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    Cryptocurrency Daily Discussion - March 31, 2021 (GMT+0)

    March 31, 2021

    Cryptocurrency Daily Discussion - March 31, 2021 (GMT+0)

    Daily Discussion - March 31, 2021 (GMT+0)

    Posted: 30 Mar 2021 05:00 PM PDT

    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 The prior exemption for karma and age requirements is no longer in effect.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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    I stopped reading whitepapers. Not because I'm a lazy noob, but because I'm humble enough to recognize I won't be able to understand a lot of what they say.

    Posted: 30 Mar 2021 10:56 PM PDT

    Probably gonna get downvoted to oblivion, so you could consider this reverse moon farming. Anyways, before anybody discredits me, I am studying Computer Science and have been able to land some nice internships, so yes, I admit that I'm not an expert and there are many things I don't know, however I would consider myself someone that has been exposed to basic Computer Science concepts, and more advanced ones in Algorithms, Data Structures and Cryptography.

    With that out of the way, I just wanted to say that there are a lot of people here giving recommendations to new people (which is great) and there is this specific one that really irks me, "Read the whitepaper". Why does it annoy me so much?

    • Well, for starters I highly doubt that people giving these recommendations even read the whitepapers themselves, I honestly believe that they say this in order to look like "responsible investors" or "being in it for the tech", whatever their motives are, I believe that 99% are lying.
    • For the tiny minority that actually reads the whitepapers, I don't mean to sound like an asshole, but I highly doubt you understand the important technical part of the whitepapers completely. I say this because I've taken several high level CS courses in college and I struggle every time to grasp some concepts that describe how a certain project works and what makes it significant. I am certainly no guru, but I believe that I know more CS than the vast majority of people who are trying to get into crypto, and if someone like me can't understand what these whitepapers say, how exactly will a newcomer get any benefit from trying to read these documents?

    You know, I remember I got into crypto right when I started college, and even now 3 years later, I prefer just watching a simplified video about a project than trying to read the whitepaper, which I know will be a waste of time. There is a reason why most projects upload a simplified version that explains how the project works, and that's so that newcomers can get an idea of what the project is. Odds are that the vast majority of people trying to buy a certain cryptocurrency will be people that just don't have the background required to understand whitepapers, so let's stop recommending them to read whitepapers and instead recommend them something different, like watching videos or reading simplified articles that explain what the cryptocurrency that they want to buy is.

    submitted by /u/Cool-Might7913
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    I recently shared with you a bot I coded that buys Bitcoin when Elon Musk tweets about it, and your response got it featured on Decrypt. You guys made me want to release an official application for it

    Posted: 31 Mar 2021 04:18 AM PDT

    Firstly I want to thank you all for the overwhelmingly positive response for my project, I am really humbled and grateful to be part of this community, you guys are awesome!

    I am happy that the project inspired some of you to look for new and creative ways to make use of all the technologies available to us today and to improve of existing strategies. Many of you suggested some really good improvements to the bot and I am currently writing all the suggestions down in a plan to potentially release this as an application.

    Here is a quick breakdown of what the bot does:

    • It buys bitcoin if Elon talks positively about bitcoin on twitter
    • It stops the loss at 5% and takes profit at 10%

    And here are potential improvements based on your feedback:

    • The bot should be able to work with multiple coins and keywords
    • The bot should be able to follow multiple Twitter handles and ideally other websites too
    • The bot should tweet the rocket emoji whenever it places a trade 🚀
    • It should be user-configurable and ideally come with an easy to navigate user interface.
    • The bot ideally analyses the weight of the influence on the crypto market for each influencer chosen

    Your input made motivated me to release an official application for this project, and if you're comfortable with coding and would like to contribute drop me a message if you would like to collaborate on it!

    If you have ideas on how the bot can improved leave them in the comments!

    Here is the decrypt link: https://decrypt.co/63380/bot-buys-btc-elon-musk-tweets-bitcoin

    The link to the official guide: https://www.cryptomaton.org/2021/03/21/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it/

    The GitHub Repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets

    submitted by /u/CyberPunkMetalHead
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    Letter to my younger self

    Posted: 30 Mar 2021 01:56 PM PDT

    I've been in crypto since 2017... and over the years I've made every single wrong. If I could build a time machine and tell my younger self a few things, these would be it:

    ​

    1. THERE IS NO SUCH THING AS A GET RICH QUICK SCHEME
      1. While money comes quickly in crypto, as compared to traditional markets, it goes away even faster. Your profit, and return on investment, is directly corelated to the amount of work, effort, research, and attention, you put into your investments. If you do it right, you will have a ton of success... if you don't, your failure will be epic in so many ways.
      2. Things might sound outlandish in crypto, but if you follow rule #1, you'll be able to figure out which have potential, and which ones are never going to reach the daylight. If someone is trying to make you "Get in right now or you'll never be rich" that's ok... let them have the glory of monster gains, there are plenty to be had that will fit your needs. I'll tell you below how to figure out which projects are good and which ones are not.
    2. PEOPLE THAT TALK ABOUT BEING THE BEST IN CRYPTO ARE NOT
      1. If you run across someone that constantly says that they are the best (paid group leaders come to mind), they are far from it. The one's that are the best let their work talk for them, and they are more than happy to help others be successful for free.
      2. The biggest names in crypto are the ones that show you their work... If you have doubts about someone being who they are, just ask them to show you their P&L. If they are genuine, they will do so without hesitation, if they are not... they will give you an excuse of why they will not. "I only talk to real Alphas" is not the right response to this.
    3. YOUR NET WORTH IS NOT THE MEASURE OF WHO YOU ARE
      1. It is easy to look at some people turning $5,000 into $500,000 in 6 months and thinking that you should do the same... you won't. Some of these people are incredibly talented, gifted, and dedicated traders who spend 8-12 hours every day working on their portfolio. They have years of experience that makes them good at what they do... or they are just really lucky. Either way, you're not going to beat them until you become the same.
      2. Being successful in crypto means different things to different people. Set your goals early and gauge your success based on your goals. "I want to be rich" is not a goal, it's a dream. "I want to make $100K this year using crypto" is a goal... "I want to be a millionaire in 2 years with crypto" is a goal. Once you make it, figure out what you need to achieve it. You might have to educate yourself, you might have to practice trading on paper before doing it for real, you might have to lose some money before you make some. Just make sure you know what you're trying to do and what you need to do to get there.
      3. The biggest thing that will stop you from succeeding is your ego. Be humble, be smart, be the one that people want to be around. You'll get much further in life if you swallow your pride and admit your mistakes.
    4. DO YOUR RESEARCH NO MATTER WHAT
      1. Whitepaper
        1. Does it make sense?
        2. Does it solve a problem that needs solving?
        3. Does it solve it better than anyone else out there?
        4. Is there direct competition, if so research them
      2. Management team
        1. Are they experienced in the field they are trying to enter?
        2. Do they have someone external helping them enter the field?
        3. Do they have experience leading startups or history of long term business development?
      3. Adoption
        1. Are people talking about it or is it so far off the beaten path that a handful of fanboys know about it... if it is latter, it's probably not a good projects
        2. Market cap and volume... a great sign of adoption is high volume as relative to the market cap... you want to see volume in the 10% of the market cap at least... So if you have a $10M market cap coin, at least $1m should be traded on a daily basis... $50M cap coin means $5M trading volume... etc. and majority of that trading needs to come from a large variety of wallets. You want big holding wallets, and small wallets to be moving the coin around... it shows a healthy ecosystem. To that note, small transactions on regular intervals are bots keeping the network alive... if that is most of the volume... MOVE ON.
      4. Execution
        1. Once you get into the coin, it is important to track the progress of execution. Everything might look good on paper but if they are not able to make their idea into a reality you will see a bunch of fluff news around but no actual implementation
        2. Crypto companies move at the speed of light. They knock out projects in weeks and months, not years. If you run across a team and project that has very few executed projects across a long time span, there is something wrong. Especially if they keep saying "Great things are coming" "Amazing stuff is about to happen" What a traditional company does on 5 years, a crypto company can do in 1... so if they have been around for 4-5 years and they don't have much to their name, it's a shitcoin... you should move on
        3. Is there transparency with the investors? If the team is not willing to share their roadmap with the investors (YOU) and is reluctant to keep up with regular updates, then something is not right. Right teams will not only update people on the things that are going on but they will also engage the base on a daily basis to keep the interest alive. They need to be as excited about the project as you are.
        4. Check their GitHub. A good project will have some data on there and you will be able to parse through it to find out if it is legit or not. If it doesn't look right, you might want to move on (Credit u/klock23s)
    5. RISK MANAGEMENT MATTERS
      1. Catching falling knives is dangerous. Don't try to be perfect on your entry and exit. No one can predict that. If you have done your homework, you'll know the entry range, the exit range and the right time to act. When you do, act with intent, not doubt.
      2. Diversification is going to be a key to your success. Invest in a wide variety of projects, different industries, different fields. No one industry or project will reign supreme so make sure that you cast a wide net.
      3. Don't put in more than 3-5% of your net holdings into any single project. That doesn't mean that you should ONLY invest 3-5%, no... it just means that any single project should have no more than 3-5% of your overall holdings.
      4. Use stop loss if you are swing trading, if you're not then have a number in mind where you're going to cut your losses. 98% of traders lose money, it's a simple fact... most of them lose money because they have crappy risk management. Even if you're in love with a project, you should know when to get out. Things change so re-evaluate often. More importantly, if you risked only 3-5% of your portfolio, even without stop loss, you're going to do OK.
      5. No one is perfect, if you are a trader that has a 70% strike rate (meaning that 70% of your trades are profitable) you will come across a losing streak where 5-6 of trades you have will be bad. Without risk management, those trades could wipe you clean and leave you broke. to recover a 50% loss, you have to make it up with 100% gain to break even... doubling your portfolio is not that easy. Most successful traders have a strike rate of 40%, so using proper risk management is key to their success.
      6. Keep a journal of all the trades, entries, reasonings, rationale. Part of risk management is knowing when you F-ed up... you won't know that until later and you need to know why. Learning from your mistakes is hard when you don't know what you did that was so wrong. (Credit: u/LittleAce7)

    Remember, these are rules and not law. There are exceptions to every rule, but if you have too many exceptions, then you don't have any rules in place. So use caution if you decide to not follow one or more of these.

    Most importantly though, remember that crypto and trading is not life. You only live once, and while you will fail often, make sure that you take the time and dedicate it to the things that are more important in your life. Spend time with your family, spend time with your loved ones and share with them the precious little that you have.

    No mater what, even if you lose it all, don't give up. Lessons can be costly, but you will be stronger in the end. If you learn from your mistakes, I can guarantee you that you will come out OK in the end. Trust me, I've done it... and I'm doing just fine!

    See you in the future.

    US

    ​

    P.S. Surround yourself with people that are willing to help you succeed. People that will cheer you on with every step forward you make. People that will be happy if you're doing better than them, but if you're not they will give you advice on what you can do better/different. There are many people out there like that, find one first... then find more. Once you do, your success will be almost guaranteed.

    submitted by /u/CryptoAnarchyst
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    Quipuswap (Tezos) massive new defi released today

    Posted: 31 Mar 2021 07:26 AM PDT

    DeFi explained: Wrapped Bitcoin

    Posted: 31 Mar 2021 02:52 AM PDT

    You might have come across the term "wrapped Bitcoin" in the DeFi space. How is it possible that (wrapped) Bitcoin is available on Ethereum, even though Bitcoin is on another block chain? And why would you use wrapped Bitcoins in the first place? In this post I'll try to answer these questions.

    Wrapped bitcoin explained

    Wrapped Bitcoin (WBTC) is an ERC-20 token, linked to bitcoin 1:1, launched on the Ethereum network on January 30th, 2019. As a result, bitcoin can be used in the largely Ethereum-powered DeFi market.

    How wrapped Bitcoin works

    There are three main players in the process of obtaining WBTC: the user, the merchant, and the custodian.

    To exchange Bitcoin for Wrapped Bitcoin, a user submits a request to a WBTC merchant. Traders distribute WBTC in exchange for bitcoin - or vice versa. They have also included a KYC step in the process. The traders act as an intermediary between the user and the custodians, who form the network's liquidity pool.

    When the trader submits the transaction request to the custodian, the custodian chooses to allow or deny the request for WBTC. The minting and burning is done through an exchange, directly between the merchant and the custodian.

    The process starts when a merchant submits a coin request through an Ethereum smart contract while sending Bitcoin to the custodian. At that point, the custodian waits for confirmation on the Bitcoin block chain, approves the request on the Ethereum network, and releases the WBTC to the merchant.

    In order for the user to get their tokens, they must enter into a trusted exchange with the merchant. Once the user has his WBTC, his Bitcoin is essentially "wrapped" in an Ethereum wrapper. Hence the name "Wrapped Bitcoin."

    How wrapped Bitcoin benefits the DeFi space

    Liquidity is the foundation of all finance. Lenders have no value without money to borrow. In addition, limited liquidity could kill a fast-growing financial movement. If investors rushed to DeFi and encountered one platform after another that didn't have enough liquidity, DeFi would quickly be slapped with crippling labels like 'unsustainable' and others by DeFi doubters.

    Since the Bitcoin and Ethereum blockchain don't go well together, and DeFi is largely powered by Ethereum, there has been a thick brick wall between DeFi and Bitcoin investors. Wrapped Bitcoin is a sledgehammer trying to tear down that wall. If investors keep accumulating via this way, a flood of liquidity can flush into the DeFi space.

    How to add WBTC to your portfolio

    Investors can go through the "wrapping" process with a trader, or they can buy WBTC on one of the several DeFi exchanges such as Uniswap. WBTC follows the price of BTC. Once obtained, you can use it to invest in DeFi protocols.

    WBTC Wrapping Fees

    As with most financial services, wrapping BTC comes at a cost. These are the fees you must pay to the following entities:

    • Custody fee. These are collected by the custodian when the trader chooses to mint or burn wrapped tokens.
    • Merchant Fees. The merchant takes a fee from the user as payment to help him convert his BTC into WBTC.
    • Sidechain transaction fees. To help prevent spam on the sidechain, there is a fee shared by all entities using a sidechain node.

    Other types of BTC

    Although WBTC might publicly be the most known of BTC tokens, there are a few other ones which I would like to elaborate on:

    • renBTC: REN works via a smart contract on Ethereum and a HTLC transaction on Bitcoin. When engaging with this smart contract, a balance blocking operation in BTC and the minting of RenBTC on Ethereum is carried out, and all in a decentralized way, without intermediaries.
    • tBTC: A user can obtain tBTC by depositing BTC into a wallet through the tBTC Dapp within the Bitcoin blockchain. The custody method performed by a decentralized pool of custodians who each have to supply a collateral in Ether.
    • sBTC: Created by Synthetix, It provides access to the value of Bitcoin without the friction of owning a Bitcoin wallet or holding it. This allows Ethereum users to gain non-custodial exposure to Bitcoin, which means they don't need to trust an institution or protocol to hold the underlying asset. This also enables it to be used within the Ethereum ecosystem, for such purposes as trading or any one of the many others available on the blockchain.

    Final words

    Wrapped Bitcoin, as well as the other variants, may be just what DeFi needs. Since it is linked to BTC and users can obtain it through a fairly simple process, it can rise. As bitcoin players, big or small, increasingly move to WBTC, renBTC, tBTC and sBTC, the liquidity boost can help DeFi soar to new heights.

    For investors, this offers a new way to earn interest on bitcoin holdings by depositing the token in yield farming DeFi protocols.

    ​

    submitted by /u/Fantastic-Cucumber-1
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    CNBC Just in: Goldman Sachs is close to offering bitcoin and other digital assets to its wealth management clients

    Posted: 31 Mar 2021 05:09 AM PDT

    100% BTC: Sometimes I am only a few clicks away from converting all my altcoins into Bitcoin and just stop looking. Are there others who feel the same way from time to time?

    Posted: 31 Mar 2021 02:19 AM PDT

    First I want to make clear that I dont think that crypto will be a "winner takes all scenario". So I think that in the future, there will be still many projects around. However, from time to time I contemplate to just convert everything into Bitcoin and just let it ride.

    I feel like that BTC is one of the most likely cryptocurrencies to be around in the future, because of its history, market cap and adoption as "store of value" from companies. On the other side, it probably wont see a 100x in the next 10 years like maybe some very few altcoins could see. But I dont really know.

    However, at least to me, it really seems hard to estimate which altcoins are good and have potential. Of course there are obvious cases where you know to stay away from them. But I noticed that my mind often wonders if I put the part of my portfolio, dedicated to altcoins, into the "right" altcoins. Also staying up to date with the development progress in a number of altcoins feels sometimes like a hassle to me.

    I know that there are good basic portfolios rules about allocation of BTC/ETH and altcoins like 80%/20% or 50%/30%/20%, however does anybody else have the idea to go 100% BTC from time to time?

    submitted by /u/_Captain_Retard_
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    Algorand Reaches 10 Million Accounts as Adoption Accelerates.

    Posted: 30 Mar 2021 06:37 PM PDT

    Owning Crypto on PayPal is No Better than on Robinhood

    Posted: 31 Mar 2021 12:51 AM PDT

    Look, the PayPal news is really good. PayPal is huge and has the opportunity to bring crypto to people who would have never considered it. PayPal can be used on most sites as a purchasing option. This brings us more adoption. It doesn't come without it's flaws though.

    Here's one problem, custodial ownership. Custodial ownership is awful. It gives you no control. You must have direct ownership of your coins if you want to safeguard your assets. The old adage, not your keys, not your coins comes into play. If the big bad government decides they don't like you, such as India or Nigeria, you're screwed if you don't have full control.

    The companies that offer custodial ownership have a very low barrier to entry. This is what makes them appealing. You don't need to be verified. I have someone at work who has purchased BTC out of ease compared to when he tried to deal with the exchanges. I get it, you want to be able to have a chunk of the pie without jumping through all the hoops. Although having a halt on PayPal would be extremely unlikely, I don't want anything to ever happen like what Robinhood did to GME and other stocks.

    Another problem, especially in the US, is taxes. I will never be spending my crypto on small day-to-day items until the tax laws change in this country. If I have to pay capital gains and then sales tax, the item I might be purchasing could be worth less than the taxes. It's rare, but possible. Unfortunately, I don't see this changing anytime soon.

    PayPal news is huge and really good. Baby steps will put us in the right direction. Big institutions and major retail players will continue us in the right direction. We can't expect full adoption overnight. We need to curb our expectations a little bit. It has taken over 10 years to get this point. In 10 years time I expect adoption to be much further along. That being said, crypto veterans or anyone with a substantial amount of money invested, should consider a wallet and getting control over your coins. Not your keys, not your coins. Avoid custodial ownership!

    submitted by /u/VaderHater21
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    NYT: If You Care About Privacy, It’s Time to Try a New Web Browser | Brave

    Posted: 31 Mar 2021 07:59 AM PDT

    Do you we want adoption or endless speculation?

    Posted: 31 Mar 2021 07:02 AM PDT

    Two days ago maybe the biggest news event since the conception of cryptocurrency has hit us: Visa is going to settle payments on the Ethereum network. There is almost no bigger validation imaginable yet the ETH price against BTC is barely up 1% even 2 days later. Yes we know that crypto twitter and some BTC maxis on this sub initially twisted the news by removing Ethereum from the title and inserting "Bitcoin partners", but still after a few days the correct news should have hit the markets.

    If this would have been any other altcoin than ETH the price would have exploded by at least 50-200%. So why hasn't it? What is the point in staying stubborn in BTC which has zero usability or speculating on $0.4 altcoins with an insane supply when the adoption is HAPPENING right in front of us.

    Has the FUD of high fees overtaken any bullish sentiment? Because in less than 2 months Ethereum is scaling to 2000tx per second (source: https://unipig.exchange/welcome).

    It's time to reassess why you're in crypto and what you envision for crypto to become, a new digital asset class that promotes technological decentralization adopted by the world or endless speculation on a greater fools SoV with 3 TPS and endless ETH killers which are bound to become ghost chains like EOS, TRON, NEO, and so many others.

    submitted by /u/BakedEnt
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    iPhone user blames Apple for $600K Bitcoin theft via fake app

    Posted: 31 Mar 2021 03:59 AM PDT

    The Economist Who Predicted Cryptocurrency

    Posted: 31 Mar 2021 06:19 AM PDT

    Friedrich Hayek. Nobel prize winner in 1974 in Economics for his "pioneering work in the theory of money and economic fluctuations"

    In 1976 Friedrich Hayek wrote
    The Denationalization of Money.
    The book argued for the end of the government's monopoly on currency.

    Introduction quote from the book

    "In my despair about the hopelessness of finding a politically feasible solution to what is technically the simplest possible problem, namely to stop inflation, I threw out in a lecture delivered about a year ago a somewhat startling suggestion, the further pursuit of which has opened quite unexpected new horizons…
    The further pursuit of the suggestion that government should be deprived of its monopoly of the issue of money opened the most fascinating theoretical vistas and showed the possibility of arrangements which have never been considered."     - F.A.Hayek

    Thirty years later, the financial crisis of 2007 saw huge inflation, rising unemployment and sky-rocketing interest rates. It was considered the most serious financial crisis since the 1930s. Once again, the government's monopoly on currency was questioned. On 3 January 2009, the first bitcoin was mined.

    It was Hayek's theory made practical.

    Hayek's theory in his book was that not only would the currency monopoly be taken away from the government, but that the monopoly on currency itself should end with multiple alternative currencies competing for acceptance by consumers. Cryptocurrencies continued to follow in the economist's vision. Since the creation of the first bitcoin, 8,700~ crypto alternatives have been created.

    Another visionary quotes that got stuck in my head and they're worth mentioning.

    "I don't believe we shall ever have a good money again before we take the thing out of the hands of government.
    We can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that     they can't stop."

    "The chief evil is unlimited government, and nobody is qualified to wield unlimited power."

    I thought that you guys would like to hear this fact, that such a vision was written and told 40 years ago by someone that achieved something in his life. I know, that some of you don't like, when we are sharing the quotes from the history figures because they said a good chunk of things that was false. In this case, I feel like, the vision that Mr.Hayek had, is becoming true, and everyday we're closer to it.

    Hope you found this "legacy" somehow educating or inspiring.

    R.I.P Mr.Hayek - your vision is becoming reality :)

    Have a nice day ! DCA and HODL !

    submitted by /u/GroundbreakingLack78
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    One Bitcoin Will Be Worth a Lamborghini by Year End: Kraken CEO

    Posted: 30 Mar 2021 05:14 PM PDT

    For any 4 year period in history, Bitcoin has had a return on investment of at least 900%

    Posted: 31 Mar 2021 06:58 AM PDT

    4 year bitcoin return on investment (Price as multiple of 4 year earlier price) -start date of spring 2015 chart

    Data earlier than 2015 is omitted because it includes returns over 100000x. The 2017 peak was only a 20x return over 2013 peak that occurred around the same date. There were higher 4 year returns earlier in 2017. March 28,2021 has a 4 year return of 60x. The 2 occasions where the 4 year return on bitcoin was "only" 10x/900%, were short lived, and precipitated strong/steep rallies. These returns exclude dividend/airdrop/forks.

    x axis is days since August 19,2010 with column ticks in 365 day increments.

    More details/research/charts: https://www.naturalfinance.net/2021/03/bitcoin-is-better-investment-than-bonds.html

    submitted by /u/Godspiral
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    Increasing popularity of cryptocurrencies and advances in space travel (SpaceX, Blue Origin, Virgin Galactic, etc.) make me feel like I'm in the 1st chapter of a science fiction series.

    Posted: 30 Mar 2021 06:04 PM PDT

    It's interesting that both are starting to happen at the same time. I wouldn't be surprised if one day there's a time when people budget for their trip to Mars using "credits" (a nod to whatever becomes the prominent currency of the future), over using USD or another fiat currency. I could be wrong, but nation states, institutions, fiat currencies, etc. will look much stranger than now as space travel accelerates in the next 2 centuries.

    submitted by /u/b1ackfyre
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    BTC’s dominance has declined from 72% to 56% within the last 3 months.

    Posted: 31 Mar 2021 04:59 AM PDT

    I originally posted a picture of the chart but that got deleted.

    So Bitcoin has been losing a lot of market dominance in the last few months. Perhaps BTC has had it's run and we're about to see a new alt season soon!

    IMO the next altseason will be much bigger than the one we saw in 2017. There's a lot more clarity and big institutional players involved in 2021. It's going to be a wild ride!

    Stay safe out there bro's! Keep your coins secure and don't let your emotions take over! Don't forget to also take some profits every now and then!

    submitted by /u/d4nkm3m3rs
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    Robinhood is the worst place to buy crypto but it has the best graph for the live price.

    Posted: 31 Mar 2021 06:16 AM PDT

    I know we should never buy any crypto from Robinhood but you guys already heard that. I use Robinhood only to look at the live price. Moments where I use this the most is when a dip is going on. The biggest downside is that Robinhood is limited to a a few Cryptocurrencies.

    What is your favorite place to look at for the live price?

    submitted by /u/AnonymousACM
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    Great advice I found in r/poor: “Buy even 10 dollars in Bitcoin at a time if that's all you can spare. That's how I started. Today, the first 10 dollars I've put in just crossed the million-dollar mark. That took only a decade of holding a value I would've spent anyway.”

    Posted: 30 Mar 2021 01:22 PM PDT

    Are You Not Entertained? Bitcoin Has Now Closed Above $50,000 for 27 Straight Days

    Posted: 30 Mar 2021 09:31 AM PDT

    Are You Not Entertained? Bitcoin Has Now Closed Above $50,000 for 27 Straight Days

    ​

    Number of days above $50k

    Finally guys, Bitcoin at $50k is starting to feel comfortable!

    A few months back, we were celebrating the break above the former $20k all-time high. Fast forward to the present, Bitcoin has now stayed above $50k for 23 freaking days and yes, there's a very high chance we'll hit the 30-day mark or even more.

    The first attempt to break over $50k didn't last longer than 6 days, and even the next one didn't last up to a day. But since March 7, we've stayed over $50k. Despite the wicked dip last week, the support held, and right now, we're closer to $60k than $50k.

    The previous halving cycles didn't have the luxury of such large purchases by corporations and long holding periods by the majority of investors. It will be interesting to see how all of these play out, but I'm optimistic we'll at least see $70k BTC before this cycle ends.

    Do you still remember when $100k Bitcoin was a pipe dream?

    Well, I won't be surprised if it happens before the end of this cycle, and o boy, what an entertaining ride it has been!

    submitted by /u/wmredditor
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    Hong Kong Security Crackdown Leads to Record Capital Outflows— Residents Reportedly Used Cryptocurrencies to Move Funds

    Posted: 31 Mar 2021 05:44 AM PDT

    PureStake Raises $6M From Binance Labs, Coinbase Ventures

    Posted: 30 Mar 2021 08:05 PM PDT

    Why Ripple has to win the lawsuit against SEC, and why this should matter to everyone

    Posted: 31 Mar 2021 08:19 AM PDT

    (Edited the title and removed some info)

    A while ago, there was a good post that explains why. But he didn't mention something really important.

    Crypto is not a security or a commodity, it is its own set of assets. As much as I dislike the centralization of XRP due to hand picking nodes to verify transactions, so they can have control over the network, it's not a security because anyone can own XRP with anonymity. A stock has your name written says you own it. But crypto is different. Why do you think you can own a fraction of any coin? You can even burn XRP by sending it to a nonexistent address, you can't just burn stock shares. It isn't a commodity because it has no intrinsic value; it's just bits stacked on a blockchain. But crypto has value because of the people willing to exchange monetary value for it, and the miners and validators who keep this system running. XRP is a cryptocurrency just how you can call a stock a security and how you can call gold a commodity.

    So, if SEC wins, they can treat every crypto that had an ICO or sale of crypto from the inventors just like a security, like stocks, and will regulate the shit out of it. As the linked thread says, "They can see an untapped wealth of fines and settlements here and they want to be the regulator who controls crypto in the USA." Exchanges will start dropping these coins like flies so they don't get targeted, and coins may suffer the same fate as XRP when it dropped 50%. In the grand scheme of things this can cause a ripple effect in the market, ICO or not.

    Let's see which cryptos can be affected.

    - ETH and a majority of ERC20 tokens (As of now, SEC says that ETH is not a security, but SEC lawsuit can change that)

    - LTC because Charlie Lee sold his coins

    - DOGE, Markus sold his coins in 2016

    - NEO , etc

    EDIT: if you downvote, point out what's wrong with my post.

    submitted by /u/Iiau_
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    Seriously, stop simping over these Investment Banks like Goldman Sachs and JPMorgan

    Posted: 31 Mar 2021 07:04 AM PDT

    Have people already forgotten what happened in the USA 2007-2008 and in the EU in 2009-2012 because of them? These banks screwed us willingly over causing the global economy almost to collapse in a matter of weeks if it wasn't for taxpayer (our) money to save them. Bitcoin was created so normal citizens could protect themselves against these scummy people. Did they learn anything or was anything changed because of what happened? Of course not. Please stop cheering for them, they're 10x worse than Elon Musk having fun with Dogecoin or any Youtuber people hate in here.

    Short summary:

    These banks created one of the worst financial crisis since the Great Depression in the 30s. Banks gave money to anyone wanting to buy a house, even if their financial position was horrible to begin with. This of course created a bubble on the housing market with thousands and thousands of subprime loans. Refinancing your home at that time was no problem of course, add an adjustable-rate mortgage (interest rate cheap at the beginning expensive later) to the mix and you have recipe for disaster. The housing market of course looked attractive for European and US based companies gobbling up these subprime loans, number only go up right? They bundled these trash loans in a CDO (Collateralized Debt Obligations ) and sold them off, of course knowing it was trash.

    Suddenly on one day the housing market started to collapse, too many houses were built and investors found out these AAA loans were actually trash. Who was betting against the housing market? Goldman Sachs of course, our little crypto friend. Other (investment) banks went broke as they had a shit ton of these financial products. Crisis flew over to Europe, creating the Eurocrisis. Lots of European countries still hold these subprime loans and are still getting bailed out by the European Central bank because they're otherwise bankrupt.

    Aftermath :

    - Jobless rate USA hitting 10%.

    - 170.000 families homeless in 2009 (USA).

    -Central banks purchased US$2.5 trillion of government debt and troubled private assets from banks

    - ultimately purchasing $1.5 trillion newly issued preferred stock in major banks

    - The U.S. lost $3.4 trillion in real estate wealth from July 2008 to March 2009 according to the Federal Reserve.

    Goldman Sachs: Lost $2.1B in 2008, $1.7B profit in 2009. $20B profit in just 10 years after the crisis.

    - Most bank paid a fine, almost nobody on Wallstreet went to jail.

    TL;DR: Investment banks screwed us over and will likely do it again. Bitcoin isn't their toy to play around with, it was created to protect us from these people.

    submitted by /u/SweetPie123
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