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    Cryptocurrency Daily Discussion - October 26, 2020 (GMT+0)

    October 26, 2020

    Cryptocurrency Daily Discussion - October 26, 2020 (GMT+0)

    Daily Discussion - October 26, 2020 (GMT+0)

    Posted: 25 Oct 2020 05:14 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 The prior exemption for karma and age requirements is no longer in effect.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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    Our true Desire

    Posted: 25 Oct 2020 11:17 PM PDT

    PayPal’s New Service Is A $50 Billion Stimulus Check For Bitcoin

    Posted: 25 Oct 2020 12:24 PM PDT

    A story about losing my life savings, and then getting it all back

    Posted: 26 Oct 2020 01:52 AM PDT

    Repost of a hard-learnt lesson with a happy ending from a fellow Quamrade. People, please be more careful in this wild crypto west - don't you ever enter you seed phrase anywhere else, except the Ledger itself:

    Ever since finding out about Quant Network (QNT), I have been a firm believer that this is the project that is going to let me make it.

    I put everything I had into buying more QNT, and eventually racked up a nice stack of 1266 tokens. This is literally my life savings, I hold no other cryptocurrency nor do I have any money left in my bank account.

    On the 22th October, 2020, I was trying to retrieve some 200 QNT tokens or so to my OG wallet (0x1b0A48eD4E485b7682E299454bc6e7D7adB059C9) from IDEX. Since IDEX updated to IDEX 2.0, I had to migrate my tokens from the IDEX 1.0 wallet first.

    When attempting this, I got a security key error message popping up, and it simply wouldn't let me get my tokens out. Stressed out thinking my tokens were at risk, I googled my way into a Medium article explaining a solution to the problem. It said I had to update my ledger firmware because something wasn't playing with Nano Ledger and Windows 10.

    The article contained a link to download the Ledger Live App, including the steps I needed to take to update my ledger firmware. I clicked the link and downloaded the version from the Medium Article. I completed all the steps and didn't think twice about the desktop app asking for my 24 word seed - everything looked legit. The update completed, I didn't get the security key error on IDEX anymore and I got my funds into my wallet again - yay!

    Two days later (today on October the 25th), I decided to check my wallet. All my funds (1266 QNT) had been moved. All my money. My life savings. Gone.

    Just as QNT is starting to pump hard, so I know that I won't be able to buy back my stack in a thousand years. The timing could not have been worse. "I'm sure they're just on IDEX or something still" I thought to myself. I went there to double check - nothing. My gut turned itself inside out. I started backtracking my movements and concluded it had to have something to do with the IDEX wallet thing. I slowly started to realize where I had gone wrong, and I found more information about a fake ledger live app asking you for your seed.

    I opened TG and started writing in Quamfy Lounge and to my other friends in QNT, explaining the situation and asking them to not make the same mistake as I did. Still in shock, I was met with many people saying how sorry they were for my sake and how they felt my pain. I couldn't handle it. I laid down in my bed, still shaking and struggling to breathe. "How could I have been so fucking stupid?" Crypto 101 is that you do not give away your 24 words to anyone.

    A combination of stress, a very believeable phishing malware and straight up dumbfuckery had left me with absolutely nothing left. I open up TG again, and see that the community is rallying together, they created a new wallet for me and asked people to donate (0x4a84e7b1f80ea5a8bd3b4a561a6398d242816320). It was beautiful to see so many people stand up to help me, and I really appreciated the effort.

    People were going absolutely mental and within a few minutes there was already 100 QNT back in the wallet. I was astounded over how many people actually cared and wanted to help me, but at the same time I knew I would never have my big fat /making it/ stack back. I felt happy, sad, grateful, ungrateful, depressed, angry, anxiety-stricken and hopeful at the same time. There aren't really words to describe it.

    Then the nuke dropped. Some absolute fucking mad lad sent 1000 QNT to the donation address.I was in awe. Some random person in the QNT community actually sent me about 15 000 USD worth of QNT, with no strings attached*. I started to cry like a small child. The rollercoaster of emotion I've been through today took its toll on me.*

    Now, some people reached out and asked for more details about the hack and found out that the hacker sent some funds to Bittrex. I've contacted Bittrex support about it to see what they can do - if I get any funds back I'll make sure to return the donations to the people who helped me out today.

    The Medium article containing the link to the Ledger Live malware is getting reported as I write this, so that no-one else will experience the pure terror that I did.

    This whole thing has left me exhausted, but also feeling hopeful and inspired. There are still kind people out in this world today who are willing to lend a helping hand to those in need without expecting anything in return. They deserve all the good things that are coming to them, and I will be ever grateful to my anonymous hero. My biggest thanks to everyone who donated, you are beautiful people.

    submitted by /u/robis87
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    Bitcoin Bull Cycle. 51% - 49% Golden Ratio Bull Run.

    Posted: 25 Oct 2020 09:20 PM PDT

    Bitcoin Bull Cycle. 51% - 49% Golden Ratio Bull Run.

    On track for an insanely good 2021.

    As can be seen on the chart there is a big similarity on each cycle. The phase from the bottom to the halving is 51% of the whole bull cycle, while the rest (halving to top) consists the 49%. Practically we can see the halving at the middle of each bull cycle, so we have a sustained rise to at least October 2021 on this bull cycle!

    This is a pattern for long term bitcoin holders to follow but it certainly answers the question 'is it too late to buy?'

    Edit: And as pointed out below, I did not make this chart, just sharing what I believe is a perfectly plausible path of this bull run that is clearly playing out.

    https://preview.redd.it/6sl9z6op8dv51.jpg?width=1024&format=pjpg&auto=webp&s=db23624dc4d4640e0ed28d71531d480efe4fb1d9

    submitted by /u/TheGreatCryptopo
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    PSA: The Federal Reserve wants to lower the suspicious transaction reporting requirements from $3000/transaction to $250/transaction. This would include crypto and effects more than just the USA. Leave your comment on the proposed legislation.

    Posted: 26 Oct 2020 03:29 AM PDT

    Why DeFi Needs Decentralized Oracles

    Posted: 25 Oct 2020 04:50 PM PDT

    Promoted

    Posted: 25 Oct 2020 05:14 AM PDT

    Hackers Drain DeFi Protocol Harvest Finance of $24 Million

    Posted: 26 Oct 2020 12:52 AM PDT

    Binance invests in Audius - Audius releases AUDIO token - Binance pumps AUDIO token

    Posted: 26 Oct 2020 01:17 AM PDT

    High Bitcoin ATM Transaction Fees are Hurting Crypto

    Posted: 26 Oct 2020 12:25 AM PDT

    Alibaba Founder Jack Ma: “Digital Currencies” Are the Future

    Posted: 25 Oct 2020 04:04 PM PDT

    Ethereum scam on youtube, Exodus. Please visit and report the scam. Do not send funds.

    Posted: 26 Oct 2020 03:47 AM PDT

    Did Trezor ever get a data breache?

    Posted: 26 Oct 2020 12:37 AM PDT

    Honestly I am pissed off at Ledger for not beeing professional and giving out information like it's Christmas.

    Trust me I understand it doesn't affect my funds, but the fact that they got breached made me lose all the trust I had in them.

    People are actually brushing it off, saying it's ok it happened in July. Bruh...... It happened period. I don't care when. Somehow they think it happening in the past changes anything.

    Anyways, I want a new cold wallet. Has Trezor ever had a breach? If so, what else can you recommend?

    Thank you

    submitted by /u/TiltMastery
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    Ethereum hit a $46b valuation with 1 value accrual mechanism. Wait until there are three

    Posted: 26 Oct 2020 03:08 AM PDT

    Ledger Nano S vs X | Battery, Hardware, Price, Storage

    Posted: 26 Oct 2020 05:02 AM PDT

    Most professional European investors bought digital assets or plan to

    Posted: 26 Oct 2020 04:49 AM PDT

    PSA: What is the “Travel Rule” and how regulators are using this to kill Cryptocurrency and financial freedom

    Posted: 26 Oct 2020 02:23 AM PDT

    The Travel Rule is fundamentally changing the way we use cryptocurrency today. In basic terms, the Travel Rule requires financial entities to share information about their clients and customers to authorities and report suspicious activities that they "suspect" their clients are upto. This Rule is promulgated by FATF -Financial Action Task Force as a way to combat money laundering and terror financing and they require all banks, card companies etc to follow this rule. But as usual, using the umbrella of "money laundering", they want to spy on and monitor every user's transaction much like an Orwellian Big Brother.

    In June 2019, FATF extended the Travel Rule to crypto exchanges as well. In FATF terminology, crypto exchanges are known as Virtual Asset Service Providers (VASF) - this includes all exchanges, custodians, ICO/IEO issuers, payment providers and any regulated entity in the crypto domain. In the FATF guidance for VASFs, they extended Travel Rule to cover crypto assets and transactions above $1000.

    Under these guidelines, not only do the exchanges have to share data with authorities, but also with other exchanges. For example, Coinbase can easily pull up your entire information from Binance, if they just notice a transaction between your address and Binance! (this is easily possible by blockchain analytics)

    They are also required to build a profile of every customer to track patters. For example, if you are trading size is around $1000 and have a monthly average balance of $5000, but suddenly deposit $100k worth cryptocurrencies, this will internally raise alarms at the exchange and alert authorities, lock your account asking for further information. This is already enforced by most exchanges.

    But the main privacy concerns arise with the requirement to track your withdrawals. Some countries like Switzerland have already enforced a rule asking their crypto exchanges to link and verify each blockchain address to a person before allowing on-chain withdrawals. Imagine a world where the regulators directly link your blockchain address to your identity like SSN! The Swiss model is a pilot and in next year FATF may mandate such a model for every country!

    Now the Federal Reserve has put up a proposal that threatens to lower the threshold of reporting from $3000 to $250 for all transactions outside USA! This means that details of every transaction between exchanges outside of the USA exceeding $250 would have to be collected, retained and reported to US authorities. So if you send $500 worth ETH from say Kucoin to anywhere (a DEX or an ICO or your own wallet address), Kucoin would have to preserve information about this transaction, map it to your personal identity like SSN and report this to the US authorities!

    You can view the draft proposal here: https://public-inspection.federalregister.gov/2020-23756.pdf

    The FED is also inviting comments on this, you can also submit your comments here: https://www.federalreserve.gov/secure/forms/ElectronicCommentForm.aspx?doc_id=R%2D1726&doc_ver=1

    submitted by /u/DetroitMotorShow
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    Just want to give a shout out to the users and mods of this subreddit

    Posted: 25 Oct 2020 01:58 PM PDT

    For a subreddit that deals with heavy trading, volatile assets, a 24/7 open market, and a user base that is young enough (for the most part) to be tech savvy enough to learn and adapt to the new digital currency era. There is very minimal shit posting, harassment, tired one liners, and general debautury that seems to run rampant in other subs.

    As someone who joined mid-late 2017 and watched the the sub explode in growth with the crazy bull run (and inevitable bubble burst) it amazes me the amount of discussion, scam warnings, helpful advice, and yes even the quality jokes/memes to be had here.

    It's been a rough couple years and the old daily's, with only a few hundred comments or less can attest to that. People got burnt out holding heavy bags and lots have left or occasionally lurked, but the content and discussion was always there for those that wanted it.

    With this new wave of users and the emergence from a bear market to bull, the implementation of MOONS was not only perfectly implemented but has drastically helped steer the sub to conscious posting and less shilling half-wits.

    I'm happy to see the sub flourish and attract new members and am thankful to all of you who help guide them from making the same mistakes that many of us had to learn the hard way.

    Wishing you all green days ahead and look forward to watching where we go from here.

    submitted by /u/-End-
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    25 Nano faucet payout at The Vessel in Hudson Yards NYC via WeNano app (iOS and Android)

    Posted: 25 Oct 2020 01:19 PM PDT

    Bitcoin Price Continues Up, Gaining Healthy Support

    Posted: 26 Oct 2020 12:01 AM PDT

    Bloomberg strategist explains key macro drivers for price growth of gold and bitcoin

    Posted: 26 Oct 2020 02:49 AM PDT

    FlareNetworks and Spark Explained

    Posted: 25 Oct 2020 07:40 PM PDT

    Cryptokitties, The Sandbox, and other Non-fungible tokens (NFTs)

    Posted: 25 Oct 2020 03:49 PM PDT

    There seem to be some very interesting projects going on right now, and I've stumbled across a few. With marketplaces like OpenSea, it has become increasingly easy to connect via Metamask to all sorts of minted information stored on the (in my examples Ethereum) blockchain.

    I hope our children will be experiencing a world of cryptographic life, and I can foresee hobbies and time being more and more sucked into it, you know kind of like Ready Player One. I'm excited to see what the future brings, and would like to take part in shaping it.

    I'd like to hear from the community here, what projects do you think are here to stay and actually innovate in the more social, gaming, and collectible sphere?

    submitted by /u/EducationIsGood
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