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    Cryptocurrency Daily Discussion - June 14, 2021 (GMT+0)

    June 14, 2021

    Cryptocurrency Daily Discussion - June 14, 2021 (GMT+0)

    Daily Discussion - June 14, 2021 (GMT+0)

    Posted: 13 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 The prior exemption for karma and age requirements is no longer in effect.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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    Fasten your seatbelts boys! Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls

    Posted: 13 Jun 2021 08:46 PM PDT

    Reddit co-Founder prefers Ethereum over Dogecoin

    Posted: 13 Jun 2021 05:41 PM PDT

    Kim Kardashian promotting shitcoin called ETHMAX on instagram

    Posted: 13 Jun 2021 09:51 PM PDT

    I wanted to provide a picture of her story, but unfortunately you cannot post pictures in this sub. Bassically, Kim Kardashian just promotted a shitcoin called ETHMAX on her instagram story with the premise of being a good coin because half of the supply was burned recently. Frankly, I'm surprised the people behind this coin had enough money to pay her for this promotion. What do you guys think about this?

    submitted by /u/Ketamix
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    Uncle Sam is a bully and crypto to crypto tax is just BS. Anyone else feel my sentiment?

    Posted: 13 Jun 2021 11:41 AM PDT

    Just venting my frustration with the current US tax law in hopes that, maybe, we can some how begin a movement big enough to change it.

    It's so frustrating that some of us have to liquidate a part of our current investment holdings, and thus, lowering our overall future ROI, just so we can pay someone who risked none of his own money his share of the pie.

    I am all for paying taxes. It's only right that we pay for the safety and conveniences that our country have given us, but taxing crypto to crypto transactions is just stealing. Crypto to crypto transactions is not capital gains! We should not treat crypto gains like fiat gains because we simply can't walk into a convenient store and make a purchase with the majority of cryptocurrencies that are currently available on the market. It should still be considered within the realm of a long term investments holdings until we cash out to fiat. It's only fair that we're taxed, only, when we cash out to fiat and into our bank accounts where we can actually spend it . Until then, it shouldn't be taxed at all!

    It's frustrating because some of us have yet have the privilege to enjoy our investments in its fiat form, and here we are selling off some of our holdings, cutting into our future overall ROI, putting our dreams on hold, just so we can pay Uncle Sam his share of our hard earned money on a risk that we, ourselves, took. It's wrong on so many level. The US government should reconsider only taxing cryptocurrency investments after it gets liquidated into it's fiat form and into our bank accounts where it'll be spent as part of our income. Until then, Uncle Sam is just being a bully, and what we're sacrificing to pay this bully is just BS. We're giving you your fair share of the pie, Uncle Sam! All we ask is to be fair to us in return, too, please!

    P.S. I think crypto to crypto transactions should still be considered as a long term investment hold since we're not able to spend it like income.

    submitted by /u/PsychoVagabondX
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    The day is coming when you will not need a bank account

    Posted: 13 Jun 2021 07:28 PM PDT

    Please ignore celebrities

    Posted: 13 Jun 2021 08:09 PM PDT

    For example, when Musk revealed that his company, Tesla, had bought $1.5 billion of bitcoin, the crypto's price surged 17%.

    When Musk pumped Dogecoin, it popped 50%.

    On the flip side, last week, when Musk announced that Tesla would no longer accept bitcoin as payment for its electric vehicles, the crypto fell almost 10%.

    Now we have people like Floyd Mayweather marketing Ethereum Max which is clearly a rug pull. We have to remember that there's a good chance that manipulation is occurring but since I'm not a financial advisor, I will stick to my guts and say this is becoming a rich man's game similar to stonks.

    Its clear that Elon Musk is into the idea of BTC after todays tweets about allowing btc again as a form of payment towards Tesla if it hits his goal of environmentally friendly regulations, but why as investors does this matter to us?

    Elon and Tesla aren't the single factors to the success of crypto and its not even his space. Elon specializes solely on Tesla. We need to begin focusing on the leaders of the projects who are calling the shots and constantly finding improvements on their goals.

    submitted by /u/TwistedFluke
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    CoinMarketCap is showing the wrong prices for many coins. Don't panic, move over to CoinGecko

    Posted: 14 Jun 2021 02:49 AM PDT

    On CoinMarketCap Some coins are shown nosediving, for example, ADA at -69% and Tether at -98% on the 24 hr charts. I don't know how Coinbase is related to CMC, but the prices over there are getting affected too.

    Just letting y'all know that CoinGecko is a much better alternative and is operating normally.

    submitted by /u/nickpegu
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    Crypto adoption in third world countries shows that our governments are full of dinosaurs.

    Posted: 13 Jun 2021 02:09 PM PDT

    Not to belittle countries that aren't developed, but most people would consider countries like El Salvador not very technologically advanced.

    The fact that countries like El Salvador are adopting crypto is amazing, and it shows the benefits when younger people are in power, as opposed to the vast majority of our government officials who are tech illiterate.

    Unfortunately many of them have become complacent, and think that our financial systems are perfect.

    I tip my hat to you, El Salvador.

    submitted by /u/roberthonker
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    JP Morgan in a nutshell

    Posted: 13 Jun 2021 11:33 PM PDT

    Bitcoin hits $1

    JP Morgan warns investors of a bearish market

    Bitcoin hits $5000

    JP Morgan warns investors of a bearish market

    Bitcoin hits $10000

    JP Morgan warns investors of a bearish market

    Bitcoin hits $30000

    JP Morgan warns investors of a bearish market

    Bitcoin hits $50000

    JP Morgan in 2021: CEO warns investors of the bearish market and says that he would not invest in Bitcoin

    Also JP Morgan in 2021: Creates a JP Morgan digital coin and will let clients invest in Bitcoin fund

    submitted by /u/Commissioner_dr
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    OneCoin: the 4 billion $ scam

    Posted: 13 Jun 2021 10:57 PM PDT

    I'm fascinated by cults/scams/deceitful schemes, and finding out this is insane! For those that don't know, here's a video on it. In short, a woman got people to pay for investment education and some future promise for her coin that would overtake bitcoin... and then pocketed the money and hasn't been seen since.

    What was it like being in the crypto community when this happened? Did anyone here buy into it? Was there an actual OneCoin blockchain or was it all fraud?

    Makes me a little uneasy about the scam coins going around today. If that woman can get 4 billion out of hype and manipulation, what can a proper scam/shit coin muster?

    submitted by /u/knowledgelover94
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    $1k invested into the Top 10 Cryptos on January 1st, 2020 Up +630% (May Update - Month 17)

    Posted: 14 Jun 2021 01:47 AM PDT

    $1k invested into the Top 10 Cryptos on January 1st, 2020 Up +630% (May Update - Month 17)

    ​

    EXPERIMENT - Tracking Top 10 Cryptos Of 2020 - Month Seventeen – UP 630%

    The full blog post with all the tables is here.

    Welcome all (especially newcomers) to the monthly recap for the 3rd of 4 homemade Top Ten Crypto Index Funds. The 2020 Portfolio is made up of: Bitcoin, Ethereum, XRP, Tether, Bitcoin Cash, Litecoin, EOS, Binance Coin, BitcoinSV, and Tezos.

    MOON DROP!: 76 Moons to the first person to name the artist and title of the hidden song in this post AND share which of these 2020 Top Ten cryptos will outperform the others in June. Why 76? That's worth about $5 (76\.066) at the moment, my way of encouraging the winner to become a* r/CryptoCurrency special member, which runs $5/month. To give more people a chance you can't win if you've already won this month.

    tl;dr:

    • What's this all about? I purchased $100 of each of Top 10 Cryptos in Jan. 2018, haven't sold or traded, reporting monthly. Did the same in 2019, 2020, and 2021. Learn more about the Experiment history, rules, and FAQs (including the answer to the "WHY TETHER?!?!" question) here.
    • Top Performer of May - Besides USDT? EOS, only down -3% in May.
    • Overall since Jan. 2020 - BNB still well ahead and best performing of any of the cryptos in any of the four Top Ten Experiments, up +2,523% in 17 months. The 2020 Top Ten Portfolio has the highest ROI of the four Experiments. Last place BSV doubling ROI of S&P over same time period.
    • An ode to DCA: 2018+2019+2020+2021 Combined Top Ten Portfolios are returning 349%.

    Month Seventeen – UP 630%

    2020 Top Ten Summary

    After reaching a new high in April, the 2020 Top Ten Portfolio hit a no-green wall in May. This month was the first all-red month since June 2020 (LINK).

    Tough month aside, the 2020 Top Ten is still doing very well overall. Its value is the same as in April and it continues to be the best performing of the four Top Ten Crypto Index Fund Experiments. 100% of the 2020 cryptos are in positive territory, most have at least triple digit price growth and two cryptos in four digit growth territory (BNB and ETH).

    And the Index Fund approach seems to be working out nicely with the 2020 Top Ten: the +630% return has outperformed eight of the individual component cryptos contained within the Index. It is also doing much better than the S&P 500 over the same period of time (more on that below).

    May Movement Report, Ranking, and Dropouts

    A lot of movement this month with 2020 Top Ten cryptos. All made a move except BTC and ETH.

    Ups:

    • EOS – up three places (#26–>#23)
    • Tezos – up three places (#38–>#35)
    • Tether – up two places (#5–>#3)

    Downs:

    • Binance Coin – down two places (#3–>#5)
    • BSV – down six places (#28–>#34)
    • Litecoin – down three places (#11–>#14)
    • XRP – down three places (#4–>#7)
    • Bitcoin Cash – down three places and out of the Top Ten (#10–>#13)

    2020 Top Ten Rank: a 50% drop out rate

    Top Ten dropouts since January 2020: after seventeen months, half of the cryptos that started in the Top Ten have dropped out: EOS, BSV, Tezos, Litecoin, and most recently Bitcoin Cash have been replaced by Cardano, Polkadot, UNI, Doge, and USDC.

    EOS is out of the Top Twenty and XTZ and BSV are both out of the Top Thirty.

    May Winners and Losers

    May Winners – stablecoin Tether. EOS dropped only -3%, essentially breaking even for the month.

    May Losers – BSV lost nearly half of its value, finishing the month down -46%. Binance Coin also had a rough May, dropping -40%.

    Tally of Monthly Winners and Losers

    After seventeen months, here's a snapshot of the 2020 Top Ten Experiment's monthly winners and losers:

    2020 Top Ten Ws and Ls

    With four monthly victories, ETH is still in the lead. Tether still has the most monthly losses, but BSV is starting to catch up.

    Overall Update – BNB and ETH well in the lead, 100% of cryptos in positive territory, worst performer (BSV) up +77%.

    The 2020 Top Ten continue to outpace the other Top Ten Crypto Experiments. Most cryptos are up at least triple digits. Ethereum and Binance Coin are up quadruple digits.

    Frontrunner BNB gains since January 2020? The initial $100 investment into Binance Coin is currently worth $2,624, an increase of +2,523%.

    In second is Ethereum, also with quadruple digit gains, up +1950%.

    Besides USDT, the worst performer in the 2020 group is BSV. But even BSV's +77% gains are over double those of the S&P over the same period of time (see below).

    Total Market Cap for the Entire Cryptocurrency Sector:

    Total Crypto Market Cap since Jan 2020

    Even though the total market cap lost $570 billion in May, it is up +765% over the seventeen month lifespan of the 2020 Top Ten Experiment. May's dip did, however, break a seven streak of record market caps for the 2020 Top Ten Experiment.

    If you were able to capture the entire crypto market since January 2020 (+765%), you'd be doing a bit better than the Experiment's Top Ten approach (+630%) and much better than the S&P (+30%) over the same time period. The index fund strategy has outperformed eight of the ten individual cryptos held within the index. Only by guessing correctly on ETH or BNB would you have beaten the Top Ten Index Experiment's approach.

    Bitcoin Dominance:

    BitDom at a 2020 Experiment Low

    Another big drop for BitDom in May – and this month's 42% is the lowest level so far in the life of the 2020 Experiment. Second lowest? Last month.

    Overall return on $1,000 investment since January 1st, 2020:

    2020 Top Ten Portfolio ROI

    May saw a significant drop in the total value of the 2020 Top Ten portfolio: the initial $1000 investment is now worth $7,300, up +630% (this portfolio was worth $10,5236 just last month). Despite the dip, the 2020 Portfolio is still the best performing of the four Experiments.

    Below is a month by month ROI of the 2020 Top Ten Experiment, to give you a sense of perspective and provide an overview as we go along:

    Monthly ROI of the 2020 Top Ten Portfolio

    +630% is down from last month's record, but is still the second highest monthly ROI since the start of the 2020 Experiment. The portfolio has yet to experience a red month, but a little over a year ago in March 2020 it came close, returning a COVID induced low of +7%.

    Combining the 2018, 2019, 2020, and 2021 Top Ten Crypto Portfolios

    So, where do we stand if we combine four years of the Top Ten Crypto Index Fund Experiments?

    Taking the four portfolios together, here's the bottom bottom bottom bottom line:

    After a $4,000 investment in the 2018, 2019, 2020, and 2021 Top Ten Cryptocurrencies, the combined portfolios are worth $17,967 ($1,264 + $5,594 + $7,300 + $3,809).

    That's up +349% on the combined portfolio. It's a big drop from last month, but looking at the big picture, the combined portfolios are back to where they were two months ago in March.

    Lost in the numbers? Here's a table to help visualize the progress of the combined portfolios:

    Combined ROI of all four Top Ten Experiments

    That's a +349% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for four straight years.

    Top Ten Index Approach vs. All-In Approach

    But what if I'd gone all in on only one Top Ten crypto for the past four years? While many have come and gone over the life of the experiment, five cryptos have started in the Top Ten for all four years: BTC, ETH, XRP, BCH, and LTC. Let's take a look:

    If playing by the Experiment rules, it's ETH by a landslide

    ETH is well in the lead and the still best "if-I-had-a-time-machine" choice. As of today, $4,000 into Ethereum in $1k chunks on four consecutive New Year's Days would be worth $47,562. That's up +1089%.

    In second place, going all in on Bitcoin with $4,000 USD would have yielded +377%, turning the initial investment into $19,089.

    And close third place? The Top Ten Index Fund approach! Watch your back, BTC!

    As you might expect (as indexes are designed to mitigate risk), the +349% gains of the Top Ten Index Fund approach fall somewhere in between the best and worst performers. The Top Ten strategy isn't keeping up with ETH or BTC (yet) but it is outperforming a hypothetical all-in investment in both XRP, LTC, and BCH by a healthy margin.

    Bitcoin Cash would have been the worst four year all-in bet, but you'd still be +144%.

    So that's the Top Ten Crypto Index Fund Experiments snapshot. Let's take a look at how traditional markets are doing.

    Comparison to S&P 500

    I'm also tracking the S&P 500 as part of my experiment to have a comparison point to traditional markets. May saw yet another all time high for the S&P, which has now returned +30% since January 1st, 2020.

    S&P, up +30% in 17 months

    Solid returns for a period of time largely dominated by a pandemic. This more than triples the 8%/year figure that many financial planners use for predicted annual market returns.

    That same $1k I put into crypto in January 2020 would be worth $1300 had it been redirected to the S&P 500 instead.

    Crypto over the same time period? The 2020 Top Ten Crypto Portfolio is returning +630%. The initial $1k investment in crypto is now worth $7,300.

    That's a difference of $6,000.

    On a $1k investment!

    But that's just 2020. What about in the longer term? What if I invested in the S&P 500 the same way I did during the first four years of the Top Ten Crypto Index Fund Experiments since January 1st, 2018? What I like to call the world's slowest dollar cost averaging method? Here are the figures:

    • $1000 investment in S&P 500 on January 1st, 2018 = $1570 today
    • $1000 investment in S&P 500 on January 1st, 2019 = $1680 today
    • $1000 investment in S&P 500 on January 1st, 2020 = $1300 today
    • $1000 investment in S&P 500 on January 1st, 2021 = $1120 today

    So, taken together, here's the bottom bottom bottom bottom line for a similar approach with the S&P:

    After four $1,000 investments into an S&P 500 index fund in January 2018, 2019, 2020, and 2021, my portfolio would be worth $5,670 ($1,570 + $1,680 + $1,300 + $1,120)

    That is up +42% since January 2018 compared to a +349% gain of the combined Top Ten Crypto Experiment Portfolios, a difference of 307% in favor of crypto.

    To help provide perspective, here's a quick look at the combined four year ROI for crypto vs. the S&P up to this point.

    Combined crypto vs. combined S&P

    Even though May was a down month for crypto, overall that's eight straight monthly wins for crypto.

    Conclusion:

    After feeling unstoppable for months, the 2020 Top Ten Portfolio, along with the rest of crypto, took a big hit in May. Whether this turns out to be a temporary setback or the bull run is done remains to be seen. The next few months should be interesting, hold on to something/one.

    For those who have supported the Experiments over the years, thank you. For those just getting into crypto, I hope these monthly reports can somehow help with perspective as you embark on your crypto adventures. Buckle up, think long term, don't invest what you can't afford to lose, and most importantly, enjoy the ride!

    Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects tracking the Top Ten cryptos as of January 1st, 2018 (the OG Experiment), January 1st, 2019, and most recently, January 1st, 2021.

    submitted by /u/Joe-M-4
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    MOONS took my kids to vacations for the first time in their lives!

    Posted: 14 Jun 2021 04:06 AM PDT

    Hello there my lovely people!

    I came to this community full of gentlemen and scholars (except you AutoMod) only a few months ago and after posting my thread I was welcomed by hundreds of awesome people who were super supportive and kind to me.

    I've been unfortunate to be laid off last year during pandemic and since then I haven't been able to strike a job that would allow me to get out of the brink of poverty that I'm living in with my 2 little kids. I'm not a lazy guy who leeches off the support, I work 2 temp low salary jobs and grab practically every opportunity for even the smallest pocket money that makes it at least a little bit easier to get through the month. Still my mental problems together with shit knee makes it a bit unfavorable among employers apparently. And job market is brutal nowadays.

    Anyway, after a few months being here on reddit I cashed a portion of my MOONS from posting and commenting and bought my son his first bike about 2 months ago. I also bought my daughter a bunch of warm clothes at late winter sale and had 2 pizza nights with nothing but fun and laughs! We watched Spongebob, ate pizza and laughed like there is not single worry in the whole world.

    Today I decided to withdraw the remaining MOONS from the wallet and buy us 3 days of vacations at the seaside! It's no luxurious resort, just a small bed and breakfast 3* apartment near the seaside and they are still SUPER excited to visit the sea and a nearby Dinosaur Park and have 3 days of fun that we haven't been able to afford before! It's AMAZING 🥲

    I know MOONS are meant to be held tight and wait for the value to "moon" and people usually refer to the "Bitcoin Pizza guy" but I really want my kids to enjoy their childhood especially since I'm not able to provide them as much as their friend's dads can. We can't go to vacations, resorts, Disneyland and such, neither do we eat in restaurants apart from very very rare occasions.

    But YOU guys and girls made these first-time 3 days vacations possible for us. I thank you from the bottom of my heart. Truly, it's beyond what I could have imagined when I got into crypto.

    I'll post some pics next month :)

    submitted by /u/DaddySkates
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    Vitalik Buterin: Ethereum 2.0 Will Bring Scalability and Open the Door to More Dapps and Enterprise Use Cases

    Posted: 13 Jun 2021 12:38 PM PDT

    Is JPMorgan attempting to disrupt the market in order to get a piece of Bitcoin where they believe they “deserve” a piece?

    Posted: 13 Jun 2021 11:13 PM PDT

    JpMorgan is just mad they missed out.. cry about it, but quit trying to disrupt the market and create a scare liquidation in order to get your piece in the market "where you believe you deserve", but sorry to tell you this is not Wallstreet you don't get what you want so buy now or continue to lose because I promise you greed will not get you anywhere in the crypto community. Thoughts?

    submitted by /u/BlacksmithExciting35
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    If you're going to "HODL!", hodl through a 99% loss like Softbank CEO Masayoshi Son did in the early 2000 dotcom bust

    Posted: 13 Jun 2021 05:37 PM PDT

    Softbank (SFTBF) CEO Masayoshi Son is the 2nd richest man in Japan. He is known for being one of the early investors in Yahoo (bought in 1995) and Alibaba (1999) as well as the man behind the Vision Fund. The Vision Fund is the biggest tech VC fund in the world and has been an early investor in Uber and DoorDash.

    Son is also known for being the man that lost the most money in human history (roughly $70 billion out of 76 billion of personal wealth in the 2000 dot com crash); Softbank crashed from $180 billion to 1.1 bil during that time as well. Now that the high flying Vision Fund has soared this past year (which 99% decrease in profits year-over-year in early 2020), it's obvious to see who Masayoshi Son really is.

    Son is the OG HODL-er, the real diamond hander, and the first "this guy fucks."

    2 things to learn about HODL-ing from Son.

    1. If you're going to HODL, you better believe in what you're HODL-ing. Son was a huge believer in the future of the internet. DYOR and HODL only what you completely believe in. This helps you mentally prepare and commit to a reasonable investment plan. For example, my friend committed himself to buying XX dollars of ETH every $25 dollar drop in ETH price during the 2018 downturn.
    2. You can only HODL what you can totally throw away. This is the good old "don't invest more than you can lose." Masayoshi Son could HODL so much only because he was already rich and could risk a lot.

    ** This is not financial advice. This is merely entertainment material for moon-farming. Thank you for coming to my TED talk.

    Sources:

    Masayoshi Son: A Key Figure in the Future of Yahoo - The New York Times (nytimes.com)

    Masayoshi Son Just Pushed SoftBank Shares Past Dot-Com Peak (yahoo.com)

    SoftBank profits plunge 99%, dragged down by Vision Fund losses (yahoo.com)

    Meet The Man Who Lost The Most Money In Human History | Celebrity Net Worth

    submitted by /u/take_eacy
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    Mark Cuban on The Brilliance of Yield Farming, Liquidity Providing and Valuing Crypto Projects

    Posted: 13 Jun 2021 08:46 PM PDT

    If you're looking for a coinmarketcap alternative right now.

    Posted: 14 Jun 2021 02:40 AM PDT

    It looks like coinmarketcap's API is doing weird things again... It's not like it's the first time and Considering that it took CMC weeks/months to fix XRP's circulating supply just in case that they might take their time to fix this thing here's some reliable alternatives to CMC with accurate API implementations.

    www.livecoinwatch.com

    www.coingecko.com

    www.coinpaprika.com

    Happy trading everyone

    submitted by /u/Hookahista
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    Bitcoin anonymity is just a big myth - and using it to launder dirty money is stupid, a crypto ATM chief says

    Posted: 13 Jun 2021 10:29 AM PDT

    Ethereum Co-Founder Says He's Investing In Polkadot And Cardano - Here's Why

    Posted: 13 Jun 2021 08:36 PM PDT
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