Cryptocurrency Daily Discussion - July 8, 2020 (GMT+0)

Daily Discussion - July 8, 2020 (GMT+0)
Doge coin just reached 0.0000006 BTC/DOGE compared to just ~0.0000002 last week
Thank you TikTokers
How well would a Katy Perry portfolio have performed to date?
Viral TikTok video boosts the price of Dogecoin by 20%
My Experience with Crypto Lending: BlockFi, Celsius, Crypto.com, Nexo, Cred, & Bitrue
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Daily Discussion - July 8, 2020 (GMT+0)

Posted: 07 Jul 2020 05:10 PM PDT

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Discussion topics must be related to cryptocurrency.
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Doge coin just reached 0.0000006 BTC/DOGE compared to just ~0.0000002 last week

Posted: 07 Jul 2020 08:35 PM PDT

submitted by /u/aptitudes
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Thank you TikTokers

Posted: 07 Jul 2020 08:03 PM PDT

submitted by /u/9dkid
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How well would a Katy Perry portfolio have performed to date?

Posted: 07 Jul 2020 08:38 AM PDT

A comment in the daily today reminded me of this Instagram post by pop star Katy Perry:

https://www.instagram.com/p/BeXchJzFkhJ/?hl=en

In her post, captioned "$—CrYpTo ClAwS—$," Ms. Perry documents a handful of, at the time, popular cryptocurrencies. The 5 currencies pictured were: ethereum, litecoin, bitcoin, monero, and stellar lumens. Was this Ms. Perry's portfolio at the time? Who's to say? What we can determine are the prices, sourced from CMC, on the date of this post, January 25, 2018. The prices were as follows:

ETH: 1060.55

LTC: 180.76

BTC: 11410.30

XMR: 320.54

XLM: 0.567

Source: https://web.archive.org/web/20180125004005/https://coinmarketcap.com/

As of the time of writing this, the prices are as follows:

ETH: 238.95 (-77.5%)

LTC: 43.51 (-75.9%)

BTC: 9302.45 (-18.4%)

XMR: 64.11 (-80%)

XLM: 0.0695 (-87.7%)

Source: https://web.archive.org/web/20200706171512/https://www.coinmarketcap.com/

Assuming an equal share in each nail, despite the thumb and therefore ethereum being the superior finger, Ms. Perry's portfolio would be down 67.9% since the date of her instagram post. For reference, the market cap is currently down only 30.3% of what it was at the time of her post.

In conclusion, I would not recommend following Katy Perry's investment advice, no matter how sweet her nails may look.

EDIT: Additional conclusion, California Gurls, Hot N Cold, and I Kissed a Girl are all bangers

submitted by /u/AltsAreTrash
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Viral TikTok video boosts the price of Dogecoin by 20%

Posted: 07 Jul 2020 06:14 PM PDT

submitted by /u/9dkid
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My Experience with Crypto Lending: BlockFi, Celsius, Crypto.com, Nexo, Cred, & Bitrue

Posted: 07 Jul 2020 06:35 PM PDT

In the last year, I've made a decent amount in passive income thanks to these lending platforms and couldn't be happier. I'm hoping others who have used these services can chime in on their own experience. I tried to cover relevant topics but feel like I may have missed something and may update again at a later time.

Anyways, I put together a list of crypto lending platforms in an attempt to find the best platforms to use. I've been a long time fan of BlockFi and Celsius Network. CDC has also made it into the top 3. But platforms I hadn't really looked at in depth were Nexo, Cred and Bitrue. I thought this was a good opportunity to put them together and see which ones came out on top. There's a lot more detail in the article breaking down the numbers and going into base rates vs premium rates. I've chosen to skip over most of that in the interest to keeping this short.

For the Full Article go HERE

Here's the table below to compare the platforms at a glance and if I'm being honest, probably the most helpful part of the entire article, until the figures in the table become outdated in the span of a week ;(

https://preview.redd.it/09oj6166ji951.jpg?width=7737&format=pjpg&auto=webp&s=85031e1645d73a29d95d0cea9da45b373b11361d

The gist of it basically boils down to this:

BlockFi

Pros

Fully Regulated in US
Backed by Major VC firms like Coinbase, Sofi, Fidelity among others
Compound & In-Kind Interest
No Platform Tokens Required
No Minimum Balance Required
Phone Support

Cons

Limited Number of Free Withdrawals
Limited Number of Supported Coins
Interest Paid Monthly
1 Business Day to Process Withdrawals

I've been with them for over a year and their services is the only one I recommend to users unfamiliar to the crypto landscape. That being said, my biggest issue is their 1 Business Day withdrawal process. It's another layer of security in case your account is compromised, but it can feel like a lifetime when you're used to the immediate withdrawals on most other platforms.

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Celsius Network

Pros

Compound & In-Kind Interest
Wide-Range of Supported Coins
Free Withdrawal/Zero Fees
Interest Paid Weekly
No Minimum Balance Required
Instant Withdrawals up to $25k/Day

Cons

Must Earn & Hold CEL for Higher Rates (Unavailable to US users)
Interest Rates Adjusted Weekly

I've been with them for the longest and I remain a loyal fan. But I did initially join them for the bonus rates they promoted which US users are still unable to access. Aside from that, if you see a rate for an asset that's agreeable, they are a solid option.

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Crypto.com

Pros

Great App with 24/7 Support Live Chat
Extensive Security Certification and Protocols
Lockup Not Required
In-Kind Interest
Wide Selection of Supported Coins
Interest Paid Weekly

Cons

Withdrawal Fees
Must Lockup (3 Months) and/or Stake MCO for Best Rates
No Compound Interest — Unless Manually Redeposited into New Earn Contract
Minimum Deposit Required to Earn Interest (approx. $250)

I find a lot of value in their suite of products, but for people looking strictly for the most flexible lending experience, CDC may feel more restrictive compared to the rest. I will say, they offer some of the most attractive interest rates but you generally have to either stake MCO and/or lockup your funds for 3 months to take advantage.

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Nexo

Pros

Compound Interest
No Minimum Balance Required
No Lockup Required
No Withdraw Fees/Zero Fees
In-Kind Interest
Interest Paid Daily

Cons

Must Hold Nexo Tokens for Best Rates

One of the simplest platforms from a design and use prospective, with their recent addition of new supported major coins, this may quickly become an additional platform I use on a regular basis.

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Cred

Pros

No Minimum Deposit Required
Wide Selection of Supported Coins
US-Based and Regulated, Reputable Partners & Public Facing Execs

Cons

6 Month Lockup Required (3 Month Renewal)
Interest Paid in LBA or USD Only
Program Entry Restricted to the 1st and 15th of Every Month
Must Hold LBA Token for Best Rates

These guys have missed the mark on many fronts. I hope they re-examine their product in the near future since, in its current state, it's a bit of a double whammy - users must lock up their funds for 6 months and can only earn interest in USD or LBA. Might be a quadruple whammy actually since the price of the asset is locked in at contract start (good in a bearish market, not good in a bull run) and you can only start a credearn term on the 1st and 15th of every month....just so many hurdles for users' to overcome...unless you're interested in rarer coins like iota or nano I can't recommend it.

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Bitrue

Pros

Lockup Not Required
Interest Paid Daily
In-Kind Interest
Offers Highest Interest Rates

Cons

Questionable Trustworthiness — Limited Public Facing Figures & Company Background
Power Piggy has Daily Caps — Must Deposit Funds before Cap Depletion
Minimum Deposit Required to Earn Interest
Withdraw Fees
No Compound Interest — Unless Manually Redeposited to New Power Piggy Contract

I had briefly looked into Bitrue last year after they made a splash with their 7.3% interest rates. They've lowered their rates for non-BTR holders in late-2019, but it still remains that we don't know who the co-founder outside of Curis is or key members of their team that supposedly includes "senior management team from Capital One and website security experts" - what legitimate outfit chooses not to release this sort of basic information?

So I really can't recommend them at this stage, but if it weren't for this issue I would definitely be using their program ;)

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Wrap It Up

It's tough to narrow it to just one, the best, but BlockFi is close to the top as it's the one I recommend to friends and family. But due to their small range of supported coins, second place would go to CDC for me, since I don't personally mind their longer terms and prefer their higher rates. For ultimate flexibility though, Celsius is the best no frills option.

So again, the 3 platforms I have in heavy rotation are BlockFi, Celsius Network, and CDC. I find that this combination allows me to keep assets accessible in Celsius up to their $25k limit with zero fees; BlockFi as a backup for delayed access due to their 1 business day withdrawal policy and using their 2 free withdrawals/month; and finally taking advantage of CDC's high interest rates with 3 month lockup for anything that remains.

What do you think? What's your favorite platform and strategy? Any features I forgot to mention? Am I wrong about Bitrue?

submitted by /u/joepile
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Discussing how Doge can reach $1.

Posted: 08 Jul 2020 03:43 AM PDT