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    Cryptocurrency Monthly Skeptics Discussion - August 2020

    August 16, 2020

    Cryptocurrency Monthly Skeptics Discussion - August 2020

    Monthly Skeptics Discussion - August 2020

    Posted: 31 Jul 2020 05:14 PM PDT

    Welcome to the Monthly Skeptics Discussion thread. The goal of this thread is to promote critical discussion by challenging popular or conventional beliefs.

    This thread is scheduled to be reposted on the 1st of every month. Due to the 2 post sticky limit, this thread will not be permanently stickied like the Daily Discussion thread. It will often be taken down to make room for important announcements or news.

    Rules:

    • All sub rules apply here.
    • Discussion topics must be on topic, i.e. only related to skeptical or critical discussion about cryptocurrency. Markets or financial advice discussion, will most likely be removed and is better suited for the daily thread.
    • Promotional top-level comments will be removed. For example, giving the current composition of your portfolio or stating you sold X coin for Y coin(shilling), will promptly be removed.
    • Karma and age requirements are in full effect and may be increased if necessary.

    Guidelines:

    • Share any uncertainties, shortcomings, concerns, etc you have about crypto related projects.
    • Refer topics such as price, gossip, events, etc to the Daily Discussion.
    • Please report top-level promotional comments and/or shilling.

    Resources and Tools:

    • Read through the CryptoWikis Library for material to discuss and consider contributing to it if you're interested. r/CryptoWikis is the home subreddit for the CryptoWikis project. Its goal is to give an equal voice to supporting and opposing opinions on all crypto related projects. You can also try reading through the Critical Discussion search listing.
    • Consider changing your comment sorting around to find more critical discussion. Sorting by controversial might be a good choice.

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    To see prior Daily Discussions, click here.

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    Thank you in advance for your participation.

    submitted by /u/AutoModerator
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    Daily Discussion - August 16, 2020 (GMT+0)

    Posted: 15 Aug 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
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    Coinbase everytime I sell some spot

    Posted: 15 Aug 2020 05:43 PM PDT

    6 BILLION USD is now locked in DeFi

    Posted: 16 Aug 2020 02:25 AM PDT

    Satoshi Nakamoto when asked "You will not find a solution to political problems in cryptography."

    Posted: 15 Aug 2020 09:05 AM PDT

    US Postal Service files patent for Blockchain backed voting system

    Posted: 15 Aug 2020 10:32 PM PDT

    Me after I just made an ETH transaction with too low gas fee.

    Posted: 16 Aug 2020 01:22 AM PDT

    Don't be this guy!! HODL

    Posted: 15 Aug 2020 11:34 PM PDT

    HEX is basically a scam, a pyramid scheme

    Posted: 15 Aug 2020 10:59 PM PDT

    HEX is a cryptocurrency token built on Ethereum that promises infinity rewards for staking. In the official website, it says:

    HEX IS NOT A PONZI.

    Yes, I agree. It's not a Ponzi scam. It's a Pyramid scam.

    In HEX, no one owes you anything. You mint your own HEX rewards yourself when you end your stake. Like how Bitcoin miners mint their own Bitcoin rewards. You are the network.

    That's basically minting value out of thin air. Wow, maybe HEX has an angel backing it that loves to give away free money.

    There are no middlemen or managers in HEX. HEX rewards are dynamic like Bitcoin mining rewards. No one in the world can promise you how much you might make running HEX, because no one knows how valuable HEX will become. HEX puts you in charge!

    The funds in traditional banks can give interest because they use it to provide loans for businesses. Without anything of that sort, how the hell can HEX continue to provide "high interests"?

    It's totally a Pyramid Scheme. It works by giving people a false hope that their money is going up in value. But they can't withdraw it as it is locked up.

    It can go up and up by making stupid people believe the balance sheet they see in their portfolio is what they will get. It's basically utilizing the greed of people with the lure of more money without actually giving more money.

    All the new money or interest is generated from inflation. It works by getting more people to buy it with referral programs. But when enough idiots of brought it, there won't be any more losers to refer to.

    Hence, the pyramid will collapse.

    submitted by /u/littleboy0k
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    Me watching the market take off while my holdings do nothing.

    Posted: 15 Aug 2020 12:12 PM PDT

    "Don't worry about the government defaulting," Warren Buffett says.

    Posted: 15 Aug 2020 11:44 PM PDT

    step up your game : )

    Posted: 16 Aug 2020 01:24 AM PDT

    When your shit coin isn’t doing much during bull run so you come up with creative ways to create hype. NKN jumped 5% since this post.

    Posted: 15 Aug 2020 06:27 PM PDT

    The Portnoy/Winklevoss exchange in a nutshell

    Posted: 15 Aug 2020 11:57 AM PDT

    What’s so great about LINK?

    Posted: 16 Aug 2020 02:03 AM PDT

    I get that Oracles are useful, but how much is LINK actually used right now?

    I have 3 questions, can anyone answer them?

    1. How many data requests does LINK generate in a day?
    2. How much revenue do these data requests generate
    3. Are LINK Oracles actually decentralized? How many nodes verify the Oracles, is it 10, 100, 1000? Because 100 nodes is quite centralized

    Thank you.

    submitted by /u/galan77
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    The equivalent of BTC locked in the entire Lightning Network moved to Ethereum in a single transaction.

    Posted: 16 Aug 2020 12:32 AM PDT

    Hundreds of Thousands of Investors Just Gained Exposure to Bitcoin Thanks to MicroStrategy

    Posted: 16 Aug 2020 01:46 AM PDT

    Can we talk about Nano for a second?

    Posted: 15 Aug 2020 07:11 AM PDT

    It blows my mind that this coin isn't talked about more on here. I read this sub almost every day and everyone seems super bullish on Bitcoin, when Nano does everything Bitcoin does but better. I was blown away by my first few experiences with it (instant and feeless transfer of money) and am surprised that the community isn't more passionate about it or pushing for its to be adopted. Looking at the /r/ nanocurrency, tons of people are building products on it like sites/apps, which you don't see with too many other coins except for maybe ETH. Nano right now reminds me of ETH in the early days before it caught the attention of the masses. Yet for some reason, the occasional positive comments I do see about Nano on here seem to be shot down as well. It's like people can only focus on the Bitgrail hack/getting burned by the drop from $35 to $1, while not giving two shits about how amazing and unique Nano's technology is.

    So what gives? Why is this coin performing so shittily in this strong bull market? And why does nobody really mention it on here when the topic of using crypto as a real-life currency comes up, as it seems to be amazing for this use-case?

    submitted by /u/devila2208
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    Are leveraged tokens scamming the market? UP/DOWN token pair 3x leverage on token than is red, only 1.7x on token that is green

    Posted: 15 Aug 2020 11:09 PM PDT

    What the best exchange to cash out at? I only ever used GDAX (Coinbase Pro) and Binance, but I got my stuff off Binance last year and haven't bought/traded/sold anything since. I've never cashed out but might need to soon.

    Posted: 15 Aug 2020 07:17 PM PDT

    I hopped on the hype train during the Bitcoin rush of 2017 and got really into crypto in 2018 and the beginning of 2019, but I generally haven't kept up with crypto this past year except the headlines here. From that alone it seems Binance has become.....not good. And Coinbase obviously takes a cut, but is it a bigger cut than most exchanges? I signed up at Kraken a long time ago but have never used it.

    My stuff is mostly in cold storage so I just need to figure out where to send it when I want to trade and cash out.

    submitted by /u/TheRadHatter9
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    DLT based cobot by CRETEC for industry 4.0 now available. Can be paid in cryptocurrency.

    Posted: 15 Aug 2020 01:59 PM PDT

    Former Bitcoin Hater, MicroStrategy Points the Way to Follow for Big Companies in the Future

    Posted: 16 Aug 2020 02:33 AM PDT

    Bitmain sells 10,500 mining rigs to Nasdaq listed Marathon

    Posted: 15 Aug 2020 06:20 AM PDT

    New User Created Badges Available

    Posted: 15 Aug 2020 08:06 PM PDT

    We now have the ability to upload custom badges. The first batch of these have been uploaded now from the winning entries in this badge design contest:

    https://www.reddit.com/r/CryptoCurrency/comments/htqsvp/rcryptocurrency_badge_design_contest/

    Thanks to /u/keeri_, /u/astronautandmonkeys, and /u/stopdropandrauljulia.

    If you buy a special membership using Moons, then you are now able to select a custom badge that will show by your username as a Bitcoin Cash, Bitcoin, Cardano, Chainlink, Doge, Ethereum, Iota, Litecoin, Monero, Nano, Ripple, Stellar, or Vechain fan. You can also use the Business Time Doge, Cardboard Box House, Dogejak, or Moonmoon badges. These are in addition to the monthly badges being produced by Reddit admins.

    Going forwards anyone is able to submit a custom badge in the sidebar. Please follow the design rules here. Anyone that has a badge approved will get a small bonus of ~100 karma that should give them a bonus of ~500 moons at the end of the month distribution.

    submitted by /u/jwinterm
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    Bitcoins Are Being Tokenized Faster Than They’re Mined as DeFi Craze Continues

    Posted: 15 Aug 2020 07:50 AM PDT
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