Cryptocurrency Daily Discussion - November 27, 2020 (GMT+0) |
- Daily Discussion - November 27, 2020 (GMT+0)
- Coin holder since 2013
- NEW: Chinese police have seized $4.2 billion cryptos from PlusToken Ponzi crackdown, according to a new court ruling (Includes over 1% of Supply of Bitcoin)
- Cryptocurrency Black Friday Sale!!! All coins now 10 - 30% off!
- Thankful
- The probability of getting rich in six months is low, and the risk is high. The probability of getting rich in six years is high, and the risk is low(ish).
- If this dip has made you uneasy, your the weak hands it's trying to shake out.
- So you think this is a correction?
- Monero Is The Way Forward...
- Facebook’s Libra to reportedly launch in January 2021 as USD stablecoin
- Chinese Police Seize 1% of BTC Total Supply from PlusToken Ponzi Crackdown
- Wallets with less than 1 BTC account for just 5% of Bitcoin’s market cap
- Could Governments Ever Truly Ban Decentralized Exchanges?
- China's Xi Asks ASEAN Nations to Join in Building of 'Digital Silk Road'
- The title of the final draft(s) of the "bitcoin" paper does not mention bitcoin at all
- What ALT coin are you most excited about, yet hold none of?
- When Paypal announced that it was to start offering crypto services to its users, the markets jumped at the news. But can it transform the industry?
- Coin holder since 2012
- I’m NOT F***** selling !!!!
- You have to remember PayPal CEO said BTC is a scam in 2018
- What's something new about crypto you just learned?
- Stocks can correct. Gold can correct. Why Bitcoin cannot go through a correction without everyone calling it going to "Zero"?
- Welcome to the Show
- Financial Giant SBI Launching Crypto Lending Platform With Bitcoin, Ethereum and XRP Among Early Offerings
| Daily Discussion - November 27, 2020 (GMT+0) Posted: 26 Nov 2020 04:12 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. Rules:
To see prior Skeptics Discussions, click here. [link] [comments]  | ||
| Posted: 26 Nov 2020 10:50 AM PST I bought my first coin of btc in 2013....I see people freaking out. The best lesson I've learned all these years 2fa account Get u2fa when you can afford Dont sell and dont get greedy. I buy for my daughter NOT ME. buy stable and use profits for alt. This way as alt drops you didn't lose the investment just the profit Bunch of my friends who bought in this month are freaking out over buy 600$ of xrp and losing. I said "buy btc and eth, roll profits down to alt" I've lost alot and I've made alot. Simple thing is I dont buy to get rich. I buy because I want decentralized currency for my daughter. This is a revolution not a stock market My grandfather taught me when I was very young "dont ever lend money or invest it unless you can live with never getting it back" Buy to start a revolution. Buy to topple government. Buy because you believe....but hey I'm just an idiot hoping for a better future maybe I'm wrong [link] [comments]  | ||
| Posted: 27 Nov 2020 01:23 AM PST
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| Cryptocurrency Black Friday Sale!!! All coins now 10 - 30% off! Posted: 26 Nov 2020 05:21 PM PST Don't miss out on this limited time offer. The bull market is taking the day off for a Thanksgiving holiday. At your local exchange, you can get many popular coins for quite a discount right now. These offers are going by fast, and before you know it, we'll be at more ATHs for the holidays. just sayin :-) [link] [comments]  | ||
| Posted: 26 Nov 2020 04:18 PM PST I'm 60 and have been a longterm bitcoin investor ever since I stumbled upon this community. i want to thank all those who have given me the motivation and the information that a person my age (53 then) needed to get started and get somewhat knowledgeable with this new technology money thing. I was, 7 years ago, in crippling debt and praying The Lord to find a way to send my children to college one day. After discovering this community and reading up on all the posts I scrapped together all I could, sold my car, my wife's car (with her consent of course) and invested all of it into bitcoin. The stress on my shoulders was unreal, I don't know what I would have done had this failed. But one day I saw the light at the end of the tunnel. I couldn't believe it. The next few years of my life were simply beyond anything I could have imagined. I paid off my debts, bought a house for me and my family, and sent 2 of my kids to college. (Last one graduates this year from high school) Yesterday my house burned down. My stuff is pretty much a loss and ill have to find a new place to live, but my kids are ok, my wife is ok and all of the pets are ok. Pictured is my 13 year old cat after being rescued by the Fire Department. Sadly I kept my crypto offline on a laptop that was in the room the fire started in. I'm told it's gone. After losing my job this year due to lockdowns and everything that happened yesterday I'm really not sure what I'm supposed to do or what the future holds for me and my family. I got lucky in the past and have faith I'll get lucky again. But all I care about right now is letting this community know how thankful I am for everything they have done to make my past 7 years the happiest I could have ever asked for. Thank you for talking to me and explaining to an out of touch old fart how this whole thing worked. I wish all of you a happy crypto journey and life ahead! Rob. ( I would have liked to thank a few users personally so I apologize for the throwaway account but people I know follow me on my main one) [link] [comments]  | ||
| Posted: 27 Nov 2020 03:18 AM PST There has been a recent flurry of posts trying to reassure newbies that thisisfine.jpeg. Whenever there is a dip, some old hands decide to help out/motivate/karma-farm/act high and mighty... These feel-good posts are all well and good, but once you've seen one, you've seen them all. So I'm going to try and add a bit more substance (though I am aware of the irony that I'm basically doing the same thing, only with better grammar and more references to peer-reviewed journals). Informative posts tend to get downvoted to hell though, so who knows if this will even be seen. I spent a bit of time trying to put it together, so if you think it's useful, please do give an upvote for visibility. Tl;dr If you play it safe - with boring strategies, such as dollar-cost averaging, diversifying in high-cap tokens, and taking advantage of compound interest - you will probably still get massive return on investment.Also, as I get older, I'm starting to realise a few years isn't that long. Traditional financial investment might make you rich over 30-40 years. I believe crypto can do it in 5-10. This might seem like a lot, but it's not. Stop thinking in days and weeks and start thinking in months and years. . First, some data on trading: Profitable day traders make up a small proportion of all traders – 1.6% in the average year. The typical day trader loses money by a considerable margin after adjusting for transaction costs Furthermore, the authors of the second study write that "inconsistent with models of rational speculation and learning, we document that the aggregate performance of day traders is negative". This is all about regular stock trading, but you get the idea. . Second, some anecdata about crypto friends: Maybe academic papers aren't your thing. Fair enough. Back in 2017, two friends of mine got into crypto and we started a WhatsApp group to share tips. One friend invested steadily into Bitcoin and a few alts. The other friend invested heavily into altcoins and traded every day. In a bull market everybody thinks they're a genius. He made a lot of money then lost it all. In 2018, he tried to carry on trading, but this was now a bear market. He lost even more. Fast forward to this year, and he's now anti-crypto. Regrets all the money he lost. Thinks it's all a scam. At the first sign of recovery, he converted the dregs of his altcoins to BTC, sold via Coinbase and left the chat. If he'd held on for another month or two he might have recouped some losses, but he didn't. My other friend carried on DCA'ing into BTC and ETH and is now up considerably. . Third, some cognitive biases Survivorship bias means that we concentrate on the people who win. See some smug bastard proclaiming his shitcoin profits in the Daily? He won. What you don't see are the hundreds of Wojaks who tried different trades and lost. Badly. You are more likely to be one of those sad fucks. Sorry. Hyperbolic discounting is the preference for immediate payoffs to greater payoffs at a later date. Crypto is seen as a "get rich quick" scheme. If you're new to this game, reset your expectation to "get rich more slowly than I'd like, but still fairly quick all things considered" scheme and you'll do just fine. . Next, some info on Dollar Cost Averaging: That might not sound like much but the point is that even if you had bought bitcoin near the absolute peak, you would still be 50% up by now. That is INSANELY good. Let's play around a bit more. Dollar cost averaging Bitcoin biweekly from 07/09/2016 to 11/27/2020 gave 526.26% ROI and you would now own 4.3 BTC. 2016 was early, but it shows how a little time in the market works. . Can you beat the market by buying the market? Check out the top ten crypto fund posts. The answer is... probably. There is a lot of data to comb through here and I bloody love this guy's monthly updates. They're honestly the best posts on this whole subreddit. I hope he doesn't mind me attempting to summarize, but the main points appear to be:
Longterm predictions Mathematical analysis of crypto gets a bad rap. John McAfee famously got it wrong. But that doesn't mean it's all nonsense. Patterns tend to repeat. Here are various predictions for a $100,000 Bitcoin. The logarithmic regression band shows a steady upward trend, with decreasing volatility. It's a reasonable assumption that this will continue. There will be bubbles, there will be corrections, but BTC will continue going up. And if you iron out the swings, it will give greater returns than any other asset class. Crypto as a whole will also go up and other coins will give even greater return. These will be hard to predict. Diversifying a small amount into a few other coins will give some exposure to this effect without too much risk. . Finally, some thoughts on compounding OK, not your keys, not your crypto. But... Someone once said compound interest is the eighth wonder of the world and the key to wealth. The reason for the boom this summer is DeFi. For the first time, it's possible to earn interest on crypto. There are risks involved, but it is a force multiplier that can massively improve your success, and it would be remiss of you to not consider it. Compound interest is great on its own. But using compound interest to accumulate more units of an asset that is itself appreciating, will accelerate the process dramatically. Consider the following:
Or:
I urge you to play around with a compound interest calculator. If nothing else, it should show you the value of thinking in longer timeframes. Currently, the best bank accounts are offering under 1% interest. Which means you're actually losing money after inflation. On the other hand, staking is coming to Eth and DeFi isn't going anywhere. There are risks with DeFi, and using crypto custodians is philosophically at odds with the dream of pseudonymous digital cash. That's for you to think about. But use the calculator above, plug in some numbers, and see where 12% interest gets you in 20 years. Even if you just used fiat, that would get you pretty far. Now think about getting even 5% return on Eth or BTC. Now think about what 1 BTC or 1 ETH will be worth then. Factor in dollar cost averaging on top of that. And you're risking it all chasing pumps every day? Slow down, and consider the safe, boring, options. You might be surprised where you get to in a few years. [link] [comments]  | ||
| If this dip has made you uneasy, your the weak hands it's trying to shake out. Posted: 26 Nov 2020 04:36 PM PST Bitcoin has always had ups and downs, the market corrects so often I have lost count. It went up 100% in a matter of weeks and corrected by 5% in a matter of hours. If this dip makes you feel uneasy, take this time to read more about why this technology matters, why it changes the game, why it was created in the first place. Because I don't know anyone who fully understands Bitcoin and doesn't own some. Don't get so lost in the euphoria of a rising market, and when you do start to feel your steps becoming lighter on the high of a rising market take a step back and prepare yourself for a correction. The best thing you can do is to keep reading, keep learning, find and fight your biases, don't get emotions on board. The heart is for loving, use your mind of everything else. [link] [comments]  | ||
| So you think this is a correction? Posted: 26 Nov 2020 07:00 AM PST So you think that 10% dip counts as a correction? Let me give you a helpful hint.. We're not in a correction until the sweat falling down your neck meets the sweat of your ass crack in a pool on your desk chair while your sitting up at 3am staring at a stamp chart 3 inches from your face trying to convince yourself thats its going to reverse any second now. Your hand shaking like a Parkinson's patient over an oily mouse when suddenly you feel the dire need to take a shit but you vomit in your mouth a little bit instead and before you have time to question how those two bodily functions could possibly be related we've already dropped another 20%. You've now got a big red dildo candle showing a 60% loss in a matter of minutes staring back at you as price has dipped far below your buy in spot, all the profits you made over the past several weeks, dreams of that new car, that new house disappear in an instant and you cant imagine what possibly could have caused this. You default to erroneously blaming the Chinese but that doesn't quite add up so you take to twitter with panicked breath searching for anyone, anything that might have the answer as to what the F is happening. Of course no one has any more of a clue then you do so you immediately start to internalize the struggle. What starts as a whisper of "why didn't I just sell" turns into a rampage scream in the back of your mind, after all its so obvious that this was the top, it's so clear now looking back, of course that was the top how the hell didn't I see that 15 minutes ago? Meanwhile we're down another 5% and you just can't take it anymore. Tears are rushing from your eyes, something that looks like dried blood is all over your arm emanating from the spot you didn't realize you were subconsciously digging your fingernail into. You close your eyes just for a moment but when they reopen you realize you've somehow already logged into your Coinbase account and punched in a sell order. Thats it. You sold. Your devastated, but manage to breathe a small sigh of relief. Well at least i can't lose anymore you say, at least i walked away with something. Your emotionally and physically exhausted now but you manage to drag yourself across the room, you fall flat on your bed with one final thought passing through your mind before you let the darkness overtake you..."why didn't i just sell the top?" In the morning you wake to the realization that you slept fully clothed and at an odd enough angle that your neck is surely going to feel exactly as bad if not worse for the rest of the day. The events of the previous night come back to you in a flurry of blurred emotions and while you almost can't bring yourself to check the price you just have to know. How much lower did it go? After all, there is still a glimmer of a hope, you think well, perhaps it isn't all bad, perhaps I can buy back in a bit lower and make the losses back in the long term. You begrudgingly open a chart and whatever small amount of hope that remained escapes your lungs before the sigh hits your lips. Price has fully recovered, it's actually trading up 10% from yesterdays highs... Thats a correction. [link] [comments]  | ||
| Posted: 26 Nov 2020 05:29 PM PST I was showing some of my friends and family how fast NANO was compared to BTC over our Thanksgiving lunch today (yes, it was mostly outdoors and everyone was wearing masks while not eating/drinking) and I realized that this was not the way when one of my cousins asked me to buy him a PS5 out of the blue. I see this person like once every two years and we don't talk otherwise, so it was kind of a weird request. Turns out he SUPER quickly learned how to view my transactions history and saw that I was funding my "hot" wallets for the purposes of showing everyone the different transaction speeds between NANO and BTC. Well one of my "cold" wallets had more value than my unemployed cousin so he thought he could ask me to buy him a PS5 since I had "extra" money. This is not the way. I thought privacy was for criminals or scammers but it's really not. Our money should be private by default. The idea of leaving funds on exchanges or constantly juggling a dozen different wallets and trying to "mix" your funds is ridiculous. I've also been reading out PayPal's plans to hold BTC but slow confirmation times won't matter because PayPal won't actually be sending BTC between buyers and sellers, it'll just be used as an alternate currency in their internal currency rate exchange. So NANO's speed doesn't have any advantage if non-privacy cryptos are just going to be handled the way PayPal is going to do it. Now there's rumors of KYC being required for your own private BTC wallets?! This is crazy. I cannot fathom holding any meaningful amount of crypto to actually use, if everyone can see my balances. This is out of control. Digital gold? Ok, maybe BTC can be a hedge against inflation for forex traders and people in countries with devalued currencies looking for an (eventually) more stable currency. But otherwise, for actual spending on goods or P2P payments with friends/family, I don't think so. With that all being said, it looks like Monero is the king of privacy, right? If there's going to be a real decentralized, P2P cryptocurrency free from central banker control, then Monero is probably it. Im not a criminal/hacker and I would still prefer privacy. [link] [comments]  | ||
| Facebook’s Libra to reportedly launch in January 2021 as USD stablecoin Posted: 27 Nov 2020 12:02 AM PST
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| Chinese Police Seize 1% of BTC Total Supply from PlusToken Ponzi Crackdown Posted: 27 Nov 2020 02:28 AM PST
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| Wallets with less than 1 BTC account for just 5% of Bitcoin’s market cap Posted: 27 Nov 2020 01:06 AM PST
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| Could Governments Ever Truly Ban Decentralized Exchanges? Posted: 27 Nov 2020 12:54 AM PST With the rumors going around of regular exchanges being forced by law to imply more KYC regulations, and DEXs seemingly being a way around this. Do you believe that a government could ever truly ban DEXs also? I guess they could make them illegal but how would they know if somebody used one? Sorry if this has already been asked or if the answer is common knowledge, just thought this would be the best place for a straight forward answer. [link] [comments]  | ||
| China's Xi Asks ASEAN Nations to Join in Building of 'Digital Silk Road' Posted: 27 Nov 2020 01:48 AM PST
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| The title of the final draft(s) of the "bitcoin" paper does not mention bitcoin at all Posted: 27 Nov 2020 12:52 AM PST On 22 August 2008, 2 months before the release of the original bitcoin paper Satoshi had a different title not mentioning the word bitcoin in it at all. Also the abstract was different and this is what he wrote in what was one of the final draft versions. Title: Electronic Cash Without a Trusted Third Party Abstract: A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures offer part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. Old/new differences in abstract https://www.gwern.net/images/bitcoin/2008-nakamoto-abstract-wdiff.png Source: https://www.gwern.net/docs/bitcoin/2008-nakamoto# and https://www.coindesk.com/satoshi-nakamoto-hal-finney-emails [link] [comments]  | ||
| What ALT coin are you most excited about, yet hold none of? Posted: 26 Nov 2020 11:15 PM PST There are so many fascinating projects out there and only so much available funds at each of our disposal. So, was curious, which coins/projects are you most excited about but aren't invested in any way? p.s. please provide reasoning, not just ticker symbol lists etc. [link] [comments]  | ||
| Posted: 26 Nov 2020 02:58 PM PST
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| Posted: 26 Nov 2020 05:21 PM PST Bought bitcoin at $4 when there was blood in the streets after the first bubble melted down and found a bottom at $2. Sold ALL of my Bitcoin in 2015 for Ethereum. DCA buy during bear markets both the alts you think will perform and your primary holdings like ETH or BTC. Don't sell until you meet your DCA sell targets and then sell in tiers. Do not sell any UNTIL your targets are met and then DO NOT diversify them into any other crypto (except price stable relative to fiat assets like stablecoins) until your DCA buy targets are met again after the bubble has popped. History does not repeat, but it does rhyme. This has happened many times before and it is happening now again like clockwork. We are at the beginning stages of a bubble. Maybe we will find a nice correction for some people to enter at their DCA tiered targets and maybe not. If not, then let it go - you missed the buy opportunity. FOMO'ing in is the best way to lose your hard earned fiat. Price your entries and exits in FIAT and count your profits by accumulating moar coins. Buy when there is blood in the streets and sell when your luddite uncle wants to get in on the internet money thing he heard about on the news. [link] [comments]  | ||
| Posted: 26 Nov 2020 07:28 AM PST To be honest I love seeing some guys getting rekt because they fomo'ed into crypto these past days, but back then they were talking s*** how bitcoin is a bubble and how it could get to new ATH's. Like most of you I've been here since 2017 and if you get my point, the price doesn't affect us The point of bitcoin/crypto is to have liberty and a financial system that doesn't work under governments control. If you get this you'll get why hodlers will not f*** sell [link] [comments]  | ||
| You have to remember PayPal CEO said BTC is a scam in 2018 Posted: 26 Nov 2020 07:40 AM PST
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| What's something new about crypto you just learned? Posted: 27 Nov 2020 02:37 AM PST So many things are happening in the crypto space this quarter it might feel hard to keep track of everything. But once in a while you come across something new (maybe a strategy or measuring metric or exchange platform) that you want to learn more about. Is there anything new that you just learned? [link] [comments]  | ||
| Posted: 26 Nov 2020 05:27 PM PST Bitcoin has survived for over 10 Years now, and still the mainstream media along with normies have the guts to say Bitcoin is going to Zero. It is understandable that Gold bugs like Peter Schiff want to FUD, as they do not want the "Store of Value" competition to get bigger. But we as a community must encourage such calls and FUD that if Bitcoin corrects, that it is going to Zero. [link] [comments]  | ||
| Posted: 26 Nov 2020 11:31 AM PST Welcome, OGs, HODLers, noobs, welcome. Welcome to the fucking show. If this is your first circus, gather around. If you've been here before, then get your membership card stamped at the table. If you're certified member, then you're wondering why the fuck I'm even talking. Yeah, this is business as usual. Some of you are looking for answers; others don't even know the questions. Allow me to speak freely. This is the internet after all, what the fuck are you going to do to stop me? When uptrends end, buyers stop placing their limit orders. Buyers like you and me. As normal buyers dry up, the liquidity providers step in and set their sell orders. There needs to be action; this is how exchanges make their money. Unaware people say these sell orders are "whales dumping." Sure, there are probably a few OGs in there, as there are normies. However, the exchanges have to provide liquidity if there isn't enough. At this point, if the buyers don't outweigh the liquidity providers, the longs get liquidated and the shorts come in. Thus, the dump commences. Since the buyers have long since gone, the only ones left are the shorts, the liquidity providers, and the stop losses getting harvested. This is an unregulated market. Thus, my only assumption is that the exchanges are calculating how to trigger the stop loss free fall because they have access to all the order books, even those that are hidden from sight from you and me. You'll never win that game. Some among us get lucky once and think they're invincible. Then it will happen again, and again. You'll be up all night puking out losses when it happens next. Oh the sleepless nights followed by the longest most unproductive days. Welcome to the fucking show. Some of us know, we've been there years ago. But we slept like nothing happened last night, and we'll do the same tonight. This is just another Thursday. This drop isn't done. We're still currently in the longest sustained uptrend in BTC's history without a 30% correction. Think about that. BTC, through all of its parabolic runs has never seen an uptrend as long as we've been in since March without a 30% drop. It's coming, and this is probably it. If not, BTC will have another record in the books. I don't tell people to buy, I don't tell people to sell, I just try to provide context. The context is this: Imagine the 19th century gold rush in the US. People left their homes, traversed snow capped mountains in the dead of winter, passed through the Sonoran Desert during the height of summer, all for the prospect of getting rich on the west coast. Now imagine those same people have access to a device where they can hope to get rich with the few clicks of a button. That's you, me, and all the other Crypto Rushers. Money brings out the worst in people. You're going to see truly horrific stories of people leveraging their life savings, their kids college fund, their house, all for the prospect of getting rich. Divorce, homelessness, suicide will be common themes in the coming months. Money brings out the worst in people. You're going to see people say they are leaving Reddit for a few days. They won't last even a few fucking minutes. This is Hotel Cryptofornia: check out whenever you like, but won't ever leave. If we're truly at the precipice of a parabolic run, this is just the beginning. We've seen the parabolic run that ended in November 2013. We've seen the parabolic run that ended in 2017. And if the 4 year cycle theory holds to be true, we will see a parabolic run end in Q4 of 2021. If history holds true, we will bottom out around $13,500. After that, the next time we see the $20,000 ATH will also be be the last. You wanted in this game, and now you're here. This is the way it is, and it won't end any time soon. So either take the advice from those that have been here long before, or continue the sleepless nights during these dump. What's helped me is:
You also need to have a plan for when to exit. Whether it's a specific price, or a specific time of the year. Figure it out before you buy. I'm not selling shit until Q4 of next year. I don't care what the price is, and I don't care if the top happens to be in Q3 instead. I've made my decisions, I have my plan, and I'm sleeping just fine. If you're not; then get your plan to buy, set your plan to sell, and set your interval of checking your portfolio. And welcome to the fucking show. [link] [comments]  | ||
| Posted: 26 Nov 2020 08:27 PM PST
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