• Breaking News

    Tuesday, February 9, 2021

    Cryptocurrency MEGATHREAD: Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products

    Cryptocurrency MEGATHREAD: Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products


    MEGATHREAD: Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products

    Posted: 08 Feb 2021 05:29 AM PST

    Tesla announced in an SEC filing Monday that it bought $1.5 billion worth of bitcoin.

    The company also said it would start accepting bitcoin as a payment method for its products.

    CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.

    https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

    Link to SEC Filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/1318605/000156459021004599/tsla-10k_20201231.htm

    In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt. We believe our bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavorable at the time when we want or need to liquidate them.

    Other sources:

    https://www.bloomberg.com/news/articles/2021-02-08/tesla-invests-1-5-billion-in-bitcoin-plans-to-accept-cryptocurrency

    https://techcrunch.com/2021/02/08/tesla-buys-1-5b-in-bitcoin-may-accept-the-cryptocurrency-as-payment-in-the-future/

    submitted by /u/MediumAdhesiveness5
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    Daily Discussion - February 9, 2021 (GMT+0)

    Posted: 08 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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    Reminder: Robinhood blocked several stocks from being bought. They locked the buy button when it suited them. Don't buy Bitcoin on Robinhood. The dust has settled, but we remember.

    Posted: 08 Feb 2021 05:55 PM PST

    Stop fucking around with these corporate hacks, whether you're in the US, the UK or wherever else Robinhood exists. Tell those leeching fucks on Wall Street to get the fuck out your business, they are obsolete and have no actual use to you now there are plenty of competitors.

    submitted by /u/jackvilles
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    If Bitcoin doesn't hit $69,420 in 2021, I will eat a carolina reaper January 1st 2022 and post it on here.

    Posted: 08 Feb 2021 04:33 PM PST

    I made 7500 USD on UNISWAP and I didn’t even know it !

    Posted: 09 Feb 2021 02:27 AM PST

    Craziest story of my life. How I made 7500 dollars while chilling at home at 2 AM In the morning. I am an amateur crypto trader. I buy and sell all the time and I spend hours digging looking for new coins to buy. Last year I used uniswap to buy a token that was only available there. it was only one transaction and I didn't really care much and totally forgot about the app. Fast forward to today , I decided to get back into crypto. I did some homework and found a couple good gems to buy on uniswap so I decide to open the app.

    I initiated the transaction and I looked down to a button that says uniswap. I didn't know what it was so I ignored it and my transaction failed. So I tried again and I was like meh I'll just click it and see what it's in it.

    As soon as I open it and I get the message "claim your 400 UNISWAP" and I was completely shocked.

    I owned the 400 from the airdrop since last year and I didn't even know it!!!! And I rode it from 2 dollars all the way to 19.55 today! Imagine if I found out about it sooner I would've probably sold around 3 or 4 dollars (I know myself) but instead I rode it like a champ at a 524% increase ! Holy fucking shit. This just happened a few minutes ago and I thought this is the place to share such story

    Edit: earlier today my wife and I were stressing about our 1 bed room apartment since we have a baby coming on the way. We were planning to buy a house in August but this money will pull our date to may which will be perfect and right before our baby gets here! I am very grateful and I CANT WAIT to tell my wife in the morning.

    Edit2: my wife is getting a fat valentines gift

    submitted by /u/thekcoinz
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    For the newcomers: the top 50 Cryptocurrencies, each explained with one sentence.

    Posted: 09 Feb 2021 04:03 AM PST

    I tried summing up the top 50 altcoins in 1 or 2 sentences. It is not perfect and you obviously shouldn't make any decision based on this list, but hopefully it will help newcomers find some projects they're interested in and understanding a little bit better this technology.

    If something is wrong or misleading, feel free to comment and I'll edit the post. Obviously in 2 sentences is hard to describe the whole project idea, but I tried my best.

    1. Bitcoin (BTC): the original. According to the creator (or creators?) Satoshi Nakamoto, it was created to allow "online payments to be sent directly from one party to another without going through a financial institution."
    2. Ethereum (ETH): Ethereum is the wonder child of crypto, acts as an infrastructure for most decentralized applications. Introduces smart contracts, which are like programs with specific procedures that, once deployed, no one can change.
    3. Tether (USDT): a stablecoin tied to the dollar (so Elon, please don't try to pump it)
    4. Polkadot (DOT): open-source protocol aimed at connecting all different blockchains and allowing them to work together, allowing transfers of any data.
    5. Cardano (ADA): Another blockchain, trying to improve scalability, interoperability and sustainability of cryptocurrencies. Those who hold the cryptocurrency have the right to vote on any proposed changes in the software.
    6. Ripple (XRP): centralized coin, most people don't see a future for it after SEC went after it.
    7. Binance Coin (BNB): coin associated with the Binance exchange, so valuable since it is the most popular centralized exchange.
    8. Litecoin (LTC): Bitcoin's cousin, with faster transactions and lower fees.
    9. Chainlink (LINK): the main idea is to LINK smart contracts with real-world data, verifying that this data is correct.
    10. Dogecoin (DOGE): Wow, such high ranking! (Okay, now please let's get Stellar back in the top 10).
    11. Bitcoin Cash (BCH): fork of Bitcoin (so a copy with some differences), which tries to lower transaction fees and increase scalability but has been surpassed technology-wise by many other coins aiming to do just the same.
    12. Stellar (XLM): talking about currencies, XLM is one of the coins aiming to do just that, with fast processing times and low fees. It has also already become a stablecoin! (I'm kidding).
    13. USD Coin (USDC): another actual stablecoin tied to the dollar, like USDT.
    14. Aave (AAVE): take a bank and make it decentralized, where the liquidity comes from the users and they earn fees from borrows. This is Aave.
    15. Uniswap (UNI): Another DeFi like Aave, but this time it's an exchange like Binance, just decentralized.
    16. Wrapped Bitcoin (WBTC): It's just bitcoin wrapped in ethereum to be used in DeFi applications.
    17. Bitcoin SV (BSV): Bitcoin Scam Variant
    18. EOS (EOS): another blockchain, aimed at being highly scalable for commercial use. It aims to make it as straightforward as possible for programmers to embrace the blockchain technology.
    19. Elrond (EGLD): Blockchain architecture focused on scalability and high throughput, achieving this by partitioning the chain state and an improved Proof of Stake mechanism
    20. TRON (TRX): have you seen Silicon Valley, when they try to create a decentralized internet? Yeah, Tron's founder is Richard Hendricks. It is also one of the most popular blockchain to build decentralized applications on.
    21. Cosmos (ATOM): several independent blockchains trying to create an "internet of blockchains".
    22. NEM (XEM): instead of controlling just money, you can control stock ownership, contracts, medical records, and stuff like that
    23. Monero (XMR): if you need drugs
    24. THETA (THETA): decentralized video delivery network (peer-to-peer streaming). The token performs various governance tasks within the network.
    25. Tezos (XTZ): another blockchain for smart contracts, but more eco-friendly and overall trying to encompass different advancements introduced by different blockchains in a single protocol.
    26. Terra (LUNA): aiming to support a global payment network, it tries to create a decentralized stablecoin with an elastic money supply, enabled by stable mining incentives. Its related stablecoin is TerraUSD
    27. Maker (MKR): MakerDAO is the company behind DAI, one of the most famous stablecoins. MKR is a token that allows you to receive dividends and vote in governing the system.
    28. Synthetix (SNX): protocol on the ethereum blockchain aiming to allow trading of derivatives (shorting or going long on a certain asset).
    29. Avalanche (AVAX): open-source platform aiming to become a global asset exchange, where anyone can launch any form of asset and control it in a decentralized way with smart contracts. It claims to be lightweight, with high throughput and scalable.
    30. VeChain (VET): a blockchain focusing on business use-cases more than on technology, bringing this technology to the masses without them even knowing they're using it.
    31. Compound (COMP): It's the Bitcoin of DeFi. It was the first-mover and without him many other projects wouldn't be around today.
    32. IOTA (MIOTA): open-source decentralized cryptocurrency engineered for the Internet of Things, with zero transaction fees and high scalability since it uses a blockless blockchain where users and verifiers of transactions are the same (it may sound wrong but it's actually a genius concept, impossible to sum up in a single sentence).
    33. Neo (NEO): Blockchain application platform and cryptocurrency for digitized identities and assets, aiming to create a smart economy. It was one of the coins that suffered most after the 2018 bull run.
    34. Solana (SOL): another blockchain aimed at providing super-high-speed transactions. It claims to be able to process 50k transactions per second and be perfect to deploy scalable crypto applications.
    35. Dai (DAI): the stablecoin of MakerDAO, tied to the dollar.
    36. Huobi Token (HT): it's the official token of Huobi (a centralized exchange), providing advantages similar to BNB (Binance's), for example fees discounts.
    37. SushiSwap (SUSHI): a clone of UniSwap (so a decentralized exchange), where there's a token (SUSHI) given as an additional reward for liquidity providers and farmers.
    38. Binance USD (BUSD): Stablecoin issued by Binance, tied to USD.
    39. FTX Token (FTT): It's a token related to FTX, a platform allowing you to trade leveraged tokens based on the Ethereum blockchain. The token allows for lower fees and socialized gains.
    40. Crypto.com Coin (CRO): the token of Crypto.com public blockchain, that tries to enable transaction worldwide between people and businesses.
    41. Filecoin (FIL): a decentralized storage system, trying to decentralize cloud storage services.
    42. UMA (UMA): it builds open-source infrastructure in order to create synthetic tokens on the Ethereum blockchain
    43. UNUS SED LEO (LEO): another token, this time related to the iFinex ecosystem which allows you to save money on trading fees in Bitfinex.
    44. BitTorrent (BTT): BitTorrent is a famous peer-to-peer file sharing platform. It is trying to get more decentralized by introducing its token, which grants you some benefits such as increased download speeds.
    45. Celsius (CEL): Celsius is one of the first banking platforms for cryptocurrency users, where you can earn interest, borrow cash and make payments/transfers. The CEL token grants you some benefits such as increased payouts.
    46. Algorand (ALGO): Algorand is a blockchain network aiming to improve scalability and security. ALGO is the native cryptocurrency of the network, used for a borderless economy and to secure stability in the blockchain.
    47. Dash (DASH): It is a fork of Litecoin launched in 2014, focused on improving the transaction times of the blockchain and become a cheap, decentralized payments network.
    48. Decred (DCR): it is a blockchain-based cryptocurrency aimed at facilitating open governance and community interaction. It achieves this by avoiding monopoly over voting status in the project itself, giving to all DCR holders the same amount of decision-making power.
    49. The Graph (GRT): Trying to become the decentralized Google, it is an indexing protocol for querying networks like Ethereum. It allows everyone to publish open APIs that applications can query to retrieve blockchain data.
    50. yearn.finance (YFI): part of the DeFi ecosystem, it is an aggregator that tries to simplify the DeFi space for investors, automatic the process of maximizing the profits from yield farming.
    submitted by /u/Layneeeee
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    Cardano (ADA) - What, How and Why?

    Posted: 09 Feb 2021 02:19 AM PST

    Since a lot of people asked for a more deeply and easy explanation about Cardano and what it has to offer in my last post, I've tried to explain each point from an easier point of view. Also, I'm not trying to shill Cardano, but IMO it's one of the best projects to invest in. This research was possible not only thanks to me, but also to other users who constantly try to show the benefits of Cardano while explaining it in a way almost everyone can understand.

    I can do this for other projects (ETH, DOT, however I think you don't need to understand what ETH is capable of, I might do something along the way about the 2.0 rollout), if you are interested in that, just comment below.

    I hope this is seen as a contribution to the community, especially for new members since we've been having an superb influx. I want to promote debates and discussions and I will always focus on it, so I hope I'm doing this the right way.

    For those that don't know the project, here's what Cardano offers:

    Most decentralized and secure, Blockchain to date once D=0 in March 2021.

    It is already one of the most active chains. Check the transaction volume 24h and its fees, you can compare the transaction volume and fees with ETH and BTC's fees to have an idea.

    You can check its roadmap here.

    Fast, robust, built to scale, on-chain democracy through voting, open to all - In a Proof of Stake system, users "vote" for a block solution. The power of this vote is proportional to how much cryptocurrency they stake.

    Under PoS, a person who owns 10 coins has 10 times more "voting power" than someone who owns a single coin. If the person holding 10 coins votes that block A is correct, while the minority coin holder votes on block B, block A will be chosen as the new blockchain tip.

    Advanced PoS cryptocurrencies such as Cardano offer an additional possibility: users can delegate their voting power to other users. It's like forming a "political action group" during elections. A single user may not have much power, but they gather in groups in order to influence the elections.

    The best network stack, meta-data implementation in the industry. Extended-EUTXO, fantastic UI/user experience through fullnode/lightnode wallets, cold staking through your own wallets. The UTXO model is a core pillar of the open accounting system that Cardano is based on. While understanding the model is non-intuitive at first, it is helpful to think of a metaphor to get a better grasp of how UTXO works. In this case, the thought of a tree with many branches growing from the previous branch is a helpful thought. Through this UTXO method, it is very easy to keep track of ownership of funds. While Bitcoin invented UTXO's use in a blockchain setting, Cardano is building and evolving on this model by incorporating smart contracts into UTXO, while also offering scalability, sustainability, and interoperability with other legacy systems and blockchains. This creates powerful, decentralized ways to securely model financial contracts and send money in an open and distributed blockchain like Cardano.

    Hard Fork Combinator, seamless upgrades/hardforks. A combinator is a technical term used to indicate the combination of certain processes or things. In the case of Cardano, a hard fork combinator combines protocols, thereby enabling the Byron-to-Shelley transition without system interruption or restart. It ensures that Byron and Shelley ledgers appear as one ledger. Shifting from BFT to Ouroboros does not require all nodes to update simultaneously. Instead, nodes can update gradually, in fact, some can run Byron blocks, others - Shelley blocks.

    The hard fork combinator is designed to enable the combination of several protocols, without having to make significant adjustments. The current Cardano chain combines Byron and Shelley blocks, and after future transitions, it will also combine Goguen, Basho, and Voltaire blocks - all as a single property. This combinator facilitates the transition from Shelley to Goguen and beyond by simplifying the previous Byron-to-Shelley evolution.

    Cross chain and cross code communication for interoperability with little to no cons.

    NATIVE Assets + ERC20 Bridge converter. Actually done right, nothing like simple "wrapped assets".

    Native-Assets capable of benefiting from the EUTXO, integration with projects treated as first class citizens, capable of using all of the tools built on ADA without custom integration/smart-contracts.

    Fantastic well thought out strategic partnerships, with the goal of providing decentralized finance to those who need it the most. (Africa - Ethiopia deal).

    Verifiable KEVM Solidity contracts. (It will do everything Ethereum does better, literally, more secure smart-contracts through K, without miners/fees, fast transactions.)

    Mantis framework, smart-contract deployment without code.

    Supply-chain tracking (Beef-chain).

    For verifiable products, tracking and authenticity validation on-chain.

    It's own smart-contract language next to KEVM.

    Plutus smart-contract language, in development for years by the same people who created "Haskel" used by Entrepreneurs and Banking systems over the world, as well as Java and Go.

    Plutus cross language supporta, multiple smart contract languages, anything can be added as a supported language thanks to the Mantis Framework. IELE think: (Java, lua, rust, C++, C# ..)

    Built to run Lightning/Hydra from the base layers/foundation.

    Ada's hydrascaling is unlimited tps. Goes up by 1k with each pool. So at current pool count ada will scale to over 1.4 million tps up to n. Even the base layer right now is 10X faster than eth.

    Multi oracle solution. Developers have no shortage of choices and it will allow any additional oracle providers to integrate.

    Sonic, snarks in the near future as well.

    Community voting for funding projects from the built in treasury, as incentives for developers to pitch their idea to the community before receiving funding.

    (Already happening, over 100 million dollars in the Cardano Treasury and growing every Epoch.)

    Decentralized reusable identity, provided through use of verifiable entities.

    153000+ User delegates

    Decentralization incentives, stable roi without required hardware or electricity, no lockup.

    Decentralized voting through the built in wallets, that provides rewards as an incentive to participate and use your voting rights - Delegating stake pays out rewards in ada, but the actual amount you receive will change depending on several factors.

    For example, delegating to a pool which has a relatively small amount of ada staked to it—or where the pool operator has set a mediocre rewards percentage—is likely to result in fewer rewards over time.

    1450+ Nodes/Validators/Pools - In order to vote for every single block that's created, users would need to keep their wallets (full nodes) online 24x7.The Cardano system wouldn't be able to wait for users to decide to turn on their PC's at random times.

    Imagine the entire ADA network locking up, waiting for Johnny to get home to restart his ADSL modem somewhere across the world just so he could verify a block! It just wouldn't work.

    To solve this problem, PoS gets one more letter as a prefix : D. DPoS stands for Delegated Proof of Stake and, as the name suggests, it means users can delegate their votes to someone else. Say Johnny has 1 million ADA coins just sitting on his wallet. These coins have vote power in Cardano network decisions, but as we know Johnny is terrible at keeping his computer running. So he delegates his 1 million ADA to a staking pool. The staking pool is a well-administered, secure and high speed Cardano full node which runs 24x7, 365 days a year. A Cardano staking pool is still just a regular full node though!

    71.6% Supply delegated.
    100% decentralization is expected to be achieved in March 2021.

    Built on solid foundations by some of the best people in the industry, who have been working/planning this for over half a decade.

    Incredibly strong and passionate community, mature, focused on providing the best/the most secure tech in a user-friendly way, that is both fair and provides long term sustainability.

    edit: grammar errors

    submitted by /u/mrkez
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    Bitcoin breaks $45.000 for the first time!

    Posted: 08 Feb 2021 02:50 PM PST

    $45.000 on Binance

    $45.000 is a huge milestone, $50.000 the absolute dream is on the horizon. Everything appears to be in Bitcoins favour:

    • Greyscale buying massively again since 5th of Feb
    • Good awareness spread by Saylor
    • Elon Musk providing good news for BTC through Tesla
    • Huge attention on BTC by both the general public and big funds
    • New Presidential Administration introducing pro-Crypto high levels

    CONGRATULATIONS ALL HODLERS! MAY YOUR ALTS MOON, AND THERE IS NO SHAME IN TAKING PROFITS EVERY ONCE IN A WHILE!

    Even though we might not (probably won't) stay above 45.000 instantly, the bounds have been set and the target is clear. 45k is not going to stop us!

    EDIT: I WAS WRONG, WE ARE MOONBOUND

    EDIT2: $47.000 ALREADY

    submitted by /u/Whiterossy
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    Lots of “Should I buy now” posts, so here is a mini guide to “Should I sell my coins?” Which is JUST as important.

    Posted: 08 Feb 2021 11:26 PM PST

    SHOULD I SELL THESE COINS:

    1: Would you confidently buy the coins you hold at that price?

    Example: in 2017 IOTA shot up to $11 CAD per token, I would have never bought them for that price even believing in the project. Did I sell? No. But I should have.

    2: Would the profits made from a recent pump be better utilized in an underperforming asset that has more room to move?

    Example: When OMG had its pump back around August I took some profits from the table to have some "dry powder" for value plays. After XLM dipped because people thought it was associated with XRP I added to my position because I believed it would rebound.

    3: Would pulling out from positions have a positive "real life value"?

    Example: Pay of your debt, buy a house, vacation, hookers and blow...

    4: Has the company/team changed and is the timeline of the project proceeding as planned? How is user sentiment?

    Example: If a coin you hold team does something like this "OMG!😭Can't believe I won ! Thank you Walton team ! ❤️ keep doing the great work. 💪🏻💪🏻💪🏻🚀🚀🚀" And are caught in a blatant lie... might be a good time to dump those coins on someone who doesn't spend the time to actually follow the project.

    5: Have you made a exit strategy? If so follow it! Constantly moving the goalposts is a good way to get burnt.

    Example: I had GAmEsT0nK at an average of $18.17, I had limit sells set at 150, 250, and 420. As the price rose I kept setting the goalpost further and further so none of my limit sells got triggered. I rode the rocket up, and even having lived through the crypto nuclear winter I apparently didn't learn my lesson to take profits off the table.

    Biggest lesson here is watch out for echo chambers and confirmation bias. The people spamming HODL back in Jan2018 are the same people that were shouting 💎🖐🤚last week. You can always buy back in. Selling doesn't mean you won't be back!

    I hope some members learn from the mistakes/wins others on in this community have endured. And the biggest PRO tip I'll leave you with...

    When the euphoria kicks in again, in this or any project subreddit you are subbed to, ALWAYS SORT BY CONTROVESIAL! If you are not part of the group think, you will be downvoted to oblivion.

    submitted by /u/-End-
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    In a bull market everyone is an investing genius!

    Posted: 09 Feb 2021 02:55 AM PST

    A word of caution from someone who has been through several cycles.

    When in a Bull market like the one we are in now you almost can't go wrong! Take Doge for example. The danger is that it gives over confidence and many start to FOMO in money they cannot afford to lose.

    So try and remember a couple of key rules that could save you a lot of money:

    • Don't invest money you can't afford to lose.
    • Don't invest money you might need in the short term. Anyone who held its Bitcoin through the drops at this point is in profit.
    • Certainly do not borrow to invest
    • If you are late to the party consider Dollar Cost Averaging (google it)
    • At some point BTC is going to create an ultimate ATH for this market cycle and then correct back down by 70 to 80%. Other crypto's will drop even more.
    • Yes it will correct back down a very big percentage. Usually 80% (look at previous cycles) It could be triggered by a stock market correction when there are no more stimulus checks. Stock market is already dangerously over priced. (Google Stock market cap Vs GDP).
    • You can "Dodge" that correction by progressively taking profits each time BTC creates and new ATH. You want to have cash when the big correction comes.
    • Re invest your profits when we are again in an accumulation zone (after the 80% drop)
    • Those cycle take years, be patient.

    This is not financial advise. Good luck with your investments!

    submitted by /u/wiptheman
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    �� Cryptocurrency just hit a £1,000,000,000,000 total market cap for the first time ��

    Posted: 08 Feb 2021 03:47 PM PST

    Using CoinGecko's app, at about 23:37 GMT on 8th February 2021, the total cryptocurrency market capitalisation hit ONE TRILLION POUNDS for the first time in history, further cementing the value of the crypto market against a worldwide fiat economy.

    A screenshot can be seen here

    Only 25 countries now have a higher national wealth!

    Congratulations to all HODLers old and new 🥳

    Edit: Thanks for the awarders! It's fun to spread good news! 👍

    submitted by /u/pippius
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    Not another fairy-tale ending - a word of warning for those entering the crypto scene

    Posted: 08 Feb 2021 07:38 AM PST

    For myself, life over the past few years has seemingly gone from bad to worse - and before I go into the details -this isn't a "pity-post" or a sympathy searching exercise, this is simply a warning, and hopefully a lesson to others who are entering the crypto scene.

    My crypto journey began back in earnest at the start of that famed 2017 "bull run" – I had a little bit in savings and had done my due diligence – this really was the future, and it could potentially set me and my family up for life.

    I bought in with every bit of money I had to spare. All told, it was about £6,500, and the price of Bitcoin sat at just under £9,000.

    This was exciting. The price continued to increase and I religiously opened and closed the Coinbase website to see the price soar by the hundreds and into the thousands. Work took a backseat and I became consumed with the markets, red and green candles being the first and last things I saw in the day.

    I wanted more. I became envious of those that had bought into cryptos years before. So I looked at alternate avenues to increase my Bitcoin holdings… this was going to be the making of me! Sadly it turned out to be quite the opposite.

    Scams, Scams everywhere…

    The first venture I looked into was a third party bitcoin mining platform which promised exponential growth. It sounded too good to be true (spoiler: it was). I used a credit card to buy more Bitcoin. First mistake. I maxed the card and sent around £6,000 in Bitcoin to a mining company known as Crypterra. The reviews were good, the discord was active, people were seeing payouts – it was all looking legitimate. But of course it wasn't. Payouts dried up. The devs went silent and the site disappeared and re-appeared sporadically before going offline indefinitely. It was over and I had lost most of the £6,000 from my credit card.

    Robots are the future?

    The price of Bitcoin was still holding strong and I'd made small gains with my original investment which was still untouched. Perhaps I could increase by Bitcoin gains elsewhere and pay off the credit card I had maxed out.

    Again, I looked into ways to bolster my Bitcoin reservesI looked into trading platforms, cryptocurrency bots in particular. How hard could it be? As long as the price of Bitcoin went up, it should balance out any losses as I learned the ropes. There were a few that caught my eye. And following what I thought was sage "youtuber" advice – I dove into the world of trading with bots – linking up a Binance account and setting up my automated systems to work their magic and trade whilst I was asleep/working/sitting on the toilet, you name it.

    As you can imagine, these bots weren't the holy grail they were promoted to be, and I was losing Bitcoin left, right and centre. I became more and more "experimental" with the strategies… doubling my stakes, tripling my stakes to recoup what I had lost. I didn't see it as real money (despite paying with hard earned money to fund these accounts) – it was magic internet money, just ones and zeroes – so the reality of it didn't hit home how much I was actually losing. Shock horror, I lost it all.

    Taking it to the bookies…

    I had effectively been gambling my money away, and in my increasingly agitated state I sought out other communities to try and regain my money. Sports-betting communities, gambling communities, Twitter "tipsters" and Facebook groups who had all the inside knowledge.

    I was down over £12,000 from my savings and the £6,500 from the credit card combined. I decided to open another two credit cards. One to fund my betting account and the other for backup. I quickly went through the first card's funds, but I was 'still learning', this was 'Ok' – next time I would get it right. The second card (third in total) was quickly exhausted, and I was now close to £20,000 in the hole from when I started, all within just a few months.

    The hole grew ever darker

    As I write this now I am actually afraid and embarrassed to share the total losses I have made over the past few years (it's actually much worse than I could have ever imagined). I have no-one to blame but myself; the greed, stupidity and at times, pure arrogance have lead me down this path. A path which at the moment seems irreversible for me.

    To see the price of Bitcoin now makes me feel physically sick – if only I had been patient. If only I hadn't chased my losses, if only I hadn't played with money that wasn't mine - I wouldn't be in this predicament. As the debt mounts ever higher and interest rates on credit cards are crippling me, it will be an incredibly long time before I have any financial stability again. It has made me mentally unwell and I'm still figuring out the next steps which I know include professional support and removing my head from the pile of sand in which I have buried it.

    I sincerely hope that those who read this account of my situation don't fall into the same trap. The world is once again hyped for crypto, and with it come the pitfalls and scams and false promises of financial freedom and becoming rich. Don't try and cheat the system, don't chase your losses and don't use money that isn't yours in the first place.

    TLDR:

    To put it succinctly, the above is a very short overview of the financial hole I have found myself due to greed, arrogance and stupidity over the past few years. Hopefully a warning to others. Don't chase losses, don't look for the next get rich scheme and don't invest money that isn't yours to start with. Basically, don't ruin your life like me. If only I had just held.

    EDIT:

    A quick edit to say thank you to everyone who has taken the time to read the above and replied in the comments. I've had some very honest and insightful responses and some incredibly useful suggestions about how I can bring myself back from this dilemma. I'll be seeking professional help both for the gambling and the debt management and hopefully get myself on the right track for the sake of my own sanity and that of my family's.

    submitted by /u/mastvrbatr
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    "Bitcoin is not a currency, nor is it a payment network. It is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don't have the option or desire to run their own hedge fund." - M. Saylor

    Posted: 08 Feb 2021 01:38 PM PST

    This is from The Complete Case for $100K Bitcoin. wherein this quotation is referenced (towards the end).

    There's validity pointing out that the statement is not 100% perfectly accurate in technical terms. Though, I do also think that people may be apt to missing the overarching theme of the tweet.

    There's rhetoric to consider here. "Rhetorical nuance" if you will. It's like a football aficionado saying, "Football is not a game. It has nothing to do with a ball. It's a way of life and freedom for the spirit." Of course that's not 100% perfectly accurate in technical terms, but it gives an idea as to what it can stand for and mean to some people, while also holding some more universal, philosophical truths.

    I really like this thinking and sort of statement. Obviously, CEO of Microstrategy, Mr. Saylor, sees a future wherein blockchain technology / distributed ledger technology is something like ubiquitous and authoritative. I, too, share that vision - as I'm sure many reading now do, too. Along with that, though, is a thinking outside of traditional and restrictive ideation. It's "untraditional" in so many words. Just because you've/we've/they've done something like that for a thousand years doesn't mean you can't or shouldn't do something like this now.

    Edit: I'm surprised no one has noticed yet, but the quote in the title of the post is not in the article (c'mon people, you need to be a little more vigilant; your life may depend on it god dammit) ... ... ... it was. I remember reading it and is the reason I initially posted it a couple of months back and wanted to post it again, because it really gives a good perspective and idea of what's possible with DLT. Nevertheless, I'm now searching for it and not finding it anywhere. I haven't done a search of all his tweets, so imagine it is there somewhere, but maybe someone reading this now can link it for everyone if they find it.

    Edit2: Here's something close from Kraken.

    submitted by /u/pale_blue_dots
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    Screw going to the moon, which coins should be AVOIDED?

    Posted: 08 Feb 2021 07:17 PM PST

    Everyone's always ready to shill their latest bag here. Let's see a thread of the reverse.

    What are the coins/crypto products you won't touch with a 10 foot pole (and why)? Let's hear which coin is going to end up being the next bitconnect, and maybe save a newbie or two from getting scammed.

    submitted by /u/CrabCommander
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    r/cryptocurrency added almost 25,000 new members in the last day and is the 3rd fastest growing subreddit on reddit today!

    Posted: 08 Feb 2021 01:12 PM PST

    Introducing IOTA Oracles - A Key Component for the Opcoming Smart Contracts Protocol ISCP

    Posted: 08 Feb 2021 01:10 PM PST

    Analysts think Apple Stock can surge 25% by adding crypto trading to its Wallet app

    Posted: 08 Feb 2021 01:03 PM PST

    Email from Robinhood in 2030...

    Posted: 08 Feb 2021 11:51 PM PST

    Hello,

    Sorry.

    You won't be able to sell your bitcoin as price has reached 500,000$.

    WE DO NOT HAVE LIQUI TITY PROBLEM but fuck you. You won't be able to sell your bitcoin. You can go fuck yourself. We will let you sell it when it reaches back to what you bought for or never.

    Buy button works fine but sell button won't work.

    Fucktardely Yours, Robinpoop.

    Moral of the story: grow up and get yourself a proper wallet/exchange (binance or something) to store your bitcoins. Don't let Robinhood's bitcoin address own your BTC on behalf of yourself. Don't be stupid.

    submitted by /u/digitalbiz
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    BITCOIN just OVERTOOK FACEBOOK to become the 8th LARGEST ASSET by Market Capitalization Globally!!!

    Posted: 08 Feb 2021 10:06 AM PST

    Bitcoin's market capitalization rose by ~$80 BILLION today, catapulting it past Tech-Titan FACEBOOK. Bitcoin now has a market cap of $800 BILLION, an increase of nearly $100 BILLION in one week, making it the 8th LARGEST ASSET by Market Capitalization Globally!It now sits JUST UNDER TESLA.

    Major contributing factors this week include:
    -Michael Saylor's Corporate Bitcoin Summit, where over 6900 major corporations were in attendance to learn Saylor's playbook.
    -Tesla revealing it now has over $1.5 Billion worth of Bitcoin on its balance sheet; now accepting Bitcoin as payment.
    -Grayscale's funds releasing, initially triggering the next wave of the Bull Market!
    -Elon Musk confirming he "believes in Bitcoin" on Clubhouse podcast.
    -Twitter CEO Jack Dorsey announcing he now runs his own 'node'.

    STRAP UP, LADIES AND GENTS. WE ARE PART OF HISTORY IN THE MAKING.

    (I tried to include a screen shot, but modbot said 'no')

    EDIT: It overtook Tesla, reaching #7. Adding nearly $150 BILLION of capital to its market cap in ONE DAY!!!

    submitted by /u/stokednsteezy
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    Ethereum: "Hold my beer. I'm gonna break 1800."

    Posted: 09 Feb 2021 12:34 AM PST

    And its done.

    Last night I had a tough time sleeping because of the price action we saw. Is anyone else feeling unphased or just has this feeling of apathy towards price action now?

    submitted by /u/sgtslaughterTV
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    When we get to $53,696 the market cap of BTC will be 1 Trillion. Not long ago, the entire crypto market was celebrating hitting a trillion.

    Posted: 08 Feb 2021 07:52 PM PST

    We're really just one good move away from this critical mark.

    We all know it will ebb and flow, but this will be one heck of a milestone.

    This will just be another nudge to the momentum we have right now.

    Just adding this last part so the post goes through. Just adding this last part so the post goes through. Just adding this last part so the post goes through. Just adding this last part so the post goes through. Just adding this last part so the post goes through. Just adding this last part so the post goes through. Just adding this last part so the post goes through.

    submitted by /u/Jhat3k1
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    All posts these days are about people saying what we all see

    Posted: 09 Feb 2021 03:01 AM PST

    All I see is posts about: BTC has reached .... ETH now at.... ADA hit.... Crypto market cap at....

    Dont get me wrong I love this but i didnt join this sub to validate what i see on the charts. These posts bring nothing to the table and their main incentive is to earn moons. I get we all love moons and so do I. But i feel like all moons are now going to people stating the obvious, i barely get any usefull news or info on this sub anymore and its a shame. This sub has made me a lot of money believe it or not, i have had some nice predictions and news that i saw here which i jumped on and rode the green dildos. But stating the obvious all the time is annoying i think something should be done. Leave these posts for the daily discussion and keep this sub useful please.

    It is what it is I guess... at least im becoming rich surely but slowly.

    Love .

    submitted by /u/Artificial8Wanderer
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    Just to get it off my chest - THANK YOU GUYS

    Posted: 08 Feb 2021 04:12 PM PST

    (hope this kind of post is allowed)

    I've done nothing for two weeks except learn about crypto, and holy crap - there's so much to learn! I've never been a tech-savy person but I feel like I really understand this stuff, which is a huge confidence boost that I needed. I'm really excited to be part of a community, and get in on crypto while it's still early. Blockchain is amazing, I just got the book "Blockchain Revolution" to learn more. I feel like I just made an AOL.com account in 1990! I know I'm not alone in being new to this, I've noticed lots of newbies came over after the GME drama.

    Thank you to all the people who have answered my questions (no one has been condescending or anything). I've gleaned so much from lurking in the comments. Such a helpful community here.

    I'm still wrapping my head around the Ethereum network and altcoins. Is it weird that I just wanna collect them all like they're Pokemon??? A lot of them are cheap enough to just throw a little money at even if I don't understand their use. They all have cute little logos - hell, one of them is a UNICORN!

    Anyway, it's brought me out of a rough, months-long depression, and I'm pretty excited for the future again :)

    submitted by /u/wballard8
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    I feel like somebody is watching me do trades...

    Posted: 09 Feb 2021 03:06 AM PST

    Whenever I sell it's like "he sold quickly start pumping!!!!" and when I buy they're like "ye, dump it, dump it noooow!!!" Like seriously... buy high sell low for life man... Like...seriously guys, stop bullying me! Come on guys, spit it out, who's doing this? Who's keeping tabs on me?

    submitted by /u/DygonZ
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    Blockfolio got hacked?

    Posted: 08 Feb 2021 11:18 PM PST

    I just logged into my Blockfolio and noticed the image next to BTC was changed... I couldn't quite see what it was. When I clicked on it, the name of the coin flashed and changed to NI**ACOIN (yes, that N word). I think the image was the big dick meme dude for a minute. It's all gone now.

    DID ANYONE ELSE SEE THIS??? The pic is down and the app is just freezing now. Can't replicate it.

    submitted by /u/TheHandleBar
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    IOTA used as the DLT protocol in another real-world project. Funded by the German Ministry of Transportation with an 11 Million € grant, ETO Gruppe is creating smart traffic infrastructure for safe autonomous driving

    Posted: 08 Feb 2021 10:09 AM PST

    Moons made it impossible to browse “new” in this sub. Thousands of people try to earn money with shitposting hundreds of posts for a single event.

    Posted: 08 Feb 2021 05:22 AM PST

    Tesla bought 1.5 Billion in BTC and it completely floods the "new" page of this sub. Any decent post just drowns in the flood of karma whoring shitposts these days. It makes browsing "new" like sorting through a huge pile of garbage.

    I get that moons can be fun, but it ruined a huge part of this sub.

    submitted by /u/gweeha45
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