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    Cryptocurrency Daily Discussion - September 6, 2020 (GMT+0)

    September 06, 2020

    Cryptocurrency Daily Discussion - September 6, 2020 (GMT+0)

    Daily Discussion - September 6, 2020 (GMT+0)

    Posted: 05 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 The prior exemption for karma and age requirements is no longer in effect.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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    Warren Buffett returns to tell us about his DeFi experience so far

    Posted: 05 Sep 2020 10:14 AM PDT

    Apparently SushiSwap just exit scammed

    Posted: 05 Sep 2020 06:55 AM PDT

    I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

    Posted: 05 Sep 2020 10:17 AM PDT

    I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

    ​

    EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 32 (-71%)

    See the full blog post with all the tables here.

    tl;dr:

    • purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded, repeated in 2019 and 2020, update y'all monthly. Learn more about the history and rules of the Experiments here.
    • August - solid month for the 2018 Top Ten, led by, ladies and gentlemen (or lady singular, there in the back row, I see you) NEM!!!!! Up over +200% in August.
    • Overall - BTC still way ahead and approaching break-even point, ETH gaining ground, alone in the middle. NEM(!!!) finally escapes last place replaced by DASH.
    • Over three years, cryptos outperforming S&P if I'd taken a similar approach.

    Month Thirty Two – Down 71%

    2018 Top Ten Summary

    August was not quite as strong as all-green July, but still a solid month for the 2018 Top Ten Crypto Index Fund Experiment. The gains were led by (I hope you're sitting down for this one) (drum roll please) (you're not going to believe this): NEM(!) which finished the month up over +200%. Really!

    Question of the month:

    The US Justice Department announced in August that it had seized cryptocurrency from terror groups in the Middle East. How much did they confiscate?

    A) $2 million
    B) $4 million
    C) $8 million
    D) $32 million

    Scroll down for the answer.

    Ranking and August Winners and Losers

    Rank since January 2018

    Lots of movement this month: all but three cryptos moved positions in August and all but one (NEM!) in the wrong direction. Despite gaining in value, Dash had the biggest slide, down four in the rankings from #24 to #28. ADA fell three and has dropped back out of the Top Ten. XRP, Bitcoin Cash, IOTA, and Stellar each lost one place in the rankings. The lone exception is a big one: XEM(!) climbed an unprecedented 9 spots in August. The last time NEM was in the Top Twenty was May 2019.

    After thirty-two months, 50% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, ADA, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, BSV, CRO, and most recently, LINK.

    August Winners – Don't call it a comeback, NEM's been here for years. Up over +200% in August, NEM crushed the rest of the field. A distant second place was ETH, up +32% on the month.

    August Losers – Down -13%, ADA was the worst performing crypto of the month, followed by Bitcoin Cash, down -9%.

    For the overly competitive, below is a tally of the winners of the first 32 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (7). Cardano is a close second with 6 monthly wins. Despite its blockbuster August, NEM has the most monthly losses with 6. Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn't lost a month in the 2.5+ years of the Experiment.

    Ws and Ls

    Overall update – BTC in the lead and inching towards break-even point, followed by second place ETH. NEM escapes last place, replaced by Dash.

    Although BTC didn't make any major moves this month, it continued to slowly but surely approach its break-even point. It is down about -10% since my purchase in January 2018. The initial investment of $100 thirty-two months ago is now worth about $90.

    Ethereum is all alone in second place. It had a strong August, it picked up a lot of ground, but is still down -35% since January 2018.

    The big story this month is at the bottom: NEM(!) gained +200% in August, crushing its counterparts and leaping out of last place, where it was so comfortable for so, so long. Although still down -83% over the life of the experiment, it moved from 10th place to 6th place in just one month. The new king of the basement is Dash, down -91%. The initial $100 invested in Dash 32 months ago is now worth $8.50.

    Total Market Cap for the entire cryptocurrency sector:

    The crypto market added nearly $43B in August. The last time we saw a similar level in terms of overall crypto market cap was way back in the fifth month of the 2018 Top Ten Experiment: May 2018.

    Bitcoin dominance:

    After being stuck in the mid-60s for most of 2020, BitDom dropped significantly this month, down to 57%. For context, the last time BitDom was this low was back in June 2019.

    For some more context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

    Overall return on $1,000 investment since January 1st, 2018:

    The 2018 Top Ten Portfolio gained about $17 this month. If I cashed out today, the $1000 initial investment would return about $287, down -71% from January 2018.

    While -71% isn't something to brag about, the monthly trend is encouraging. Here, take a look at the ROI over the life of the experiment, month by month, for some context:

    2018 Top Ten Monthly ROI Summary

    So, -71% from a bottom of -88% is moving in the right direction.

    Or that's what I tell myself as I cry myself to sleep nightly.

    Hopefully the next stop will be in the -60% range, a level this experiment hasn't seen in years.

    So the Top Ten Cryptos of 2018 are down -71%. What about the 2019 and 2020 Top Tens? Let's take a look:

    So overall? Taking the three portfolios 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, compared to +23% last month. This marks the highest ROI of the three combined portfolios since I added the metric this year.

    Here's a table to help visualize:

    Combined ROI on $3k over three years

    A +31% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years, not bad. But surely you'd do better if you invested only in one crypto, right? Depends on your choice. Let's take a look:

    ​

    Three year club: shoulda gone with ETH

    Only five cryptos have remained in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Knowing what we know now, which one would have been best to go all in on, at least at this point in the Experiment? Ethereum, easily: the initial $3k would be up +160%, worth over $7800 today. The worst performing at this point is XRP, down -17%.

    Comparison to S&P 500:

    I'm also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. Defying global gloom, the S&P 500 reached an all time high in August and is up +31% since the beginning of the Experiment. The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1310 had it been redirected to the S&P.

    But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I've been documenting through the Top Ten Crypto Experiments? Here are the numbers:

    • $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 is up over+27% since January 2018, compared to a +31% gain of the combined Top Ten Crypto Experiment Portfolios.

    That's a 4% swing in favor of 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 the S&P had I taken a similar investment approach:

    ​

    3 x $1k crypto vs. S&P

    This is a big turnaround from the 22% difference in favor of the S&P just two months ago.

    Although it's fun to see crypto is in the lead, I'll leave it to you to decide whether the heart condition you may develop by being in the cryptosphere is worth that +4% edge…

    Conclusion:

    August was a bit mixed compared to July, but still a very solid month for the 2018 Top Ten. Some interesting developments this month: Bitcoin is now within 10% of the price I paid on January 1st, 2018. ETH had solid gains and NEM(!) had a crazy month, tripling in value and finally climbing out of the basement. At the same time, traditional markets are doing well too: the S&P reached an all time high in August. It will be interesting to see how both markets perform during the final third of a very crazy year.

    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 my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

    And the Answer is…

    A) $2 million

    According to federal prosecutors, the US Justice Department seized $2 million worth of cryptocurrency from terror groups in the Middle East including ISIS, al Qaeda, and the al Qassam Brigades.

    submitted by /u/Joe-M-4
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    Volatility aside, we've come a long way. Bitcoin most owned asset in the world

    Posted: 05 Sep 2020 03:50 PM PDT

    Coinbase literally shilling shitcoins to clean up SF

    Posted: 05 Sep 2020 02:58 PM PDT

    SushiSwap founder converts portion of developer fund to $6M in ETH

    Posted: 05 Sep 2020 07:26 AM PDT

    Healthcare makes case for blockchain use despite challenges

    Posted: 05 Sep 2020 08:47 PM PDT

    Litecoin Trading Volume Spikes 55% After Pornhub Adds LTC As New Payment Method

    Posted: 05 Sep 2020 08:07 AM PDT

    Crypto tribalism hitting all time levels. It needs to stop. The crypto tribes waste too much time criticizing each other for petty differences. Meanwhile, the rest of the world looks at crypto like a sideshow and scoffs. Perfectionism is a double edged sword and best used only for important matters.

    Posted: 05 Sep 2020 10:08 AM PDT

    As an active follower in the space, the narratives I read about are often extremely judgmental in nature and tone. It leaves little room for having constructive conversation about pros and cons of different systems and why never-ending experimentation is the only way forward.

    Adam Back and Charlie Lee taking shots at each other is petty and lame. As smart as both guys are neither one realizes that no good can come from their insinuations that either person is a scam-artist. Both have contributed in different ways to the crypto universe and to the casual observer it would be best if their names had connotations with respect rather than "is this guy a scam artist?"

    Pretty ridiculous that the crypto nerds haven't figured that out yet.

    Perfectionism is a double-edged sword that should be applied carefully throughout life.

    Pick your battles.

    Meanwhile the Fed prints money to infinity, and this whole movement is supposed to be about building off-ramps, but Crypto Twitter is too busy criticizing and judge the off-ramps that others are building rather than focusing on the off-ramp they're supposed to represent.

    And yes I understand that experimentation also leaves the door open for scams of all kinds to run wild in the crypto-space... so what!!

    Scams are pervasive throughout life. We all get spam/scam phone calls everyday. The scams will never end, so if you think something is a scam just walk away, don't waste your time trying to prove to everyone else that it's a scam.

    Eventually people just have to figure shit out for themselves.

    We need more Zen in crypto and less petty mud-slinging.

    Live and let live. End the Fed. Give crypto a chance, but especially give Bitcoin, Ether, and maybe a few others a chance.

    Stay safe out there, but don't take yourself too seriously.

    submitted by /u/the420chronicler
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    CipherTrace's Monero Tracking Tool Has Not Been Proven Effective, Researcher Says

    Posted: 05 Sep 2020 01:59 PM PDT

    If you're stressed out by Bitcoin 20% price drop , Watch this video by Mike Maloney on how the government, Federal reserve and the treasury and the big banks has robbed our freedom and wealth using Fiat currencies. Bitcoin can be used to fight and wipe out those scammers. We are early.

    Posted: 05 Sep 2020 01:52 PM PDT

    The next hype in crypto will be derivatives in my opinion, and a explainer why.

    Posted: 05 Sep 2020 12:15 PM PDT

    Hello crypto enthousiasts, now that the defi craze is ending and all the shitshows will die and only the real defi power houses remain, it's time to look at what drives the next hype circle in crypto.
    You might think we already had everything by now, but blockchain and decentralisation is also good for more.

    I think that the next craze will be exchanges, but not standard crypto exchanges, but the ones that will deal in decentralised derivatives.

    I'd like to talk about why, and discuss in the comments what your opinion is on this all. I also think oracle coins will do good with this craze, as the data for these markets needs to be 100% reliable.

    So derivatives. Why?

    - Because in a decentralised matter, these markets allow anyone and their cats to join the platform and trade on these options. No need to KYC on some platforms, no need to have lenghty account creation processes, and most importantly no need to trust a central authority on manipulating things.

    - Decentralised margin trading, also open for anyone. Some platforms will open up to 100x leverage.

    This means that everything from precious metals, stocks, gas and crypto itself can be traded on those platforms and would be able to generate a LOT of volume since again- there is no need to trust a central authority and everyone can participate.

    If you are not convinced, at least recognise the potential here and that everyone who claims crypto is just magic fake money is quite a ignorant person by now. The potential is quite much... It's just that every hype circle ends with the ridicule joining, like hotdog, sushi etc.

    Some platforms that are currently building this, that i'm aware of are:

    https://dem.exchange/ (tokenomics will be 100% of fees split to swth holders)

    https://vega.xyz/ (tokenomics yet unknown but plans a public sale)

    ​

    Please do link more if you are aware of other platforms and provide the basic tokenomics if they apply!

    submitted by /u/borgqueenx
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    Welcome to the Age of Monetary Exploration

    Posted: 05 Sep 2020 06:00 PM PDT

    Trading Volume

    Posted: 06 Sep 2020 02:47 AM PDT

    I understand that we are currently in a "correctional" period here in the crypto world........ However, has anyone notice how the trading volume has hit some serious numbers lately. Over 200 billion in the last 24 hours. Getting exciting!!

    submitted by /u/lever200
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    This app pays you crypto every time you block a spam call.

    Posted: 05 Sep 2020 07:35 AM PDT

    Is it a bad idea to use a ledger nano as a USB 2FA device and its intended purpose?

    Posted: 05 Sep 2020 09:20 PM PDT

    As the tittle states I have been thinking about getting a hardware wallet and like the look of the ledger devices (I know not a smart reason to get it). I have been stuck between ledger devices or Trezor but understand some people might not trust Ledger fully? Anyways I saw I can also use it as a 2FA key but need to use a browser plugin and then install something on the device or something like that? how secure is this I understand a few weeks ago some extensions have been found to target Crypo. For the record as well I know I can probably use Trezor as 2FA as well but still like the look of the ledger is it as bad as some say though?

    submitted by /u/Alvaro_avalos
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    Binance flexible savings - USDT. Very interesting. Anyone used it yet?

    Posted: 05 Sep 2020 06:58 PM PDT

    Right now I see they estimate 6.69% annual yield and say 0.18493 USDT per 1000 USDT is the reward.

    I assume this is a daily reward, since 1.00018493 ^ 365 = 1.0698, which is very close to given annual yield.

    So is this the daily reward really? I assumed it is and subscribed with my USDT.

    Another question is every time I refresh I get a different estimated value which is slightly below what I've put. Really? So if I redeem it I can get less? That's weird, anyone knows how that's even calculated to begin with? And what about the locked savings? Are those interest rates guaranteed or fluctuating?

    submitted by /u/TastyRatio
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    PSA ANNOUNCEMENT: Buying the dip.

    Posted: 05 Sep 2020 11:50 AM PDT

    bluzelle provides decentralized storage for dapps on Matic Network

    Posted: 05 Sep 2020 04:47 PM PDT

    Prepping for the new GPU generation. Please advice.

    Posted: 05 Sep 2020 12:52 PM PDT

    Hey everyone,

    I am preparing to build a rig for the latest generation of Nvidia RTX 3080 or AMD Big Navi (tbd).

    Since I have only rudimentary knowledge I may need some help. Will this stuff fit together? I am somehow scared to use that huge power supply..

    Here is the core setup:

    5x RTX 3080

    1x 2000W Leadex https://www.amazon.de/Super-Flower-80-Plus-Platinum-Netzteil/dp/B00T0ZEWP0

    1x Gigabyte B250 https://www.amazon.de/Gigabyte-GAB250FIT-00-GA-Mainboard-PC4-19200U-DDR4-2400/dp/B079FWGKRQ

    1x Intel i3 7100 https://www.amazon.de/Intel-i3-7100-Prozessor-Generation-Smart-Cache/dp/B01NCESRJX

    • 16 gb RAM
    • 120gb SSD
    • CPU cooler
    • rest parts
    submitted by /u/26oclock
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