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    Cryptocurrency Daily Discussion - January 29, 2021 (GMT+0)

    January 29, 2021

    Cryptocurrency Daily Discussion - January 29, 2021 (GMT+0)

    Daily Discussion - January 29, 2021 (GMT+0)

    Posted: 28 Jan 2021 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 The prior exemption for karma and age requirements is no longer in effect.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:

    submitted by /u/AutoModerator
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    Yes, decentralization and freedom are amazing. But pump and dump groups suck. This isn't one.

    Posted: 28 Jan 2021 10:36 PM PST

    It's been a tough day, and we're grateful to you for being a r/CryptoCurrency subscriber.

    Cryptocurrencies are open and permissionless. That's kinda the whole point. You can send money to anyone, anytime. You can trade on centralized platforms or directly peer-to-peer. It's totally up to you.

    If some exchange prevents trading, you can always trade somewhere else. They can't stop decentralized networks. If you hold your own keys (cryptography that allows you to send and receive funds), you have freedom to do whatever you want with your money.

    But... pump and dump groups are not good. r/CryptoCurrency is NOT a pump and dump group.

    Cryptocurrencies have seen their fair share of pumps and dumps. The distributed nature of them mean that anyone can attempt these at any time. Experienced cryptocurrency traders are extremely familiar with them, since they happen all the time. It's normal to see random "altcoins" appreciate or depreciate more than 100% in a single day. That's normal here. Everything is 100x.

    We encourage you to learn about cryptocurrencies and to take advantage of their freedom and censorship-resistant properties. But please, follow our rules. Us moderators take the role of preventing manipulation here (of all types) extremely seriously.

    Thanks,

    The r/CryptoCurrency Moderation Team

    Do you have no idea how cryptocurrencies and blockchains work? Don't panic. Everyone needs to start somewhere.

    Have 25 minutes and want a laugh? See this episode about cryptocurrencies on Last Week Tonight: https://www.youtube.com/watch?v=g6iDZspbRMg

    Learn. Focus on Bitcoin first. Your best tool is education.

    Note: you earn cryptocurrency for participating in this subreddit! Read the subreddit rules first please, then post and comment to earn karma. For each karma you earn, you earn some MOONs in your Reddit app. Read more

    submitted by /u/SamsungGalaxyPlayer
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    'Joke' Crypto Dogecoin Surges Over 500% In 24 Hours In Reddit-Driven Boon

    Posted: 28 Jan 2021 06:00 PM PST

    Elon Musk changes his Twitter bio to Bitcoin

    Posted: 29 Jan 2021 12:52 AM PST

    With all of this GME stuff going on, I think our community is about to get alot bigger

    Posted: 28 Jan 2021 04:40 PM PST

    This is absolutely the best example of why the world needs cryptocurrency. Rich assholes squeezing every penny out of everyone they can and when the shoe is on the other foot and a small chunk of their huge fortunes are taken, they complain and get taken care of.

    Where is all these rules when the big guy is f***ing the little guy.

    This is exactly why we need cryptocurrency so be ready for it. Be ready to explain to your friends how it works. It's coming and it can not be stopped

    submitted by /u/SmooveyDoo
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    Wall Street has decided you're not responsible enough to buy GME. This is why we need DeFi.

    Posted: 28 Jan 2021 05:41 AM PST

    For years, the crypto community has pointed to government control over fiat money as the reason Bitcoin needs to exist. People need an asset that they know can't be arbitrarily printed or controlled by corrupt governments.

    And after 12 years, this narrative is taking hold. The financial industry is starting to take Bitcoin seriously, investors and large corporations are putting Bitcoin on their balance sheet to reduce their dependency on the behavior of the US federal government.

    But the next fight is upon us.

    This week, the common folk of the internet discovered their power. They discovered that by working together, they can challenge the powerful entities of Wall Street.

    And Wall Street hates it.

    As of right now, Robinhood and most other trading products are in "reduce only mode".

    Wall Street has decided that you're not responsible enough to buy the stocks that you like, so they've taken away your stock buying privileges.

    Of course, hedge funds will still have access to GME and AMC. But not you.

    This is why Bitcoin is only the beginning of this revolution.

    It's not simply enough to be able to custody your own assets. You need to be able to trade them, to lend them, to leverage them. You should have access to the same financial instruments that the rich people on Wall Street have access to.

    This is why we need DeFi

    Nobody can turn off Uniswap. Nobody can turn off Aave. Nobody can turn off Synthetix.

    Nobody can tell you that leverage-longing some shitcoin is irresponsible and you're not allowed to do it.

    This can be our moment.

    Thousands of people, from WSB to Twitter, have just been deplatformed, just for wanting to invest their money as they see fit.

    Let's show them the future. Let's show them a world where finance is not owned by any government or hedge fund or billionaire.

    A world where, as long as you're not hurting anyone, you're free to use your money however you like.

    submitted by /u/frank__costello
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    RobinHood is NOT selling you real crypto

    Posted: 28 Jan 2021 05:36 PM PST

    Since a lot of new people coming here.

    ROBINHOOD IS NOT SELLING YOU REAL COINS AND TOKENS!

    It is an IOU and they will most probably not process your orders, because they will not have buyers and don't wanna be stuck with bags of DOGE when they drop 50%+

    Do not take this as financial advice but rather a hint to research how the technology of crypto differs from shares/stocks.

    submitted by /u/DekiEE
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    PSA for new Dogecoin / Crypto buyers

    Posted: 28 Jan 2021 09:29 PM PST

    Some points to newcomers after reading some frightening comments over in r/dogecoin:

    ·If you don't hold the keys to the crypto, you don't own the crypto. If you can't even withdraw the crypto, you definitely don't own the crypto. RH doesn't sell crypto, period. They sell supposed unwithdrawable custodian rights to crypto, and we are hopefully now all aware that RH is full of crap.

    ·Setting price targets like that of Bitcoin (30k or whatever) is completely nonsensical. Bitcoin has 18M coins out of 21M total possible mined coins. Dogecoin has 128B coins right now, thats 7100x as many. DOGE also doesnt haven't a hard cap due to regularly halving rewards, so its not deflationary in the way BTC is. It would need a market cap of $4Quadrillion to hit Bitcoin levels. In other words, bigger than all equity markets combined afaik. Dollar cost average (DCA) sells on the way up unless you want to drop off the cliff of euphoria into a 50-90% loss like Jan 2018 for a lot of people here. Its already x8 in a week. Bull runs rarely take coins more than x20 or so in a single major rally, and rallies are normally spaced a couple of years or so apart.

    ·Don't chase rallies. Buying significant positions after a 800% rally is a good way to be left holding bags. You should be DCAing buys, not throwing all of your savings at it at once. Its also pretty stupid to be all-in on a 9B mcap coin. That's high risk gambling if you're dropping most of your assets into it. It will legitimately most likely throw you into a year or two long depression if you lose half of your savings on Fing Dogecoin.

    ·Crypto should not be a significant part of your investments. If you're throwing most of your assets in this, and especially at one coin at the end of a major rally, you're not only placing yourself at an insane amount of risk, but you put steady growth of the asset at risk when you inevitably panic sell once the momentum runs out or a big seller enters the market. Everyone in crypto has done this to some degree. Its easy to say diamond hands all you want, and convince a thousand other sardines to buy in, and then have a whale decide they want to sell $200M worth over the next month who doesnt give a shit how it effects you. People have their own motives, and most whales probably aren't on Reddit. The people posting six figure holdings aren't remotely close to whale territory. There's 15 addresses with more than 1 Billion DOGE, and more than 100 with over 100 Million DOGE. Those people could potentially wipe out a rally solo.

    ·Diversify your bonds. Have other investment vehicles, AND other coins. My favorite analogy is that of a castle. You want to build your castle with stable assets, this is your emergency cash fund, index/mutual funds, maybe some large cap stocks, real estate, bonds. That should comprise at least 50%, ideally 80-90%, of your assets. Speculative investments are the raiding party that you send out to loot shit once the castle is built. That's riskier stocks, options, cryptocurrency, etc. Yes, its possible to get lucky if you're solely doing speculative gambling, but its fucking reckless and stupid, and for every DeepFuckingValue, theres 20 people posting loss porn about how they took out a loan for a crypto/options play and got destroyed. It's rolling around with a small army with no defensive position. Really easy to get annihilated by shifting tides in the market, particularly when its all in ONE position.

    ·Time in the market > timing the market. Quit trying to get rich in 3 weeks, or you'll end up constantly desperate for get rich quick schemes because you never bothered to build a stable base. Having a large emergency fund, and a significant amount of assets because you played it safe is a peace of mind that you cannot know until you have it. Don't throw away the possibility of that in a few years because you wanted to YOLO into Doge and be rich next month.

    ·The diamond hand thing is really...unconvincing, in case you're wondering. If you're trying that hard to convince yourself and others that you can hang on, you won't. Because anyone who's trying to convince themselves of it is clearly not used to having investments go +100-2000%, especially at the speed that crypto does it, so you won't have any instinct for when to take profits. Greed will set in, and you'll convince yourself that it can survive any correction, and you'll still be waiting for the quick recovery once it drops 60-80% and sits there for 2 years. People who do well in this market have limited exposure, and thus can basically forget about their coins for months or years, because they have other investments and secure finances whether crypto does anything or goes to 0. Euphoria and blind optimism doesn't keep someone holding until something goes x100+. Indifference, apathy, and patience are the more frequent catalysts, because you arent checking Blockfolio every 20 minutes and goading yourself into a panic sell when it corrects hard or crashes. Living in an emotional state thats constantly tied to whether the market is red or green blows. Most of us in crypto experienced at least a little of that in our first year or so. In a away, its exciting because the risk doesn't let you focus on anything else, but its a horrific way to live. The mania eventually gives way into broke disillusionment if you don't have at least a partial exit strategy.

    Good luck and be safe. I'm sure this sub would really prefer not having to sticky the suicide hotline number again

    submitted by /u/PlantWolf
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    Elon Musk’s Twitter Bio Now Says One Word: Bitcoin

    Posted: 29 Jan 2021 01:03 AM PST

    The DOGE pump is bad for crypto!

    Posted: 28 Jan 2021 08:20 PM PST

    THE DOGE PUMP IS BAD FOR CRYPTO!

    I just cant get behind this, the GME movement the "people" buying the top where going to be hedge funds!

    The DOGE "movement" the person buying the top is a "regular person" fomoing into crypto for the first time and after they get burnt alive once the dump starts they are NEVER going to take crypto seriously!

    Unless you where lucky and had a fat stack that you can dump now and get out, this is going to harm crypto long term!

    submitted by /u/Shannon2611
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    Robinhood will ruin you, if you own Cryptos or shares there, withdraw it immediately!!

    Posted: 28 Jan 2021 04:57 PM PST

    There may never be a truer example of not your keys, not your coin.

    Robinhood, which is literally named after a character fighting for the people, halted customers from buying GME shares but would let them sell it.

    They also forced people who are leveraged into liquidating their accounts.

    They don't give a single fuck about you and would burn their entire customer base and goodwill down than stand up to the 0.1%.

    Theyll come for your bitcoin next.

    Close your account and transfer everything off it, don't say no one ever warned you.

    submitted by /u/PM_ME_PLASTIC_BAGS
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    Buying DOGE is not “sticking it to the man”

    Posted: 28 Jan 2021 10:44 PM PST

    There are tons of people here trying to ride the GameStop WSB hype and pump anything they can. Please don't fall for it.

    If you honestly believe in DOGE as a crypto, go for it. Just do not buy on robinhood. That is only contributing to the whole problem.

    We need to buy on decentralized exchanges where we can directly trade with one another. Fuck these middle men making the rules and preventing us from doing what we want with our own money when we fully know the risks involved.

    As always 1 DOGE= 1 DOGE so it doesn't matter what the $ value says

    submitted by /u/bahkins313
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    Today will go down in history as a turning point for cryptocurrency. The rigged system is on display for everyone to see.

    Posted: 28 Jan 2021 07:21 AM PST

    The way these brokerages have colluded to de-list GME, AMC and NOK shows how rigged the system really is. Cryptocurrency is the only free market we have left and I am happy and proud to be a part of it with you all.

    Decentralization is something we all need to fight for!

    submitted by /u/annoyinglilbrother
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    Elon Musk tweets Bitcoin

    Posted: 29 Jan 2021 01:35 AM PST

    The Bull Case for NANO - The Future of Decentralized Money

    Posted: 28 Jan 2021 06:14 PM PST

    The Basics of NANO

    NANO's entire purpose is to be the most efficient currency possible. It is instant, feeless, and decentralized. NANO uses a unique type of blockchain called a block lattice, where each account is its own blockchain. This is what allows it to be so efficient.

    NANO vs. Fiat Currency and Stable Coins

    A currency should not only be a medium of exchange, but a store of value as well. The US dollar lost 12% of its value in 2020. That is because 22% of all US dollars to ever exist were printed in 2020. Unlike the dollar, NANO has a capped supply of 133,248,297. It is impossible to create more. Another problem with fiat currency is that it has boundaries. If you want to pay someone in another country, you have to send them your native currency. They must take this currency and convert it to their own; which costs fees and wasted time. NANO has no boundaries. You can send it anywhere on the planet instantly without fees.

    While we are on the topic of fiat, many people like to argue that stable coins are a better alternative to nano; main reason being their lack of volatility. Stable coins defeat the entire purpose of cryptocurrency. They are the exact same thing as fiat. They suffer from inflation and government control because they are pegged to the same dollars that are printed every year.

    Outside of the United States, countries like Venezuela are in need of something like NANO to save them from economic collapse. They have gone through hyperinflation, which has devalued the Venezuelan bolívar by over 10,000% in just a few years.

    Why Would Businesses Accept NANO?

    Businesses of all sizes benefit from accepting NANO. The average credit card fee generally ranges from 1% to 3%. That is about 2% of revenue that every single company is losing in transaction fees every year. In 2019, Amazon's revenue was 280 billion dollars. They lost around 5.6 billion to transaction fees alone. Had they used a feeless alternative like NANO, they would have paid $0 in fees.

    Community

    NANO has one of the most enthusiastic communities out there. They are constantly creating new ways to use NANO. For example, one of the community members created an app called WeNano. This app allows you to set up a spot anywhere in the world, and people can go to that location to collect NANO (Similar to pokemon go, but with NANO instead).

    NANO also has one of the most active communities. Nano is almost always a top 10 mention coin on Twitter. The community is so passionate that they will tell everyone they know about it.

    Energy Use

    As the world moves towards being more environmentally friendly, NANO is the perfect currency. It uses millions of times less energy to run the network than bitcoin. That is not an exaggeration either.

    Here is an article that explains how efficient nano is. The network could be run on just one wind turbine. https://medium.com/@brunoerg/nano-is-green-d2f5cbf0e1d9

    submitted by /u/Ghostserpent
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    GME is making a strong case for cryptocurrency

    Posted: 28 Jan 2021 06:33 AM PST

    Forget about centralized institutions that we have right now. The GME case just proves how the regulation will intrinsically acts on behalf of the privileged in the name of market order, which is allowing big players to milk the market but turning against anyone else who tries to play the same game.

    We have a much stronger case now, don't we?

    submitted by /u/Roundoff
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    Do not buy crypto from Robinhood. Ever.

    Posted: 28 Jan 2021 06:05 PM PST

    I placed a buy order for $100 for DOGE. I waited and waited and waited. It did not fulfill the order, and DOGE went up. I canceled the order, and it gave a popup at the bottom saying order canceled. Yet, it still showed as pending in the app. So I tried again. And again. And again. And again. Every time showing canceled at the bottom, but still pending in the app.

    They fulfilled the order. After AT LEAST 10 cancellation attempts. Yet, they made sure to fulfill my buy order almost immediately.

    I can't believe I trusted Robinhood instead of Coinbase. I had extra cash in Robinhood, and it might be wasted.

    Fuck Robinhood.

    submitted by /u/MARCOMACARONI
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    Panama Bridge is now live on rubic.exchange, allowing ETH/BSC crosschain swaps!

    Posted: 28 Jan 2021 11:24 PM PST

    Elon Musk's $6,000 Bitcoin Pump Just Liquidated $420 Million of Shorts

    Posted: 29 Jan 2021 02:28 AM PST

    Fasten your seatbelts �� BTC shoots up as Elon Musk sets his Twitter Bio to „Bitcoin“

    Posted: 29 Jan 2021 01:18 AM PST

    Can you all please stop shilling your shitcoin to the Newcomers! We were (very) slowly leaving the crypto casino phase. If you want this space to be taken seriously get them into BTC and ETH, and discover other legit projects from there.

    Posted: 29 Jan 2021 12:05 AM PST

    I know this will fall on a lot of deaf ears, but whatever. We were having a nice start to this new market cycle and as a trend it seemed like money was going to legit projects with actual use cases (of course there are an abundance of projects along for the ride that won't make it at all too).

    ​

    Today it's all about dog stocks and people shilling their shitty bags to anyone interested in the WSB movement. XRP shills are out in force, NANO is more deserving of your attention, bla bla.

    ​

    It would be nice if we could go back to what the potential here is. The transfer of wealth to smaller retail investors. Buy tokens that allow this. Tokens you can buy and hold through the years and are anti-inflationary. This is just creating a lot of new DOGE bagholders.

    submitted by /u/CID-77
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    For the love of F**K can we get a pinned post telling newbies to stop trying to PnD coins?

    Posted: 28 Jan 2021 12:20 PM PST

    With everything thats going on with wsb and GME, we are getting an influx of newbies and day traders on the sub trying to pump coins (DOGE etc) in the vain hopes that it will emulate what happened there.

    THAT CANNOT HAPPEN!!!!

    Pump and Dumps have been riff in the crypto world for a long time due to the lack of regulation and the fact it is a wild west, these are seriously frowned upon by the crypto community, organic growth is the only way crypto should move.

    Look at the circulating supply of DOGE, to get to 1 dollar it needs to have a market cap of 120 billion, the whole crypto market is just under 1 trillion

    What happened in Wall Street was a calculated bet that paid off, hedge funds had left themselves open for a long time and in fairness this was long over due.

    Do not equate what's going on there with what should happen in crypto.

    Crypto Market != Wall Street.

    Anyway what do I know, I'm just some idiot on an internet forum

    submitted by /u/lifeandtimes89
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    Right now there are 3x the usual people browsing the sub. Here are some must-reads for newcomers!

    Posted: 28 Jan 2021 05:39 PM PST

    To the regulars that browse this subreddit be nice to the newcomers.

    If you live in America, This is how to keep your crypto safe.
    Here are some trends you can expect in the next 1-4 years.
    These are some common scams and methods to avoid them.
    Here are some exchanges for you to choose from: https://www.coingecko.com/en/exchanges
    This is (in my own opinion) the most trusted website to keep track of the price of cryptocurrencies: https://www.coingecko.com/en

    Remember some of our extremely overlooked rules:

    1. No referral codes - don't tell anyone to sign up to an exchange with your referral code.
    2. No 4chan language.
    3. Treat other users here with respect.
    4. Reddit's site-wide rules are typically 9 to 1 for self-promotion. Here that rule is 3 to 1. You can promote your product / favorite coin / service so long as you make 3 posts that show ordinary interaction. Just try not to make them low-quality interactions.
    5. Only two posts are allowed on the front page per coin. Bitcoin and Ethereum are the only exceptions.

    If you guys have any questions comments or otherwise need to know info, fire away. Knowledge is free and should always be that way.

    Terminology for newbies:

    CEX / Centralized Exchange: an exchange where you must conduct KYC (know your customer) and AML (Anti-money laundering) steps to set up an account. This is akin to opening a bank account, except it's all online with people you've never seen face-to-face. Examples: Binance, Coinbase, Kraken.
    DEX / Decentralized Exchange: An exchange without KYC or AML. It can be difficult to find one that lets you turn cash in to crypto. Most of these are crypto-to-crypto exchange platforms. Examples: 1inch, Uniswap, Honeyswap.
    Centralized: basically anything that has a single (or close to single) point of failure. You can't send money to Julian Assange or Snowden through your bank because they adhere to a centralized authority (the u.s. government).
    Decentralized: basically anything that does not have a single point of failure. Bitcoin is decentralized because no one can stop you from sending bitcoin to Julian Assange or Snowden. However, you can be punished in retrospect if you are not careful.

    submitted by /u/sgtslaughterTV
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    Stellar Lumens (XLM) Ecosystem to be supported by Wyre with USDC Improvising Financial Inclusion

    Posted: 28 Jan 2021 07:48 PM PST

    Elon Musk adds Bitcoin to Twitter bio with 43.7M followers

    Posted: 29 Jan 2021 01:56 AM PST

    Robinhood is a dirty bucketshop. They claim to offer Cryptocurrency, but dont support deposits/withdrawals. Today they locked users from trade GME, just because they can. DELETE

    Posted: 28 Jan 2021 06:21 AM PST

    Any website/service that allows trading of crypto but no deposits/withdrawals = immediate scam warning. Withdrawals have been promised (itsss coming) for 2 years in Robinhood but its not yet there.

    Today they stopped users (mostly retail) from trading GME and the price crashed from $500 to $300, but large institutions can still buy on their institutional brokers now at a much cheaper price. Robinhood has effectively manipulated the market by locking its customers out, and aiding the institutions who need to buy GME to cover their shorts.

    submitted by /u/Set1Less
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