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    Cryptocurrency Daily Discussion - December 27, 2020 (GMT+0)

    December 27, 2020

    Cryptocurrency Daily Discussion - December 27, 2020 (GMT+0)

    Daily Discussion - December 27, 2020 (GMT+0)

    Posted: 26 Dec 2020 04:00 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.

    Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.

    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 The prior exemption for karma and age requirements is no longer in effect.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.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    submitted by /u/AutoModerator
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    It’s time to bring this one back

    Posted: 27 Dec 2020 01:11 AM PST

    The BTC I got from my reddit moons is now worth $23,736.

    Posted: 26 Dec 2020 09:10 AM PST

    I shitposted a lot in 2017. I was awarded 80k reddit moons earlier this year which I sold on the rinkeby testnet using XDai and honeyswap and immediately bought BTC with it. (0.92 BTC to be exact).

    That BTC is now worth $23,736 at a price of $25,800 per BTC.

    I have literally made $24k from memes and shitposting.

    Thank you reddit, thank you to the crypto community.

    Although it doesnt make up for all the BTC I lost since 2017, it still brightens my day and I will hodl this BTC until the end of time.

    I love you all.

    Edit: for those who are skeptical, I unloaded on September 26, when the price was hovering between 8-13 cents. I sold 500 at a time over about a 24 hour period. I got >9100 dai total for my 80k moons and traded it for 0.92 BTC

    Edit 2: $25,576 at a price of $27,800 16 hours after making this post.

    submitted by /u/Cryptorich13
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    Smile through the pain

    Posted: 26 Dec 2020 12:06 PM PST

    Heaviest objects in the universe

    Posted: 27 Dec 2020 02:04 AM PST

    Me, trying to stop myself from looking at the BTC price every few minutes.

    Posted: 26 Dec 2020 11:51 PM PST

    Me right now

    Posted: 26 Dec 2020 06:12 PM PST

    When employee of the month??

    Posted: 27 Dec 2020 01:51 AM PST

    “Much like the USD our love was based on nothing”

    Posted: 26 Dec 2020 09:30 PM PST

    Math checks out

    Posted: 27 Dec 2020 12:44 AM PST

    How The Simpsons predicted BTC mass adoption 6years ago

    Posted: 26 Dec 2020 05:20 PM PST

    If only all my ICOs worked as promised

    Posted: 26 Dec 2020 10:31 AM PST

    Bitcoin breezes past $27,000 while Cointelegraph latest report is on it nearing 26.

    Posted: 26 Dec 2020 10:09 PM PST

    28k!!

    Posted: 27 Dec 2020 03:06 AM PST

    Bitcoin Tops $27K for First Time, Has Risen More Than $2K in a Little Over a Day

    Posted: 26 Dec 2020 10:56 PM PST

    How Ripple bag holders currently feel browsing this sub.

    Posted: 26 Dec 2020 05:37 PM PST

    99.999% of the people that own Bitcoin are in profit right now

    Posted: 27 Dec 2020 02:00 AM PST

    What Gives People Feelings Of Power?

    Posted: 26 Dec 2020 08:16 PM PST

    Bought at 17k

    Posted: 26 Dec 2020 10:31 PM PST

    Incent CEO proves Livecoin cooked their books, within 8 hours of overdrawing their account they are 'victim to a hack'.

    Posted: 27 Dec 2020 01:34 AM PST

    In summary what happened is that the Incent project started buying back their token from the open market using profits from their product, as is their project directive.

    Since they felt there was an unnatural amount of selling pressure on Livecoin they continued to buy the token until their exchange balance exceeded that of the Livecoin custodial wallet (Waves account 3PBkqPd2chKH7uHViB3qkjKyYAJCSrsahbt).

    Since this proves something extremely sketchy was going on, they started to withdraw funds, eventually overdrawing the account.

    Within 8 hours of the withdrawals, Livecoin was subjected to the 'hack'.

    ​

    This is directly from the CEO of the Incent project (INCNT), posted on discord:

    Hi Guys, it's Rob, CEO Incent. I wanted to take some time to walk you through what I know and suspect with respect to Livecoin's announcement (overnight here in AUS) that they have been hacked. If you are okay with it I will start with a statement and then take your questions. Okay, let's go...

    [1:03 AM]Firstly, you will be aware that through Ingage, Incent distributes INCNT to audience (and verified streamers) in return for their engagement.

    [1:03 AM]What you should also know is that since INCNT is of finite supply, we have to buy what INCNT we distribute back on a crypto- exchange, in order that we can meet our ongoing ledger commitments and provide a liquid market for you guys to sell your accumulated INCNT into - in order that you can realise its value in terms of a more broadly traded commodity (BTC, ETH, USDT etc) if you so wish.

    [1:04 AM]So with this in mind, when Bittrex delisted INCNT in November, we moved our INCNT buying operation across to Livecoin, noting that the INCNT balance of their custodial wallet was circa 3m INCNT.

    [1:04 AM]However, as we continued to buy INCNT, acquiring an ever greater proportion of supply in Livecoin's custody, I was confused that the Sellers of INCNT remained so abundant, due in part because we can see exactly how much INCNT we have distributed through Ingage on a daily basis and what fraction of that is redeemed from our managed wallet to your private or exchange wallets.

    [1:04 AM]So I made the decision to keep buying INCNT until a point where Incent's holding of INCNT on Livecoin surpassed the amount of INCNT I could see in the only Livecoin custodial wallet I could identify

    [1:05 AM]We achieved this yesterday and when I could see over 600k INCNT still being 'offered' for sale on Livecoin I finally knew that something was badly amiss.

    [1:05 AM]So we made 2 decisions; 1. to withdraw as much INCNT from Livecoin as we could and 2. Suspend all Incent wallet withdrawals, to protect you all from losing any funds sent to Livecoin, as I suspected that our withdrawal operation might cause Livecoin 'problems'.

    [1:06 AM]In the event I was right. We managed to pull off exactly 3m INCNT into our personal custody in 15 x 200k INCNT lots. You can track these withdrawals on any Waves block explorer. As soon as I submitted the 16th request, it froze as Livecoin didn't have sufficient funds of INCNT in their custodial wallet to meet it. As we suspected.

    [1:06 AM]Yet the live order book still showed 660k+ INCNT for sale.

    [1:06 AM]The 16th request would have presented Livecoin with a significant problem as they were on the hook to us for (at least) 200k INCNT and there is nowhere else to buy it other than the Waves dex, which is notoriously illiquid.

    [1:07 AM]I wondered if they might reach out to me to sell them back some INCNT OTC, which I would have considered, but instead, within 8 hours they have claimed to be the victim of a hack. This just seems too much of a coincidence to me and I can explain why in detail if you wish.

    submitted by /u/EmperorNoodles
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    Rollercoaster gif is back!!

    Posted: 26 Dec 2020 03:27 PM PST

    Even after recent fiasco with Ledger leaking personal information about its customer, this company is still not able to handle erasure of data correctly. They are violating GDPR

    Posted: 27 Dec 2020 01:46 AM PST

    So even after Ledger by their negligence and amateurism leaked personal data for its customers, the saga still continues.

    It looks like that all the data are still saved in Shopify systems as proved here: https://np.reddit.com/r/ledgerwallet/comments/kkx00t/leak_oh_my_god_ledger_can_you_please_fix_this_or/

    What's more. Even for people who requested data erasure based on GDPR, this was not handled properly. https://np.reddit.com/r/ledgerwalletleak/comments/kl0n5i/ledger_removed_my_post_so_im_reposting_here/

    Same happened to me. I requested them to delete all my information in late May. They even confirmed me to process this request. Yet checking today, all my details related to Ledger order are still saved in Shopify system - including my full address and phone number.

    submitted by /u/emreddit
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    Bitcoin Checks in $0.5 trillion Marketcap

    Posted: 26 Dec 2020 10:40 PM PST

    Just so that people see how a real bubble looks like. Google trends 2017 vs now. We are still early.

    Posted: 27 Dec 2020 02:04 AM PST

    Demand has outpaced supply, expect gains by % & a premium on miner’s coins

    Posted: 26 Dec 2020 11:45 PM PST

    New to this moon thing so heres some basic DD on Q1 2021 with price 🎯's

    What's happening Q1 2021:

    1. Paypal will enable cryptocurrency as a funding source for digital commerce at its 26 million merchants

    https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency

    1. Visa will offer a credit card with a $250 bonus if you spend $3000 in the first 3 months & 1.5% back IN BITCOIN

    https://www.bloomberg.com/news/articles/2020-12-01/visa-joins-with-startup-blockfi-for-bitcoin-rewards-credit-card

    1. (This came early Q4 2020) Square's Cash App Now Lets Customers Get Bitcoin Back on Purchases

    https://www.coindesk.com/squares-cash-app-now-lets-customers-get-bitcoin-back-on-purchases

    Points & takeaways

    Paypal: mass adoption

    Visa: $250 bonus + 1.5% back

    Square: cash back

    Right now around 900 btc are minted per day, at a price of 27,000 a demand of 24.3million in a day worth of buy orders would mean that there is more demand than what is currently mined per day

    https://www.exodus.io/blog/how-many-bitcoins-are-left/#head4

    https://www.buybitcoinworldwide.com/how-many-bitcoins-are-there/

    Let's examine the visa demand alone. $250 bonus if you spend $3000 in 3 months

    (As of Q2 2020 there were 340m visa credit cards in the US)

    https://www.statista.com/statistics/618115/number-of-visa-credit-cards-worldwide-by-region/

    Lets say 750,000 people hit this bonus At a reward of $250 and a price of $27,500 it would take 110 people qualifying this to consume 1 bitcoin at that price

    If conservatively over the course of a year 750,000 people hit this reward, taking 110 to consume 1 btc @ $27,500.

    Visa demand into bitcoin for 750,000 hitting this reward in a year would be around 6818 btc Or at a price of $27,500

    $187,500,000 worth of usd investment for the bonus ALONE, not factoring the 1.5% back.

    Now lets remember that microstrat bought $650m worth of btc @ a price of $21.950

    https://www.microstrategy.com/en/company/company-videos/microstrategy-announces-over-1b-in-total-bitcoin-purchases-in-2020

    Combined with these guys holdings

    https://decrypt.co/47061/the-7-public-companies-with-the-biggest-bitcoin-portfolios

    TLDR: Demand is outpacing newly created supply, with more demand about to be added. The valuations you're seeing from institutions have factored this in. As far as im concerned, new Bitcoin floor is $21,950.

    submitted by /u/1Win
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    Alts always mimic BTC... except for the last couple weeks. It's just a matter of time anyway.

    Posted: 27 Dec 2020 01:41 AM PST
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