Cryptocurrency Daily Discussion - December 10, 2020 (GMT+0)

Daily Discussion - December 10, 2020 (GMT+0)
US Lawmakers Tell Mnuchin to Back Off From Potential Crypto Wallet Regs
In 35 years, Grayscale will OWN (not be a custodian of) half of the Crypto that they currently manage.
PIVX launched SHIELD on public testnet. It is the world’s first successfully implemented zk-SNARKs based User Data Protection protocol into Proof of Stake blockchain.
Venezuela Pays for Imports From Iran and Turkey With Bitcoin to Evade Sanctions
JPMorgan Says Gold Will Suffer For Years Because of Bitcoin
Morgan Stanley Exec Makes The Case for Bitcoin to Become Global Reserve Currency
Approximately 0.0001% of Bitcoin users actually run their own nodes
Ukrainian Politician Discloses Owning $24M in Privacy Coin Monero
"The Blockchain Group" launches tokenization platform on Tezos, partner BNP Paribas facilitates the onboarding process of investors
if you own 0.28 BTC “you’re statistically guaranteed to be in the richest 1% of the world in BTC terms.”
Billionaire Ray Dalio Recognizes Bitcoin as Gold Alternative
Still bullish of course.
Beware: Bitcoiner Loses $50K Life Savings to Ledger Phishing Scam
Cryptocurrency Founder “Bruno Block” Charged With Multimillion-Dollar Tax Evasion Scheme | USAO-SDNY
Messari CEO Calls XLM, XRP, Litecoin, Bitcoin Forks 'Piles Of S---' And 'Toxic Assets'
JPMorgan Chase & Co’s strategists predict that significant amounts of money will flow out of gold investments into Bitcoin.
"Crypto shouldn't be regulated too much", says New York's top financial regulator, Linda Lacewell.
Bitcoin undervalued sub-$20K
DBS to launch full-service digital exchange - providing tokenisation, trading and custody ecosystem for digital assets
Coinsilium Group Limited to enter Virtual Asset and Digital Collectible market with RedFOX Labs ($RFOX)
EOS downgraded from Neutral to Deficient
Bitcoin Is a Warning to Government Money Printers, Morgan Stanley Exec Says
Can Long-standing Ardor Square Up to New Arrival Polkadot?

Daily Discussion - December 10, 2020 (GMT+0)

Posted: 09 Dec 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
[link] [comments]

US Lawmakers Tell Mnuchin to Back Off From Potential Crypto Wallet Regs

Posted: 09 Dec 2020 04:33 PM PST

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

In 35 years, Grayscale will OWN (not be a custodian of) half of the Crypto that they currently manage.

Posted: 09 Dec 2020 06:00 PM PST

They charge a 2% fee per year. The way it works is that every year each share represents 2% less of the underlying crypto.

Even if institutional investors realize this and decide to massively dump their shares, Grayscale has no reason to dump their crypto regardless of the share price.

Out of all multi billion dollar industries, hodling crypto is one of the least cost intensive. They don't build anything physical. They don't develop software like a tech company. They hold crypto.

0.98³⁵ = 0.5, so in 35 years Grayscale will own half the crypto they manage. Hopefully this post is long enough to not get auto filtered as spam.

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

PIVX launched SHIELD on public testnet. It is the world’s first successfully implemented zk-SNARKs based User Data Protection protocol into Proof of Stake blockchain.

Posted: 09 Dec 2020 05:05 PM PST

After multiple months of hard work, thorough code review and extensive internal testing, PIVX team today launched the long awaited SHIELD protocol to public testnet. Its main characteristic is the ability to send and receive shielded transactions while at the same time being fully compliant with the FATF Travel Rule and the anti money laundering and counter terrorism financing laws and regulations through the Encrypted Memo feature, which allows attaching personally identifiable information to shielded transactions. Unlike public blockchains which cannot have this feature, PIVX can now satisfy the regulatory requirements even easier than fully transparent blockchains. In less than 4 hours since the activation on testnet, more than 400k coins have been already shielded.

SHIELD is the world's first successful implementation of the zk-SNARKs based User Data Protection protocol into Proof of Stake based blockchain. It took only 8 months for PIVX core developers to fully release the SHIELD on public testnet since its first announcement on 29th February 2020.

For detailed information, check the official blog post on PIVX.org website.

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

Venezuela Pays for Imports From Iran and Turkey With Bitcoin to Evade Sanctions

Posted: 09 Dec 2020 08:52 AM PST

submitted by /u/Thc420Vato
[link] [comments]

JPMorgan Says Gold Will Suffer For Years Because of Bitcoin

Posted: 09 Dec 2020 05:58 AM PST

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

Morgan Stanley Exec Makes The Case for Bitcoin to Become Global Reserve Currency

Posted: 09 Dec 2020 05:00 PM PST

submitted by /u/patrickstar466
[link] [comments]

Approximately 0.0001% of Bitcoin users actually run their own nodes

Posted: 10 Dec 2020 02:28 AM PST

The other day I wondered what the percentage of Bitcoin users actually ran their own node. I started by checking out bitnodes.io and it showed there were 11,411 reachable Bitcoin nodes in the last 24 hours.

There are over 100 million Bitcoin addresses with a balance and over 1 million wallets active daily. Most people have several Bitcoin addresses so that doesn't paint a clear picture. The 2 largest wallet providers, Coinbase and Blockchain.com, have over 35 million users and 59 million wallets respectively. A lot of people don't actually hold their Bitcoins on-chain but through a centralized custodian. Take PayPal users for example or anyone that leaves their Bitcoin on exchanges. Considering all these factors and according to the latest estimates I've seen, there are over 100 million Bitcoin users.

source 1

source 2

That would mean that just 0.000114% of Bitcoin users run their own nodes. Let's say the estimates are off and it was only 1/10th of that, only 10 million Bitcoin users, that would make it 0.00114%, still pretty low.

I realize not everyone has the hardware and internet connection to run a node but many of us do and even if we own Bitcoin, we're still trusting a third party to authenticate our transactions. Self custody + running a node to authenticate your own transactions is using Bitcoin like it was originally intended to be used and leveraging it's permissionless, trust less, decentralized capabilities.

Having more nodes makes the network safer, more resilient and even more decentralized. Metcafle's Law states the effect of a telecommunications network is proportional to the square of the number of connected users of the system. The more effective the Bitcoin network is, the more valuable it will become.

Be your own bank. Take your crypto off exchanges at the very least and if you can, try to run your own node. It's fun, you'll learn things, and you wil contribute to make the network even stronger.

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

Ukrainian Politician Discloses Owning $24M in Privacy Coin Monero

Posted: 10 Dec 2020 03:58 AM PST