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    Cryptocurrency Daily Discussion - February 3, 2021 (GMT+0)

    Cryptocurrency Daily Discussion - February 3, 2021 (GMT+0)


    Daily Discussion - February 3, 2021 (GMT+0)

    Posted: 02 Feb 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 The prior exemption for karma and age requirements is no longer in effect.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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    Crypto for the win!

    Posted: 02 Feb 2021 09:24 PM PST

    Well, friends, a little over 7 years on the beautiful rollercoaster of crypto, I finally cashed out all my btc and eth because it's enough to pay off my house + capital gains taxes. I'll be back and rooting for crypto to continue growing and growing, but this was a milestone that I had set for myself and promised my wife if I ever got to this point, I'd pull the trigger. I've never broken a promise and never intend to, so I had to do it.

    Great luck to all and hopefully I'll be back in the game sooner than later! Crypto is the future and I know I'm missing out by what I've done, but I'm letting my heart win out over my brain this once to fulfill a lifetime goal.

    For anyone curious, I'm just some avg 39 yr old dude in Salt Lake City, UT, USA. Nothing special about me, just lucky and patient. 🙂

    I wish you all luck on your journey to the moon and beyond, friends!!!

    submitted by /u/QBD3v14nt
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    Just paid off my mortgage 20 years early and placed an order for my dream car. Thank you Ethereum!

    Posted: 03 Feb 2021 12:37 AM PST

    Long time lurker here. I've been in crypto for the last 4 years. In 2017 I held all the way through the bull market and then sat and watched my portfolio shrink to nothing as I was convinced the bull run had not finished.

    Fortunately I was patient enough and endured the whole bear market and yesterday with the new ATH of ETH I was able to sell enough to pay off my mortgage and place an order for my dream sports car.

    I havent spoke on here much but I have lurked in the shadows from the start. Your posts and memes have got me through the bad times and helped me keep hold of my portfolio. Thank you to you all and I hope you are all in a similar situation!

    submitted by /u/Dangeruk
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    75% of all US Dollars in existence were printed after Bitcoin was created

    Posted: 03 Feb 2021 12:12 AM PST

    For Crypto noobs - Why ethereum is a really big deal

    Posted: 02 Feb 2021 11:57 AM PST

    I was discussing this topic with someone new to crypto and thought I'd make it into its own post, hopefully it is useful to anyone starting out in the crypto space and provide some clarity in (relatively) plain english on how ethereum really is changing finance as we know it.

    ETH has enabled a few totally new things that really are revolutionary to the crypto space including:

    1. 'stablecoins', or more generally 'tokenized assets', cryptocurrencies whose value is pegged to the value of another asset, like the US dollar. (eg USDT/Tether, USDC, Dai) This allows crypto users to easily exchange their more volatile assets such as ethereum or any other 'ERC-20' token (basically a token created using ethereum and exists on the ethereum blockchain), into one that reliably maintains its value, while still having all the advantages of having a blockchain asset (eg secure, global, permissionless transactions).
    2. Decentralized, smart contract-based trading platforms, allowing users to trade while still maintaining full self-custody of their private keys unlike on centralized cryptocurrency exchanges. In other words you always maintain control of your coins, instead of needing to send your coins to the exchange to trade them. On top of that they never have any downtime during volatile markets like centralized exchanges. They also can't stop you from trading *cough cough* robinhood
    3. The development of decentralized, peer-to-peer lending/borrowing platforms. This allows users to earn interest on their cryptos or borrow cryptos. These loans are quite low risk due to them being overcollateralized loans, meaning that to take out a loan, you must post collateral, in the form of other crytpocurrencies that is more valuable than what you are borrowing. This means that people can invest in crypto in a low risk way, lending out stablecoins can yield >5% annual returns which, while much lower than what is possible with higher risk crypto investments, is still quite high given the risk profile, easily 10x the annual return of a savings account at a bank.

    These three things constitute a large part of what we call 'decentralized finance' or DeFi and right now they only really exist on the ethereum blockchain. Right now there is one major problem for both bitcoin and ethereum, scalability. Essentially, transaction fees are obsurdly high making it cost-prohibitive for most people to take advantage of these amazing new features. The good thing is, over the course of the next 1-2 years (potentially even in the coming weeks), we will be seeing the implementation of several major solutions to this for ethereum. Namely 'Layer 2' (L2) solutions (aka off-chain solutions), these allow users to make ethereum based transactions off the ethereum blockchain and onto a platform that can handle more transactions. The other solution to the scaling problem is ethereum 2.0. This is an improvement to the ethereum platform itself, making on-chain (as opposed to off-chain, L2) transactions much more effecient. With these solutions in place, we could be seeing transaction fees at <$0.01 and transaction speeds in <1 second. Unfortunately, at least in my view, we don't have the level of concrete development in this area of bitcoin, making the prospect of bitcoin scaling less likely to be coming soon.

    So as you can see, the future for ethereum is very exciting, and the things I mentioned really just scratch the surface in what is possible with ethereum. Hopefully, I have provided some of the DOGE noobs who just got burned with some knowledge on what really is so interesting about crypto - its not all just a pump and dump meme like doge, this stuff is real.

    submitted by /u/tokoloshe_
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    ETHEREUM breaks $1500...������

    Posted: 02 Feb 2021 06:04 PM PST

    Just woke up to Ethereum seeing that it broke $1500.

    Congratulations to veteran Ethereum hodlers.

    Congratulations to new investors.

    Congratulations to this sub for having mainly positive view on Ethereum.

    Ethereum to the moon....The rocket is leaving with or with out you. I already bought my first class ticket aboard the Eth rocket. Did you? Bullish hahahahaha

    submitted by /u/Clash_My_Clans
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    Is Uniswap more dangerous than we think?

    Posted: 02 Feb 2021 10:02 PM PST

    Edit: I apologize for the misleading title, I don't mean to discredit Uniswap or Ethereum (I love them both). This is a problem with decentralization that we as a community need to step up to the plate and address.

    I'm not quite sure how to flair this but I think this is an important conversation to have and I don't see anyone having it.

    The more I dig into Uniswap the more fake erc20 tokens I'm finding... im not going to list them all here but I've accounted over $50,000,000 in liquidity for FAKE tokens. For the sake of this discussion let's focus on just one, DOGE-ETH. Go ahead and check the pair on Uni and take a look at the "DOGE" ETH contract. For those unaware, DOGE runs on its own chain and it isn't a erc20 token. My only explanation is that someone created an ETH token, called it DOGE and deployed it to Uniswap?

    I'm an experienced trader, I've used Ethereum for many years and even I caught myself one click away from buying a substantial amount of a fake token I thought was legitimate (Polymath).

    What's bizarre is these fake tokens exist period. They follow the prices of the actual assets and I've yet to see a rug pull on one of them. To me this feels extremely unhealthy and makes me uneasy about Uniswap in general. It's like a house of cards ready to collapse and I'd hate to see the market devastated by the longer term repercussions on these fake tokens.

    What's even worse is that I've been actively reporting these tokens I find in the official subs of these projects I've discovered to be fake. Nobody seems to care. I've sent lengthy and detailed reports to multiple crypto journalists and editors. Not a single response and not a single article warning users about this.

    I've posted many times right here only to hear crickets. Literally, nobody seems to have any concern.

    I don't want to come off as a white knight here but I feel that people need to be aware of this phenomenon.

    Am I completely alone here, does anybody think this needs more attention?

    Fake doge pair: https://info.uniswap.org/pair/0xc0067d751fb1172dbab1fa003efe214ee8f419b6

    Fake doge contract: 0x4206931337dc273a630d328da6441786bfad668f

    Top holder appears to be slowly accumulating ETH by selling the fake doge minted to this address: https://etherscan.io/address/0xe77199646fe90725cbf01444813cdc4461e7102c

    submitted by /u/00100101011010
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    Remember, it's not healthy to pin ALL your hopes and dreams on crypto.

    Posted: 02 Feb 2021 10:58 PM PST

    I've been in crypto since around 2013 and as you can guess am a big fan. But I see a lot of posts, particularly at the moment, where people that are clearly unhappy with their lives are pinning their escape entirely on crypto.

    There's nothing wrong with dreaming of a better life and financial independence, but equally it's important not to put all your eggs in one basket. Don't fall into the trap of viewing crypto as a sure thing and stop developing other aspects of your life, whether that's looking for a better job, training or education.

    Bull markets don't last forever, and even if crypto does truly take you to the moon, it's likely to hit a few asteroids along the way. It will be much easier to emotionally deal with the ups and downs if you have your fingers in various pots, and other options to achieve financial success.

    So when you think about diversifying your investments, that doesn't simply mean buying some shitcoins to go with your BTC and ETH, or FOMOing into GME or the latest hot stock - it's about investing in yourself too.

    Take care out there everyone!

    submitted by /u/TrueSpins
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    Lost my job in October. Bought more ETH because I believed in the project. It just hit $1535 and I feel validated.

    Posted: 02 Feb 2021 12:44 PM PST

    I've been in the crypto space since 2017 but started investing more heavily in 2020. I lost my job in October due to the pandemic and its financial effect on my industry. I decided to buy more ETH because I strongly believed in this project and researched the hell out of it for 3 years, also followed every update religiously. Bought in around $350, and later for sub $600.

    I thought I was an idiot buying during a pandemic and a mild financial crisis that affected me and my family so heavily. But no, here we are guys validated for our choice. Feels good man.

    The best thing is that this is just the beginning for Ethereum. Stay on board! 🌕

    submitted by /u/Weaver96
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    The GameStop Stock Craze is Basically a $20+ Billion Ad for Bitcoin

    Posted: 02 Feb 2021 06:57 PM PST

    You are not holding shares, please understand this.

    Posted: 02 Feb 2021 03:36 PM PST

    I see so many new people saying they have "30 shares" of a coin or token. Let me clarify one thing for you:

    Coins are digital assets that run on their own native Blockchain. Examples of this are Bitcoin, Ethereum, Cardano and Polkadot.

    Tokens are digital assets that are built on top of a Blockchain. For example, LINK is an ERC-20 token build on top off Ethereum.

    Shares represent an ownership of a company. If Apple has 100 shares, and you own 1 share of those 100, you own 1% of Apple which makes you entitled to 1% of their Intellectual Property, Cash Reserves, Real Estate, etc.

    If you have a partial ownership of Apple, you have shares. If you have 200 LINK, then you simply have 200 tokens of LINK (a.k.a Stinkies) which does not entitle you to Chainlink's profit nor Sergey's burger trips.

    I also hope if you are new that you are playing with.. well, play money. With that being said, welcome to Crypto and I wish you the best. TO THE MOOOOOOOOON 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀

    submitted by /u/looperino_memes
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    Visa May Add Cryptocurrencies to Its Payments Network, Says CEO

    Posted: 02 Feb 2021 08:59 PM PST

    A New Investor's Guide to Cryptocurrency

    Posted: 02 Feb 2021 03:49 PM PST

    INTRODUCTION:

    With the recent chaos in the financial markets, both stock and crypto, there's been a massive influx of new investors to our community. As of the time of me writing, we're the number 8 fastest growing community on Reddit! I think it's important that we use this chance to educate our newcomers so that they'll be better equipped to navigate this often confusing space and hopefully be able to contribute to the discussion in the future.

    The objective of this post will be to explain some of the most important concepts that you'll encounter while investing in cryptocurrency. (I won't be covering the details of the technology in this post- for that, I recommend 3Blue1Brown's "But how does bitcoin actually work?" on Youtube. While it's tailored to Bitcoin, it explains the ins and outs of a basic blockchain.)

    VALUE FUNDAMENTALS:

    SPOT PRICE - This is the price that you frequently see associated with each coin. This is the price that you can expect to buy or sell at and have your order processed immediately. A "Market Buy" will immediately find you the lowest price seller, while a "Market Sell" will find you the highest price buyer. Alternatively, you can place a "Limit Buy" and name a price. For example, if coin X has a spot price of 140USD, you can set a Limit Buy for 135USD. This order will only execute once the price of coin X drops to 135USD or lower. The same applies to a Limit Sell, if the price rises to your chosen price or higher.

    CIRCULATING SUPPLY - This is the number of any given coin that has been placed into the open market. Bitcoin, for example, currently has a circulating supply of 19 million coins. This is also the overall supply, as there is no governing body that holds the coin in reserve. Stellar is an example of differing circulating and total supplies; while there are 22.3 billion Stellar Lumens circulating, there are a total of 50 billion in existence. This is because Stellar has a non-profit governing body that holds roughly 27.7 billion Stellar Lumens in reserve to use for development and promotion.

    MARKET CAP - This is the overall valuation of a cryptocurrency. Simply put, "Price x Supply = Market Cap". For example, if coin X has a spot price of 20 dollars and a supply of 20 million, the market cap would be 400 million dollars. This is a better indicator of value than just the price. For example, XLM has a current price of 0.34USD, while AAVE is priced at 301.56USD. This would lead one to believe that AAVE is more valuable overall but 1000x, but it actually has just under half the market cap of XLM (3.7B vs 7.5B) due to vast supply differences. This is the issue with the "DOGE TO A DOLLAR" claim. It looks possible because it's a 96 cent movement in price, but the reality is that DOGE would have to increase by 125 Billion USD in overall valuation.

    VOLUME - The number of coins traded over a period of time, almost always 24h. This is hard to provide concrete examples for, but is something you can get a feel for over time. A very rough explanation of this concept, is that higher volume trading is more representative of an accurate valuation. This is why you may see a coin's price drift around during off hours, then suddenly snap up or down along with comments in the daily thread saying "Europe just woke up!"

    MISCELLANEOUS TERMS:

    HODL - Long term holding, especially through dips. Running joke in the crypto community, but also good advice.

    DCA - Dollar Cost Averaging. This is an investing method where you buy small amounts over a period of time rather than a large amount all at once. This reduces your exposure to short-term volatility and is often recommended during dips.

    ATH - All Time High. A new highest price that a particular coin has seen.

    KYC - Know Your Customer. A set of regulations from governments that require exchanges to collect information on their customers. This is why you may be asked for your driver's license or SSN.

    DeFi - Decentralized Finance. An ecosystem of permissionless banking, loans, and trading largely based on Ethereum.

    CeFi - Centralized Finance. Banking, loans, and trading that require a central authority. Coinbase is an example of a CeFi brokerage, while UniSwap is an example of a DeFi brokerage.

    ERC-20 Token - Any of a variety of tokens that are based on Ethereum. Examples include BAT, OMG, etc.

    Hardware Wallet/Cold Storage: A method of storing cryptocurrency using a specialized external device that protects your private key from being exposed. You can access this wallet using your Hardware Wallet and PIN, or by putting your recovery phrase into any hardware wallet.

    YOU SHOULD KNOW:

    -NEVER SHARE YOUR RECOVERY PHRASE. No one with hood inteions will EVER ask you for this. If your recovery phrase is entered into any electronic device other than a hardware wallet, assume you've been compromised.

    -Do your own research. A lot of people are going to spam you with their favorite coin and pretend it has zero weaknesses. They do not care about you, they are trying to pump their coin.

    -Cryptocurrency is an extremely volatile asset. +/-20% days are very common. Don't panic buy, don't panic sell.

    -Do not invest more than you can afford to lose. The risks and rewards of crypto investing are both massive. On a related note, do not touch margin/leverage unless you are 100% sure what you're doing. You can and likely will lose MORE than you put in.

    -Not your keys, not your crypto. Some exchanges, such as Robinhood or PayPal, allow you to "buy" crypto but don't allow you to send or withdraw it. You do not own this crypto, you own the right to track the price of their crypto. It is strongly recommended that you use an exchange that let's you withdraw your coins to an external wallet.

    -Our daily threads run 24/7. If you want to bounce ideas around or join in the hype, hop on in. We don't bite.

    -NEVER SHARE YOUR RECOVERY PHRASE.

    CONCLUSION:

    This is generally a friendly and welcoming community. If you have any questions, please feel free to ask here or in the daily thread and myself or someone else will be more than happy to help you. In the near future, I plan to do this kind of post covering individual currencies. Let me know if you have suggestions or things you'd like to see.

    Good luck and happy hodling.

    submitted by /u/OzyQ
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    With the recent influx of new users - I decided to post a guide to Pump and Dump schemes - what they are, how to avoid them and how to move on from them

    Posted: 02 Feb 2021 12:05 PM PST

    TLDR: Following the recent DOGE and XRP situations, and our influx of new users - I have decided to put together a quick guide on what a pump and dump is, how to spot it, how to avoid it, and what to do should you fall for one. This is just my thoughts on the issue and by no means exhaustive. I welcome comments and my biggest recommendation if you fell for one of these schemes is to accept it, address your emotions, seek support - either by those around you or here if you feel more comfortable, then commit to educating yourself.

     


    Summary:

    A pump and dump scheme is where a group of people pitch a coin (or stock) to other people to spike short term volume, and therefore the price, in order to profit from selling their own supply at the higher price to the newer investors.

     

    How to spot a PnD:

    • Promises of huge gains

    • Forced short time frames to make a decision

    • No discussion of risk - or questioning permitted

    • The opportunity finds you, you don't find the opportunity

    • Comparison to recent success stories - e.g. GME (dubious whether this will even be a success long term for individuals)

      Tips to avoid - see below but the main two for me are:

    • Recognise emotional decision making, in yourself, and when it comes from others (people you may normally trust). You need to recognise this behaviour, and cut it out at source. To step back and breathe.

    • Ask yourself, what are they selling me on, and why? If they find you, you are being sold. That is all there is to it.

     


     

    What is a Pump and Dump scheme?

      A Pump and Dump scheme (PnD from here on in), is where an investor, or group of investors promote a coin they already hold (or are purchasing) in order to cause positive sentiment and the price to rise. At this point these investors will then sell their coins to the newer investors, causing the price to crash and leave the people who fell for the PnD with a large potential loss, or coins which are now worth a lot less than the price they paid for them.

    These are not new and were traditionally done via phone call. If you have watched the Wolf of Wall Street, or similar films about penny stocks, you have seen this stuff in action. If you are buying, you are the retail investor who gets taken for a ride.

    With the recent influx of new users to this site, and following the PnD schemes surrounding Doge and XRP, lets take a look at how to spot a PnD scheme

     


    How to spot a PnD scheme?

     

    • Promises of huge gains, in a short amount of time. If it sounds too good to be true, it is. In crypto (and stocks) if someone is talking to you about something, they are selling you their position. If it is positive - they likely own it, if it negative - they either want prices to fall or they hold a competitor. Ask yourself, why someone would be going out their way to tell you something is a once in a lifetime opportunity? If it was, they would be keeping it secret and accumulating themselves. These people are salesman, and you are the one buying the bullshit

    • Linked to the above there is often a time element - 'get in quick, or you will miss it', they are relying on your impulsive decision making to jump in - they are manipulating you to over ride the logical part of your brain which makes decisions based on information and context

    • There is no discussion of any potential risks or downsides, and you are removed from groups or harassed for asking basic questions - this is a hive mind at work, and you are being censored from raising any concern or legitimate question.

    • There may be reference to 'how this time is different', or it plays on recent successes which are in no way comparable - e.g Game Stop - anyone who paused for a second would realise why not only was financially the short squeeze on GME completely different, but also the moral stand point was too. XRP, for example, is a centralised system which enriches the founders beyond belief. Yet these groups tried to ride the sentiment of GME to convince others to join - as a show of rebellion and alliance.

    • Social media storms are cooked up, it seems like out of nowhere this is all anyone can talk about - when has this ever proven a successful decision? Once everyone is talking about it, you are already too late. You may not lose money, if you are lucky, but you are still the one being duped. Again this is feeding on emotion and Fear of Missing Out. There will be groups created and ran by mods who run them like cults - no talk of anything but price going up is accepted.

    • There is a time or plan attached - e.g. Pump and Hold at 8:30. For the love of god, if this is the case, sell before then. All the leaders of these groups will have done. All of these public announcements are done again to create legitimacy and make you feel at ease - as a collective.

    • Generally any concept of 'we are in this together', coming from a group trying to actively push up the price of something short term = PnD. You are not in this together, markets are competitive - they are survival of the fittest whether you like it or not. They want your money, when you listen to them - you are basically offering to hand it over. People invest to make money, especially when the entire premise is pushing a price up to get rich. They do not want what is good for you, they are using you and they will take your money if you allow them to. They are telling you, because you are the opportunity - not the coin.

    • Be aware, people telling you to hold and buy more, are using you. They want you to push the price back up so they can sell. If you are in these groups - on social media, be aware you may be talking to bots, or at the least people who are trying to dump on you. When it drops, get out.

     


     

    How to avoid PnDs in future

     

    • 'Why are they telling me this?' - this is the first and main question to ask yourself. What does the person sharing the information have to gain from telling me? In this case - you invest and push the price up, allowing them to make greater profit. Understand why they would be sharing details with you - if it such a great thing, why are they sharing it?

    • if it is a friend telling you, ask for more information - why it is doing well, what the plan is etc - if they can't explain it properly, this is a big red flag and they likely have fallen for it too.

    • Look out for how someone talks to you about it - is it emotionally driven, does it make you excited? scared to miss out? - This is exactly when you need to step back, breathe and ask yourself if you are thinking correctly. Emotional decision making is not a good thing here, and then ask if they are intentionally trying to get an emotional reaction out of you? (see the above - FOMO, get rich quick etc)

    • Is there any room for nuance? Are you able to discuss the potential cons or risk? If you are laughed at, or harassed, others are told to ignore you (he won't be getting rich, weak hands, pathetic seller) - this is a huge sign that you are investing in something where no other thoughts are allowed. The reason for this, once you are out the bubble - logic returns and you see the smoke and mirrors for what they are. PnD groups work like a cult, only one form of thinking is allowed, everything else is censored.

    • Did this come out of nowhere, do I even know anything about this? If you don't know anything about it, except it makes money, don't invest in it. This is a terrible decision for two reasons. Firstly, and most obviously, you have asymmetric information - you have no idea why and what you are buying, therefore can't make an informed decision - only an emotional one. Equally, this kind of thing pushes panicked, emotional selling. When you don't know fundamental reasons why you invest in something, when the price dips you will sell. Why? because when your brain asks you the question 'shit it is dropping, what do we do?!' - your logical brain won't have an answer, because you never gave it the information to form one. This second part is more relevant to regular investments, not PnDs of course, but is worth bearing in mind before you invest in anything.

    • Was the coin relatively stagnant, or has it dipped recently? PnDs typically target coins which haven't moved much recently, or have lower trading volume, this allows for a much easier spiking of the price due to a small change in demand equalling a big change in price. If you look at the charts and it was doing nothing until this big flurry of activity - you are being taken for a ride.

    • Look for the news, if it is pumping, don't listen to people inside the group - search for reasons why something is pumping. If you can't find anything of value, there probably isn't anything, and you are gambling on emotional decisions.

    • The opportunity finds you, you don't find the opportunity. Getting rich off 'undervalued' coins, or finding a hidden gem is not easy. They are hidden for a reason. If someone is coming to you with this, remember they are selling. You are buying.

    • If someone does approach you, talk to someone else outside of the bubble - find another group e.g. r/CC, or other investors - talk to them, get outside perspective before investing.

    • look for examples of populist sentiment. Do you hear things about an other? - e.g. haters, those missing out who are jealous. Are you made to feel like you are part of a special group? The ones with insider information? This is a lie, it is very very common manipulation within populist movements, cults etc - to create a narrative of an other to entrench tribalism within the group. This is done to make you switch your brain off, to rule on emotion.

    • is there a recent comparable story that was successful? e.g. GME (yes this isn't the same at all in reality, but the story being sold is - or at least plays on the hype of GME). If there is, you are being played. The real opportunity, just like the hidden gem, is the first one. When people tell you this is happening again, they are simply using the positive news from one case and applying it to their own - often because it lacks any actual, real, tangible reason for succeeding or being a good investment.

     


     

    I fell for a PnD, what next?

     

    Have you sold yet - No? Are you in profit? Sell. Whilst you still can. Greed will tell you not to, and perhaps you can eek out a little more money. But you are gambling, and gambling extremely high risk against people trying to take all your money.

     

    Yes, you have sold. Did you make a profit? Yes - great. You are still a an idiot, just a lucky one. Tell yourself that. There is a difference between opportunist traders taking advantage of PnDs and someone getting lucky and getting out before it collapses. Do not confuse the two. The first group know what they are doing (and they may still lose, but they are aware of the real risk). You are fucking lucky. Don't do it again. So count your blessings, go through the same process of learning about PnDs and begin to understand why you fell for it, how to avoid it in future and realise you are up - you won. Don't go back in, you are asking to lose.

     

    Yes you have sold? Did you make profit? No? Ok, this is normal - 90% + of people doing this will end up in the same situation.

     

    • Recognise and accept your mistake. Do not feel ashamed of it, it is ok. You were played, it happens to all of us in our lives at some point.

    • Step away from whatever device you used to invest. DO NOT ATTEMPT TO WIN IT BACK RIGHT AWAY. You will most likely make things worse, investing again on emotions - even worse emotions now, shame, anger, disbelief.

    • Talk to the important people in your life if you feel comfortable, if not, come here or to other anonymous groups for support. It is important to share what happened, to vent emotionally whatever it is you feel.

    • Realise it is only money, even if gambled way more than you should have done, long term you will get out of this. Focus on other areas of your life for the time being - emotional investment, fulfilment and development - seek out things which may centre to your emotions again, whatever that may be - getting out in nature, cooking, reading, adrenaline sports - whatever the shit you need, do it.

    • Consider who, if anyone needs to know. Did you borrow from you and your wife's joint account? Accept a loan from a mate? These people need to know the truth. Do not hide it and hope to win it back. Tell the truth. They deserve it.

    • Do not repeat the same actions, if you want to win long term from this - you need a different approach. Step away from the high stakes casino and figure out long term strategies to make money.

    • Learn to diversify and manage risk. You are taking a huge gamble going all in on something - even if it isn't a scam, you need to protect yourself through diversifying your investments. Get rich quick schemes are the fastest way to lose money.

    • Educate yourself on these behaviours - I would recommend 'Thinking Fast and Slow' by Daniel Kahnemann as a personal favourite. This book helps to look at and address the biases that make up our emotional decision making, and learn how to recognise these and instead 'think slow'. You won't regret reading it.

    submitted by /u/Anhowa123
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    Ethereum now ranked #55 asset globally by market cap

    Posted: 02 Feb 2021 07:54 PM PST

    Today Ethereum jumped up 8 spots in the rankings to become the 55th largest asset globally by market cap ($176+ BILLION), now sitting directly under Vanguard's S&P 500 ETF (VOO). Surpassing the likes of McDonald's, Texas Instruments, Chevron, T Mobile, et al.)

    By contrast, Bitcoin is ranked #10 globally by market cap ($672 BILLION)

    https://assetdash.com/

    submitted by /u/stokednsteezy
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    My crypto gains are finally high enough to pay off my mortgage and my wife's boyfriends mortgage! Thank you Ethereum and Bitcoin

    Posted: 03 Feb 2021 03:41 AM PST

    But did I sell? Hell no I HODL! I did HODL in 2017 and I will HODL in 2021 and beyond. I will HODL to the day I can send my bank 0,2 BTC and it is enough to pay off my mortgage, my wife's boyfriends mortgage and buy them a decent car. I will HODL to the day my boss (Wife's new bf) tells me I can choose to get my salary in worthless FIAT or Bitcoin. I will HODL to the day the IRS begs me to pay my taxes in Bitcoin instead of worthless USD. I will HODL to the day President Ivanka Trump and First lady Jared Kushner invites me to the White House to honor me for my long and faithful HODL over the years. And at that day I will rest...

    submitted by /u/Tellabobbob
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    Anyone else feel bad for the newbies getting burned?

    Posted: 02 Feb 2021 05:06 PM PST

    I was scrolling through the various dogecoin subreddits and came across a post of someone that had put $5k into Doge at 0.08.

    All they had to say was (something like) "🚀🚀🚀 MOON🚀🚀🚀🌚HOLD!🚀🚀")

    Check their profile and turns out they FOMO'd some money into GME.

    To all the newbies, stop trying to chase pumps. You wont get rich over night.

    No, dogecoin is not the next Bitcoin.

    No, Dogecoin won't go to $1.

    It's literally a meme.

    Sure, you can make some money off of it, but you gotta be quick and smart with your money.

    Do your own research and make safe investments.

    submitted by /u/ItReallyB_LikeDat
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    If you're new (like me) and trying to understand the technical concepts at the heart of cryptocurrency, this 26-minute video by 3Blue1Brown does an absolutely stellar job of explaining the basics

    Posted: 02 Feb 2021 06:55 PM PST

    How many people here are just starting out with crypto?

    Posted: 03 Feb 2021 01:33 AM PST

    What are your goals and what are you currently investeded in / what do you look to invest in in the future?

    Also, people who aren't so new, what advice can you give to someone who's just starting out with crypto?

    Personally, I put a few hundred into BTC earlier this year but lost 2/3rds of it.. Then put my remaining into doge when it was up 200% and made all of my money back +$500 when it reached +800% which I then put into xrp (because I'm stupid and fell for the pump and dump scam).. Lost $200 and now my goal is to slowly add to my wallet every pay check or spare change I have.. Currently investing mostly in ETH, have a small amount in USDT (for stability) as well as a small amount in XLM, DOT + ADA.

    Are there any undervalued coins you'd suggest I invest in or should I keep investing in ETH?

    Also unsure if I should invest in BTC again.. I have been warned that it's not wise due to high volatility.. But I also don't mind a bit of risk (made a few grand off the GME hype but am now down 500 from buying more at $330).

    submitted by /u/repostssleuthbot
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    Mark Cuban shills crypto in WSB AMA, and uses longer term BTC holders as great examples of why understanding the fundamentals of your investment is key to being able to hold through tough times.

    Posted: 02 Feb 2021 06:04 PM PST

    If you guys haven't check out the AMA with Mark Cuban in WSB, I recommend it. He talks about crypto and blockchain tech quite a bit in there, and uses BTC long term holders as a good example of why it's important to understand what you are invested in. He basically said that those that bought crypto and understood its fundamentals, where able to weather the storm of the crash and continue to hold for a 2 year brutal bear market, and out now reaping the rewards of that conviction.

    I think this is an important point. Having faith in your investment is key for a long term hold. To have faith in something requires you to spend the time to learn its fundamentals.

    I've been holding since 2017 and during the bear market the only coin I would buy up from time to time was ETH because out of all crypto, ETH just makes the most sense to me as far as having a tremendous value due to its utility. So when there was fear all around and blood on the streets, I felt confident in buying up more ETH sub 150.

    He makes a lot of other very good points about investing that I think apply to not just the stock market, but to crypto as well. Worth a read through.

    Obligatory 🚀🚀🚀🚀 for ETH new ATH today. I hope you all are enjoying the win.

    Link for the lazy

    submitted by /u/Aurtach
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    I bought Eth. OH SNAP!

    Posted: 03 Feb 2021 12:05 AM PST

    Since i saw everyone and their neighbour celebrating ETH ath, I decided to crash the party. I have the sole power in the world to short any crypto by just buying it. So, there go you. Expect ETH to drop in the next few hours and thank me for helping you buy the dip. Cheers!

    submitted by /u/flame_ftw
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    [SERIOUS] Don't just buy and wait. We can do much more to actually increase crypto value

    Posted: 03 Feb 2021 02:25 AM PST

    TLDR: Adoption will always be more beneficial long term than any whale buying large amounts of crypto right now. Do your part.

    Do you sell anything online? Art, software, used underwear? Set up a crypto payment method. This is not a technical post, people in the comments, please help me out, what are the easiest ways to set this up?

    Do you know anyone else with an online shop? Tell them about how small online shops increased their sales by adding crypto as a payment method. Teach them how to set it up.

    Create even more incentive. Give a small percentage or fixed amount discount for crypto payments. Same amount you'd normally have to pay to Paypal. People don't know that it's the same to you.

    You don't sell anything? Don't worry malaka, me neither. There's still A LOT you can do. How do you settle who pays for dinners and strippers between your friends and family? Cashapp? Ask them to accept or send crypto. The ETH fees are unusually high rn, don't get discouraged by that, it'll pass; and even so I think it's a price worth paying. Most people won't sell their new crypto right away or at all, and if that's money you'd pay anyways, you basically just got your friend to buy that amount of crypto. Congratulations!

    You don't have any friends? LOL but no worries though! Whenever you buy/sell second hand stuff (and you should, come on) you can ask/offer to make the transaction in crypto. This made me sound like a scammer 3+ years ago, but now it's a completely different story. Just keep asking. Offer a little discount maybe, they're basically making you a favor. Just point them to Metamaks or whatever your favorite instant-setup wallet is (people in the comments, you know what to do, please give me one for BTC too).

    This will create a network effect much more stable and long lasting and attract much more serious people than a get rich quick narrative.

    P.S. For the slowerer, more gule-sniffy types out there, I should explain: The [SERIOUS] tag is just my way of expressing the post quality we've been having here lately. I'd love to have a SHITPOST tag/flair imposed on some of these posts. Any web dev mods around? Wink wink

    Edit: I forgot to include the content creators. Enable BAT and add a Donate Crypto button! You can only gain from this move

    submitted by /u/octafbr
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    So ETH just crossed $1500 and I decided to check how accurate this sub was to predict it 3 years ago

    Posted: 02 Feb 2021 02:44 PM PST

    I found a really cool post from 3 years ago on this subreddit wherein people were predicting when would ETH reach $1500. Most of them were agreeing with within 5 years.

    https://www.reddit.com/r/CryptoCurrency/comments/6px9f0/eth_at_1500_in_how_long/?utm_medium=android_app&utm_source=share

    It's so cool to take a trip down the memory lane and see how far we've come. And best of all, ETH has surpassed all of our expectations.

    submitted by /u/sanjaydgreatest
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