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    Cryptocurrency Daily Discussion - September 8, 2020 (GMT+0)

    September 08, 2020

    Cryptocurrency Daily Discussion - September 8, 2020 (GMT+0)

    Daily Discussion - September 8, 2020 (GMT+0)

    Posted: 07 Sep 2020 05:09 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 The prior exemption for karma and age requirements is no longer in effect.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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    Peter Schiff’s son just bought even more bitcoin

    Posted: 07 Sep 2020 11:10 AM PDT

    If you're stressed, zoom out - $1k in Top Ten Cryptos of 2019 is up +83%, double that of the S&P

    Posted: 08 Sep 2020 03:40 AM PDT

    If you're stressed, zoom out - $1k in Top Ten Cryptos of 2019 is up +83%, double that of the S&P

    ​

    EXPERIMENT - Tracking Top 10 Cryptos of 2019 - Month Twenty - UP +83%

    See the full blog post with all the tables here.

    tl;dr:

    • purchased $100 of each of Top Ten Cryptos in Jan. 2019, haven't sold or traded. Did the same in 2018 and 2020. Learn more about the history and rules of the Experiments here.
    • August - solid month for the 2019 Top Ten, led by Tron and ETH.
    • Since Jan. 2019 - ETH takes lead from BTC. XRP worst performing since Jan. 1st, 2019
    • Over three years, cryptos outperforming S&P if I'd taken a similar approach.

    Month Twenty – UP 83%

    2019 Top Ten Overview

    Although not quite a strong as red-hot July, the 2019 Top Ten Cryptos had a solid month. Overall, modest losses were offset by strong performances by Tron (+53%) and ETH (+32%).

    Question of the month:

    In August, this financial services giant filed for a new Bitcoin fund with the U.S. Securities and Exchange Commission (SEC).

    A) Goldman Sachs
    B) Vanguard
    C) Charles Schwab
    D) Fidelity

    Scroll down for the answer.

    Ranking and August Winners and Losers

    A whole lot of shaking going on this month as the 2019 Top Ten cryptos jostled for position. XRP, BCH, EOS, and XLM each fell one spot while BSV dropped two. Moving the other direction: Tether climbed up one, and is now back in the #3 position. Thanks to a very strong August, Tron made the most upward progress, advancing two slots to #14.

    Only three cryptos have dropped out of the 2019 Top Ten since January 1st, 2019: Tron, Stellar, and EOS. Not bad after 20 months considering crypto's volatility. As of August, they have been replaced by BNB, CRO, and LINK.

    August Winners – Tron, with a +53% gain, easily outperformed its peers. Tron was followed by ETH (+32%), a solid follow up to its +55% gain in July.

    August Losers – The Forks. BCH and BSV under performed the pack, finishing the month down -17% and -9% respectively.

    For overly competitive nerds, here is tally of which coins have the most monthly wins and loses during the first 20 months of the 2019 Top Ten Experiment: Tether is still in the lead with six monthly victories, twice as much as second place BSV and ETH. And although BSV is up over +100% since January 2019, it is running away with the monthly loss count: it has now finished last in eight out of twenty months. Swing trade anyone? XRP still hasn't been able to take home a single W.

    Ws and Ls

    Overall update – ETH takes lead from BTC. XRP still worst performing since Jan. 1st, 2019

    After three straight months ahead, BTC (+215%) lost its front-runner status to ETH (up +244% since January 2019). A distant third is BSV up +109%. The initial $100 investment in ETH is currently worth $353.

    Twenty months in to the 2019 Top Ten Index Fund Experiment, 80% of the 2019 Top Ten cryptos are either flat or in the green. The other two cryptos are in negative territory, including last place XRP (down -19% since January 2019). At +82.5%, the 2019 Top Ten is essentially tied with the 2020 Top Ten, both far ahead of the 2018 group, which is down -71% (but trending upward).

    Total Market Cap for the cryptocurrency sector:

    ​

    Monthly market cap since Jan. 1, 2019

    Since January 2019, the total market cap for crypto is up +204%. The overall market picked up nearly $43B in August and is approaching $400B. For the second month in a row, the market is at its highest month-end level since the 2019 Top Ten Experiment started 20 months ago.

    Bitcoin dominance:

    The last 20 months of BitDom

    BitDom's wobble in July is nothing compared to the more than 5% dip we saw in August. It had been locked in the mid-60s% range for months, but started dipping in July, signaling a greater appetite for altcoins. Zooming out, the BitDom range since the beginning of the experiment in January 2019 has been between 50%-70%.

    Overall return on investment since January 1st, 2019:

    The 2019 Top Ten Portfolio gained over $100 in August, nothing like July's +$450 but still solid. After the initial $1000 investment, the 2019 group of Top Ten cryptos is worth $1,825. With some generous rounding, that's up about +83%.

    Here's a look at the ROI over the life of the first 20 months of the 2019 Top Ten Index Fund experiment, month by month:

    Month by month ROI of 2019 Top Ten

    Unlike the completely red table you'll see in the 2018 Top Ten Experiment, the 2019 crypto table is almost all green. The first month was the lowest point (-9%), and the highest point (+114%) was May 2019.

    At +82.51%, the 2019 Top Ten Portfolio has lost its hard-fought position as the best performing of the three Top Ten Experiments, but just barely (the 2020 Top Ten is up +82.52%)

    Speaking of the other Experiments, let's take a look at how the 2019 Top Ten Index Fund Portfolio compare to the parallel projects:

    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. 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%.

    Here's a table to help visualize the progress of the combined portfolios:

    Combined ROI on $3k

    That's a +31% gain by dropping $1k once a year on whichever cryptos 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 many 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 out in front

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

    Alright, that's crypto. How does crypto compare to the stock market?

    Comparison to S&P 500:

    I'm also tracking the S&P 500 as part of the experiments to have a comparison point with more traditional markets. Even with everything that's going on in the world, the S&P continues adding value and reached an all time high in August. It is now up +40% since January 2019.

    Monthly S&P levels since Jan. 2019

    The initial $1k investment I put into crypto 20 months ago would be worth $1,400 had it been redirected to the S&P 500 in January 2019.

    The 2019 Top Ten portfolio is returning +83% over last 20 months, over double the ROI of the S&P 500 over the same time period.

    But what if I took the same world's-slowest-dollar-cost-averaging/$1,000-per-year-on-January-1st approach with the S&P 500? It would yield the following:

    • $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.

    As you can see in the table below, August's 4% difference in favor of crypto marks the second month in a row the Top Ten Crypto Portfolios have outperformed the S&P had I taken a similar investment approach.

    ​

    Combined crypto vs. S&P

    Conclusion:

    Thanks to a strong couple of months, the 2019 Top Ten Portfolio is doing just as well as the 2020 Top Ten group, both of which are far, far ahead of the 2018 Top Ten. Meanwhile, despite the presence of a global pandemic and all the uncertainty associated with an election year, the US stock markets reached all time highs in August. As we approach the fall, I'm buckling up for an unpredictable final stretch of an unpredictable year.

    Be safe and take care of each other out there.

    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 2020 Top Ten Experiment.

    And the Answer is…

    D) Fidelity

    In August, the SEC published a new filing for a Bitcoin fund, submitted by financial services giant Fidelity.

    submitted by /u/Joe-M-4
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    I waited for the dip, got in, then the dip dipped. A modern day tragedy.

    Posted: 07 Sep 2020 10:06 AM PDT

    In Nigeria, crypto is saving us from extractive Central Banking policies

    Posted: 08 Sep 2020 02:58 AM PDT

    I think most of you already know this, but Crypto has really been a life saver for Middle class Nigerians, especially us that have to deal with a central bank that has made sourcing dollars hard to find because Crude Oil has wrecked us and they refuse to open up the economy..

    ​

    this Reuters article best explains it:

    "

    Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed and convenience.

    The shift has boosted his profits, as he no longer has to buy dollars using the Nigerian naira or shell out fees to money-transfer firms. It is also one example of how, in Africa, bitcoin - the original and biggest cryptocurrency - is finding the practical use that it has largely failed to elsewhere.

    "Bitcoin helped to protect my business against the currency devaluation, and enabled me to grow at the same time," Odunjo told Reuters from his two-by-eight metre shop.

    "You don't have to pay charges, you don't have to buy dollars," the 30-year-old said, raising his voice above the sound of loud haggling and the honking horns of scooters.

    Odunjo is one of many people at the heart of a quiet bitcoin boom in Africa, driven by payments from small businesses as well as remittances sent home from migrant workers, according to data shared exclusively with Reuters and interviews with around 20 bitcoin users and five cryptocurrency exchanges.

    Monthly cryptocurrency transfers to and from Africa of under $10,000 - typically made by individuals and small businesses - jumped more than 55% in a year to reach $316 million in June, the data from U.S. blockchain research firm Chainalysis shows."

    https://www.reuters.com/article/us-crypto-currencies-africa-insight/how-bitcoin-met-the-real-world-in-africa-idUSKBN25Z0Q8

    ​

    we save in tether and do business in bitcoin, Cuts of extractive policies that would have left us at the mercy of the central bank 10 years ago..

    submitted by /u/Zilllnaijaboy99
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    Finally I’m getting the recognition I deserve

    Posted: 07 Sep 2020 03:52 AM PDT

    This Noob Just Lost $1,000,000 USDT Forever to a Horrendous DeFi Mistake

    Posted: 08 Sep 2020 01:11 AM PDT

    Trying to trade these markets...

    Posted: 07 Sep 2020 09:58 AM PDT

    Does it cost to stake?

    Posted: 08 Sep 2020 03:19 AM PDT

    I'm a little confused about staking coins.

    I was looking at staking my MATIC and my BAND tokens.

    I'm not that good with the tech side and I don't wanna get into something that I fuck up and lose my money.

    What I gather is that staking is just locking my tokens for X amount of time and then I get X percent as a reward.

    Sounds too good to be true... I mean.. do I have to pay for a node to be running 24/7 - is there a chance I can lose my coins etc?

    If anyone can help clear things up that would be awesome :)

    submitted by /u/pmayall
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    The Secrets of Successful Crypto Traders: A Free Kraken Webinar w/ Nelson Minier

    Posted: 08 Sep 2020 03:41 AM PDT

    Blockchain, the amazing solution for almost nothing

    Posted: 08 Sep 2020 02:13 AM PDT

    Bank notification 'watch out! Virtual currency is not money!' XD

    Posted: 08 Sep 2020 01:50 AM PDT

    My bank(which I was thinking about leaving for a while now and just broke the barrier now), PKO BP in Poland just sent me a push notification, first one since I joined few years ago not about a transaction or sth like that, saying: Virtual currencies - what to watch out for? Virtual currency is not money!

    X fucking D, they scared, probably got shorts too the fucking assholes, roflmao.

    submitted by /u/Arivaldd
    [link] [comments]

    Global P2P trade volume plummets amid crypto crash

    Posted: 08 Sep 2020 03:36 AM PDT

    Just remember the previous halving. ��

    Posted: 07 Sep 2020 10:11 AM PDT

    Why Should I Invest In Crpyto?

    Posted: 07 Sep 2020 05:12 PM PDT

    The more I do research on cryptocurrency the more skeptical I am about the long term prospects of cryptocurrency

    My skepticism with the current state of cryptocurrency, stems from my belief that governments will never allow any of the current cryptocurrency to become a generally accepted form of currency within their country. This is simply because of politics. Cryptocurrency removes the need for a centralized bank and that is a radical idea to modern politicians. I just don't see such a radical change to the economic model happening within our lifetimes.

    I also find it hard to believe that a government will trust a cryptocurrency that was developed by an third party rather than highly regulated state sponsored developers.

    Don't get me wrong, I do believe in the technology that is being introduced, however I believe the most likely scenario where crypto succeeds is when a government makes a concerted effort to create their own highly regulated cryptocurrency and so in that scenario, none of the current cryptocurrency available will survive in the long run.

    Please change my mind.

    submitted by /u/unclekarl_
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    Apparently, Bitcoin is Dead (again)

    Posted: 07 Sep 2020 06:31 AM PDT

    Just Eat Now Accepting Bitcoin Payments in France - Decrypt

    Posted: 07 Sep 2020 06:09 AM PDT

    Classroom Economy: best crypto?

    Posted: 07 Sep 2020 11:34 PM PDT

    I would like to use a crypto currency in my "classroom economy" for grade 7 students. Mostly used for buying craft materials. Could someone recommend a crypto to start with? - I'm okay using an honor system to govern "only get coins from each other and me". So that kids can't just buy coins and imbalance the system using their personal wealth. - I'll buy the initial set of coins with my own teachers salary. It'd be nice if it was under $50. - 150 students, 50-1000 transactions per day estimated. - kids have access to shared computers in the room. Outside of class, varies but everyone ultimately has some access (because of covid...) - it would be nice if they could create their own accounts, without ID. - if they lose their money, it's lost!

    Can anyone recommend which crypto I could use to get started with everything?

    submitted by /u/boomtown003
    [link] [comments]

    Australian Bitconnect promoter banned from financial services for 7 years

    Posted: 07 Sep 2020 04:15 AM PDT

    Yield farming frenzy has led to massive Ethereum, Tether withdrawals in China

    Posted: 08 Sep 2020 04:35 AM PDT

    Tim Draper's support of BCH may have been the result of a hack

    Posted: 07 Sep 2020 07:51 PM PDT

    Ethereum Developers Weigh Gas Rule Change to Ease Fee Pressure

    Posted: 07 Sep 2020 07:30 AM PDT

    This is annoying, stop it.

    Posted: 08 Sep 2020 02:46 AM PDT

    Bitcoin, Pizza, Amazon, and of course PORN!

    Posted: 07 Sep 2020 07:21 PM PDT

    Bitcoin, Pizza, Amazon, and of course PORN!

    This should help put things in perspective about how the world has been exposed to BTC. Even during the peak of the 2017 bull run, Bitcoin's popularity managed to just briefly edge out pizza. Just imagine if it touches porn levels!

    ​

    Disclaimer: This is purely satirical and should not be construed as financial advice.

    https://preview.redd.it/yan86xak3ul51.png?width=685&format=png&auto=webp&s=72a1a32bbb3a5319bf79ece7ec30f004231bf525

    submitted by /u/vantablack911
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    Florida’s Largest Pediatric Healthcare Provider Adopts Solve.Care's Blockchain Solution for COVID-19 Management

    Posted: 07 Sep 2020 09:29 PM PDT

    Hackers Shut Argentina Borders with $4 Million Bitcoin Ransom Demand

    Posted: 07 Sep 2020 10:52 AM PDT
    Read more
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