Cryptocurrency Daily Discussion - June 2, 2021 (GMT+0) |
- Daily Discussion - June 2, 2021 (GMT+0)
- Those who complain about Bitcoin in a first world countries and stable currencies, realize its not for you then. It’s for the Billions of people oppressed in dictatorships globally through financial censorship
- Turn off SMS 2FA
- 5 million ETH is now locked up in the Ethereum 2.0 deposit contract
- May Update: Free Crypto, The importance and how to get it. From Coinbase Earn to Automation - I kept track of my free crypto and is now worth $651
- Estonia currently living in the future. They are using blockchain on there digital government.
- Unpopular opinion: Treat your crypto investment as lost money
- A report from the field involving the real identity of Satoshi, Allan Greenspan’s secret plan, $2.5-million bitcoin, and a well-known psychic predicting the future value of every coin.
- I moved all my savings to a stablecoin
- I can’t keep track of which Coin we hate!
- Brazilians used the moon as an intermediary for bitcoin transaction.
- My boss told me to buy Ethereum back in early 2017. I should have listened.
- SEC loses bid for Ripple legal docs in $1.38 billion XRP battle
- Saw this on r/Bitcoin
- Hungary to create a Statue in Honor Of Satoshi Nakamoto
- Coinbase’s stock rises as crypto platform says U.S. customers can use debit card in Apple, Google wallets
- Ethereum Mining Revenue Topped Bitcoin in May With $2.35 Billion
- “I’m A Big Believer In Crypto,” Tom Brady Says In Recent Interview
- When people tell you: "Only invest what you can afford to lose". Listen to them!
- Dogecoin Continues Surge Over 20% Following Coinbase Listing.
- WTF, someone sent me $9.5 billion worth of a scam token, or at least Koinly thinks so. How do I record this and dispose of them without royally screwing up my taxes?
- I'll never forget that one guy that sent me 10 moons
- "When bitcoin hits a million dollars it's not gonna matter whether you bought in at 60k or 20k." This is a fallacy.
- Portugal: A Crypto-Friendly Country for Digital Nomads
- ADA is a speculative, risky asset even for crypto - why Cardano is overvalued and overhyped relative to peers
| Daily Discussion - June 2, 2021 (GMT+0) Posted: 01 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:
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| Posted: 01 Jun 2021 07:04 PM PDT
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| Posted: 01 Jun 2021 11:39 AM PDT A friendly reminder since I haven't seen it posted here in a while. Turn off SMS 2FA and set up something like Authy. You're probably thinking "I'm small time, won't happen to me." And I thought the same as well until last night my phone provider blocked an attempt at a Simswap. Take the 10-15 minutes to protect yourself. It really doesn't take that long to set up. Stay safe friends. [link] [comments]  | ||
| 5 million ETH is now locked up in the Ethereum 2.0 deposit contract Posted: 01 Jun 2021 09:37 PM PDT
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| Posted: 01 Jun 2021 04:14 PM PDT
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| Estonia currently living in the future. They are using blockchain on there digital government. Posted: 01 Jun 2021 07:15 PM PDT
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| Unpopular opinion: Treat your crypto investment as lost money Posted: 01 Jun 2021 08:55 PM PDT When you buy crypto with fiat, put that crypto away someplace safe and act as if it is gone forever. Pretend you flushed it down the toilet. Or you lost it in a tragic boating accident. It is long gone. That way, you can HODL without worrying about what the price is. You won't be checking the price 20 times a day. Why would you? The money's gone. Then later, after many years, you find out "oh! I got some crypto here" and PLEASANT SURPRISE! You found a ton of money. [link] [comments]  | ||
| Posted: 01 Jun 2021 04:29 PM PDT OK people, strap in. First of all, let me assure you that everything below happened exactly as I've written it. I'm a former journalist; I love chatting with interesting people and kinda letting them talk. Today has left me shook, but thoroughly entertained. So, I'm in Las Vegas today on a post-Covid vacation with my wife and son. We hop in an a taxi to go to an arcade; my son wants to game, damnit. Driver asks me, "What do you do for a living?" I tell him I'm an author. He says, "I'm a writer too, but my book is only 25 pages. It's about cryptocurrency." I avoid talking much about crypto in real life, but I'm always interested in what people are thinking, and he says he's writing a book. I lean forward as he turns out of Caesar's Palace onto The Strip, "Interesting. Tell me more about that." He drives strangely: a kind of herky-jerky, gas on, gas off, gas on, gas off, like a drummer in a band keeping the beat with his feet. He starts with the big reveal of his book: "Satoshi is 6-7 Asian guys." I'm thinking, "Okay, I've heard that theory before," but I don't say anything. He goes on, "You'll never guess who hired them. It's a name you've heard." The whole interaction is strange as hell already, but keep in mind, this guy is around 65, with a kind of washed-out face caked with spray tan that makes him look like a corpse ready for viewing. He stares right at me in the rearview—eyes nowhere near the road, but he gave up caring about roads long ago—"Allan Greenspan hired 6-7 Asian guys to create Bitcoin." He goes on to explain that Greenspan—who was the Chairman of the Federal Reserve for 20 years, including the years just before Bitcoin's launch—wanted Americans to be able to save money, given the weakening dollar. He was pissed about the financial crisis, so he hired the 6-7 Asian guys to create it. He concludes, "I'm not 100% sure about Greenspan, but the 6-7 Asians is definite." "How do you know for sure about the 6-7 Asian guys?" I ask. He looks at me in the rearview again—missing a turn in the process, and says the following as though I'm the dumbest bastard on earth: "America's best-known psychic, Michelle Whitedove. She's sure of it." I stare back to see if he's trolling me, but he's not. This guy is dead serious. So now I'm pretty curious. I mean, if I'm chatting with a psychic who knows the identity of the real Satoshi, what's my next question gonna be? Same as his was: What coins will moon? "Get out your phone," he says. "It doesn't matter how much you have to start with. Take notes if you want to be a multi-millionaire in 5 years." He goes on to tell me how the next few years will go, according to this psychic, staring me down after each sentence like he might shoot me if I don't write it down. And as a former journalist, writing down batshit crazy quotes comes naturally, so I type as fast as I can. Here's a small selection: "Anytime a currency starts with an X that's a world currency. Buy as much as you can even if you have to live like a pauper. Why the hell do you think I'm driving this taxi?" "Most say Bitcoin will be half a million dollars. I have it from two good sources that it will be 1.5 to 2 million." (I assume one source was the psychic. For the rest of my life I'll regret not asking who the second was.) "Bitcoin Cash will be way bigger than Bitcoin." (I asked whether he thought that was due to BCH becoming more of an everyday transaction coin, which I still wouldn't agree with but at least it would have had a theory behind it. He shook his head like I was a tool. "Michelle Whitedove." On Dogecoin: "shouldn't be worth what it is but people love dogs and e-coins. So you take the word 'dog' and add an 'e' for 'electronic' and that's why." "XRP is going to at least $1200." "Theta is is the big one. Combine Microsoft, Google, Apple and eBay. Bigger than that. Easy. It's the Godzilla. It's market cap will be 100x all those companies combined. Sell everything you own and put it in Theta." "Stellar Lumens. Easy 10,000x. Imagine buying the whole internet. Ethereum is dead. XLM was at 5 cents on March 3 and already at a dollar." (Spoiler alert: neither of those prices are even close to correct). Toward the end I asked him about Cardano, just because it was the biggest coin he hadn't talked about. "I don't have time to research everything." When we got to the arcade after another few wrong turns, he didn't want me to leave. He was staring at my phone just to make sure I'd captured his words. I thanked him for the advice and stepped out into the 105-degree heat and asked my wife, "Should we drop all our savings on Theta?" We got pretty lucky at the arcade. Won a lot of tickets. Exchanged tickets for some toys. TLDR: Las Vegas cabbie and well-known psychic are bullish. [link] [comments]  | ||
| I moved all my savings to a stablecoin Posted: 01 Jun 2021 12:18 PM PDT I've been thinking about this for a long time and I finally decided to move all my savings to Celsius. Why should I keep my money in a bank? Not only I don't get any interests but I also have to pay 15 bucks a month just for the privilege of having an account. Now I get almost 9% interest rate, which I will probably invest back in crypto. Fuck traditional banks. [link] [comments]  | ||
| I can’t keep track of which Coin we hate! Posted: 01 Jun 2021 06:01 PM PDT So I just want to be clear. We hate ADA this week? I've been seeing a lot of negative post about it for upvotes but i didn't get the memo. I thought we were still shaming everyone that said anything about DOGE. I can't keep up with you crazy kids and your trends. [link] [comments]  | ||
| Brazilians used the moon as an intermediary for bitcoin transaction. Posted: 02 Jun 2021 03:13 AM PDT Long story short, some Brazilians wanted to send a bitcoin transaction in radio wave format, since it was impossible to send it on a straight line with the equipment they had, they bounced it to the moon, which in return reflected the signal to the second group in another city at 600 km distance, they captured the radio signal, converted it back to binary, and confirmed the transaction. Literally to the moon! The link to the news in portuguese. Brasileiros enviam Bitcoin à lua na frente de Elon Musk | Livecoins [link] [comments]  | ||
| My boss told me to buy Ethereum back in early 2017. I should have listened. Posted: 01 Jun 2021 08:33 PM PDT I was doing a summer internship in San Francisco and my boss took me to lunch and started asking me about Bitcoin and what I thought of it. We both agreed on how high the price is currently and that what it's trying to accomplish is nothing short of amazing. However, after that conversation he said, that he's really excited about this new coin called Ethereum. He said it's aiming to be even better than Bitcoin in almost every way and that he can't wait to get into it soon after the upgrades were to come out that summer. I thought about it but was still too scared to get into right then and there. I'm going to guess this guy has at least a few hundred ETH by now. Maybe even way more. I feel kind of lucky to have had a conversation like this way back then because it opened my eyes to other Altcoins and it also gave some more insight into the crypto world and provided me with knowledge that most people are just now realizing. While I didn't buy back then... remembering this conversation helped me in being confident when I started buying Bitcoin last year and Alts this year in January. Keep an open mind. Some of what you may read on here, or conversations you have with random people on this page, may stick with you and be what you remember in the next bull run in a couple years or so. [link] [comments]  | ||
| SEC loses bid for Ripple legal docs in $1.38 billion XRP battle Posted: 01 Jun 2021 04:12 PM PDT
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| Posted: 01 Jun 2021 09:55 AM PDT | ||
| Hungary to create a Statue in Honor Of Satoshi Nakamoto Posted: 02 Jun 2021 01:10 AM PDT
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| Posted: 01 Jun 2021 08:35 PM PDT
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| Ethereum Mining Revenue Topped Bitcoin in May With $2.35 Billion Posted: 01 Jun 2021 02:35 PM PDT
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| “I’m A Big Believer In Crypto,” Tom Brady Says In Recent Interview Posted: 01 Jun 2021 04:14 PM PDT
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| When people tell you: "Only invest what you can afford to lose". Listen to them! Posted: 02 Jun 2021 02:51 AM PDT When people tell you, only invest what you can afford to lose, listen to them. People will take their life savings and buy crypto, only to sell it at a loss because they need the money for something else. This isn't money you can afford to lose. Can you be without that money for years? Do you have money saved in case of an emergency separate to your crypto? Are you planning on investing long term? If the answer is no to any of these then you probably cannot afford to lose this money and probably shouldn't be investing it. Fully expect to be in the red for months or even years when investing in crypto. If you may need the money in that time, don't invest it! I absolutely love pumping more money into crypto, but I also make sure there will be no reason I need to take that money out! Hope this little piece of advice helps at least one person avoid losing money! [link] [comments]  | ||
| Dogecoin Continues Surge Over 20% Following Coinbase Listing. Posted: 02 Jun 2021 02:40 AM PDT
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| Posted: 01 Jun 2021 11:50 PM PDT Okay WTF you guys, I just logged onto Koinly and my heart jumped out of my chest when I saw my portfolio value was $9.58 billion. For some reason, on May 26 someone sent me 11 billion Fear NFT tokens on BSC. Through a little research, I discovered that there's a real token called Fear NFT that is worth ~$0.85 CAD. But that token has a max supply of 65 million, so obviously what I have is a copycat scam token designed to trick people into purchasing it. It even tricked Koinly into thinking it was the real Fear token since it's pulling the price instead of showing as $0 like some other tokens I have. Poocoin shows the real price of the fake Fear token, which is much, much lower. But even at that price, the tokens in my wallet are worth ~$1,500 which would be nice, except people have reported that it's not possible to sell the token at all so it's essentially worthless. My question is, what the fuck do I do now? I have no idea why this scam token was sent to my wallet. How am I supposed to record this transaction? My whole portfolio balance is messed up too now, how can I dispose of these tokens without incurring a $9 billion loss and immediately triggering a CRA investigation? [link] [comments]  | ||
| I'll never forget that one guy that sent me 10 moons Posted: 01 Jun 2021 03:47 PM PDT Like the title says, I could never, ever, ever forget that one guy that has sent me 10 moons. Because of him, I have started being more active, I feel more confident when I speak, I wake up some nights and think about that one guy that din't have many himself, but decided to share. I feel so happy and blessed and it's all thanks to this one guy that I could never forget! Now what is his username... Edit: the 10 moons are no more, I went and sent moons to everyone that had 0 moons 😂 [link] [comments]  | ||
| Posted: 01 Jun 2021 10:25 AM PDT The reality is that your investment at 20k results in three times as much bitcoin. This could be the difference between a $100k return vs a $300k return (or 1 million vs 3 million). The point, given that short term price is unpredictable, is to always have some cash available to take advantage of significant moves to the downside. These investments go the furthest. [link] [comments]  | ||
| Portugal: A Crypto-Friendly Country for Digital Nomads Posted: 02 Jun 2021 03:03 AM PDT
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| Posted: 01 Jun 2021 08:15 AM PDT It is really hard to come up with a fair market price for cryptocurrency. They don't have cashflows, don't pay dividends (although thats not so true anymore with staking rewards taking off), and don't have balance sheets to peruse. That doesn't mean we shouldn't try though! We can use transaction volume, number of wallets, dApp proliferation, total asset value hosted on a given chain (in terms of NFT), and thanks to proliferating defi tools, we can assess the total USD value of assets locked in smart contracts on a given chain. Because this is a post about ADA, a so-called "eth killer", I will be largely comparing cardano to ethereum (main comparison), algorand, and tezos. I'm not here to shill those coins, but based on my limited knowledge those are the projects that cardano has the most overlap with in terms of what they claim to want to do. Background: According to their website: " Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change. " Cardano is a proof-of-stake blockchain, much like the other projects I will compare to (eth will be soon enough). Metrics: (most of these are from the very useful website messari.io
ADA: 42,395 in the last 24 hours ETH: 1,297,889 ALGO: 540,000 last 7 day average
ADA: 12.20 ETH: 30.73 ALGO: couldn't find the transaction volume in dollars so couldn't calculate
ADA: $0.240 ETH: $3.98 ALGO: couldn't find official info but its pennies
ADA: 1313 ETH: 793 ALGO: 745
ADA: 0 ETH: 63.77 B ALGO: couldn't find it - they do claim 4.5 million "Algo standard assets" on chain
ADA: No ETH: Yes ALGO: yes
ADA: No ETH: yes Algo: no?
ADA: 54.8 billion USD ETH: 305 billion USD ALGO: 2.82 billion USD I've got to do actual work so I'm not gonna add Tezos but here are my take-aways from this exercise: In terms of NVT, ADA holds up very well compared to peers - lots of money is being transacted on ADA - thats relatively bullish. The rest of the functionality that delivers value for these projects is lacking: no defi, no smart-contracts, no gaming, no NFTs, no L2s to handle scaling in the future The bull case for ETH to continue to build on its quite high valuation is that the DEFI / DE-insurance / De-gaming industries will blow up and the value of the ETH network will explode as a result. What is the bull-case for ADA to coninue to grow? I think its basically the same as for eth - which means that the bull case for ADA relies on technology they haven't implemented yet! thats what makes it so speculative relative to its peers. Even a small-cap like Algo is already running a pretty expansive NFT marketplace and boasts more transaction volume than you see on Cardano. It is possible that ADA will continue to outperform peers and take over the world just based on continued good marketing and the overwhelmingly positive sentiment they have built-up but I'd rather not risk funds in a project that relies so heavily on sentiment to prop up the price. My instincts tell me that the current price of cardano is already baking in a lot of good news down the line - seemless smart contract rollout, L2 scaling that makes cardano scalable to a much much much larger transaction volume etc. Why would you invest in a project that requires so much to happen just to justify where it already is even relative to other speculative crypto projects? On their website they claim that cardano is a third-generation blockchain, intelligently developed and the only proof-of-stake protocol "backed by science". I'm not about to do a blockchain lit review to evaluate that claim but it strikes me as marketing hoopla with very little substance. As a scientist myself my bullshit radar goes up to 10 whenever something claims to be "backed by science". TLDR: If you want to invest in a next-generation blockchain project, invest in one that actually delivers a next-gen product now: Matic/Eth, Algo, Tezos, instead of one that hopes to deliver a next-gen product someday (ADA). Edit: be safe out there- army of shills patrolling the comments. [link] [comments]  |
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