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    Cryptocurrency Daily Discussion - June 12, 2021 (GMT+0)

    June 11, 2021

    Cryptocurrency Daily Discussion - June 12, 2021 (GMT+0)

    Daily Discussion - June 12, 2021 (GMT+0)

    Posted: 11 Jun 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 The prior exemption for karma and age requirements is no longer in effect.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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    Texas to Allow State Banks to Hold Bitcoin

    Posted: 10 Jun 2021 08:56 PM PDT

    Brave Browser = Scam. A Fake Privacy Browser Sharing Your "Untracked" Data With Facebook & Others

    Posted: 11 Jun 2021 03:05 AM PDT

    repost from privacytools sub.

    ​

    There's a reason why brave is generally advised against on privacy subreddits, and even brave wanted it to be removed from privacytools.io to hide negativity.

    Brave rewards: There's many reasons why this is terrible for privacy, a lot dont care since it can be "disabled" but in reality it isn't actually disabled:

    Despite explicitly opting out of telemetry, every few secs a request to: "variations.brave.com", "laptop-updates.brave.com" which despite its name isn't just for updates and fetches affiliates for brave rewards, with pings such as grammarly, softonic, uphold e.g. Despite again explicitly opting out of brave rewards. There's also "static1.brave.com"

    If you're on Linux curl the static1 link. curl --head
    static1.brave.com,
    if you want proof of even further telemetry: it lists cloudfare and google, two unnecessary domains, but most importantly telemetry domains.

    But say you were to enable it, which most brave users do since it's the marketing scheme of the browser, it uses uphold:

    To verify your identity, we collect your name, address, phone, email, and other similar information. We may also require you to provide additional Personal Data for verification purposes, including your date of birth, taxpayer or government identification number, or a copy of your government-issued identification
    Uphold uses Veriff to verify your identity by determining whether a selfie you take matches the photo in your government-issued identification. Veriff's facial recognition technology collects information from your photos that may include biometric data, and when you provide your selfie, you will be asked to agree that Veriff may process biometric data and other data (including special categories of data) from the photos you submit and share it with Uphold. Automated processes may be used to make a verification decision.

    Oh sweet telemetry, now I can get rich, by earning a single pound every 2 months, with brave taking a 30 percent cut of all profits, all whilst selling my own data, what a deal.

    In addition this request: "brave-core-ext.s3.brave.com" seems to either be some sort of shilling or suspicious behaviour since it fetches 5 extensions and installs them. For all we know this could be a backdoor.

    Previously in their privacy policy they shilled for Facebook, they shared data with Facebook, and afterwards they whitelisted Facebook, Twitter, and large company trackers for money in their adblock: Source. Which is quite ironic, since the whole purpose of its adblock is to block.. tracking.

    I'd consider the final grain of salt to be its crappy tor implementation imo. Who makes tor but doesn't change the dns? source It was literally snake oil, all traffic was leaked to your isp, but you were using "tor". They only realised after backlash as well, which shows how inexperienced some staff were. If they don't understand something, why implement it as a feature? It causes more harm than good. In fact they still haven't fixed the extremely unique fingerprint.

    There's many other reasons why a lot of people dislike brave that arent strictly telemetry related. It injecting its own referral links when users purchased cryptocurrency source. Brave promoting what I'd consider a scam (archive) on its sponsored backgrounds: etoro where 62% of users lose all their crypto potentially leading to bankruptcy, hence why brave is paid 200 dollars per sign up, because sweet profit. Not only that but it was accused of theft on its bat platform source, but I can't fully verify this.

    In fact there was a fork of brave (without telemetry) a while back, called braver but it was given countless lawsuits by brave, forced to rename, and eventually they gave up out of plain fear. It's a shame really since open source was designed to encourage the community to participate, not a marketing feature.

    Tl;dr: Brave's taken the fake privacy approach similar to a lot of other companies (e.g edge), use "privacy" for marketing but in reality providing a hypocritical service which "blocks tracking" but instead tracks you.

    Yes brave is certainly better than chrome for e.g, but its not the best option either, as an alternative for ios: snowhaze or firefox is great, on desktop librewolf or hardened Firefox is also good.

    Edit: wow this blew up! To be clear I copy pasted the post from the privacy tools sub, I am not the author. Also some of you are way too triggered.

    submitted by /u/Chicky_Nuggy
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    If you miss the early years of the internet you better cherish tf out of DeFi right now as it won't last forever.

    Posted: 11 Jun 2021 05:40 AM PDT

    If you have a bit of nostalgia for early internet before it got whored out to govs and corporations, where there were no boomers/facebook Karens and influencers, just nerds on websites with absolute atrocious design if any and degen forums you better realize this is the short lived state that defi is going through right now but you can bet it won't last.

    The fact that only a handful of regulators understand the extent of defi gives it still some room of absolutely unregulated freedom. Regulators are going after ICOs not even realizing IDOs, IFOs and all other non-KYC ways of bringing investors to a market start popping up. Enjoy those as it might not last forever that you'll be able to invest in a project based solely on your own risk tolerance. Sooner or later SEC or something else will come to protect you as an investor and guarantee you can only participate in approved offerings.

    Doesn't matter what projects you choose, but do cherish the freedom of choice and digital movement you are enjoying right now.

    submitted by /u/Stye88
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    People FUD a lot about the Fed "printing money" but the M2 money supply has grown far less than the entire crypto space and is typically similar to the rate at which Eth is mined. Stay rational with your investments and don't solely listen to pro-crypto arguments.

    Posted: 11 Jun 2021 01:46 PM PDT

    Probably not a popular sentiment here but I'm trying to bring some rationality to the conversation. In the past year, the M2 money supply (which isn't even really quite all the USD there is) has gone from just under $18T to just over $20T. $2.3T has been "printed" in the past 12 months. It's a 12.8% increase.

    But around 8M new Eth are created each year. There was a supply of about 108M a year ago. That's a 7.4% increase but that remains pretty constant when the USD rate is typically far lower than what it has been the past ~1.5 years. Typically it takes over 10 years for the M2 money supply to double, which is about the same as what Eth is on track for. And the total supply for Eth is not capped like bitcoin, meaning that Eth could do what the Fed did at some point if the system demanded it.

    This isn't a pro-USD or anti-crypto argument. I'm just trying to bring some context to the arguments often presented here. The supply of USD is not wildly out of control. It's still in line with the US GDP. There was a significant increase in the money supply due to a one-time deadly pandemic which kind of halted the entire economy. The sky isn't actually falling for fiat.

    I just don't want people throwing their entire life savings into crypto because of what is essentially a lot of anti-fiat misinfo being thrown around here and not really being fact checked. The US government has a very large interest in keeping the value of the dollar stable, and isn't going to let hyperinflation ruin the economy. The USD Is inflationary on purpose, but they have a fairly decent grasp on the rate of inflation. Eth is also inflationary, as are many cryptos. And most importantly, the crypto space in general is actually experiencing a massive amount of inflation due to all the new coins being introduced. The value of Eth and Btc is constantly being diluted by hard forks and new coins being introduced. So just be aware of your assumptions.

    Be careful and considerate about what you believe, and the one-sided arguments people share on a subreddit biased towards crypto. Crypto isn't necessarily going to outperform other currencies or securities for the rest of time. Bitcoin may or may not be a good inflation hedge, due to being deflationary. But it's even more dependent on market psychology. Ethereum is fantastic technology but that doesn't necessarily mean that its market cap is going to go up by 50% every year, or even that the market cap will keep up with the number of new coins being mined each year. And the number of new coins may drop off or it may increase - it isn't set in stone like bitcoin, and even if it were there is a constant supply of new cryptos being introduced that in practical terms also dilute the value to some degree.

    Stay rational, don't bet the entire farm on crypto.

    submitted by /u/Loose_with_the_truth
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    Texas Senator Claims People Are Flocking to Bitcoin Because US Is on 'the Verge of an Inflation Crisis'

    Posted: 11 Jun 2021 08:50 AM PDT

    Fed Balance Sheet Hits $8 Trillion for the First Time, US Inflation Sees Biggest Surge in 13 Years

    Posted: 11 Jun 2021 06:25 AM PDT

    Weird fact: Only 2% of users in r/cryptocurrency have set up their moon vaults!

    Posted: 11 Jun 2021 11:37 AM PDT

    Today, I learnt that only ~60,000 users in our subreddit have moon vaults active. That's only 2% adoption rate based on the 3 million users in our subreddit.

    This is quite surprising since it's a subreddit based on cryptocurrency and it's opportunities.

    It's free cryptocurrency that can actually change your life. One may even call it a low cap gem. Why miss out? Go and set up your vaults!

    submitted by /u/ultron290196
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    My credit union accepted my crypto as assets on a mortgage application

    Posted: 11 Jun 2021 04:43 PM PDT

    I listed the current value of my Coinbase account and self custody crypto along with things like stocks and retirement accounts as assets on a bunch of recent mortgage refi applications. Was shocked that out of all the places I applied that my credit union accepted it and treated them just like my stock account, valued at 70% of market price. They asked for 3 months statements from Coinbase and the public addresses of any self custody holdings.

    I'll take this as yet another sign that mass adoption is right around the corner.

    submitted by /u/Flynn_Kevin
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    Twitter CEO Jack Dorsey Says It’s Only “A Matter Of Time” Before Twitter Integrates Bitcoin Lightning Network

    Posted: 11 Jun 2021 02:27 AM PDT

    Colorado Governor Jared Polis wants his state to be the first to accept cryptocurrencies for taxes

    Posted: 11 Jun 2021 04:13 PM PDT

    Since we can track every crypto payment... if we paid taxes in crypto, could we see exactly what our taxes bought?

    Posted: 11 Jun 2021 05:10 AM PDT

    I've seen that on Cardano they hope to make it so that you could buy a coffee in Starbucks and then tip directly to the guy who picked the beans.

    Well, if I paid my tax with an ada coin, could I then watch it move round the blockchain and see that it either ended up buying bricks for a hospital or cheese for an army soldier?

    If so, that's pretty cool. We could literally vote what we wanted our taxes to go on.

    Would a smart contract enable us to ensure our coins only went to roads and hospitals, and not to guns or dams or whatever?

    If so, the future will be very interesting.

    submitted by /u/wilbur111
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    Eat this Elon: Elon Musk With No Role in Bitcoin Mining Council, Michael Saylor Will Be a Key Member

    Posted: 11 Jun 2021 12:36 AM PDT

    Cryptocurrency wins votes of confidence from Gov. Abbott, Texas Department of Banking

    Posted: 11 Jun 2021 05:34 AM PDT

    Ethereum Has The Most Compelling Bull Case In The Industry

    Posted: 11 Jun 2021 09:59 AM PDT

    The Complete Guide to Coinbase Fees (and How to Avoid Them)

    Posted: 11 Jun 2021 05:05 PM PDT

    The Complete Guide to Coinbase Fees (and How to Avoid Them)

    There are so many new subs to this forum and a lot of them are Coinbase users. Yeah Coinbase has a cool graph that shows you your portfolio. It's also very easy to use for a beginner.

    Now there is nothing wrong with Coinbase (except, of course, the mind boggling fees) but I haven't seen any post addressing how to use Coinbase without paying crazy fees or at least the best strategy to pay as little fees as possible. So here we go.

    Quick (or not so quick) overview of fees:

    Buying Fixed Fees

    • If the total transaction amount is less than or equal to $10, the fee is $0.99
    • If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49
    • If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99
    • If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99

    TLDR $10 or less $0.99 fee $10.01-$25 $1.49 fee $25.01-$50 $1.99 fee $50.01-$200 $2.99 fee

    BUT WAIT, THERE'S MORE!

    Buying Variable Fees:

    US Bank Account 1.49% Coinbase USD Wallet 1.49% Debit Card or PayPal 3.99%

    BUT WAIT THERES EVEN MORE!!

    Coinbase charges a spread of about one-half of one percent (0.50%) for cryptocurrency purchases and cryptocurrency sales. However, the actual spread may be higher or lower due to market fluctuations in the price of cryptocurrency on Coinbase Pro between the time we quote a price and the time when the order executes.

    This means if you buy bitcoin and the market price is $50,000, they will charge you the purchase price of $50,000 plus half a percent. So you'll be getting less bitcoin than you should be, by half of a percent. They do this is case there is a crazy spike in price between the time you confirm and the transaction actually goes through.

    CONVERSIONS

    For conversions from one coin to the other, you'll be charged a spread fee which is equal to or less than 2%.

    Real life example

    You buy $10 in crypto After fees you have $8.96

    You buy $25 in crypto After fees you have $23.39

    You buy $50 in crypto After fees you have $47.77

    You buy $200 in crypto After fees you have $196.02

    You buy $1000 in crypto After fees you have $980.39

    Now you also have to pay these fees when you are selling. So here is what we have if you bought and sold at same price:

    You buy $10 in crypto After fees you have $8.96 After selling $7.97 Over 20% lost

    You buy $25 in crypto After fees you have $23.39 After selling $21.90 Over 12% lost

    You buy $50 in crypto After fees you have $47.77 After selling $45.78 Over 8% lost

    You buy $200 in crypto After fees you have $196.02 After selling $193.03 Over 3.5% lost

    You buy $1000 in crypto After fees you have $980.39 After selling $965.78 Over 3.4% lost

    Now how do we not get killed on fees?

    1. Use Coinbase Pro if possible. Fees are capped at 0.5% no matter how much you buy. You can transfer between Coinbase and Coinbase pro free of charge.
    2. If you're going to buy anything, buy at least $200 worth of it. Do NOT buy small amounts of something on here. If your DCA, instead of doing $50 every week, do $200 every four weeks.
    3. Do not day trade. It's hard to make money day trading when you're automatically down 5% just from fees.
    4. Use bank account to buy coins, not debit card.
    5. Only buy when market is going up. If you buy when it's going down you will end up paying even more due to their spread fee (yes I know, hard to know when it's going to go up).
    6. Use Coinbase if you're planning on holding coins for a long time.

    I really just recommend you to use Binance.us or kraken. If you buy $100 worth of bitcoin, your fees are only $0.05 on Binance!!!

    Hope this helped. Let me know if I missed anything!

    TLDR; If you really have to use Coinbase, only purchase $200 or more at a given time. Don't day trade, and hold for long periods of time. If you can use a different exchange like Binance, switch over.

    submitted by /u/JazzyJayKarr
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    Projects built on Algorand receive $100M in funding from Arrington Capital

    Posted: 11 Jun 2021 06:31 AM PDT

    Latin American leaders have faced decades of repression by the United States. Bitcoin gives them a way to fight back.

    Posted: 11 Jun 2021 05:13 PM PDT

    It's wild how quickly public sentiment swings in crypto

    Posted: 11 Jun 2021 01:01 PM PDT

    One day everyone seems to think that we've bottomed and are back in business, the next day everyone is talking about how we're guaranteed to see Bitcoin drop below 20K. A whole country just adopted Bitcoin as legal tender and there are already politicians in Panama, Paraguay, and Mexico talking about doing the same. This is probably the biggest announcement in the history of cryptocurrency in terms of it's overall impact long-term.

    Literally a day later and now everyone is talking about JP Morgan FUD, FBI FUD, Biden speaking on crypto this weekend. People telling others to sell now and buy lower. Do you guys remember memorial day weekend and everyone was calling for a giant dump and the complete opposite happened? I put no trust in the public sentiment around crypto. At the end of the day, everyone needs to follow their own convictions. Personally, this downturn in the market for me has been a great opportunity to accumulate more. I don't care about catching the absolute bottom. In my eyes, the projects that I feel conviction for are on a really good discount and I will keep holding and buying more.

    In the long-term, I believe that the patient people that have done thorough research and haven't overextended themselves will see the best rewards.

    submitted by /u/I-Like-Art-And-Drugs
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    CEO Of Kraken Breaks Down Why He Stands By His $200K End Of Year Price Target For Bitcoin

    Posted: 10 Jun 2021 07:59 PM PDT

    Bitcoin believers have nothing to worry about – Crypto is here to stay

    Posted: 11 Jun 2021 02:50 PM PDT

    Algorand could soon process up to $800 million in healthcare costs in Bermuda

    Posted: 11 Jun 2021 05:04 PM PDT

    Criminal Organizations Still Prefer Cash Over Crypto Contradicting Popular Consensus that Crypto Helps criminals.

    Posted: 11 Jun 2021 11:37 AM PDT

    ‘Sitting On A Time Bomb’: Deutsche Bank Sounds Alarm, Warns Of Growing Inflation In U.S. Economy - Conservative News Daily

    Posted: 11 Jun 2021 02:54 PM PDT

    May I offer you a useful tool in this trying time?

    Posted: 11 Jun 2021 12:33 PM PDT

    Hey everyone!

    Today I want to introduce my favorite apps/websites that may make your life a bit easier because they sure helped me!

    Koinly

    Starting off with crypto tax software?! - Well it's not just that!

    Koinly is a web-application that let's you import transactions via .csv, connect exchanges and also your public wallet addresses and puts it all together into a very detailed overview of your whole portfolio. It is tracking your paid fees, profit, spent fiat, portfolio value and instead of charging you an annual fee to do so, it only charges you if you decide to download a tax report.

    That means you still have access to all features for zero cost, that your average portfolio tracker wants $30-$50 a year for … and ofc you can easily download a tax report!

    It supports: 20+ countries 350+ exchanges 50+ wallets 6000+ blockchains

    https://koinly.io/

    CoinMarketCal

    Coinmarketcal is a great website for keeping track of whats going on in the world of crypto. As the name suggests it's basically a crypto calendar. It shows you when, what coin gets listed where, when the next airdrop will be and a ton of other upcoming events like hard forks and block halvings.

    https://coinmarketcal.com

    Coinmarketcap & Coingecko

    I assume everyone knows these two but I'll include them anyways. Both have a website as well as an ios and android app and are great for getting quick informations about your future investments. They offer charts, news, descriptions and market information about nearly every coin and token out there. You can also enable notifications for price spikes of specific coins and a watchlist. They are also a great tool to roughly track all of your wallets in one place.

    I personally prefer coinmarketcap over coingecko because of the more modern app and imo better user interface.

    https://coinmarketcap.com https://www.coingecko.com

    Blockchain explorers:

    They let you interact with the blockchain and gain piece of mind that your transaction is pending on the network. Here are a few:

    Bitcoin: https://explorer.bitcoin.com/btc/

    Ethereum: https://etherscan.io

    Binance Coin: https://www.bscscan.com

    Cardano: https://explorer.cardano.org

    Every blockchain has their own explorer. You can easily find them by just typing "their name + blockchain explorer" in google.

    Hope this helped someone!

    submitted by /u/Snooket
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    If you really want to make money, take a break from the news, the billionaires, Reddit, everything.

    Posted: 11 Jun 2021 07:51 AM PDT

    The people who have made the most money in crypto are the ones who became immune to the dips. Some of them didn't even have to think about the dips, because they forgot about their coins entirely

    If you are the kind of person to be worried when you're losing money, put your phone down for a while. Don't let crypto become your personality.

    submitted by /u/roberthonker
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