Cryptocurrency Daily Discussion - May 8, 2021 (GMT+0) |
- Daily Discussion - May 8, 2021 (GMT+0)
- BEWARE: Coinbase Fake Email Scam
- As dogecoin price tops 60 cents, Elon Musk says ‘please invest with caution’ ahead of ‘Saturday Night Live’
- How Tech Bros Catfished Elon Musk into Pumping Dogecoin
- Ethereum Classic Price Drops 33% From Highs Further Losses Likely
- Reminder to never tell anyone how much crypto you have
- Crypto.com Becomes Official Sponsor of Italy’s Soccer Cup Final
- Imagine the drug dealers of 2013 walking out of prison to all these gains this year
- Rugpulls and Honeypots. What they are and how you can avoid them.
- WallStreetBets Redditors Lose $2.1 Million to Crypto Scammers
- Anyone else tired of the same three posts being recycled over and over again?
- "Invest with caution" why people are afraid? Im afraid to not invest and be poor for life.
- Staking explained like you are 5 years old
- Is VeChain an ethical investment?
- Crypto is the best investment for your future
- What did you learn from the 2017 bull to bear transition? What advice would you give to a newbie?
- I remember dabbling in crypto around 2011-2013 and had a coinbase account from that era
- You have forgotten the face of your father
- Crypto groups on facebook are a joke
- Hardware wallets explained
- I'm done with small cap subreddits
- Current Market Mindset.
- Change My Mind: asking "How much crypto do you have?" is NO different than asking "How much money do you have?" But people seem to think they're different!
- MasterCard Poll: 40% of Surveyed Will Use Cryptocurrencies Within the Next 12 Months
- S&P Launches First-Ever Crypto Indices for Bitcoin and Ethereum: Why It Matters
| Daily Discussion - May 8, 2021 (GMT+0) Posted: 07 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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| BEWARE: Coinbase Fake Email Scam Posted: 07 May 2021 12:37 PM PDT Posting this for awareness. First post was removed due to the auto-bot assuming the images I shared were a meme! Anyway luckily I spotted within a second of opening this email (linked to screenshots of the email via the imugr link above!) that it was a scam, before clicking any links. Now you will know it's fake too. There's been a huge number of new crypto investors the last 6 months, and so scammers will try and use this lack of experience to their advantage and try and steal your coins. Without testing the email links for obvious reasons, I'd imagine they have "spoofed" the Coinbase login page. So that when you enter your details, they will take copies of them for the criminals to try and break into your account and steal your money. Other ways to protect against this will be to where possible have 2-factor security on any exchanges you use. Let's help all of us wherever we can and call out these scams so none of us fall for them! [link] [comments]  | ||
| Posted: 07 May 2021 11:50 AM PDT After pumping Dogecoin for months, Elon flips the script and advises crypto investors to invest with caution. Seems like too little too late. We already know many new investors fomoing into Doge will be burned. Seems like a bunch of shenanigans to me. [link] [comments]  | ||
| How Tech Bros Catfished Elon Musk into Pumping Dogecoin Posted: 07 May 2021 10:04 AM PDT
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| Ethereum Classic Price Drops 33% From Highs Further Losses Likely Posted: 07 May 2021 11:17 PM PDT
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| Reminder to never tell anyone how much crypto you have Posted: 07 May 2021 06:43 PM PDT Even if the crypto you have is relatively small right now, you don't know what it'll become. You also don't know which of your friends will remember. It can cause a lot of problems for you. I have a friend who bought a lot of Doge at 1 cent and he told everyone and it's caused a lot of resentment. Almost always best to keep it a secret. [link] [comments]  | ||
| Crypto.com Becomes Official Sponsor of Italy’s Soccer Cup Final Posted: 07 May 2021 01:01 PM PDT
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| Imagine the drug dealers of 2013 walking out of prison to all these gains this year Posted: 07 May 2021 10:56 AM PDT Yea yea drug = bad , crypto = good But have you guys ever wondered about the dude who was locked up for 10 years and came back to his wallet that he had tucked away for a decade only to find out he's a multi millionaire! Well if he's(or she)out there , it's funny how things turn out huh ? Update: wow this really blew up , i was just sitting here stoned day trading when i thought of this [link] [comments]  | ||
| Rugpulls and Honeypots. What they are and how you can avoid them. Posted: 07 May 2021 12:35 PM PDT I currently trade smaller coins for a living. I make decent money from it and I'm learning every day. I get in very early, ride the hype to the top and then cash out. Many of them are what you would call shitcoins. But almost equally as many others are simply new projects that have a real purpose and are just getting started. After all, every project has to start somewhere. Pancakeswap for example started on the Binance Smart Chain and is now one of the largest exchanges. And then there are the real scam coins, which is what you usually read about when people lose all their money. Yes, you can lose money the "natural" way if the project simply doesn't take off as expected, but the vast majority of losses are caused by scams. Since I deal with this on a daily basis, I thought it would be good to write a quick guide to help you guys who may be buying these smaller coins detect those scams and hopefully prevent you from losing your money. The vast majority of scams can be divided into either Rugpulls or Honeypots. So let's start with.. RugpullsWhy are they called rugpulls? Imagine you're standing on a carpet. You're safe because the carpet is your support. Now, this evil guy comes along and pulls out the rug underneath your feet. That's a rugpull. You lost your support. It works the same way with coins. When you buy a coin, it is usually supported by a Liquidity Pool. It's a collection of funds which are locked in the contract and provide a "pool" for you to buy and sell coins. Rather than waiting for someone to come along to match your buying or selling, you use the pool to trade faster. What the scammers do is they launch a new coin, attach a liquidity pool to it and wait for people to start buying coins. Once enough people have bought the coin, the scammer will pull the liquidity pool, run off with the money and leave you with a worthless coin. You won't find out until it's too late. It's usually that moment when your coin's value drops from maybe $0.0034823 down to $0.0000000 or $0.0000002. HoneypotsTo be honest, I never found an explanation as to why they are called honeypots, but you can pretty much figure out why on your own. It's basically a pot of honey where your money gets stuck and can't leave. They are often less obvious to the untrained eye and therefor also often more difficult to detect, even for people who trade smaller coins on a daily basis. Experienced traders routinely fall victim to honeypots because they see a coin pumping and jump in without verifying everything first. What the scammers do is basically insert a piece of code into the contract which allows only their own wallets to withdraw from the coin. They launch the coin and people start buying. You see the coin pumping and think wow, this is amazing. It's just going up and up. There's little or no red candles on the chart. You will likely stay for a while until you think it's enough and try to cash out. And that's when you notice that you can't, because the contract says nobody except specific wallets can cash out. Your money is stuck forever and there is nothing you can do about it. The scammer can withdraw any time, though. Some of these scams go on for days or weeks and people think they found a real gem of a coin that is going to the moon and will keep buying. Okay, I've had enough. How can I protect myself?The best protection is not to trade with these small coins at all. Or at least not until you have some real experience with legit coins. And often experienced traders will not even touch these coins because it's too dangerous. Any of the top 100 coins on CoinMarketCap for example are very likely to be safe. Scammers usually don't allow the scams to get too big. It can happen, but it's very rare. But you don't listen to me, right? So, let me at least try to help you not get scammed too often. The vast majority of these scams happen on either the Ethereum Chain or the Binance Smart Chain. Because it's very easy and relatively cheap for the scammers to launch these coins over and over again with different names and make lots of money. There are tools that help you detect red flags and avoid these coins. If the coin you're purchasing is on the Ethereum chain, use Etherscan. If it's on Binance Smart Chain, use BscScan. Find out the Token ID for your coin and enter it on the corresponding website. On the next page, go to "Token Tracker". You will see a tab that says "Holders". There, you can see all the wallets holding tokens and the liquidity pools. Unfortuntely, there are many combinations of things you have to watch out for. Some of the red flags are:
Another great resource is Token Sniffer. Enter the Token ID on the top right and look for the results of the "Automated Contract Audit". If there are any alerts, stay away from the project. The "No prior similar token contracts" is sometimes a false flag alert, because many projects use contract templates these days. If your coin is on the Binance Smart Chain, you can go to PooCoin, again enter the Token ID and watch the charts. If you notice no wallets selling or only one or two wallets doing all the selling, stay away from it. It's most likely a honeypot. If many wallets are selling, it's not a honeypot. One more thing, there are also "slow rugpulls"These are much harder to detect. What the scammers usually do is create a perfectly legit looking coin with no other warning signs, but they distribute a large amount of coins across hundreds of wallets only they have access to. For example, 20% of coins are distributed to 500 wallets of 0.04% each. As people start buying the coin and the price increases, they will slowly start dumping (selling) their coins in order to generate money. People will keep buying and they will keep dumping until all their wallets are empty. These are super hard to detect, but the most reliable way to detect them is to use Etherscan or BscScan to check for many wallets with the same % amount of tokens. As you can see, protecting yourself from scams is a lot of work and this is by no means a complete guide and it won't guarantee that you won't get scammed. Not even experienced traders are 100% safe from scams and teaching someone all the things to watch out for would require coding knowledge and weeks or months of practice, but I believe it's a fairly good starting point. You can always do your own research from here and learn more. And remember, unless you're absolutely okay with losing all your money, stay away from these high risk coins. I need to take a break now because my fingers hurt from typing, lol. If anyone has any suggestions to add, please share them here to help make everyone's trading a bit safer. [link] [comments]  | ||
| WallStreetBets Redditors Lose $2.1 Million to Crypto Scammers Posted: 08 May 2021 02:55 AM PDT
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| Anyone else tired of the same three posts being recycled over and over again? Posted: 07 May 2021 12:53 PM PDT Here are the three posts I see most often: "PSA: Ethereum classic is not ethereum" saw this at least three times this week "Doge cannot get to x marketcap, here's why" Saw this at least 20 times over two weeks "Give a man a steak he eats for a day, teach a man to stake and he eats forever" Saw this twice this week It's starting to get tiresome when you come to the cryptocurrency community but you end up leaving with people who are either jealous a coin is pumping, or repeating common sense. Come on guys, we're better than this. [link] [comments]  | ||
| "Invest with caution" why people are afraid? Im afraid to not invest and be poor for life. Posted: 07 May 2021 09:59 PM PDT Now that Elon said that, we are back into it... But before he said it, lot of people said it also, be carefull on how much money you put it, be carefull because of its volatility, you shouldnt put all your eggs in one basket, etc etc. Hell im gonna say it, majority of my money now is on crypto, its not much since im a pleb from Argentina where the salary is 200/300 usd these days, but still, talking on % im big on crypto. For us, the plebs, we cannot invest into our local currency because has been devaluating for 20 straight years, and im not talking about the lil numbers of "USD is devaluating!!" , hell we had several years with 50%+ devaluation where we dont have any protection from it, interests on banks very lower than that, and salary recomposition too, we are getting poor year by year, or month by month to be exactly. We have been fked for our government, bankers much longer than the corona printing and crisis (when everyone seems to have woken up, thanks to that!!). So yes, i will go big on crypto because for some people its not about becoming rich, but its a escape from not becoming poorer. Theres no one protecting us for us becoming more poor, so we have to do something by ourselves, and the only option out there (beside working and surviving) is getting into crypto as an investment, and wait some years to at least say im middle class or something because of it. Im not investing into shitcoins looking for a megapump exit, im betting into btc and eth for the long term. [link] [comments]  | ||
| Staking explained like you are 5 years old Posted: 07 May 2021 04:35 PM PDT Every transaction needs to be validated by users to make sure everything is legit, there are two ways of doing this: staking and mining. I'll only focus on staking because that's what this post is about. To start basic a Stake is like a security deposit. Staking is the act of putting your crypto out to forge blocks in the blockchain (valid transactions). The more you stake the more likely you are to be chosen to forge a block. If you are chosen to forge a block you will receive a reward in extra coins. I hope this helps everyone, if you have any more questions just PM me. [link] [comments]  | ||
| Is VeChain an ethical investment? Posted: 08 May 2021 02:21 AM PDT I own a bit a VeChain and although I have no doubts about the economic success that the company will have in the future, I felt another kind of worry creep up. As is well known, the Chinese government is fked. They enslave Uighur Muslims in concentration camps, massacre any kind opposition, let people disappear on a daily basis, draw developing countries into debt-traps in order to take their resources, AND are developing a truly Orwellian state where everyone is supposed to be monitored 24/7. All those who are detected as enemies of the panopticon, lose privileges (or basic human rights). As VeChain is a Chinese company, and you can not build a successful business in China without the governments' approval (many billionaires "disappear" quite regularly), and they are developing a technology that is used for trustless monitoring of logistic processes, which seems like something a totalitarian state would know how to use for the surveillance of companies and people, I am worried that I am potentially funding the horrendous practices of an inhumane state. Have you guys ever had such thoughts? Are my worries misplaced? Edit: Downvoting without commenting is lazy and you probably are afraid to face the idea. [link] [comments]  | ||
| Crypto is the best investment for your future Posted: 08 May 2021 01:20 AM PDT Yes Crypto really is the best investment you can make. With how shit interest rates are with the scumbag banks it is literally pointless putting money in a savings account. Plus the world is waking up to the shit banks/investment companies pull. PLEASE bear in mind there is a risk that the crypto project you invest in will not succeed. There are thousands of blockchain projects, and competition is fierce. Regulators could also crack down on the entire crypto industry if more governments begin to view cryptocurrencies as a threat rather than just an innovative technology ( IMO it is already too big for this but it is a possibility ) This is the risk you take in any investment. The plan I am currently employing is to put as much as I can every month in to crypto ideally I would love to be paid in crypto but not a possibility yet. The to hold for ** minimum ** 5 years but looking to more likely be 10 then consider selling. People are constantly trying to get a quick win it may well happen but it is rare you need to be realistic. Other Tips: Never Tell anyone how much crypto you have cause.. you will be targeted by scammers imo don't even tell family and friends makes life easier. Don't keep your crypto on an Exchange unless you don't trust yourself but if that exchange goes down your crypto is too! Get your self a Ledger device off load the crypto and put your mind at rest. Ideally you want to have a device you only use for crypto ( never used for anything else not even email ) if this is not something you can do make sure to update your machine for security patches also virus scan daily if not weekly scans and install various anti virus softwares as they help cover the gaps some virus scanners miss. Make sure to use 2FA DO NOT USE TEXTas this can be spoofed by hackers always make sure you are using an app such as google authenticator. Cover all areas of research before you invest. * what is the purpose of the crypto? * what is the marketcap of the crypto? * look at the plans for the future * go directly to the their website just to make sure all looks legit. —- Use a well known exchange to purchase crypto I recommend :
I don't really use anything else and these are well established in the industry. —— Set an end goal... some people call it " your moon" but what is your purpose you need an end route out if this. Finally I hope you become prosperous on your endeavours and if you are a noob to crypto I am more than happy to answer any questions. Edit: Fixing the bulletpoints [link] [comments]  | ||
| What did you learn from the 2017 bull to bear transition? What advice would you give to a newbie? Posted: 08 May 2021 03:44 AM PDT Title. I got into crypto fairly recently, in March 2021. Having not experienced a bear market ever before, I'm really keen to hear what the transition was like and to learn about some of the lessons that it taught you. Here's my take on it as a newbie: there's a huge run up, BTC peaks, a month later, Alts peak, and then the market dips 70% and we go into a bear. I'd also like to know how did you handle your investments? Did you just go into stable coins, or did you get some BTC too? What would you recommend as far as selling your holdings? I think me along with a lot of new people in the space would really benefit from this advice. Thanks! [link] [comments]  | ||
| I remember dabbling in crypto around 2011-2013 and had a coinbase account from that era Posted: 07 May 2021 05:02 PM PDT Had been tryin to open it for years. Finally did today via verification. Was hoping I had transferred some of my btc or doge to there, I didn't know whether to expect nothing or a million dollars. It was nothing my bros. Feels bad man. Probably laying on some hard drive buried in some trash lot. [link] [comments]  | ||
| You have forgotten the face of your father Posted: 07 May 2021 02:39 PM PDT Too many people on this sub have forgotten where we came from. BTC isn't a hyper stock; ITS FUCKING CRYPTO! It's internet magic money made by a man that by all metrics isn't real Now people are afraid DOGE is going to bring down the law. FUCK DOGE, FUCK Safemoon and FUCK what ever shitcoin came out 5 seconds ago on the Binance smart chain BTC's main purpose was to procure drugs on Silk Fucking Road. Now you running scared because Elon tweeted a meme and is risking crypto? The Feds couldn't stop this shit when Mt GOX was run off a laptop We where down -95%! And now we are at $50,000.00 with r/WSB jealous of our 10x gains in a week This isn't a stock or investment or get rich scheme. T.H.I.S I.S C.R.Y.P.T.O It's hard dirty and fast with 50x gains and -60% dips. One Coin, Bitconnect and countless others all dead. But we are still here, BTC is pumping hard and will dump harder HODL because this shit ain't a rocket to the moon. It's a train to hell and back [link] [comments]  | ||
| Crypto groups on facebook are a joke Posted: 07 May 2021 10:10 PM PDT So in my crypto research studies I've joined multiple groups on facebook and subreddits just to see what people are taking about and their opinions on certain coins. NOT to just go buy them because they were mentioned.. But when i see certain things mentioned multiple times, it makes me go and check out the coin and see what it's all about. ADA, VET, and XLM are a few i have seen multiple times in this group and personally, they are good investments. But then you go on facebook, and it's DOGE, safemoon and literally every other shitcoin you can buy. Coins/ tokens that have zero use, or benefit to the world at all. In groups for beginners!! It blows my mind that a bunch of people on reddit, who are anonymous and could literally say anything care far more than these people over on facebook. Im in one group where the pinned post is how to buy safemoon. Im not bashing any shitcoins. Who knows, maybe you can make a significant amount of money. Although i bought it before i learned anything about crypto and lost 75% of my money. That's what led me to late nights studying all things crypto before i ever invested any more money. I already know i wont be rich tomorrow. Some days i gain $50 and some days i lose it. Isn't the point of crypto to be long term investments in something that you believe could be beneficial to world? My first post on this sub was about being a beginner.. And i dont think even one person said to buy safemoon, safemars, elongate or wtf ever else there is. I dont even know why people would push these coins on people, it's not like they will benefit from from others losing their money on them? I dont know just blows my mind. The sarcastic people in this sub who purposely give bad advice, literally give better advice than 99% of people on facebook. This sub is just great, and thank you all for not being horrible! [link] [comments]  | ||
| Posted: 07 May 2021 06:08 AM PDT
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| I'm done with small cap subreddits Posted: 07 May 2021 08:52 AM PDT I have a few small caps that I'm holding. Each and every single subreddit for them is a trash fire that makes me wonder how the fuck these people ever got into crypto "When is next pump?" "Why isnt it going up?" (days after huge pump) "We've got to spam every forum and every twitter to make it pump!" "The bots! The bots are to blame for everything" "Why is everything else going up but this one isnt, it's a scam!" "Attack Binance so that they'll list us!" "Guys hold together, the price will go up to (insanely unrealistic value) soon" [link] [comments]  | ||
| Posted: 08 May 2021 04:05 AM PDT The mentality of crypto markets shifted greatly after the ICO mania of 2017. In fact, it seems that the space as a whole has come to celebrate bailouts, printing, and stimulus. Yes, there have been some massive price gains in fiat, a lot of hype-based marketing, but it does seem the original intent of goals of cypherpunks is becoming increasingly diluted. This is something that needs to be addressed. If cryptocurrency is to be implemented as an effective tool for the average human, we need tooling and adoption. Right now, it seems the market mentality is as follows: how do we honeypot new users with hype marketing, drive pumps and cannibalize these new members of communities. The current state of the market is a little sad. We need to get back to the roots of the crypto-revolution, decentralized tools that are private, secure, and drive real world adoption of these systems. The ideal is to create tools that help people create value. A lot of blockchain-related news these days is saying that a bank X or a corporation Y is going to use a "blockchain" to "reduce costs". Basically, it means that just another buzzword is considered by big banksters as just another tool to extract value from everywhere in a more efficient way and also to save on cutting job positions. What I witnessed in the early years around online forums users is this. Cryptocurrency should provide tools to enrich ordinary people. Their small businesses providing no much above making ends meet, not depersonalized big financial capital. This is what inspired me. This is my dream. The tools of a cryptocurrency in the eyes of the original broad community vision should allow people to do economic activity whatever the business size, geographic location, interest rates set by big players, and so on. The tools should allow people to do contracts (digital, self-enforcing, reasonable smart contracts) regardless of the differences in jurisdictions, traditions, followed business practices, etc. I hope Ergo will be useful here. Thousands of small cooperatives and individual entrepreneurs are more important to healthy and sustainable wealth growth around the globe than a couple of corporations hiding profits in offshore heavens. As an example, let's consider the use and integration with communities, cooperative federations, nonprofit foundations, and philanthropic trusts. Let's try to create grassroots finance. Yes many other things can be built, but I think this goal of mine should not be forgotten. My dream is smart contracts that help create value and protect the common people. [link] [comments]  | ||
| Posted: 07 May 2021 09:56 PM PDT Weird beliefs about crypto somehow make some people completely forget their manners and social norms. Do they believe something like "Crypto is just a joke scam so the people who own it have no right to privacy" ??? It really seems like they do! You'll almost never hear one person ask another: "How much money do you have?" It's beyond rude, it makes the asker look like they are downright mindless. But you WILL run into people who are 100% fine asking the question: "How much crypto do you have?" What in god's name is up with these people? Yet another reason to be EXTREMELY CAREFUL about who you tell that you own ANY crypto! I come to reddit to talk crypto. People I've never met in real life and probably never will. In real life, if the subject comes up, I get real quiet! Or if you want to get nosy, you might hear me say it's RAT POISON SQUARED! Careful out there folks. [link] [comments]  | ||
| MasterCard Poll: 40% of Surveyed Will Use Cryptocurrencies Within the Next 12 Months Posted: 08 May 2021 03:53 AM PDT
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| S&P Launches First-Ever Crypto Indices for Bitcoin and Ethereum: Why It Matters Posted: 07 May 2021 08:33 PM PDT
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