Crypto Investment Challenge

Discussion in 'Blockchain & Cryptocurrency Mining' started by GumbyNoTalent, Dec 27, 2017.

  1. dirkmirk

    dirkmirk Member

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    yeah start the challenge again, although ive followed crypto for a long time I dont have that much experience with small transactions, what F##ked me was I thought I needed a blockchain verifiable transaction to a wallet as a starting balance and a few others have mentioned problems moving funds.

    I guess the main problem is the possibility of people posting false trades, they see a sh!tcoin pump claim it as a trade and post that a couple of minutes later, I think that ultimately whoever participates in the challenge needs to be prepared to let someone log into their crypto account to verify the trades.

    Still, that person could always pump a sh!tcoin from another exchange with the knowledge of the potential 5 grand payoff.......

    I dont know how you could regulate it, perhaps only allow coins that have a certain amount of BTC trades in a 24 hour period, something with less than 1 or .5 Bitcoin is open to abuse whereas 10 or 100 or 1000 coins less open to manipulation for this challenge.
     
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  2. Gunna

    Gunna Member

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    Happy to start later, I think the value should be something small like 0.05 eth to help get around small amount trading issues and we all start with that then trade to what we want to. Easier to work with and doesn't change when trying work out a fiat/crypto price and trying to account for fluctuations.

    A screenshot showing your eth balance on an exchange is fine as long as your next screenshot shows your trade from that balance on the same exchange or a TXID out. Any alt is available to purchase as long as its listed on an exchange and having someone buy your crypto at any point does not count towards your total.

    3 judges still and if DS is happy a 1st,2nd and 3rd prize awarded.

    Start time to be set with entries remaining open for 48/72 hours.

    Just my 2c
     
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  3. Smoothie

    Smoothie Member

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    I'm all for everything suggested - happy to restart on a level playing field to avoid any confusion and arguments later.
     
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  4. shredder

    shredder Member

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    GumbyNoTalent

    GumbyNoTalent Member

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    shredder pls participate as you still need to prove your trades. :) if ya can trade better than the others. :o
     
  6. shredder

    shredder Member

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    Oh I am participating, don't worry. Just not to win anything. (*unless some kind of pool investment fund results, as was mooted earlier by someone, in which case count me the hell in, lol)
     
  7. srey

    srey Member

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    :thumbup: from me. I'm keen to have a play, but I totally missed the boat yesterday.
     
  8. whatdoesthisdo

    whatdoesthisdo Member

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    Should we increase the start amount to $50 to make it easier to get around transaction minimums and also so that fee leakage is not too severe. Anyone trading from BTC would be wiped out on their first transaction lol
     
  9. Gunna

    Gunna Member

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    That's why I think should nominate a set crypto value, not a fiat value due to price fluctuations
     
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    GumbyNoTalent

    GumbyNoTalent Member

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    Why?

    A starting point is a starting point just an arbitory point to start from. What is the end goal to convert value to FIAT to determine a winner, therefore we start with FIAT value and finish with a FIAT value with biggest gain in FIAT a winner.
     
  11. whatdoesthisdo

    whatdoesthisdo Member

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    Just do what you did last time. 2 hours before the start time lock in x amount of currencies and their values and everyone must start with that. However I think it should be $50 worth instead of the $20
     
  12. dirkmirk

    dirkmirk Member

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    I agree that $50 is a better starting point.
     
  13. shredder

    shredder Member

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    Agreed. If that's ok with everyone. I'll give about 24hrs for anyone to object before accepting it as given.

    So I'll set some crypto amounts equivalent to 50 AUD at around starting time, and they'll be the official starting values. If anyone plans to start with a particular coin type (that isn't one of the main ones), let me know and I'll calculate a starting amount for it, when the time comes. PM if you like.

    I'm not settled yet on the degree of transparency between participants. i.e. does everyone need to know what coin/token everyone else is starting with, from the beginning? or do people want that to remain private until the end?

    Monday 15th January comment: The latest plan is to have the rules finalised by Thursday 18th, and for the starting date to be Saturday 20th.

    Keep the input and ideas coming. :thumbup:
     
    Last edited: Jan 15, 2018
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  14. dirkmirk

    dirkmirk Member

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    Maybe keep the starting Cryptos as one of the top 10 for stability reasons I.E BTC/ETH/XRP/BCH/LTC/ADA etc, not that stability is a given:Paranoid:.
     
  15. Gunna

    Gunna Member

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    Yeah I think one of the main trading pairs, i.e top 10 coins should be used. Less volatile than say a 1c coin that only has to go to 1.1c to get 10%($5) more trading power prior to starting
     
  16. shredder

    shredder Member

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    Sounds good to me.

    How would people like to set up the starting point?
    • There's the option of a blockchain transaction showing the official amount transferred on the starting date.
    • Or there's the option of a more honour-based system, whereby people just buy the specified amount on an exchange on the starting date, and go right ahead doing their thing.
    Read the below before finalising your opinion:

    Whatever happens, no top 3 placing will be awarded without thorough scrutiny by the judges. I've said that the verification method won't be revealed, but in all likelihood it would be full records provided, and backed up by proof shown to the judges via Google Hangouts with screen sharing or similar - showing us live, on exchange, that they did what they said they did. For the top 3 place getters only.

    So 1) no matter how we start, the same degree of verification of the winners' work will ultimately take place, and 2) one of the rules will make clear that "if you aren't willing to keep, and provide, and prove, full records of everything you do in this challenge, to the judges' final satisfaction and discretion, then don't expect to be eligible to win a placing".

    Due to that, the blockchain transfer requirement to start may be unnecessary.
     
    Last edited: Jan 14, 2018
  17. whatdoesthisdo

    whatdoesthisdo Member

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    I don't think anyone should be able to enter once competition starts, it creates a situation where it can make it hard to work out what their start coins should be and could cause an unfair advantage. Shit it's not like they haven't had plenty of time to enter.

    Secondly, I really am not sure how you are going to judge this without logging into peoples accounts? Maybe we should start with a fresh account and then the judges can log into them, the account can be empty, the judges just need to download the csv anyway? Or... what do people think about doing fully public paper trades?

    But what does that look like? I could DL my csv from bittrex but then simply change it to suit. We need to nut down what is acceptable verification and how it will be conducted.
     
  18. shredder

    shredder Member

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    I agree. To that effect, I put this into the Entries thread:
    Basically, people can play along all they like, unofficially. But the only people that will end up on the finishing placing list will be the people on the Participants List on the day the challenge officially starts (probably Saturday 20th), and only the top 3 place getters will be subject to full verification of trades. (I don't think anybody, including myself, is putting their hand up to spend hours scrutinising the entries of every single participant).
    -----
    This was my basic proposal:
    It's one thing to edit a csv, but it's another thing to spoof up entire exchanges to show to us live on screen.
     
    Last edited: Jan 14, 2018
  19. datfreak

    datfreak Member

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    Wouldn't grumbys idea of a public google doc spreadsheet of each transaction keep everything trackable- to be filled-in at each move? I'm a noob so will prob stay within one exchange like btcmarkets so my transaction list would be easy to track with screen shots and in the very unlikely chance of winning id be ok to hand over my account login to the judges.

    Anyone here know anyone at btcmarkets? - they have send a letter of verification that will take up to 10 days.. Im hoping I can setup earlier if I give more ID. Otherwise can I buy $50(plus extra for your trouble) of eth from a member here?
     
  20. shredder

    shredder Member

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    Unfortunately we would be unable to accept account logins. I wouldn't, anyway.

    It would put a legal liability upon us, however negligible it may seem. If anything ever happened to your exchange account at any time in the future, then we could end up with unwelcome knocks at our door.

    Multiply that by 20-odd participants, and it's just not a direction that should be entered into.
     
    Last edited: Jan 14, 2018

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