Cryptocurrency Daily Discussion - January 1, 2021 (GMT+0)

Daily Discussion - January 1, 2021 (GMT+0)
Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade
Darknet Marketplace Has Stopped Supporting Payments In Bitcoin And Now Accepts Only Monero
How to make 2021 your best year
A lot of people laughed at Plan's Stock to Flow model earlier this year (some even tried to dox him). But in fact, his model is almost perfectly tracking BTC price. As of four days ago the model vs actual price of BTC was within $30. Incredible.
Take a break and HODL your loved ones too.
Why I'm leaving Compound and moving to Aave
Don't transaction fees and confirmation time basically mean we will never be able to use bitcoin to buy a cup of coffee?
Only a few more days to submit comments on terrible FinCEN crypto wallet regulation
In Chinese Calendar 2021 is the year of the Ox - Bull year!
Representatives ask Mnuchin to extend comment period for proposed wallet rule to traditional 60 days
The situation in Croatia right now shows how much the world needs crypto.
I obviously have my vault open as you can see the moons I have right there. Why did I not get given any from the distribution if I've gotten upvoted.
With all the BTC hype and moon articles it feels like I’m the only one who is still in the red. Am I alone? Where are you all? 2017 joiner
Who is buying xrp right now?
Polkadot's founder looks back on the year, teases Substrate 3.0 in early 2021
Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only
Who is buying at these levels?
This question was immediately blocked on u/Physics: Has anyone demonstrated a working quantum gate which can reliably manipulate qbits without losing entanglement?
eToro Drops XRP for U.S. Customers - ELEVENEWS
Bitcoin Price Inches Closer to $30,000 after Proving Warren Buffett Wrong
Coinbase CEO Urges Users to Oppose ‘Onerous’ FinCEN Regulation Change
IOTA co-founder considers collaboration and ‘bridge’ to Cardano
REMINDER: Cash out on your holding on PayPal for a no-fee transaction until midnight tonight. Otherwise, fees will range from $0.50 - 1.50%
Eight members of Congress asking for a 60-day comment period on crypto wallet KYC rule.

Daily Discussion - January 1, 2021 (GMT+0)

Posted: 31 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:

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Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade

Posted: 31 Dec 2020 12:36 PM PST

submitted by /u/TheGreatCryptopo
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Darknet Marketplace Has Stopped Supporting Payments In Bitcoin And Now Accepts Only Monero

Posted: 31 Dec 2020 09:54 AM PST

submitted by /u/denk0815
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How to make 2021 your best year

Posted: 31 Dec 2020 11:51 PM PST

Here are 5 resolutions to make 2021 your best year.

Waste less time. Got Netflix? Cancel it. Facebook? Delete it. Twitter? Get rid of it. Instagram? Stop it. Reddit? Skip it. Apart from the negative influence a lot of these media have, it's often a horrible waste of time. Americans spend on average 1471 hours a year watching tv. Malcolm Gladwell stated that it takes 10.000 hours or practice to become an expert at something. Didn't read the book, but I gave my own twist to it: I combine it with the pareto principle and I come to the conlusion that it takes only 80 hours to get 50% of the expert level. So yeah, let's be conservative and let's say it takes 100 hours to be decent at something. Then, go ahead, get decent at something instead of watching television. Learn to code. Learn a new language. Study nutrition. Try to master an instrument. Make your own furniture. This is investing in yourself. Waste less time on politics as well. The chance you will change something is very small anyway. Clean your own room first.
If the thing you picked up at #1 is not a physical activity, pick up one. Go lift, run, go play squash. It's healthy for both body and mind. Chop trees. Fix your garden. Not only does this make your body release nice hormones and improve your physique, it also decreases the chance of getting Alzheimer's later in life.* This is investing in yourself.*
Waste less money. Boosting your savings rate with 15% means you can stop working 8(!) years earlier. So again, cancel that Netflix membership and skip that McDonalds meal for a nice homecooked one. This is investing in yourself.
Allocate some money to 'high-risk' investments. Buy Bitcoin, smart people do. Buy Coinbase before the IPO. We are in a bullmarket and the FED is printing like crazy. Cash is trash. You are scared of a loss? The dollar lost 10% ytd versus the euro.... and versus bitcoin? More than 70% loss.
Make someone's day more often. Call your mother.

^*Don't ^waste ^time ^debunking ^Malcolm ^Gladwell, ^I ^don't ^care. ^The ^point ^is: ^you ^can ^allocate ^your ^time ^to ^more ^useful ^things ^than ^mindless ^{entertainment.}

submitted by /u/toplelkekfag
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A lot of people laughed at Plan's Stock to Flow model earlier this year (some even tried to dox him). But in fact, his model is almost perfectly tracking BTC price. As of four days ago the model vs actual price of BTC was within $30. Incredible.

Posted: 31 Dec 2020 07:29 PM PST

submitted by /u/Cryptodragonnz
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Take a break and HODL your loved ones too.

Posted: 31 Dec 2020 06:09 PM PST

With the new year starting on such a high, I think it's a good time to reflect on how far we have come.

If I'm totally honest with myself, I've neglected some responsibilities this pass year trying to time the market. Spent far too much time looking at charts and reading white papers for new projects. Some might say I was addicted, that's why going forward I'll be limiting myself on how much time I spend on Crypto.

I've been in crypto for many years now, seen massive gains, and even bigger losses. But one thing that is for sure, crypto isn't going anywhere. So relax, take a break and HODL a loved one.

Happy new year everyone

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Why I'm leaving Compound and moving to Aave

Posted: 31 Dec 2020 05:37 PM PST

I'm leaving Compound because of their decision to proceed with Compound Chain. It's been becoming increasingly clear for some time now that early Compound investors (mostly old guard silicon valley VCs) are focused on retaining and expanding their control of the platform. A key demonstration of this intent was Governance Proposal 021 that reduced COMP distribution to users. It was the second distribution reduction in less than a year. This occurred at the same time as other platforms like Uniswap chose to airdrop hundreds of millions of dollars worth of tokens to users for no other reason than upholding the crypto community's long held values of decentralization.

The announcement of Compound Chain was the last straw. Compound Chain is a Proof of Authority chain, similar to Facebook's Libra, governed by validators to be chosen by COMP holders. At first glance, this seems reasonable, but it is deeply concerning considering the extreme centralization of COMP tokens in the hands of a few early investors and their consistent actions to restrict the distribution of COMP to users. While masquerading as decentralized, Compound is governed by a small group of insiders, just like Libra and just like the banking system before it.

While there a lot of features to like about Compound (simplicity, reliability and ease of use), it's feature set is not unique and is highly replaceable. So with the multitude of platforms to choose from, I've decided to move my funds onto Aave, a platform with a long history of good faith contributions to the crypto community.

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Don't transaction fees and confirmation time basically mean we will never be able to use bitcoin to buy a cup of coffee?

Posted: 31 Dec 2020 06:40 AM PST

The concept of buying a cup of coffee with crypto is somewhat of a trope at this point but please bear with me and help answer this question. My understanding is that with bitcoin it take 10-15 minutes to verify a transaction, and that transaction fees can be around $1 or more or less depending on network demand. So if a coffee shop started accepting bitcoin and I went and bought a cup of coffee, how would it work? Would I buy a $3 coffee and then have to pay $1 transaction fee plus wait for 10-15 minutes so the coffee shop could verify the transaction? If that is the case then can we conclude that bitcoin will never be appropriate for small scale transactions of this type? Or am I missing something?

submitted by /u/Chap_stick_original
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Only a few more days to submit comments on terrible FinCEN crypto wallet regulation

Posted: 31 Dec 2020 10:41 AM PST

There are currently only 1000 public comments on the regulation proposal requiring identification for transactions between privately held wallets and exchanges.

Please submit additional comments to: https://beta.regulations.gov/document/FINCEN-2020-0020-0001

I personally felt that I wasn't smart enough to write a comment, or that what I said wouldn't make a difference, but we have to fight for the future of this technology. Almost no one in the U.S. understands cryptocurrency, and an even smaller percentage know about this regulation proposal. Your comments matter on this proposal, if you don't comment no one else will.

This is what I am going to write. I plan on sending it to my senators as well. Please provide editorial comments, as I'd like it to be as bulletproof as possible. Feel free to steal it, or extrapolate and expand single points for your own comments.

The proposed regulations will strike a massive blow to our personal right to privacy as well as create a major obstacle for innovation in the cryptocurrency and blockchain space. Cryptocurrencies have the very real potential to be a world changing technological innovation, on the same scale or greater than the internet. They will change the way the global economy functions, they will change banking and finance, they will create entirely new tools and technologies that we can't even imagine at this point in time. This regulation not only stomps on the new growth of technological innovation, but turns a potentially beneficial tool into an authoritarian surveillance nightmare. Cryptocurrency regulation can have drastic consequences on the competitiveness of our country technologically and economically and our personal freedoms. Regulation of this magnitude has absolutely no business being pushed through over a holiday while our country deals with a national emergency and a change of administration. Regulation of this magnitude really has no business being proposed at all from a small unelected branch of the government. On top of this, the vast majority of U.S. citizens have no understanding of what cryptocurrency is, let alone this regulation change happening behind the scenes that may have massive consequences on their future.

Cryptocurrency regulation is necessary, but it needs to be delicate and precise, it needs to be written by people who understand that technology and it's future implications and potential. It needs to be done to spur innovation and keep the U.S. as a technological leader, not as a detriment to our native industries. Regulation should ultimately benefit our country and citizens, and help create financial independence and security, it should not be used as a tool of mass surveillance and destroy innovation. This regulation should be cancelled immediately, as it does far more harm than good.

This new regulation proposes that all transactions between "unhosted wallets" (private citizen's wallets) over $3,000 in value require identification. This means that a citizen cannot transact in amounts over $3,000 without government surveillance. In addition, most cryptocurrency transactions are recorded on a public ledger, so once a wallet's owner is identified none of their transactions, no matter how small, are anonymous. Effectively, this creates a tool that allows the government constant surveillance of all transactions. The regulation claims it is "consistent with existing requirements", but it is not whatsoever. If I go into a bank today and withdraw $10,000, yes the government will get a report of that, however they are not currently allowed to go watch how I spend every last dime of that money. Under these new regulations, as soon as "wallet" ownership is identified the government will have free reign to track the use of that wallet and how funds are spent indefinitely on the public blockchain ledger. Currently this level of surveillance would require a warrant, and for good reason. We should not be giving up our right to privacy so easily, especially to a 15 day comment period piece of regulation that no one is aware of and no one understands the future implications of.

This regulation also proposes that every cryptocurrency exchange and platform will be required to record a massive database of every person's private holdings, in addition the government will also control an even more comprehensive database of this information. This is a massive honeypot to potential hackers, that has now been spread over many many institutions as well as the government to secure, allowing many vectors of attack and potential vulnerabilities. This type of financial data, linked to addresses and identification, is a huge personal security threat to individuals. Recently Ledger, a company that produces cryptocurrency hardware wallets, was hacked releasing similar information. Now people are being sent anonymous threats and blackmail telling them to send their crypto to the hackers. Compiling this type of data, especially between this many parties, should be avoided unless absolutely necessary as it significantly weakens protection of very important information that could affect the personal and financial security of citizens as well as their rights to privacy.

Whoever wrote this regulation seems to also be completely ignorant of how many cryptocurrencies work. One of the major technological innovations of cryptocurrencies is the development of "smart contracts". These programmable contracts allow individuals to work together with trustless contracts that do not require a third party and are executed automatically. For instance, party A can submit a loan to party B with some sort of collateral, if Party B fails to pay per the contract the collateral in escrow can automatically be sent to party A without the need for lawyers, banks, or cops to get involved. This is just the tip of the iceberg of what is possible and these smart contracts have the potential to create huge efficiencies in certain industries and give individuals more agency and independence when conducting business. Under this new regulation, it is unclear how smart contracts can exist at all. Smart contracts have wallet addresses that appear to be exactly the same as "unhosted wallets", but they clearly have no identity or address to report. If you aren't legally allowed to interact with a smart contract, or if it requires significant hurdles and obstacles to use, you've crushed part of the massive potential of this new technology.

In addition, this regulation will require new crypto businesses millions of dollars to implement and additional time and energy. Why are they being forced to provide surveillance over customers, on top of the AML/KYC identification rules they already have to follow? Why are we creating roadblocks for this budding industry before a real problem is even identified.

What is the problem? Who has defined it? How bad is it? Cryptocurrency did not create money laundering, drug trade, and terrorism. This activity is as old as time and has existed under every governmental and financial system that has ever existed. Cryptocurrency may provide a tool for the bad guys, but it is just a tool and not a very good one at that. Most of these cryptocurrencies are recorded on a PUBLIC LEDGER, this alone creates the easiest system to watch that has ever existed. With chain analytics tools it is actually easier to track criminal transactions than ever before, as the government has free unfettered access to every single transaction that has ever happened on a public blockchain. They do not need to create rules that allow unwarranted surveillance of all citizens as they already have ample tools to track unwanted behavior.

Additionally, cryptocurrencies with a public blockchain on centralized exchanges aren't even a problem. Cryptocurrencies already exist that are completely private, and transactions cannot be traced, tools like Decentralized Finance and atomic swaps already allow person to person cryptocurrency trade without a centralized entity to oversee the trade. No smart criminal is going to conduct business over public blockchains and exchanges (like Bitcoin and Ethereum) when every transaction is recorded publically, so this regulation creates mass surveillance without any clear "need". Criminals will find a way to do business, they always have, we should not be instituting extremely harmful regulation that does absolutely nothing to stop this activity.

Cryptocurrency is a green seedling of an unknown plant. It appears it could feed the world. It also appears it could contain a bit of poison. Like all new world changing technologies it has vast potential for good as well as bad, but it's just unrealized potential at this point and no one really knows how the world may be affected. Regulators feel it is their responsibility to stomp all around this plant, throw unknown fertilizers and poisons around it, water it with milk, dig it up and move it to the top of the mountain, who knows. Some of these people are well meaning, some of them are not, but almost no one actually knows what they are doing or the consequences and ramifications of their actions. If we as a country don't allow this technology to grow, someone else will, and we will be left behind as someone else carries the torch of progress. We need regulation for crypto to flourish, but it needs to be careful, well thought out, and minimal. It is better to under regulate this new industry, and deal with real problems as they arise, than to overregulate it and never see it flourish at all.

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In Chinese Calendar 2021 is the year of the Ox - Bull year!

Posted: 31 Dec 2020 11:37 AM PST

With this interesting year of 2020 comming to a close I can only imagine that no one expected something to turn out like this one did, at least I didn't thats for sure.

But 2021 in the other hand seems to be set for quite a ride at least in crypto space. With lots of instituions coming out with BTC investments and alt coins seeming to be ready to burst in any moment, I hope everyone has their time in this Bull year - 2021

Cheers everyone!

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Representatives ask Mnuchin to extend comment period for proposed wallet rule to traditional 60 days

Posted: 31 Dec 2020 02:52 PM PST

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The situation in Croatia right now shows how much the world needs crypto.

Posted: 31 Dec 2020 11:05 AM PST

Croatia was just hit by its second wave of massive earthquakes this year alone, talk about shit luck. Many are left homeless in the winter and a lot of people need help. My family is over there and the family I have here is trying to figure out the best way to help and transfer money. Their chosen method: western union...

Huge chunks will be taken by western union and I keep saying we need crypto. None of my family over there knows how to even get started and I'm reaching out trying to teach them. Borderless trustless payments are necessary so we can help human beings anywhere in the world the proper way.

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I obviously have my vault open as you can see the moons I have right there. Why did I not get given any from the distribution if I've gotten upvoted.

Posted: 01 Jan 2021 12:48 AM PST

I checked through the document supplied and didn't see my username either. If you check my post history you will see that I be been upvoted during the past 2 weeks at least. Not sure if I'm missing something or if there was a bug but there are no moons for me to claim in my vualt.

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With all the BTC hype and moon articles it feels like I’m the only one who is still in the red. Am I alone? Where are you all? 2017 joiner

Posted: 31 Dec 2020 08:54 PM PST

Hi all. I joined in 2017. Not in crazy november or december, it was somewhere midyear. Ofc I started slowly with bitcoin and ethereum.. but then got tempted by the antshares to neo rally to step into altcoins. I also did a few ICO's here and there. I still own those altcoins and believe in their products. Maybe naive but well.. one never forgets a first love I guess? Now with all the hype, institutional money and DeFI projects standing tall, I still dont have the heart to sell those altcoins, so I'm still in the red. Am I alone? Sure feels like being alone. With all the rocket and moon memes. Can anyone still relate?

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Who is buying xrp right now?

Posted: 01 Jan 2021 12:06 AM PST

I don't mean this in a sarcastic or dickish way at all. Xrp is maintaining its position as the third most valuable cryptocurrency. There are people buying it. Now, today. How is this possible? I'm genuinely baffled and curious

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Polkadot's founder looks back on the year, teases Substrate 3.0 in early 2021

Posted: 31 Dec 2020 01:59 PM PST

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Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only

Posted: 31 Dec 2020 05:39 PM PST

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Who is buying at these levels?

Posted: 31 Dec 2020 07:59 PM PST

Seriously is this just retail FOMO or what?

Anyone in their right mind wouldn't touch this chart.

We've almost rallied $20,000 in just under 3 months

The correction is going to be very severe and extremely fast, so please trade safely folks!!!

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This question was immediately blocked on u/Physics: Has anyone demonstrated a working quantum gate which can reliably manipulate qbits without losing entanglement?

Posted: 31 Dec 2020 11:21 PM PST

Before any mods block this here, please consider that getting an answer to this is critically important for the future development path and practicality of crypto currency.

I've been trying to get an answer to this very basic question for a while now.

All of the algorithms which would allow a quantum computer to break encryption depend on working quantum gates.

However, the recent "quantum supremacy" breakthroughs don't have them from what I can see.

Quantum computer theory is well developed, but doing anything useful depends on the reality of working quantum logical circuits, and no one seem to have created one. The number of qbits is meaningless unless you can take those entangled bits and manipulate them through logical operations without losing entanglement.

Also, this is not just a matter of technical achievement. From what I can tell, we don't really understand whether manipulating qbits in this way is possible in principle. The theories all assume that it is. But this in turn supposes a particular interpretation of quantum reality, something which has been extremely controversial and hard to pin down for the past one hundred years.

My sense is that the miracle of quantum computation seems a bit like a free lunch, and will only work if the many / infinite worlds interpretation of quantum mechanics is literally true. Essentially you are using the infinity of worlds to create an infinite parallel processor. Unless someone has conclusively proven that entangled qbits can be logically manipulated, I remain quite skeptical of the whole business.

Please note that physics has itself been on a 40 year road to nowhere based on assumptions and the fancy math of string theory. So this is far from unprecedented.

Given the billions of dollars being poured into quantum computer research, I find this situation to be rather remarkable.

submitted by /u/cryptocomicon
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eToro Drops XRP for U.S. Customers - ELEVENEWS

Posted: 31 Dec 2020 12:55 PM PST