Discussion in 'Blockchain & Cryptocurrency Mining' started by Gunna, Oct 10, 2017.
That's it... all in on ADA based on Optimus' recommendation.
Who knows, if Bitcoin has bottomed, yada yada yada, if not, blah blah blah.
Main problem that ADA has for me is: Its ICO was barely advertised and even then was just promoted as a coin for gambling services. Afterwards ADA changed its vision to a 'blockchain 3.0' coin and went big on marketing, youtube etc. This is a classic move by whales to get a large percentage of the coins cheap, then upsell them (in this case 1000x as much). Only real difference between ADA and most of them is it got whitepapers done by universities and it's scale.
That brings us to now, IMHO the likelihood of the original whales dumping their cheap coins last pump is like 99%. So to pump again requires either A: those whales to rebuy or B: actual adoption. Whales usually just repeat the above with a new coin. And are people going to adopt a coin that by the sounds of it is currently centralised with the promise of POS in like a year ish? And in addition their current idea to get a 'secure POS' is shaky in itself, as afaik no current POS network (and there are like 5-6 implementations too) has been successfully hacked despite POS existing for the last 6 years so. So they are really currently just promising to fix a problem that seemingly doesn't actually exist - and doing it really slowly.
Peercoin is coming up to 7 years hybrid POS/pow and from my understanding you would need to control 51% of the staking coins to control the network, that's fairly unlikely but you never know the coins are cheap enough but the feeling was, to get 51% the price would pump extremely high and thus counter productive.
I don't think ADA fixes a POS 51% attack, that is a crazy idea anyway, if you owned that many coins why would you do anything to destroy their value. ADA apparently aims to fix a theoretical thing where you could potentially game creation of blocks because the creator of a block isn't truely randomly picked. They make it sound important, but it's obviously not as its never been exploited.
So where are people going to buy alt coins in Australia nowadays?
I used CoinJar in the past, but they dropped the ball last year with their demand to re-verify. I got the required Australia Post Digital ID and submitted it, the Digital ID app said all was ok, and that CoinJar was verified, but the CoinJar site now wants me to upload passport and Drivers License, I thought that was the whole point of the Digital ID.
Anyway, they piss me off, so I am looking for another exchange to use, hopefully one that supports the Australia Post Digital ID.
That’s all KYC :/ Clearly they are ramping up how thorough they are. All they have on me is a bank account from 3 years ago selling over 100BTC.
Ask them what to do if you have a digital drivers license and no passport? See if it’s just demand first, negotiate second?
So I went through all the effort of getting a Digital ID though Australia Post and CoinJar still wants me to upload a photo of my passport and drivers license. So what was the point of CoinJar asking for the Digital ID verification in the first place? There is something I am not understanding. I don't want to give photos of my Passport or Drivers license to an un-trusted 3rd. party like CoinJar.
Coinspot is good.
I will have a look.
I noticed that the alt-coins are moving down as BTC rises, seen that before, it's like a whole bunch of traders are cashing out of alts to jump on the BTC rally which is up to $11.3k atm. At this rate it might be another $20k year for the BTC price. Hopefully the alts play catch up soon. All the top 20 market cap alt coins are in the red against BTC today.
Alts are always a risk, even the bigger ones like NEO. I don't know anymore, just holding a bag of a few different things along with BTC and ETH. Not really buying alts lately just nibbling away away BTC and watching it build.
I never heard of HST before today but was Australian based crypto business if you can call it that, I know Koss is a fan of Nugget News and he spruiked this coin a bit or interviewed the guys behind the coin.
Never liked the idea of business based "cryptos", they need to be regulated like every other public company and I suspect that many of them are created simply to launder money, not saying in this particular case but AUSCOIN was probably definitely setup for that purpose as the founder was busted for his involvement in a drug syndicate.
Power ledger is left but are their any other significant Australian based cryptos left?
Edit: Happy 7th birthday Peercoin@ First proof of stake coin and 3rd oldest crpyto with active development/end shill.
Been brutal for Peercoin last couple of years with the collapse of BTC-E/WEX, then Cryptopia went down the toilet and delisting from Poloniex, they were never big enough to throw money at exchange listings, could be one of those interesting footnotes in crypto history, right time, right place but poor execution, got left behind.
Wow, that Horizon Decision token chart is even crazier on CMC. ATH of $5.69 in Jan'18, announced closure at 3c, now at 1c. Sums up the Ethereum token bubble craze, still not sure any of these can ever really command big valuations. So much hype in the last couple of years - and still no successful 'smart contract' use case that isn't just value transfer.
I'm super hopeful PowerLedger can actually grow. Their trials have been good so far
Well some good news for altcoins today. EOS got a 24million fine from the SEC for selling a security. Why good? From a 4.1billion dollar ICO, it's pittance and it shows other rich coins who can afford good lawyers can effectively pay their way out of a being a security. Examples of other coins in this position that have rich owners and likely a security are XRP/BNB. https://www.sec.gov/news/press-release/2019-202
Interestingly enough a few exchanges got together to make their own rating system yesterday on the risk that a coin could be a security. Only a few coins on there. https://www.cryptoratingcouncil.com/asset-ratings
Anyhow I've been stocking up on some ETH lately to add to my XTZ and ZEC. BTC pump seems to be somewhat over?
I was 99% sure the sec had already publicly mention that eth and btc aren’t considered securities.
My idea of a stablecoin...
Great news I think alot of traders would prefer to cash into a physical metal token over Libra or USDT let alone USD, being backed by the Western Australian government is also a good sign, not really one for the crypto purist as their backed by nothing but could appeal to people who want to own gold or silver without the hassle of storing it, relies on a trusted 3rd party but with any crypto token the big names you trust on them to do the right thing by you, the whole "untrusted 3rd party" in crypto is such a nonsense topic, you want your investment to increase in value and see what happens when if you get F##ked over by the likes by Rodger Ver or Tommy Lee people hate to admit but they trust these guys to grow their asset.
Any crypto token exchanging hands is essentially a trustless system but the human element can't be ignored, the developers, marketers and the general populace or government.
YES I laugh at the people who push the virtues of a trustless system, way too simplistic to view at that angle.
That's correct, BTC never had an initial coin offering, and ETH got a "free pass" because the SEC wasn't watching back then when it was launched, and by the time the SEC was interested in crypto, ETH was well decentralized.
This is a government sponsored project!