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    Cryptocurrency Daily Discussion - September 11, 2020 (GMT+0)

    September 11, 2020

    Cryptocurrency Daily Discussion - September 11, 2020 (GMT+0)

    Daily Discussion - September 11, 2020 (GMT+0)

    Posted: 10 Sep 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 The prior exemption for karma and age requirements is no longer in effect.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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    Made a chart showing how many days BTC spent at each price range

    Posted: 10 Sep 2020 09:50 PM PDT

    Pomp got Mad Money host Jim Cramer to buy Bitcoin

    Posted: 10 Sep 2020 03:13 PM PDT

    TIL the guy who created SkiFree, the classic Windows 3.1 game, maintains a page with downloads to binaries that work on modern operating systems, AND accepts tip jar donations in DOGE, BTC, and XMR if you scroll down to the bottom of the page

    Posted: 10 Sep 2020 09:21 PM PDT

    Whoever taught you about bitcoin deserves the most thanks!

    Posted: 10 Sep 2020 09:12 PM PDT

    IRS paying $625,000 bounty for tool that can track Monero and Lightning network

    Posted: 11 Sep 2020 04:14 AM PDT

    UBI on blockchain is here. Thousands of users in over 40 different countries are now receiving a UBI through GoodDollar.

    Posted: 10 Sep 2020 04:47 PM PDT

    sweETH chin music - A Crypto Market Projection

    Posted: 10 Sep 2020 06:44 PM PDT

    The most exciting an unique Crypto faucet?! - Play and Win Nano at Pixel-Bar, Leeds UK

    Posted: 10 Sep 2020 08:17 AM PDT

    IRS Will Pay You Half a Mil to Track Monero

    Posted: 10 Sep 2020 12:47 PM PDT

    /r/Monero/comments/ipzltn/irs_wants_you_to_break_monero_for_500k_you_have_7/

    I guess those CipherTrace claims just weren't good enough for the IRS. Notice how the don't mention any other so called privacy coins either.

    They mention LN... But what do you think the IRS is more interested in... the $10MM in LN, or the $1.5B in Monero? I leave that to the reader's imagination.

    submitted by /u/bawdyanarchist
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    Swisscom Blockchain Wins Grant From Web3 to Help Toughen Polkadot’s Proof-of-Stake Network

    Posted: 10 Sep 2020 04:56 PM PDT

    Is it possible that we’ve already seen crypto’s peak?

    Posted: 10 Sep 2020 09:49 PM PDT

    Every sub or forum I read online constantly talks about the next bull run or upcoming bull run. What makes people so sure that we will ever attain the heights of late 2017. Is it foolish to assume we can ever get back to that point? I know there are developments and growth in project and crypto is more on the general public's radar but what makes people so certain.

    submitted by /u/Shurlz
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    Square Inc. Launches COPA to Spur Cryptocurrency Adoption

    Posted: 11 Sep 2020 12:04 AM PDT

    The difference between blockchain domains and the traditional DNS.

    Posted: 10 Sep 2020 09:18 AM PDT

    $1k in Top Ten Cryptos of 2020 vs. the S&P 500 so far this year

    Posted: 10 Sep 2020 08:02 AM PDT

    $1k in Top Ten Cryptos of 2020 vs. the S&P 500 so far this year

    ​

    EXPERIMENT - Tracking Top 10 Cryptos of 2020 - Month Eight - UP +83%

    See the full blog post with all the tables here.

    tl;dr

    • Don't panic, crypto is still crushing the stock market in 2020
    • purchased $100 of each of Top Ten Cryptos in Jan. 2020, haven't sold or traded. Did the same in 2018 and 2019. Learn more about the history and rules of the Experiments here.
    • August - strong month for 2020 Top Ten led by ETH and Tezos
    • Since Jan. 2020 - ETH, ETH, ETH, far far ahead (+266%). Tezos a distant second at +158%. 100% of 2020 Top Ten are in positive territory and have a combined ROI of +83% vs. +9% of the S&P
    • Combining all three three years, Top Ten cryptos outperforming S&P if I'd taken a similar approach.

    Month Eight – UP 83%

    2020 Top Ten overview - UP +83%

    By the slimmest of margins, the 2020 Top Ten Portfolio has reclaimed its status as the best performing of the Top Ten "Index Fund" Experiments. ETH had a great month, up +32% and all cryptos were in the green except the forks.

    Question of the month:

    In August, which socialite sold a drawing of her cat for $17,000 worth of Ethereum?

    A) Ivanka Trump

    B) Paris Hilton

    C) Kim Kardashian

    D) That other one

    Scroll down for the answer.

    Ranking and August Winners and Losers

    2020 Top Ten Rank

    Despite another strong month overall, most of our 2020 Top Ten Cryptos either held steady or lost ground. XRP, BCH, and EOS each fell one position to #4, #6, and #12. BSV dropped two spots from #6 to #8. Heading the other direction, stablecoin Tether ended August climbing back up to #3.

    August Winners – ETH backed up July's massive +55% gain with another very solid month, finishing August up +32%. Tezos finished in second place, +15% on the month.

    August Losers – BSV and BCH were the worst performing of the 2020 Top Ten Portfolio, down -17% and -9% respectively

    Since COVID-19 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. With its second straight win ETH is now in the lead with three monthly Ws. On the other hand, BSV, even though it is up +100% since January 1st, 2020, has been the worst performing crypto of the bunch four out of the first eight months so far this year.

    2020 Top Ten Ws and Ls

    Overall update – ETH far out in front, followed Tezos. 100% of Top Ten are in positive territory.

    Ethereum pulled farther ahead this month and now is up +266% on the year. Thanks to a strong month for Tezos and a week month for BSV, Tezos has now overtaken BSV for second place, up +158% in 2020. Discounting Tether (no offense Big-T), BCH (+32%) is now the worst performing cryptocurrency of the 2020 Top Ten portfolio. 100% of the cryptos in this group are in positive territory.

    Total Market Cap for the cryptocurrency sector:

    The overall crypto market gained almost $43B in August, ending the month up +104% since the beginning of this year's experiment in January 2020.

    Bitcoin dominance:

    2020 monthly BitDom

    BitDom finally saw significant movement in August: it fell to 56.8%, the lowest level of the year. This of course signals a greater appetite for altcoins. The range up to this point in the year has been roughly 57% to 68%.

    Overall return on investment since January 1st, 2020:

    After an initial $1000 investment, the 2020 Top Ten Portfolio is now worth $1,825, up +82.52%. It is back to being the best performing of the three Top Ten Crypto Index Fund Portfolios, but by the smallest of margins: the 2019 group came in at +82.51% in August.

    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:

    Monthly ROI to 2020 Top Ten

    Even during the zombie apocalypse blip in March, the 2020 Top Ten managed to end every month so far in the green (for a mirror image, check out the all red table you'll in the 2018 experiment). The range of monthly ROI for the 2020 Top Ten has been between a low of +7% in March and high of +83% in August.

    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 $‭3,937‬ ($287+ $1,825 +$1,825).

    That's up about +31% for the three combined portfolios. It also marks the highest ROI of the three combined portfolios since I started keeping track in January 2020. The previous high was last month's +23%.

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

    ​

    ROI on $1k + $1k +$1k over three years

    That's a +31% 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:

    Three year club. ETH would have been your best bet.

    At this point in the Experiments, Ethereum (+160%) would have easily returned the most, followed by BTC (+93%). On the other hand, following this approach with XRP, I would have been down -17%.

    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. The S&P continued its recovery and set an all time high in August. It is now up +9% in 2020.

    S&P throughout 2020

    Over the same time period, the 2020 Top Ten Crypto Portfolio is returning about +83%. The initial $1k investment in crypto is now worth about $1,825. That sane $1k I put into crypto in January 2020 would be worth $1090 had it been redirected to the S&P 500 instead. That's a $735 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: +$310
    • $1000 investment in S&P 500 on January 1st, 2019: +$400
    • $1000 investment in S&P 500 on January 1st, 2020: +$90

    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 $3,800.

    That $3,800 is up over +27% since January 2018, compared to a +31% gain of the combined Top Ten Crypto Experiment Portfolios over the same period of time.

    For the second month in a row, the better overall investment would be (drum roll please): the Top Ten Crypto Portfolios!

    As you'll see in the table below, this is only the second time since I started recording this metric that crypto has outperformed a hypothetical identical investment in the S&P.

    Combined crypto vs. S&P over three years

    Conclusion:

    August was the second straight strong month in crypto and the 2020 Top Ten continue to do very well compared to traditional markets. As I'm putting together these reports, both crypto and traditional markets are diving, but these Experiments are great for a bit of perspective: there is no question that crypto has been a better investment than traditional markets so far this year. It's not even close. How the rest of the year will develop is another question entirely, stay tuned and buckle up.

    Stay healthy and take care of yourselves out there. Or better yet, just pop some popcorn and enjoy staying in.

    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…

    B) Paris Hilton

    At an auction in August, Paris Hilton sold a portrait of her cat that fetched 40 ETH, about $17,000 at the time. She donated the proceeds of the sale to charity.

    That's hot.

    submitted by /u/Joe-M-4
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    Google blockchain with a space at the end. First result is a scam link. Good job, Google.

    Posted: 10 Sep 2020 03:13 PM PDT

    USDC now capable of 1000 transactions per second with near-zero fees on Algorand blockchain

    Posted: 10 Sep 2020 09:44 PM PDT

    DeFi is a 'once in a decade investment opportunity' — True or false?

    Posted: 11 Sep 2020 03:16 AM PDT

    These videos are hosted on a blockchain and can never be deleted!

    Posted: 10 Sep 2020 03:29 PM PDT

    I thought this was cool, someone has begun to use LBRY and HIVE networks to start an archive of old film. This footage is now on the internet forever. LBRY network is hosting the video and HIVE has immutable text so the LBRY url will always be available there pointing to the video on LBRY network. Very interesting and cool when you think of the possibilities. Its really a mind trip when you think about it, a lot of this video was taken over 100 years ago almost to the day. Look at where we are now, amazing what humanity has achieved.

    https://peakd.com/film/@filmarchive/new-york-city-1896-1901

    submitted by /u/zeroknowledgeproofs
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    UniFi Protocol - True Power Of Defi | Unique & Powerful Incentives System | Built by Sesameseed

    Posted: 11 Sep 2020 02:13 AM PDT

    Bitmex goes into full KYC on all users

    Posted: 10 Sep 2020 09:49 PM PDT

    Square Forms Group to Stop Patent Hoarding From Stifling Crypto Innovation

    Posted: 10 Sep 2020 08:30 PM PDT

    Binance... Centralize everything...

    Posted: 11 Sep 2020 04:35 AM PDT

    Is there any digital market place with escrow where I can sell my spare games keys for crypto?

    Posted: 11 Sep 2020 04:06 AM PDT

    I have 10+ spare steam games keys that I would like to trade for crypto, I don't want to do it P2P since people might think it's a scam so is there any trusted and easy to use market place with escrow that I can use?

    submitted by /u/PM_ME_UR_ROOM_VIEW
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    Jack Dorsey reiterates his belief in bitcoin as an internet "native currency", reiterating his commitment on ideological grounds amidst an asymmetric dynamic of capital and excessive government and corporate interference.

    Posted: 11 Sep 2020 03:42 AM PDT
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