Cryptocurrency Daily Discussion - April 29, 2021 (GMT+0) |
- Daily Discussion - April 29, 2021 (GMT+0)
- Mass upvote bots are now swarming this sub now that moons are an incentive
- Stop telling people about your crypto. Especially if they know where you live.
- Bubba Gump Shrimp Says Restaurants Will Start Accepting Bitcoin This Week
- Today ETH hit 0.05 of a bitcoin in price for the first time in over 2 years.
- For those new to Crypto Currency and Blockchain Technology, here are 4 courses offered by UC Berkeley. Course materials are free to the public.
- Korean billionaire Kim Jung-ju's gaming provider bets $100 million on bitcoin in Tokyo's largest-ever cryptocurrency purchase
- 'Ether Should Outperform Bitcoin Over the Long Run,' Says JPMorgan - BeInCrypto
- Most people who say “read the whitepapers” aren’t reading the whitepapers
- How do you know a Coin, Token or project is worth anything?
- Algorand Adoption and Use Case
- DeFi Explained: Yield farming
- The new Chrysalis Network is Live!
- Papa Murphy’s Now Accepts Cardano (ADA) As Pizza Payment
- How to identify a copy-paste shitcoin
- What are some of the relaible, independent and unbaised sources of information?
- Bitcoin Is Worth More Than Double All US Gold Reserves
- MrBeast accused of misleading fans into Refinable crypto scam
- My First 0.0005 Million Dollars.
- If you’re in crypto for the money, take some time to learn about the tech.
- $ 4.2 million in bitcoin options expire on Friday. How would it affect the price?
- Be warned - The legitimacy of a project should never be measured by its popularity
- We're the fastest growing sub on Reddit.
- Tesla makes more money from bitcoin than car sales in Q1 2021
- There's the same vibe in this interview with Bill Gates & Letterman about the internet in 1995 with the current attitude towards crypto & blockchain. Disruptive technology always prevails.
Daily Discussion - April 29, 2021 (GMT+0) Posted: 28 Apr 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:
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Mass upvote bots are now swarming this sub now that moons are an incentive Posted: 28 Apr 2021 01:47 PM PDT
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Stop telling people about your crypto. Especially if they know where you live. Posted: 28 Apr 2021 08:05 PM PDT I just saw a popular thread on the r/Bitcoin sub about somebody telling their neighbors that they bought Bitcoin. The whole thread was full of comments about how OP will have the last laugh. Yeah they were all joking but it's all fun and games until your neighbors are struggling for money and you're rich for "being lucky". Being crypto rich is not like being fiat rich. You might have your private keys somewhere in your house and they can be taken from you. There will come a day when people will come looking for those keys. Especially if hyperinflation ever happens. Ten years from now people won't know if you have $200 in Shitcoin or $2m in Bitcoin. They will assume it's the latter. People will break in and rob you for a PS5, so do you think they will hesitate for a chance of stealing millions? Even if you keep your crypto on your exchange, burglars don't know that. Even if you sell your crypto for fiat, they don't know that. By the time people find out you have nothing, there could already be somebody in your house and they might even be angry that you wasted their time. For those of you that don't know, there is a called company Ledger, who basically sells fancy USB sticks for you to store and access your crypto (it's not actually on the stick itself btw). The Ledger database was recently hacked and the details of customers were leaked. This didn't affect their crypto directly, but it did mark them as owners of crypto. Many of these people received death threats or harassment. I don't know if anybody was hurt, but you don't want to be in that situation. I was included in the leak, but fortunately I had already moved house. I can still be a target though. I get people trying to trick me via email and I also had to change my phone number. You do not want to be marked as a crypto owner. Even if you live in the safest neighborhood, how do you know one of your neighbors won't report you to the IRS as petty revenge? You should pay your taxes btw, but everybody's situation is different and you don't want to be investigated for silly reasons. This advice especially applies to those in the USA where people have guns. Your local corrupt policeman might one day like to investigate "rumors" of you selling drugs or something silly. You just don't know. It's not worth it. EDIT: My main point is that it's better to avoid drama. Maybe you live in a safe neighborhood. Maybe you have hidden your private keys in the most obscure place. Maybe they're in a safe. There probably aren't any rogue cops out to get you. Maybe you have a gun and know how to use it - but why go through all of that? Why risk having to kill an attacker out of self-defence? Nobody knows your exact situation until they try to get your keys or unless you tell them (plus, criminals aren't always smart). By the time they're in your house it's too late really. Also, you probably won't get robbed. Robberies are not that common, but then neither are crypto holders. I'm just advocating being quiet about your holdings, not living in fear of a death squad out to get you. [link] [comments] | ||
Bubba Gump Shrimp Says Restaurants Will Start Accepting Bitcoin This Week Posted: 28 Apr 2021 12:54 PM PDT
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Today ETH hit 0.05 of a bitcoin in price for the first time in over 2 years. Posted: 28 Apr 2021 05:20 PM PDT It was just after the bull run of 2017 that ETH was last worth this much bitcoin. The lowest point ETH got to during the bear market was 0.016 BTC. To overtake BTC in market cap ETH would need to reach a BTC price of 0.1616. Current ETH dominance is 15.1%. To reach a $1 trillion market cap ETH would need to be worth $8,700. [link] [comments] | ||
Posted: 28 Apr 2021 04:24 PM PDT Berkeley offers 4 courses on the subject, all free to access, 2 with certificates. Berkeley has been involved with blockchain for quite a while, and having taken the classes myself I can confirm that they are quite informative on both the cryptocurrency and the blockchain side of things. https://blockchain.berkeley.edu/courses/ 2 are courses are offered through edX that have optional paid certificates available. 2 are courses they offer through University that have publicly accessible course materials on their decal page. [link] [comments] | ||
Posted: 28 Apr 2021 01:45 PM PDT
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'Ether Should Outperform Bitcoin Over the Long Run,' Says JPMorgan - BeInCrypto Posted: 28 Apr 2021 12:58 PM PDT
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Most people who say “read the whitepapers” aren’t reading the whitepapers Posted: 28 Apr 2021 11:04 PM PDT I've been reading the beginner threads these last couple of days where a beginner asks a simple question and people usually answer their question but whenever a beginner asks something along the lines of "how do I know the pros of X coin" or similar, there are people who just respond with dyor or read the whitepaper. Most people I know who say read the whitepaper are actually not reading the whitepapers. How do I know this? Well because I've read a few and even though I'm a very tech savvy person, I still understood close to nothing from these papers because they are written in such a hard way that only people with advanced CS knowledge can understand. So what am I getting at here? I'm just trying to say that reading the whitepaper is a lot easier said than done and suggesting a beginner to read one will only do them harm. They won't understand it, they will instead go on youtube where they'll fall for bitboy's scams and will invest in shitcoins. Don't advise beginners to read the whitepapers unless they are very experienced in CS is what I'm trying to say. Cheers [link] [comments] | ||
How do you know a Coin, Token or project is worth anything? Posted: 29 Apr 2021 01:04 AM PDT No coiner here. Happy to stay poor. Or change my mind. Are you folk aware of the absurdities creeping into crypto? Where do you draw the line? I mean look at Doge: if that can 'moon' to >20 cents and stay there as long as it has, what does that say about all the intellectual and sophisticated projects? What is the point? What criteria are YOU going to use to say 'I am investing wisely?' Saw the AMA on VeChain or VeToken or VeCoin or Ve Thor or whatever it's called. I'm sure the founders and devs are earnest and mean well. Yet to a critical outsider, I'm sorry, it's just Hopium. Gobbledegook. IoT, 5G, 'DeFi. Etc. Only one practical application appealed to me: issuing COVID vaccination 'passports' in Malta. Even then, why does this need a blockchain? It's over engineering, or what am I missing. You folk here need to avoid the echo chamber effect. You need to be able to absorb challenge. Right now, crypto seems to me to be getting crazier and more unhinged every day. Yes, there is limited adoption of Bitcoin in particular, but there is an exponential explosion of sheer garbage. Explain to me how this is not worrying. [link] [comments] | ||
Algorand Adoption and Use Case Posted: 28 Apr 2021 04:21 PM PDT I've been loosely involved in crypto for the past decade and hold BTC and ETH (and now, Algo) - I examined the shitcoins available during the last bullrun, but aside from ETH, did not ultimately conclude that any were worth the "investment" (i.e. trying to time the dumps following the pumps). Mass adoption is something I did not consider remotely possible during the last run... my reasoning at the time: "the average person can barely handle possessing a credit card, let alone figuring out the complexities of purchasing and storing digital assets with long alpha numeric addresses at 8+ digit amounts." User interfacing and general crypto knowledge have improved significantly now (and therefore, general adoption), some 3 to 4 years later. This cycle, Algorand has caught my attention. Semi-relatedly, I have been following Cardano (ADA) for the past few months, but the lack of working smart contracts, coupled with the founder's eccentricism and overall demeanor, have kept me from investing. Coming from a mathematical background myself, I do appreciate the focus of ADA's development; but I worry about the missed deadlines and the 'never-ending (and potentially unwarranted) ADA optimism baked with subtle pessimism for other projects that Charles portrays in seemingly every interview I watch or statement I read. This leads me to my question: why is everyone sleeping on Algorand (ALGO)? Algo does, currently, almost everything that ADA claims it will do (and that ETH hopes it will do, should the open-heart-network-surgery being planned in the roll-out out EIP-1559 and Eth2.0). I am not here to shill - I am simply curious. Algo functions on pure proof of stake (PPoS), has working smart contracts, has a secure native wallet, features lightning fast transaction times (that will only improve) and low transaction fees, and has a smaller final circulating supply. The staking rewards system is great now (yes, it is an inflationary distribution - but, so what? This argument could be made about any coin that has not yet hit its full circulating supply, whether by PoS or PoW). Even Charles has stated that Algo is the real contender for (fully functioning) ADA (and again, ADA is not fully functioning as of yet). Algo was created by Silvio Mecali and team (both Silvio and another of the team members won the Turing Award in 2012 for their work in cryptology, and Silvio has been publishing work on blockchain technology since the 80s). I believe that true crypto adoption will come by means of USDC and government adoption (whether we like it or not), and I think Algorand is poised to be the network that facilitates this adoption (look up the USDC/Algorand relationship as it stands now, already). Am I alone here? How do you all feel about Algo? EDIT: Appreciate all of the spirited discussion. I think it might be time to buy some more algo [link] [comments] | ||
Posted: 28 Apr 2021 11:47 PM PDT Yield farming is becoming increasingly popular among crypto investors. Of course, this is not illogical: DeFi platforms offer much higher interest rates compared to traditional banks. To understand yield farming, you first need to know what the interest-on-interest effect (or compound interest) is. Compound interestWhen you are saving money at a bank, you receive an interest payment for this: the so-called savings interest. Depending on the chosen type of savings, the interest is paid into the savings account or another (checking) account. If the interest payment is added to the savings account, you also accrue interest over that interest amount. This is called the interest-on-interest effect (compound interest). Factors for successThe effect of compound interest depends on three factors:
One of the richest investors on the planet, Warren Buffet, has been taking advantage of compound interest for years. He bought his first stock when he was 11 years old. He made above-average returns and stayed off his money for decades. You can imagine how big the effect of interest-on-interest is. Example:Let's say you want to deposit $20,000. There are 2 banks who both offer interest. One pays 4% per year and the other one pays 1% per quarter. Let's put $10,000 in both banks and see what happens:
The effective return of bank B is higher than bank A: 4.06 percent on an annual basis. Example of yield farmingBecause yield farming is often combined with liquidity pools, I suggest that you read my post about liquidity pools first. You can do so by clicking this link. In my previous post about liquidity pools I provided a good example of yield farming with liquidity pool tokens (LP tokens): Like any other tokens, LP (liquidity providers) can stake their tokens from the liquidity pool during the period of the smart contract. A LP can therefore deposit this token on another platform that accepts the liquidity pool token to get additional yield to maximize returns. Therefore, the user can compound two or three interest rates using yield farming, and maximize returns. An example of such a DeFi platform is harvest.finance. Harvest.finance allows the LP to stake their tokens and rewards them with additional rewards on top of their fees rewards from the liquidity pool. In harvest.finance's case, they reward the user with FARM tokens. So as an example: Let's say you have deposited $100 in a USDC/ETH liquidity pool on Uniswap with an annual percentage yield (APY) of 50%. The received UNI LP tokens can then be staked at havest.finance for additional rewards, which in this case would be 70% FARM APY. You can see that, by staking your LP tokens, rewards can be highly lucrative. By utilizing these techniques, APY's of over 200% can be achieved. Of course, you need to remember that the price of tokens such as FARM are quite volatile and thus there is a risk to turn your $ in FARM into way less amount of $ in a matter of days. If you are interested in yield farming, I would recommend to use DeFi dashboard zapper.fi, which gives a great overview of all current liquidity pools and farms. Yield farming platforms in DeFiHarvest.financeHarvest Finance is an automated revenue farming protocol developed for users who want to put their assets to work in high-yielding farming opportunities. Harvest will appeal most to those who cannot manage their decentralized financial positions (DeFi) 24/7 – which is most of us. If you've ever spent time in DeFi, you already know that manually moving money between the different protocols takes time. Developing strategies and control positions takes time as well and gas fees on the Ethereum network are, at the time of writing, pretty high. Harvest Finance tries to help by automatically searching for the latest DeFi platforms with the highest return. It then optimizes the yield with the latest farming techniques. In addition to your optimized return, you often receive extra interest in the form of harvest.finance's own token: Farm. Harvest works best for those looking for an easy way to harvest the yield from the latest projects in DeFi. Hence the name "harvest". To put money to work in these high yield farming opportunities, users only have to deposit supported tokens to get started. Sushi swapAs a liquidity provider you receive an extra fee on top of almost all liquidity pools on Sushiswap in addition to transaction fees: a daily payout is Sushi tokens. SUSHI is Sushiswap's own token. When you have earned some SUSHI, you can take your SUSHI to the SushiBar. Here you can convert your SUSHI into the xSUSHI token. With this token you will earn about 5% interest per year on your amount in SUSHI: xSUSHI automatically earns fees (0.05% of all swaps, including multichain swaps) proportional to your share in the SushiBar. You can earn even more by depositing your xSushi on lending platforms such as Aave, to receive a small interest on top of your other interest. Curve.fiCurve.fi is a decentralized exchange that mainly focuses on exchanging stablecoins (dollar, euro or gold tokens). Curve pays the liquidity providers from transaction fees made in their pool. This is approximately between 0-10% interest per year, depending on the liquidity pool. Like Sushiswap, Curve pays interest on top of this transaction fee in its own token: CRV. These interest payments can get pretty high (> 30%!). Curve also allows you to lock CRV coins into their vault for a set amount of time. Based on how long you lock your tokens and the amount of tokens you're locking, you can expect even higher interest rates (up to 80%). ConclusionBecause of the interest-on-interest effect, you can let your savings grow faster, without depositing extra money into the account yourself. The higher the savings interest and / or the savings balance, the greater the effect. So, The longer you leave the money, the greater the yield. Thanks to DeFi (and its platforms of course), high interest rates are accessible for every crypto investor.
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The new Chrysalis Network is Live! Posted: 28 Apr 2021 02:14 PM PDT
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Papa Murphy’s Now Accepts Cardano (ADA) As Pizza Payment Posted: 28 Apr 2021 01:17 PM PDT | ||
How to identify a copy-paste shitcoin Posted: 28 Apr 2021 10:54 AM PDT
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What are some of the relaible, independent and unbaised sources of information? Posted: 28 Apr 2021 10:46 PM PDT Since I've started in cryptocurrency, I have been unable to find a source of information that is consistent and provides unbaised information. Most of the crypto youtubers seem to have an agenda of pushing the tokens that they have invested in. I don't know if the google news should be trusted or not. Some youtubers do a lot of really good chart analysis (at least, from what I can tell) , but I don't think that alone is enough. What websites, organisations, youtubers you follow? [link] [comments] | ||
Bitcoin Is Worth More Than Double All US Gold Reserves Posted: 28 Apr 2021 04:48 PM PDT
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MrBeast accused of misleading fans into Refinable crypto scam Posted: 29 Apr 2021 12:14 AM PDT
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My First 0.0005 Million Dollars. Posted: 29 Apr 2021 01:07 AM PDT Getting really optimistic with that Title. 500 Dollars, yes that's what it is, my first 500 Dollars of unrealised profits. It's been 3 months, since I joined the Cryptoverse, and I can't believe I've made so much in such a short time. I live in India, and the amount I made isn't short of a full 3 months salaray I would've earned working a job. I am grateful to everyone out here who helped me get to this point, and I'm very well aware that, as I type this, it might've gone below 500. I just wanted a post to remind me of the gain I made today. 0.05% of a Million Dollars, a tiny step towards financial freedom. I might be reaching over here, but hey, aim for the Moon, if you miss atleast you're among the stars. My portfolio includes ETH, BTC, ADA, ZIL and my favourite 91 MOONs. Cheers Guys. [link] [comments] | ||
If you’re in crypto for the money, take some time to learn about the tech. Posted: 28 Apr 2021 04:12 PM PDT This sub has been growing like crazy lately, and the majority of this is people looking to make some money, whether from crypto itself or from moons. I totally get being attracted to crypto with the dreams of buying a new car or whatever, this is what got me into it as well. However, I think everyone should take some time to understand basic crypto principles. Watch some YouTube videos, browse some guides on this sub, read a book (I hear the Bitcoin standard is good). I promise that it's not as boring as it sounds, and it will really open your eyes to the potential that crypto has. Thanks for reading! [link] [comments] | ||
$ 4.2 million in bitcoin options expire on Friday. How would it affect the price? Posted: 28 Apr 2021 11:05 AM PDT
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Be warned - The legitimacy of a project should never be measured by its popularity Posted: 28 Apr 2021 06:52 PM PDT There's a million and one crypto projects that aren't worth their weight in cow shit. That said, it's easy (especially for newcomers) to be swindled into throwing your money at a shitcoin with a really great logo and massive following especially If it's being shilled by a famous YouTuber or a big name. People are more likely to actively shill a project ONLY because they want to make themselves richer. True crypto enthusiasts are just as capable of explaining the downfalls of their favorite projects just as easily as the upsides. Use your head and make your own decisions, folks. We're all exposed to the same information, and my word is no better than yours... [link] [comments] | ||
We're the fastest growing sub on Reddit. Posted: 28 Apr 2021 09:44 PM PDT
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Tesla makes more money from bitcoin than car sales in Q1 2021 Posted: 29 Apr 2021 12:06 AM PDT
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Posted: 28 Apr 2021 06:23 PM PDT
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