Cryptocurrency Daily Discussion - May 3, 2021 (GMT+0) |
- Daily Discussion - May 3, 2021 (GMT+0)
- At age 27 and at ETH price of $2900++, Vitalik has officially become the youngest CRYPTO BILLIONAIRE and the 2nd youngest selfmade billionaire in the world!
- Beware: Hardware Wallet Scam!
- This is the 420th post to tell people that ETHS has crossed $3000
- Visa said that they see Bitcoin as digital gold and will work towards integrating crypto in their system in many ways.
- Guy reacts to Bitcoin breaking $100 in 2013
- These are the risks when ditching your bank account for high stablecoin APYs
- Charlie munger hating on bitcoin shows that boomers feel threatened because they got complacent and missed out on the next big thing
- As promised on this sub, I have donated to India's Covid relief using the moons I got from upvotes
- "TrueBit" apparently did a Stealth Launch - it's either a scam, or the most needlessly sketchy launch of all time.
- Take profits after 4 years feels weird
- Today I just realised that "Diamond hands" is the millennials equivalent to "time in the market, beats timing the market"
- 430million new people are about to be onboarded and a lot of them are going to end up here
- FYI your 1 automatic upvote on your own posts or comments does not earn MOON
- Berkshire Hathaway's propaganda is only further proof that we are still early.
- 54 BTC were traded last week only using LocalBitcoin in Venezuela, a 9 BTC decrease from last week. These 54 BTC were 7,482,000,000,000 Bs. (Venezuelan currency, Bolivares ISO VES). One BTC is around 155,000,000,000 Bs. Monthly minimum wage was raised from 0.6 USD to 3.5 USD.
- How Moons can Change Lives - A First Person Perspective
- News: Some old ass dinosaur who doesn't understand computers thinks crypto is bad
- Stop thinking about how much you would have made buying crypto in 2009. The best time to buy was yesterday. The second best is today.
- For all newcomers - If you're waiting for small dips to buy big stable coins, don't.
- I know I can't prove it, but I'm sure some people here are using downvoting bots to push their own content at the expense of the community
- Buy at dip they said. Still waiting for it I am!!
- Gift for My Little Sister: Crypto for her Future
- Ethereum prices soar over $3,200, making Vitalik Buterin a billionaire
| Daily Discussion - May 3, 2021 (GMT+0) Posted: 02 May 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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| Posted: 02 May 2021 12:39 PM PDT Vitalik's wallet: https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9b What a chad. The chaddest of chads. Austin Russell, youngest self made billionaire, age 26: https://www.businessinsider.com/austin-russell-replaces-kylie-jenner-youngest-self-made-billionaire-forbes-list-2021-4#:~:text=Austin%20Russell%20is%20the%20youngest,stories%20on%20Insider's%20business%20page. Kylie Jenner doesn't count, please don't mention her. It's hard to imagine that Vitalik started Ethereum when he was 19! And if the legends are to be believed, we have World of Warcraft to thank! [link] [comments]  | ||
| Posted: 02 May 2021 07:20 PM PDT [WARNING] If you've purchased a hardware wallet from a third-party seller, i.e Amazon or Ebay, and it included a recovery seed card with silver foil that you scratch off, MOVE YOUR FUNDS NOW. The device itself generates that seed when you initialize it. If it already exists, then someone has a copy of it. This is a 3-4 year old scam that is just coming back around BIG TIME with the influx in new crypto investors. Stay safe out there! [link] [comments]  | ||
| This is the 420th post to tell people that ETHS has crossed $3000 Posted: 02 May 2021 08:00 PM PDT
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| Posted: 03 May 2021 12:04 AM PDT
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| Guy reacts to Bitcoin breaking $100 in 2013 Posted: 02 May 2021 09:42 PM PDT
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| These are the risks when ditching your bank account for high stablecoin APYs Posted: 02 May 2021 04:41 PM PDT I apologize in advance for the length (twss), but there is a lot to cover here and I've tried to be as thorough as possible. I've noticed a lot of folks on this sub asking about crypto-lending platforms and what they should consider before abandoning their APY-challenged, traditional savings accounts and parking all of their money in stablecoin via BlockFi, Nexo, Celsius, Voyager or others. I thought it would be valuable to go over what I think are the most significant risks involved with this approach and thus what people should be thinking about before making the switch and going all-in. This is by no means an exhaustive list, but I do think these are the most material risks. I've also included some risk mitigation techniques that I am actively using in hopes that others will find them useful as well. Counterparty risk/risk of default The reason interest rates are so high on these platforms is because your crypto is not sitting safely in cold storage, but rather is actively being loaned out. People often mistake the personal loans that they can take from these companies as the main type of lending that they do. That is not the case however, and most of these companies are actually loaning your crypto on a much bigger scale. This comes with considerable counterparty risk regardless of what the company has advertised as their LTV. The reality is that there is a non-zero risk of each company not being able to call back its loaned capital (your crypto). This risk is exacerbated by extreme market conditions or tail events which can lead to significant losses for the company. In these cases, it would be you and your crypto on the hook. A risk mitigation strategy that I practice is to spread my funds across multiple companies to avoid a total loss if one platform experiences issues with defaults. However, given that the risk intensifies with extreme market conditions, it's possible that several companies could be impacted at once. Continuing to hold at least some funds in fiat further mitigates this risk. Cyber risk This is the risk of a hack to either your personal account or the platform itself. One broad mitigation technique is again to spread funds across multiple platforms to avoid a total loss if one of your accounts or one platform is hacked. Account hack: This risk is considerably greater than the same thing happening to your online bank for example, given that once crypto is gone, it's gone. The mitigation of this risk in entirely in your hands, however. Recommended actions include using a different, non-public email address for each platform that you use, setting strong, unique passwords for each account, enabling 2FA through an app rather than via SMS, and whitelisting addresses where available. Platform hack: Unlike account hacks, this risk is generally totally out of your control. There have been hacks to platforms in the past with significant losses and there will be hacks again in the future. Although this does not eliminate the risk, it is important to use only companies that you consider trustworthy and that demonstrate their concern for cybersecurity. While requiring that the company has some sort of insurance coverage is a good strategy, keep in mind that in the event of an extreme loss of assets, it is unlikely that their insurance coverage would even come close to making you whole. One broad mitigation technique for both types of hacks is again to spread funds across multiple platforms to avoid a total loss if one of your accounts or one platform is hacked. "Stablecoin risk" The question regarding these platforms is often, "Why shouldn't I put all my savings in stablecoin on <insert platform> and earn 8.5% APY?" Setting aside the first two risks, there is also the risk that stablecoins are USD pegged, but they still aren't USD. Without going into too much detail here (because you could write a whole post comparing/contrasting stablecoins and each one's actual stability) what it essentially comes down to is that the value of these stablecoins depends entirely on the adequacy of their reserves and whether they are fully-backed and always-exchangeable for actual USD. Let's call it the USD-standard. While most are audited, there still exists a non-zero risk that the USD-standard fails either through insolvency, fraud or something else. Obviously your funds held in stablecoin are not insured by any government backed insurance programs, so any risk event leading to those stablecoins not being as stable as advertised would fall on you. A mitigation technique that I practice here is to not hold all of my funds in one specific stablecoin, but rather spread out across USDC, GUSD, BUSD to avoid a total loss given an issue with one of them. Investment/FX risks We can call this an honorable mention since, in comparison to the first three, its high frequency/low severity nature and ability to be mitigated or avoided entirely make it less significant. Not only that, but there are scenarios where these risks yield favorable outcomes. First of all, by investment risk I'm referring to the option that many platforms have of receiving flex interest or interest not in-kind. You deposit stablecoin and they pay you interest in Bitcoin. There is clear investment risk here as a receiving your interest payments in a volatile asset could negate your gains and could leave you even worse off than the 0.5% APY your bank offered. In terms of FX risk, this impacts a lot of folks outside of the US whose options for stablecoins are almost exclusively USD pegged. Unfavorable movements in the FX rate between your native currency and USD could result in both your capital and interest payments being worth less to you than initial deposit. Mitigating/avoiding the first is relatively straightforward here. Either earn your interest-in-kind or in assets you believe have upside while knowing that you are taking a risk. In terms of FX, this is harder to mitigate if using USD stablecoin is what's required to participate. However, you may be offsetting some currency risk to begin with by diversifying your savings across more than just your native currency. [link] [comments]  | ||
| Posted: 02 May 2021 10:02 PM PDT
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| As promised on this sub, I have donated to India's Covid relief using the moons I got from upvotes Posted: 02 May 2021 01:00 PM PDT Hi, Few days ago I posted about the crypto address for covid donations for India. I said that I will be donating the equivalent amount in fiat. I got 33 upvotes~ 20 moons~ 2 USD max . I donated 20 USD. Here's the proof:https://ibb.co/Lg0YKxj Donation link (USD, for oxygen cylinders): https://www.facebook.com/donate/486054246054033/491125618880229/ Original post (you can find the links for crypto donations: https://www.reddit.com/r/CryptoCurrency/comments/n064un/india_is_fighting_hard_against_covid_if_you_can/ Thanks. I will also donate the equivalent fiat from moons I get for this post. EDIT: I just saw that my previous post about covid relief fund (https://www.reddit.com/r/CryptoCurrency/comments/n064un/india_is_fighting_hard_against_covid_if_you_can/) was 74% Upvoted . That means 26 percent people DOWNVOTED. It's beyond my understanding that why would someone do that. My whole motive is to spread the awareness about the crypto covid relief fund. The least you can do is to upvote. Basically I am buying moons from you at 10x prices. EDIT 2: I might not be able to donate 10 times the amount of moons I get this time because this post is getting a lot of attention (yay). Still would donate as much as I can. [link] [comments]  | ||
| Posted: 02 May 2021 12:57 PM PDT edit: Putting this at the top as requested - I'm not saying TrueBit as a company/technology is a scam. This post is highlighting that the contract which launched today may be an imposter contract due to the lack of official sources commenting on/linking to the contract address, and the fact that it's just an OpenZeppelin contract, unmodified. You will get banned from the "unofficial" telegram group for pointing this out. TrueBit's website also removed their "watch out for scams using our name" warning only days ago, verifiable via WayBackMachine. TrueBit is trending at the top of Dext today. For anyone unaware, TrueBit is a protocol that allows for off-chain advanced computation, while returning the result for verification on main net. The short version is that this is the type of tool that allows for very complex tasks (such as ML) to run on the blockchain, while avoiding exhorbinant gas fees. If true, it's a complete game-changer, and extremely exciting. However, in investigating over the launch today, everything is just needlessly sketchy. Before this arrives onto the foot of "you're just fudding to get a lower entry" - I've already left, and a lower entry isn't possible due to the bounding box/"only goes up" tokenomics that are being run. Which seems like a dream! If I wasn't worried about getting the rug torn out from under me. However, the fact that the token is actually doing this to begin with was red flag #1. I could be completely wrong on the above, and am just sharing the findings which I made below that caused me to leave. I'd honestly love to be completely wrong on this, and look forward to buying straight back in if I am.
Again, I could be completely wrong, but the lack of official communication or popular channel presence on something this groundbreaking - particularly having rocketed to a $300mil+ mCap with extreme bot usage seen in order to set constant floors is just too massive a red flag. And obviously, the fact that 4ch threads are appearing which are full of non-stop praise for the token alongside an immediate attack on anyone who asks questions set off the second alarm bell. All of this is heavily encompassed by the token simply being an OpenZeppelin contract, with zero source from TRU's github in use. As always, DYOR - but if anyone that's hopefully far more clued-in than me can step in and let me know how I'm completely wrong on the above and perfectly safe to jump back in with an investment, I'd hugely appreciate it. Update: It seems the token listed above experienced a massive price crash around an hour after this was posted, dropping around 85% in value. Following this, it's recovered to being around 30% down from it's pre-crash value. There is extremely little information available on what's happening from any official sources. According to the kind words from this redditor, I missed out on having all the information on this well-planned IICO launch as I did not watch through to the 40 minute mark on "🌶 #1 Metacartel Venture DAO Community Call🌶", a video with almost 200 views posted four months ago, where the creator mentions doing a stealth launch. From what's been pieced together so far by other community members (not confirmed yet - just as best we're discovering), this is indeed an IICO launch, as most investors seem to be completely unaware of. It's not been posted on TrueBit's twitter, website, or elsewhere. Most people seem to think they're just buying tokens as normal. The "price only goes up" mechanic is intended during this launch; minting new tokens for each buyer and burning sold tokens, while using a bot to raise the floor and ensure that each subsequent token purchase is more expensive than the last. From what we can see, a whale who bought in very early (at around $0.2) dumped at $1.40, pulling a massive stock of the LP with him. This then triggered a massive wave of sell-offs - so many that it managed to raise gas prices significantly. The "price only goes up" bot attempted to reset the floor with about 230 Ether of purchases, which you can see as having failed due to the bot attempting the purchase at far too low a gas price. As the bot couldn't set the floor, the price went into freefall. With the mechanics of the IICO not being clearly communicated (or the fact that this was even an IICO), people began selling, while whales re-bought at the bottom to ride the "price only goes up" bot all the way back up. Currently the price still remains at about -30% from the top, and there's not yet been any communication from the TrueBit team. As noted above, it looks like it may be a genuine contract (why it's barebones OpenZep has still not been communicated) - but it's still been absolutely needlessly sketchy, and incredibly poorly communicated. [link] [comments]  | ||
| Take profits after 4 years feels weird Posted: 02 May 2021 08:49 PM PDT After 4 years I cash out 1/3 today. It feels wrong but right at the same time. Nevertheless, I'm looking forward to my new investment where I've wanted for 10 years and have never been able to buy. A nice watch. On this way I wish you all green numbers and hopefully it will be enough for you to fulfill your little big dream. Tbh: it was really hard to cash out you shouldn't underestimate the Fomo power. [link] [comments]  | ||
| Posted: 02 May 2021 07:10 AM PDT There is an old quote in the world of trading "time in the market, beats timing the market". This is just an expression to state that if you hold long enough then your portfolio will go up no matter when you joined. I've just realised that the expression "Diamond hands" is the equivalent. If you're a "Diamond hander" then you're able to bear the market for long enough to see return. edit: Thank you for the generous awards, I am surprised how many people have not heard the original trading quote. edit2: Thanks everyone for getting me 1000 likes, nice to see so many people agreeing with me in the comments :) [link] [comments]  | ||
| 430million new people are about to be onboarded and a lot of them are going to end up here Posted: 03 May 2021 03:31 AM PDT 3 months ago Reddit announced its partnership with the Ethereum Foundation to onboard all of the 430 million active monthly users of the site to its reward program. https://np.reddit.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/ r/CryptoCurrency and r/FortNiteBR were chosen as test beds running on the Rinkeby testnet and the "Great Reddit Scaling Bakeoff" took place. https://np.reddit.com/r/ethereum/comments/hbjx25/the_great_reddit_scaling_bakeoff/ Shortly Reddit will unveil its sitewide reward program and every subreddit will have its own version of moons live on Ethereum. Many of these people will have never interacted with crypto before and will be fascinated and confused by the whole thing. Many of them will come here looking for answers. We need to prepare. Someone needs to set up a dedicated crypto rewards subreddit, presumably someone who has contact with the Reddit crypto team. Mods need to make a bot that automatically deletes reward related posts and reposts them in r/redditcryptorewards and users need to be vigilant and report rewards related posts or this sub will be overwhelmed. It going to be exciting seeing the masses take their first steps in crypto but it is also going to be very hard work. [link] [comments]  | ||
| FYI your 1 automatic upvote on your own posts or comments does not earn MOON Posted: 02 May 2021 07:49 PM PDT When you make a post or comment on Reddit, you automatically get 1 upvote from yourself. Some people here think this one automatic upvote earns MOONs, so they post comments whenever possible. This is not true. You will only begin earning MOONs when your post or comment is upvoted by someone else as well. [link] [comments]  | ||
| Berkshire Hathaway's propaganda is only further proof that we are still early. Posted: 02 May 2021 07:21 PM PDT The vast majority of people do not understand crypto or blockchain and the potential they have. I have lost all respect for Berkshire Hathaway and those who run it after their recent meeting, If you have not seen the video, Bitcoin is accused of being a payment method for criminals, and against the interests of civilization. This is blatant fearmongering, and the worst part is that people are believing it! Check out r/news and you can see many people with a small understanding of crypto, who have been influenced by these men who talk about things that they do not understand. Cryptocurrency is a worse payment system for criminals, cash is used much more. However, you don't see Berkshire accusing cash of being the payment method of criminals. They feel threatened by crypto, because it has the power to change the world as we know it. The VAST majority of people still don't understand crypto, due to idiots like Charlie Munger. We are still very early. [link] [comments]  | ||
| Posted: 02 May 2021 08:45 AM PDT Hi guys, Venezuelan living here. LocalBitcoin drop has been steady since a few months ago, main reason is the start of Binance allowing P2P trade between cryptos and Bolivares, not only Bitcoin but BNB, BUSD, USDT, BTC and ETH. Even that, we are leader in the LocalBitcoin usage even when compared to much bigger economies:
That is a way of sending remittances to Venezuela and also saving money if you earn Bs. (of course not if you have monthly minimum wage income). Yesterday, goverment announced a increase the in monthly minimum wage from 1,800,000 Bs. (around 0.6 USD) to 7,000,000 Bs. (around 2.4 USD). Also there is a monthly "food bonus" in cash of 3,000,000 Bs. So total minimum monthly income is set at 10,000,000 Bs, around 3.5 USD. You cannot live with that, one NGO called CENDA states you need at least 300 USD monthly for a 5 members family to survive without any luxury. Another NGO did a better research about the wages in Venezuela and found out the average wage of the private sector is around 70 USD monthly and the public sector is around 5 USD. Sorry about the recent flood of Venezuelan post, I know it might be funny thinking that 1000 moons (as example) can make a difference here, but sadly is true. Sources (PLEASE check them!!!): Drew Brinsky video (US traveler that came here a few months ago) https://www.youtube.com/watch?v=JJ7A8J9O-3Y https://www.usefultulips.org/combined_VES_Page.html https://www.caracaschronicles.com/ https://coin.dance/volume/localbitcoins/VES/BTC https://localbitcoins.com/buy-bitcoins-online/ves/ https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/ Any other question AMA! [link] [comments]  | ||
| How Moons can Change Lives - A First Person Perspective Posted: 02 May 2021 07:07 AM PDT Yesterday, u/anotherjohnishere tipped me 2000 moons. Here is the story, and what I'll do with it: It started off as a bit of a joke. I saw a post stating that John loves tipping moons, so I asked for 1000. Little did I know where it would take me. A few minutes later, I saw this reply. He actually gave a stranger on the internet 1000 moons! I was shocked. I didn't know much about moons, so I did some research. Little did I know, 1000 moons is roughly ~$100. Now, I know this may not be a lot of money in the US, or in Western Europe, but where I am? That's a week's pay. So I sent him a message, thanking him and letting him know that, while it may not seem like a lot, it's kind of huge for me. After I told him, what did this mad lad do? He sent me another 1000! Another 1000.... I didn't know what to do, or what to make of it. All night, I wrestled with what I should do. Then I decided. I'm going to pay it forward. I'm personally not in desperate need on money, but a lot of people around here are. The government had funded a grand total of ~$195 of 'benefits' to citizens since corona started- total- and many people are struggling. So I decided that I'll make small care packages of food for people in need. These care packages cost around $20-30 each, and will be able to feed 2 people for up to a week. To those interested in the specifics of what's inside, here you go. Tomorrow I will be going to the local homeless shelter, which is currently at 30% above it's maximum capacity, and will be purchasing them whatever they are in urgent need of. I am also in talks with a local university, to be able to use their leftover lunches, and with that, open a kind of soup kitchen for those in need. I know moons are controversial. But this is just a real life example of how MOONs, and cryptocurrencies in general, can change the world. tl;dr got tipped 2000 MOONs, which will help anywhere between 4 (directly) --> up to 139 people (indirectly at the homeless shelter). All thanks to u/anotherjohnishere [link] [comments]  | ||
| News: Some old ass dinosaur who doesn't understand computers thinks crypto is bad Posted: 02 May 2021 08:01 PM PDT Old ass dinosaur tells CNBC that crypto is "bad" in an exclusive scoop. "Its criminal what they've done - its criminal that these non-insiders were able to make money". Bitcoin and other cryptocurrencies have appreciated dramatically in the last year, possibly driven by those plebian retail traders. Bitcoin has increased *a lot* in 2021, compare to just *a little* for the S and P 500 over the same period. "I don't understand it and I don't like it. I could have made more money than I did if I had bought some so I'm bitter" says Mr. old ass as he sips a glass of extra dry vermouth. Its not just him- 70 % of old ass dinosaurs polled by CNBC suggest they also don't like bitcoin and think its stupid. Mr. Dinosaur is a managing partner at Oldman ballSacks. There - everyone is all caught up can we please stop posting quotes from the Berkshire hathaway annual shareholder's meeting?? [link] [comments]  | ||
| Posted: 02 May 2021 01:36 PM PDT Posts showing how much you would have made had you only invested early are dwelling on the past. We cannot go back in time and cast our lottery numbers based on what we know today. Instead, come up with a longterm strategy. Many assets appreciate over time. Pick a strategy and then stick to it. Evaluate after a year. And most importantly, don't invest more than what you can afford to lose. [link] [comments]  | ||
| For all newcomers - If you're waiting for small dips to buy big stable coins, don't. Posted: 02 May 2021 05:05 PM PDT Honestly, let's us ETH as an example, hop on coingecko and look at the graph for ETH, but this time, look at the 1y range and switch to logarithmic mode, it shows the graph scaled by percentage of increases, instead of just the raw increase. There's a huge difference between going from 1 to 100 and 5000 to 5100, but linear graphs don't represent it well. When ETH reaches 10k, you won't care if you invested in it at 2.9k or 2.7k. So save yourself the worry and sleepless nights of trying to find the right time to invest, and just start doing it. Your future self will thank you and you'll sleep better. And don't keep looking at the prices every 5 minutes. Look at news about the progress of different projects around it. Reposted because modbot removed the original for having ETH on the title. Disclaimer: [link] [comments]  | ||
| Posted: 03 May 2021 01:58 AM PDT
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| Buy at dip they said. Still waiting for it I am!! Posted: 02 May 2021 11:04 PM PDT There has to be a slight correction/dip for ETH very soon right? But I feel like it won't bring price down to even where it was 2 days ago? People are so convinced about the benefits of ETH that if it continues this run till 4500k, it would be completely normal. Any thoughts on when the correction/dip will be and by how much? [link] [comments]  | ||
| Gift for My Little Sister: Crypto for her Future Posted: 03 May 2021 01:52 AM PDT I decided to set aside some crypto (few hundred $) for my little sisters birthday (she is turning 4 next week). Will hold it in cold storage and give it to her when she turns 16-18 y.o. Thinking of a mix of BTC, ETH, NANO and some de-fi currency. Or should I stick to one currency? [link] [comments]  | ||
| Ethereum prices soar over $3,200, making Vitalik Buterin a billionaire Posted: 03 May 2021 03:41 AM PDT
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