Cryptocurrency Daily Discussion - May 5, 2021 (GMT+0) |
- Daily Discussion - May 5, 2021 (GMT+0)
- Banks consumed 520% more energy, released almost 6 times more CO2 than Bitcoin.
- Nothing can increase by that much and still be a good investment. [Short story]
- Bitcoin energy usage IS a problem, and the crypto space would only benefit if everyone admitted that.
- Here are some charts to help you know when we're in a bear market.
- Now is the time to be buying BTC
- I Don’t Think it’s Just Plain Old Greed
- Employer Wants Cryptocurrency Back From Employee After Price Soars 700%, Offers to Pay in US Dollars Instead
- Been trading since 2017 and barely made money
- DOGE is big enough to bring down the whole market when this charade ends (OPINION)
- 40% consumers are planning to use cryptocurrency as payments, Mastercard survey shows
- DogeCoin is pumping. And it’s highly centralized with one address owning 27% of the supply.
- Do you need a crypto tax software? I'm considering writing an open source desktop app to sift through the reports that exchanges provide and comparing it to market history data to generate usable gain/loss summary documents
- Elon Musk in 1999: Most people thought the internet was going to be a fad. Today: Most people think that cryptocurrencies are going to be a fad. (We are still early)
- VeChain Files Patent with USPTO for Carbon Recording and Trading Based On Blockchain
- Dad bought at the peak of 2018 and is still HODLing
- ETC's recent pump shows that this community needs a reminder on what it is
- The Great Moon Experiment: May 5th update. 10,000 in Moons - $500 USD - 10 Coins on Binance, Redditors pick the Coins.
- Why Ethereum will flip Bitcoin eventually.
- Vitalik's historic burn to Justin Sun, founder of Tron
- A Beginner's Guide to Technical Analysis
- To the recent big earners in crypto...
- Robinhood Outage Again on Another Important/Crucial Day. - (Say No to Robinhood.)
- Hyping Saturday Night Live appearance of Elon Musk and hoping he will shill your coin is priming yourself for disaster.
- Some Mind-Blowing Facts of Ethereum After The Latest Pump
- L-O-L at Robbinghood crypto trading going down AGAIN
| Daily Discussion - May 5, 2021 (GMT+0) Posted: 04 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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| Banks consumed 520% more energy, released almost 6 times more CO2 than Bitcoin. Posted: 04 May 2021 05:18 PM PDT
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| Nothing can increase by that much and still be a good investment. [Short story] Posted: 04 May 2021 08:51 PM PDT Student: I can't believe it increased by 1500% Professor: I'm sick of hearing about ETHEREUM AND BITCOIN! Nothing can increase that much and still be a good investment. Student: I was talking about the price of college tuition since 1980... Ba-dum tisssss! (ง'̀-'́)ง [link] [comments]  | ||
| Posted: 04 May 2021 10:06 PM PDT Let's be real, a lot of people here think bitcoin's energy consumption is not a problem, or it's just green people envious that they didn't make money. The top rated post now is a post saying that banks consumed 520% more energy than bitcoin, even though the top comments are saying it's a bad argument, there still a lot of people who think the article is right, if you go on Twitter bitcoin maxis are always saying people are dumb because they don't get it how bitcoin is more efficient. Banks processed 200 billions of transactions last year against what, 200 million bitcoin transactions? You don't have to be a genius at math to see that there's no way bitcoin would win if it had the same amount of users and transactions. I'm not even getting into the argument that there are millions of people working for banks who likely would be working elsewhere and generating co2 emissions nevertheless. Those people work on different areas that you like it or not, are "features" bitcoin doesn't have, banks transaction output is not necessary related with their co2 emission because they do a lot more than sending money from A to B, you can't say the same about bitcoin, transactions = big energy output. "but defi is the future, we don't need banks". You may be right, but if you look at sites like nexo/celsius, they are still companies with employees, they are competing with banks providing lendings, customer supoort, cards and insurance, not bitcoin. And they are doing fine. "the media attacks crypto even though most a lot of coins aren't using PoW or will move to something else in the near future". Hmmm, so you are saying there are better solutions out there and still its better to not talk about bitcoin's energy waste? Sorry, but this is just delusional. Crypto is at its core pushing technology forward and breaking paradigms, and with more adoption it also comes spotlight. If you look into the crypto space in 5 years and see that most coins and decentralized platforms are using something different than pure PoW, and bitcoin is still using PoW and consuming 10x energy from what it does now, you should think that's there's the possibility governments could act against mining, this year you saw hash rate drop with government-instituted blackouts in China, it wouldn't take much for countries to criminalize PoW mining if bitcoin is the only coin doing that and pretending nothing is happening while shouting "I'm the king". TL;DR: bitcoin's PoW is a cow infinitely farting, there shouldn't be negationism in this space about it as everyone else is inserting corks inside their cows butholes. [link] [comments]  | ||
| Here are some charts to help you know when we're in a bear market. Posted: 04 May 2021 06:22 PM PDT
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| Now is the time to be buying BTC Posted: 04 May 2021 12:53 PM PDT Now that BTC is consolidating at a discounted price you should start DCAing and adding to your holdings. Don't chase the pump. Right now alt's are pumping and there is good money to be made but for most coins the pump has already started and you will only catch the tail end for minimal gains. Just a few weeks ago people were complaining that ETH was stuck consolidating and all the excitement was on BTC pumping. Smart money was loading up on ETH waiting for the breakout. Now ETH is at ATH and BTC is stuck consolidating it is a good idea to start buying up BTC waiting for the next breakout. Try to prepare for the pump cycle instead of chasing it. If you missed out on the recent ETH gains then right now is a good time to get into BTC. The bull market is not over and this is one of those buying opportunities before the blast off. [link] [comments]  | ||
| I Don’t Think it’s Just Plain Old Greed Posted: 04 May 2021 07:28 PM PDT I think the average Joe is tired. They've been told their businesses are closed by guys with tailored suits and $300 haircuts. They get charged $35 by the bank if they're $0.25 short. They see the price of gas go up from more taxes and their suspension is shot from the potholes. They see their elected officials making six figures and taking another month of vacation. They see the angry old rich guy saying they don't deserve it. They see their kids' swing sets get padlocked at the local park. They see another billionaire claiming zero income. They see the price of housing skyrocket farther out of reach. They see another rich guy buy a judge for a lesser sentence. They see a constant barrage of ads for things they can't afford. They avoid the hospitals for fear of bankruptcy. They pay for college for half their life. They live in third-world countries with little chance out. They wonder what kind of life their kids will have. They see the homeless dying of OD's on the streets. They've been taking to the streets all year. They're pent up. They finally see a chance. They have a glimmer of hope, a way out of the mud. They see a lotto ticket with a real chance of payout. They don't know the rules. They don't know the consequences. They just want a taste. They just want a piece. They want to feel like they finally won one just this once. They're begging and praying for it, please, just this once. This is so much more than good and bad tokenomics. This is so much more than with or without utility. This is a reflection of the current state. This is a dream, a chance, their one big shot. This is an uprising. I think there's a real good chance a lot of them are gonna get burned and that's sad. But there's no stopping it now. I hope they get some. I hope they get to enjoy the taste of that dream. I hope they see the green and it lights a fire in them. I hope if they lose it, they get determined to go get it back. I'm rooting for the average Joe. I hope they get theirs. [link] [comments]  | ||
| Posted: 04 May 2021 07:40 PM PDT
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| Been trading since 2017 and barely made money Posted: 04 May 2021 01:19 PM PDT Well my title says it all. I bought Litecoin and now finally almost breaking even on that and I bought ETH and spent all that on worthless cryptokitties. I made some cash on BTC but nothing to brag about. Now I'm just randomly buying coins based on the name, price and loss/gain for the day. It's frustrating af. I wanted to get in on dot around the $8 price range but had trouble because I couldn't get my id properly verified. I suppose this is a bit of a rant post. Anyone on this sub have a theory on what the next dogecoin will be? Edit: Should mention that I stopped trading after 2017 until recently. So I made money on BTC but took a hit with LTC and spent most of my ETH on cryptokitties. [link] [comments]  | ||
| DOGE is big enough to bring down the whole market when this charade ends (OPINION) Posted: 04 May 2021 05:11 PM PDT As I write this, DOGE is a hair under a $70 billion market cap. I know there's plenty of new people here loving their sick gainz from their $100 investment, but let me assure you, when it pops it will be ugly. And it will pop. With a market cap that large and so much public visibility and notoriety, this thing will bring down the rest of the market with it. Hopefully, the market shrugs it off and continues the bull run, but I fear with how fucking frothy this market is getting. Update: $86 billion USD [link] [comments]  | ||
| 40% consumers are planning to use cryptocurrency as payments, Mastercard survey shows Posted: 04 May 2021 02:49 AM PDT
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| DogeCoin is pumping. And it’s highly centralized with one address owning 27% of the supply. Posted: 04 May 2021 06:51 PM PDT Do people understand DogeCoin is highly concentrated with 27% of the supply held in a single address? Warning: Dogecoin, the coin that Elon Musk likes to pump is highly concentrated with one address owning 27% of the supply. You read that right, a single Dogecoin address is holding 27%: https://decrypt.co/56616/what-we-know-about-the-dogecoin-address-that-holds-27-of-its-supply This goes against cryptos general decentralization efforts and has even prompted the CEO of Binance to raise some concerns: https://twitter.com/cz_binance/status/1357259732000538628 "Risks: 1 address holds 27% of all #DOGE. Top 20 addresses holds more than 50%+ of all #DOGE Kinda "centralized" in that sense." It is not entirely clear if this address is abandoned or active, but it raises legitimate concerns about a super-whale cashing out and becoming a fiat billionaire, as well as leaving many crypto enthusiasts holding the bag. If you invest in dogecoin, invest with this risk in mind. [link] [comments]  | ||
| Posted: 04 May 2021 06:00 PM PDT Title says it all really. This subreddit has been good to my gains this year so I'd like to give back by providing this service if its useful to people. I know solutions currently exist but have heard pretty poor things about them. So I'm trying to gauge how many people might be interested in something that takes the documents the exchanges give you and generates actual useable data by going back and looking at market history and determining US dollar value at time of transaction. I could write this pretty quick but won't waist my time if there is no need. Feel free to give suggestions on what you would like to see included in the product. If no one needs this then I won't bother developing it for the public. Your call reddit. [link] [comments]  | ||
| Posted: 05 May 2021 01:28 AM PDT
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| VeChain Files Patent with USPTO for Carbon Recording and Trading Based On Blockchain Posted: 04 May 2021 03:26 PM PDT
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| Dad bought at the peak of 2018 and is still HODLing Posted: 04 May 2021 01:24 PM PDT Just recently I learned that my dad bought ETH and some other coins at the peak of 2018 after his friend recommended him to invest in crypto. Well, as we all know, the price soon dropped, but my dad just kept on holding. What a legend. This was a huge surprise for me as I just got into crypto myself this year and my dad isn't the most tech savvy guy. Just wanted to share this story and wish you all good HODLing. [link] [comments]  | ||
| ETC's recent pump shows that this community needs a reminder on what it is Posted: 05 May 2021 02:27 AM PDT | ||
| Posted: 05 May 2021 12:24 AM PDT
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| Why Ethereum will flip Bitcoin eventually. Posted: 04 May 2021 08:39 PM PDT (previous post got removed , spare me this time ccmod) Ethereum is a decentralized blockchain with smart-contracts as you all probably know. In this post I will point out the scale at which Ethereum is already operating, giving you a better idea how revolutionary it already is. Tokens. On Ethereum you can create your own token, ERC-20. Currently there's already 394,500 Token Contracts. To put that in perspective, the amount of publicly traded companies in the world is estimated at 630,000 companies. Creating a token on Ethereum is extremely simple, so there's likely a lot of 'dead' coins in the list, but the number is still impressive. Tether is the most popular token on Ethereum, with a volume or $105,099,469,661.00 today. One hundred five billion DAILY, to put that in perspective the NASDAQ recorded a volume of 254,089,239,573 last friday. One token on Ethereum doing roughly 40% of the NASDAQ shows the scale at which this coin already operates. Smart contracts. ''A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.'' - BlockGeeks. Sectors smart contracts are useful:
The total marketcap of Ethereum is at the time of writing sitting at $365B, which is large but looking at the potential growth it can have just with smart contracts in some sectors tells me this is far from over. Of course these numbers represent the whole sector, but even if just 5% of the total value flows to Ethereum we will flip Bitcoin. Decentralized Finance. DeFi is a financial system containing a variety of financial products, all fully decentralized. No bank or authority can stop transactions or freeze funds. Loans can be accessed within a few minutes, while legacy financial institutions can take days. 4 largest DeFi projects by locked USD:
The global lending market is valued at $6,751.2 billion. Uniswap has a daily volume of $1.89B today, compared to the largest CEX Binance with a volume of 34,33B. Meanwhile Ethereum is revolutionizing the global markets, Bitcoin is stuck at being a 'store of value'. The total gold marketcap sits at 11.269T, while Bitcoin sits at a marketcap of $1.10T. Roughly a 10x or a price of Bitcoin around 600K and it'll be larger than the current store of value, gold. Pick your bets, but with ETH 2.0 rollout going on you know where I'll put my money. It's not a question of ''if'' but ''when'' Ethereum will take #1 from Bitcoin. (I left NFT's out due to my lack of knowledge about them, better to just not mentioning it instead of spewing bs). [link] [comments]  | ||
| Vitalik's historic burn to Justin Sun, founder of Tron Posted: 04 May 2021 04:13 PM PDT
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| A Beginner's Guide to Technical Analysis Posted: 04 May 2021 02:54 PM PDT
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| To the recent big earners in crypto... Posted: 05 May 2021 01:20 AM PDT I'm really happy for you :) ... If you'd like a little unsolicited advice, read a bit further.
... Oh. And think about donating some of that money. There's a lot of people in the world who need it more than you do. The red cross, animal shelters, clean water efforts, etc... Would love to suddenly get a few extra bucks. And they'll probably do more good with it than you will. [link] [comments]  | ||
| Robinhood Outage Again on Another Important/Crucial Day. - (Say No to Robinhood.) Posted: 04 May 2021 11:51 AM PDT
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| Posted: 04 May 2021 07:06 PM PDT There has been immense speculation and hype regarding the May 8th when Elon Musk is supposedly going to be on Saturday Night Live (American TV Show) and performing a skit based on a meme coin. This has led to the hype train reaching levels never seen before. The smart money are betting on this hype while the normies are getting sucked in the hype knowingly or unknowingly. Elon Musk may or may not even mention your precious coin, if he does, it will pump even more transiently and I can bet that the smart money will get out before you can realise. The normies will be the ones holding the bags. If he doesn't, it will plummet faster than you can open your exchange app. Thanks to all the high frequency trading bots ready to react to the market sentiments in nanoseconds. This heavy reliance on a single celebrity factor is extremely detrimental to the health of cryptocurrency as a whole. If it crashes, the media will have a field day attacking the whole cryptocurrency scene citing only the meme coin and ignoring genuine projects that have use cases. I hope I'm wrong. I don't wish it to crash because people are winning but this is genuinely unhealthy. Edit: This is not a hate post. Just reminding you of the ground reality. [link] [comments]  | ||
| Some Mind-Blowing Facts of Ethereum After The Latest Pump Posted: 04 May 2021 06:42 PM PDT 1. In the Span of 31 Days, Ethereum gained more in Dollar Value ($1,454) THAN its ATH on the last Bull Market ($1,233). CMC 2. Ethereum now has a $390.05 B Market Cap and surpassed NVIDIA, Bank of America, NVIDIA, and Mastercard in terms of Market Cap. Source 3. Ethereum's Market Cap just surpassed the biggest ETF in the world SPDR S&P 500 ETF ($366,572,000.00) 4. Uniswap was founded in the fall of 2017 by mechanical engineer Hayden Adams. Uniswap is a proof of concept for an on-chain automated market maker protocol detailed no other than by Vitalik Buterin (Ethereum Creator). Uniswap V3 is COMING!! What it Means For UNI!! 5. At the age of 27, Vitalik Buterin (Ethereum Creator) has officially become the youngest crypro billionaire holding 333,000 of Eth. Ethereum's 27-Year-Old Creator Is Now the World's Youngest Crypto Billionaire 6. According to my calculation, I can also join Vitalik Buterin to become a Billionaire once the ETH price hit $1,050,718,165.87. Proof Thank you for coming to my Ted Talk, Excited for the July update and ETH 2.0! [link] [comments]  | ||
| L-O-L at Robbinghood crypto trading going down AGAIN Posted: 04 May 2021 07:40 AM PDT For the record I've been off RH since February, but couple buddies of mine are mad and throwing a fit about RH freezing DOGE trading AGAIN. EDIT 2: Even better, as u/Mobridge80 points out, it was in fact ALL of their crypto trading services that went down. All 7 coins prevented from trading. I'm really not even surprised. I honestly find it humorous that after their many statements that they're "working on it" like clockwork it goes down again when DOGE shoots up. Back when DOGE launched from 0.01 to 0.09 in Feb trading froze and I submitted multiple tickets because it tanked over 40% by the time I could trade again making me miss out big on profits. They basically told me to F off and its not their problem. Learned my lesson. Left RH and never looked back. RIP to any DOGE traders on RH right now. Gotta love it EDIT: I really think most newbies, myself included months ago, need to personally be on the receiving end of RH's horse-cockery to truly get the memo. I had heard all the problems but sat in ignorant bliss till it happened to me. Great thread from u/the_far_yard for alternatives to RH! https://www.reddit.com/r/CryptoCurrency/comments/mtqi5v/looking_for_an_exchange_that_sell_the_coins_that/?utm_medium=android_app&utm_source=share [link] [comments]  |
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