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    Home Unlabelled Cryptocurrency New Moons Are Ready! (Round 4)

    Cryptocurrency New Moons Are Ready! (Round 4)

    September 10, 2020

    Cryptocurrency New Moons Are Ready! (Round 4)

    New Moons Are Ready! (Round 4)

    Posted: 09 Sep 2020 03:30 PM PDT

    The next distribution of Moons is ready. You can claim your Moons through the Vault in the Reddit mobile app (iOS/Android).

    Moons are r/CryptoCurrency's form of Community Points, a way for users to be rewarded for their contributions to the subreddit, and they can be used on premium features in the community.

    Here is the finalized list, with contribution scores signed by Reddit (users with no signatures yet do not have a registered Vault. They will be able to claim their Moons when they create their Vault through the Reddit app).

    submitted by /u/CommunityPoints
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    Daily Discussion - September 10, 2020 (GMT+0)

    Posted: 09 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 The prior exemption for karma and age requirements is no longer in effect.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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    Binance Uganda delisting Binance Coin due to not meeting standards

    Posted: 09 Sep 2020 05:11 PM PDT

    Quantum computing could break blockchains in the future. The next big challenge for Bitcoin and cryptocurrencies?

    Posted: 09 Sep 2020 12:20 PM PDT

    It really ain't much, but it's honest work

    Posted: 09 Sep 2020 07:30 PM PDT

    We are at the bottom of a mountain.

    Posted: 09 Sep 2020 11:52 PM PDT

    What if tomorrow we all stopped using money.

    What if everyone turned cash into crypto and stopped paying taxes to our federal government. We could still pay state taxes and come up with ways to do this locally and in fact we would probably have more money to spend than ever before. Our cities would flourish and function as individual units. However they wish, no influence from outside government. If everyone did this simultaneously, or at least most everyone, there is nothing they could do to stop it.

    It's that simple.

    The technology now exists for us to do this.

    That's right!

    It's here now!

    While this obviously is not truly possible overnight, because of scaling issues as well as understanding of everyday people, we are in fact on our way.

    How ?

    Decentralization.

    We don't need their money. We don't need their influence. We don't need their corruption.

    We don't need Donald Trump.

    We don't need Joe Biden.

    We choose them.

    Now it's time we choose ourselves, our familys, our neighbors, our towns, our cities, our country!

    Let's take back what's ours !

    Let's take control of our future !

    It's our duty to tell as many people as possible about Crypto and Blockchain technology so that when the time comes everyone is ready.

    There are much more important things going on than catching the next moonshot so you can profit 10x. That's great and all. Keep doing it, but also work on informing people who don't know.

    Spread the word.

    Crypto can change the world if we let it.

    submitted by /u/jonfoxsaid
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    PSA: Scammers have been vote manipulating and astroturfing in crypto subreddits. Here’s how you can spot them and help keep the community healthy.

    Posted: 10 Sep 2020 02:16 AM PDT

    The title of this post certainly won't come as a surprise to many of you and even the content of this post will be obvious to some of the long-time members of this community. However, I think it is an important reminder on an ever-present issue and the more aware of this problem we are, the better we can fight it. We also have an ever growing number of new users who will be unaware of the darker side of crypto reddit.

    Recently I caught a shady DeFi project vote manipulating posts and astroturfing in some of their comment sections. They were advertising their project (a Sushi copycat which is just a fork of Uniswap) by sharing a link to a medium post called a "community report". Seems reasonable enough, right? But what wasn't reasonable was the 20 upvotes which it had gathered in just 30 minutes in r/ETHTrader. Now this on its own isn't unprecedented. However, it did seem odd given that this post wasn't a meme or groundbreaking news. In fact, it was a seemingly boring article about a project I had never heard of. So I decided to do some more investigating. The post had a 100% upvote percentage, once again, not impossible, but not common for a post with this many upvotes. Upon investigating the user's post history, the following things were telltale signs of an astroturfing account:

    • All of the recent posts and comments were about the same project.

    • Before the posts about the project there was a long period of a few months where they hadn't posted. (This is indicative of an account purchased off a 3rd party website which sells used accounts to bypass new user and low karma limits.)

    • Many of the posts and comments had poor grammar, punctuation and in some cases broken/poor english.

    • The content was very repetitive.

    If you would like to see examples, just check out all of the users and comments in this thread: https://old.reddit.com/r/KeyKeyFi/comments/immsgh/introducing_keykey_the_community_owned_dex/

    Naturally, I decided to call them out for it and I reported the post. A few hours later the post had been removed and people seemed to agree with me as my comment made it to about 5 upvotes. I check in again the next morning and my suspicions were confirmed. Overnight, the community had turned on me and I was at -45 upvotes and by coincidence the OP shill had deleted his account. I am of course kidding about the community turning on me. This was the evidence I needed to prove that there were vote manipulators and paid shills backing or even behind this project.

    Admittedly, just because a project has bots or actual paid shills doesn't make it an illegitimate project (I'm not talking about the average user wanting to pump their bags here, I mean literal paid shills). However, it's definitely a big red flag. Combined with other red flags such as a subreddit with restricted submissions, you can tell if a project is genuine of if it's a pump and dump or worse (hint: this projects seems very pumpy and dumpy to me).

    So now that you know what to look out for, here's what we can do to to keep this community free of it.

    • Downvote any suspicious content. If vote manipulation could be involved, this may not do a lot. But downvoting content helps to keep the crap off the front page.

    • Call them out for it. Let everyone else in the community know when a post is fake or being manipulated. At the very least it will help people to question what they see and make them less likely to fall for scams in the future.

    • Use the report button. The mods do an incredible job keeping the crypto community relatively clean from spam. You have to remember it is an impossible job to remove all of the spam and their hard work goes largely unappreciated. The least we can do is help them out by flagging what is suspicious. As r/EthFinance mod u/jtnichol shared here, the mods are even willing to be proactive if you share any spammers you see in other crypto subs with the mods of related subs.

    Finally, as this bull run goes on, this is only going to get worse and worse. We really haven't seen anything yet in this DeFi bubble. So be sure to spread the word so that anyone new to the space also knows what to look for and how to keep crypto subreddits clean.

    P.S: I have probably missed a few red flags in spotting suspicious content, so please share any others in the comments.

    submitted by /u/Tricky_Troll
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    Minecraft Will Get In-Game Cryptocurrency Items with Enjin

    Posted: 09 Sep 2020 09:36 PM PDT

    Pandemic Will Speed Bitcoin Adoption, Says DBS Bank Economist

    Posted: 09 Sep 2020 08:55 PM PDT

    That intern teaching the boomers

    Posted: 09 Sep 2020 07:36 AM PDT

    If It’s So Awesome, Why Doesn’t Every Company Adopt the DAO Model?

    Posted: 09 Sep 2020 03:58 PM PDT

    Flamingo ( Neo Defi ) litepaper releases.

    Posted: 09 Sep 2020 10:19 PM PDT

    The litepaper to the new Defi protocol on the Neo Blockchain has just been released.

    The 'MINT Rush' is set to release around 23rd of sept to 29th of sept where people can stake (eth, Neo, ont, cosmos with btc to come at a later date) to earn FLM.

    The cross chain staking will happen through the wrapper protocol which allows other tokens to be 'wrapped' to the Neo blockchain.

    The link to the litepaper. https://docs.flamingo.finance

    submitted by /u/moodykhan87
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    Blockchain firm OneLedger developing phone-based app for passport

    Posted: 09 Sep 2020 11:58 PM PDT

    CEO of Grayscale interviewed on CNBC about Bitcoin

    Posted: 09 Sep 2020 06:13 AM PDT

    Hackers target Pakistan’s largest Electricity producer – demands $7.7 million in Bitcoin

    Posted: 10 Sep 2020 03:43 AM PDT

    Chinese authorities charge six people over $5.8B PlusToken ponzi scheme - The scam took in more than 200,000 BTC, 789,000 ETH, and 26 million EOS

    Posted: 10 Sep 2020 03:21 AM PDT

    Polkadot Joins Origintrail's "decentralization and tokenomics" working group! OriginTrail is being leveraged by S&P 500 companies as well as the largest standards organization in the globe.

    Posted: 09 Sep 2020 12:49 PM PDT

    "A message for the Head of Crypto" Dave Portnoy

    Posted: 09 Sep 2020 09:20 AM PDT

    European Commission | Positive energy solutions for smart cities of the future mentioning IOTA Foundation as key innovator for their project CityxChange

    Posted: 09 Sep 2020 09:22 AM PDT

    Polkadot — An Early In-Depth Analysis — Part One — Overview and Benefits

    Posted: 09 Sep 2020 12:46 PM PDT

    Polkadot — An Early In-Depth Analysis — Part One — Overview and Benefits

    Having recently researched Polkadot, as with other projects, I wanted to document what I had learnt, so that others may potential find it useful. Hopefully providing a balanced view, it will consist of three articles outlined below.

    Part One — Polkadot Overview and Benefits (This article)

    Part Two — In-Depth look at the Consensus

    Part Three — Limitations and Issues

    I will provide links throughout, providing reference to sections, as well as include a list of sources at the bottom of the article for further reading.

    https://preview.redd.it/pr8hmkhhe6m51.png?width=700&format=png&auto=webp&s=58331d0411e684b4c511d59aeabeb789205d8a44

    Overview

    Frustrated with the slow development of Ethereum 2.0, Dr. Gavin Wood, co-founder of Ethereum and inventor of Solidity, left to begin work on Polkadot, a next generation scalable blockchain protocol that connects multiple specialised blockchains into one unified network. It achieves scalability through a sharding infrastructure with multiple blockchains running in parallel, called parachains, that connect to a central chain called the Relay Chain.

    Whilst it shares some similarities with Ethereum 2.0, one key differentiator is that it uses heterogeneous sharding, where each parachains can be customised through the Substrate development framework, enabling them to be optimised for a specific use case and running in parallel rather than same across all shards. This is important as when it comes to blockchain architecture, one size does not fit all and all blockchains make trade-offs to support different features and use cases.

    All parachains connect to the relay chain, which validates the state transition of connected parachains, providing shared state across the entire ecosystem. If the Relay Chain must revert for any reason, then all of the parachains would also revert. This is to ensure that the validity of the entire system can persist, and no individual part is corruptible. The shared state makes it so that the trust assumptions when using parachains are only those of the Relay Chain validator set, and no other. Since the validator set on the Relay Chain is expected to be secure with a large amount of stake put up to back it, it is desirable for parachains to benefit from this security.

    This enables seamless interoperability between all parachains and parathreads using the Cross-chain Message Passing (XCMP) protocol, allowing arbitrary data — not just tokens — to be transferred across blockchains. Interoperability is also possible to other ecosystems through bridges, which are specifically designed parachains or parathreads that are custom made to interact with another ecosystem such as Ethereum, Bitcoin and Cosmos for example, enabling interoperability. Because these other ecosystems don't use the same shared state of Polkadot, finality is incredibly important, because whilst the relay chain can roll back all the parachains, it can't roll back the Ethereum or Bitcoin blockchains for example. This is discussed further in part three.

    https://preview.redd.it/lmrz428je6m51.png?width=1000&format=png&auto=webp&s=237ad499f85e960ca50ca884234453ce283a60c0

    The relay chain is responsible for the network's shared security, consensus and cross-chain interoperability. It is secured by Validators and Nominators staking the native DOT tokens. Ultimately scalability for the ecosystem is determined by how scalable the relay chain can be. The number of parachains is determined by the number of validators on the relay chain. The hope is to reach 1000 validators, which would enable around 100 parachains. With each parachain being capable of around 1,000 transactions per second.

    Nominators stake their DOT tokens with validators they trust, with the validators likely charging a small commission to cover running costs. If a validator is found to have performed misconduct a percentage of the their stake but also the nominators stake will be slashed depending upon the severity. For Level 4 security threats such as collusion and including an invalid block then 100% of the stake will be slashed.What's really important to understand is that both the validators own stake and the nominated stake will be slashed, so you could lose all your DOT that you have staked against a validator if they perform maliciously. Therefore, it's very important not to just try and maximise rewards and being oblivious to the risk, not only can you lose all your DOT, but you are making the entire system less secure (addressed in part three). There have already been several minor slashing incidents so far, so something to really consider.

    https://preview.redd.it/aj9v0azke6m51.png?width=700&format=png&auto=webp&s=86134eaef08d1ef50466d1d80ec5ce151327d702

    Auction for Parachain Slots

    Due to the limited number of parachain slots available, there needs to be a method to decide who gets a parachain slot. This is achieved through a candle-auction where participants bid with DOT to secure a lease on a parchain slot to secure a 6 — 24 month period, with the highest bidders winning. DOT isn't spent, but rather locked for the duration of the lease and unable to participate in staking and earn rewards. In the event they are unsuccessful in securing a further slot, then the lease expires and the DOT will be returned.

    Of the 100 parachain slots that they hope to be able to accommodate, between 10 and 30 will be reserved for system parachains, with the remaining available for either auction slots or used for parathreads. Whilst the DOT is returned, due to the limited number of slots available this could result in significant amounts of DOT needing to be acquired to secure a slot. How the auction mechanics effect the price of DOT also remains to be seen, with potentially a rise from the start of the auction, followed by a fall before the lease ends and the DOT are returned. The plan is to continuously have a small amount of parachain auctions going throughout the year, to minimise any unwanted effects. How comfortable developers will be with locking significant amounts of funds in a highly volatile asset for an extended amount of time, also remains to be seen. They could also be in a position where they can no longer afford to keep their lease and have to downgrade to a parathread (providing the application will still function with the reduced performance or migrate to another platform). See this article for more details on the auction mechanism

    https://preview.redd.it/wp8rvxlme6m51.png?width=387&format=png&auto=webp&s=496320d627405362142210e1a4c17ebe43e1f8a1

    Parathreads

    For applications that don't require the guaranteed performance of a parachain or don't want to pay the large fees to secure a parachain slot, then parathreads can be used instead. Parathreads have a fixed fee for registration that would realistically be much lower than the cost of acquiring a parachain slot and compete with other parathreads in a per-block auction to have their transactions included in the next relay chain block. A portion of the parachain slots on the Relay Chain will be designated as part of the parathread pool.

    In the event that a parachain loses its slot then it can transition to a parathread (assuming the application can still function with the reduced and varied performance of sharing the slot between many). This also enables small projects to start out with a parathread and then upgrade to a parachain slot when required.

    Token

    DOT is the native token of the Polkadot network and serves three key functions. (i) It is staked to provide security for the relay chain, (ii) to be bonded to connect a chain to Polkadot as a parachain and (iii) to be used for governance of the network. There is an initial total supply of 1 billion DOT with yearly inflation estimated to be around 10% providing the optimal 50% staking rate is achieved, resulting in rewards of 20% to those that stake (net 10% when take into account inflation). Those that don't stake lose 10% through dilution. Should the amount staked exceed the optimal 50% then reward rates reduce as well as inflation to make staking less attractive. Likewise if its below 50% then rewards and inflation rate will be higher to encourage staking. Staking isn't risk free though as mentioned before.

    Governance

    Polkadot employs an on-chain governance model where in order to make any changes to the network, DOT holders vote on a proposal to upgrade the network with the help of the Council. The council is an entity comprising a 23 seats each represented by an on-chain account. Its goals are to represent passive stakeholders, submit sensible and important proposals, and cancel dangerous or malicious proposals. All DOT holders are free to register their candidacy for the Council, and free to vote for any number of candidates, with a voting power proportional to their stake.

    Any stakeholder can submit a public proposal by depositing a fixed minimum amount of DOTs, which stays locked for a certain period. If someone agrees with the proposal, they may deposit the same amount of tokens to endorse it. Public proposals are stored in a priority queue, and at regular intervals the proposal with the most endorsements gets tabled for a referendum. The locked tokens are released once the proposal is tabled. Council proposals are submitted by the Council, and are stored in a separate priority queue where the priorities are set at the Council's discretion.

    Every thirty days, a new proposal will be tabled, and a referendum will come up for a vote. The proposal to be tabled is the top proposal from either the public-proposal queue or the Council-proposal queue, alternating between the two queues.

    The Technical Committee is composed according to a single vote for each team that has successfully and independently implemented or formally specified the protocol in Polkadot, or in its canary network Kusama. The Technical Committee is the last line of defence for the system. Its sole purpose is detecting present or imminent issues in the system such as bugs in the code or security vulnerabilities, and proposing and fast-tracking emergency referenda.

    Ecosystem

    Whilst parachains aren't currently implemented at this stage, there is a rapidly growing ecosystem looking to build on Polkadot with substrate. Polkadot's "cousin", the canary network Kusama used for experimentation, was launched last year by the same team and contributes to the early growth of the overall ecosystem. See here for a list of the current projects looking to build on Polkadot and filter by Substrate based.

    https://preview.redd.it/rt8i0hqpe6m51.png?width=700&format=png&auto=webp&s=f6bcf26fa84463765f720c3074ee10157c2735f6

    Now that we have covered the basics, in part two I will explain how the consensus mechanism in Polkadot works and covering more of the technical aspects.

    submitted by /u/xSeq22x
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    Mastercard launches CBDC testing platform, calls for collaboration

    Posted: 10 Sep 2020 01:05 AM PDT

    A bit of dark crypto-humour!

    Posted: 10 Sep 2020 03:48 AM PDT

    IRS wants you to break Monero for $500k. You have 7 months.

    Posted: 10 Sep 2020 03:41 AM PDT

    What tools do you use to keep track of open positions? How often do you check?

    Posted: 10 Sep 2020 03:35 AM PDT

    I thought this was a burn address? How did that address send me tokens?

    Posted: 09 Sep 2020 04:54 PM PDT

    Ex-CIA agent drags Microsoft's crypto patent into right-wing conspiracy

    Posted: 10 Sep 2020 03:11 AM PDT
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