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    Cryptocurrency Daily Discussion - July 12, 2021 (GMT+0)

    July 12, 2021

    Cryptocurrency Daily Discussion - July 12, 2021 (GMT+0)

    Daily Discussion - July 12, 2021 (GMT+0)

    Posted: 11 Jul 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 The prior exemption for karma and age requirements is no longer in effect.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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    Politicians probably aren't fond of crypto because we could track where our taxes go.

    Posted: 11 Jul 2021 07:36 PM PDT

    This is just a thought, I'm not saying I am correct at all.

    But politicians probably aren't (or won't be) keen on adopting crypto because all transactions can be tracked. If we pay taxes in crypto, we can see exactly where it goes. And the government (referring to American) obviously isn't very transparent nor do they want to be.

    Seeing where our taxes go exactly will be liberating. But, obviously, there are some issues. Like lobbying, donations to politicians, etc.

    But who knows, maybe it will be a step in the right direction.

    submitted by /u/imadumbshit69
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    I own a small business and just started accepting cryptocurrency. MAKING BANK!!!!

    Posted: 11 Jul 2021 01:04 PM PDT

    Hey all! I've been thinking about doing this for a while now but was hesitant because of the volatility of cryptos. I took the leap and now my local Southern restaurant accepts crypto's!

    I have been blown away by the number of people that opt to buy with cryptocurrencys. I have been encouraging other local businesses to do the same.

    I have increased sales in the last two months by 37% from this. Some kids walked by and saw my sign out front that says I accept bitcoin and said, " fuck Chick-fil-A let's eat here"

    Cryptocurrency isn't going anywhere. If you are a business owner I highly encourage you to get on the rocket

    Edit: Way too many questions to answer but to those wondering how I accept payments, we use bit pay and coin base commerce, Also I have two managers that are great at crypto's and have worked with customers on accepting other coins that aren't on these platforms Yes, transaction fees on bitcoin are high but still worth the boost in sales. 37% might be hard to believe, I know, but it's true and may just be initial excitement from my city. As far as I know I am the first that is doing this in my area. Thanks for the support everyone!

    submitted by /u/harleighey11
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    Coinbase CEO: We plan to list every crypto asset where legally viable

    Posted: 11 Jul 2021 05:53 PM PDT

    Experience in incesting matters

    Posted: 11 Jul 2021 05:11 AM PDT

    Before I began investing, I read a lot about the market. Bear markets, bull markets, technical analysis and fundamental analysis were all on my reading list.

    I invested my money at a point I thought was good (mistake, I should've DCA'd) and let it sit.

    I now see my mistake. But more importantly, I see why I learned from it. If I had put a smaller sum down, I would have learned the exact same lesson, but still had money to put in while the market moves sideways.

    My takeaway from this is that you should definitely DCA slowly if your a first year crypto investor. Trust this advice from somebody who bought at the top.

    Edit: What have I done

    submitted by /u/decopper
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    Unpopular opinion: You SHOULD talk about crypto with friends and family

    Posted: 12 Jul 2021 12:16 AM PDT

    Do you understand what you have invested in? Yes? Do you believe in it? Yes? Then it should not be a problem talking about it.

    Have you invested less than you can afford to lose? Yes? Then it should not be a problem talking about it.

    You want adoption? Then talking about it is part of the process, it gives it credibility.

    Now stop gambling.

    submitted by /u/done8989
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    North American Bitcoin mining company Hut 8 has purchased 11,090 mining rigs for $44 million to complement an earlier purchase of 863 machines

    Posted: 11 Jul 2021 06:41 PM PDT

    The Notorious Bunny Ranch Brothel Now Accepts Bitcoin

    Posted: 11 Jul 2021 04:36 PM PDT

    How much $ is enough for you?

    Posted: 12 Jul 2021 12:25 AM PDT

    In your mind, how much money would it take for you to be fully satisfied?

    Of course this number will be different for everyone, and money doesn't buy happiness, but I like hypotheticals.

    $10M is my number.

    I believe everything over $10M doesn't give you access to TOO many new things as far as lifestyle goes.

    What would your number be?

    submitted by /u/EthereumDream
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    CEO of Razer Considering Accepting Cryptocurrencies as Payment

    Posted: 11 Jul 2021 12:53 PM PDT

    I bought $1k of the Top 10 Cryptos on January 1st, 2019 (JUNE Update/Month 30) UP +341%

    Posted: 12 Jul 2021 02:39 AM PDT

    I bought $1k of the Top 10 Cryptos on January 1st, 2019 (JUNE Update/Month 30) UP +341%

    EXPERIMENT - Tracking 2019 Top Ten Cryptocurrencies – Month Thirty - UP +341%

    The full blog post with all the tables is here.

    Welcome! This is the monthly report for my homemade 2019 Top Ten Crypto Index Fund. This group contains BTC, XRP, ETH, BCH, EOS, XLM, USDT, LTC, BSV, and Tron.

    ---> MOON DROP! What do you like to do with your free from r/CryptoCurrency Moons? I like to give some away, even if penalized: 45 Moons to the first person to name the artist and title of the hidden song in this post AND share your favorite crypto of the moment.

    Why 45? It's my way to try to encourage Special Membership: right this second, MOONS ARE MOONING, $0.11! 45 are worth about $5 (45*.11), enough to treat yourself and the community to a month of r/CryptoCurrency special membership! (If you've already won this month, be cool: give it to someone else, please).

    tl;dr:

    • What's this all about? I purchased $100 of each of Top 10 Cryptos in Jan. 2018, haven't sold or traded, reporting monthly for over 3.5 years. Did the same in 2019, 2020, and 2021. Learn more about the history, rules, and FAQs of the Experiments (including the answer to the "WHY TETHER?!?!" question) here.
    • June Winners and Losers - Winners? :( Tether again. Biggest Loser: EOS.
    • Overall since Jan. 2019 - ETH nearly doubling return of second place BTC. Top Ten portfolio up +341% (vs. S&P's +72%), all coins in the green. EOS worst performing.
    • 2018+2019+2020+2021 Combined Top Ten Portfolios are returning 248%.

    Month Thirty – UP 341%

    2019 Top Ten Crypto Portfolio Summary - another tough month but doing well overall

    While not quite as bad as last month, June was still very bloody for the 2019 Top Ten. Despite a rough couple of months (May was all-red as well), the 2019 Top Ten Crypto Index Fund portfolio is up +341% since its inception.

    June Movement Report, Ranking, and Dropouts

    Not a ton of movement this month for the 2019 Top Ten Portfolio:

    Ups:

    • BSV – up 3 places (#34–>#31)
    • Bitcoin Cash – up one place (#13–>#12)

    Downs:

    • Tron – down one place (#24–>#25)
    • EOS – down 4 places (#23–>#27)
    • Stellar – down 5 places (#16–>#21) and now out of the Top Twenty

    2019 Top Ten Rank - 60% have fallen out of the Top Ten

    Top Ten dropouts since January 2019: After thirty months, 60% of the cryptos that started in the Top Ten in January 2019 have been knocked out. EOS, Litecoin, BSV, Stellar, Bitcoin Cash, and Tron have been replaced by Binance Coin, Doge, Cardano, UNI, USDC, and Polkadot.

    Although it gained some ground in June, BSV is the only one of the 2019 Top Ten cryptos that has dropped out of the Top Thirty.

    June Winners and Losers

    June Winners – Besides Tether, Bitcoin had the least bad month, finishing June down -9%.

    June Losers – down -38% in June, EOS was handed its first monthly loss since the 2019 Experiment began thirty months ago. Close behind, Stellar is the second worst performer of June, down -37%.

    Tally of Monthly Winners and Losers

    Which crypto holds the most wins or losses over the life of the project? Here's a snapshot of the winners and losers over the first thirty months of the 2019 Top Ten Experiment:

    2019 Top Ten Ws and Ls - first monthly loss for EOS

    By a large margin, Tether still has the greatest number of monthly victories (9) followed by BTC with five. In other words, 30% of the time (nine times out of thirty months) every crypto in the 2019 Top Ten Portfolio has finished the month in the red.

    Every crypto has won at least one month since January 2019. After thirty months, EOS notched its first monthly loss in June.

    Overall Update – ETH still way ahead, all cryptos in positive territory, EOS worst performing

    Have a time machine? Go back to the start of the 2019 Experiment and pick yourself up some Ethereum. ETH is easily the best performer of this group and has nearly doubled the return of BTC (1,438% vs 784%) as of this report.

    The $100 investment into first place ETH on January 1st, 2019 is currently worth $1,579. Not bad.

    After thirty months, 100% of the cryptos in the 2019 Top Ten Portfolio are in positive territory. Not counting stablecoin Tether, the worst performing crypto is EOS, which is still up +55%.

    Although the 2019 Top Ten Portfolio is up an impressive +341%, it is still second place behind the best performing of the four Experiments: the 2020 Top Ten is up +469%.

    Total Market Cap for the Entire Cryptocurrency Sector:

    Total Market cap +982% since Jan 2019

    The entire cryptocurrency sector is up +982% since January 2019. That's still well behind first place ETH (+1,438%) but much better than the rest of the cryptos (including second place Bitcoin's +784%) and much, much better than the Top Ten approach.

    After reaching $2T a few months ago, the total market cap lost $265 billion in June. In terms of crypto market cap value, we're back near where we were in February.

    Bitcoin Dominance:

    A bounce in BitDom in June

    A bounce in June helped lift the BitDom from last month's 2019 Top Ten Index Fund Experiment record low. For context, the table above shows the progression over the last thirty months with BTC domination ranging between 42% last month to a 70% high way back in August of 2019.

    If you're curious as to what happened last time Bitcoin Dominance fell into the low 40s and 30s, check out the 2018 Top Ten Experiment.

    Overall return on $1,000 investment since January 1st, 2019:

    2019 Top Ten Portfolio ROI

    The 2019 Top Ten Cryptos Portfolio lost $1,180 in June. A big drop, but not quite as bad as the $1933 it lost in May. After thirty months the value of the initial $1000 investment is $4,414, up +341%. The 2019 Portfolio is back to where it was in February 2021.

    Here's a table summarizing the monthly ROI over the life of the 2019 Top Ten Index Fund experiment, which provides a pretty good sense of the journey to this point:

    2019 Top Ten ROI Summary

    Fairly steady upward movements punctuated by some very big dips. During the Zombie Apocalypse, for example, the 2019 Top Ten Portfolio was returning only +6%.

    At +341%, the 2019 Top Ten Portfolio is the second best performing out of the four Experiments. First place is the 2020 Top Ten group of cryptos, up +469% as of this report.

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

    Speaking of other Top Ten Portfolios, let's put them all together now:

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

    After a $4,000 investment in the 2018, 2019, 2020, and 2021 Top Ten Cryptocurrencies, the combined portfolios are worth $13,931 ($989 + $4,414 + $5,688 + $2,840).

    That's up +248% on the combined portfolio. Two big monthly drops in a row: the combined portfolios are back to where they were in February.

    Here's a table to help visualize the progress of the combined portfolios:

    https://preview.redd.it/sp1vcx4r3ra71.jpg?width=380&format=pjpg&auto=webp&s=d3840eaadbd017ce6261bc702540f195f3d8de0f

    In summary: That's an +248% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for four straight years.

    Top Ten Index vs. Top Five Index

    Inspired by a suggestion from one of our blog readers, let's take a look at how the 2019 Top Ten approach would compare to a hypothetical Top Five Index.

    A Top Five 2019 Index would mean investing $200 into BTC, XRP, ETH, BCH, and EOS.

    Much better ROI by sticking to the Top Five

    After thirty months, a Top Five Index would be worth $6,260, returning 526%. That's compared to the $4,414 (+341%) returns of the 2019 Top Ten.

    Once again, it is very clear that going with the five largest caps on January 1st, 2019 would have been the much better approach.

    Alright, that's crypto. How does crypto compare to the stock market?

    Comparison to S&P 500:

    I'm also tracking the S&P 500 as part of the experiments to have a comparison point with traditional markets. A solid month for the stock market and yet another all time high for the S&P:

    Month S&P levels since Jan. 2019

    Because the S&P 500 Index is up 71% since January 2019, the initial $1k investment I put into crypto 2.5 years ago would be worth $1,720 had it been redirected to the S&P 500 in January 2019.

    Even though an extremely solid return for traditional markets, that +72% return is nearly two hundred and seventy percentage points behind the return of the 2019 Top Ten Portfolio over the same time period.

    But what if I took the same world's-slowest-dollar-cost-averaging $1,000-per-year-on-January-1st-Crypto-Index-Fund-Experiment approach with the S&P 500? It would yield the following:

    • $1000 investment in S&P 500 on January 1st, 2018 = $1620 today
    • $1000 investment in S&P 500 on January 1st, 2019 = $1720 today
    • $1000 investment in S&P 500 on January 1st, 2020 = $1340 today
    • $1000 investment in S&P 500 on January 1st, 2021 = $1150 today

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

    After four $1,000 investments into an S&P 500 index fund in January 2018, 2019, 2020, and 2021, my portfolio would be worth $5,830 ($1,620 + $1,720 + $1,340 + $1,150)

    That is up +46% since January 2018 compared to a +248% gain of the combined Top Ten Crypto Experiment Portfolios, a difference of over 200 percentage points in favor of crypto.

    Here's a table providing an overview of the four year ROI comparison between a Top Ten Crypto approach and the S&P:

    Crypto vs. S&P: crypto still with a healthy lead

    That's a nine month streak and a 202% lead for crypto, about the same as a few months ago in February.

    Conclusion:

    Two straight red months, where do we go from here? Are the crypto bears or the crypto bulls right? No one knows: anyone who says they do is selling you something. Hopefully these numbers help provide a bit of perspective as you, dear reader, are trying to make an informed decision. Gosh, crypto can be nuts: if you do decide to jump in, buckle up and enjoy the ride.

    To both old-timers and newcomers: thanks so much for taking the time to read and for supporting the Top Ten Crypto Index Fund Experiments. I hope you find the updates helpful in terms of perspective as you navigate this strange and exciting crypto landscape.

    Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects tracking the Top Ten cryptos as of January 1st, 2018 (the OG experiment), January 1st, 2020, and most recently, January 1st, 2021.

    submitted by /u/Joe-M-4
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    Is this an echo chamber?

    Posted: 11 Jul 2021 11:34 PM PDT

    What in the shit is going on here. I have read 15 post about how moons are at or above .10 i love this community, i left the dogecoin r/doge because of the sillyness, i would hate to see this sub travel down that path. We love moons we get it. Calm down lol

    submitted by /u/doubledoppelganger
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    Goal: $300k crypto....

    Posted: 11 Jul 2021 11:51 PM PDT

    Roughly 5 years salary post tax... if I save as much $ as I can.... $300k crypto will earn about $1500 a month in passive income....

    That's enough to live a good lifestyle in Vietnam or Thailand or Mexico or some other LCOL place

    That's the dream at least....

    What is your crypto goal?

    submitted by /u/draxxthemsklounts
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    Stone-Age Bureaucracy by Dinosaur aged Politicians Is Holding Back America’s Cryptocurrency Future

    Posted: 11 Jul 2021 05:40 PM PDT

    What is your best argument(s) against crypto?

    Posted: 11 Jul 2021 04:20 PM PDT

    Before you say anything, i'm a loyal HODLer of a majority of coins.

    I know we like to talk about the positives in here, and yes, i love to hear about crypto adoption and good news! But i also believe we will know crypto better if we know its weaknesses.

    Lets argue about a problem we currently have, or a problem you think we may have later on.

    Heck, maybe the arguments will lead you to your next crypto inv(c)estment

    submitted by /u/frankthedank123
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    It's Easy to dismiss Moons as some sort of degenerate token because it's free. But Don't.

    Posted: 11 Jul 2021 08:43 PM PDT

    I know how shitposts can get. Idiot shilling them on pure speculation, or minute facts about reddit coins, and main net followed by comment farming spam Moons to the moon 🚀, that's why I'm holding

    Really, you can find this for every crypto.

    There's a cult for every crypto that operates off...

    • gut feelings
    • redneck foresight
    • memes
    • and 1 dimensional ama's about going Lambo.

    Here's the truth about moons right now.

    Reddit

    Has Actually gone through some great lengths to implement this moon thingy. so don't dismiss it as another fly by nighter suspect to pump and dumps.

    Gas fees

    Has anyone ever wondered why there is no gas fees?

    Including distributions, there easily been 200,000 transactions involving moons between vaults.

    At $5 average gas on the ETH network. Reddit is gladly covering your gas fees. Nobody ever mentions this part for some reason. They are hooking us up a little here for participating in their test net.

    Mods

    Going through great lengths as well with proposals, wallet stats, distributions etc etc. And question about moons. Wow. Everyone is asking questions.

    This isn't a no name scam devs operating from a shell in Madagascar. You can expect transparency.

    Unclaimed moons

    There is also still unclaimed distributions. Supposedly 40 Million moons are going to be lost in the wind. Forever. According to x amount of mods.

    Mainnet

    When they do go main net, your moons will vanish, but you will be able to reclaim them for the new token.

    So reddit is keeping it's promise for everyone here.

    incentive based platforms.

    How do they do in the crypto space both traditionally, and presently ?

    Pretty good actually. Recently theta took the spot light.

    Steem is still ticking too. 1.5M users is still action enough to hold a $180M MCAP, and $500M during this recent Bullrun.

    R/cryptocurrency is currently more active than steemit. We gained well over 1M users in the past 5 Months.

    We are not even on main net yet. With 40M potentially lost forever moons, we are sitting on a 1.2M Mcap. This is stupid low for a growing incentive based platform. Where do you think this MCAP will go with 20M users? Down?

    platform

    The more the platform is popular, and continues to back up the token, the more attractive it looks to outside investors not on Reddit. This is how steem grew, and reddit holds 10% of the worlds population that has access to the internet.

    This is a win win opportunity. You get it free for being active, and your gas fees between wallets are free.

    Show some respect for what you're looking at, and it's potential. Give credit where credit is do.

    submitted by /u/JuicySpark
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    Addresses Holding Over 100K BTC Hits 27-Month High as Bitcoin climbs over $34,000

    Posted: 11 Jul 2021 08:58 PM PDT

    Visa and 50 Crypto Platforms to Enable Cryptocurrency Payments at 70 Million Merchants

    Posted: 11 Jul 2021 12:20 PM PDT

    Study Finds Teaching Children About Investing Early On Can Lead to Better Financial Success: Crypto Has an Amazing Opportunity to Teach Children How Money Works

    Posted: 11 Jul 2021 06:22 PM PDT

    Coffeezilla coming out with another video calling out celebrity/influencer crypto scammers. This time its Logan Paul!

    Posted: 11 Jul 2021 07:06 PM PDT

    For those of you who live in rich countries, imagine what crypto can do for those who aren’t as fortunate.

    Posted: 11 Jul 2021 05:37 PM PDT

    For those living in first world countries, crypto does not have a huge benefit over fiat for everyday transactions. Sorry, but it's true.

    In third world countries on the other hand, it can be massively beneficial. In Canada where I live, there are lots of migrant workers who come over here to farm and send money back to their families. They usually do this through international bank transfers which have high fees and take a long time. Crypto can cross borders within seconds, for next to no fees.

    This is only one of the benefits for those who are less fortunate. Use this point next time someone calls crypto useless, because it proves how small minded of a point that is.

    submitted by /u/roberthonker
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    Reminder: Set up Google Authenticator on all of your platforms to prevent your precious crypto from being stolen

    Posted: 11 Jul 2021 07:54 PM PDT

    You should be using Google Authenticator for Two-Factor Authentication on all of your crypto platforms. It is very important that you use Google Authenticator instead of SMS Authentication. The reason for this is that scammers can perform a SIM swap to gain access to your phone number and therefore your authenticator codes if you use SMS. There are plenty of horror stories of people losing thousands because of this.

    This is a very easy step that many people overlook, it could potentially be the difference between keeping your crypto safe and losing it all.

    submitted by /u/roberthonker
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    People in places like the U.S or E.U have a huge advantage. Take it.

    Posted: 11 Jul 2021 04:51 PM PDT

    It just hit me while I was in the shower, I currently live in the U.S but was born in a third world country. Living in a country like this one allows me to invest every week what my dad makes in a whole month. And I only put in an amount that I'm willing to lose. Crazy. Hell, even by just putting $20 a week you're probably investing way more than the average person in other parts of the world. If you're privileged, or lucky, enough to live in one of these countries take advantage of this golden opportunity!!

    submitted by /u/dwniell
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    Robbers tortured a man with a drill to steal his cryptocurrency

    Posted: 11 Jul 2021 12:22 PM PDT

    If you don't understand crypto, this lovely grandpa explains it to you

    Posted: 12 Jul 2021 12:03 AM PDT

    Satoshi Nakamoto is Satoshi Nakamoto and nobody else

    Posted: 12 Jul 2021 01:43 AM PDT

    Since the creation of the bitcoin, a lot of guys tried to tell that they "are" Satoshi or even are being involved in the crypto development. Recently even the Bogdanoff brothers told they were involved in the creation of the bitcoin. All these affirmations are fake ! Craig Wright too is totally not Satoshi !

    Satoshi is the only creator and we will never know who he is or even if it's one or more guys ! The others who helped him, were the developers and the first miners !

    Like Hal Finney who received the first ever transaction of 10 btc from Satoshi Nakamoto himself!

    Like pizza guy aka Laszlo Hanyecz who was the first to try to pay with bitcoin !

    And some others guys like Gavin Andresen, the first developer who became the lead developer appointed by Satoshi himself ! Or even Wei Dai (creator of b-money before btc) and Nick Szabo (bit gold before btc too).

    There are some other guys who helped and you can find it on wikipedia. But when someone try to convince others that he is Satoshi or whatever like this, he isn't! This is only for the recognition and this is fake.

    Satoshi didn't want any recognition, he only wanted to create the bitcoin, and he was successful and choose to disappear after !

    Thank you Satoshi, who and where you are !

    submitted by /u/waughandy
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