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    Cryptocurrency Daily Discussion - June 17, 2021 (GMT+0)

    June 17, 2021

    Cryptocurrency Daily Discussion - June 17, 2021 (GMT+0)

    Daily Discussion - June 17, 2021 (GMT+0)

    Posted: 16 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 The prior exemption for karma and age requirements is no longer in effect.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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    New Moons Are Ready! (Round 14)

    Posted: 16 Jun 2021 08:07 PM PDT

    The next distribution of Moons is ready. You can claim your Moons through the Vault in the Reddit mobile app (iOS/Android).

    Moons are r/CryptoCurrency's form of Community Points, a way for users to be rewarded for their contributions to the subreddit, and they can be used on premium features in the community.

    This distribution is based on karma earned from 2021-05-12 to 2021-06-08. Here is the finalized list, with contribution scores signed by Reddit (users with no signatures yet do not have a registered Vault. They will be able to claim their Moons when they create their Vault through the Reddit app).

    submitted by /u/CommunityPoints
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    Mark Cuban experiences his first rug pull! Titan crashed from $60 to $2. If you see 50,000% APYs, you should to be doubting it's legitimacy, not aping in.

    Posted: 16 Jun 2021 03:21 PM PDT

    Mark Cuban experiences his first rug pull! Titan crashed from $60 to $2. If you see 50,000% APYs, you should to be doubting it's legitimacy, not aping in.

    This project just launched few days ago and built up a huge TVL of over$2bn in a matter of just days and was being celebrated across defi universe, and got listed by a lot of DEX exchanges in a matter of days.

    DeFi social media was abuzz with discussion of this, and the incredible APYs on offer.

    Glimpse of the mouthwatering APYs!

    This screenshot was taken just few hours ago. Well, as luck would have it... this whole thing crashed and looks like a rug pull, the price has now gone down to below $2

    Current price of Titan: 1.02 USDT

    ​

    Mark Cuba's blog post explaining how he decided to farm Iron/Titan.

    Cuban, a billionaire, could easily stomach whatever loss he had out of this.

    ​

    Those who took loans to buy this at $50, can they?

    Updates:

    This is an ongoing situation, and now, the price has crashed to $0.00017. Yup, from $60 to $0.00017 in about 4 hours. Absolute disaster.

    And the rug pull is complete!

    The team calls it a "bank run". Lol.

    Mark Cuban Michal Cuban says "he was also affected but got out". Hmm wonder what that means

    submitted by /u/DetroitMotorShow
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    The basics of Nano — why it’s such an exciting crypto

    Posted: 17 Jun 2021 02:50 AM PDT

    The basics of Nano — why it's such an exciting crypto

    https://preview.redd.it/zkblvgdurs571.png?width=602&format=png&auto=webp&s=6d6af898034a2283f61e8a674b631c3bdec39bb5

    Hey all. I originally wrote this intended as an article for those new to crypto and Nano, but figured you might enjoy it here as well. Comments welcome

    First off, to understand the excitement about Nano, all you need to do is try it out for yourself, within 2 minutes.

    1. Install Natrium.
    2. Visit a Nano Faucet.
    3. Fill in your Nano_ address and hit send.

    To fully appreciate Nano's speed and ease of use, it's recommended to get a second wallet on the side, like www.nault.cc in your browser, or Nalli as a second app on your phone. Nano tends to transfer faster than you can switch screens. Try sending some from one wallet to the other and see for yourself. Sending to yourself like this doesn't seem impressive, but the transfer you just did is possible from and to anyone, anywhere, anytime, with no one able to stop your transfer and not a cent paid in fees. It's secure, borderless and uncensorable money, open to anyone.

    A short history of cryptocurrency

    Cryptocurrency started with Bitcoin. Created by Satoshi Nakamoto, Bitcoin solved the challenge of how to have digital money that could not be copied. It offered a form of money that no one party could print more of, or block transfers of. In doing so it offered a way to transact, internationally, without relying on (central) banks, accessible to anyone with an internet connection.

    This was an attractive proposition following 2008. At the time, many banks were being bailed out, while central banks printed a lot of extra currency to support these bailouts. This money printing hasn't stopped since, leading many people to conclude that as extra dollars and euros are being printed, the dollars and euros they hold are becoming worth less and less over time.

    Bitcoin transaction cost and speed

    However, Bitcoin comes with its own share of issues. Transfers take, on average, over 2 hours, while being incredibly expensive, and Bitcoin uses more energy than some countries. It doesn't scale, with capacity maxing out at roughly 7 transactions per second, and due to the fees and waiting times is practically unusable as currency. While a beautiful idea, as a means of payment it has failed.

    Enter Nano

    Nano's primary developer, Colin LeMahieu, was enthusiastic about the possibilities that a self-sovereign form of money like Bitcoin offered. However, he was frustrated with the inefficiencies in (then) current cryptocurrencies. In 2014, he began development on a new cryptocurrency. The goal was to create a cryptocurrency that could be used for daily payments by everyone, without the carbon footprint that comes with Bitcoin.

    Nano makes money efficient for a more equal world — simple to pay with, easy to accept and open to all.

    To accomplish this, Colin came up with a new architecture for Nano. Rather than having one big blockchain, where everyone competes for space in the next "block" to be mined, Nano utilises something called the Block Lattice. Instead of competing for space, users add blocks to their own chain and broadcast this addition to the network.

    Nano's block lattice graphic

    Nano combines the block lattice architecture with Open Representative Voting (ORV). Every Nano holder votes for a Representative using their Nano balance. Anyone can be a Representative, and anyone can change their vote at any time. These Representatives confirm transactions (67% consensus needed) as soon as they see a transaction, which means that Nano's speed is mostly limited by internet connection latency (practically the speed of light). This is what allows the Nano network to confirm transactions within a second.

    In mining, energy is expended to be the first to mine a block. In Nano, there is no such competition. Because there are no mining rewards and no fees, the network is cooperative. In mining chains, hardware resources are used for competition. In Nano, every available resource is used to confirm transactions as securely and quickly as possible. If Representatives upgrade their hardware, the throughput of the Nano network increases. This focus on pure efficiency and lack of waste makes Nano a green option that uses very little energy.

    Nano's energy usage

    Summarising, Nano uses a block lattice where each person has their own chain, rather than one big chain. Anyone can add blocks to their own chain, at any time, and Representatives (validators) confirm these transactions as soon as they see them. Because of this, Nano manages to be instant, feeless, scalable, and incredibly energy efficient.

    The goal of Nano

    Nano is intended to be digital money for the modern world. It was freely given away to anyone willing to solve captchas. Because of this, Nano was distributed broadly and fairly, mostly to people in poorer countries. Because of its feeless nature, it's well suited for lower-income countries. Because of being instant, it works as a medium of exchange, as money. Because there are no fees and there is no inflation, no money is lost when either storing value in Nano, or when using Nano.

    The vision of Nano is broad. It allows for cheap remittances. Foreign workers pay an average of 6.8% in fees to transfer money home. Nano can do this far more efficiently, both at lower cost and faster. It allows merchants to start accepting payments anywhere in the world, instantly, without fees. It enables streamers to receive feeless tips, enables anyone creating art or self-publishing to instantly take small (or large) payments for their works. It enables anyone suffering from hyperinflation to securely store their money in a currency whose supply can't be increased. It allows charities to take donations from all over the world. This means less money going to middlemen, and more money arriving directly where it's needed. Nano makes money efficient, frictionless, secure and borderless.

    So why hasn't this taken off yet?

    I'm speculating here, but I think that many people have heard of Bitcoin. If you've spoken to someone about cryptocurrency, there's a good chance they mentioned Bitcoin. Most people see Bitcoin just as an investment. A fraction of those who invest in it actually try to use Bitcoin, and most that do conclude that Bitcoin is slow and clunky. To many people, Bitcoin = cryptocurrency, and therefore all cryptocurrency must be slow and clunky. Nano's claims seem outlandish after having experienced Bitcoin, and it's easy to dismiss Nano as too good to be true. Hence my instruction, at the start of this post, on how to try Nano out for free, within 2 minutes. Since you probably skipped over it the first time, I'd like to end this article by saying that you spent so long reading this, you might as well try it out, for free!

    1. Install Natrium.
    2. Visit a Nano Faucet.
    3. Fill in your Nano_ address and hit send.

    That's all! To really try it out I'd recommend getting a second wallet such as Nault (web-based) or Nalli, then sending some Nano from your first wallet to the second.

    Most people that try Nano come into the Nano subreddit asking why Nano isn't bigger yet. This is exactly why. Most don't know about Nano yet, most haven't tried it out yet. Nano has no marketing budget, no ads, no venture capital funding. Its marketing consists of Nano enthusiasts spreading the word, relying on word-of-mouth and organic growth. It relies on businesses starting to accept Nano payments because it saves on costs for them, on people using it because it's the most efficient option. This tends to start off slower, but given the explosive growth in Reddit subscribers, the rapid addition of businesses accepting Nano, and the constant increase in projects built on Nano it seems faster growth is starting. All it takes to convince someone of Nano's potential is to have them try it. That seems like a strong potential for growth to me.

    I hope this article helped answer some basic questions about Nano. We Nano enthusiasts welcome anyone who wants to talk about Nano on www.reddit.com/r/nanocurrency.

    Thanks for reading, comments and questions are always very welcome!

    submitted by /u/SenatusSPQR
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    This community is full of kind people, I’m currently in tears.

    Posted: 16 Jun 2021 10:26 PM PDT

    Today I was too happy how I got little extra money from moons shared my life story about working in 3rd world country in daily comments section but you beautiful humans just gave me more moons than I could imagine. I got into crypto thinking I would get some profit because life/Job wasn't doing good for me so I started investing a little bit of my salary into crypto. Nothing worked out so far but it's all fine I wasn't planning to be a millionaire over night today you guys just made me burst into tears how beautiful and kind some humans can be, I hope whatever coin you are investing in goes to moon. Thanks for kind comments and wishes.

    submitted by /u/naji102
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    'Big Short' investor Michael Burry is back on Twitter - and warning of the biggest market bubble in history- Burry has flagged reckless speculation on Tesla stock, bitcoin, and other assets.

    Posted: 16 Jun 2021 06:34 AM PDT

    All major banks in Australia are down right now.

    Posted: 16 Jun 2021 10:34 PM PDT

    All major banks in Australia got hit with a nation-wide outtage at the exact same time today leaving online banking services unusable.

    This is a major concern for many reasons but before people jump to conclusions it's important to consider how crypto isnt immune from this either.

    Consider when AWS went down and wallets that were hosted on websites using aws were inaccessible and showing balances of 0.

    Or exchanges that aren't accessible if their providers crash

    Let this be a wake up call of how fragile ALL financial systems are and how important it is to have both:

    • cash for emergencies

    • cold storage for crypto

    submitted by /u/HondaSpectrum
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    Just a Reminder USDT is incredibly shady, and there are much better stablecoins like USDC you should keep money in

    Posted: 16 Jun 2021 02:20 PM PDT

    Exposing Tether - Bitcoin's Biggest Secret - YouTube

    Just a reminder that Tether most likely doesn't have full backing. Tether's "proof" of reserves is shakey, and most likely not there. They aren't legally required to redeem it and among other things. I highly recommend moving any stablecoins you have to something like USDC

    submitted by /u/SuggestedName90
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    I received my first Moon coin...

    Posted: 17 Jun 2021 03:21 AM PDT

    Today, I saw my vault was popping up unusually. When I clicked on it... It was a reward. I received my first moon coins which I earned by contributing to this amazing community. Although, It was a low amount (.21 moon coins) but It made me so excited to contribute further for the growth of this subreddit overall. It felt like I got my first payment from this sub, lol.

    When I searched a little bit further and while going through this post I found out that my name was on the list (in Round 14 result excel sheet). Tbh, It was an extra ordinary feeling that my username was mentioned. This gave me a new zeal to contribute further.

    Now, I'm more enthusiastic towards this sub and if you're a new user then go through the top pinned post to get an idea about this crypto currency and moon coin system.

    Finally, Thanks to all fellow redditors...

    Especially, thanks to this Community for making my day great!!

    Edit: Thanks for the awards and upvotes guys. I'm overwhelmed by such positive responses by my fellow redditors.

    submitted by /u/Narendra_17
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    General Motors May Start Accepting Bitcoin If There's Customer Demand

    Posted: 16 Jun 2021 11:12 AM PDT

    General Motors CEO Mary Barra told CNBC on Wednesday that "nothing is stopping" her company from accepting Bitcoin payments: "There's nothing that precludes us from doing that. We'll be driven by our customers." Barra claims that GM is trying to "simplify" its customers' shopping experience and ownership.

    In February, after Tesla bought $ 1.5 billion worth of bitcoin, Barra said her company would evaluate bitcoin acceptance.

    Source: https://u.today/general-motors-may-start-accepting-bitcoin-if-theres-customer-demand-says-ceo-mary-barra

    submitted by /u/erdal_mutlu
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    McLaren Racing announces new multi-year technical partnership with Tezos

    Posted: 17 Jun 2021 01:49 AM PDT

    https://www.moneycab.com/startups/mclaren-racing-kuendigt-neue-mehrjaehrige-technische-partnerschaft-zum-aufbau-der-nft-fan-erlebnisplattform-auf-dem-energieeffizienten-blockchain-netzwerk-tezos-an/

    Zug - McLaren Racing has chosen Tezos as the team's official blockchain partner for a multi-year technical partnership for Formula 1, INDYCAR and esports. McLaren will leverage the energy efficient and expandable Tezos network to create a non-fungible token (NFT) platform that focuses on the fan experience.

    Tezos, an open source asset and application blockchain, is an ever-evolving blockchain that updates itself through efficient on-chain governance. McLaren will build a platform that will transform the racing legacy and renowned driver lineups across its various teams into an NFT fan experience like no other.

    For Tezos and McLaren, sustainability through innovation is key. The use of clean NFTs and energy-efficient networks ensure that the effect of this new medium of creative expression is not negated by unnecessarily high energy consumption. Unlike traditional proof-of-work blockchains, Tezos' groundbreaking proof-of-stake mechanism is a far more energy-efficient approach to securing the network. It uses two million times less energy than proof of work networks like Bitcoin and Ethereum. This enables Tezos to operate cleanly, with minimal energy consumption and a negligible carbon footprint.

    As part of the partnership, the Tezos brand will be represented in the McLaren Formula 1 and Arrow McLaren SP teams, including on the racing suits of McLaren F1 drivers Lando Norris and Daniel Riccardo, as well as AMSP drivers Pato O'Ward and Felix Rosenqvist.

    Lindsey Eckhouse, Director, Licensing, Ecommerce and Esports, McLaren Racing said, "Tezos and McLaren Racing teaming up to create a unique, fan-focused NFT platform is an innovative step in an exciting and fast-moving way developing industry. At McLaren we're known for putting the fans at the center of everything we do, and this is another partnership that allows fans to own important parts of our team. We look forward to launching the platform with Tezos to create bespoke NFTs with our Formula 1, INDYCAR and esports teams. "

    Hubertus Thonhauser, Chairman of the Tezos Foundation, said: "McLaren Racing has one of the longest and most famous legacies in Formula 1 racing and we are thrilled that they decided to bring it to the Tezos blockchain through their NFT fan Engagement platform. The concept of blockchain is evolving, becoming faster, safer and more efficient. This requires a blockchain that can keep up with this rapid pace of innovation. Brands everywhere are looking for new ways to connect with their fans, Tezos, the original and fastest-evolving blockchain, remains at the forefront of innovation. It offers real solutions in a thriving and rapidly growing ecosystem.

    submitted by /u/BouncingDeadCats
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    Got Too Greedy, Just Paid The Price For It.

    Posted: 17 Jun 2021 02:54 AM PDT

    As a lot of us know, TITAN recently crashed from a whopping 60$ to 0.

    Now, I got into iron finance pretty recently, entranced by the crazy APR's. I looked into it as it seemed too good to be true but the project seemed sustainable, at least for a few more months. I mean iron finance was not a new name, it was previously on BSC before making the switch. plus fucking Mark Cuban endorsed it.

    I bought in with 500$ worth, I know its not a lot but it was 1/4 of my total portfolio so its a lot for me. within days TITAN skyrocketed to 60$ and I was making profits of over 50$ daily. I could've and should've cashed out then, but I didnt. I wanted just ONE MORE day of the juicy rewards then I'd cash out.

    I went to sleep last night and when I woke up this morning, to my horror the price was tanked. I could've walked away with 1000$ yesterday but now I'm walking away with 0. this is because I was too greedy and wanted one more day of profits, and then the rug got pulled ( more of a bank run but still).

    now, I know this was my fault and I've taken a valuable lesson from this. NEVER get too greedy in anything, especially if you are a trader or farmer. many have lost far, far more than me and I feel for them. but the common factor with all of us who lost is greed. if something seems too good to be true it probably is.

    I'm not bothering with liquidity farms now, I'll concentrate on making fiat to recoup my losses and focus on investing.

    i hope my experience teaches you a lesson, and I hope no one makes the same mistake as me in the future.

    submitted by /u/IHateElon
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    El Salvador to pay civil servants salaries in Bitcoin

    Posted: 16 Jun 2021 12:39 PM PDT

    The Official Algorand Wallet Is Now Open Source

    Posted: 16 Jun 2021 03:16 PM PDT

    Criminals are mailing hacked Ledger devices to steal cryptocurrency

    Posted: 17 Jun 2021 12:01 AM PDT

    Earning $100 in 100 days with Crypto. Day 50.

    Posted: 17 Jun 2021 03:43 AM PDT

    I am half way there! I'm exited to show you the result of the $100 in 100 days from scratch challenge. Suggestions for other ways of earning money are appreciated.

    Nano:

    • Wenano: 0.026 nano ~ $0.15
    • PlayNano: 0.005 nano ~ $0.03
    • Nano Faucet (working again) 0.0012 ~ $0.01

    Ban's:

    • Faucets: 91.72 ban ~ $1.70
    • Drawing commisions / Tips : 1400 ban ~ $25.50
    • Folding@Home: 64.5 ban ~ $1.51
    • Moon -> Ban's: 335 ~ $6.20

    Moons:

    • 391 moons ~ $25 Made a new rule to max out at $25, made $6.20 last time so I will only use 290 moons ~ $18.80

    Algorand:

    • Donated 0.2 algo's
    • Faucet 0.3 algo's
    • Surveys 0.8 algo's
    • Staking rewards 0.01 algos
    • Total: 1.31 algo's ~ $1.4

    Crypto Royale:

    (Nano Royale is renamed)

    • ROY (new token): 1900 ~ $3.42

    Publish0x:

    • Eth: 0.00002 ~ $0.05
    • Ifarm: 0.0007 ~ $0.04
    • AMPL: 0.025 ~ $0.02

    GeoCash:

    • GeoDB: 1.8 ~ $0.45

    Total:

    $59.28

    Things that didn't work/are not available in my country:

    • Brave Browser
    • Coinbases Earn
    • Coinmarketcap Earn
    submitted by /u/RuubDuub
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    Clever new Ledger scam!! (Repost from r/ledgerwallet)

    Posted: 16 Jun 2021 09:17 PM PDT

    I'm reposting this from r/ledgerwallet because the OP's account doesn't meet the requirements to post in r/cryptocurrencies and I thought it should get more attention.

    Very clever scam for sure considering the amount of new blood in crypto that doesn't do due diligence!!

    https://np.reddit.com/r/ledgerwallet/comments/o154gz/package_from_ledger_is_this_legit/?utm_medium=android_app&utm_source=share

    submitted by /u/Bggnslngr
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    Sinatra predicted 2021

    Posted: 16 Jun 2021 08:43 PM PDT

    Old man appreciation post

    Posted: 16 Jun 2021 07:09 PM PDT

    Hi everyone,

    I just wanted to give everyone on here a high five, and generally be a bit sappy. This sub has taught me so much, and as I'm getting older, I'm finding it harder and harder to pick up and learn the latest tech achievements and advancements.

    This sub has not only been good fun, but it's taught me so much. It's put me in the position of being too scared to invest in cryptocurrency, to owning some, to now really getting how it all works. It's allowed me to expand my financial position, and while I bought at pretty much the top of the bear market, I'm confident that long term we have a good thing going.

    More so, though, this has given me a big thing to focus on. I've got closer to some friends who I haven't seen in years because of crypto, it's helped me get through the deep pit of covid lockdowns and isolations, and just in general been a fun place to scroll.

    So, thanks. It's appreciated a lot. You've genuinely helped me.

    I hope everyone has a wonderful day ♥️

    submitted by /u/tomlykomg
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    Banking Institutions Showing Major Interest in Ethereum 2.0 Staking

    Posted: 17 Jun 2021 02:19 AM PDT

    $312,000,000,000 Hedge Fund Tidal Wave Could Be Coming to Crypto

    Posted: 16 Jun 2021 08:59 AM PDT

    I am so grateful to each and every one of you right now!

    Posted: 16 Jun 2021 09:44 PM PDT

    Update: Seems like I was looking at the wrong chart. Thank you everyone for pointing it out. Moons are currently worth $0.06. Nonetheless, I am really very happy.

    ​

    Well, this might seem like I am moon farming or something, but trust me, I am so happy right now, and it is all due to this community. First and foremost, I got my hand on some crypto this past month. Although it's a very amount, I am happy that I am now part of something that has so much potential.

    Secondly, I want to talk about the 164 moons I now possess. The current pricing ($0.409) of the moon brings its total valuation to ~$70. While that's probably a small amount for most of you, it's quite a lot for me. That amount is so much more than half of what I earn monthly. I am definitely trading this soon to invest more on crypto.

    So, from the bottom of my heart, I would like to thank this community for helping us in underdeveloped countries earn something just by commenting and posting. All hail r/cc!

    submitted by /u/ToriKoFul
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    Moons are Available to Claim

    Posted: 16 Jun 2021 03:44 PM PDT

    Moons are available to claim in your vault on mobile. It is very very common to hit a "technical snag" when claiming them today. There is a limit of the number of people that claim them at anyone time. Just be patient and wait if you hit the snag.

    Remember, the moon price tends to dip around the distribution day with farmers unloading their stash.

    submitted by /u/pbjclimbing
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    Fox Entertainment to Launch Blockchain-based Animated Show “Krapopolis”, by Dan Harmon, who also created “Rick and Morty”.

    Posted: 17 Jun 2021 02:33 AM PDT

    Article predicts XLM price, also - doesn't predict price. Could be up 35%! Or down 20%. Or stay flat! Read now, learn nothing!

    Posted: 16 Jun 2021 10:44 AM PDT

    Whales Now Hold 48.7% of Total Bitcoin Supply After Buying 90,000 BTC Recently: Report

    Posted: 16 Jun 2021 03:09 AM PDT
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