Cryptocurrency Daily Discussion - April 1, 2021 (GMT+0) |
- Daily Discussion - April 1, 2021 (GMT+0)
- Filecoin's fully diluted marketcap is $417 Billion, greater than Walmart, Disney, Mastercard. For a product that no one seems to be using. All the Filecoin tokens are vesting will enter circulating supply. Think twice before jumping onto this train
- Officially accepting crypto as payments for haircuts.
- 10 seconds of advice to myself 3 years ago
- Crypto Ruined My Life
- How to avoid the 12-16 Bat withdraw fee from Brave browser/Uphold.
- Can we not do April Fools jokes here?
- Now that Goldman and other financial insiders are here. Remember, they will do ANYTHING to start separating you from your bitcoin.
- Congratulations on surviving March which is notoriously Bearish - Now we hit April which is notoriously Bullish. ������
- Gold drops: "Healthy correction!" Stocks drop: "Buying opportunity!" Crypto drops: "Told ya it was a scam!"
- Thanks to Elon Musk, everyone that owns a piece of the SP500 now owns a piece of Bitcoin
- Coinbase ordered to pay $6.5M fine for being caught running bots to manipulate crypto prices on their platform.
- Binance is blocking ADA withdrawals towards the end of each 5-day 'epoch' (staking reward cycle)
- I’m addicted to crypto and this subreddit
- Hyperinflation in USA. Funny seeing people (especially Americans) almost joyous about prospect of hyperinflation, despite the fact it would literally wreck america’s way of life. Bitcoin may help, but its not going to prevent your life changing for the worse in my opinion
- The Athletic - crypto in sports business, NFT collectibles & NFT ticketing
- Unpopular opinion: exchange wallets are okay for a lot of people, myself included
- The Ethereum Value Proposition: Store of Value Edition
- 2017 Vrs 2021 Noob
- GET protocol -Update - 30% tokenburn, announcement of new ticketing companies, team is expanding x4 + more excitement
- We should stop saying these unhelpful things
- Teletubbies launch new cryptocurrency: TubbyCoin
- PSA: April Fools Day is afoot
- Snoop Dogg Announces the Release of His First NFT Collection: “A Journey with the Dogg”
| Daily Discussion - April 1, 2021 (GMT+0) Posted: 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:
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| Posted: At $215 per Filecoin, its current fully diluted market cap is greater than several established companies that provide services to millions of people. OTOH no one seems to be using filecoin for anything substantial. Its value seems to be skyrocketing from speculation and momentum, but devoid of fundamentals, the narrative can change quickly. Filecoin's Fully diluted marketcap at $417 Bn is twice of Ethereum's marketcap. Most of FIL's supply is vested and being slowly released to early participants, ICO investors etc. If you are thinking about investing in FIL at this elevated level, you should consider all the aspects before jumping in. [link] [comments]  | ||
| Officially accepting crypto as payments for haircuts. Posted: Hi everyone. I own a barbershop in U.K and I have now started to accept cryptocurrency as payments for haircuts. I have been doing this for years now but on and off, I always wanted to make it known to all customers that this is possible with the right cryptocurrencies. At the moment I am accepting only NANO due to its speed and fees compared to other cryptos. I use NANO's official app and the customers who would like to pay in crypto know about it. For other currencies like BTC, ADA, ETH etc.. I will be using my wallets like Atomic, Trust and or exchanges like Crypto.com & Coinbase. I have around 8 customers right now that pay only in crypto and hopefully there will be more. I charge £15 for a haircut but if you pay in crypto I lower it to £12. I have posters made for the shop so that when we re-open on 12th April all customers can see and hopefully start to look into investing and using crypto themselves. Bitcoin has changed my life, I bought my business and home because of it so I am always going to be a big fan. Thank you for reading, any questions please feel free to ask. [link] [comments]  | ||
| 10 seconds of advice to myself 3 years ago Posted: Don't use margin. Don't gamble more than 10% on shitcoins. When it crashes, don't sell the reds. Buy the fucking dips. Spending more time ≠ making more profit. Stop trading. Technical analysis is an illusion. Don't bug your friends about crypto. Don't check the charts after waking up. If you're getting excited about coin prices, your life's getting too boring. Did i say don't use margin? [link] [comments]  | ||
| Posted: I look back to my life before crypto and realize how it has been ruined. I used to have plenty of friends, but now all of the vegan ones won't talk to me. They say I bring up crypto without anyone asking. My fiancée says I ruined our sex life. Instead of sending her dick picks, I now send her pictures of shitcoins skyrocketing to the moon. My parents used to be so proud of me. I was a normal functioning young adult working a 9-5. Now they watch in disgust as I rip a line of banano potassium and tell them maybe one day I will get them a lambo of their own as I veer out of their driveway. [link] [comments]  | ||
| How to avoid the 12-16 Bat withdraw fee from Brave browser/Uphold. Posted: First of all credits where credit is due thank you /u/The-Alcoholic-Seal for bringing this to my Attention some time ago! Now to the point. First of all, if you aren't using the Brave browser you should look it up, it's built on Chrome and you can turn on a setting called 'Do not track' which sends an request to the site you are visiting to not track you and for 90% of the sites it works. It's actually incredible fast and have become my every day browser. And the most important part is that when you use the Privacy mode then Brave connects you to the next site with a Tor Proxy so your wife/gf/Nsa/Fbi will have a hard a time tracking you. When you use it you earn BAT just for using the browser, they use an ad system where you dont even have to click on the ads to get rewarded it just opens opens another tab if you click it (it pops up in the down right corner'. And in the long round you will accumulate a decent amount of BAT. And here comes the main part. You have the option to either keep your earned BAT in the browser itself or you can sync the in built wallet to Uphold. So if you are like me you would synch it and then after some time you want to withdraw the BAT to either another wallet or an exchange. But here comes the shitty part, you go ahead and is about to withdraw the Bat and then you notice the absurd withdraw fee that ranges from 12 to 16 Bat which would take you around 3-6 Months to earn dependant on your Browser ad settings and how much you actually use the Browser. Iv'e seen many people complain about the Withdraw fee BUT apperently there is away to go around it which isn't really that straight forward to you if you just skim past Uphold. Apperently you can Convert BAT on Uphold to another Crypto and the fee for withdrawing for an example XRP or DASH is more or less non existance on Uphold. So after using Brave for a year but didn't want to pay the absurd fee i Converted my BAT yesterday to XRP and send them away to one of the Exchanges that i'm using. I hope this help someone and thanks once again /u/The-Alcoholic-Seal for bringing this to my attention! Edit: And yes i sent a pm to /u/the-Alcoholic-Seal some time ago and suggested him to make a post about this, but the post never came and i saw more and more complaining about the fee so i went ahead and made a post myself. Edit 2: Last edit, on the Android app you have to earn a min of 25 Bat to sync the wallet to Uphold but there is talks about lowering it. [link] [comments]  | ||
| Can we not do April Fools jokes here? Posted: Good goddamn this is going to make this sub unbearable for an entire day. What if you just, didn't fucking do them? That's my vote at least, we don't need that shit here. Sure obvious ones may be okay but there's going to be a sizable portion of people who are going to do shit that's not obvious at all. [link] [comments]  | ||
| Posted: Look at how gme has been handled by Melvin and citadel. So much shady shit going on in the background and now these big dawgs are here to play. Expect the same sort of shit. Remember the likes of this crew cooked up 2008. It's a finite resource and they want it. They will start pulling dodgy shit like we have never seen. It's that simple. They aim is to accumulate and the best way they know how is dunking the fuck out of retail. Hodl strong people, Goldman Sachs wants your bitcoin. [link] [comments]  | ||
| Posted: The tax returns are in - the cashing into FIAT or HODLing is complete. Time to smoke a fat one 💨 and chill out. March wasn't really that bad was it?! A lot of sideways action but no huge dramatic crash. This makes me and many others VERY bullish for April. I don't think the pump will be limited to BTC, ETH and other top performing coins, I think the spread of wealth and prosperity will be across the board. With ever more S&P500 companies getting involved, more funds and big money flowing in, I just can't see this being a bad sign. Be aware that whales, big funds and even governments may try carpet bomb us with bad bearish news but I genuinely think it's their last ditch attempt at freeing up the last discount BTC and crypto in general. In future we as a community will be too smart and wise to their tactics and tricks - be strong and use logic rather than emotion and assess the situation and news with clarity and use sound judgement. Good luck to everyone this April and I'm looking forward to reading some gains porn and rags to riches stories very soon. Peace out ✌️ [link] [comments]  | ||
| Posted: Can somebody please tell me why even some of my friends with economics degrees claim that whenever the cryptocurrency market drops 10-15%, it is all a big scam? How about gold, or stocks? People feared cars, people feared electricity, now they fear crypto. [link] [comments]  | ||
| Thanks to Elon Musk, everyone that owns a piece of the SP500 now owns a piece of Bitcoin Posted: Tesla is the 8th biggest company by market cap in the S&P500. I'm not sure the price they bought it at but Tesla bought $1.5 billion worth of Bitcoin in January. Bitcoin was in the $40k range so let's say $45k, that's 33,333 Bitcoins Tesla owns. Tesla has 959,846,091 shares so that's 0.00003472744 BTC per share. About $2 worth of Bitcoin out of $667 share price. [link] [comments]  | ||
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| Binance is blocking ADA withdrawals towards the end of each 5-day 'epoch' (staking reward cycle) Posted: I haven't experienced this myself, but people are talking about having ADA withdrawals blocked towards the end of the epoch. Binance is motivated to do this because a 'snapshot' of staking wallet balances is taken at the end of the epoch, and staking rewards are calculated based on that. This is highly unethical however , because it means Binance is staking other people's ADA, collecting those staking rewards, and making the ADA unavailable to the owners when it suits them. Supposedly the hold on withdrawals can be as long as a full day before the end of the epoch, but typically happens at least an hour before the end of the epoch. I think this shows a very blatant disrespect for their users' crypto which they're supposedly holding in custody (I know, NYK NYC), and the greater crypto community should be aware of this [link] [comments]  | ||
| I’m addicted to crypto and this subreddit Posted: Not that I have a life, but I'm finding myself choosing to peruse this sub pretty much every spare minute I have. I've particularly devoted all of my time on the shitter to reading this sub. For the past 30+ years it had been reading the dictionary. In most respects, I still have no fucking idea what I'm really doing. I still don't know what differentiates a good project from a bad. I'm admittedly a bit of a sheep and tend to follow what others in here say they're backing. Then I realize I'm spread out all over the place which many say is bad. It's been crazy. I can't tell if this place is going to lead me down the golden path or if it's the road to ruin. Fortunately, I have myriad other investment avenues that are long term safe plays. I don't want to look at crypto as gambling, but that's what I call any investment I make with money I can afford to lose. I've put a good chunk of my money in Bitcoin and Ethereum because they seem to have the best pedigree and the likelihood to continue to climb at a steady pace. But I've also taken some stabs at other things like Litecoin, Filecoin, and Storj with varying results. What I've found with crypto is that, I like watching the numbers. I don't know how to explain it. Up or down, I'm more excited by the roller coaster than how much it costs to ride. Every coaster ends in a downward trend, but there's nothing to keep you from getting back on and just putting yourself through the wringer again. But back to this sub... This has just been such an amazing place to putz around in. Some great stories, great humor, great advice... People seem to be able to relate with one another like nowhere else on Reddit. Fun stuff. I appreciate everyone's contributions. [link] [comments]  | ||
| Posted: I know it'a funny to talk about the money printer going brrrrr but aside from the fact I don't think hyperinflation will happen anytime soon in USA due to USD's reserve currency status, which is diminishing but still accounts for over 60% of global trade, I find it laughable seeing people at times almost willing it on. I realise none of us can influence the money printing and we can only do what we can to protect ourselves, but bitcoin alone isn't going to solve your problems if hyperinflation were to happen. Aside from the global shock causing havoc in markets worldwide, the invariable sudden drop in military spending will create opportunities for big countries and unfriendly countries potentially being more aggressive, and then there is the fact that due to the way BTC is taxed, rapid growth due to inflation will be ravaged by taxes if you try to spend it, which you'll have to as cash will devalue too quickly. I want crypto to succeed and grow, but not because major western countries suffer hyper inflation as even with crypto, we all probably lose. [link] [comments]  | ||
| The Athletic - crypto in sports business, NFT collectibles & NFT ticketing Posted: Intresting extracts due to a (soft) paywall NFT tickets Dallas Mavericks owner Mark Cuban is a tech billionaire who is all-in on blockchain and NFTs. He doesn't, however, place much significance on whether or not fans will shift from traditional cash to cryptocurrencies like Bitcoin or Dogecoin. Instead, he's more interested in the wider business applications of all the technology. "Everything is on the table. But I think the least important is using crypto as a currency. There are already gateways that enable that, so it's simple for anyone to add," Cuban said. An NBA team owner/co-owner committee was recently formed to study blockchain technology and it includes Cuban, Ted Leonsis (Wizards), Joe Tsai (Nets), Steve Pagliuca (Celtics), Vivek Ranadive (Kings) and Ryan Sweeney (Jazz). All come from tech or finance backgrounds, indicative of a common denominator for sports team owners in the modern age. One area that team owners are expected to try to apply blockchain is ticketing. Most entry into sports events now is done via digital applications rather than paper tickets, for both front-end retail sales and for the resale market. Putting tickets on blockchain theoretically allows teams and leagues to get a slice of secondary market sales when a buyer sells their ticket to someone else. Leonsis made the case for blockchain-based ticket tracking in a recent call with The Athletic. He posed the example of a fan reselling a $150 face-value season ticket for $1,000. "You made $850 and I didn't share, the player didn't share, the league didn't share," said Leonsis, a former AOL executive who also owns the WNBA's Washington Mystics and NHL's Washington Capitals. He also said he's interested in the technology to expand the global footprint for his teams beyond their local markets. "I'm really interested in how to get out of the notion that I own a sports team and I have local media rights and a local market and I'm only as good as the size of my market. That to me is what is so interesting here," Leonsis said. "There are eight billion people on the planet; six billion connected to high-speed internet; 500 million with interest in basketball. I have the Washington Capitals and I have 20,000 seats that I can sell to people 41 times a season. My market seems finite. A global market seems infinite." He theorized that could include selling NFT tickets to fans who'll never attend a game in person but are willing to pay for digital keepsakes. "A buyer can hold onto the memory, then resell the ticket," he said. "I can sell a ticket to eight billion people. Previously, I could sell a ticket to 800,000 or 10 million, whatever is in your market. When people start to wrap their heads around this, it will be astounding the sea change this represents." NFT collectibles & NBA topshots It also could apply to merchandise and apparel sales that traditionally have been physical if enough fans are interested in buying virtual items. "When we reveal a new jersey and it sells for $300, people can buy it online or in the arena. But if it becomes a collectible globally, that could be a much bigger business," Leonsis said. He likened the blockchain, crypto and NFT trends to the mid-1990s internet explosion. There is a lot of money to be made, he said, and that's important to him because he estimates the pandemic effects on his business will take three years from which to recover financially. "It feels to me like when we first got people in America online and the internet became open via the Netscape browser in '94 and the world was your oyster in terms of innovation and creating new apps," Leonsis said. "We see (blockchain) as a profound move from analog to digital, from unaccountable to transparent. From a way to know who is buying and to turn episodic revenue into reoccurring revenue. That's a long and subtler story in building value." And speaking of value, he said NBA Top Shot as a business could be worth more than most NBA teams — thanks, in part, to the league's backing of the NFT technology to help fuel a boom. "It's possible that Dapper Labs is now one of the 10 most valuable NBA teams," Leonsis said. "It's stood behind, it's trustworthy and the marketplace is real. They have that magic right now." He did express some skepticism over some NFT efforts and acknowledged that the new technology will not be a windfall for everyone. That said, the underlying blockchain tech is here to stay, he said, and the winners will be those that are patient as markets sort themselves out. "There is going to be some losses, some companies that don't make it, people will lose money. That's what happens," Leonsis said. "A few people make money who are in early and it disappoints other people. Not everyone is going to be a winner in this short period of time. "This isn't just about the LeBron card trading up, the Jordan rookie card selling for $700,000. This is much, much bigger and I believe will be looked at as the birth of this next generation of value creation for many businesses but especially sports and teams and leagues," Leonsis said. "No one knows how the movie is going to end. It's just starting. These are like coming attractions. I'm sending out the warning signals — don't get overwhelmed by the theater, the noise being generated." [link] [comments]  | ||
| Unpopular opinion: exchange wallets are okay for a lot of people, myself included Posted: I have been buying and selling crypto for half a year and have not yet accumulated enough for it to matter long term. I buy regularly and like to be able to view my total portfolio on my exchange... A lot of people keep saying that having my crypto stored on the exchange is very unsafe, but when you use the biggest exchanges the chances of that happening is enormously slim.. But as with all unpopular opinion there might be a very real chance that I am wrong, so if you disagree with me, please tell me why I should go out and grab a ledger! [link] [comments]  | ||
| The Ethereum Value Proposition: Store of Value Edition Posted: In the same vein as last week's post regarding the overall value proposition behind Ethereum, this is an easy to understand noob- friendly follow-up focusing specifically on the scarcity and therefore store of value that is coming and is now being created on Ethereum. . Locked up ETH The total supply of ETH is about 115 million ETH in circulation. Currently the issuance rate (new ETH being created) is about 4% or so a year (so about 4.6 million ETH give or take). Per DefiPulse, the top 20 Dapps are currently locking up 11.2 million ETH Per Ethereumprice.org, 3.62 million ETH is already locked up in staking. Grayscale Trusts also currently hold 3.17 million ETH total. (calculated from their total ETHE shares outstanding x 0.01023339 ETH per share) Between these 3 sources alone we currently have about 17.91 million ETH locked up or 15.5% of the total supply that is virtually locked up and effectively removed from circulation. In layman's terms that means about 1 out of every 6 ETH is locked up and not for sale Projections for ETH Lock up Growth The amount of ETH locked is only going to continue to grow, and here's why: DEFI a year ago had less than $200 million TOTAL locked up across all dapps. Today? It has over 43 billion and growing. Thats over a 215x increase in a year (taking into account the $ increase in ETH in the past year we are looking at over a 20x in the amount of ETH locked up in DEFI). As Ethereum scales in the next few months, it will become cheaper and easier for regular people to lock up their ETH and interact more with dapps so expect this 43 billion to grow a lot more. If in the last year DEFI did over a 20x in TVL (total value locked up), expecting a 2-3x in a year from the current levels would be reasonably conservative in my opinion. What this means is, we could could see anywhere from 22-33 Million ETH locked up in the next year or 19 to 29% of the total supply locked up in DEFI alone. . Staking And then there is staking. To keep it short and sweet, currently the vast majority of stakers are people that have the technical knowledge/savviness to boot up their own nodes and maintain the hardware 24/7, and that number is currently sitting around 3.62 million. Once Coinbase launches ETH 2 support (they already added the coin to their dashboard last week signaling it may be coming very soon) since Coinbase has the largest userbase for crypto, we could very easily see millions more ETH being staked in the coming months once their waitlist is live. Rocketpool is also in its final testnet and will allow people to stake just as easily as coinbase but in a decentralized way, which will be an industry first. When these 2 options go live, because in the eyes of many it will be as easy as the click of a button to get "passive income", I could easily see the 3.62 million figure double to over 7 million ETH staked. That means conservatively over 6% of the total supply could be locked up in the coming months once Coinbase and Rocketpool are live I am not going to speculate on the specifics of whether Grayscale's trust will grow or not, but I assume as we see growing interest across all of crypto, their fund or others like it will likely see a growing demand for ETH also. **So if you are keeping track, taking into account the growth in DEFI, Staking, and the current levels of Grayscale, we could be looking at 32-43 Million ETH locked up in the next year. On average, that would mean about 1 in 3 ETH would be locked up and not for sale in one year's time (43+32)/2 =37.5/115 = 32.6% ETH locked EIP 1559 and the ETH Burn Rate EIP 1559 is going to burn the BASE FEE of every ETH transaction effectively putting deflationary pressure on the supply of ETH. ETH's daily transactions for 3/29/21 per Etherscan were about 1.27 Million. Bitcoin's daily transactions for the same day were about 307,000. That means that ETH is now processing 4x the amount of daily transactions as Bitcoin As these transactions grow so will the amount of ETH being burned once EIP 1559 is implemented in July. Noone knows exactly how much the BASE FEE will be that will be burned, but per Vitalik's tweet on sept 15 2019: "Or if EIP 1559 is implemented the bulk of the txfees get burned directly" Since it is now being implemented, we can assume conservatively that when he says the "bulk" of the transaction fees will be burned that that means at least 51%. Some simple math can help us estimate the amount of ETH that will be burned: Per Etherscan 03/29/21 stats: Average Transaction Fee: $17.01 Total Transactions: 1,269,901 Total Transaction Fees on 03/29/21: $21,601,016.01 . Assuming 51% of that total would be burned : 51% x 21.6M = ~$11 Million burned daily or @ETH at 1840 about 6,000 ETH would be burned daily. The current rate of ETH being produced daily is about 14,000 so that means we would cut the net issuance of ETH roughly by HALF in a short time AKA by this calculation EIP 1559 would be an instant halvening for Ethereum . Full Proof of Stake And then there's the icing on the cake. On the recent Ethereum Dev Calls, the devs have said they want to expedite the Merge to full POS and it may come as early as this fall. That means ETH will be full proof of stake with no miners and at that point ETH issuance would be under 1% annually. That means if you combine EIP 1559's burn rate, and the move to POS, ETH issuance will be near 0 or deflationary This stance has also been corroborated by others such as Eric @econoar in a Sept 24 2019 tweet where he says after EIP 1559 and POS "the network would be operating securely at near 0 issuance" This is the real diamond in the rough that is not being factored in. What this means is that once POS is live, and EIP 1559 is live, ETH will have lower inflation than Bitcoin ETH will also have many more use cases and utility compared to Bitcoin So what happens when you have a highly scarce asset that is also highly useful? It doesnt take an Elon Musk to figure that one out.... . I could go on with more reasons but you get it.... ETH has a very likely and strong chance to become very scarce very quickly So why am I telling you all this? Well Im glad you asked. Because if you liked the content for a limited time, if you are one of the first 100 users, I am selling a.........no. . I am telling you this because I believe in the Ethereum ecosystem and the decentralized future and as a young professional, I believe it is one of the most valuable opportunities in my lifetime. Thats it. Dont like it and want to call me a scammer or shill for some reason? Send a letter to my imaginary HR department. Otherwise, agree or disagree I dont care. At the end of the day, like I said before, do whatever you want. Hope this helps those of you who are just now learning about the space and seeing what crypto and Ethereum is all about. Good luck and may the gains be with you. [link] [comments]  | ||
| Posted: 2017 Noob: Got a coin that is rumored to be partnered with Microsoft, bought on cryptopia for 1 cent hoping to make 1 million off it. 2021 noobs says: Bought an Erc20 on Uniswap for 50$. It cost 100$ to approve and 300$ in gas fess. I am hoping to break even next bull run [link] [comments]  | ||
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| We should stop saying these unhelpful things Posted: This is a post for newcomers and "old-timers" alike, and is rooted in the hope that we can make this community more informative by favoring thoughtful context over mindless repetition. I think we can all agree that one of the purposes of this sub is to educate newcomers to cryptocurrency. But were I a crypto newcomer and I started browsing this sub, there are a few things I would see so often that I might begin to accept them as gospel, and I might even start to believe that going against them was nothing short of madness. Further, after being here for a couple of weeks or months, I would soon feel like I knew all of these mantras, and that if I could repeat them at the right time and place, and get upvotes for doing so, that I was getting super smart about crypto, knew the ropes, and was no longer a n00b. Because now I would be helping the true n00bs. I would be contributing! The reality is that for the largely empty phrases I list below, there is important nuance and context which, if left out, can render the advice useless at best, and at worst, potentially harmful to people just getting into crypto. Dogma is never a good thing, and we are fast becoming an insular echo chamber of Dunning-Krugerites who would rather just downvote someone who disagrees with us than actually consider that our own take might not be the only possible truth. Therefore, I suggest we eliminate knee jerk regurgitation of the following phrases/ideas without providing further context. While some of them are generally true, the real picture is substantially complicated. I'll provide the list, then include details for each one on the list about why I think we should be more careful: "Not your keys, not your crypto." "Always DCA (dollar cost average) when investing." "Time in the market beats timing the market." "DD (due diligence) and DYOR (do your own research)." "Read the white paper." "Stimulus checks will pump your portfolios." "Money printer go brrrrr." "We're still early, guys!" And now, more detailed comments on each one, and why it's not that simple: Not your keys, not your crypto Technically, this is true. What people are saying is that crypto stored on an exchange with a custodial wallet gives you less control. The exchanges keep the keys, and in theory will use those keys to move the crypto to your wallet when you withdraw it, after which YOU will own the keys, and therefore, the crypto. Unfortunately, this little piece of "advice" is also used to make people feel dumb for leaving stuff on an exchange. But there are several things people forget to consider when they cough up this tired critique:
Here's my personal advice for new crypto HODLers, which of course doesn't fit into an easily typed banal phrase: The big, dominant exchanges are generally safe. Not as safe as some banks, but remember these are businesses, and frankly they are gold mines for the people who run them, so they don't want to blow them up. These are not rug pull operations. They don't need to fuck us that way, because they can fuck us legally, through fees and coin spreads. IMO, this applies to Binance, Coinbase, Kraken, and maybe Gemini and Kucoin. For the small exchanges you didn't know about until your cousin told you about them on the WoW discord, you're on your own. Personally, I might have a thousand dollars or so on Binance and CB at any time, and when it gets to be much more than that, I move it to a wallet. Once I do, I feel better about it, sure...but if I don't trust them to keep my money safe for a couple weeks or more, I'm not sure I'd trust them to keep it for the ACH settlement period. Most worries about mainstream exchanges are blown out of proportion. Yes, you want to eventually have your crypto fully under your own control, but in the early going, don't get stressed about custodial exchange wallets. Always DCA (dollar cost average) when investing Again, this is sound advice in some cases. The idea is that you don't have any idea where price of a coin is going, and if you buy some once every week, on any given schedule, on average you will do better than if you had bought the whole 4x in one go. If everything is random, and the specific market is volatile, this would be true more often than not. But how much of a difference does it make in final returns? If you're buying sub-penny coins, it can make a huge difference (yes, in general coin price doesn't matter and it's percentage growth we should be thinking about; but lowered psychological resistance usually results in expanded growth rates at very low coin prices). It can also make a difference if you're investing thousands of dollars, to avoid a really bad entry point. Let's not forget that DCA isn't free. It takes time to set up, and track, and depending in the exchange and whether you are moving the purchased crypto to a wallet, the fees you'll pay will more than wipe out the potential gains you might have gotten from DCA. IMO, if you want to buy something like ADA or HBAR, and you can only afford small amounts at a time, since it's cheap to move these coins around, DCA makes perfect sense. On the other hand, DCA with bitcoin rarely makes sense If you have a chunk of money to invest in crypto, just make your choices and jump in. Don't bother setting up a deliberate schedule to invest money you already have. If you have the cash and know what you want to invest in, get it in there ASAP to start returning. Anyway, if you put money in as you can afford it, that's pretty much a passive DCA anyway. DCA will rarely hurt you (but see comments on market timing, below); it's just that it's often unnecessary, so shouldn't be thrown around as some sort of essential protocol. Time in the market beats timing the market Did Warren Buffet say this, or is that apocryphal? Doesn't matter, I suppose. It's a dumb old-person-sounding way of trying to sound clever while not really conveying useful information. Worse yet, most usage seems to strongly imply that we can't predict movements in coin prices AT ALL, which is in fact false. By staying generally informed (see DD and DYOR below), and keeping an eye on news catalysts, we are often able to make strong predictions about price movements which will be accurate more than 50% of the time, and sometimes a LOT better than 50%. This is really important, and just as important as understanding that nothing is a sure thing. It's a fact that intelligent, thoughtful, informed predictions are better than wild-ass guesses, and this can be used to advantage, especially when one is making buy/sell decisions on large positions. Sure, any strategy that depends on consistently timing the market is likely to fail. But don't mindlessly spread the idea that we have no clue when coin markets might go up or down. DD (due diligence) and DYOR (do your own research) Of everything on my list, this one is the most true, and I would never argue against the essence of its meaning. But there are reasons not to repeat it thoughtlessly. Of course you should educate yourself about the projects you put your money into. But the fact is we are not all developers, economists, or mathematicians. Most of us don't have the background or the time to read an in-depth treatise on asynchronous Byzantine Fault Tolerance, understand how Haskell fits in, or deeply grasp the inflationary potential of a particular schedule of coin release or burn. We rarely do our own research. Rather, we depend on reliable sources to distill the information for us. We should always consider sources. What's their motivation, who funds them, are there conflicts of interest, etc. Most YouTubers are terrible, but by no means are all of them bad. There are a few gems there. One of the key places people will turn when vetting sources, obviously, will be this sub, and it's for this very reason I think we need to be more careful, more nuanced in our advice, and less prone to regurgitated dogma. Read the white paper This is obviously related to DYOR above. A handful of people here literally read these in depth, and also understand them, but in general my reaction to this phrase is, shut up, YOU didn't read the fucking white paper. Odds are good you don't understand what "white paper" means, and even if you did read it, it went mostly over your head. My problem isn't with the very good (and obvious, let's face it) advice that newcomers should educate themselves. It's more that people just puke up these phrases and move on. If you post these trite aphorisms without further context, you are either being uselessly dismissive of someone's concern, or you're just trying to sound smart. Stimulus checks will pump your portfolios No. It simply doesn't make sense. I'll spare you the details here, since this post is long af already. I've been over them all before, and I have bags of downvotes to prove it. Suffice it to say that the numbers just don't make sense, the vague correlation between stimulus checks and a modest pump of this or that coin notwithstanding. Just do the math, consider the actual data on where Americans have spent their stimulus checks, and also be aware that it's a very US-centric view in a truly global market. Stop buying or advising others to buy based on things you think will happen due to US government relief checks. Those checks are not predictive, and it's irresponsible to imply that they are. Money printer go brrrrr Money printers do not go brrrr. That's not what they sound like. It's not even a decent facsimile of what a cartoon money printer might sound like. Who even comes up with this shit?? More to the point, it's a hackneyed and flippant way to say "OmG, iFLaTiOn!" while simultaneously implying that you have an underlying grasp on macroeconomics, which, judging by the preponderance of related comments on here, you probably don't. The fact is, the few people on this sub who DO understand this and make quality analytical posts on the topic are never the ones saying "money printer go brrrrr." It's very r/WSB, and I know most of us would like to fight that image. We're currently losing that fight. We're still early, guys! We're really not. Crypto is over a decade old. The rate at which it will bring people fuck-you levels of wealth is getting lower every day. Yes, it can still happen. There are still moonshots to be had, but we're not tripping all over them. The good news is, we're not LATE. We are going to witness the fruition of some projects with incredible potential to improve the world, bring agency to oppressed groups of humans, and make huge moves toward equality. This is a wonderful thing, and for some of us, will also bring very welcome financial stability, if not life-changing wealth. No, we're not early. We're just on time. [link] [comments]  | ||
| Teletubbies launch new cryptocurrency: TubbyCoin Posted:
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| Posted: You may see titles and/or stories posted over the next day or so that seem waaaaay too good to be true. Be careful how you react to what you see. Honestly it's all been pretty unreal lately though. Regardless, just be aware that some stuff might be suspect - and that's how you should always be. [link] [comments]  | ||
| Snoop Dogg Announces the Release of His First NFT Collection: “A Journey with the Dogg” Posted:
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