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    Cryptocurrency Daily Discussion - March 5, 2021 (GMT+0)

    March 05, 2021

    Cryptocurrency Daily Discussion - March 5, 2021 (GMT+0)

    Daily Discussion - March 5, 2021 (GMT+0)

    Posted: 04 Mar 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 The prior exemption for karma and age requirements is no longer in effect.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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    As an Iranian, Crypto has changed the life of Iranians for good. Especially during COVID-19

    Posted: 05 Mar 2021 12:12 AM PST

    Seeing the post about Iran officially considering farming Bitcoin, I felt motivated to make this post as an Iranian. Cryptocurrency has changed the dynamics in Iran. The Iranian government's view on it has been quite lax compared to neighboring countries or other Muslim countries. There was either support for it or it was simply ignored since you couldn't really spend it on anything. On top of that, given the fact that Iran is disconnected from international banking, there was less concern from Iranian banks. (A bit ignorant, but I am not complaining)

    But things have changed drastically over the past few years. The increased sanctions and COVID have brought a lot more people towards crypto, including me. Crypto has a very unique situation in Iran, which I will try to explain briefly. The Iranian currency is currently the cheapest in the world (or one of the cheapest, as its unstable and can change daily). So if someone can earn dollars and spend it in Iran, they are going to profit a lot. We are talking close to 25x increase. This makes farming insanely profitable. Because you are going to pay for your electricity in Iranian currency, but you are earning dollars, because crypto exchange rate is based on western currencies, not Iranian. So electricity is dirt cheap to begin with, but you can get it even cheaper.

    There are ways to get free electricity in Iran. The government subsidizes businesses that have high electricity usage, so they get publicly funded electricity. So the owner of these businesses makes deals with individuals to buy hardware needed to farm currency (because the initial cost is very high due to currency difference), and usually one person with contacts overseas becomes the "broker" to be able to turn these cryptos into tangible money. People without these businesses tend to form farming communities where they work together to discreetly farm and turn crypto into actual currency and due to the fact that a lot of people are dealing in crypto now, you can actually find a lot of buyers locally, and don't even need to sell it to foreigners.

    So, this way crypto got introduced into society and a lot of people use it. Usually not as an investment, but as a currency you use to spend on things. Because in order to make an international purchase, you need to abuse a lot of loopholes, such as VPNs, middlemen and exchange rates. But now I can simply buy steam gift cards with bitcoin and use them to buy games. This applies to any international purchase. 60$ games used to cost a fortune, like an entire minimum wage income in Iran. Now they are widely available if you have crypto.

    The usual mishandling of the Iranian government in regards to the economy is bad enough, but in recent years sanctions and COVID have made it a three way hell. My life personally was hell because I could not make any international purchase and I could barely make ends meet. Crypto is so empowering. I am basically able to earn and spend money despite the efforts of both Iranian and American governments. In order to put things in perspective, I can use myself as an example. I am a lawyer and I earn more money from farming that I do practicing law. I am still working, but crypto is a great secondary income which I can use to make international purchases without having to pay half of my income for a 100$ purchase. We are still in bad conditions, but crypto provides a lifeline. At least for now.

    I am grateful for cryptocurrency and this community, because the livelihood of many people in Iran relies on crypto and information about it. Most people involved in crypto trade in Iran don't even speak English, but know that an entire country is thankful for it, and the value of crypto could not be clearer. An entire people neglected by their own government and sanctioned by half the world, left to basically starve and live in terrible conditions, continue to go on. In large part, thanks to crypto currencies. We practically have the power to defy the strongest governments in the world, the next step is THE MOON.

    Feel free to ask any questions.

    submitted by /u/Siamak71
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    1/3 of crypto investors don't know how crypto works, hence the top few coins dominate the market share. Instead of shilling your coin about 100x potential, educate people about the technology & innovation and not the price

    Posted: 04 Mar 2021 10:04 AM PST

    Dallas Mavericks Now Accepting Dogecoin as Payment

    Posted: 04 Mar 2021 08:32 AM PST

    ⚠️ Binance charges 600% more than other exchanges to withdraw ETH, but conveniently if you "withdraw" your ETH to BSC it's practically free! THIS IS A TOTAL SCAM!

    Posted: 04 Mar 2021 12:38 PM PST

    Are You Not Entertained? Bitcoin Has Now Spent 24 Days Above $40K

    Posted: 05 Mar 2021 12:33 AM PST

    Are You Not Entertained? Bitcoin Has Now Spent 24 Days Above $40K

    ​

    Bitcoin Number of days above $40,000

    These past few weeks have definitely been one of the most exciting for most Bitcoin holders (including me).

    Finally, all the talk of $100k seems natural and almost inevitable. We even touched a $1 trillion market cap, which many would have considered a pipe dream some months ago.

    But I've chosen to single out this one chart because Just a few months ago, I was making charts about how many days Bitcoin has spent above $20k.

    Fast forward to the present, we're sitting above $40k and pretty comfortably. We've also had a brief stint above $50k which lasted six days and a day respectively.

    In my opinion, it's only a matter of time until we reclaim and make the $50k territory our own.

    It's been a breathtaking runup and it could get even more exciting in the coming months!

    Here's to more days above $40k, and then $50k, and then 100k

    Phewwwwwwwww

    submitted by /u/WilfredCoinfomania
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    Last year Bitcoin was 10k-20k and Bitcoin is still over 40k which is double the previous ATH, having a bit of perspective is important

    Posted: 04 Mar 2021 05:21 PM PST

    Last year we were wondering if we would break the all-time high of Bitcoin and now we're over twice the 2017 all time high of Bitcoin. There has also been enormous amounts of adoption for Bitcoin with companies such as Mastercard, Visa, Tesla and many others beginning to embrace crypto. We're still early in the grand scheme of things and the future of crypto is very bright my friends

    submitted by /u/badaccountant28
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    UC Berkeley to offer blockchain curriculum alongside Parity Technologies

    Posted: 04 Mar 2021 05:34 PM PST

    Mark Cuban Argues Bitcoin Is Better Than Gold, Telling Peter Schiff 'Gold Is Dead, Move on'

    Posted: 04 Mar 2021 06:53 PM PST

    Advantages when you HODL crypto

    Posted: 05 Mar 2021 01:11 AM PST

    When you hold your coins for long term, you don't have to check your portfolio every morning or every day. You don't have to worry about any dips or some sort of crypto addiction lol. You don't have to worry about converting X crypto into Y crypto because X crypto is down. All you have to do, is to have invested in the projects you believed in. The way I see it is, good projects are bound to go up anyway, so I just throw whatever spare cash I have, into it.

    I don't understand the people who check their portfolio every morning. Also many people worrying about the dips, it seems like it's unnecessary. Sometimes it feels like people need to hear the very obvious.

    submitted by /u/LivingThings37
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    Iran officially plans to adopt Bitcoin mining to bypass international sanctions

    Posted: 04 Mar 2021 08:41 AM PST

    The absolute shitshow that is YouTube crypto content

    Posted: 04 Mar 2021 09:51 AM PST

    I'm a developer and naturally I wanted to create a crypto trading bot because made mad gains yo!!!1one

    I head over to Github, find a few decent looking projects. Some even look really solid and a few have great documentation. Nice!

    I deploy a couple on my homelab to compare and I realize I don't know the first thing about trading, especially not wrt crypto. So I jump on YouTube to find some nice intros to how all this works. types "crypto trading bot"

    Holy crap what an absolute shitshow. Suddenly, I'm figuratively raped in the face by this behemoth of bros in videos with special effects that would put any StarWars movie to shame.

    But it's all bullshit. There is no actual content, only marketing disguised as "objective advice" from people who couldn't find their own logic if it jumped up and shat on their lap. They are too busy saying stuff like "yo yo yo wazzup youtuuuuube" while jumping around in some perverted attempt at acquiring a personality. And ofc shilling their own coins/links/whatever. So I learned nothing and I'm quite frankly a bit pissed.

    Idk I'm just blown away by the incredible amount of worse than useless content that appear the moment you enter crypto in the search bar. I just discovered the /r/AlgoTrading sub and it's crypto brother /r/AlgoTradingCrypto so I guess I'll hang around there for a while. But if you are sitting on some good articles or videos regarding crypto trading bots and strategies, please share :)

    Edit: typo

    Edit2: No those subs are not related to the Algo coin. I ain't no shill.

    submitted by /u/kjarkr
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    Do you think the person behind Satoshi Nakamoto would be pleased with the current state of Bitcoin and crypto in general?

    Posted: 04 Mar 2021 10:57 PM PST

    Huge corporations are buying massive amounts of Bitcoin to secure their elite positions. Governments are strictly regulating crypto and requiring full disclosure of your crypto activities from exchanges. The price of Bitcoin and other tokens is so extremely volatile that it discourages businesses from using them as actual currencies. And then there's Dogecoin, a fork created as a joke, that currently has a $6.3 billion dollar market cap.

    Do you think Satoshi would be pleased? Would he be amused? Or would he be absolutely horrified?

    submitted by /u/gdj11
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    How confident are you that crypto won't be worth nothing?

    Posted: 04 Mar 2021 11:02 PM PST

    I'm pretty new to crypto and have been having a lot of inner debates about the future of crypto. Many smart people think crypto is going to the moon, and others think it's going to the ground. It seems the main argument against crypto is that it isn't backed by anything of intrinsic value, therefor it might not be accepted/adopted/valued by others, and thus be worth nothing. What are some responses to this concern? One may say some institutions like Tesla are accepting it, but for now they are in the minority, and the question is, why would many other institutions start adopting it?

    I'm trying to steel man both sides of this debate in hopes I can come out more confident in buying more crypto! What are the best arguments against crypto and what are the best arguments for it being successful?

    submitted by /u/knowledgelover94
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    Goldman Sachs crypto survey shows 22% of respondents expect $100,000-plus bitcoin

    Posted: 04 Mar 2021 09:14 PM PST

    Kraken introduces funding via online banking (ACH)

    Posted: 04 Mar 2021 06:59 PM PST

    Appears to be a limited roll-out to US customers, but I have tried it and it is up and running. The link to it is inside the 'buy crypto' tab, where you can then link your bank for direct purchase. Huge upgrade for onboarding new cryptonauts.

    submitted by /u/iCarlysTeats
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    BAT and Brave Browser

    Posted: 04 Mar 2021 01:18 PM PST

    Yuval Noah Harari had a great part in one of his books which talked about the story of the indigenous people who sold Manhattan to colonizers for trinkets and beads because they didn't understand how someone could own land, or the value that owning it has. He compared that situation to the modern day, where most of us freely give our data to google and facebook, without comprehending its true value.

    I feel like Data ownership is going to be majorly important in the near future, which is one of the main reasons I'm so interested in BAT/Brave. Rather than functioning as a store of value or strictly as a currency, Brave and BAT are attempting to change the way we interact with targeted advertising and data ownership online.

    I wanted to make this post to spread some info about BAT/Brave I recently learned, as well as see what other people think and know about it, as I'm relatively new to it.

    ​

    What is it?

    Brave is an internet browser which uses BAT (Basic Attention Token) as a token. You can award BAT to content creators who make stuff you enjoy, and earn BAT either as a content creator or by watching advertisements. Brave browser has a built in BAT wallet where your earned BAT accumulate.

    ​

    Pros

    - Built in Ad Blocker

    - Built in torrent downloader

    - Built in BAT Wallet

    - Built in TOR private browsing

    - Claims to be Faster than Chrome

    - Claims to use less memory than Chrome

    - Claims to use less battery than Chrome

    - Doesn't sell your data

    - Pays you for advertisements you watch

    - Can directly tip other Redditors if browsing reddit on Brave browser.

    ​

    Cons

    - In my experience it is slower than Chrome

    - Adoption. There is a lack of viewable ads for payment (depending on your location)

    - Adoption. Many content creators are not using Brave so tipping isn't always possible

    - Currently, even on Brave browser you still end up using chrome, yahoo, or another search engine.

    - Wallet is run through Uphold and requires verification to withdraw BAT to another wallet or exchange.

    ​

    Examining the Pros and Cons

    First off the built in Adblocker works quite well. I really only seem to see ads that are through the paid BAT function.

    The built in torrent downloader is one of my favorite features so far and was a pleasant surprise. If you use a torrent site like the popular pirate themed one, Brave will download the files directly in your browser instead of opening up a program like qbit or utorrent. Then when completed you can open the file and watch it (if its a show or movie) in your browser window, or download it.

    The BAT wallet seems fine. Its nothing fancy. Just stores your accumulated BAT. You can't transfer it out of your wallet unless you have more than 25 BAT. The main possible issue here is that the wallet is run through Uphold. Idk much about them so it could be inconvenient or sketchy? I'm nowhere near 25 BAT so maybe someone with more experience can shed light on the wallet and how transferring BAT works.

    The option to open private browsing windows in TOR is pretty cool. I have never used it in the past, and really don't know much about it, but having another added layer of privacy doesn't hurt.

    Brave claims to be faster than Chrome. This might be true for some people, but in my experience it is a bit slower. They also claim to use less battery and memory. The only verification of this I've seen appears in new tabs of the brave browser.

    The primary benefit of Brave is that it doesn't sell your data to anyone who offers to buy it. It creeps me out when I search for something and then get ads about it for the rest of the week. Brave works to reduce that type of shit. Basically, preventing a ton of ads, and paying you for the ones you do get.

    Being able to tip other Redditors directly is the feature I'm most interested in. Moons have been really cool for this Sub so far IMO and it sorta bums me out that I can't easily tip crypto in other subs. Being able to tip BAT easily through reddit is a nice feature. If enough people adopt Brave it would be something I could see myself using pretty often. As of now, there don't seem to be a ton of people who can receive Brave tips on reddit. I create cocktails and post photos on reddit and Instagram so I'd definitely like to receive BAT tips and send them to other bartenders for cool drinks/recipes. I think BAT tips are working on YouTube as well but I'd like to see them expanded to Instagram.

    The Cons I listed earlier are pretty self explanatory. The biggest ones are rooted in lack of adoption so far. Another big issue is that as of now there is no Brave search engine. They do have plans to launch their own soon though, which solves that problem.

    I've seen some people say they don't like the Uphold wallet or verification. As I haven't verified I cant really say for sure how it is, but having options in terms of storage would be nice.

    The speed thing is pretty annoying though. Supposedly its faster than Chrome, but that's not the case in me experience.

    Last, Brave is set to auto-contribute your BAT each month based on the sites you visit. You can simply turn off this feature if you don't want to give away all your BAT. However, you really don't earn much BAT through watching ads. You won't become rich by simply clicking through advertisements.

    ​

    TLDR: BAT and Brave are a cool project working to give users more control of their internet browsing data, and pay them for advertisements. There are some solid pros and a few cons so far. I'm hoping this post will spur more discussion and users who have experience with these pros and cons, or knowledge of pros and cons not listed here can bring that information into the light.

    submitted by /u/aralseapiracy
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    [Unpopular Opinion] Nano is overrated

    Posted: 04 Mar 2021 09:08 AM PST

    I risk being downvoted to oblivion but here it goes.

    Nano is fast and feeless. Both fantastic and useful attributes.

    But.

    It's only slight faster and cheaper than other options. Take XLM - a transaction takes less than 5 secs and is basically feeless (.00001 XLM). Sure it's a tiny bit worse on both cases but XLM also has an extensive roadmap and a lot more use cases.

    Im sure there are plenty of other coins similar to XLM too and I think being very slightly quicker and cheaper is quickly overshadowed by being so one dimensional.

    submitted by /u/UJ_Reddit
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    Enjin Unveils Plans to Become a Multi-chain Ecosystem for NFTS

    Posted: 04 Mar 2021 08:40 PM PST

    IOTA Smart Contracts Protocol Alpha Release

    Posted: 04 Mar 2021 05:06 AM PST

    Grayscale adds 174k LTC to its Litecoin Trust

    Posted: 05 Mar 2021 12:23 AM PST

    Rock band Kings of Leon will claim a page in the history books today when they become the first music artists in the world to release an album as a form of cryptocurrency.

    Posted: 05 Mar 2021 02:49 AM PST

    State of Kentucky Will Give Tax Exemptions for Bitcoin Mining

    Posted: 04 Mar 2021 05:12 AM PST

    How to HODL and not check your portfolio every 5 minutes

    Posted: 05 Mar 2021 03:25 AM PST

    Hi I realized that I check my portfolio too often for too long. To combat my addiction, I bought a ledger and moved all coins into it.

    The problem was that I check my prices through the ledger live app. So I deleted the app.

    The next problem was that I would plug my ledger into the laptop and check prices through there. So I set my ledger password randomly so I can't remember.

    The next problem was that because I had my pass code, I could recover my wallet. So I cut it up and scattered it around my room.

    The next problem was that I would glue all pieces together and check my prices. So I sold all my coins so I don't have a reason to check them anymore.

    Today, I check prices to see how much I would have made if I didn't sell them

    TLDR: Sell your coins. Still check portfolio

    submitted by /u/Chikkin1013
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    A nice demonstration of 9 easy ways to lose your cryptocurrency

    Posted: 04 Mar 2021 06:06 AM PST

    A nice demonstration of 9 easy ways to lose your cryptocurrency

    I thought this could be useful, especially for newer people that don't quite grasp yet what are the possible ways of losing your crypto. Better to be aware of it, before it actually happens.

    ​

    https://preview.redd.it/dme1x2ogq0l61.png?width=640&format=png&auto=webp&s=b8cf7e854575c5e55da393e845eeb3eecead03ea

    submitted by /u/shapeofanl
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