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    Cryptocurrency [Explainer Video] What are r/CryptoCurrency MOONs?

    March 30, 2021

    Cryptocurrency [Explainer Video] What are r/CryptoCurrency MOONs?

    [Explainer Video] What are r/CryptoCurrency MOONs?

    Posted: 29 Mar 2021 11:56 AM PDT

    Daily Discussion - March 30, 2021 (GMT+0)

    Posted: 29 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 The prior exemption for karma and age requirements is no longer in effect.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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    Just in: PayPal to announce later today it has started allowing U.S. consumers to use their crypto for online payments to 26+ million merchants globally!

    Posted: 30 Mar 2021 02:49 AM PDT

    DeFi explained: Oracles

    Posted: 30 Mar 2021 12:38 AM PDT

    What are oracles? How do they work? And how do smart contracts benefit from them? I'll try to answer these questions in this post.

    Blockchain Oracles

    You may have heard of the Oracle problem. This problem is actually a very simple limitation, and that is that blockchains cannot retrieve or send data themselves to an external problem. In any case, this function is not built into the blockchain itself.

    As a result, blockchains are actually isolated networks that look suspiciously like a computer without an Internet connection. And that isolation is precisely what makes the blockchain so secure, because no one can access it just like that.

    The participants of the blockchain network check whether everything is done according to the rules, based on the consensus algorithm. For example, they check whether the transaction has been properly signed and whether the transaction can be made within a smart contract. This also makes smart contracts very trusted. They work exactly as they are made, and it is impossible to deviate from them.

    However, smart contracts must be connected to the outside world, so that they can be used in as many situations as possible. For example, smart contracts in the financial world need market information to pay for settlements, and smart contracts in the insurance world need certain information from the internet to make decisions about policy payments.

    Smart trade finance contracts need trade documents and digital signatures to know when to release payments.

    So you see that an awful lot of external information is needed before smart contracts can be used in all sorts of ways. And none of the above information is generated within the blockchain. So there must be a connection between the blockchain and external systems in order to set up a new infrastructure, also known as the 'Oracle'.

    Blockchain Oracles therefore in fact provide the data necessary to be able to execute smart contracts when the set conditions are met. A blockchain Oracle is the only way for the blockchain to communicate with the outside world.

    What does a blockchain Oracle do?

    Blockchain Oracles are therefore the bridge between the blockchain and external systems that can provide the blockchain with information. In fact, it is the man-in-the-middle that takes care of the communication between two different systems.

    An Oracle has several functions to ensure that this communication can be established.

    Let's talk a little bit more about Oracles' key features:

    • Listens to the blockchain network to check for requests to fetch data outside the network to make smart contracts work.
    • Retrieve data from different types of systems in order to be able to offer the requested data.
    • Convert data to the correct format in order to allow different systems to communicate with each other. A blockchain cannot just communicate with any other system, because they are different programming languages, have different system requirements, etc. The Oracle takes care of the compatibility.
    • Validate performance with a cryptographic proof that certain transactions, signatures and executions actually took place.
    • Make calculations on data. Consider, for example, calculating the median, as well as performing more complex tasks, such as generating insurance quotations based on different types of data.
    • Sending data and evidence to the blockchain and other systems, so that they can then perform the necessary actions. For example, smart contracts can perform actions based on the data that the Oracle sends.

    In order to provide the above functions, the Oracle must work on and off the blockchain at the same time. The part that sits on the blockchain is there for establishing a blockchain connection (to listen for requests), broadcast data, send evidence, convert blockchain data and sometimes perform calculations on the blockchain.

    The portion that works outside of the blockchain is for processing requests, retrieving and formatting external data, sending blockchain data to external systems, and possibly performing calculations in more advanced Oracle networks.

    Oracle examples

    There are many different situations where Oracles can offer a solution. Consider, for example, betting on football matches. For example, you could place a bet with a friend about the winner of a match.

    You then put this bet into a smart contract. The winner will then automatically receive the reward. But the smart contract will have to know who the winner of the competition is. The fairest way is that it happens automatically, and no person has to enter the outcome.

    In principle, a smart contract does not interact with the competition. An Oracle will therefore have to be made so that the blockchain and the smart contract can read who has become the winner of the Classic.

    By means of a trusted API, the smart contract can read who has won the competition. Smart contract then determines who is the winner of the bet, and the money is then sent to the winner.

    In the absence of Oracle, the bet could not be settled fairly. Then there should be a person who enters who the winner is, but in that case there is a chance that this is not done completely honestly, because the importer can also enter something else.

    Chainlink

    An example of an oracle platform is Chainlink. Chainlink wants to connect different blockchains as well as external systems. They do this by giving the smart contracts access to resources such as data feeds, web APIs and traditional bank details. These resources are provided by the affiliated agencies that can use the smart contracts in return. As a result, they do not have to switch to a new system themselves and can still use smart contracts. In addition to the fact that they are allowed to use these smart contracts, they also receive a reward in the form of LINK tokens for supplying data and APIs. When a party does this, they are called Chainlink Node Operators. They are then responsible for maintaining the connection between the API and the Chainlink network. The Chainlink network consists of all connected Node Operators.

    Band Protocol

    Another interesting oracle platform is Band Protocol. The main difference between Chainlink and Band Protocol is that Band Protocol uses its own blockchain called BandChain, based on Tendermint, with a Delegated Proof of Stake (DPoS) consensus algorithm. It works in the Cosmos ecosystem. Chainlink, on the other hand, is not a blockchain, it is a kind of network of nodes that only work when oracles are solely focused on delivering data between entities. There is no blockchain of its own, because it is all based on Ethereum.

    Conclusion

    With a blockchain Oracle we can have the blockchain communicate with central systems, so that much more is possible. Smart contracts in particular can make good use of this.

    Blockchain Oracles therefore ensure that we come a little closer to a future in which blockchain can play a major role. It builds a bridge between the world as we know it today and a world as it could be if we use blockchain.

    ​

    Interested in liquidity pools? Read about them in my previous post here.

    submitted by /u/Fantastic-Cucumber-1
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    I'm calling it now, Tesla have bought a load of ETH.

    Posted: 29 Mar 2021 12:06 PM PDT

    Remember that time when they bought a shitload of BTC and didn't say anything for a while?

    The CEO (If I don't name him the upvote/downvote bots can't get me) recently posted on his twitter "Don't defy DeFi"

    I'm calling it now, they are balls deep in ETH.

    With the Visa news today and then the Mastercard rumours, can't be too long until the price sky rockets. Then Tesla will announce they've been hodling for months and yet again look like finance wizards.

    Thank you for attending my Ted Talk. Stay tuned for more predictions.
    Hit me back, Just to chat, truly yours, your biggest fan, this is Stan.

    submitted by /u/IHaventEvenGotADog
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    Congratulations r/cryptocurrency for reaching 2,000,000 subscribers!

    Posted: 29 Mar 2021 05:28 PM PDT

    After less than 1 year, we have gone from 1 million to 2 million subscribers!

    April 19th, 2020: https://www.reddit.com/r/CryptoCurrency/comments/g42zvs/rcryptocurrency_reaches_over_1_million_subscribers/

    This bull run has seen a lot of people enter the cryptocurrency space. According to subredditstats.com, there were 1.175 million subscribers at the end of December 2020. That means 825,000 people have subscribed to the subreddit since the beginning of the year!

    Take a look at the graph here, look at that insane slope starting Jan 2021: https://subredditstats.com/r/cryptocurrency

    Random stat: According to the Round 11 moons distribution, roughly 35,000 people earned at least 1 karma which means 1.75% of users were active last month.

    submitted by /u/Stepoo
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    You guys asked for it so here it is: I built a bot that buys Bitcoin when Elon Musk Tweets about it and open sourced it

    Posted: 29 Mar 2021 02:26 AM PDT

    In my last post, you guys were interested in my bot project that buys Bitcoin when Elon tweets about it so here it is!

    The bot was initially designed to buy Bitcoin when Elon Musk tweets about, regardless of the sentiment of the tweet. I have shared it with some smaller communities, and there was some great feedback on it regarding the main concern - what if Elon tweets: "Bitcoin is too high imo" and the bot buys at the wrong time.

    So I found an API that would help me analyse the tweet sentiment, and integrated this into the code. The bot will now only buy Bitcoin when Elon Tweets, if the sentiment of his tweet is positive.

    I have tested the functionality and the bot is quite stable, but I haven't tested how profitable (if at all) it would actually be, so if you're interested in testing it, please share the results with us! :)

    The bot was built mostly for fun, and I wouldn't encourage you to trade with it on a live account! But if you want to have some fun with it and try it out on a demo account, here you go:

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

    GitHub Repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets/blob/main/buy-crypto-if-elon-mentions-crypto.py

    ​

    Update:

    Wow, you guys are the best. I did not expect this to blow up like this!

    Some of you suggested a Twitch channel for bots and I can't help but oblige, join me on Twitch in a few minutes as I will be live coding a simple trading bot! https://www.twitch.tv/cyberpunkmetalhead

    submitted by /u/CyberPunkMetalHead
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    Stock markets are shambolic. The rich are able to bypass all regulations. A hedge fund trader, who was convicted by the SEC for insider trading, got liquidated on $15bn margin account. Cryptos are a breath of fresh air.

    Posted: 29 Mar 2021 08:07 PM PDT

    Stock markets are shambolic. The rich are able to bypass all regulations. A hedge fund trader, who was convicted by the SEC for insider trading, got liquidated on $15bn margin account. Cryptos are a breath of fresh air.

    Its crazy how all regulation fails when it comes to the large players and participants. Bill Hwang/Archegos capital was convicted by the SEC for insider trading, is also banned from participating in Hong Kong stock market for fraud, but somehow can get 5x leverage from large public banks like Nomura, Goldman Sachs and Credit Suisse. He blew up what is estimated to be a $15bn account that was extended to $80bn by leverage. Entire account gone, tanking bank stocks and profits with it. None of the banks that have been lending to him were bothered by his risky track record. And another of his proteges Teng Yue also apparently blew up a similar sized account, all trading risky Chinese stocks. The total impact is estimated at around $30bn without leverage.

    These "hedge funds" were given leverage to place super risky bets on stocks. One of the company Hwang/Archegos was into, GSX Techedu has long been suspected of being a fraud company. As per some analysts and whistle blowers like Muddy Waters Research who have been calling GSX a scam for a long time, all the so called "students" of GSX are just bots, GSX was compared to another phony company Luckin Coffee. In Jan, it was suspected that the stocks rise in price was due to short covering.

    ​

    Public shareholders of GSX. Its owned by a lot of big banks, who seemingly have not done any due diligence. A lot of US public funds is used to pump shady companies. Even Pension funds are invested in this garbage.

    These hedge funds even skip SEC reporting rules by dealing in swaps and not the actual equities of risky companies. So in this case, the SEC doesnt even know what Archegos and Teng Yue's accounts look like, because they are all held in swaps and the banks are the final owners of these risky assets.

    These risky stocks are held by pension funds and public banks on their books, while clean assets like Bitcoin are labelled risky and speculative. If the pension funds actually held bitcoin, all their pensioners would be better off and thank them. Instead they have been investing in garbage that will only erode their investors investments.

    submitted by /u/DetroitMotorShow
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    Priceless NFT Artwork Vandalized With Spray Paint Tool

    Posted: 30 Mar 2021 01:29 AM PDT

    Anti crypto people: oil destroying planet - “sure”, gold miners in huge trucks and literally using cyanide to leach gold - “no probs”, coal getting huge government subsidies - “yeah why not”....bitcoin mining - “i must fight this evil and take the moral high ground”.

    Posted: 30 Mar 2021 01:27 AM PDT

    I'm not even saying, you're wrong to worry about bitcoin energy usage, it may be a huge issue, although all the evidence suggests its at least done with renewables a lot of the time, but if they're going to be outraged, at least be consistent with the outrage. It's really quite laughable

    submitted by /u/paulosdub
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    Exclusive: PayPal Launches Crypto Checkout Service

    Posted: 30 Mar 2021 02:39 AM PDT

    PayPal Advert for the upcoming 'Checkout with Crypto' feature

    Posted: 30 Mar 2021 03:24 AM PDT

    Cathie Wood On Bitcoin: '$1 Trillion Is Nothing Compared To Where This Will Ultimately Be'

    Posted: 29 Mar 2021 12:21 PM PDT

    Banks are already obsolete

    Posted: 29 Mar 2021 06:01 PM PDT

    Hear me out,

    Today I went to my bank (RBC) and tried to take out my own money so I could buy a vehicle from a local online ad. Not only will they not let me take out enough money but they wont let me e-transfer enough either. The only option they would give me is a bank draft which the seller is too sketched out by and will not accept.

    I can move 100x more value in less than a minute via crypto but if I try to do anything like that with my bank the reaction time drops from <min to 24hrs or more IF You're LUCKY.

    Moral of the story is, if both I and my seller were using crypto I would have my vehicle right now and he would have his money. Or my bank could just be competent at their ONE FUCKING JOB!

    I will end with a prayer,

    ​

    Be NOT fearful of the chaos, but HODL strong to the chain

    Keep thy keys both Safe and Secret,

    Yield not to the cries of FUD and FOMO, but

    Gather thy patience for it is most precious,

    And strive ever forward with the downfall of the middleman

    In all his shapes and forms, that we may be free unto ourselves

    AMEN

    submitted by /u/TumbleToke
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    Just wait till the Central Banks shill their "coins" at us... coming soon smh

    Posted: 29 Mar 2021 06:00 PM PDT

    I'm sure a lot of you are aware but idk if enough people are. Central Banks are essentially going to laze their way into digital currency. They are going to create a digital token and peg it to their fiat of choice and sell it to you as a safe investment.

    PLZ dont buy this garbage...we cant let the central banks attempt to steamroll this movement for financial independence and away from their control.

    They are calling them CBDC's as a blanket term at the moment.. cant wait for the bots to come out and shill this garbage in the coming months/years

    The FEDs here already...sheeeeesh

    submitted by /u/Hazed33
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    PayPal Now Allows U.S Customers to Pay their Millions of Online Merchants Globally in Cryptocurrencies

    Posted: 30 Mar 2021 02:47 AM PDT

    PayPal Holdings will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

    Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.

    "This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet," President and CEO Dan Schulman told Reuters ahead of a formal announcement.

    Checkout with Crypto builds on the ability for PayPal users to buy, sell and hold cryptocurrencies, which the San Jose, California-based payments company launched in October.

    submitted by /u/satoshinakamoto7
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    For those who accidentally sent moons to your eth address, your solution is here

    Posted: 30 Mar 2021 01:12 AM PDT

    If you want your moons back follow these simple steps.

    1: download meta mask on your chrome browser on your pc.

    2: open your ethereum wallet using your phrase code.

    3: change the network to testnet rinkeby.

    4: add custom token 0xdf82c9014f127243ce1305dfe54151647d74b27a which is moons.

    5: go to this website https://faucet.rinkeby.io/ and get free testnet ethereum.

    6: send your moons back to reddit.

    Gg you saved your long lost moons.

    submitted by /u/El-Mohamad21
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    [Proposition] Post daily discussion thread every 23 hours to give it a different start time each day.

    Posted: 30 Mar 2021 03:41 AM PDT

    I personally love participating in the daily thread.

    I don't live in the US though, so when it starts at 1 am local timing, I feel like I miss a big chunk of the start of a great discussion and top comments that I can actively reply to.

    I'm not sure if anyone here thinks the same, but if we post daily discussion every 23 hours, like r/soccer for example, I think it's much better than what we currently have.

    submitted by /u/notaselfdrivingcar
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    We about to hit 2,000,000 users

    Posted: 29 Mar 2021 02:59 PM PDT

    We're only 600 members away from hitting 2 million people on this subreddit. I have been a long time lurker here and I can't believe how fast this community is growing. 🖐Welcome to those that are new and cheers to the old timers that have been accumulating crypto for years.

    submitted by /u/MACisBROKEN
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    Bitcoin will overtake Google and Amazon by market cap at $83,000

    Posted: 29 Mar 2021 05:23 AM PDT

    In honor of us reaching 2,000,000 members!

    Posted: 29 Mar 2021 08:16 PM PDT

    To honor /r/cryptocurrency reaching 2 million members here are some facts about the power that 2 million people hold.

    We are officially larger than 85 countries including:

    • Latvia
    • Bahrain
    • Estonia
    • Cyprus
    • U.S. Virgin Islands
    • Luxembourg
    • Suriname
    • Malta (Hi Binance)
    • My home state of Nebraska

    We are larger than EVERY U.S. city except for:

    • NYC
    • Los Angeles
    • Chicago
    • Houston (we almost got em. 2.14 million)

    2 million people...:

    • Can build 76 thousand houses every 3 months
    • Is more than twice the amount of people Amazon employs
    • Can eat 41,666 sheet cakes
    • Donating $5 each could fix Flint Michigan's water crisis
    • Is larger than all active U.S. armed forces combined.
    • Is larger than 10 states.
    • Weigh about 354,000,000 pounds (160,571,698.98 kg)

    If all of us had 1 bitcoin this subreddit would have 114,415,200,000.00 US dollars in it.

    If each of us were an apple we would be worth 190,000,000 calories.

    It would take John Wick 16,000 movies to kill us all.

    And depending on the joke it could take all of us to change a lightbulb.

    Cheers to 2 million everyone! Love you all!

    submitted by /u/HuskerNatChamps2020
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    Egypt is making the use of Cargox mandatory for their new ACI customs system from the 1st of July

    Posted: 30 Mar 2021 03:49 AM PDT

    Where do I buy [x] coin?

    Posted: 29 Mar 2021 11:52 AM PDT

    I often see the question asked: where do i buy [x] shitcoin? Well, Chadlet is here to let you know where to buy almost ANY coin in three easy steps.

    Step 1: go to coingecko.com

    Step 2: enter your coin in the search box

    Step 3: click "markets"

    BOOM. You have learned where to buy almost ANY coin!

    submitted by /u/Chadlet29
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    PayPal Launches Crypto Checkout Service

    Posted: 30 Mar 2021 02:38 AM PDT

    Stop posting the PayPal articles! We get it, crypto payment system to the masses. What are the Pros & Cons? Entry level prices are gone.

    Posted: 30 Mar 2021 04:16 AM PDT

    Sure, it's awesone PayPal has launched their crypto payment service.

    Yes, it's big news for the Crypto worldwide community .

    Adoption is becoming more mainstream.

    No, we don't need you to inform us.

    The articles all tell us the same crap.

    We all want our favorite projects to win.

    Shouldn't we be asking ourselves what this means for us in the long term?

    Pros & Cons?

    One major Con is that entry level prices into these projects will be gone forever.

    We are scaling over another wall ... this will cost you & me more to buy our favorite coins now

    submitted by /u/ag431397
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    Now SEC charges LBRY. Next it will come after all the other major cryptocurrencies.

    Posted: 29 Mar 2021 08:56 PM PDT

    Yesterday, there was a post from /u/Lemonmule69, stating that XRP vs. SEC was just the beginning, and we need to drop tribalism within the community.

    It's less than a few hours since his/her/their post, and it's kind of happening.

    Now SEC is going behind LBRY, accusing the project of issuing unregistered securities.

    Now they will come after all the other cryptos listed in CMC. We need to stop the "team BTC" or "team ETH" attitude and act as a one, single community -- crypto community.

    submitted by /u/iamrahul10
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    Some Things I Have Found Helpful as a Newbie

    Posted: 29 Mar 2021 09:12 PM PDT

    I haven't been in the crypto world very long (started diving in only a few months before I found this sub), but people on here have been extremely helpful. I wanted to share some of the things that have helped me get started.

    One of the most helpful things to me was the website Thecoinperspective.com. I am so thankful to the beautiful human that made that site. It really helped me understand market caps and have realistic expectations. What it does is pretty much compare different coin's market caps to each other. It will show you where a coin would be if they had the market cap of Bitcoin etc. Some coins that I thought were "cheap" actually didn't have a lot of room to grow because their circulating supply was so large. If you are new I recommend messing around with that website.

    Another helpful tip (which I am sure most of you know) is to use coinbase pro to transfer funds instead of coinbase. If you have a coinbase account already you have a pro account automatically. You can log in with your coinbase credentials and it will save you so much on fees. I am so glad people told me that because I was spending a lot of money on coinbase with fiat transfers.

    The last thing I will mention is the fact that if you believe in the projects you invest in, then normal market dips won't bother you as much because you have faith it will go back up. Someone said this and it really stuck with me.

    Anyways that is all for now. I can finally post on here and just wanted to share.

    submitted by /u/Kirbkirbpoyo
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