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    Cryptocurrency Daily Discussion - June 1, 2021 (GMT+0)

    June 01, 2021

    Cryptocurrency Daily Discussion - June 1, 2021 (GMT+0)

    Daily Discussion - June 1, 2021 (GMT+0)

    Posted: 31 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 The prior exemption for karma and age requirements is no longer in effect.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.

    Useful Links:

    submitted by /u/AutoModerator
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    I just spent 4 hrs in 15 Alt Coin Sub-Reddits and here are the common things I found

    Posted: 01 Jun 2021 12:28 AM PDT

    After spending a considerable amount of time in many alt coin subreddits, here are the common themes preached across the board:

    1. Bitcoin is speculative garbage while the subreddit's coin has "real utility".
    2. POW > POS & POS > POW - Depends on the subreddit's coin.
    3. Atleast one post of someone going all in on the coin stating it to be the next best thing right after the internet.
    4. The team behind the subreddit's coin is the best team in all of crypto and they have the best funding, best track record, precise development schedule, bug fixes and frequent social engagement.
    5. The coin is the most undervalued project and deserves to be in the top 5, hell it should even surpass the marketcap of bitcoin, people are just waiting for mass market adoption!
    6. How the coin would bring financial freedom from evil central banks and would rebuild the financial system from scratch.
    7. Daily price prediction posts where OP states how early everyone is, like Bitcoin in 2009 early. To the moon!!! 🚀🚀🚀🚀
    8. All the flaws in the coin are suppressed while the breakthroughs are celebrated: If OP even mentions any kind of concern, the post is downvoted to oblivion. On the other hand, any good news on the coin is reacted with, "Finally the sleeping giant is waking up!!"
    9. Fuck the whales, buy the dip!!!
    10. New people are asked to buy and hodl.
    11. FUD accounts present on the sub only talk negatively about the coin

    Let me know if I missed anything. Feel free to add it below and I'll edit it into the post.

    submitted by /u/Suspicious-Wallaby12
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    I said I would donate $1k to my local library if VET crossed 50c. It didn't but I went and donated the money anyways.

    Posted: 31 May 2021 05:53 PM PDT

    Proof: https://imgur.com/a/ZhN2Xak

    I had made a bet with some random redditor at the beginning of may that if VET crossed 50c in may, I would donate $1000 to the children's section of my local library.

    VET let me down (I kid, I still love VET), but I went ahead and made the donation anyways (annoymously, and in memory of /r/CryptoCurrency ).

    Edit: Reposted because direct image links are not allowed. Sorry for the confusion

    For the kids!

    submitted by /u/Cantos
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    This is why it's important to hold for the long term.

    Posted: 31 May 2021 09:06 PM PDT

    A dormant address containing 900 #BTC (33,780,931 USD) has just been activated after 8.8 years (valued at 4,625 USD in 2012)!

    source

    That guy must be the happiest MF alive right now.

    I believe this can happen to all of us.

    Have some faith, we gonna make it.

    submitted by /u/The-Alcoholic-Seal
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    The last crash showed me that people who said "I would have bought cheap during the March 2020 crash, and would be filthy rich now" would most likely not have bought then

    Posted: 31 May 2021 10:44 AM PDT

    Back then, Bitcoin was dirt cheap, ETH was under $100, ADA under a few pennies. I've been watching the general human pattern in the crypto world and the crash we had a few weeks ago, and I'm fairly confident most people would not have put in a single penny to accumulate during March.

    It's true what the wise people say: "Watch what people do, not what they say". If you're truly trying to find patterns to make sense of any problem with human pyschology and the crypto world, follow that wise saying. This allows you to know a good time to buy or sell.

    submitted by /u/GelDel12
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    Kraken became the first digital asset company in U.S. history to receive bank charter recognized under federal and state law!

    Posted: 31 May 2021 01:25 PM PDT

    Kraken Bank is planning a phased launch in Q3 2021

    Frequently asked questions

    1. Wait, Kraken is becoming a bitcoin bank?
      Kraken has always been on the frontier of finance. Now we're blazing a new trail by opening a Wyoming-based crypto bank.
      We were calling it Kraken Financial, but due to overwhelming demand, it will be known as Kraken Bank. We're the first (ever) crypto company to be awarded a U.S. state banking charter. It's known as a Special Purpose Depository Institution or SPDI.
    2. What is an SPDI?
      It's a bank focused on clients' interest in a forward-facing regulatory framework with oversight from the Wyoming Division of Banking.
    3. Can I open a bank account with Kraken? When will it launch?
      We are planning a phased launch in 2021, we'll roll out to existing U.S. Kraken clients first and will provide more information as it becomes available.
      In the meantime, you can visit www.kraken.com/sign-up to create your Kraken trading account if you don't have one.
    4. What products will the crypto bank offer?
      Our bank charter allows us to launch digital-first traditional and crypto banking products, with cryptocurrencies represented as a first-class citizen. We're looking into products like deposit accounts in USD and crypto assets (ex. Bitcoin), multiple funding and payments options, institutional custody products (qualified custody for advisors and broker dealers), IRAs and many more.
    5. Where will this be available and could I visit a branch?
      We will initially focus in the U.S. roll out services to existing clients in the U.S., with potential international expansion in the future.
      Our plan is to serve our existing clients' needs online and via mobile devices - we don't anticipate servicing any in-person, customer-serving activities in our Cheyenne office. Customer support and service will be available 24/7/365.
    6. Will my investments be FDIC insured?
      No. However, Kraken Bank will be fully reserved (i.e., no fractional reserve banking or associated re-hypothecation and lending activities). All assets will be kept on hand and available as cash or the least risky, most liquid cash equivalents. We will also maintain significant capital reserves and surpluses of our own capital to cover the full balance of all clients, even in the event of a "bank run."
      We will operate in a safe and sound manner that prioritizes customer fund protection. Therefore, we will not have insolvency risk the FDIC is intended to safeguard. We will never need a bailout or any public-funded backstop, because our goal is to serve your needs and the needs of the community.

    Sources:
    https://www.kraken.com/bank
    https://www.youtube.com/watch?v=pxxAlAwcXsQ

    submitted by /u/anon43850
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    Ethereum will be the backbone of the new internet and it's not even started yet

    Posted: 31 May 2021 01:29 PM PDT

    Each month, another company publishes a whitepaper, claiming to have solved the scalability problems faced by Ethereum.

    These new blockchains claim to be better, faster, and smarter than Ethereum — they say they can handle thousands, even millions of transactions per second (TPS), have no transaction fees, and have near-instant confirmation times.

    This article on medium "Ethereum Will Be the Backbone of the New Internet" by James Martin Duffy, although about three years old, is really insightful. It provides solid reasons why Ethereum has already won the race to become the foundation of Web 3.0, and will become the fundamental base layer that all major DApp platforms will choose to build on top of in the future.

    This is basically just like a summary of the article, you can read it here for more.

    So, these are almost the same reasons why ETH currently makes up most of my portfolio:

    1. Ethereum has way more developers building on it than any other platform — and this gap is widening by the day.

    And why's this important?

    To summarize it all, at the end of the day, it doesn't matter how many transactions per second your blockchain can handle if no one is actually using it.

    And in order to have applications worth using, you need to attract enough developers to build them. If you don't have developers building applications on your blockchain, you're effectively building a ghost town. The blockchain platform that has the most developers building real-world applications on top of it will be the platform that gains the widest mainstream adoption. And not only does Ethereum have a massive head start in this area, but the gap is widening with each day that passes.

    2. Ethereum has better tools and infrastructure for DApp development than any other platform

    Metcalfe's law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system (n2).

    Basically, in less nerdy terms, the more developers building useful stuff, the easier (and more enjoyable) it becomes for new developers to build, and the effect compounds on itself.

    3. Ethereum does not sacrifice decentralization

    With blockchains, there's some kind of scalability trilemma at play. The trilemma claims that blockchain systems can only at most have two of the following three properties:

    •Decentralization (defined as the system being able to run in a scenario where each participant only has access to O(c) resources, i.e a regular laptop or small VPS)

    •Scalability (defined as being able to process O(n) > O(c) transactions).

    •Security (defined as being secure against attackers with up to O(n) resources).

    So in more friendly terms, it's kind of like a law of physics that says a blockchain can only have 2 of these 3 properties: decentralization, scalability, and security.

    What that means is, given the same level of security, if you want to increase a blockchain's scalability, you must sacrifice its decentralization.

    Pretty much every platform that's been touted as the "Ethereum Killer" has simply decided to trade off decentralization in favor of higher scalability, and advertise it as if it's a feature.

    4. It will be impossible to run all the world's decentralized applications on a single blockchain: Scaling has to occur on Layer 2

    It would be absurd to try to run the Internet's 100 most popular games and social apps all on one giant supercomputer.

    Likewise, it's absurd to assume all the world's decentralized applications in the foreseeable future will run on one blockchain.

    It doesn't matter if a blockchain can do a thousand transactions per second or a million transactions per second — no single blockchain will be fast enough to handle all the world's decentralized applications on the same chain.

    Scaling has to occur on Layer 2. The solution is obvious — these applications will need to be split up across multiple blockchains.

    If you put DApps that require thousands of transactions per second on their own standalone blockchains, they would be vulnerable scalability issues. But if you put them on a sidechain to a blockchain that is sufficiently decentralized (like Ethereum) — you get the best of both worlds.

    Sidechains provide higher scalability without sacrificing security. A sidechain can use a different consensus algorithm (like DPoS) optimized for DApps that require very high TPS or low-latency, while storing any tokens or data requiring a high level of security on the main chain.

    5. New platforms are unproven, while Ethereum's security has already stood the test of time.

    Pretty much summarises itself.

    Conclusion: "Ethereum isn't perfect — but at this point, it's hard to imagine it being displaced as the de facto Layer 1 for decentralized applications"

    I really suggest you read the article from beginning to end and also check out the comments against some of its points. I'm saying this cos I don't believe in just blindly shilling and shutting out the opposing views. Some of the arguments against it will help bring a new perspective and maybe force you to do more research on some of the points presented here.

    Btw, could also be a great place to start DYOR on Ethereum if you've been interested for a while without really looking into it.

    submitted by /u/Creativone
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    Play to earn crypto and NFTs. My experience.

    Posted: 01 Jun 2021 02:03 AM PDT

    If you have heard of blockchain games you already know that this is probably the future. Game assets owned by the players themselves and earning a portion of the revenue sounds good.

    Here are the ones I am playing:

    Axie Infinity- it's popularity spiked like crazy this month. 65 000 daily users, sales in the market are up almost 500% for a month and it is currently the #1 NFT project by weekly volume and soon to claim the monthly crown as well. So here is the good part you earn crypto by playing, yes real money. You can farm SLP tokens in Adventure and in PVP daily. Of course there is an unpleasant part too, there are 600,000 unique website visitors each month and just 67,000 of them have axies. Well, that is because of the demand the prices of axies have gone up from $20 to about $150-$200 and you need 3 of them to start playing. Dig into it if you are interested but for me personally this is my second best source of online income. I am making about $20-$30 each day sometimes even more.

    Splinterlands- similar to heartstone it is a cards game but you own your cards because they are NFTs. You can sell and buy them for real money. You can try it for free but if you want to earn money for every win and have daily quests which give you cards you need to buy a spellbook for $10. The good thing is that if you are lucky you can get cards worth more than $100 from your daily quests or tournaments. You also earn money for every win in the form of DEC tokens which you can withdraw for USD. People are earning about $100 a month but me personally as a noob playing from just a month have earned $27 so far.

    Astral Entities: Definitely my favourite! The game is not out yet but I am stacking on some free promo NFTs. They are doing contests in their discord server which are pretty easy to win. The first one I did was simply to ask a question and they sent me a free NFT "The questionare" which I sold for $65. You can check it in the Atomic Market. There were Lord of the Rings riddles and some other fun ones. I missed the cheap prices in Axie Infinity so thats why I wanted to be early in Astral Entities and you don't want to miss it too. There is a contest now for an NFT and you just have to comment on their Instagram post. The first game should be released this year and it will be a cards game. Afterwards they are planning a tower defense and RPG and some more you can check in their discord.

    I am really hoping that in the future games will be owned by the players and their time playing can be compensated properly.

    Edit: Let me know if you want me to make a bigger list of games based on my experience. I can also break those into more detail and put in some useful tips!

    Edit 2: If you are trying Splinterlands hit me up and I can send you a card or two to help you out at the beginning😉 I am doing this because one great guy helped me out like this too.

    submitted by /u/WeakBottt
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    Your favorite crypto influencer is lying to you

    Posted: 01 Jun 2021 03:38 AM PDT

    You know that feeling when your favorite crypto "influencer" posts a 90 day chart and their coin is up 18,000%? You start doing mental math like, "Damn if I'd invested $1000, I'd have six figures right now. This guy probably made a million plus!"

    Well, forget that feeling, cause it's total bullshit. Your influencer hero didn't buy in 90 days ago. They may not even be invested at all. It's all a ploy to get follows, a told-you-so con that most people are too lazy to fact check. Go back 90 days. Were they shilling it then?

    That 18,000% coin has most likely been completely pumped and those of you buying based on that 90 day chart are the dumpees. Stop FOMO-ing into shitcoins that have already had their moments. Stop listening to clowns on the internet that will get you rekt. Most of us will never ride that kind of pump and that's OK. Invest in things you believe in and set realistic expectations.

    submitted by /u/xerxxxx
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    The IRS has a $625,000 bounty out to anyone who can deanonymize Monero. If someone succeeds, will it hit 0?

    Posted: 31 May 2021 12:07 PM PDT

    Or, can the validators just roll back the code and fix the exploit after the fact, reanonymizing any new data? You don't have to be a Nobel Laureate to see we're living in an Orwellian dystopia here. Privacy coins look more and more like humanity's last bastion of freedom. If Uncle Sam "cracks the code", is the jig up, and what can we do as a community to not get thrown in the gulag so to speak and reclaim privacy?

    submitted by /u/48323979853562951413
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    If You're Mega Rich, feel Free to waste 10x the energy than normal people. The Media, and the Masses Won't Complain.

    Posted: 31 May 2021 04:42 PM PDT

    But if you're a regular person...

    HOW DARE YOU!

    How dare you use a little more energy running a miner to make a little more money.

    Because that's all it is. Just a little more extra money running one miner compared to the expenses the average American has. You're not gonna make even close to $20K extra a year running a single miner in your home unless BTC has another massive bullrun. I'd be a millionaire, I'd sell everything to have 50 miners.

    Despite this fact, the media and the non-crypto masses will view you as a wasteful piece of shit. Doesn't matter what you're going through either. Lost your job, lost your business because of forced lockdowns.

    So you're a piece of shit for trying to open your business, and now that you found a new way to make some extra cash mining, you're a piece of shit for that.

    But if you're rich...

    Most people will probably view you as very intelligent based off how much money you have. After all, more money = more IQ.

    Wow, that guy has lots of money, he must be smart

    Nobody will call you out for running 10 Central Air units 24/7 in the spring/summer when you only spend 10 days home.

    I worked as an HVAC tech for over 10 years. In Bergen county in around the town of Alpine(Where Chris Rock lives/lived) I've worked in plenty of these homes that are running 6-10 HVAC units, and one extra in the guest house. One unit is running more energy than a miner, and they definitely run them all day to maintain temps because usually there's plenty of massive glass cathedral like windows letting sun light and heat in. Also the one int eh guest house has to run and maintain 70F...JUST IN CASE a special guest arrives.

    1 Antminer S9 running 24hours a day is using a total of 36KWH

    1 5 Ton central AC unit running 12Hrs a day is using 60KWH

    Rule of thumb is 1KWH per ton. 5 TON = 5KWH x 12 = 60KWH.

    Now imagine 6 5 ton units on average running while these FKs are getting their balls shaved in Bahamas? I've seen 10. The guy was NEVER HOME. Only person I met was the house sitter. A guy that got lost showing me around. We kept opening closets that we thought were doors. That's 600KWH in 12 hours. 😲. Idk guy owns a company that makes airplane parts.

    Think they give a shit? Not at all. The media knows not to call them out because maybe they are scared about the connections they have. Maybe they will be out of the job?

    But who's scared of regular people? Let's just call them out as they continue to devalue their hard earned inflated fiat, and fill them with empty promises when it comes vote time.

    If you want to run a miner. Run a miner. Don't feel bad. You're trying to get a little extra. Times are tough. Don't live your life abiding by other people's ignorant needs.

    submitted by /u/JuicySpark
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    Algorand releases version 1.0 of their dApp builder including upgrades to their Smart Contracts

    Posted: 31 May 2021 01:39 PM PDT

    zkSync 2.0: An advanced next-gen smart contract platform that delivers 100,000 TPS in 2021

    Posted: 31 May 2021 11:05 PM PDT

    Apologies for the slightly clickbaity headline, but it's actually true.

    The alpha version of zkSync 2.0 is now live on testnet. Most of the crypto world seems to be sleeping on zkSync 2.0 - this is without any doubt the most advanced smart contract platform ever released. Bold statement? By the way, I know why it's not being shilled to kingdom come - because it doesn't have a token yet and thus there's no incentive to form shill armies. But there will be a zkSync token - this is your opportunity to get some serious "alpha" before the token comes and said shill armies form.

    zkSync 2.0 is the first programmable ZK rollup. StarkNet is the other one, though it's releasing after zkSync 2.0. I like to joke rollups are "4th gen blockchains" but this is actually true - this is the greatest revolution in blockchain tech since the #2-project-that-shall-not-be-named in 2015 and will cause a paradigm shift through the industry. More bold statements? Here's why.

    I'm not going to dive into how rollups work, as it's covered in the post linked above, but in a nutshell, these are new blockchain constructions that upend the blockchain trilemma by offering massive scalability, decentralization and security. You get the same uncompromised security and decentralization of L1 - in this case #2-project-that-shall-not-be-named - but now with great scalability. zkSync 2.0 will scale to 1,000 to 5,000 TPS, depending on the complexity of the transaction. zkSync 2.0 is an LLVM-based smart contract platform that natively supports Rust (not yet, but on the roadmap), Zinc (their Rust-like programming language) and importantly EVM programming languages like Solidity, Yul and Vyper. You can directly deploy code from EVM chains like Ethereum with minimal changes. Unlike optimistic rollups, ZK rollups like zkSync 2.0 have instant withdrawals and objective finality limited only by batch frequency. Optimistic rollups are great tech, but ZK rollups are once-in-a-generation magical tech that takes things to the next level.

    So where does the 100,000 TPS come from? This is the clever bit. zkSync 2.0 also has its own consensus mechanism for data availability, called zkPorter, that can significantly accelerate throughput without being bottlenecked by L1. So while zkSync 2.0 does up to 1,000 to 5,000 TPS in rollup mode, it'll accelerate to 25,000 to 100,000 TPS in zkPorter mode. Of course, you're relying on zkSync's consensus mechanism, so it's much less secure or decentralized than rollups which leverage L1. Users can opt in to either zkPorter or zkRollup - zkPorter offers negligible cost but lower security; while zkRollup mode offers maximum security and still low cost. zkPorter is actually still more secure than other L1s, as worst case your funds can only be confiscated, but not stolen or spent.

    So what does this mean for the end user? Very cheap gas fees, with a very similar user experience to the #2-project-that-shall-not-be-named. You have the choice between zk Rollup (low gas fees, let's say $0.3, with the maximum possible security) or zk Porter (negligible fees, let's say $0.003, though with lower security but still greater than sidechains and other L1s). It's important to note, however, that this is tech on the absolute bleeding-edge and will need time to be battle-tested.

    Here's when things get very, very interesting. With data sharding in 2022, the #2-project-that-shall-not-be-named will bring massive data availability directly to L1. So you'll get 100,000+ TPS on the ZK rollup without any compromises whatsoever! So you'll get your negligible fees backed fully by the massive security and decentralization of the by-then-possibly-#1-project-that-shall-not-be-named.

    Finally, before you say "Oh, but my pet chain does 1 million TPS!". Oh, no, it doesn't, it actually does 7 TPS. Artificially inflating TPS number using state channels - which can theoretically do infinite TPS - is a complete lie. By this logic Bitcoin can do 1 billion TPS - Lightning is also a state channel, and there's nothing stopping two parties from exchanging 1 billion transactions ad nauseum. Yes, I'm deliberately oversimplifying things - it's to make a point.

    zkSync 2.0 is set to launch this summer, if all goes well, with the zkPorter option set for fall. There's stiff competition for zkSync 2.0, with Arbitrum, Optimistic Ethereum and StarkNet all releasing in similar timeframes (Arbitrum is first, of course), with the likes of OMGX and Polygon possibly joining the fray as well. The rollup space is the place where the most intense competition is happening - this will dictate the crypto markets over the coming months.

    submitted by /u/Liberosist
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    Warren Buffet Advocates Against Bitcoin Because: “He Doesn’t Understand It.”

    Posted: 31 May 2021 12:57 PM PDT

    When we buy, they say "your risk". When we sell , they say "Our profits"

    Posted: 01 Jun 2021 03:40 AM PDT

    When WE BUY crypto, our countries say it's our risk, and they usually spread negative news about crypto. But when WE SELL our crypto, they gladly take their profits, and taxes from it.

    They basically say "Your risk" when we buy and they say "Our profit" when we sell. Honestly, it makes me crazy.

    submitted by /u/MrRubberneck
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    Magnus Carlsen ( Current Chess No.1 ) wins $20,000 worth BTC.

    Posted: 31 May 2021 02:46 PM PDT

    GM Magnus Carlsen beat GM Wesley So in FTX Crypto Cup for $80,000 including a bonus of 0.6 BTC. Wesley So too got a bonus of 0.4 BTC .

    Always great to see crypto rewards in sports event.Of course it's only mainly possible because of the crypto sponsors.

    submitted by /u/diggipiggi
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    Picking which cryptos to buy - a value investing approach

    Posted: 01 Jun 2021 03:45 AM PDT

    Hello everyone,

    I have been involved in crypto since 2017 and thought I would share my two cents about how to choose coins using a value-investing approach.

    I believe that crypto investors fall into two categories: speculators and value investors. Speculators are people who try and anticipate future price movement using specific data/tools (i.e. TA, predicting the psychological effect of certain announcements, etc.). As a general matter, they are unconcerned with fundamentals. As you have probably guessed from the title of this post, I do not subscribe to this approach. Although I am sure that many people can make that work for them, it just isn't for me.

    Value investing dates back to the late 1920s and was first conceptualized by Benjamin Graham and David Dodd in their 1934 book "Security Analysis." In a nutshell, a value investor (1) looks at the fundamentals of a business (i.e. assets, liabilities, free cash flow, projected growth, etc.), (2) uses that information to calculate the fair value of the business, and (3) purchases stock of the business where the stock price reflects a valuation that is significantly below the value investor's assessed value. For example, if I calculate that business X should be worth around one billion dollars and business x has one million shares of stock representing the entire business, then the fair market value of each share would be one thousand dollars a share (one billion divided by one million). I would therefore buy stock of business x if it were listed at say, 300 but not at 1100.

    Over the course of the last century, people have studied how to do value investing ad nauseum and have developed several very sophisticated theories on how to calculate the fair market value of a company. Unfortunately for them (and great for us), those approaches do not work with cryptocurrencies because cryptos are not structured like traditional companies. Because of this, we aren't yet competing with expert value investors.

    MY APPROACH:

    1. Only look at Business-like Cryptos: For value investing to work, we can only look at cryptos that have features that make them somewhat like traditional businesses. For this reason, I only consider cryptos that have a discrete product or service they provide. For example I would consider cryptos like Siacoin/Storj/Filecoin (decentralized storage), Golem/IExec (cloud computing), Theta (video streaming), Powerledger/Wepower/SunContract (decentralized energy marketplace), but not bitcoin/nano/other currencies. Platforms like Ethereum, Cardano, Iota, Neo, etc. fall somewhere in between and have to be assessed for their unique value added.

    2. Decentralization Adds Value: Once we have a list of candidate investments, I discount any cryptos that do not have a value added proposition due to decentralization. Believe it or not, not everything needs to be decentralized. If I can't answer why decentralization adds value, then I throw out the coin.

    3. Working Product: Assuming the coin has a good value added from decentralization, I look to see if they have a working product, product in beta, etc. I can't stress enough how important this step is. Anyone can say their product will do anything, but the proof is in the pudding. If they have a working product, I test the product to see how it works.

    4. Governance/Funding Structure for Development: Although governance and funding for developers do not necessarily go together, they often do. In a nutshell, I want to make sure that the coin has a method to maintain funding to the developers of the product/service even if the price of the coin goes down. Normally, solid projects will have non-profit foundations with an ongoing revenue stream for developers. This ensures that the project will continue to mature/grow even during a bear market. I am sometimes willing to be laxer with the revenue requirement if I have solid evidence that the foundation has a huge stockpile of funds that can maintain their burn rate for long periods of time.

    5. Tokenomics: I prioritize to see (1) how many tokens/coins are in circulation vs. the future, (2) what percentage of the tokens/coins are controlled by a small number of people, (3) understanding the way the tokens/coins operate re. inflation/staking. There are other red flags that can pop up, so I suggest everyone spend some time reading about tokenomics generally.

    6. The Market Size: I always try to look at the current market size in the space that the coin is competing. For example, for Storj/Filecoin/Siacoin, the decentralized storage market is projected to be around 150 billion by 2022.

    7. Market Cap of Traditional Competitors: I find it useful to try and find traditional companies in the space and look at their market caps. For example, Dropbox has a market cap around 10.5 billion dollars.

    8. Competitors in Crypto Space: It is always a good idea to look at the crypto competitors for several reasons. First, you might find a better investment! Second, competitors will always be the best sources of useful criticism of your chosen coin. If there is something wrong with Siacoin, you can be sure that the people over at Storj are going to tell you all about it in their reddit/discord/telegram.

    9. Telegram/reddit/Discord: Dovetailing off of #8, I always go to the telegram/reddit/discord servers of the target coin and of the competitors. It is amazing how often I learn something unexpected and useful.

    10. Putting it all together: Once I have the information above, I try to make a reasonable/conservative judgement about what the coin's current value is and what its potential value could be in terms of market cap. This is the hard part, and I don't even know if I am any good at it, so I can't say that I can provide any help on this front. Regardless of whether or not I am right, after I come up with those figures, I take a look at the coin's current market cap and buy if it is significantly below what I think it is worth. I try to be conservative and only buy things that seem really undervalued. Luckily, a lot of cryptos are very undervalued!

    I hope that some of you find this useful. Obviously these are just my thoughts, so take them with a grain of salt.

    submitted by /u/teoeo
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    A pilot program is now providing crop insurance to over 10,000 farmers in Kenya, powered by Ethereum and Chainlink

    Posted: 31 May 2021 08:53 AM PDT

    Don't Overclock your Body for Mining Fiat!

    Posted: 31 May 2021 12:29 PM PDT

    Just as the title says, please don't overclock your body too much from mining inflationary fiat! I've seen some posts and comments working their human RAM for two or even three mining rigs in one body and I can't help but see the damages it will lead to the future in there hardware.

    Remember to discard some cookies and replace them with wholefoods.exe and delete unnecessary files and spam that might cause stress to your Human PC. Give some time to clean and pamper it (like giving it a salad.exe and a warmbath.exe). I know we're all overclocking ourselves to convert those mined fiat into crypto but let's not forget to take care of our human operating systems. Reconnecting with your FAMILY Network might also lessen the RAM usage and cool it off a bit.

    We are only granted one human operating system and it won't last very long if you keep overclocking it for just some fiat that just decreases in value every 4 years or so. Take your human PC to the website "PARK.org" and let it scan for canines and felines up and about, that should alleviate it's system and relieve the stress caused by mining fiat.

    >>>print("Cheers Everyone!") Cheers Everyone! >>>
    submitted by /u/CreepToeCurrentSea
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    The truth about the crypto short squeeze

    Posted: 01 Jun 2021 04:32 AM PDT

    This goes heavily against the grain of our recent joiners who have hopped over from wallstreetbets. First, i just want to say to those guys and gals - welcome, crypto is here for all of us and whatever path leads you here is great! But, we need to talk about the idea of a "short squeeze" and why it simply doesn't exist in this space.

    It's true, people short crypto futures and sometimes when the price surges these positions get liquidated, pushing the price up further. However, something i see a LOT of on altcoin subs and sometimes on this sub, is people getting excited when short volume is high and people start talking about a GME-style squeeze that propels a coin to the moon. That will never happen in crypto and here's why.

    1. People often confuse short volume with short proportion. Saying that 80% of futures positions are short means nothing if the short volume is $1m and the market cap is $800m.

    2. Short volume means nothing unless you know that person's whole portfolio. Shorting futures and going long on spot is a classic arbitrage play because futures are typically trading at higher prices than spot, and different exchanges have different prices too, so big players exploit that. Their positions are covered though, so they won't help you "squeeze" the price up.

    3. Delivery - stock futures need to be delivered at expiry so someone has to physically buy the stock and deliver it; if the short volume is a huge proprtion of the total float (or even greater than the total float as per GME) this creates a huge problem for the shorters if there are people who won't sell. However, the huge number of whales and miners who can easily sell a few million dollars here and there creates too much uncontrollable liquidity in crypto. People will always be willing to sell crypto for the right price because of how purely speculative these assets are - unlike shareholders of a company who have a great incentive to retain ownership of an income-generating asset or a slice of a business which they actually have some personal investment in.

    Combine all of the above and sorry but some great short squeeze is simply not gonna happen. Good news is that crypto can 10x or more in a bull market without needing some incredible narrative and hodl ape shit mentality. Have fun my fellow human beings, we were all apes once but you've just joined the next level of evolution.

    submitted by /u/pyzazaza
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    Indian Investors cheer after (Reserve Bank of India) RBI clarifies crypto trading isn't banned.

    Posted: 01 Jun 2021 04:34 AM PDT

    An unexpected turn of events! The Reserve Bank Of India said banks cannot intimidate their customers anymore who are dealing with cryptocurrencies. Earlier, these banks were quoting from an expired circular from 2018 which was later struck down by the Supreme Court. Bullish!

    Posted: 31 May 2021 07:02 AM PDT

    Holding fiat is way harder than holding crypto. I got fiat paper hands.

    Posted: 01 Jun 2021 04:29 AM PDT

    Looking back at a crash or a bear market and I beat myself up for not buying way more, but then I realised every time I actually did have some fiat set aside - it's just that I had thrown it all back into crypto way before we got anywhere near the bottoms.

    I keep taking some profits and having it ready in stable coins whenever a coin has a particularily good day, to get ready for a bear season or the next flash crash sale, but it's just impossible for me to sit on it after a 10-15% drop. How the hell can anyone sit on fiat that they want to invest, and not buy at -30% and below, but keep waiting for a better in? How do you still have money to invest by the time it's at -90%??

    Im way too stubborn and proud to sell any coins if its down from ATH , and I sure as shit aint selling at price discovery - so hodling crypto is easy peasy to me. When it comes to fiat though, I got paper hands man.

    submitted by /u/virusamongus
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    Why Apple accepting cryptocurrency may be the biggest endorsement yet

    Posted: 31 May 2021 10:39 AM PDT

    If you fear a new strong dip, fear no more

    Posted: 31 May 2021 10:06 PM PDT

    Last time it dipped hard i had no fiat in my account to buy. I tryed to sent fiat as soon as possible, but in the time it arrived everything was back up. Now i'm keeping it there for the next dip, so it will never happen. No need to thank me guys.

    submitted by /u/striptofaner
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