 2020 08:25 AM PDT

    The currency of the future

    Posted: 13 Aug 2020 02:10 PM PDT

    Chainlink teasing Bears with fake red days

    Posted: 14 Aug 2020 02:19 AM PDT

    Winklevoss twins convince Portnoy to buy $200k BTC & $45k LINK

    Posted: 13 Aug 2020 12:52 PM PDT

    Google's parent organization Alphabet is looking to boost the usage of its digital payment services in North America. The company already partnered with 6 banks to provide digital checking and savings accounts to Google Pay app users in the US.

    Posted: 13 Aug 2020 11:49 PM PDT

    ETH UP 8% in the last hour, breaking resistance level past 415$!

    Posted: 13 Aug 2020 02:30 PM PDT

    ETH UP 8% in the last hour, breaking resistance level past 415$!

    Etherum is on the move and is breaking lots of resistance levels. Major bullish sign. Next price target at 450$. The breakout was triggered by an influx of liquidations on BitMEX and other margin platforms, which squeezed Ethereum higher. According to Skew.com, millions of dollars worth of ETH shorts were liquidated on ByBit, BitMEX, and OKEx.

    The second leg of the crypto bull market might finally be here.

    Buckle up!

    submitted by /u/ubunchofcrazyjok
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    Your Crypto Regret(s)

    Posted: 13 Aug 2020 09:23 PM PDT

    I'll start. I participated in the Chainlink ICO and would have close to a half a mil if I literally just did nothing instead of sold way too early.

    There's always the next thing and hindsight is a bitch, but she def burns.

    How about you?

    submitted by /u/newh0pe
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    Andreas Antonpolous: I've been offered 10BTC to do an interview about HEX to show that it is not a scam. I was not asked to disclose the payment. Draw your own conclusions.

    Posted: 13 Aug 2020 02:27 PM PDT

    Four South Korean banks, holding $1.2 trillion in assets between them, are set to launch crypto custody services

    Posted: 13 Aug 2020 10:15 PM PDT

    Congressman Tom Emmer announced that he will lead the first Cryptocurrency Town Hall

    Posted: 13 Aug 2020 07:46 PM PDT

    Since someone mentioned big mac coin id thought id show what they look like (not my pics)

    Posted: 13 Aug 2020 03:09 PM PDT

    How do you track your trades?

    Posted: 13 Aug 2020 10:16 PM PDT

    Hey there. It's tax season and the ATO (Australian IRS) are on to me! They have asked for my capital gains on crypto investments for the first time this year, and whilst I've sent the logs from Binance to my accountant this time, I see the necessity of having some way of tracking the profit/loss throughout the year, not only at tax time. I have been investigating Coinmarketcap's API and trying to incorporate it into an Excel spreadsheet which will update the price, and subsequently the profit and loss of my folio in real time but I'm having a great deal of trouble getting it to pull the figures in for the coins I'm holding in Australian Dollars (or at all actually, I'm not a code minded person). After friggin around with this most of the day, it is beginning to seem all too hard. I have downloaded Gem app on my phone which connects to Binance, which is awesome. It's really a beautiful app, but I'd like to have more control over the figures and have the option of adding holdings that are on paper or hardware wallets too.
    Any suggestions? How do you track your trades and P/L?

    submitted by /u/IchthyoidPhalanges
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    [Serious] ELI 5 - Fundamental difference between Bitcoin and Dogecoin

    Posted: 14 Aug 2020 03:40 AM PDT

    It has become more than clear that the two leading crypto projects are struggling to keep the promise of low fees that was once a fundamental expectation of cryptocurrency as a whole.

    The recent price spikes in BTC and ETH have driven fees up by a lot and there isn't a clear solution in sight. Putting ETH on the side and looking at BTC I just can't find a single advantage that it has over Dogecoin. Yes, many of you will mention the fixed supply but you should know that there are some of us that don't find that feature very interesting. One major issue with it is that the rich will only get richer and those that get on the train last will be able to get bits and pieces of a status symbol for the wealthy. In simple terms, Bitcoin incentivizes early adoption and those that can truly "adopt" it right now are those that have the most money. Winklevoss twins have stated that they own 1% of the supply, just to name a few.

    Community-wise, Dogecoin is outperforming BTC by a lot because there is no such thing as a Doge maxi while a BTC maxi will bash anything and everything that isn't BItcoin.

    When it comes to transactions, Doge is fast, very reliable, and super cheap. I know it is not the fastest one out there but it certainly has the largest community which gives me even more faith in this "project".

    Bottom line, I need a rational explanation of why I would purchase Bitcoin over Dogecoin in technical terms?

    What advantage does it have except the fixed supply?

    Are there any fundamentals that I am missing or is the "internet gold" narrative good enough for everyone invested in BTC.

    submitted by /u/Monster_Chief17
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    Bitcoin simply doesn't give a flying monkey

    Posted: 13 Aug 2020 06:16 AM PDT

    This is where we are.

    Posted: 13 Aug 2020 06:15 AM PDT

    Decentraland, MANA & The Virtual World Built Entirely On Ethereum

    Posted: 14 Aug 2020 12:33 AM PDT

    Big ad for bitcoin in the FT today from Galaxy Digital.

    Posted: 13 Aug 2020 10:12 AM PDT

    I bought $1k of the Top 10 Cryptos on January 1st, 2020 (July Update)

    Posted: 13 Aug 2020 07:48 AM PDT

    I bought $1k of the Top 10 Cryptos on January 1st, 2020 (July Update)

    EXPERIMENT - Tracking Top 10 Cryptos of 2020 - Month 7 +71%

    See the full blog post with all the nerdy tables here. If you're just joining us, this probably isn't what you think it is: it's more of a documentary than investing advice. See the rules of the Experiments here.

    tl;dr: As of the end of July, the 2020 Top Ten Cryptos were up +71%. ETH best performer in July followed by XRP and BSV. Overall since Jan 2020: ETH moves into first place, followed by BSV. 100% of 2020 Top Ten are in positive territory, all ahead of Tether.

    Over three years, July 2020 is the first month that the combined crypto Top Ten Portfolios have outperformed a hypothetical same approach with the S&P. Details:

    Month Seven – UP 71%

    https://preview.redd.it/iiyifztdzrg51.png?width=1132&format=png&auto=webp&s=8fc7a653bd058f4664ad6443b590e368c58167fc

    Last month, I warned the 2020 Top Ten to watch its back. After being ahead most of the year, the 2020 Top Ten has officially lost its status as the best performing of the Top Ten "Index Fund" Experiments. Up +71% as of July, the 2019 Top Ten is now second to the 2019 Top Ten, which is up…. +72%.

    Question of the month:

    Which cryptocurrency surged in value after a TikTok challenge that encouraged users to buy went viral?

    A) Dogecoin
    B) Chainlink
    C) Bitcoin
    D) Ethereum

    Scroll down for the answer.

    Ranking and June Winners and Losers

    2020 Top Ten Rank

    Another month of mostly downward movement: the "T"s (Tether and Tezos) both fell one spot. BNB dropped two spots and now is at the very edge of the Top Ten. XRP climbed one in the rankings, taking back third place from Tether. Regardless of how you feel about XRP, it was a bad sign to many crypto observers to find a stablcoin in the Top Three last month (no offense meant, USDT).

    July Winners – ETH, up a massive +55% in July. XRP and BSV tied for second place, both up +52% on the month.

    July Losers – Tether. The second worst performing crypto, Tezos, finished the month up +19%.

    Since COVID has hammered the sporting world, let's be overly competitive and pit these cryptos against themselves, shall we? Here's a table showing which cryptos have the most monthly wins and losses at this point in the experiment. In a three way tie for first place we have ETH, Tether, and Tezos, each with two Ws. BSV and Tether have the most Ls – both have finished in last place three out of the first seven months of the 2020 Top Ten Experiment.

    Overall update – ETH moves into first place, followed by BSV. 100% of Top Ten are in positive territory.

    Ethereum has moved into a commanding lead, up +177% on the year, followed by BSV, up +141%. After three straight months in the lead, Tezos fell hard in July, now sitting in third place (although still up an impressive +124% in 2020). Discounting Tether (again, no offense Big-T), EOS (+27%) is the worst performing cryptocurrency of the 2020 Top Ten portfolio. 100% of the cryptos in this group are either flat or in positive territory.

    Total Market Cap for the cryptocurrency sector:

    The overall crypto market gained more than $80B in July, and is now up over +80% since the beginning of this year's experiment in January 2020.

    Bitcoin dominance:

    BitDom

    BitDom finally budged: it fell about 2.5% percent to land at 62.3%, signaling a greater appetite for altcoins this month. The range up to this point in the year has been roughly 62% to 68%.

    Overall return on investment since January 1st, 2020:

    After an initial $1000 investment, the 2020 Top Ten Portfolio is now worth $1,713, up +71%. It is no longer the best performing of the three Top Ten Crypto Index Fund Portfolios, but isn't too far behind: the 2019 group came in at +72% in July.

    Here's the month by month ROI of the 2020 Top Ten Experiment, hopefully helpful to maintain perspective and provide an overview as we go along:

    ROI, month by month

    Besides the zombie apocalypse blip in March, so far so good: all green is good to see and a nice change from the all red table you'll see in the 2018 experiment. The range of monthly ROI for the 2020 Top Ten has been between +7% in March and +71% in July.

    So, how does the 2020 Top Ten Experiment compare to the parallel projects?

    Taken together, here's the bottom bottom bottom line:

    After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $3,695‬ ($260+ $1,722 +$1,713).

    That's up about +23% for the three combined portfolios, compared to -10% last month. It also marks the highest ROI of the three combined portfolios since I started keeping track in January 2020. The previous high was +13% back in January 2020.

    Lost in the numbers? Here's a new table to help visualize the progress of the combined portfolios:

    Combined $3k ROI

    That's a +23% gain by buying $1k of the cryptos that happened to be in the Top Ten on January 1st, 2018, 2019, and 2020.

    But what if I'd gone all in on only one Top Ten crypto for the past three years? While most have come and gone over the life of the experiment, five cryptos have remained in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Let's take a look at those five:

    ​

    ETH then BTC well in front

    There you have it: Ethereum (+98%) would have returned the most at this point, followed closely by BTC (+88%). Following this approach with XRP, I would have been down -23%. Many thanks to Reddit user u/sebikun for the idea for a new metric.

    So that's the Top Ten Crypto Index Fund Experiments snapshot. Let's take a look at how traditional markets are doing.

    Comparison to S&P 500

    I'm also tracking the S&P 500 as part of my experiment to have a comparison point to traditional markets. Even with no end to the COVID pandemic in sight, the S&P continued its recovery. In July it moved into positive territory for the year.

    S&P breaks even

    Over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +71%. The initial $1k investment in crypto is now worth about $1,713.

    The money I put into crypto in January 2020 would be worth $1010 had it been redirected to the S&P 500. That's a $703 difference on a $1k investment, the largest gap in favor of crypto all year.

    But that's just 2020. What if I invested in the S&P 500 the same way I did during the first three years of the Top Ten Crypto Index Fund Experiments? What I like to call the world's slowest dollar cost averaging method? Here are the figures:

    • $1000 investment in S&P 500 on January 1st, 2018: +$220
    • $1000 investment in S&P 500 on January 1st, 2019: +$310
    • $1000 investment in S&P 500 on January 1st, 2020: +$10

    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 $3,540.

    That $3,540 is up over +18% since January 2018, compared to a +23% gain of the combined Top Ten Crypto Experiment Portfolios over the same period of time.

    Do you know what that means? That means we have a first this month: a 5% swing in favor of the Top Ten Crypto Portfolios!

    As you'll see in the table below, this is the first time since I started recording this metric that crypto has outperformed a hypothetical identical investment in the S&P. This is a big turnaround from the 22% difference in favor of the S&P just last month.

    Crypto takes the lead

    Implications/Observations:

    The crypto market as a whole is up +81% since the beginning of the year compared to the 2020 Top Ten Portfolio which has gained +71%. For the third month in a row, focusing on the Top Ten cryptos has yielded less than the overall market.

    This approach has seen mixed results with the 2020 group. For the first four months, the Top Ten outperformed the market as a whole. This was a bit of a surprise, as this strategy did not work out very well in the other experiment years. Although there are a few examples of the Top Ten strategy outperforming the overall market in the 2019 Top Ten Experiment, it's interesting to note at no point in the first thirty-one months of the Top Ten 2018 Experiment has the approach of focusing on the Top Ten cryptos outperformed the overall market. Not even once.

    Conclusion:

    July was undoubtedly a strong month in crypto. Where do we go from here? Do we consolidate for a time, fall back down, or continue the ascent? Will Bitcoin dominance continue to decline as altcoins receive more attention?

    Final word: Please take care of yourselves and your neighbors. FYI – everyone is your neighbor.

    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 the original 2018 Top Ten Crypto Index Fund Experiment and the 2019 Top Ten Experiment follow up experiment.

    And the Answer is…

    A) Dogecoin

    Much wow. A TikTok viral challenge drove up the price of Doge nearly 100% in early July.

    submitted by /u/Joe-M-4
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    $600M Crypto Ad Ban Class Action Filed in Australian Courts

    Posted: 13 Aug 2020 08:16 PM PDT

    How a “Chad” minted Curve tokens early and briefly surpassed BTC's market cap

    Posted: 14 Aug 2020 03:30 AM PDT

    Coinbase is skimming more than their fee off the top?

    Posted: 13 Aug 2020 10:40 AM PDT

    In the Coinbase App I recently invested $2,500 into chainlink to catch the recent uptick. I received an email confirmation that $2,468 was successfully invested with $32 being taken for fees. All seems normal to this point.

    While looking at the Chainlink menu/page under "history" I noticed that only $2,247 was applied to link, and that the difference between $2,468 and $2,247 ($221) was missing. My balance also reflects this. Its like salt in the wound that the price went up even further meaning i missed out on $221 plus the gains.

    I opened an issue with Coinbase and their reply was that they take the fee and an additional 200 "basis points of spread" (I don't know what points are) to account for volatility.

    This means that their effective fee is over 10%?? I know the transaction was not processed manually due to Coinbase volume. Does Coinbase really apply a fee and then sneak a skim off the top? Why are my confirmation email and account showing significantly different values? Now I have to check each transaction to make sure the confirmation emails actually match my account. Terrible look for Coinbase and if they do not rectify this by comping me $221 plus gains, then I am certainly leaving their platform and suggesting everyone does as well.

    I would love a Coinbase rep to explain this to me.

    submitted by /u/alwaystimeforpizza77
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    In the last two weeks Grayscale added 14,422 BTC to $GBTC, Microstrategy bought 21,454 BTC while only 12,594 BTC were mined

    Posted: 13 Aug 2020 06:40 AM PDT

    Announcing the BitMEX User Verification Programme

    Posted: 13 Aug 2020 06:05 PM PDT
    Read more
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