Cryptocurrency Daily Discussion - February 1, 2021 (GMT+0) |
- Daily Discussion - February 1, 2021 (GMT+0)
- Users in the dogecoin subreddit are now spilling over into other high supply, high cap low value token subs and it's rapidly ruining the quality of the reddit cryptosphere
- Basic tutorial about MOONS and how to get them
- Elon Musk Just Said that he Supports Bitcoin
- I surveyed 200 /r/CryptoCurrency Redditors and here's what I found out... (Survey Results)
- Elon Musks Calls Bitcoin "A Good Thing on the Verge of Getting Wide Acceptance"
- To the newbies: doge is shit
- Hate the Pump and Dump Groups Don't hate the Victimized coin! *Wall of Text*
- several years ago i took a man on a skydive, his tip was "BUY BITCOIN" all i wanted was a $20, but it was the best tip i ever received
- Donating 15 cents to Smile Train for each Moon and handing back the Moons
- WARNING! Pump and dump scams going around, read this especially if you are a newbie and help spread this information.
- Why understanding market cap is so important.
- Question about MOONS? Did I miss the party?
- I just spent my first $15 on coinbase buying ethereum!
- XRP Breaks Above $0.70 As Coin Continues to Pump
- CRYPTO TRADING LESSON 101. As a newbie remember this things so that you don't loss some $$$$$
- Years ago a client wants to pay me with BTC.
- Elon Musk: "I think bitcoin is on the verge of getting broad acceptance by conventional finance people," he said, adding he should have bought it eight years ago. "I was a little slow on the uptake ... I do think at this point that bitcoin is a good thing."
- 1000 MOON Giveaway!
- U.S. Representative Patrick McHenry is pro-bitcoin. He is now hosting the Bitcoin whitepaper on his official congressional website and has called on other lawmakers to embrace innovation like Bitcoin
- PSA: Coinbase Earn is literally free money
- I fell for the doge pump and dump. What now?
- Visa CEO Says the Payment Giant Will Add Cryptocurrencies to Its Payments Network
- For investors who got burned with Doge, here's some advice from someone who lost 3 BTC on a scamcoin in 2017.
- Why pumps and dumps will scare many people out of crypto.
| Daily Discussion - February 1, 2021 (GMT+0) Posted: 31 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:
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| Posted: 31 Jan 2021 03:46 PM PST Some anecdotal gems I've seen in the last two days:
This is going to end poorly for each and every one of them - deservedly so - but I simply just want to be able to read crypto news without having to filter through this trash [link] [comments]  | ||
| Basic tutorial about MOONS and how to get them Posted: 01 Feb 2021 01:14 AM PST I see a lot of people asking about MOONs on the sub and I also asked about it yesterday as well and everyone thanked me for asking it. So I wanted to summarize what I've learned and help everyone trying to get in. What is MOONs?: MOONs is basically the cryptocurrency used by reddit to award people participating in the r/CryptoCurrency subreddit. How much is MOON worth?: You can check it's market situation from here: https://www.coingecko.com/en/coins/moon How can I get MOONs?: You get them by activating your vault from the left menu on the official Reddit app. You simply click the "Vault" tab and follow the instructions. Don't forget your password! After you activate the vault, you can start participating in the community and you will get your MOONs according to your upvotes at the end of the month. How can I get those MOONs to my wallet?: Even though it uses ETH as the base, you still need to convert it before getting it to your wallet. DO NOT directly withdraw to your ETH wallet or else you'll lose your MOONs Can't we just upvote each other and increase our MOONs?: Yep. That's the beauty, upvotes at the ready! I hope this has been somewhat helpful, everyone join in the party and the MOON train! Stay healthy! [link] [comments]  | ||
| Elon Musk Just Said that he Supports Bitcoin Posted: 31 Jan 2021 10:47 PM PST On his Clubhouse podcast; Elon Musk just said that bitcoin is a good thing and he supports it. He also said "bitcoin is on the verge of acceptance from conservative financial people." This is the first time that he's actually said that he's a fan of bitcoin. We previously had to speculate. Recently we've had Mark Cuban and many other investors start to become interested in cryptocurrency as well. The future is very bullish! Clip: https://mobile.twitter.com/MMCrypto/status/1356131319424704513 [link] [comments]  | ||
| I surveyed 200 /r/CryptoCurrency Redditors and here's what I found out... (Survey Results) Posted: 01 Feb 2021 02:05 AM PST
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| Elon Musks Calls Bitcoin "A Good Thing on the Verge of Getting Wide Acceptance" Posted: 01 Feb 2021 12:36 AM PST
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| Posted: 31 Jan 2021 03:51 PM PST Ok newbies.....I'm not an expert but I've been holding since 2012. Firstly two factor authenticate all your crypto accounts ALWAYS Secondly, dont buy stocks of crypto and that's basically what doge is....its fucking usless. I'm sure I'll catch neg karma for this but buy coins you can DO SOMETHING WITH I get these stock bros see $BTC and think you missed the rocket ship. You have not. I bought my first coin at 340 something. I'm still buying today Thirdly, doge is good pricing grounds yea, you see if mad people run it price goes up....then what? It drops because it's useless. You really wanna stick it to the suits look at what real crypto can do. $LTC $BCH $XRP and so forth...You can fucking buy it use it! and decentralize your currency...no regulation, you hold yours I hold mine....except in the case of exchanges....that brings me to my last point get yourself a fucking wallet. I'm so happy to see what reddit and WSB have done to the stock market but it will be stopped it will be regulated....crypto is a true revolution Fuck doge....buy something you can actually use Very very very lastly $BTC ain't anywhere were it could be 30, 40, 50 is still a great place to get in on if you dont believe me buy 50$ worth and sit on it for 3 months. Educate yourself. Up your security....in 2012 I bought coin didnt know what I was doing, didnt 2fa and in 2016 had 120k hacked from me....its my own fault I was being stupid, that's my fault. "Google titan" is a really good reasonable tool, "google autheticator" is a great free tool. Ps fuck doge....fuck doge start a true revolution [link] [comments]  | ||
| Hate the Pump and Dump Groups Don't hate the Victimized coin! *Wall of Text* Posted: 01 Feb 2021 01:35 AM PST
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| Posted: 31 Jan 2021 05:16 PM PST he left me this comment in my log book he did offer to send me some bitcoin as a tip but i wasnt set up for it and i was working so it was off to the next meat missle. this guy nate was all about the bitcoin. he had the "ask me about bitcoin" shirt on, the hat..Mr.Bitcoin for real. i would love to be able to thank him. because about 1500 jumps later i had made enough on my initial 10k investment to retire. wish he had left an email or something. go crypto! [link] [comments]  | ||
| Donating 15 cents to Smile Train for each Moon and handing back the Moons Posted: 31 Jan 2021 07:49 PM PST My wife and I are about to send in our annual donation to Smile Train and in the spirit of the new giving season thanks to Moons we are going to send in an additional 15 cents for each Moon we get and then use those Moons to reward Redditors in need as we come across them (like our new friend from Venezuala!) and sponsor giveaways. We love Smile Train because each $250 donation helps a child with cleft palette lead a normal life. We will determine how much to donate after this post has been up 24 hours and post proof of our donation. It will be easy to count since we just activated our vault and have 0 Moons. We love what this sub is turning into - lots of positive energy lately! UPDATE: We know not everyone has Moons so we are going to count every comment and upvote as a virtual "Moon" toward the donation total. You all have been so kind! [link] [comments]  | ||
| Posted: 31 Jan 2021 02:23 PM PST I posted this in the daily chat but thought it deserves to be a seperate post for more exposure. Please if someone can do a better wording create and post with clearer direction and lets try to have it stickied. There are a lot of vulnerable newbies joining the crypto space with the recent events and they must hear this. There is a trend of orchestrated pumping and dumping events mostly from Discord channels. These are designed by the lead organizers first making the followers part of the pump (after the organizers have bought some good amount in advance) and then with their network effect on Twitter etc. they try to capture newbies and immediately dump it on them (and most of the followers that cause the spike too). Sometimes it takes seconds right after the start of the pump with the organizers not waiting for others to join (probably depending on how the price is dropping at that point) and just drop it on just the followers who spiked the price 10 seconds ago. It's a huge scam trend (occurring much more frequent than before) and we must really spread this around! [link] [comments]  | ||
| Why understanding market cap is so important. Posted: 31 Jan 2021 11:16 PM PST I had a friend message me a few days ago saying he heard how doge blew up overnight. He said he saw it went up over 500% but it was still sitting at only $0.06 a coin (down to $0.04 now). He asked me if I thought it was worth buying a bunch of dogecoin because, and I quote, "it wouldn't take much to drive it from $0.06 up to $0.12". There seems to be a fundamental misunderstanding of how market cap actually work in cryptocurrencies. The equation is very simple! Number of coins in circulation multiplied by price per coin. The problem comes into play when you compare how many coins will be in circulation with a given crypto. With Bitcoin, you will have a total of 21 million coins in circulation when they are fully mined. With Litecoin, you will have a total of 84 million coins currently in circulation when full mined. So when you look at the total of these coins, you see that Litecoin has 4x the max coins that will be in circulation. So when you account this for price, you would have to compare 1 Bitcoin to 4 Litecoin to get a comparity value in price when looking for market cap. Now turning back to doge, they have a current supply of a 128 billion coins with a never ending supply. I have seen some discussion of adding a hard cap, but haven't read anything concrete yet. So using the current circulation at 128 billion coins at the now $0.04 a piece, this places the market cap at over $5 billion. For doge to reach $0.12, you would now need to triple that $5 billion. So to say that dogecoin could go from $0.04 to $0.12 is easy because it's only an $0.08 difference. To say $5 billion to $15 billion is a lot harder. As a side note, don't forget one of the major advantage that cryptocurrencies have over fiat currencies. A US dollar can only be divided to 2 decimal places. Bitcoin is divisible upto 8 decimal places. Some crypto currencies are divisible upto 30. I've noticed people tend to buy coins they can hold a lot of because of the attitude "when this coin reaches a dollar, I'll be a millionaire". If the coin is only currently worth half a cent, what is the true likelyhood that it is going to 200x its way to a $1? Be reasonable with your expectations and the way you invest your money. This means sometimes its worth it to buy a small fraction of a coin with a high price and fewer coins in circulation, rather than thousands of coins with a low price and more coins in circulation. [link] [comments]  | ||
| Question about MOONS? Did I miss the party? Posted: 31 Jan 2021 04:41 PM PST I see a lot of people talking about earning Moons and their price going up etc etc. I'm too afraid to ask but is this some kind of an ongoing joke or is this thing real? Someone told me to activate my vault and I did it but I don't know how I can "earn" moons. I'd be really happy if you can help me. Thanks in advance everyone! and happy trading! [link] [comments]  | ||
| I just spent my first $15 on coinbase buying ethereum! Posted: 31 Jan 2021 09:15 PM PST The whole GameStop fiasco has really helped me realize that crypto is and should be the future. I've never invested any of my money in anything, though just lurking for a few days in this sub has really given me the desire to invest! On coinbase they have these little videos that will give you free coins such as BAND, NU, GRT, etc. one of the ones that I've gotten so far is called Celo (CGLD) and I'm not able to transfer it into my Exodus wallet. How would I go about storing it? [link] [comments]  | ||
| XRP Breaks Above $0.70 As Coin Continues to Pump Posted: 01 Feb 2021 03:38 AM PST
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| CRYPTO TRADING LESSON 101. As a newbie remember this things so that you don't loss some $$$$$ Posted: 31 Jan 2021 09:07 PM PST
Edit:
These have their purpose for sure, but don't be buying $500 of Dai and expecting that to be worth more someday! (credit:u/taylor_spliff) [link] [comments]  | ||
| Years ago a client wants to pay me with BTC. Posted: 01 Feb 2021 12:33 AM PST Long story short, he was supposed to give me 500$ and he told me if he can give me 500BTC instead. I was like, wtf is BTC? Just give me real money I can spend. A week ago I got in the world of crypto and remembered this story. Now I'm sad.... [link] [comments]  | ||
| Posted: 01 Feb 2021 02:00 AM PST
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| Posted: 31 Jan 2021 12:54 PM PST I feel like doing a giveaway with all the hype Moons have gotten in the last few days. All you have to do is leave a comment with a little story why you think you deserve the Moons. The winners will be decided by you guys, top 2 comments get 500 Moons each. Rules: - Giveaway will last 24H after this post has been created - Upvote count after 24H will decide winners - Please don't downvote all comments to get yours to the top, keep it fun for everyone.
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| Posted: 31 Jan 2021 04:39 PM PST
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| PSA: Coinbase Earn is literally free money Posted: 31 Jan 2021 09:35 PM PST A few months ago I spent 15 minutes and took the quizzes for coinbase earn, and referred a couple of family members as well. Got free tezos, eos, stellar, and orchid. With the recent bull run that 15 minutes has turned into ~200 dollars. No loopholes or gimmicks. Just learn a bit about the crypto and get the money [link] [comments]  | ||
| I fell for the doge pump and dump. What now? Posted: 31 Jan 2021 08:44 PM PST Hi guys. I'm one of the many ignorant people who saw the hype about dogecoin rising in price and tried to "jump on it" without any real understanding of the situation, inadvertently investing $2000CAD at doge's highest pricepoint, which is now down to just under $1000CAD in value. For me this isn't an insignificant amount of money. I won't go hungry without it, but it does hurt. For me and people like me, what should we be doing right now? Should I take my money out of doge to avoid losing more? There's still a lot I don't understand and I realize I looked before I leaped. I'm not just looking for some more advice to blindly take, I've been doing a lot of reading this weekend and hope to gain some insight from the perspectives of people here. [link] [comments]  | ||
| Visa CEO Says the Payment Giant Will Add Cryptocurrencies to Its Payments Network Posted: 31 Jan 2021 08:59 AM PST
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| Posted: 31 Jan 2021 12:09 PM PST So I recently got back into reddit after taking a break from crypto in general. I started investing in cryptocurrency around 2017 while I was still in university as i was fortunate enough to be making money while studying. I initially only invested 1 btc and after scouring the forums and reddit, I decided to invest in this coin called Confido. TBH, i cant remember now what the coin was about as I've actively suppressed my memory of that event ever since it turned out to be a scam and I cant seem to make myself go into my telegram or google to remember it again. This was when I just entered the space and judging from what everyone who invested in the coin was saying, it was going to be the next big thing. As a clueless and young investor (I was 20 at that time), i decided to buy another 1 btc and bought more confido tokens. My interest in crypto was increasing by the day as I started to research more into other coins and learned how blockchain worked. Ethereum intrigued me, as it seemed to have more real world usage than bitcoin, and more importantly, a lot of ICO seemed to be running on that. As interesting as crypto was, my main goal was to make money and ICO seemed to have really good returns, and for that I needed ethereum. So I bought another 1.5 btc this time and 0.5 btc was put into ETH and the rest was put in confido (typing this part hurts as it always makes me remember the grief I experienced when that coin crashed as I watched it on my laptop in my empty dorm). I think I was one of the top 10 holders of this coin after that point. Anyways, with a good chunk of ethereum, and with better knowledge about this space, I began to research more into blockchain technology rather than just coins and started to figure out which coins would have actualy usage. Got into a few ICO and was lucky to be in the pool for the intial investment. It was at this point, i knew I shud diversify my portfolio so I only spent 1 ETH on all the ICOs I liked. Just as I was getting into all of this, the Confido coin I had invested 3 btc in turned out to be a scam and there were posts about it all over reddit. It was a frenzy in telegram as everyone started to panic sell. I decided to keep holding as I thought there was some mistake and its not a scamcoin. I was simply in shock watching my thousands of dollars investment plunge into nothing. I dont think I've ever been this emotionally struck by anything in my life (maybe my first rejection from a girl in 6th grade would come a close second haha). I sat there in my dorm as I wondered why this happened. I was angry at the people who shilled it, I was angry at the ppl who made the coin, and I was angry at the community managers of this coin in telegram. However, I was most angry with myself with how naive and careless I was with money. I was hoping to save that money to buy a house for my parents in future and watching all of that disappear, I would never wish for anyone to go through that. At the end of the day, it was my fault. I put money into something not understanding how it worked and how investing in general worked as well. "Always invest what you can afford to lose" I wish i went with that mindset when I started. I tried everything to get something out of that coin but it was too late to sell as it was worthless. I had other coins as well as I was starting to diversify my portfolio but it was too late as majority of my investment was in that stupid coin. I tried to see if my ICO coins would help me recoup my losses but the market had entered a bearish run. I gave up and left everything related to crypto and decided to focus on my degree and job. I lost more than I could afford at the time, but i decided it was better to learn at this stage than later when I have a family to support. I have become a smarter investor after that incident and I learned how to better manage my finances. Here's my advice to ppl who got burned by Doge coin. Take it as a learning opportunity of how the crypto space works. Yes, money is lost and the feeling of pain and regret is overwhelming especially if you put a lot of money in, but know that time heals. A costly mistake always prevents you from making a similar one in future. As much as ppl like to roast others who are getting burned from the Doge PnD, sometimes its hard to know what's going through the other person's mind when they bought the coin. Maybe they were just stupid and wanted to make money for a better life, but didnt have any information. Telegrams and reddits of shitcoins are usually an echochamber of people convincing you that the coin will raise in value. For someone who is new to the space, they dont have the info as the people who have been here for years have. Seeing so many Doge memes roasting the people who bought at the peak made me recall the time I went through and I have sympathy for them. Some of them are delusional, yes, but that doesnt mean they're bad people, just lacking in information and crypto experience. Although I do have to admit, some of those Doge memes made me crack up, only because the face of the coin is an adorable chubby shiba. So, don't dwell on the loses and just take it as a learning experience. Crypto space is wonderful once you are familiar with it and there are so many people here willing to help others out. On the bright side, I came to see that some of my ICO coins are doing fantastic, especially Kyber Network and REN :) [link] [comments]  | ||
| Why pumps and dumps will scare many people out of crypto. Posted: 01 Feb 2021 01:04 AM PST The issue is that many people don't have a lot of basic knowledge about this space. Some feel they must just join a rising coin to the moon, meanwhile some rising coins are rising to fall back very fast. When newbies get entangled in such coins they begin to tag cryptocurrency as scam meanwhile crypto is not scam. Newbies be careful of pump and dumps so that you don't get discouraged. [link] [comments]  |
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