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    Cryptocurrency Daily Discussion - May 6, 2021 (GMT+0)

    May 06, 2021

    Cryptocurrency Daily Discussion - May 6, 2021 (GMT+0)

    Daily Discussion - May 6, 2021 (GMT+0)

    Posted: 05 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:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

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    submitted by /u/AutoModerator
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    Will DOGE be worth $100 a coin? Can it become as big as ETH? Could Stellar Lumens be worth $1000 a coin? Will Safemoon make me rich?? We all need to look at total supply vs market cap to manage our expectations and be more logical about what is possible.

    Posted: 05 May 2021 07:01 PM PDT

    The answer to all of those lofty expectations? Impossible. This is a mistake a lot of people are making. You have to look at total supply and multiply it by price per coin to get the market cap. Let's look at a few popular ones…

    Bitcoin is rare like gold, difficult to mine like gold and is used as a store of value like gold. As it becomes more scarce, it will continue to rise in price. It has a total supply of 21 million, of which 18 million are already circulating. After the 21 million are mined, there will be no more available. 18 million x $57k means it has a market cap of over a trillion dollars. That is huge. The total market cap for ALL crypto is 2.38 trillion. Bitcoin is king. Bigger than Visa and MasterCard combined. Bigger than nearly every world bank. It is the world's 3rd largest currency.

    Ethereum has a total supply of 115 million. More coins than Bitcoin. At the moment, it allows for 18 million to be mined each year max. In July, they are making a change with the London Hardfork, EIP 1559, and every time a transaction is made with ETH, the ETH fees will be burned, making the supply more limited and much more valuable, similar to BTC. Many are saying that ETH will go up to $10k per coin this year because of these changes. When ETH 2.0 is released next year, the price will probably go much higher. With 115 million in circulation, ETH has a market cap of $400 billion. That's worth more than all of Walmart.

    So, it is really important to check the coin supply and then multiply that by the price you wish it would go to to make you rich. See if the amount seems realistic or not.

    Let's look at DOGE. Doge has a total supply of 127 billion coins and a max of 10,000 are mined each day [EDIT: DOGE mints 10,000 coins every minute, not every day!]. That's an additional 5 billion coins each year. If you multiply 127 billion coins the $100 you wish it were per coin, it would have a market cap of $12.7 trillion dollars. There is $37 trillion dollars in the world. Is DOGE worth 1/3 of all the money in the world? The entire economy of the United States is $25.3 trillion. Is it realistic to say a meme coin is worth roughly half the US economy…the largest economy in the world?

    Let's take a look at Stellar Lumens. The max supply is $50 billion. The supply increase is 500 million a year, which alone is 23 times the total amount of BTC each year. Anyway, if it were $1000 per coin, the total market cap would be $50 trillion, more than double the US economy. At the very most, maybe they could be $10 each? I say it could be worth $10 because it has actual utility. I think DOGE would top out at $1, and that would be pretty crazy.

    If DOGE were worth as much as ETH, which I've seen people on the doge subreddit think might happen, Doge would be worth a modest $388,720,000,000,000. $388 trillion. That's at least 3 times all the money in the world economy, if Google serves me right.

    Then you have to be really careful of coins that are just a rug pull and get promoted on Tik-Tok, like Safemoon. I don't even need to do the math on Safemoon to know it's a scam. They will get people to throw all their money into it and then they cash out their supply and take everyone's money. The total supply for Safemoon is 1 quadrillion coins!!! Stay away from that. Insanity.

    Look at supply of successful coins beyond BTC and ETH and see if you think they could be worth a lot more in the future. Here are some I think worth investing in:

    Polkadot (DOT): Total supply: 935.5 million, total supply 1 billion

    Chainlink (LINK): Total supply: 419 million, max 1 billion

    Cardano (ADA): Total supply: 45 billion. This coin has many great uses, but will not be worth as much as others simply because of the number of circulating coins. Maybe $10-$12 a coin max? But it is under $2 right now.

    ATOM: Total supply: 248 million. New coins are created each year as rewards for people that hold (stake) ATOM. If you can find a good coin that gives you APR, many are 5-6%…much better than a traditional savings account!

    Algorand (ALGO): 2.96 billion, also releases new coins as rewards to people that hold ALGO.

    Tezos (XTZ), circulating supply: 756 million. Total supply: 763 million.

    MANA: this coin is only used for a video game called Decentraland. Atari is making a casino opening in May in that virtual world. Supply available: 1.5 billion. Total supply: 2.6 billion.

    Polygon (MATIC): 10 billion, half in circulation. Because there is a max supply of 10 billion, if it grew to the size of ETH…which won't happen…each coin would be worth $35 a coin (Take the market cap of ETH and divide it by the supply of MATIC to see what it would be if it were as huge as ETH). It's under a dollar now. Maybe it could grow to 1/4 of ETH if we're being optimistic? That would put it at $8.75 a coin.

    Enjin (ENJ) 1 billion coins max, 834 million circulating.

    The list goes on, I just picked a handful of random coins I hear mentioned a lot, but all you need to do to check out what a realistic expectation for a coin is is to take the current supply of tokens, multiply it by what you wish the coin was worth and compare the market cap to BTC or ETH's market cap, over a trillion and $400 billion, respectively. I don't expect any alt coin to be worth as much as those those two. And, it bears repeating, the entire cryptocurrency market is worth 2.38 trillion. If you calculate that your coin at $100 is going to be worth double, triple, or quadruple that, I'd say that's an impossibility. Likewise, you can do the math the other way to see what your coin would be worth per coin if it were as big as ETH or BTC by simply dividing the market cap for ETH or BTC by the number of coins circulating for your prospective coin. Your coin won't grow as big as those two, but it's a good way to visualize it and manage your expectations.

    (Note that some of my supply numbers might be off a little, but they should be in the general ballpark)

    submitted by /u/lunargrover
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    All I want is to become financial independent within 3 months of just holding a small amount of crypto and then checking its value every 4 minuetes. Is that to much to ask for?

    Posted: 06 May 2021 12:36 AM PDT

    Want to become a Crypto Developer? Here is a list of Free Educational Courses with Free Credentials - on Blockchain, Programming, Software Engineering and more.

    Posted: 05 May 2021 09:26 AM PDT

    For those looking to get into becoming a Blockchain and CryptoCurrency Developer, I have put together a list of Free Courses to help you get started along your journey.

    We can always use more Developers!

    The list of Free material consists of courses from Saylor Academy, IBM, The Linux Foundation, Cisco, Texas A&M, and others. All Free to take, and all offering some sort of Free Certification or Digital Badge upon completion. Not only are these great Free learning resources from known and reputable sources, but they also come with sharable proof that you learned them :)

    Computer Science

    Blockchain / CryptoCurrency

    Open Source Development

    BONUS: Networking & CyberSecurity

    2ND BONUS: Math

    Please feel free to add additional resources in the comments. I will add them to the main post if they fit the criteria of being free and providing proof of completion.

    Happy learning friends :)

    (Edit: I have been tipped 5 Moons and gotten over 1000 Reddit Coins to give back out from Awards. You all have made the time put into make this list well worth it! This post blew up and I hope it helps as many people out as possible! Thanks to everyone!)

    submitted by /u/SolorMining
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    How many times can one person possibly miss out on potentially life changing, amazing opportunities?

    Posted: 05 May 2021 02:14 PM PDT

    1. I had tens of thousands of Doge from doing surveys, but converted them when Doge was still under a penny because I didn't think it had any future.

    2. I had a decent amount of ETC, but after learning that it was useless/dead coin I got rid of it. I think it was like $4 or $5 at the time.

    3. I bought Baidu (the Chinese Google) stock the day it IPOed for $80. A couple of weeks later it was at $60 and I sold my holdings. It then went to $1,000/share and split 10 for 1.

    4. My sister gave me a tip on ISRG (Intuitive Surgical) years ago, but at $100/share I thought it was overpriced. It now trades at around $800/share. I don't buy in.

    5. I distinctly remember the day that the iPod was announced. Apple's stock was around $20/share. I was so into MP3s at that point, though, that I thought "there's no way people are actually going to pay for music if they can get it for free". I didn't buy any shares.

    6. My sister gifted me a Netflix subscription back when they were still only doing DVD rentals by mail. I thought it was a neat idea, but couldn't foresee the transition to digital streaming of movies/TV shows. I passed on buying shares.

    7. I bought a bunch of AMD shares a few years back for an average price of about $4/share. Sold them all when it reached $12. It trades around $78 now.

    8. I used Amazon frequently back in college (2000-2004) to buy/sell textbooks and also buy various other things, as well. Thought that their service was great, but it never occurred to me that I should buy stock in them.

    9. Been a faithful eBay buyer and seller since 1998 (originally on my mom's account because I was too young). Loved the idea of the site since day one. Did I buy stock in them? No. Granted I was 16 when they IPOed, but I could have gotten in when I turned 18.

    There are countless others, too.

    I used to think I was smart, but at 39 now I'm keenly aware of how foolish/stupid I've been.

    I'm not giving up, but reality has certainly take a bite out of my expectations

    I do believe in the future of crypto, but I'm probably invested in all of the wrong coins.

    Oh well.

    Just felt like sharing.

    Congrats if you made it this far!

    submitted by /u/wheelzoffortune
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    Cardano’s Anti-Counterfeit Solution Sees First Successful Implemetation

    Posted: 05 May 2021 03:22 PM PDT

    "If you can't handle me when I'm down 80%, you don't deserve me when I'm up 80%"- Marilyn Monero

    Posted: 05 May 2021 04:32 AM PDT

    Think about how much the market would have to drop for you to sell.

    Will you sell at a 10% drop?

    Would you hold out until a 20% drop?

    Would you sell at 50%?

    If you're not willing to continue to hold when the market is down 80%, you're probably going to sell at the bottom.

    But that's okay! There are plenty of investments that will earn you a pretty consistent 5% per year while only risking around a 5% loss.

    But Crypto is not that.

    submitted by /u/Goldenbeardyman
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    Sorry to break it to you guys, but the “biggest wealth distribution in history” already happened right in front of your eyes—and it had nothing to do with crypto.

    Posted: 06 May 2021 12:16 AM PDT

    I saw another thread talking about how crypto is creating the greatest wealth transfer the world has ever seen and I just wanted to point out (for those who haven't been paying attention) that it already happened beginning in March of 2020, when the governments unilaterally shut down their own economies and manufactured an artificial, worldwide recession.

    • Mom & Pop had to close and remain closed, but Walmart could keep running.
    • You're not allowed to leave you house? Amazon will take care of that for you.
    • Millions were forced not to work, but don't worry: Congress decided to conjure $4 trillion out of thin air and give it to their constituents foreign countries and "foundations."

    We all got to see the ultra-wealthy double, triple, and exponentially multiply their net worths while simple folk and small business owners were thrown in the dirt and kicked in the teeth..."For their own safety" of course.

    And what happens when people decide to rally together and maybe try to make a few dollars via the stock market? Well for course the wealthy guys band together and shut them down (looking at you and your GME antics, RobinHood): finance laws be damned! Don't worry though, their pals in congress will do a little bit of finger wagging for the cameras but don't expect any real consequences. They'll still get richer.

    What's that? Too many people are getting a bit of well-deserved wealth after being forced into poverty over the last year and a half? I guess we'll double the capital gains tax! Right Joe?

    Guess what guys: 20/21 have seen the greatest wealth transfer in the history of world, and it didn't go from the top down.

    Let's hope crypto offers at least a bit of shelter from the oncoming shit-storm...because I'm convinced it's only just getting started.

    submitted by /u/IfByLand
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    If you have about an hour, I suggest watching "How Bitcoin Actually Works" by Ted Nelson, a pioneer of the internet. He explains Bitcoin thoroughly and simply for viewers.

    Posted: 05 May 2021 01:56 PM PDT

    Due to a high number of requests, I've updated my crypto tracking spreadsheet to now support the top 5000 crypto (moons included). This spreadsheet tracks your crypto and keeps a record of your gains, losses and historical positions. Cryptoprices version 14

    Posted: 05 May 2021 04:37 PM PDT

    I previously posted a download link to my excel spreadsheet that I made for tracking my crypto portfolio. It supported the top 1000 coins. However I had many people message me asking how they could add support for more coins. I guess you guys really like your shitcoins and small caps.

    So I decided to update it with 5000 of the top coins from coingecko and post it again for anyone who is interested. Yes it even supports live prices for r/cryptocurrency moons.

    The main reason that I didn't have all these coins previously is because it really slows down the refresh time while its importing all the new data. To deal with this I made it adjustable so that you can choose how many coins to import (0-5000). If you only want live prices for the top 100 then set this cell to 100, if you want more then you can have more, you will just have to wait a few more seconds each time you press refresh.

    There is a handful of other minor changes and bug fixes.

    The spreadsheet now also measure your trading gain/loss in BTC not just fiat. So you can see how well your alts are doing versus just holding BTC.

    The spreadsheet now logs the amount of coins you held over time, not just the fiat value of those coins. This should help a tax time if you are diligent at saving the spreadsheet after each trade (just update the portfolio tab with your new coins and save the spreadsheet).

    It also lets you input fiat purchases of any crypto now (no longer limited to 3).

    some screenshots;

    ​

    https://preview.redd.it/2iz5i2z5zdx61.png?width=1846&format=png&auto=webp&s=664340e0e4f78426d7ea6e76d55acf711790221e

    ​

    https://preview.redd.it/3cco3o5czdx61.png?width=1358&format=png&auto=webp&s=65aaa707797c52d15f656f9ac32e7061c4046025

    ​

    https://preview.redd.it/xzzphdtjzdx61.png?width=1434&format=png&auto=webp&s=b5fb706fc439ddecd40eead507ea5a7be308f95d

    Still has moon maths, regret calculator and lots of charts

    https://preview.redd.it/ing8hwyozdx61.png?width=1842&format=png&auto=webp&s=65b27a8b2b430927cd888f2df3b76d7edf2edf72

    Download link

    https://www.mediafire.com/file/wc24a9bgxiaxhep/Cryptoprices14-_for_others.xlsm/file

    previous version for reference and so you can see i'm not trying to scam or give you malware. Of course you shouldn't trust me and should scan the file for malware anyway (i.e virustotal.com). It does contain external connections and macros which are required for fetching crypto prices and exchange rates from coingecko.com

    https://www.reddit.com/r/CryptoCurrency/comments/mrv04i/i_made_a_crypto_tracking_spreadsheet_with_live/?utm_source=share&utm_medium=web2x&context=3

    submitted by /u/Fly115
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    One of the biggest misconceptions in Cryptocurrency for newbies

    Posted: 05 May 2021 12:55 PM PDT

    I have lost count of the times I have seen people comment saying BTC and ETH are too expensive to invest in and it does not make financial sense to invest in something valued so high. This is generally followed up by individuals saying it is more worthwhile and financially sound to invest in cryptocurrencies under $1. There is a believe that this will have a chance of doing what BTC did and 50000x in price. This is of course fundamentally flawed.

    There is only 1 area of this logic that I can agree with. It is similar to small cap stocks/penny stocks. They have MORE room to grow in the sense they are VERY early on and if it is an extremely solid project and marketed right, this has more financial reward. HOWEVER, and this is a monstrous HOWEVER, actually successfully picking this gem of a project is extremely difficult and the sheer number of these projects that are scams, shitcoins is high. Look at the number of alt coins from the 2017/2018 bull that have disappeared and they were highly regarded in the space. And even if you pick a fantastic project, it doesn't even mean it will succeed. People leave jobs, marketing fails, the public don't invest etc.

    Ultimately, it doesn't matter what the price of the cryptocurrency is. You don't have to buy a WHOLE BTC or ETH. if you have 1 BTC or 0.01 BTC, a 100% gain is still double your money. This is the same for a 100% gain in BTC valued at $57000 or VET valued at $0.20. Both would net you the same profit. And no, VET is never going to get to the same price as BTC, that would literally require astronomical amounts of investment to do.

    If you are a new investor, and actively investing in this space. Please don't make this mistake. Don't let greed and a fantasy of a better life blind you from reality. A low-price coin does not give you better odds of making better returns, more often than not, I'd actually argue it will give you less.

    submitted by /u/anon8496847385
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    THE quote of Vitalik Buterin

    Posted: 05 May 2021 05:34 AM PDT

    Since Ethereum is doing so great and his creator became the youngest crypto-billionaire in the world, I wanted to share something he says that shows the importance of blockchain and decentralization :

    "Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly."

    This is the quote who makes me believe in the crypto, and I really think that a better world is coming thanks to blockchain.

    submitted by /u/waughandy
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    The most important thing I learned from 2017/18

    Posted: 05 May 2021 01:09 PM PDT

    For all of you that have just got into crypto , you have to understand that there is a chance everything goes to shit like it did once before. BUT the most important thing to remember is if the mainstream hype over crypto dies again and we do get some sort of crypto winter again... DO NOT STOP BEING INTERESTED AND KEEPING UP WITH CRYPTO. The biggest mistake I've probably made in my life is completely forgetting about crypto for 3-4 years when everything crashed. If I was DCA'ing in more or less anything in that bear market I would probably have absolutely 0 money issues today. So to all noobs , learn from my regrets. Thank you for coming to my TED talk

    submitted by /u/omgmnid
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    Bitcoin (BTC) is reportedly coming to ‘hundreds’ of U.S. banks in 2021

    Posted: 05 May 2021 10:26 AM PDT

    The insane number of rug pulls and scamcoins with the bizarre names in recent months is a direct result of the Binance Smart Chain and DEX’s like PancakeSwap making it easier than ever for these scammers to operate

    Posted: 05 May 2021 02:23 PM PDT

    I saw a post earlier regarding the state of r/CryptoMoonshots and the recent surge in "FairElonDogeMoon" type Ponzi/rugpull coins and thought I would share my two cents regarding what's behind it.

    PancakeSwap is a BSC Decentralised Exchange (DEX), for an easy comparison it's the BSCs equivalent to Uniswap for Eth. It was created in September last year but has really rocketed in popularity this year and has started to see an insane amount of volume and continues to grow everyday.

    So, why has it become so popular? Minuscule gas fees are without doubt the main reason behind its surging popularity. Everyone knows about the issue with Eth gas fees on Uniswap, the eye-wateringly high fees really makes purchasing small amounts and day-trading off limits, people are only really buying to hold.

    Who doesn't love lower fees, right? Surely this is brilliant. While that makes PancakeSwap sound great, what has actually happened has resulted in the low cap crypto market becoming an absolute Scammers Paradise. Because Eth gas fees on Uniswap are so high, people are generally only investing in coins with real life use cases which they genuinely believe in. Exchanging shitcoins on there is practically unheard of because it's not worth anyone's while.

    PancakeSwap however has led to the birth of a new breed of degenerate, this breed of degenerate will throw a couple of hundred dollars at every coin they see which has a rocket emoji next to it. These coins all have the maximum Quadrillion supply to make it appear to dummies that they're receiving an enormous amount of coins who will in turn think to themselves "if this reaches even £0.01 I'll become a multi-millionaire, easy!". This plays perfectly onto the hands of the Scamming Rugpull devs.

    Scammers absolutely adore this place; no real life use case necessary, no explanations required for what new things it brings to the market, simply throw in a few of the buzzwords they all love like "Deflationary" "Community-Driven" "Charity" among several others and boom, you're in business. For just a couple of hundred dollars they can create their own scam coin within minutes, shill it with bots on reddit and rugpull with thousands, often even millions when they've done it really well! (Laika, Cheese and Forestry all examples of devs rugpulling in the millions in the last few days among many others)

    This is directly as a result of the ease of submitting your own coin/token to PancakeSwap and the fee-less nature meaning degenerates will ape into absolutely anything. These devs know people aren't going to want to risk their money on an exchange where they have to pay half on gas fees which makes PancakeSwap and other BSC DEX's the perfect breeding ground for them to run their scams

    If you take a look at CryptoMoonshots today compared to even 3 months ago, it's night and day. None of these coins with ridiculous names existed, there were far fewer bots, you'd find genuine discussion between real people in the comments and you'd find coins with genuine use cases (personally I discovered GRT and TRAC from there).

    You won't find a Uniswap or any Eth based DEX in sight these days on CryptoMoonshots, practically every coin on there leads directly to a PancakeSwap listing. You'll notice today that virtually all the front page posts on there have hundreds of awards in the first two minutes and the comments on the threads are all your generic, one liner typical comments from accounts with 4 comments in 4 years.

    I was initially really excited at the prospect of a DEX trading genuine low market cap coins practically fee-less and moving away from the crazy high Eth fees. PancakeSwap should have been a brilliant addition to the Crypto market, instead its become an absolute mess.

    submitted by /u/lensado
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    Crypto market cap just hit $2.5T, BTC dominance 43.5%, ETH 16.3%

    Posted: 06 May 2021 03:40 AM PDT

    Across 7000+ coins and 463 exchanges! - Not only is the growth truly amazing, the size and variety of the marketplace is also growing massively. BTC slowly losing dominance (but still growing in its own right) I think is a great sign of a maturing market that is becoming more independent from its most well known and largest coin.

    My personal opinion is that we will see ETH climb to 20% in the near future, and that this year will be absolutely critical for fulfilling promises.

    submitted by /u/Jadonblade
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    Bitso reportedly becomes Latin America’s first billion-dollar crypto exchange

    Posted: 05 May 2021 10:21 AM PDT

    UFC Is Launching $UFC Token for Over 600 Million Fans

    Posted: 05 May 2021 07:07 PM PDT

    Blockchain Interoperability: Why It Matters and How to Make it Happen? “The Interoperability of Blockchain Success Today is as Important as Cell Phone and Email Interoperability Was in the Beginning.”

    Posted: 05 May 2021 06:41 PM PDT

    I Work At One of the Biggest Tax Service Companies in the US..and Our Question of the Week Was About Cryptocurrency...People Are Starting to Notice! Mass Adoption is Coming!

    Posted: 05 May 2021 10:47 AM PDT

    I'm gonna keep this in a TLDR format because I don't want to bore people with info and a pointless story;

    I work at a branch in one of the biggest tax companies in the US. I made a post 5 months ago about how back then nobody was talking about crypto even though I worked in a tax office and I was estranged for trying to bring it up. Well, now, people are starting to notice and talk about it. One of the 70 year old ladies I work with even bought the book Bitcoin for Dummies. Mass adoption isn't coming, it's already here happening in real time.

    I truly believe we're still early, and we're going to be looking back at the technology and today's prices with an archaic attitude, but get ready people. Whatever implications you want to take from this, bullish or bearish signals, 2017-18 ptsd, whatever: know that every day people are starting to take notice and it's happening fast.

    submitted by /u/bradbenji
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    A Lamborghini Has Been Purchased With Bitcoin in Thailand

    Posted: 06 May 2021 12:49 AM PDT

    The key to the Hodler mindset: It's more fun to count your money than to spend it.

    Posted: 06 May 2021 02:14 AM PDT

    Hello everyone.

    Obviously knowing the principles and importance of crypto is the best reason to hold. But I also believe that I have succeeded (so far) as a hodler because I discovered a very simple quirk of my own psychology.

    I like to count my money even more than spending it.

    All you have to do in many cases is just look at things you wanted to have in the past, and just knowing you *could* have it if you really wanted to, is all you need in most cases. Then you can move onto to looking at something else and knowing you can have that.

    On top of that, if you SPEND your coin, your holdings go DOWN. Whereas if you just STARE at it, you can see it go up and up. And obviously, the more money you have, in your own mind, the stronger, taller, shinier, smarter and handsomer you can allow yourself to feel.

    Also, if you actually cash out or spend, you suddenly have to worry about taxes, negotiating (depending on what you buy), filling out forms, and all other kinds of nonsense. Whereas sitting there figuring out how much you have to the penny at every possible price point in the future and fapping over it requires nothing but your phone or computer's calculator.

    Therefore, I believe that the role model for any good hodler should be Scrooge McDuck. A man of great means who spent his days swimming in his vault of coins instead of using them for any actual constructive purpose.

    That is all and I'll see myself out. Thank you.

    (this post is a parody, but with a grain of truth)

    submitted by /u/EGarrett
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    CryotoCurrencies are causing the biggest redistribution of wealth in a lifetime - and it's only just beginning

    Posted: 05 May 2021 04:05 PM PDT

    Let's face it - we've been stuck, destined for a life in the rat race from the start. It's been carefully planned out for us, systems formed over millenia to make sure that hard work never quite pays off enough to break out of the cycle.

    Sure you can try and escape, maybe put the lottery on, gamble on the side or invest in risky stocks in the hope of winning enough to retire. The reality is though the odds are stacked against us, the bookies always win & institutions are a mile ahead of retail investors when it comes to stocks.

    That's where Crypto comes into the picture.

    Out of the hands of the institutions, decentralised & transparent. It wasn't the Goldman Sachs & Morgan Stanleys of the world who got in first, it was us. Crypto gives real, tangible hope of something better to come

    Here's the best bit: We're still early to this party. crypto has already changed millions of lives for the better and it will keep doing so. Billions of $s are changing hands, as big money moves more into this space we'll be here waiting & ready to ride that wave. This time we have the upper hand and I can't wait to see what the future holds

    submitted by /u/Flake101
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    Scammers Score $2 Million from WallStreetBets Forum Users With Fictional Crypto Launch

    Posted: 05 May 2021 02:40 PM PDT

    Round and Round the money goes... Big cap trading pair alts and the liquidity suck phenomenon.

    Posted: 05 May 2021 09:53 PM PDT

    Today I share with you a secret. A secret a lot of people know, but perhaps even more don't, so I figure I'll (probably arrogantly so) let you in on it. This is somewhat complex to explain, so excuse this eyesore of a text wall.

    The liquidity suck in a rotational market

    As some of you may already be aware, the crypto market is now acting a lot like traditional markets in that the hot ball of money rotates around in it. When one sector is overbought, large participants sell out of it and into the oversold sector. In the past, this was simple - BTC would run up, get into overbought territory, the money would then rotate into alts, which in turn would run up and then selloff into a then oversold btc. Round and round it would go until eventually alts would act as an offramp into fiat.

    Today, the market has matured enough that we not only have different caps (large, mid, low) but also sectors (defi, nft, storage, doge [haha] etc etc). In addition to this, we now have major, large cap trading pair alts that behave similar to btc in this scenario (eth, bnb, okb etc etc). This has made the rotational market much more complex, making following it difficult to predict/preempt, but the effects on the alts we love is inevitably the same. So I figured I'd try to type up this idea in hopes it helps my fellow degens stay ahead of the game.

    When these large cap trading pair alts run, they suck all the liquidity out of the coins they are paired with. The example most are familiar with is when BTC runs. Late last year, you may have noticed when btc went parabola, the majority of the alt market went to sleep, in some cases, even went down. This is the liquidity suck - basically every alt is paired with btc, so when it ran, participants sold off their speculative trades into it as it ran. Conversely, when btc then hit major resistance at 42k in early january, you may have noticed that was when the first major alt runs kicked off - large participants were then selling an overbought btc into a then very oversold alt market. But why did they stop in February? This is when the next secular rotation occurred - the rise of bnb.

    You can check this out for yourself - Go to tradingview, take any alt that topped during that time that has a bnb pair and using the compare function, overlay its usdt and bnb pairs, as well as the bnb/usdt pair - notice anything? you may immediately notice how terrifying the drop is on the alts bnb pair. But what I want you to note, is the correlation with where those alts topped in relation to the start of bnb's run. This is how the chad whales operate (magnified, in part, by arbitrage): They rode BTC up 400%, sold into alts that then ran up 10-20x, then sold into bnb that, in turn, itself ran up 20x. Doing this gives them mindboggling returns - for example, $1000 ran through this process would of equated to roughly 800k 6 months later.

    The Rise of Eth

    Which brings us to today. Right now we are witnessing a secular rotation to eth. Money is starting to sell out of bnb into it, in some cases using alts paired with both to bridge the gap with insane profit. 1 example off the top of my head is vet - do the same exercise as before - take vet/eth and compare with ethusdt and note where vet topped - right into the ethusdt lows. pretty convenient, huh? The same phenomenon happened with defi - you may have noticed a bunch of major defi coins have started running lately - compare these with where bnb initially topped on april 12th (MKR springs to mind). Im guessing at this point, some people's jaw's have dropped. Don't worry, mine did the same when I figured this out. Which brings us to what we should be doing now.

    If Eth *really* starts running (which it kinda already is) there is going to be another liquidity suck out of coins paired with it. Conversely, when it stops running, alts paired with it will likely blast off, probably eventually selling off back into btc, but that may be weeks/months from now. In the meantime, monitor the eth pairs of your alt. Strong alts will maintain/rise in value against it. Weak alts will go into decline. Weak alts may still rise in usdt value, but if they are suffering against eth, well, you might as well just be holding eth.

    The easiest way to mitigate this is via stop limit sells on your alt's eth pair. If hodling btc, stop limit buys. This way, if it does run, you wont be left holding the bag when the liquidity suck really gains momentum, because when it does, arbitrage will more than likely drag them down in usdt value as well.

    Thanks for Reading

    I could ramble on endlessly about this, and I have only really scratched the surface, but understanding this concept, I have found, is what separates the winners from those treading water in this market. Far too often, I see people jumping on alts which have simply pumped into a rotation, who buy up their declines and are left wondering why their bags aren't moving afterwards. Nail these rotations and you will achieve chad status. With enough practice, soon it will be your transfers popping up on whale alert. Apologies if this all comes across as big headed. Playing this game has turned me into a jerk. Good luck frebs.

    submitted by /u/Jimieus
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