Cryptocurrency Daily Discussion - May 31, 2021 (GMT+0) |
- Daily Discussion - May 31, 2021 (GMT+0)
- Millennials Own More Crypto Than Any Other Generation
- I built a trading algorithm that detects the most volatile coins on Binance and aims to buy before a potential mooning, other devs are helping making this into a web app.
- You absolutely need to be doing a 401k or IRA as well as investing in crypto
- Why do people think that Cardano is faster than Ethereum?
- If you ever feel dumb, just remember there's always people like me.
- Real, mainstream crypto adoption is happening right now. You just haven't realized.
- The crypto finance system is surreal and other worldly
- Binance CEO, CZ, shades Elon Musk in tweet. - ''When you use electricity to run cars, it’s environmentally friendly. When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.''
- Thank you, just that.
- "I Need My Money" Bank Calls The Police On A 60-Year-Old Man Because He Allegedly Wanted To Withdraw All Of His Money & Invest It Into Crypto!
- Lads and Gents grab some popcorn �� Nashville couple sues IRS over Staking rewards tax
- Just Left From The Indy 500 - The Bitcoin Car Lead Around 20-30 Laps In Front Of 135k People
- Judge Denies SEC Access to Ripple’s Legal Communications
- I’m no genius but isn’t this real world proof for the utility in Brave browser’s direct to creator tipping system?
- Bitcoin Actually Uses WAY Less Energy Than the Banking System, a New Paper Says
- Shouldn't we also reward the people who upvote others some moons?
- India must not miss the cryptocurrency bus We had to play catch-up on the first phase of the digital revolution. We are now on cusp of the next phase, which will be led by technologies like blockchain, and we must get our policies right.
- A tip from a 2013 crypto veteran: Stick to your exit plan ;)
- There will be people 10 years from now that bought BTC today saying they would have made so much money if they didn’t sell…
- According to the report, $3.2 billion of Bitcoin was sold at a loss last week after being acquired in the previous 4 to 13 weeks.
- VeChain Foundation: VeChain (VET) Continues To Drive Innovation, Transforming the World for the Better
- On this day we remember BTC at 64k and the people who bought the top
- Goldman Sachs: Ethereum will Overtake Bitcoin as Dominant Store of Value
- A survey shows that the pandemic has made cryptocurrencies more attractive to investors, but the biggest barrier to entry is a lack of knowledge
| Daily Discussion - May 31, 2021 (GMT+0) Posted: 30 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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| Millennials Own More Crypto Than Any Other Generation Posted: 30 May 2021 06:19 PM PDT
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| Posted: 31 May 2021 12:42 AM PDT This trading bot will automatically place trades on the Binance exchange by detecting the most volatile coins in a given timeframe. The project gathered significant attention from the GitHub dev community, and have helped to make significant improvements to the original codebase, and I thought you guys might like it as well. The code was built with customisability in mind, where each user can modify parameters like:
In addition to the core functionality, the algorithm is now able to receive and act on external signals which are fully customisable. It uses data from Tradingview, and this returns buy signals according to the most relevant indicators. BY default if at least 18 out of 26 indicators agree that it's a good time to buy a certain coin, this will tell the bot to go buy that coin. The bot also has a newly-implement pause functionality. It essentially analyses 15 moving average indicators and if half of them show that's a bearish market, the bot will not buy during this period. You can also choose and pick any number of custom indicators from oscillators to moving averages and more. Those require a bit of coding, and I'm hoping to make it more user-friendly in the future but the core functionality is there. If you're comfortable with Python and would like to inspect the source code please be my guest: https://github.com/CyberPunkMetalHead/Binance-volatility-trading-bot Otherwise, if you would like a more detailed guide, and want to try this out start here: We're currently working on a roadmap to turn this into a working web-app, so there's no steep learning curve for anyone trying this out. You can follow the development progress on GitHub, or here as I will be posting updates on the progress. [link] [comments]  | ||
| You absolutely need to be doing a 401k or IRA as well as investing in crypto Posted: 30 May 2021 09:32 AM PDT The recent rash of anti traditional retirement vehicles is absolutely astounding, short sided, and stupid. Some of you are going to get absolutely wrecked financially because you are all in on crypto and don't know what you are doing. 401ks and IRAs offer fantastic tax advantages that straight investing does not. Also if you have an employer who matches you are leaving money on the table by not taking advantage of that. It's foolish. Crytpo is great and should definitely be in your portfolio but it should not be your whole portfolio. I realize this is going to be hugely unpopular here but maybe someone will get it. Take advantage of the tax advantage retirement accounts set up by your govt. [link] [comments]  | ||
| Why do people think that Cardano is faster than Ethereum? Posted: 30 May 2021 04:49 PM PDT OK can we please have a technical discussion regarding the scalability of Cardano? Instead of the regular super highly upvoted moontalk (I know this thread will probably be downvoted to oblivion). Cardano currently only handles 7 transactions per second on-chain. Ethereum currently handles 12-15 transactions per second on-chain. By tweaking some parameters in the future Cardano could potentially scale to 50 transactions per second on-chain which obviously still isn't enough for real world adoption. Cardano will scale off-chain with layer 2 solutions (Hydra). But they are awfully behind their competition in developing layer 2 support. Don't take my word for it, even Cardano devs on their own subreddit admit all this. So why do so many people think that Cardano is faster than Ethereum? Also, I made this same post intended to discuss the scalability of Cardano two days ago. It quickly rose into the top 50 posts until a bot deleted it from the frontpage stating "there are already 2 posts about this coin in the top 50". But guess what, there are always 2 non-critical moonboy posts about Cardano in the top 50. So it's very unfortunate that technical discussions about this coin have no place on r/CryptoCurrency. I will therefore keep posting this daily, until the day a bot doesn't delete it. Edit: Since this time, this post didn't get deleted, I will add this. I have nothing against Cardano. But I have noted that there currently exists a widespread lack of knowledge regarding the scalability of blockchains in general and Cardano in particular. This is an extremely hard technical problem that haven't been solved for over 10 years. Cardano is not offering a unique quick fix to this anytime in the near future. But I am happy that we now have more projects than ever (including Cardano) that are working on it. [link] [comments]  | ||
| If you ever feel dumb, just remember there's always people like me. Posted: 30 May 2021 10:02 AM PDT I used to surf the darkweb in highschool where I learned about the silk road, and in turn learned about bitcoin. I bought $50 worth at roughly $3 bucks a pop. Almost 17 coins worth around $600,000 today. I sold them all for $100 to buy modern warfare 3 and some snacks with some left over for candy. Now don't get me wrong, the mountain dew voltage and dorito fueled madness of MW3 multiplayer was fun, but I don't know if it was half a million dollars worth of fun. Just imagine how many double XP boosters I could've bought with the money? :( [link] [comments]  | ||
| Real, mainstream crypto adoption is happening right now. You just haven't realized. Posted: 30 May 2021 06:45 AM PDT Yes, that's quite the title, I know. But after seeing the hundredth post on the frontpage talking about altcoins that have real use cases, I can't stop thinking about this one. You all know Venezuela, right? The country with space-high inflation rates, the one that /r/cryptocurrency says crypto adoption is feasible. Well, it's finally really happening. I'm Venezuelan, so let me explain some weird things about our economy. First, prices double every 3 months. Second, we don't have access to USD bank accounts in the country. And third, physical cash is scarce: Bolivares because you need a lot of them to pay for little, and USD because the "dollarization" isn't official, small change simply doesn't exist (coins, for example). This creates the perfect variables for digital, exact payment. This is where the Reserve Protocol comes in. We have been using some digital payments app since a while ago, apps like Zelle, PayPal or Transferwise. The problem with those apps is that they often close accounts in Venezuela to avoid problems with the US government. Simply put, those companies just didn't want to deal with the problem that is Venezuela related legislation. Enter Reserve. The team at Reserve created a stablecoin alongside an easy to use app for mainstream use. The app allows people to deposit Bolivares (the local currency) from their bank account and instantly exchange them for dollars (RSV stablecoins!). You might be thinking, well, that isn't that big of a deal, is it? Thing is, it is. Venezuelans can't just exchange Bolívares to USD legally because there aren't any bank accounts in USD inside Venezuela. The only way to save in USD would be to open an account in Panamá or risk your money getting lost in Zelle or PayPal. The app allows people to send RSV, pay with RSV, receive any crypto and convert it to RSV or Bolivares and so on. Reserve is literally saving people from hyperinflation. Well, why do I say mainstream crypto adoption is happening? Because people aren't paying in bolivares anymore. It is estimated that in 2020, 55% of transactions were made in foreign currency, and that number just keeps growing everyday. Now, the great part. The Reserve app has more than 100k downloads. People are using crypto, not as a way to invest, not as a store of value, but as it was intended: a currency. And it's happening right in front of us, but we're too worried about the price going up or down so much that we missed the real reason crypto is here: to serve as a currency when fiat fails us. In my case, fiat failed me. And crypto, for me and many more, is the way. [link] [comments]  | ||
| The crypto finance system is surreal and other worldly Posted: 30 May 2021 06:32 PM PDT I just spent 2 weeks moving money out of a big financial institution and into my crypto brokerage. 2 weeks. Wire transfer fees, limits, and processing times. Then, 24 hours into a wire something is flagged due to "suspicious activity." Cool, I get it, and I appreciate the security. But phone calls and wasted time isn't necessary - give me 2FA and IP Whitelisting and call it a day. Finally go all my fiat moved, and I've been DCAing into my positions all week. I decided to take a sum, convert to stablecoin, and move to an interest bearing account as a portion of my portfolio. It literally took me 5 minutes to convert fiat to stablecoin, enter and approve the withdraw address (2FA and IP whitelist), and for the blockchain to confirm and for the transfer to settle. 5 minutes. 5 minutes versus days. Traditional finance doesn't have a chance. I'm done with traditional finance, and I'm all in for the future of blockchain powered financial systems and services. This is the future, there is zero doubt. It's like discovering fire. Can't put that genie back in the bottle. [link] [comments]  | ||
| Posted: 31 May 2021 03:01 AM PDT
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| Posted: 31 May 2021 12:05 AM PDT I wanted to say thanks, some people here on Reddit change my life sending me some doge coins few month ago and that really push my life. I live in Argentina and doge is now worth more than our national currency, imagine. Now ive been holding doge, moons and a couple more cheap coins but I want to start giving back what I can. I'm not a lurker anymore, let's chat [link] [comments]  | ||
| Posted: 30 May 2021 09:49 PM PDT
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| Lads and Gents grab some popcorn �� Nashville couple sues IRS over Staking rewards tax Posted: 30 May 2021 10:59 AM PDT
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| Just Left From The Indy 500 - The Bitcoin Car Lead Around 20-30 Laps In Front Of 135k People Posted: 30 May 2021 02:30 PM PDT Wasn't that exciting of a race as it was a very clean race with only 2 minor cautions. Either way, it was super exciting to watch and the end was thrilling! As for the reason for this post, I think it needs to be emphasized how big of a deal it was to see Bitcoin sponsor an Indy car. On top of that, the driver of the Bitcoin car, Rinus Veekay, started in 3rd place and lead around 20-30 laps of the total 200 laps. What that means is that 135k in person, saw Bitcoin leading the pack. That doesn't include the hundreds of thousands watching it on TV too. Exposure is the first step, adoption is next. [link] [comments]  | ||
| Judge Denies SEC Access to Ripple’s Legal Communications Posted: 30 May 2021 05:56 PM PDT
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| Posted: 30 May 2021 09:17 PM PDT
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| Bitcoin Actually Uses WAY Less Energy Than the Banking System, a New Paper Says Posted: 30 May 2021 09:46 PM PDT
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| Shouldn't we also reward the people who upvote others some moons? Posted: 30 May 2021 11:32 PM PDT So here's my understanding. Moons are here to reward the people who post content and comment on said content. You receive about 0.2 or something moons per upvote in a post and you receive double that per upvote in a comment. Since we're technically giving away free moon shards while wanting to promote active participation, why don't we make a system where we give like 1/2 or 1/4 of the rewards in a post for everyone who upvote posts. To avoid diminishing the moon shard supply too quickly we could lessen the moon per post upvote and the moon per comment upvote so it would look like something like this: Moons per comment upvote: 0.15 per upvote. Moons per post upvote: 0.07 per upvote. Moons per upvotes: 0.03 per upvote. Sure it would hurt some moon farmers but it also helps out all the lurkers who just support the posts :D Sorry if someone already suggested this idea lol and also sorry if the numbers are wrong if you know the exact numbers, please comment below thanks! Edit: for the peeps who complain that the sub will become an echo chamber, it won't. You'll need to upvote 33 whole posts just to get a single moon in this system. Edit2: What if there's a limit of moons an account could get from upvoting others in a day like 10 moons or 330 upvotes. [link] [comments]  | ||
| Posted: 30 May 2021 07:51 PM PDT
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| A tip from a 2013 crypto veteran: Stick to your exit plan ;) Posted: 30 May 2021 03:01 PM PDT In 2013 I started to get involved in BTC. I started realizing that I wanted financial sovereignty and freedom from the banks and my government. I figured out that the only way to do this was to take the fiat exit. So I exited from all euro and USD based investments and/or holdings. I transferred my entire net worth into BTC and then into other cryptos. While 2015 was a wild ride down into a deep bear market I knew that I should stick to my exit plan no matter what and not buy back any fiat. When you make an exit plan, and you stick to, you will be rewarded. Not only with crypto riches, but you will be rewarded with the satisfaction that you exited a horribly rigged surveillance heavy system of financial oppression. No more fiat for me and I'm sticking to this exit plan no matter what. . EDIT1 to the down-voting bank bois: if you don't like my exit strategy tell me why instead of just mechanistically down-voting any post that isnt pro-FIAT, pro government or pro banks. I'm living the dream that crypto promises, not the nightmare that fiat guarantees. . Edit2: For those that think I'm living some life in the shadows I say this : I live a life of leisure, I follow my passions and spend a lot of time volunteering for the betterment of humanity and nature. Do I have a a huge mansion with lambos ? While I could afford them, I wouldn't sacrifice my freedoms to be a slave of the FIAT regime and a slave to my possessions. I have interests in art and I have hobbies that I have as much time for as I want and basically unlimited resources to make them happen. I can get my friends and loved ones gifts and help them out with cash when they need it. When I do have a partner I can spend as much time with them as I want and there is no money constraints as far as travel or entertainments goes. I wouldn't say I am in the shadows, I'm more trying to stay off the radar. Crypto helps me do all of that. So yea there are things that I can't do, but there is so much more that I can. [link] [comments]  | ||
| Posted: 30 May 2021 02:45 PM PDT You hear about the people who bought BTC at $1 and sold for $10. They always say they could have made so much money if they held on for several more years. Personally, I remember thinking BTC was expensive when it was at $800 and never bought in… only to FOMO in later at $10K. For the people who bought at $30K or even $60K, you might think it's kind of pricey now… but wait another decade and see what kind of prices we see when we have actual widespread adoption. You know why cryptos will always continue to rise in price? Because fiat is inflationary and drags the price of everything up. $100 now is not the same as $100 10 years from now. Cost of crypto will adjust accordingly. Maybe $1MM Bitcoin sounds crazy now, but so did $100 Bitcoin at one point in time. [link] [comments]  | ||
| Posted: 31 May 2021 12:01 AM PDT In a recent report by blockchain analytics company Chainalysis, the firm's Chief Economist Philip Gradwell explains that whales bought 77,000 bitcoin last week, now worth over $3 billion. The buys by institutional investors took place when Bitcoin was trading in the $30,000 to $35,000 range. Those, who entered the market more recently, experienced considerable losses. Chainalysis claims that 1.2 million BTC was sent at a 5 to 25% loss, with 120,000 bitcoin moved at a 25% loss or worse. According to the report, $3.2 billion of Bitcoin was sold at a loss last week after being acquired in the previous 4 to 13 weeks. Moral of the story : Don't FOMO in when prices are at all time highs, and if you do, don't sell at a loss and feed the whales. Source: https://finance.yahoo.com/news/report-shows-over-2b-worth-173718326.html [link] [comments]  | ||
| Posted: 30 May 2021 11:15 AM PDT
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| On this day we remember BTC at 64k and the people who bought the top Posted: 31 May 2021 02:50 AM PDT It was only 6 weeks ago that BTC reached its ATH of 64,863.10$. For many of us it feels like much longer and the past 2 weeks have been tough especially for people who only joined crypto this year (like me). Lets take a moment and remember that glorious day, April 14th, and remember all the people who fomod the top. [link] [comments]  | ||
| Goldman Sachs: Ethereum will Overtake Bitcoin as Dominant Store of Value Posted: 30 May 2021 11:29 PM PDT
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| Posted: 30 May 2021 11:19 AM PDT
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