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    Home Unlabelled Cryptocurrency Upcoming AMA with Wall Street Magnate (WSM) on Thursday Nov 12 at 6 PM EST

    Cryptocurrency Upcoming AMA with Wall Street Magnate (WSM) on Thursday Nov 12 at 6 PM EST

    November 10, 2020

    Cryptocurrency Upcoming AMA with Wall Street Magnate (WSM) on Thursday Nov 12 at 6 PM EST

    Upcoming AMA with Wall Street Magnate (WSM) on Thursday Nov 12 at 6 PM EST

    Posted: 09 Nov 2020 08:13 PM PST

    Wall Street Magnate (WSM) is a real-time market trading community with data from all of the major US Stock Exchanges and now, unique to WSM, live simulated cryptocurrency trading. Starting with $100,000 in simulated cash, members trade stocks listed on the NYSE, NASDAQ and AMEX, and as of July 2020, any cryptocurrency that can be traded in US dollars on Coinbase such as Bitcoin and Ethereum.

    This one is gonna have a cool tie-in, so be sure to check out the AMA thread when it's up Thursday evening.

    submitted by /u/jwinterm
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    Daily Discussion - November 10, 2020 (GMT+0)

    Posted: 09 Nov 2020 04:09 PM PST

    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 The prior exemption for karma and age requirements is no longer in effect.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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    As a hardened investor

    Posted: 09 Nov 2020 11:49 AM PST

    I lurk here because I am entertained by the enthusiasm. Many of you remind me of myself 12 years ago. I think many of you younger guys who read this sub just learned an important lesson, so I'm going to bring it home.

    NOBODY KNOWS WHAT THE FUCK IS GOING TO HAPPEN NEXT.

    TA is good at interpreting the past, but if it was able to actually predict the future then somebody already wrote a script that can suck the value out of that play faster than any of our monkey brains can.

    This is true regarding ETH, BTC, the price of gold, the S&P, bond yields, you name it. Trading is not much different than gambling in the short term

    Two Warren Buffet quotes (I think):

    "The market can stay irrational for longer than you can stay solvent."

    In other words the market doesn't give a shit how smart you think you are, you either need the ability to wait or you should not be in it.

    "The market is a voting machine in the short term and a weighing machine in the long term."

    If you have time to wait then you'll see another cycle happen. If not, then you shouldn't be in it.

    Good luck, young bucks. Keep reading these subs for fun, but remember:

    NOBODY KNOWS WHAT THE FUCK THEY ARE TALKING ABOUT.

    submitted by /u/jackthedad
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    I can't believe that no one knows who Satoshi Nakamoto really is.

    Posted: 09 Nov 2020 09:26 PM PST

    When you really think about it. The origin and early days of Bitcoin are really sttange. You have this person who apparently creates an entirely new monetary system built from scratch except for some previous theoretical ideas. He has at best a small team and no funding or support from organizations, companies, or governments. Bitcoin grows purely by word of mouth and by voulenteers organically. And in just ten years, it grows to be worth hundreds of billions of dollars and is beginning to disrupt the current monetary system. I find it hard to believe that governments don't want to know who this guy is.

    submitted by /u/ThatOtherGuy254
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    I bought $1k of the Top 10 Cryptos on January 1st, 2019 (Oct Update - Month 22)

    Posted: 09 Nov 2020 05:11 AM PST

    I bought $1k of the Top 10 Cryptos on January 1st, 2019 (Oct Update - Month 22)

    ​

    EXPERIMENT - Tracking Top 10 Cryptos of 2019 - Month Twenty-Two - UP +66%

    Like crypto and numbers? Or want to detox from the first meme weekend? Welcome!

    \Note - price snapshots are always taken on the 1st of each month, so numbers below are before crypto spiked in early Nov.**

    See the full blog post with all the tables here.

    tl;dr

    • Moons to first one to find the three hidden cultural references in this post.
    • What's this all about? I 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.
    • October - BTC had a great month, followed by Litecoin and BCH. Crypto diverged from traditional markets this month, a welcome change.
    • Overall since Jan. 2019 - Bitcoin (+262%) still far ahead, followed by ETH (+191%).
    • 2019 Top Ten performing best out of the three experiments.
    • Combining all three three years, Top Ten cryptos are tied with the S&P if I'd taken a similar approach.

    Month Twenty Two – UP 66%

    2019 Top Ten Snapshot for October

    The 2019 Portfolio had a solid month, and was the best performer of the Top Ten Crypto Index Fund Experiments. Most of the cryptos ended October in positive or neutral territory, while the losses of the worst performers were no biggie (at least for crypto).

    Question of the month:

    In early October, the US Commodity Futures Trading Commission (CFTC) charged this crypto exchange with illegally operating an unregistered trading platform.

    A) Bittrex

    B) Binance

    C) Bitmex

    D) That other crypto exchange that starts with the letter "B"

    Scroll down for the answer.

    Ranking and October Winners and Losers

    2019 Top Ten Ranking - 40% dropout rate

    After losing quite a bit of ground in the rankings in September, the 2019 Top Ten rebounded a bit in October. Only BSV finished down on the month, down two places (from #9 to #11) and dropping out of the Top Ten. The rest either held or climbed: EOS, Tron and Stellar each advanced one position each and Litecoin picked up four places and was able to rejoin the Top Ten.

    It's good to have LTC back in the familiar confines of the Top Ten, as last month it found itself on the outside looking in, for the first time since the Experiments started back in January 2018.

    40% of the crypotos that were in the Top Ten on January 1st, 2019 have dropped out: Tron, Stellar, BSV, and EOS have been replaced by BNB, DOT, ADA, and LINK.

    October Winners – Big Poppa BTC had a great month, finishing up +25%. Second place goes to LTC, up +17% in October, followed by BCH, up +14%.

    October Losers – The losses were moderate this month, but the L for October goes to BSV, which lost -7% and fell out of the Top Ten. EOS was second worst performing, down -5%.

    For overly competitive nerds, here is a tally of which coins have the most monthly wins and losses during the first 22 months of the 2019 Top Ten Experiment:

    2019 Ws/Ls

    Because it's the default winner in down months, Tether is still far ahead in terms of monthly victories (7). That's more than twice as much as second place BSV, BTC, and ETH. And although BSV is up 74% since January 2019, it dominates the monthly loss count: it has now finished last in nine out of twenty-two months (paying attention, swing traders?). And XRP is still the only crypto that has yet to notch a monthly win.

    Overall update – BTC's lead increases, XRP back to the basement, 2019 Top Ten pulls ahead of other Experiments.

    BTC extended the lead it carved out last month over second place ETH in October. The top two are up +262% and +191% respectively, followed distantly by Litecoin, which is up +79% since January 2019. The initial $100 investment in BTC is currently worth $369.

    For the first time since April 2019, BSV has dropped out of the Top Ten.

    Twenty-two months into the 2019 Top Ten Index Fund Experiment, 70% of the 2019 Top Ten cryptos are either flat or in the green. After barely escaping the basement last month, XRP has once again sunk to the bottom of the pack, down -33% since January 2019.

    At +66%, the 2019 Top Ten Portfolio has pulled ahead of the 2020 Top Ten Portfolio's +61% gain and both are far, far ahead of the 2018 group , which is down -74% (more on that below).

    Total Market Cap for the entire cryptocurrency sector:

    Total market cap since Jan 2019 is +215%

    Since January 2019, the total market cap for crypto is up +215%. The overall market gained about $50B in October, ending the month just over the psychologically important $400B mark. This is now the highest month-end level since the 2019 Top Ten Experiment began 22 months ago.

    Bitcoin dominance:

    Are you into BitDom?

    After spending much of the year locked in the 65% range, BitDom took a short break in the summer to dip it low, but then has picked it up slow, and has now popped back up to 63%. As always, a high Bitcoin dominance signals less of an 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 Group gained $122 in October, so after the initial $1000 investment, the 2019 Top Ten Crypto Portfolio is worth $1,660.

    2019 Top Ten Index Fund Experiment ROI

    For some context, here's a look at the ROI over the life of the first 22 months of the 2019 Top Ten Index Fund experiment, month by month:

    2019 Top Ten ROI summary

    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 +66%, the 2019 Top Ten Portfolio is now the best performing out of the three Experiments but not by much: the 2020 Top Ten Portfolio is up +61%.

    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 $‭3,537‬ ($264+ $1,660 +$1,613).

    That's up about +18% for the three combined portfolios, compared to +11% last month.

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

    2018, 2019, 2020 Top Tens combined ROI

    To sum up: +18% 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, only five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Let's take a look at those five:

    ​

    A tie: BTC catches up to ETH this month for leader of the Three Year Club

    Up until this month, Ethereum would have been your best bet. As of the end of October, it's basically a tie between BTC and ETH. Both are up +121%, (although BTC is technically $21 ahead of ETH).

    On the other hand, if I had followed this world's slowest dollar cost averaging approach with XRP, I'd be down -32%.

    With BCH I would have just about broken even.

    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 traditional markets. The S&P continued to fall from an all time high in the summer, and is now up +30% since January 2019.

    S&P since Jan 2019? +30%

    The initial $1k investment I put into crypto 22 months ago would be worth $1,300 had it been redirected to the S&P 500 in January 2019. +30% is not a bad return at all. But the 2019 Top Ten Portfolio is up more than double (+66)% over the same time period.

    That's 2019. But what if I took the same world's-slowest-dollar-cost-averaging $1,000-per-year-on-January-1st crypto approach with the S&P 500? It would yield the following:

    • $1000 investment in S&P 500 on January 1st, 2018 = $1220 today
    • $1000 investment in S&P 500 on January 1st, 2019 = $1300 today
    • $1000 investment in S&P 500 on January 1st, 2020 = $1010 today

    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 $3,530.

    That is up +17.6% since January 2018. Compared to a +17.9% gain of the combined Top Ten Crypto Experiment Portfolios. You can also compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want.

    It's small, but that tiny 0.3% difference in favor of crypto. That's now seven monthly victories for the S&P vs. three monthly victories for crypto, all clustered in the second half of the year.

    ​

    Crypto re-takes the lead in October....barely

    Conclusion:

    Thanks mainly to Bitcoin, October was a good month for crypto and a good month for the 2019 Top Ten Portfolio. As traditional markets have struggled over the last few months, crypto seems to be headed in the opposite direction. I'm looking forward to seeing if those trends hold in the last few months of a crazy year.

    Take care of each other out there, stay safe.

    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…

    C) Bitmex

    In October, the Commodity Futures Trading Commission filed money-laundering and other charges against BitMEX for illegally operating in the US.

    submitted by /u/Joe-M-4
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    After Bancor announced OCEAN as its first single-sided pool with no impermanent loss, it hit $1.5M liquidity and 60%+ APY in a few hours

    Posted: 09 Nov 2020 11:40 PM PST

    Today, I made one of the hardest decisions of my life

    Posted: 09 Nov 2020 06:22 AM PST

    Today is the day I decided to take the next step in life, and I owe some of that to crypto. I sold off almost all of my profits in order to start taking college classes, a decision that was not easy to make as I enjoyed being one of those individuals who were deep in the green, but we have to learn when enough is enough. A lot of that btc and eth I sold off I accumulated around March and shortly after, so I was up quite a bit. Now that has all essentially been reset, and I'm back to square one. It's an odd feeling

    I would like to thank each and every one of you for the advice and help that you've given me in the short time I've been apart of this sub, I definitely would not be the investor I am today without yall. I know this isn't the most impressive post, but I just wanted to share my excitement for something that crypto played a big role in!

    Edit: Thank you to everyone who commented with inspiring stories/words! They're all greatly appreciated, more than you know. Also thanks for the awards! This sub can be one of the most welcoming places, and you all know how to make someone feel right at home

    Edit 2: Jesus the response has been overwhelming!! I'd like to thank everyone who gave support and or advice in the comments, as well as every critic as well :) I'm trying to reply to as many as I can, but I'm at work and I'm not sure if I'll be able to get to them all!

    submitted by /u/GoldenRain99
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    This was the first news story I ever read about crypto. Amazing how much the space has developed and grown since this!

    Posted: 10 Nov 2020 12:03 AM PST

    BSI: unlocking blockchain benefits for your business

    Posted: 10 Nov 2020 12:52 AM PST

    Celsius reports it's doubled its crypto holdings to $2.2B in six months

    Posted: 09 Nov 2020 10:48 PM PST

    Kraken's "Intelligence Team" presents the case for us being at the beginning of a new bull run...

    Posted: 09 Nov 2020 10:35 PM PST

    Have to cross post this because this guy is absolutely right. It's sad to see that a company controls 100% of the funds and acts like a bank and is that well accepted In this space. What's wrong with this shit fellas.

    Posted: 09 Nov 2020 03:43 PM PST

    Question about paying amount

    Posted: 10 Nov 2020 01:53 AM PST

    Hello, I've a question.

    I want to pay something with bitcoin but the problem is. At the time of initiating the pay... The X amount of money I have to pay is 0.0056789 . And the site asks to use the bitcoin wallet link or scan the QR to pay EXACTLY that amount which is supposed to be worth X. But whipe switching to my wallet etc and finding the transfer button and inputting the amount of BTC, the BTC pricing changes of course. So the X amount isn't 0.0056789... but instead it is 0.005600 or 0.005700...

    What do I do? The other problem is, I can't even use the 0.0056789 of bitcoins as a payment amount because coinbase says I have to use $ worth of bitcoin, which translates $ i inputtet into X amount of bitcoin worth.

    Help.

    submitted by /u/SadLye
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    JP Morgan: Bitcoin Could Rise 10x as it Competes With Gold for Institutional Investors

    Posted: 09 Nov 2020 04:43 AM PST

    Hot-Button Topic: Did Satoshi Ever Say He Created Bitcoin to Be Super Fast?

    Posted: 10 Nov 2020 03:36 AM PST

    So, an abstract of the Bitcoin whitepaper reads:

    ​

    A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

    ​

    While I strongly agree that the Bitcoin network will benefit from having transactions that settle faster, I've come across many who argue that the Bitcoin network is super-slow and needs a new consensus mechanism.

    I've also heard some argue that Bitcoin's slowness is a feature and not a bug.

    Going back to the whitepaper it is evident that Satoshi's focus was on creating a form of currency that "would allow online payments to be sent directly from one party to another without going through a financial institution."

    Satoshi also mentions "If we suppose blocks are generated every 10 minutes," so he/they/she was aware that they were not building a super-fast payment network.

    Evidently, the plan wasn't for Bitcoin to compete with PayPal, SWIFT and co.

    Satoshi famously added the "Chancellor on Brink of Second Bailout for Banks" to the genesis block, further highlighting that the purpose was building hard money that would be immune to inflation or government manipulation.

    That would clearly be a store-of-value (SoV), not a fast payment network.

    So, if there's any channel that makes Bitcoin faster, it's apparently a bonus and makes the network more usable.

    But that doesn't change the original vision.

    Bitcoin is working exactly as Satoshi wanted, and that's amazing enough!

    submitted by /u/wmredditor
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    Stratis (STRAT) Token Swap to STRAX Will Be Supported on Binance

    Posted: 10 Nov 2020 01:09 AM PST

    Funding Moons/HNY Farm: ~28 more HNY need for proposal to pass! HNY holders please vote on this proposal

    Posted: 10 Nov 2020 12:38 AM PST

    Voting on xMOONS/HNY funding prposal is underway and currently requires a further 28 HNY to vote on the proposal for it to go through!

    https://1hive.org/#/proposal/57/

    So requesting HNY holders among this community to vote on the proposal!

    If it goes through, it will provide another usecase for Moons - you can stake Moons to earn HNY

    submitted by /u/DetroitMotorShow
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    Can Square Get Enough Bitcoin?

    Posted: 10 Nov 2020 02:48 AM PST

    Online payment solution, Square, claims that its payments platform Cash App sold $1.63 billion worth of Bitcoin (BTC) in Q3 2020.

    In their Q3 report, the company says that crypto activity from retail traders is on the rise.

    The amount of BTC sold on Square equates to about 110,000 BTC at time of writing.

    This is significantly more than the amount of BTC mined in the same time frame. As such, Capriole Investments founder Charles Edwards says that BTC might be heading for a supply shock.

    What's your game plan in such a scenario?

    (This snippet is taken from the CoinGecko daily newsletter)

    https://dailyhodl.com/2020/11/09/squares-bitcoin-sales-hit-record-1630000000-in-q3-outstripping-new-supply-of-btc/

    submitted by /u/coingecko
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    What to answer when asked "Can I make money mining Bitcoin?"

    Posted: 10 Nov 2020 02:27 AM PST

    What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?

    I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined bitcoin (mined only Monero few weeks for fun).

    submitted by /u/Roy1984
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    Bitcoin Has Found a Fan in Another Billionaire Hedge Fund Investor

    Posted: 09 Nov 2020 02:25 PM PST

    Why billionaires are suddenly accumulating Bitcoin after 113% YTD gain

    Posted: 10 Nov 2020 02:01 AM PST

    Ripple buys back XRP for the first time to support 'healthy markets‘

    Posted: 09 Nov 2020 11:29 PM PST

    UK drafting stablecoin regulations and researching a CBDC

    Posted: 10 Nov 2020 01:32 AM PST

    Ex-Microsoft Dev Gets 9 Years in Prison Over $10M Theft Involving Bitcoin Mixing

    Posted: 10 Nov 2020 01:08 AM PST

    SEC Commissioner Peirce Says Regulations Should Be Slow, Though Crypto Rules Could Be Faster

    Posted: 09 Nov 2020 02:55 PM PST
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