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    Cryptocurrency Daily Discussion - June 9, 2021 (GMT+0)

    June 09, 2021

    Cryptocurrency Daily Discussion - June 9, 2021 (GMT+0)

    Daily Discussion - June 9, 2021 (GMT+0)

    Posted: 08 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 The prior exemption for karma and age requirements is no longer in effect.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:

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    Top 5 Bitcoin Whale Buys an Additional 3,706 BTC @ $33,157.09 - An Hour Ago

    Posted: 08 Jun 2021 06:29 PM PDT

    El Salvador has officially passed a law that makes Bitcoin a legal currency.

    Posted: 08 Jun 2021 09:12 PM PDT

    And that's a wrap ladies and gentlemen. On June 9, 2021, at approximately 12:08am EST, El Salvador has become the First Nation to pass a bill that makes Bitcoin a legal currency. Who would have thought this would happen so quickly! It will take ~90 days for this law to be enacted; presumably to allow merchants and others to prepare for the acceptance and transmission of bitcoin.

    It's also important to remember that the people of El Salvador have been using bitcoin and it's lightning network for some time now. This has helped with the quick majority approval of the bill.

    For those reading this live, you can watch their congress continue to push this through as law here: https://www.facebook.com/asamblea.legislativa/videos/305036231334752/

    Here is the English translation of the law: https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19

    The questions now: How will the US handle policy based on this change? How many nations will pass similar laws this year? How many bitcoin will these sovereign nations purchase? Will you be selling your bitcoin to them? ;)

    submitted by /u/myhaxdontwork
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    After losing several discovery disputes against ripple, the SEC warns the Court that if it loses the case it will cause irreparable damage to the SEC related to future enforcement actions in the cryptocurrency space and the Court should consider such consequences before ruling.

    Posted: 08 Jun 2021 03:24 PM PDT

    This is it for any doubters out there. For all the anti ripple people. The sec is using ripple to come after crypto. They literally told the court that the ripple case will cause so much damage to them they will not be able to enforce cases. Just remember the sec never gave Eth and btc clearance. They were only opinions from Jay Clayton and Bill Hinman. They will come after miners, vitalik....everyone.

    submitted by /u/Lemonmule69
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    I Tried All the Free Methods of Gaining Crypto and These are the Results

    Posted: 08 Jun 2021 12:37 PM PDT

    The title says it all. I downloaded and used all the 'free' ways to earn crypto I read about on the internet and on reddit, so that you don't have to. I tried to use them all for at least a month to see what kinds of earnings there were. They are listed in order according to how much I recommend them, from best to worst.

    *FULL DISCLAIMER:* on most of these sites I used fake names and new emails to register. Some of them may be harvesting your data or providing other security concerns. Please do your own research, be safe, and remember that many apps and websites do not have your best interest in mind.

    ​

    **Brave Browser**

    What it is: Brave is a free browser to download and use - essentially an alternative to Chrome or Firefox. And as an actual browser, I must say I'm quite pleased. It's fast, simple, and comes with built in adblocker and Tor browser. But we aren't here to talk about free browsers. In addition to blocking ads, Brave (if you allow it to) will send you ads of their own, and give you the revenue in crypto. Every fifteen minutes or so while browsing the net, a little popup text box appears in the bottom right of my screen, advertising a product. I close it out, and a few pennies are added to my account. Brave pays out in the form of BAT tokens. It was easy to setup - simpler if you have an uphold account - and I found the ads to be unobtrusive.

    Results: I've had Brave for more than a year now and in that time have accumulated 58 BAT, currently worth $46 CAD. Considering that a) I like this browser more than Chrome and b) I have now completely forgotten about the ads and click them away unconsciously, I think this is great. It also helps that BAT has risen so significantly in the last year, and if its a coin you see promise in, I can't recommend this enough.

    Verdict for Brave: Excellent. Highly Recommended.

    ​

    **Presearch**

    What it is: It's a search engine. You can use it instead of google. Just like google, there are ads - sites paying to be listed first - but unlike google, they pay you a portion of the revenue. If you've ever used Bing's reward program, its very similar but in crypto rather than fiat. I set it as the search engine in browser bar, and as someone who googles things regularly (me bid dumb ape) I was quickly gaining coins. As a search engine I would say it is 'okay.' Though it is designed so you can easily switch to looking at your results in google.

    Results: You gain .12 tokens per search (up to 30 per day) and can withdraw after gaining 1,000 tokens. Obviously, how much you make will depend on how often you search things. Personally, I set this as my default search engine and forgot all about it. Do your own research, but I see no downsides.

    Verdict for Presearch: Good. Recommended.

    ​

    **Honey Miner**

    What it is: It's a crypto miner that assesses your computers capabilities, and runs accordingly (or so it claims). I have a MacBook Pro, so certainly no mining rig. No GPUs, really nothing that could help me do actual crypto mining. So I set up Honeyminer, and it mines in the background with the resources that are available.

    Results: My MacBook got hot and got hot fast. I left it overnight a few times, but honestly, I was concerned about the heat, so I googled it. Sure enough, this is a common issue, and from what I read online, it's a bad idea to let it run for too long unless you have a third-party cooling unit. This meant that I was left running it for short spurts during the day, which was far less effective. If you have a gaming computer or proper cooling system, this might work well for you. Otherwise, I'm not so sure.

    After a month I stopped using it for fear of damaging my computer. In the month that I did use it (as I said, on and off) I made 1200 Satoshi, currently worth about $0.40 USD. But honestly a) I didn't run it near as much as I could and b) it runs in the background, meaning virtually no time and effort after installation. If you are able to run this without damaging your hardware, why not? As always, do your own research, but this seems okay to me.

    Verdict for Honeyminer: Could be good if you have the right computer

    ​

    **COIN geominer**

    What it is: A phone app that (claims to) scrape geodata and turn it into reward points that can be redeemed for crpyto. I'm essentially a blue blip on a map of my city, and as I move around, the square area I'm on is "mined" and turns blue. The more squares you mine, the more coins you get, and you can re-mine a square after a few minutes. Just think of it as a far simpler version of Pokemon go. I usually go for a walk each day, so I brought it with me and mined all the trails and parks in the area. I'd boot up the app, stick it in my hoodie pocket (can't lock the screen) and a half hour walk would drain about half my battery. You can also fill out surveys and watch videos to earn coins, but this sort of defeats the idea of being "free," since this actually requires time.

    Results: In 3 months I have made 4,000 in-app coins. 10,000 coins can be redeemed for XYO Erc-20 tokens. 1.8 million coins can be redeemed for 0.025 Bitcoin and 5.4 million can be redeemed for one ETH. The quickest way to gain coins is not to use the geominer at all, but to fill out surveys. Back in a different lifetime I used to fill out surveys for a local company and got paid by cheque (in fiat obviously) and I'd say the prices are similar. Currently I walk with the app, let it drain my battery, check in for bonuses everyday and it will take about 9 months to earn some XYO coins which really don't seem worth it. To earn BTC will require about ten years. I'd say stick with the surveys. The pay isn't good, but its comparable to other places that pay you to do surveys.

    Verdict for COIN: Skip the geomining feature. If you're willing to write surveys, they will pay you in crypto.

    ​

    **Stormgain Express**

    What it is: It claims to be a Bitcoin miner for your phone, but it most certainly is not. Basically every four hours you log onto the app, hit the "bitcoin miner" button and it will start spitting out some numbers that look like crypto wallet addresses. Each time you mine it will give you a little bit of money. According to the app and the website, it sincerely claims this is bitcoin mining. However, if you know anything (and I mean ANYTHING) about bitcoin mining, this has to be a straight up lie. Mining on my phone (and a crappy one at that)? It works even when I turn off my wifi and data? And my phone doesn't even overheat? I don't know what's going on here, but they claim its bitcoin mining. Anyways, I tried to reactivate this every four hours. I'm going to say I ran it an average of three times a day for two months.

    Stormgain express is also just a good old fashioned crypto exchange. You can put in money and trade. So bear that in mind - some people may want to use this as their primary trading app, and let the miner add a few pennies along the way. In fact, it claims it will mine faster if you deposit money. You can do this at your own risk - I never did, and can't vouch for the security of the app. I only ever used the free miner, and added no money of my own.

    Results: You can withdraw your money after you make $10 USDT, which took me about a month. Honestly, not bad for an I-don't-know-what-you're-actually-doing-app. Once you've withdrawn the money, you can turn them into put calls on a crypto of your choice. I used the app for a second month and only made $2. So I'm guessing it's an incentive to get you in for the first month, and then productivity seemed to plummet. I should also add that there are incentives for getting your friends to download and mine with you.

    Verdict for Stormgain: It's good for the first month.

    ​

    **Pi**

    What it is: An app where you log in everyday and click a button to 'mine digital currency.' You can do this once every 24 hours. Pi claims to be a crypto coin that will be 'launching soon.' In other words, I'm getting paid in a coin that hasn't dropped yet.

    Results: If Pi is a real coin that drops someday and becomes valuable, that's great, I've got lots. But I'm doubtful. I'm not sure what harm there is to "mining" every day, but the whole thing feels shady. The app claims that once the coin drops you won't be able to mine anymore so now is the time to do so. I'm not convinced Pi will ever materialize.

    For now, I've mined every day for almost 3 months and have made 136 pi. How much is this worth you ask? Nothing. Nada. Zilch. If you believe the developers are really developing something, go for it, I guess. I see no harm in this app (do your own research) I just don't see any benefit.

    Verdict for Pi: Not worth it.

    ​

    **Cointiply**

    What it is: It's both an app and a website that offers free Bitcoin hourly. All you have to do is log in and fill out a captcha and you are rewarded. I tried to check back in hourly for a month. I'm going to say I averaged 5-6 times per day.

    Results: After one month I have made 2,483 in-app coins, worth .00000762 BTC, or $0.25 USD. The minimal withdrawal amount is 50,000 coins (30,000 if you withdraw to DOGE). At this rate it will take me 20 months to make a withdrawal. In that time I will have earned approximately $5 USD, which will then be converted into whatever the price of BTC is at that time. That is, if this site actually pays out and isn't a scam. Anyone willing to wait 20 months to find out?

    Verdict for Cointiply: Not Worth it

    ​

    **Free Cypto/Faucet Apps**

    What it is: There's a bunch of these apps (I have an android but I assume iPhones are the same) that claim to offer free crypto and/or to be faucets. I downloaded several and they are all essentially the same. I ended up using one called 'Free Litecoin' for a month to see how it went. Every hour you can log in and hot a button that spins and decides if you won free coins or not. I played an average of 5-6 times per day for a month and would say I usually won once per day. You can watch ads to earn additional spins, which, if I'm not mistaken, increased my chances of winning. As far as I can tell, all of these apps (and there are many of them) are essentially the same. It's a randomized game that may or may not pay out every hour.

    Results: 'Free Litecoin' pays in Litoshi (the smallest unit of Litecoin). After one month I have made 14,855 Litoshi. You need 100,000 to withdraw. Bear in mind there are 100 million Litoshi on a litecoin. This means that at current trading value, I make approximately 29 cents Canadian each month in this app. It will take me more than 6 months to make a withdrawal, worth about $1.70 CAD. That is, assuming you actually can withdraw and this isn't just a scam.

    Verdict for Free Crypto Apps: Not Worth It

    EDIT: A lot of people asking why I didn't include either fill-surveys-for-crypto or pay-to-earn games on your phone. Quite simply because if something requires my time I didn't count it as "free." Might have to do another post in the future to include these, thank you for all the recommendations.

    submitted by /u/Llama_in_a_tux
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    Why Is Bitcoin Price Falling When Several South American Countries Embrace Its Revolution? Rumors of an FBI hack of Bitcoin are just FUD. Focus on the real signal.

    Posted: 08 Jun 2021 10:30 AM PDT

    Unless you believe crypto is over and going to zero, or you are wealthy and have bought all the crypto you will ever need, a bear market would be a good thing

    Posted: 08 Jun 2021 11:44 AM PDT

    If you got into crypto any time after January of 2021, you're probably in the red now, or barely in any profit. And this probably came at you right after seeing your portfolio at five times its initial value or higher, making the loss sting quite a bit.

    I don't know what's going to happen. Maybe the 64k bitcoin price was the bull market top and we're entering a long bear market cycle. Maybe the 64k price was just an intermediate top and we're in the middle of a short-term correction before the crypto market moons. Maybe something completely different than either of those happens.

    A lot of people feel regret. They wish they'd sold when the market hit the 64k bitcoin top, and maybe re-bought when the market dipped down to a 30k bitcoin. But the thing is, hardly anybody was actually planning to sell at 64k. Some were holding out for 100k, some were just planning to eternally hold their crypto for the next 10 years or longer regardless of what happens. Hardly anybody really missed their chance to take profit, because hardly anybody was actually going to sell.

    Unless you believe that crypto is over and done with, going to zero, and never coming back, the play to make is to hold all of that crypto you might have "missed" the opportunity to sell at the 64k top, and to buy more crypto while the market is down, whether this is a real full-on bear market or whether this is some shorter term correction.

    Because really, we don't want the market to moon. Not yet. Not unless you're already sitting on top of a mountain of crypto you've bought. Yes, it's psychologically fun to look at big numbers on the computer screen and feel like we're making money, but unless you currently own enough crypto to sell at the next price pump and never work again, wishing for a million dollar bitcoin right now is pointless. You can't retire by selling 0.01 BTC when the bitcoin price hits a million. That doesn't even buy you a new Civic.

    If Bitcoin hits a million dollars before you have lots and lots of crypto, you will have missed the boat. Again.

    Unless you think that crypto is completely over and going to zero, a down market should be exciting. This is the chance you either didn't have or didn't take during the last bear market to accumulate a lot of crypto that you could have sold off for massive amounts of never-work-again money when bitcoin spiked to anything over 20k this time around. This is the time where, while it's not an exciting sure thing to DCA your little bit of money into crypto each week or month because things aren't mooning, you're actually getting more crypto for your money so that when things moon later, you're much, much richer.

    If you believe crypto is not completely over and going to zero, the prospect of a 20k bitcoin again should make you excited, not sick. You should find yourself hoping it goes down farther. Because this your chance to spend the next however long the market is going to give us accumulating crypto, so that when things moon, you'll have a lot more of it to sell.

    Maybe we won't have very long this time because it's a temporary downturn and not a long bear market. Maybe you can't retire at the next price spike and have to wait for the bull market cycle after that one. That's fine. Unless you believe crypto is over and going to zero, if you just keep your day job and keep accumulating until you're sitting on a mountain of crypto, then when the market moons the next time, you can sell it all for a whole lot of never-work-again money.

    submitted by /u/Tritador
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    One of the world’s biggest web outages should act as a “wake-up call” that internet infrastructure has become dangerously over-centralised and lacks resilience, security experts have warned.

    Posted: 08 Jun 2021 03:15 PM PDT

    A luxury $22.5 million Miami penthouse was sold in the largest crypto real estate purchase to date

    Posted: 08 Jun 2021 04:45 PM PDT

    El Salvador to grant citizenship to anyone who invests at least 3 BTC in the Salvadoran economy

    Posted: 08 Jun 2021 11:21 PM PDT

    Misleading titles - Why “FBI acquired Darkside Hackers Private Keys” is false, and a detailed explanation of what actually happened

    Posted: 08 Jun 2021 11:12 PM PDT

    The most important thing to understand with this "hack" is the difference between dark side and the person who demanded the ransom. "Dark side" is a ransomware-as-a-service group. They charge 15% of the total ransom to design the code that their client (aka affiliate) will then use to install on tech (infrastructure / servers) and then reference to demand a ransom payment.

    Darkside's model is unique. Because they solely provide the code, they aren't at any risk themselves. They do not demand the ransom and have no contact with the victims. The affiliates are usually insiders or individuals who have access to the ransomed servers but who lack the technical sophistication to develop the code on their own.

    Key emphasis in this case is the lack of technical sophistication of the affiliate / ransomer.

    Dark side vets the affiliate - almost certainly by getting their full information so that dark side can make sure the affiliate pays them dark side's share of the ransom (15%) after it gets collected .

    The ransom was for 75 bitcoins. The FBI recovered 63.7.. which is exactly 85% of the ransom amount. The FBI didn't recover dark side's 15%, they only recovered the technologically illiterate affiliate's 85%... because the affiliate who demanded the ransom is an idiot. His only value was being in a position to install the ransomware.

    The fbi's warrant was for the northern district of California. That's the location of multiple CEX headquarters (binance, Coinbase has an office there, etc). It is apparent that the affiliate used one of these sites to try to fiat off ramp. You can see him moving his 85% of the funds to his own wallet. The wallet that received the BTC ransom is bc1qq2euq8pw950klpjcawuy4uj39ym43hs6cfsegq

    Dark side's 15% hasn't been recovered and won't be. Unlike the dude who hired them, they aren't idiots. They've actually publicly apologized for this ransom and have vowed to better vet future clients. (They have a low, but existent set of morals - no attacking schools, governments, hospitals, critical infrastructure, etc)

    Please ignore the media saying that the FBI hacked Bitcoin.. they didn't. They used a warrant (linked below) to gain access to the affiliate's funds on a centralized exchange. Remember - not your keys, not your coins. If the affiliate hadn't moved his share of the btc to a centralized exchange then the FBI wouldn't have been able to get them.

    There is significant misinformation out there about this. There are also people saying that this was a "false flag" attack... it wasn't. Again, you can view the wallet and the transactions on the block chain explorer.

    Most of the confusion in the media and on Twitter comes from the failure to differentiate Dark Side - the programming RaaS group - from the affiliate, who had no technical knowledge and suffered the consequence by losing his BTC by doing something stupid (moving it to a KYC'd CEX) after he had done something even stupider (ransomed a huge company). Confiscating this dude's crypto is significantly less impressive than if the FBI had gotten Dark Side's share... but the narrative has been set and it sounds a lot cooler to say that the FBI "hacked an elite group of Russian ransom ware hackers" ... but that isn't what happened. Not even remotely.

    Please spread the word, not just to all the media sources that are using this to condemn Bitcoin, but also to all the Bitcoin investors that are literally making shit up to try to "defend bitcoin." The latter are particularly harmful to the currency because their misinformation is just as false as the media's but they are seen as "speakers" for Bitcoin and are being caught in easily disprovable lies (no, dark side didn't give the money back.. no, there's no evidence that it was a false flag.. no, this doesn't mean that your non-SHA256 crypto will "moon"... no, the fbi doesn't have a quantum computer... no no no! If you don't know what happened then please just don't say anything!)

    *Sources: *

    Primary, a security firm that had been keeping tabs on dark side: http://www.elliptic.co/blog/us-authorities-seize-darkside

    Useful article on Dark Side's structure: https://www.fireeye.com/blog/threat-research/2021/05/shining-a-light-on-darkside-ransomware-operations.html

    Bitcoin wallet that received the ransom: https://www.blockchain.com/btc/address/bc1qq2euq8pw950klpjcawuy4uj39ym43hs6cfsegq

    FBI affidavit explaining the sequence of events: https://storage.courtlistener.com/recap/gov.uscourts.cand.379840/gov.uscourts.cand.379840.1.0.pdf

    submitted by /u/rook785
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    El Salvador President: Crypto must be accepted by every economic agent

    Posted: 08 Jun 2021 07:34 PM PDT

    Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation. Latin American is going to the moon

    Posted: 08 Jun 2021 04:44 PM PDT

    Panama Follows El Salvador’s Lead, Next Crypto Nation

    Posted: 09 Jun 2021 12:27 AM PDT

    El Salvador Bitcoin Law Making BTC Legal Tender Passes With Supermajority

    Posted: 09 Jun 2021 12:32 AM PDT

    Algorand

    Posted: 08 Jun 2021 05:05 PM PDT

    I was curious what people's opinion of Algorand is. I have read up on it. It seems really legit. It has great support and seems well thought out. Just the people behind it give it so much credit.

    The only negative I've heard is it has inflationary tokenomics.

    Am I missing something as to why it isn't very popular? Please try to answer with only factual, not emotional or biased, responses.

    Thank you!

    submitted by /u/Ian11dy
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    Just a Reminder It Is Free To Be Friendly

    Posted: 08 Jun 2021 09:39 PM PDT

    Just wanted to put out there for the community even with all the FUD out there and negativity sweeping the markets, how we react to each other here is within our control.

    Give people a longer leash and cut some people some slack. We are all on the right side of technology so this is no downtown we can not HODL through.

    submitted by /u/PetitBateau_BigWave
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