Cryptocurrency Daily Discussion - June 21, 2021 (GMT+0) |
- Daily Discussion - June 21, 2021 (GMT+0)
- You need at least 3 bull markets to get rich
- If you have your vault set up, you are in the top 1% of users in this subreddit
- Billionaire Steve Cohen: 'I'm Doing a Deep Dive Into Crypto, I'm Fully Converted, I'm Not Missing This' – News Bitcoin News
- Bitcoin has died 421 times as of now,the recent death was on 17th June,2021,anyone will feeling Bitcoin has died can write the reason of Bitcoin's 422nd death !
- What is DeFi?
- I found the whales and you aren't going to like it
- Crypto is going on sale for Prime Day. It's starting now.
- I hung in as long as I could, but it’s over. I’m leaving.
- Many great things are banned, censored or restricted in China. If China wants to shut down mining activities, miners will go somewhere else and it is a good thing for Bitcoin.
- This sideways trend has proven that sometimes technical analysis means absolutely nothing.
- How I've navigated the 2017-18 run up & down as a noob vs. this time and what I've learned from it
- UN Praises Blockchain & Crypto, But Raises Flag on Carbon Emission
- Russian billionaire slams Central Bank's crypto policy, says 'Even El Salvador realizes the need for Bitcoin'
- Crypto Chico (the youtuber) - Evidence why you should NOT trust him
- Texans can buy crypto at grocery stores with crypto ATMs
- $1 Billion in Liquidations as Crypto Markets Lose $120B in a Day
- 500 BTCs or wife
- Prices of GPUs Fall, Supply Increases as China Cracks Down on Crypto Mining
- It’s been a month
- The China FUD to end all FUDs: Why today's Chinese crypto ban No 37 is extremely bullish long-term
- Ethereum "London" upgrade to be implemented on testnet this week - OBN
- ''There’ll be millions and millions of cryptocurrencies and crypto assets, just like there were millions and millions of websites. Most of them won’t work” - Coinbase co-founder Fred Ehrsam
- Understanding how crypto minting works, now that now that the crypto ecosystem is reliant on minting to sustain its ongoing development
| Daily Discussion - June 21, 2021 (GMT+0) Posted: 20 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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| You need at least 3 bull markets to get rich Posted: 20 Jun 2021 10:00 AM PDT First one you enter too late. You probably heard about people making crazy returns on the news or from some of your friends. Second one you're still greedy and inexperienced. Probably take profits too early or wait till it's too late, don't know how to recognise a top. Third one you already enter with loaded bags and take healthy profits along the way. You realise when the market is cooling off and exit accordingly. Experience matters guys. [link] [comments]  | ||
| If you have your vault set up, you are in the top 1% of users in this subreddit Posted: 20 Jun 2021 05:41 PM PDT We have about a 1% adoption rate of vaults within r/cryptocurrency (~60k vaults). Congratulations if you are reading this and you have your vault set up, you're ahead of 99% of people. If you are new and want to set up a vault, you need to download the official reddit app on mobile and create one. [link] [comments]  | ||
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| Posted: 20 Jun 2021 07:46 PM PDT I talk to several friends who have been investing in crypto some of them have been doing it for years. Imagine my surprise when they asked me "What's DeFi?" when I started to talk about DeFi. So this post should be able to explain DeFi. TRDL: At the bottom DeFi: what it is and how it works The term "Decentralized Finance" (DeFi) covers financial services carried out on a blockchain. DeFi are financial services with no central authority. It involves taking traditional elements of the financial system and replacing the middleman with a smart contract. We can also describe it as the merger between traditional banking services with blockchain technology, in layman's terms. So, for DeFi to work, it needs a decentralized infrastructure to run on. This is where the Ethereum blockchain comes into play. The Ethereum blockchain is a DIY platform for decentralized applications (DApps). Most DeFi protocols operate on the Ethereum blockchain, although a few have migrated to other competing blockchains to enjoy greater speed and scalability.DeFi: what it is and how it works The term "Decentralized Finance" (DeFi) covers financial services carried out on a blockchain. DeFi are financial services with no central authority. It involves taking traditional elements of the financial system and replacing the middleman with a smart contract. We can also describe it as the merger between traditional banking services with blockchain technology, in layman's terms. DeFi's top applications — and notable protocolsNow, that we know what DeFi is, let's look at some of its notable applications. 1. Decentralized exchanges (DEXs) Decentralized exchanges are exchanges that operate without an intermediary. They are not as popular as their centralized counterparts. With DEXs, users can connect directly with one another to buy and sell cryptocurrencies in a trustless environment. Assets traded under DEXs are never held in an escrow or third party wallet, as is done with centralized exchanges. Some top DEXs include Uniswap, Curve and SushiSwap. Centralized exchanges, on the other hand, are trading platforms operated by a central authority. Platforms like Binance and Coinbase are popular examples of centralized exchanges. They are custodial in nature. In other words, the buyers and sellers trust the central authority to keep their digital assets safe. 2. Lending Platforms DeFi proponents say the decentralized lending platforms are democratizing the lending ecosystem. These platforms use smart contracts in place of intermediaries like banks — allowing borrowers and lenders to participate in an open system. Lenders can earn interest on their crypto assets by loaning them out, while borrowers can access liquidity without selling off their assets. With the traditional financial system, you need to offer collateral before you can access loans from the bank. This is similar to what happens in DeFi. Borrowers have to over-collateralized their loans by offering assets more valuable than the loan value. Some of the top DeFi lending platforms include Maker, Compound, and Aave. 3. Prediction Markets A prediction market allows participants to make bets on the outcomes of future events. These platforms function like traditional prediction markets — but with blockchain functionality, which eliminates intermediaries. Examples of DeFi prediction markets are Augur, Gnosis and FTX. Crypto powered prediction markets flourished during the 2020 U.S. presidential elections. Augur recorded a milestone volume of over $8 million. Other platforms like Polymarket and Predictit also saw significant election volumes. 4. Yield farming Yield farming is the process of locking up cryptocurrencies in exchange for a reward. It's the hottest new term in the DeFi space. Money markets Compound and Aave are two major platforms to farm DeFi yields. Yield farmers stake popular coins like ether, dai, tether and others. DeFi benefits1. Permissionless Traditional banks are expensive to run and bureaucratic in nature. They take too long to process transactions and have cut many people out of the financial system due to their stringent requirements. DeFi came to solve many of these issues. Here are some of its benefits. DeFi opens everyone to the financial system irrespective of income, race, wealth, culture or geographic location. All a user needs is a mobile phone or computer with internet access. There is a significant number of unbanked people globally. The World Bank estimated in 2018 that 20% of the world's population lack access to banking services. One reason for this is that most of the unbanked lack much-needed know-your-customer (KYC) documents like state-issued I.D. cards. Several DeFi platforms allow users to function without any of this. You can take out a Maker loan, for instance, without any identification or credit score. 2. Interest rates for investors Beyond keeping your wealth like a savings account, DeFi also allows you to earn income. Platforms like Aave and Compound allow you to deposit assets and lend them out to borrowers. At an agreed-upon time, you get your interest and can plow your capital back into the system. Compound offers up to 4.3% interest on deposits from some tokens, while Aave is paying out as much as 5.73%. Compared to the 0.6% to 0.7% currently offered by traditional banks for savings accounts, it's not difficult to see why some people are shifting their assets to DeFi. 3. Control over your own finances With DeFi platforms, you remain in control of your finances. While you have to deposit your funds into the platform, you decide what happens to them. Instead of trusting human intermediaries to qualify you for a loan or decide how to manage your investments, a smart contract does that. No one can ban you from a DeFi protocol. The underlying smart contract is law, and it operates blindly. 4. Heightened transparency DeFi enables a greater level of openness and accessibility. Since most DeFi protocols are built on the blockchain — a public ledger — all activities are available to the public. Anyone can view transactions, but these accounts are not tied to anyone directly as is the case with traditional banks. Instead, accounts are pseudo-anonymous, listing only numerical addresses. Users with programming knowledge can also access most DeFi products' source code to audit or build upon since they're open source. Open-source codes are far more secure and of higher quality than proprietary software, thanks to community interaction. DeFi drawbacks and security risks1. Security issues with smart contracts Smart contracts form the backbone of any DeFi protocol. But they are susceptible to manipulation. By default, smart contracts are open-source. This design allows prospective users to review them before investing in the DeFi protocol. Most DeFi protocols give their smart contracts to security firms to audit. This is where the problem begins. It's not unusual for humans to miss flaws in these contracts, which could be exploited in the future. Take The DAO, for example. The digital "Decentralized Autonomous Organization" was an investor-directed venture capital fund of sorts that launched in April 2016 and grew quickly to become the biggest crowdfunding platform, managing about $120 million. However, by June that same year, hackers found a vulnerability in the smart contract and stole about a third of its funds. They moved the funds into a "child DAO," which had the same structure as the parent protocol. Users couldn't access their funds for weeks, making this perhaps the largest hack in crowdfunding history. There have been several refunds since then, allowing investors with residual DAO tokens to get some compensation. However, the incident sparked an awakening in the DeFi space. Now, developers who build protocols ensure that their smart contracts go through multiple audit rounds 2. Data feed centralization Blockchain protocols can't access off-chain data. To remedy this, many of them use oracles — third-party services that provide access to external information. Oracles serve as bridges between blockchains and the outside world, relaying information to smart contracts for them to utilize. The major issue with oracles is creating a central point of trust into trustless and decentralized setups. This centrality provides a vulnerability for the entire smart contract. When an oracle broadcasts the wrong information, the consequences could be dire. Take the case of Synthetix — a DeFi asset issuance platform. On June 25, 2019, an oracle transmitted false price feed data to the platform's smart contract. A user's trading bot took advantage of this and inflated the user's balance. This allowed the user to convert this balance to about 37 million Synthetic ETH (sETH) tokens (worth $70 million at the time). Synthetix confirmed that they reached out to the user, who agreed to reverse the transaction in exchange for an unspecified bug bounty. 3. Bad actors In September last year, the top crypto exchange KuCoin confirmed that it had suffered a hack that saw $150 million in bitcoin and ERC-20 tokens transferred from its hot wallets. Days after the event occurred, blockchain intelligence software Elliptic crunched the numbers and found that the exchange had actually lost about $281 million. The report added that the hackers had been laundering the funds through DeFi protocols Uniswap, Kyber Network and others. As Elliptic explained, many centralized exchanges had frozen the hackers' accounts, preventing them from moving their funds. However, in DEXs, the hackers found the perfect conduits — platforms with no central authorities to freeze their funds. TLDR: DeFi are financial services with no central authority. It involves taking traditional elements of the financial system and replacing the middleman with a smart contract. We can also describe it as the merger between traditional banking services with blockchain technology, in layman's terms*.* [link] [comments]  | ||
| I found the whales and you aren't going to like it Posted: 21 Jun 2021 01:02 AM PDT I noticed on Friday night that the massive amounts of BTC shorts where being closed. Initially I thought this was profit taking. Then the % change fell to -11%. But BTC wasn't that low. This continued and is continuing with a total of nearly 20,000BTC shorts closed ($700 Million)/ ~66% https://www.viewbase.com/bitfinex_long_short_position Why would the whales do this; BTC is going down and the shorts are printing money. Then the answer came today They are shorting USDT, yes seriously! On Bitfinex alone nearly $87 million USDT shorts have been opened. With a +125% increase in the last 24hrs. https://www.viewbase.com/bitfinex_long_short_position/ustusd The are closing BTC shorts and shorting USDT Why? The obvious answer would be they believe USDT is going to rug Any input or ideas are welcome. personally still shorting BCH and DASH today but I'm tempted to short USDT now [link] [comments]  | ||
| Crypto is going on sale for Prime Day. It's starting now. Posted: 20 Jun 2021 11:42 PM PDT If you invested recently, this will probably be the hardest thing to do. To hold when indicators are slicing your portfolio. If you've done your research and the technology and logic seem if at all fair to you, you've made the right choice. Come along for the ride. [link] [comments]  | ||
| I hung in as long as I could, but it’s over. I’m leaving. Posted: 20 Jun 2021 04:57 AM PDT Don't get me wrong, the highs are amazing, but the lows have become too much to handle. I can no longer cling to something that is always volatile, makes me feel nervous and insecure, and may ultimately cost me 50% of my savings. So I'm leaving. Leaving my wife to spend more time studying the crypto charts. [link] [comments]  | ||
| Posted: 21 Jun 2021 03:47 AM PDT Just to name a few: Youtube Wikipedia Netflix Skype Quora Winnie the Pooh Alice in Wonderland Even though these things are banned in China, they are thriving in the rest of the world. If China wants to crackdown Bitcoin mining activities, miners will go elsewhere. This is actually a good thing for cryptocurrencies, as it shouldn't be under a [link] [comments]  | ||
| This sideways trend has proven that sometimes technical analysis means absolutely nothing. Posted: 21 Jun 2021 12:16 AM PDT Ever since we hit 30k about a month ago TA people on twitter, reddit etc have been constantly talking about an imminent breakout either up or down, usually up, yet the market does its own thing and crabs sideways, something only a few people expected, most of whom used no TA to figure it out. Personally i think there is little to no point doing TA on any crypto in a market so controlled by the current BTC price action and also so volatile and sensitive to whales. [link] [comments]  | ||
| How I've navigated the 2017-18 run up & down as a noob vs. this time and what I've learned from it Posted: 21 Jun 2021 01:46 AM PDT Hey all, so I thought I'd summarize my experiences from the previous bull run, as much for myself as for anyone else, compare it to the state of the space today and draw some conclusions. Just a few points but maybe it'll be useful for some.
There's quite some takeaways on this point as it really is just human psychology. We all act more or less the same when we go by our guts. Firstly, I shouldn't have been so optimistically carried away while everything was looking rosey. Should've taken profits on the way up, while everyone was out of their minds bullish and thinking this time was really, truly different. It never is. I've managed to fare better in this regard the current bull run, as I slowly but surely closed almost all my positions by the time we dipped into the 55-59 range. I've lost out on some gains but knew I'd be better off if things went South. And going south they did... Secondly, this time I've woken up to the reality earlier. This is a big one. You don't have to be a genius to notice things going south in crypto.. What the hell, it does it every time, right? But you do have to not only realize certain trends but admit to yourself that the trends are real... This second part is the hardest and we tend to drag it out waay longer in ourselves than we should. We cling to any hopium we can get, we don't want to admit our decision and assessment mistakes. It takes guts to admit them too, trust me. But either way, we do end up doing just that, eventually... This time I was earlier in my assessment and I'm expecting it to spare some pain in the ass in the short term for me. I'm gonna cut this short since I feel like I'm digressing a bit. Eventually, I ended up liquidating everything, at (relatively) shitty prices, which brings us to the final, and imo biggest mistake I've made in '17-18 and the years after...
In hindsight, this is the real opportunity. You skim your profits when you know it's going south but you stay vigilant and patient. You don't give in to fake rallies (I'm keeping some skin in the game so that I won't feel potential FOMO in these events) but you stay very aware and at the same time patient for things to go truly South... Investing takes a ton of discipline.
I've cut my bull trap losses, currently in 50% cash 35% crypto. The latter I expect to fold back down to around the 15-20% level. in the short run, which is fine. I'm keeping some of my positions because I agree with Ben Cowen on a double peak but lengthened cycle. But I also think that we are in for a bear market until around the end of the year - and I'm going to DCA into it. Not into BTC, but alts, as I'm expecting a higher return from them in the mid term. At the same time I'm also aware that they'll be bloodier than BTC while we're going down. If the cycle's bull run truly isn't entirely over, I'll be better off than if I just kept it all in BTC. But of course this might not be the case, I'm just acting according to what's most fitting to my speculation. Either way, not budging for either extreme (fully cash or fully crypto) helps with peace of mind. And I think, for the retail investor at least, that really is a significant (if not the most important) factor as we have no idea how the big guys will move the market and our knowledge and insights on the anatomy of it is limited... Be in the right place in your head and you'll be just fine. (NB: I know I haven't talked much about the HODL mentality here, which essentially is just the "time in the market beats timing the market" mentality we all know, albeit with an asset class this extreme it gets more complicated than that, and different mindsets certainly can yield higher returns by a long shot) Hope this wasn't too damn long, it surely felt so for me lol, just some (likely erratic in ways) thoughts I've had and thought could be interesting for someone. If you've read this all the way through then kudos, you are one determined mofo. :D Have a good day and good luck with your investments! [link] [comments]  | ||
| UN Praises Blockchain & Crypto, But Raises Flag on Carbon Emission Posted: 20 Jun 2021 11:28 PM PDT
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| Crypto Chico (the youtuber) - Evidence why you should NOT trust him Posted: 21 Jun 2021 02:11 AM PDT Everyone thinks that the popular youtuber Chico Crypto is genuine. He is not your friend guys. As it can be clearly seen on the evidence provided: he bought 1282 NFY worth of 41 ETH and instantly dumped after his first shill video on the next day (he sold only 500 for 53.9 ETH). The following link is his wallet, if you check the dates you will understand. Then continued selling while he was still creating content about NFY, even the recent video about NFY being included in the moon mission or whatever crap. So far he bought 1282 NFY for 41 ETH dumped 900 NFY for 103.5 ETH remaining 292 NFY to dump worth now ~14 ETH He used his viewers to make more than 62.5+ ETH. Always DYOR, shape your own opinions and don't trust anyone. Research done by CryptoJadoo [link] [comments]  | ||
| Texans can buy crypto at grocery stores with crypto ATMs Posted: 20 Jun 2021 06:08 PM PDT
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| $1 Billion in Liquidations as Crypto Markets Lose $120B in a Day Posted: 21 Jun 2021 01:28 AM PDT
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| Posted: 20 Jun 2021 05:25 PM PDT After dinner my wife and I were hanging out on our deck just enjoy the weather and some wine. At some point while relaxing I picked up my phone and checked my crypto. I am degen. This act ultimately led to..."i'm curious"....then she hit me with this.... If someone offered you 500 BTCs and the only condition in exchange would be that you had to divorce me and we wouldn't talk ever again....what would you say? We don't have kids. Nor, do we want kids. I won't tell you my answer, but we had a good laugh. Interesting question though. I hope all you spouses out there would answer it honestly. And if you can't answer it honestly then that in and of itself is a problem. Lol. [link] [comments]  | ||
| Prices of GPUs Fall, Supply Increases as China Cracks Down on Crypto Mining Posted: 21 Jun 2021 12:13 AM PDT
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| Posted: 21 Jun 2021 12:24 AM PDT It's almost a month ago my portfolio turned bloody red and I was in actual loss. I almost sold. I was one mouse click away from selling. Maybe today my portfolio will go lower than my initials again, but I will NOT SELL. And neither will you! Have a nice day y'all! [link] [comments]  | ||
| The China FUD to end all FUDs: Why today's Chinese crypto ban No 37 is extremely bullish long-term Posted: 21 Jun 2021 03:54 AM PDT During my almost 4 years in crypto, China and ban have been single two most frequently seen words in a sentence - no competition. With each ban there was naturally less and less effect on the actual market. But it looks like recently the Chinese went all out with their crypto ban hammer on all levels (so conveniently coinciding with the final stages of the Digital Yuan launch). For a long time, Chinese controlling Bitcoin and it's hashrate, was a leading FUD of the opponents of Bitcoin in general. Well guess what, it's no longer valid - they might have hoarded millions of BTC, but they will no longer have 51% of the network power, and that's a game changer. Now with their Central Bank forbidding banks and payment providers to deal with crypto-related businesses, the FUD narrative seems to be virtually exhausted. They won't go on banning the actual ownership of crypto, since it's unfeasible (and their own courts define Bitcoin as an asset class that can't be confiscated on no substantial grounds). So it's way better to take this short-term beating, but to decouple from that authoritarian manipulative country for good. [link] [comments]  | ||
| Ethereum "London" upgrade to be implemented on testnet this week - OBN Posted: 20 Jun 2021 09:36 PM PDT
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| Posted: 20 Jun 2021 07:53 AM PDT
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| Posted: 21 Jun 2021 04:15 AM PDT
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