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    Cryptocurrency Daily Discussion - March 7, 2021 (GMT+0)

    March 07, 2021

    Cryptocurrency Daily Discussion - March 7, 2021 (GMT+0)

    Daily Discussion - March 7, 2021 (GMT+0)

    Posted: 06 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 The prior exemption for karma and age requirements is no longer in effect.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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    NFT Madness - What they are and what they are not. Why they're great, and why they suck.

    Posted: 06 Mar 2021 09:16 PM PST

    NFTs are the hottest new topic in the Crypto scene, blowing up enough to even garner a good bit of public attention outside of the usual crypto fanatic outlets. The only problem with this is that beyond the surface level idea, no one knows what they are or how they actually work.

    It's time to shine a little light on NFTs, and take a proper, deep dive into how they work, and how many people are getting scammed via NFTs.

    Now then. Let's begin.

    1. What are NFTs, really?

    Everyone knows the analogy of them being collectibles. Unfortunately this analogy is woefully inadequate at best, and actively malicious at worst.

    NFTs (Non Fungible Tokens) as an umbrella term just means that each digital token on the network is unique. Each token contains some small bit of data that is unique to the token in question. That's it. They're just little data containers being shipped around the blockchain between addresses.

    Now, NFTs on specifically Ethereum have a few data points that are unique to why anyone cares about them. (It's also likely other networks will implement some or all of these features, if they have not already.)

    1. NFTs have their creator's address saved as part of the NFT. Likewise, the current owner of the NFT is public information as well.

    2. A Royalty % may be set in the NFT token. When the NFT is then traded at any point in time, between any two addresses for ETH/currency, the royalty cut of that 'sale' will be redirected to the Creator's ETH address.

    Now, before we go any further, it's important to understand one more aspect of NFTs. NFTs are very, very small. It is exorbitantly expensive to store real data on a blockchain, even something as small as a 64x64 jpg. Most NFTs are only going to have a few bytes of data stored in them. Like, for example, a serial number or URL.

    In short an NFT is basically a unique scrap of paper with a serial number, password, or web address on it. That's it.

    2. What NFTs -are NOT-

    NFTs are not digital media. They do not store the digital media on the blockchain. If you buy an NFT for some image or song, what you're really getting is a Token with a URL to a song or image, hosted on some random webserver.

    NFTs do not prevent copying, alteration, deletion, or any other actions regarding any digital or physical thing they link to.

    NFTs do not inherently confer ownership over any assets they link to.

    Again, before we continue, let's take a brief moment to review: NFTs are just unique tradable 'scraps ' with a small amount of information scribbled on it.

    3. So how do these scraps of paper get value?

    NFTs have a few potential ways to actually mean something.

    1 - The NFT may unlock some functionality, feature, etc. when connected to some external system.

    NBA Topshot implements this, for example. Your NBA Topshot token effectively has value via interacting with their systems to display the 'moment' it represents on their website. It's important to understand here, that if NBA TopShot went under, the TopShot tokens would immediately become 'worthless', as you would no longer be able to access the 'NBA Moments' they represent.

    The same is true, for example, for CryptoKitties. If their site/etc. goes down, your CryptoKitty tokens are now meaningless/function-less.

    In both these cases, your NFT is basically just a trade-able serial number that represents a 'Moment' or 'CryptoKitty' on their servers, and allows you to interact with said 'Moment' or 'Kitty' via their application.

    Another more off the wall example in this space is you could have NFTs which may be submitted to an application that then burns(destroys) them in exchange for sending you some physical good or service, such as a t-shirt.

    2 - The creator of some media (or physical thing) may sell legal rights to the media along with the sale of an NFT.

    Now, this one gets problematic, fast, and is where many people are getting scammed.

    1. There is no guarantee the user you are buying the NFT from actually owns rights to the thing represented/linked to by the NFT.

    2. In order to legally transfer rights/ownership/etc. you must put it on paper paper/document it. (And for larger items like a house or business, this requires significant legal information in the documentation).

    What this means, is that if you want to buy 'ownership' of some linked asset via its NFT, you have to do your own diligence to ensure:

    1. They are the current copyright owner.

    2. They are consenting, in writing, to selling the rights to you with/via the NFT, and included whatever legal documentation is necessary, if any additional is required.

    At that point you can guarantee you've at least bought ownership rights of the thing. However, there's no reason you can't simply sell those ownership rights independent of the NFT in the future.

    In short, there is nothing legally tying NFTs to digital rights ownership at present.

    3 - Unique/secret data

    In this case, an NFT would contain some variety of unique data, only visible to the address it is owned by, such as a unique URL, or password to a secret clubhouse. If the buyer has a reasonable belief that this information is still secret, buying/trading the NFT becomes the primary way to obtain it. Some Rarible sales attempt to go this route, however, the issue here is obvious. It's the internet, nothing stays secret for long, and you have no guarantee that the creator or previous owners have not shared the secret information into the wild.

    4. How you are going to get scammed.

    1. Buying an NFT for 'ownership' of a thing when the seller doesn't own the thing to start with.

    2. Buying an NFT for 'ownership' of the thing without ever actually getting it in writing/legally enforceable.

    3. Buying an NFT for 'ownership' of the thing and getting non-exclusive rights (instead of exclusive rights to the thing), meaning the author can continue to mint infinite more NFTs of exactly the same thing.

    4. Buying a 'collectible' NFT and the collectible site/host/system goes under/pulls the rug.

    5. Buying an NFT for 'investment', only for that NFT to have an exorbitant (50-100%) royalty fee. Meaning most or all of the proceeds of your investment go to the creator, instead of you, when you re-sell the NFT.

    6. Buying NFT art/etc. and having the url host of the digital media go down, (or they maliciously change it) so your NFT no longer shows what you bought. ( But at least you still have ownership rights if you didn't get burned on #1/#2 ... )

    Okay, enough doom and gloom.

    5. What are NFTs good for then?

    The biggest real success story for NFTs right now are systems like TopShot, CryptoKitties, CryptoPunks, etc. Cases where a website/app/game can interact with the NFTs directly to show you your content, as a proof of ownership of that content, enforced by the app/game. Likewise, NFTs have big potential for game item marketplaces as the company can issue their items with some royalty rate (ex. 1%), and always get a cut of sales if their game (and trade of its items) takes off.

    NFTs can also make for good 'proof of attendance'/historical proof type tokens, which is to say, you could be given one for attending a concert as proof you were there.

    In the same vein, NFTs are perfect for digital ticket sales. They can't directly be copied/cloned, and even if they're resold on a secondary market, you will get a cut of it. (At least, as long as the scalpers play within the system, and don't, say, just sell the ETH address that owns the token, or take cash as payment then transfer the token for 'free'.)

    As far as ownership of real unbound digital assets, or physical objects, there is certainly interesting potential there, but right now, they're legally useless.

    It's also worth noting there's a little more nuance into interesting things NFTs can do in terms of smart-contract-esque stuff that's a little too technical for this post, but might show up in future use cases for them.

    Oh, yeah, they're also great for money laundering, since if you're buying some nonsense collectable picture of a hat on the internet, it's impossible to say you 'overpayed', so that's a thing.

    Closing Thoughts

    I think that about covers NFTs, and hopefully this post keeps at least one person from getting scammed. NFTs are a really cool technology with a lot of potential, but when I see people asking crazy questions in the daily about them, it's become clear that they're really selling on hype and a total lack of understanding so far, sadly.

    Regardless, thanks for reading, and take it easy.

    submitted by /u/CrabCommander
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    I've retired thanks to crypto, but there's something very few people think about or tell you: boredom hits hard

    Posted: 06 Mar 2021 08:17 AM PST

    TL;DR: do not stop working/studying when/if you get rich through crypto (or by any other means). Set up your own business, study something you love or whatever. Just make sure your brain will keep doing some exercise and that you'll be part of some group/society.

    Seeing so many posts about when lambo, when moon etc., I see myself a few years ago discovering that I could finally hasten by ~10 years my retirement (I'm in my 60's now). Damn, was I happy about that. I could finally erase all my debt, travel without worrying about days off being discounted of my paycheck, spend lots of time with my family and buy some of the stuff I've always wanted. In ~6 months my life changed really hard, and for the better! I gave my grand kids a nice trip do Disney and paid the wedding of my youngest daughter. Suddenly everything fit perfectly.

    After 7-8 months, then, I got myself thinking like "so... is this it?". I was not happy anymore. Don't get me wrong: I wasn't unhappy, but I wasn't happy either. I would wake up everyday, go for a walk, pass by some bakery and buy some stuff, and get back home to surf on the web. I could of course travel to wherever I wanted, but what for?

    Friends came in asking for money and I never heard from them again. Some relatives thought I'd won the lottery and suddenly became extremely friendly and helpful, even though literally no one but my daughter and her husband were here at my wife's funeral.

    At the end, I've decided to go back to studying and finally entered college. It changed my way of perceiving the world and now I'm quite happy. I've also volunteered at some NGOs in my city and it helped me to keep my pace with society.

    So my advice is that you need to get prepared to deal with boredom. We grow up with our parents telling us to go to school, have a job, a car, a house and that this is life. But when you suddenly have the car, the house and everything else, what's left? Do something for yourself and have this in mind.

    Boredom hits hard and you need to get prepared to deal with it.

    Godspeed to you all!

    EDIT: wow, never expected so many reactions to this post! Thanks for the love you all! Will try to reply to some comments soon.

    EDIT2: My DM box is flooded with people asking for advice. I did NOT day trade, I simply held whatever I had. I was lucky to be at the right place and time to acquire cheap coins that happened to moon in 2017.

    EDIT3: People in the comments saying it's my fault for not thinking about other aspects of life before having money. You can't be much of a philosopher without having had the time or money to study. I had to work to eat and lived from paycheck to paycheck for a fair amount of time. All my worries were immediate.

    submitted by /u/reddito321
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    I hate Binance as much as the next guy, but that post about $100k being held is sketchy af

    Posted: 06 Mar 2021 10:49 PM PST

    The OP of that post left out a bunch of stuff, and the more you read it it becomes obvious there is something else going on there. The OP also did not post any evidence at all

    1. Grandfather sends huge amount funds from a business bank account to a personal Binance US trading account despite Binance US making it clear they dont accept any third party transfers.

    2. Grandfather did not test a small transfer, but sent such a large sum right away to a newly opened account?

    3. Grandfather supposedly sold the business but is still using the bank account of the business he sold?!

    4. The posters went 8 months without contacting a lawyer for such a large amount? Wire transfer issues = top hits on google include get a lawyer.

    5. Grandfather is supposedly scared of online banking, but is comfortable using protonmail.. Protonmail itself raises flags and combined with operating a bank account of a business he supposedly sold is not a good look. Privacy is great but using such emails for a fiat exchange (which is almost like a bank) is just asking for trouble.

    Decentralised finance is great, but when dealing with crypto fiat exchanges, they are more or less similar to banks and have to abide by all the AML laws and regulations, some of which even require the exchange to inform Law Enforcement Agencies when any AML red flags are triggered. And if LE is involved, and if there are investigations underway and/or unsealed indictments with any of the parties involved, the exchanges cant communicate with the OP about what is going on and can even be asked to shut down the account without any warning or further information.

    There are numerous incidents where banks have closed users accounts without any warning or reason. Sometimes the banks are even accused of closing customer accounts with funds stuck in them and there is no apparent way for the customer to get the funds back. Its not the case that these banks are stealing customer funds. A large bank like Bank of America has no reason to steal funds. But all financial institutions have to comply with federal and international money transmitter laws which include lots of AML checks and if there are flags, freezes on funds and locks on accounts. Binance, Coinbase etc all have to follow the same laws too.

    PS: Before the accusations start pouring in, Im not a binance employee, I have called them out numerous times. 1, 2, 3 for the less than ethical stuff going on there...

    submitted by /u/DetroitMotorShow
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    Each American just got Airdropped 1400$, what will they buy with this shitcoin ?

    Posted: 07 Mar 2021 01:57 AM PST

    As you've all probably heard by now the US Senate passed a $1.9 trillion coronavirus relief package on Saturday, which includes $1,400 stimulus checks for everyone.

    I know some people will use it to pay for food and rent, but I also know that when "money printer goes brrr" people seek safe havens that aren't the USD, which crypto has been proving itself as recently.

    Some estimates say 10% of Americans or 33 million own some kind of crypto. What do you think these people will invest in?

    submitted by /u/mirza1h
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    Largest Movie Theater Chain in Thailand starts accepting Bitcoin

    Posted: 06 Mar 2021 08:55 PM PST

    Tipping My Moon Stack

    Posted: 06 Mar 2021 06:55 PM PST

    Hi Crypto Friends,

    The original intent of reddit moons were to tip an asset to people who posted great content. Once people realized they had real value, an influx of shitposts, memes, and creative writing exercises blew up this subreddit. I personally shitposted a front-page meme and gained a few hundred dollars worth of moons from it - then promptly deleted it because it had my face in it. Now that memes are banned, I honestly have zero way of obtaining them

    I'm not smart enough about crypto to post educational content, I don't follow the latest crypto news so I'm not going to be able to cross post newsworthy content, and I'm not a good enough writer to sell a sob story that gets many upvotes.

    All of that being said, to attempt to facilitate moons to go back to their original purpose, I'm going tip the first 100-ish people (With ACTIVE accounts) who reply to my post 30 moons. This isn't a life changing amount of money, but there are many of you who don't have any moons at all. All I ask in return is that when you see good content on this sub - if you learned something, or if it made you laugh, tip the OP a moon or two. My goal is to run out of moons by the end of the weekend. If I receive any more moons in the next distribution, I will promptly tip them out to those who ask.

    —-

    TLDR: I'm tipping the first 100 people who reply to this thread 30 moons. I'm only tipping users with active accounts to cut down on duplicate asks.

    Use the moons to tip people who post great content. If I receive any moons in the next Reddit distribution, I will repost this and tip them out.

    EDIT: HOLD UP FOLKS!

    Can someone message me and explain how to tip moons? I can't figure it out and now im stressed because theres already 17 people commenting on this.

    EDIT 2: /u/changestart1 graciously walked my dumbass through how to tip people moons so I'm on it now!!! troll his posts and throw him some upvotes / moons. Thanks yalllll

    —- Edit 3: nope I'm still dumb as fuck. When I try to send moons it tells me I have 3.7k balance, then when I try to send them it says "insufficient balance."

    Help?!

    EDIT 4: Okay so when i try to send moons this happens.

    1. I click moons and try to send on new.reddit.com https://imgur.com/gallery/lJ5xjNR

    2. It asks me to verify in mobile. https://imgur.com/gallery/qO4L01S

    3. When i go into mboile it tells me i have an insufficient balance when i clearly have 3.7k https://imgur.com/gallery/injVinj

    4. Proof i have the coins https://imgur.com/gallery/Q8e4ATY

    Yall, i'm working on it and will get you all your coins. Once I figure out my technical difficulties i'm going to sort by new and get you all your coins!!!

    EDIT 5: Thanks for waiting with my dumb ass patiently. I figured it out finally and am sorting by old, then tipping everyone who posted. Thanks again!!

    FINAL EDIT 6 - Alright everyone. this unofficial moon give away is complete. 3700 moons given out to 100(ish) reddit folks. I expected some attention, but now I understand the sentiment of 'RIP Inbox.' I'm off to bed, love you all all

    submitted by /u/x0g
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    The World’s Oldest Blockchain Has Been Hiding in the New York Times Since 1995

    Posted: 06 Mar 2021 07:25 PM PST

    Crypto Gives Hope To Those Living in Developing Nations

    Posted: 06 Mar 2021 07:27 PM PST

    At the start of February this year, a friend of mine mentioned how I could earn $6-7 per day using my GPU. I knew mining is profitable, but I didn't know it would be as simple as just downloading a client and pressing a button.

    I started mining but I didn't really know how I would cash out the BTC I was getting from NH since Crypto isn't really supported in Pakistan; thus, you can't even verify your account on exchanges (At least not Tier 2 verification that allows you to convert).

    So I began doing a little research on the basic concept of Crypto so I could understand the jargon Youtubers spewed in their videos. My interest towards the concept of Crypto grew as I studied the history, looked at the graphs from the past few years, saw the recent projects being undertaken by major companies like VISA.

    I did end up finding out how to turn my Spot into Fiat (Using the proper terminology to sound cool), which entailed using Binance and its P2P trade. However, I didn't actually withdraw myself, just bought a $20 steam card using BTC. Instead I forwarded my findings to my friends who did indeed withdraw and use their cash up already.

    I ended up converting my BTC into ETH (Reasoning: I can hodl a higher share of ETH compared to BTC) and I bought $10 worth of ADA using my own money.

    I realized that withdrawing $50-60 worth of BTC per month isn't going to change much in my life, but maybe holding it for a few years will maybe bring some changes.

    I do get how you can also invest in the Stock market, but that (at least here) requires you to go to a Stock broker to get setup and then deal with their antics and such. Crypto offers anonymity, which to some is a deal breaker while taking a lunge.

    Now I've moved on from NH and I'm mining ETH directly into my wallet. I have also decided on putting $20 aside from my $200 salary each month on a coin of my choosing (It is currently ADA, but I am researching other projects as well).

    ​

    Crypto is a great idea for people living in 1st world countries, but as it has been mentioned before, it is an incredible option for 3rd world currencies, particularly those with horrid exchange rates.

    ​

    *Note: I do apologize if you're fed up with these constant *Crypto changed my life in X way*. I saw the recent posts as well, which made me come forward with my little journey*

    submitted by /u/getthesaleordietryin
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    In a huge 180, Indian governnment officials announce statement that they welcome innovation and new technology in blockchain and cryptocurrency. They firmly believe that they must always evaluate, explore and encourage new ideas with an open mind

    Posted: 06 Mar 2021 01:24 PM PST

    Cryptocurrency Users Increased More Than 60% Since May 2020

    Posted: 06 Mar 2021 10:05 PM PST

    How Cryptocurrency helped me build a relationship with my dad

    Posted: 06 Mar 2021 04:07 PM PST

    Hello everybody, long time lurker here. I just wanted to tell a quick story on how cryptocurrency helped me improve my relationship with my dad.

    When I was about 3 years old my parents got divorced. I never thought much of it but obviously it left a lot to be desired surrounding my relationship with my dad since I only got to see him about once a week after the divorce. I noticed how I had never been able to have deep conversations with my father. We had been getting closer for the past 2 or 3 years by watching Formula 1 together and going on vacations. It definitely made me happier as a person to finally spend quality time with my dad.

    My dad had always been into Crypto, I remember him mining back in like 2014 on a few old Radeon cards. I had no clue what any of it meant but at least I got in contact with Crypto early on and I feel like it planted a seed in my brain.

    I turned 18 last year and one of the first things I did was open a Kraken account and buy some crypto (a small amount). As time went on me and my dad started to talk more and more about what coins to buy, which projects are technologically interesting and stuff like that. This past month I finally felt like I was able to have deep conversations with my dad about finance, politics and my future all because of cryptocurrency.

    So I want to thank this whole community for embracing people like me who didn't know a lot about crypto and teaching us, because without you all I probably would not have been as interested in crypto as I am now, and it has really improved my life.

    submitted by /u/broodjee
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    A Beginner's Guide to DYOR (Do Your Own Research)

    Posted: 06 Mar 2021 05:41 AM PST

    Doing your own research is not only heavily advised, but it can also save you from investing in projects doomed to fail. But how do you conclude an effective research on a cryptocurrency?

    Firstly, the DON'TS:

    #1 - Don't believe any YouTubers with surprised or hyped faces and video titles such as "AMAZING OPPORTUNITY 🚀 1000X POTENTIAL COIN 😲". They usually just buy heavy bags of low market cap coins, pump them in videos, then dump it when all their viewers bought in as well. Rinse and repeat.

    #2 - Don't invest in a cryptocurrency based on one source. Always double or triple-check everything, and take every opinion with a pinch of salt.

    #3 - Don't fall for Pump and Dump schemes. They usually involve organized shilling on Reddit, Youtube, Discord, Telegram, etc., claiming to know the next moonshot that will make everyone rich. They do the same as Youtubers, buy bags of a certain coin, "announce" it to everyone involved, and sell their coins when the price is high enough. All the others are left with heavy losses, and the organizers just pick the next coin afterwards and repeat the process the next day.

    #4 - Don't ignore math behind cryptocurrencies. What I mean here is we see many newbies come here and say they bought XX,XXX coins because the price was $0.001, and what if it moons and reaches $1,000? Yeah, so prices doesn't work that way. /u/Lovinglyhandmade created a great website to help you better understand market cap potential of alt coins. The website's name is The Coin Perspective, and it helps you with calculating the price of many coins if they had the market cap of a different coin such as BTC, ETH.

    Secondly, what to DO:

    #1 - You need to understand the basic terminology of cryptocurrencies first. For example, what is a blockchain? What are alt-coins? What's the difference between a smart contract platform and a DeFi project? If you know these, then great, you can move on to step 2. If not, I suggest you start by researching these terms, and try to understand how crypto works in general. If you can find the time, I'd also suggest reading bitcoin's whitepaper.

    #2 - After you know which coin you are researching (and what type of cryptocurrency that is), you need to dive in and start reading and watching content. A lot. Also, don't forget fact-checking, this is crucial. One other thing you should do is list its competitors (for example, if you are researching Ethereum, its competitors include Cardano, Polkadot, Cosmos, etc.), and COMPARE the cryptocurrency you're researching with its rivals.

    #3 - (I'd like to quote /u/LargeSnorlax here:)
    "Look at what's wrong with the coin you're looking at and understand its weaknesses, not just the strengths that the weird minions tell you about all the time.

    • Does it lack adoption? How long will that adoption take to come? What are the barriers regarding that?
    • Is the technical protocol incomplete? What are the plans regarding that? How long will it take to have a version that fulfills the project's goals?
    • Is it decentralized? If not, is there a plan to make it so? When will that plan be complete and what will the protocol sacrifice in order to get there?
    • Is the project liquid? Will the developers lose interest if the price does not increase and move on to another project?

    I find it's always best to consider the bad things about the project rather than the good things. It's easy to sell someone on the good of a project, and much harder to talk about the bad and how to fix that."

    #4 - Google "[insert coin name] scam" just to make sure nothing serious comes up. If you happen to find something that might indicate your researched crypto is a scam, make sure to get to the bottom of it.

    #5 - Do a background check on the Dev team. Can you find them on social media? Are these real people? (Real photos, real posts, real connections, etc.)

    #6 - Do research on people who're already invested in the project. What about the community behind this cryptocurrency? Are they cult-like shillers, talking about nothing but the price of the coin? Conversely, do they talk about tech and its possibilities? Are they optimistic about future updates and developments?

    #7 - Check the Nakamoto Coefficient to see whether your researched crypto is decentralized (enough) for you to invest in it.

    Hopefully, I could help some of you with your research. As always, if you have any other good tips, make sure to share it with us in the comments! Special thanks to /u/Lovinglyhandmade, /u/LargeSnorlax and /u/ReloDD for inspiring this post.

    Thanks for reading! :)

    submitted by /u/Weaver96
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    Crypto has been the only good thing to me this past year / 2 - THANK YOU CRYPTO <3

    Posted: 07 Mar 2021 01:15 AM PST

    Things have been shit, really shit.

    My uncle got brain cancer and died pretty suddenly and i could not fly home to see him due to COVID - he was going to come visit me in Greece (where i was traveling) but now he can't and i was not able to say goodbye.

    my friends (the few i have) live far away and have become incredibly anti-vaccine/covid (i mean shit, i get it, this all sucks and i cant trust my government either, but I like to trust in science) and so i dont really talk to them much..

    quarantine has just been driving me insane (as im sure it has for some of you) - my gf is the only social interaction i have in a foreign country (i am in croatia right now but from usa)

    and we both dont know what to do - both of us deal with depression/anxiety before this and it has only gotten worse.

    i put 90% of my small amount of money into bitcoin about 2.5-3 years ago now and watched it go from growing a tiny bit to losing 80% of its value to then where we are now

    Bitcoin has never let me down (some alts have) and i dont see them stopping any time soon

    i am forever grateful to this new technology and all of you here who provide good information over the years. seriously. thank you.

    here's to 110k+ this year and 1million per btc in 5-10.

    with crypto i can actually envision a bright future for myself - i've lived in forests before - can barely hold down a job etc. but now... i wake up with plans for a future.

    to the future! <3

    submitted by /u/consciouscell
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    This is our community

    Posted: 07 Mar 2021 01:33 AM PST

    So these Americans can get another 1900 Billion, yes BILLION Aid package. And people still think money would be worth something in the near future. Nah they just destroyed the economy and it will only get worse over time.... (This is a short term solution)

    Now tell me why is money worth something; money is worth something because other people think it is. When u keep giving money away is it still worth something ? Everything is about trust so money whether it's dollars, gold or silver only works when everybody else trusts it.

    Cryptocurrency showed me that governments and banks rule the world, they decide what is best for THEM. They don't really care about anyone else.

    The blockchain is the future; why u may ask me ? What if I tell you these governments and banks can't do anything about it, no one is in charge and no one can change it. A currency that is run by the people who use it. Cryptocurrency can't be faked, can't be hacked or double spent.

    What if I tell you this is the definition of value, since it will stay here forever.

    I don't care which crypto project or currency you support, I just want to say I am proud on everyone who started and believed in cryptocurrency. In 2016 we were with less people, I wasn't even in this Reddit group yet. We got laughed at, asked why do you even believe in that scam.

    But I love to see more and more people realize that the real world is a scam and cryptocurrency is the future.

    For anyone reading this end, thanks, thanks for reading and I want to say you are still one of the early adaptors.

    submitted by /u/WittyManner0
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    Senate passes $1.9 trillion Covid relief bill, including $1,400 stimulus checks, Bull Market back on!

    Posted: 06 Mar 2021 09:34 AM PST

    ADA - My crappy due dilligence

    Posted: 06 Mar 2021 07:15 PM PST

    [Disclaimer] Not trying to shill, i'm really impressed with Cardano and I see a huge potential. I just want to share knowledge because a lot of people just buy it on a hunch/shill.

    Heyo, i've done some research after reading the Ouroboros network paper (The PoS implementation of cardano) and a lot of reading in reddit/cardano website/etc.

    I heavly skimmed it in the probabilistic part, mainly beacuse I don't have 3 months spare to study a paper lol. Without further ado,

    Without further ada:

    Cardano's vision

    They want to become the "internet of blockchains". Sounds like smoke, but in the paper, the process is well documented. They created the concept of side-chains, which permits inter-operatibility between different blockchains, eliminating the need for a middleman and decentralizing this aspect.

    They also aim to be the most decentralized network, with hundreds of peer-reviewed research. They took their time to research before actually starting development and they did a few prototypes in haskell before working on the first phase of it.

    They also want to be future-proof. This will be composed of multiple features, but the one that most captivated my attention was their last phase of deployment (Q4 2k21 / Q1/2k22), in which governance will be implemented. Governance in cardano will let developers submit "Improvement proposals (IPs)" with a pre-determined funding amount needed to execute it. This IPs, are then voted by the community and funded by the treasury. Part of the fees on transacting to towards this treasury.

    This will enable IOHK (The guys behind cardano) to completely separate from the project and bring it to it's true decentralized form.

    Some of my subjective highlights

    1. Super decentralized, it solves a lot of issues with current PoS implementations. (Refe page 58-60 of the ouroboros paper, super interesting read)
    2. It's the first provably secure blockchain, by provably meaning mathematically proven.
    3. This is both a pro and a con, it's language is beautiful (Plutus) and it's purely functional, based on Haskell. The downside, is that reading haskell is hard for coders who aren't used to functional programming, which might either slow adoption or make audits harder.
    4. Concrete and deliverable roadmap: They deliver this complex things on schedule.
    5. Parts of transaction fees go towards the treasury. The treasury is used to fund governance-based updates in a decentralized fashion.
    6. It was created by ETH co-founders. Might just be a authority fallacy though so minus points on this highlight.
    7. You can add custom metadata to transactions, such as who the sender was with name, etc. This is purely optional and it's added to facilitate transition from legacy financial systems to the future :^)
    8. Native token creation, the tokens live on the ledger, while smart contracts smoothly run on layer 2 (Ouroboros is also 2-layered, not like our 7-layer-dips.)
    9. Tokenomics are basically ETH2, but take this one with more grains of salt than the rest of the post since I didn't care reading about em much. I just know I pay with ada for transaction fees, and i can earn ada with staking.

    Cons

    1. Feeling like they lack someone on product with a computer science background. I wouldn't have chosen haskell (plutus) as a language (Even though I understand the WHY). I think it'll slow down adoption. But again, the treasury might mitigate this
    2. Way too speculative asset, currently overvalued imo. There isn't any dapp running on it and the only reason to have ADA is to stake it.

    Possibilities

    1. They've opened a dev environment for smart contracts last month. We might see dapps as soon as smart contracts are deployed (Q2 i think)

    Straight outta reddit (Not my own DD but checked)

    ​

    1- Native tokens will be able pay transaction fees in their own tokens, no need to bother with ADA. There's no other crypto that even attempted such mechanism. Cardano has a solution (as outlined here) and it should come in Q2.

    2- ERC-20 converter. Devs from ETH can seamlessly migrate or duplicate their dapps into Cardano.

    submitted by /u/FeelTheFish
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    I like [insert coin] because [insert your reason].

    Posted: 07 Mar 2021 01:08 AM PST

    Hello there,

    I would like to know which coin you like the most and your main reason why you like it. I'd like to create a statistic for top reasons to like a coin.

    Anyways, here is the rule: KEEP IT SHORT AND SIMPLE. Only 1 coin per post and keep the reasoning as short and simple as possible. You can add additional information below if really needed.

    Example: I like BTC because it is the most popular cryptocurrency.

    submitted by /u/Fireche
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    Elrond Platform Now Seamlessly Accessible for Reef Finance Users

    Posted: 06 Mar 2021 06:56 PM PST

    Be Generally Aware

    Posted: 07 Mar 2021 02:23 AM PST

    I see all these posts about taking a break from looking at the charts and reading news about your favourite crypto. Whilst I believe that is true and taking a break is healthy, I also believe that you should generally be aware of what is going on with your investments.

    I'm saying this because during the 2018 bull run, I made quit a sizeable profit from my investments in crypto, but I decided to not cash out even when things started to go bad because I believed that my investments would have a great use case in the future and that I would be making way more money 5-10 years down to road from those investments. But what ended up happening is that I took a long break from crypto, I did not read any news or visit the subreddits of those coins for several months and 3 out of the 4 projects that I had invested in shut down and left, and I pretty much lost all the money that I had initially invested in, which took me years to earn. Keep in mind that I read the whitepapers, learned about the team and truly believed in the tech (I still do believe in what they were trying to achieve), so I trusted my investments.

    So what I want to say to you is that, if you are new to this space, invest in what you can afford to lose, and if you have a chance to recoup your original investment, please do so. No matter how much you trust the tech or the people behind it, things change.

    submitted by /u/praj18
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    Trading Crypto made me witness the true face of society and its was ugly and sad

    Posted: 07 Mar 2021 02:14 AM PST

    TL; DR - There is an underlying foodchain in our society. The things that you get are a product of where you are born. People on the top do not want you to grow. Whenever something revolutionary like cryptocurrency is introduced in the society. It gets a lot of hate and rejection from the people on the top because it gives common people a chance to attain a better life.

    When I started trading Bitcoin back in 2017, at that time the news media was very actively comparing it with a bubble and after its crash in the early 2018 I started believing the same.

    Later in Nov 2020 I again started trading Bitcoin and also came to know about DOGE and other altcoins. But this time I decided to learn more. I started reading news about crypto, the tech behind not just Bitcoin but other altcoins, I started studying the overall market trends from websites like coin gecko.

    While doing my research, I came to know that RBI (Reserve Bank of India) banned cryptocurrency back in 2018 which was later removed by the Supreme Court of India. Now again the Indian government is trying to ban all cryptocurrencies. The reason behind banning crypto was given that it could promote money laundering.

    I was like seriously. Are you kidding me? It was like banning internet because it could spread misinformation. Internet is a tool. People spread misinformation. Similarly cryptocurrency is a tool. How people use it, its up to them. Money laundering was happening before crypto and will happen after it. A common man does not have so much of money that he or she needs to launder it.

    Here, on reddit, there are stories of people who paid their home loan, student's loan, gifted their parents, paid their rents and much more just because of cryptocurrency. Let it be bitcoin or doge or nano, cryptocurrency is changing people's life. And not everyone is becoming a millionaire by trading crypto. People are earing just a little more than they used to and the government, financial institutions, rich business owners have a problem with it.

    It is so irritating and sad at the same time. If there are no life changing opportunities like cryptocurrency, then a common man's life will remain a struggle. Cryptocurrency offers a common man to live better, spend time with family, have a healthy life etc.

    We are not meant to spend 30-40 years of our life working in a cubical with no joy and no creativity.

    A comman person, no matter how genius or strong, end up working for a rich man or government. I hate this idea of society.

    I know that you already know all these things. Everyone knows but no one realizes how bad it is. I realized and I am angry after that.

    Thank you for reading.

    submitted by /u/aidigvijay
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    My thankfulness of crypto and it's community

    Posted: 07 Mar 2021 02:44 AM PST

    Currently I'm jobless so getting standard supplements like food are very hard for me, I'm heavily dependent on my parents.

    I seen a post that a guy promoting MOONS and wants more people to engage into crypto.

    So he wanted to tip 100 people 30 moons. He did more than that.

    He needed some help because reddit won't let him tip anyone so I tried to help him, in the end it worked and started his promise.

    He tipped me 600 fucking moons for myhelp... Well my heart sank, because thats a week or so food for me, I'm still some what speechless. It may seem a very little amount for you guys but that's a relatively lot of money who has none. I don't get this much money or anything at all from strangers

    This meant a lot

    Thank you again u/x0g

    Sorry for this shitty post I needed to write something about this

    Edit : post : https://www.reddit.com/r/CryptoCurrency/comments/lzhkzq/tipping_my_moon_stack/

    Send some love to u/x0g

    submitted by /u/changestart1
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    If Coinbase Earn keeps getting promoted, it needs to be mentioned that there are some countries not eligible for it.

    Posted: 06 Mar 2021 10:20 PM PST

    Since Coinbase Earn has come up a couple of times, I wanted to note that they have this under their [eligibility rules] (https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/coinbase-earn-faq-and-terms#Criteria):

    Eligible countries are:
    Austria, Australia, Belgium, Bulgaria, Canada, Croatia, Cypress, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Senegal, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, The United Kingdom, and the United States.

    I'm not in one of the eligible countries so I'm wondering if that's the reason I've been stuck on their wait list for two months now. Anyone else in a similar situation? And are there workarounds on this, like VPN?

    submitted by /u/Pipay911
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    Experiment: What if you kept buying terrible performing coins?

    Posted: 06 Mar 2021 08:55 AM PST

    In this experiment I am fake-buying CMC's top 10 worst performing coins of the week from the top 500 coins. And I put 1k into each of them for a total of 10k fake investment.

    Then, next week I will fake sell them and divide the money into that week's 10 worst performers.

    The first week I start off with these shitcoins, with the highest rank being 350.

    • BTRS: 9.18 coins
    • ADK: 719.42 coins
    • FIO: 5414.18 coins
    • BONDLY: 2281 coins
    • ERG: 476.19 coins
    • COVER: 1.76 coins
    • AUTO: 0.375 coins
    • ANY: 392.15 coins
    • YUSRA: 564.97 coins
    • QQQ: 54112.55 coins

    Total value: $10k

    (This experiment doesn't take fees into association and makes the assumptions they can all easily be bought.)

    Edit: made error on coin short name. Fixed. (pos -> qqq)

    submitted by /u/Arghmybrain
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    I made myself a Moon coin so I don't miss out.

    Posted: 06 Mar 2021 12:34 PM PST

    I made myself a Moon coin so I don't miss out.

    ​

    My wooden Moon coin !

    A short rant:

    At first I posted this as an image, but it got deleted immediately because it seems media posts are now considered "low effort". While by no means I am against a more informative and technical subreddit, and actually think current state of subreddit is significantly better than a weak ago, at the same time there are many people who does not have technical knowledge or even any meaningful investment in cryptocurrencies, but still like to be a part of this community.

    I might be new to the whole cryptocurrency world, and I might not have the means or the capital to invest in crypto, but I am enthusiastic about the concept and I like to be a part of its community. If the crypto community hopes for democracy, de-centralization and collective mindset as its core values and the solution to the problem that we already have, it should be able to find a way to include everybody, otherwise it will slowly fall into the same elitist mindset that it does not like.

    Anyway, I just wanted to say this image is by no means a "low effort" post, I spend hours for it.

    submitted by /u/Soulsiick
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