Cryptocurrency Daily Discussion - July 15, 2021 (GMT+0) |
- Daily Discussion - July 15, 2021 (GMT+0)
- New Moons Are Ready! (Round 15)
- Moons are a shitcoin.
- The co-creator of dogecoin explains why he doesn’t plan to return to crypto: It’s ‘controlled by a powerful cartel of wealthy figures’
- I feel like this is an unpopular opinion, we are not in a bull run anymore. Not for now at least.
- You have $5k right this second and can buy one coin, what is it?
- FaZe Clan exposed for promoting another Crypto Scam, sending Cease and Desist Letter to Journalist
- Official announcement by Ethereum org: London upgrade is now ready to be activated on the Ethereum mainnet. It is is expected between August 3-5
- Are bots moon farming?
- Almost exactly 10 years ago, proof of stake was invented by an anonymous person on the bitcointalk forum
- Ethereum Network on Pace to Settle $8 Trillion in 2021
- What’s your “hidden gem” crypto investment?
- LOL: Powell says a Fed digital currency could undercut need for private cryptocurrencies. Nah, your shenanigans is the SOLE REASON for Cryptocurrencies to be born, and continue to gain value.
- A write-up of my favourite methods for passive income / free crypto!
- Vitalik Buterin Is Involved in a New Documentary About Ethereum
- Found a chat log from 2011 with people joking and discussing who Satoshi Nakamoto might be, some of them where in email contact with Satoshi.
- Thought I had a great idea for a service I could provide and accept crypto as payment for, didn't consider a pretty big fault in the plan...
- A-Z Crypto Terms List
- 5 NFT platforms that are more than just 'digital collectibles'
- Las Vegas Strip Club Now Accepts Bitcoin Payments Over the Lightning Network
- “Could there be a $50,000 bitcoin” Reddit post from 7 years ago when one bitcoin was worth $500.
- My experience with crypto games (Focus on ROI)
- Let's try something a little different. What is the biggest problem of your favorite coin?
- The Coinbase etymology and Satoshi's message on the Bitcoin blockchain
- Whales have Started Accumulating Bitcoin again after Drop to near $30,000
- [Crypo Newsletter] I sift through ungodly amounts of cryptocurrency content and compile a quick & easy summary of the best headlines. Issue #3 is here! Here's this week's list:
| Daily Discussion - July 15, 2021 (GMT+0) Posted: 14 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:
Useful Links:
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| New Moons Are Ready! (Round 15) Posted: 14 Jul 2021 03:34 PM PDT Update (7-14-2021): This poll that passed successfully has been implemented starting with this distribution. Other polls that are still open for voting will be implemented in the next distribution. ** The next distribution of Moons is ready. You can claim your Moons through the Vault in the Reddit mobile app (iOS/Android). Moons are r/CryptoCurrency's form of Community Points, a way for users to be rewarded for their contributions to the subreddit, and they can be used on premium features in the community. This distribution is based on karma earned from 2021-06-09 to 2021-07-06. Here is the finalized list, with contribution scores signed by Reddit (users with no signatures yet do not have a registered Vault. They will be able to claim their Moons when they create their Vault through the Reddit app). [link] [comments]  | ||
| Posted: 15 Jul 2021 12:31 AM PDT moons are a shitcoin
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| Posted: 14 Jul 2021 02:32 PM PDT
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| I feel like this is an unpopular opinion, we are not in a bull run anymore. Not for now at least. Posted: 14 Jul 2021 06:37 PM PDT The definition of a bull run is a period of time in which asset prices are rising. Bear run is when assets are declining in value. We have crashed 50%. Bitcoins been in the 30k range since May. 2 months at down 50% is the opposite of a bull run. I see so many posts saying "at the end of this bull run" and hear tons of youtubers saying it too. We aren't in a bull run, this is bear territory. When we start seeing serious increases we can say we are on a bull run. There's nothing wrong with going bull to bear and back to bull. It's just the way it goes. A 2 month lull that's down 50% is called a bear run, not just another part of a bull run. Can't call everything a bull run lol. I feel like this is an unpopular opinion cause I see so many people saying we are still in a bull run and it's going to last til next year or whatever. February to May was the bull run. May to current is a bear run. More bull runs on the way. But this is not it. [link] [comments]  | ||
| You have $5k right this second and can buy one coin, what is it? Posted: 14 Jul 2021 10:34 PM PDT I'm thinking of dropping a few grand into a coin but I'm trying to weigh them all out for a couple of factors. I plan to HODL until at least 2022 as I believe this lul is soon to be over. So while I hold I want to stake. But not locked in, just in case any ridiculous price action happens I'd like to be able to sell quick. So what shows the most potential for growth, has good staking abilities and is not a moonshot shit coin? I already have a few of those I'm rolling the dice on. Right now my most tempting option is ADA. But ETH sounds tempting too if it hit 10k that'd be 5x. XRP is very tempting but I don't think it can be staked, and is really dependent on that silly lawsuit, I feel there's an unprecedented pent up price long built into it that will spring. Heck, part of me suspects that the bear trot we're in right now will be dramatically reversed once XRP settles and explodes. Maybe I should get XRP for a month just in case.. If ti jumps but the market doesn't, then I can just put moar into ADA [link] [comments]  | ||
| FaZe Clan exposed for promoting another Crypto Scam, sending Cease and Desist Letter to Journalist Posted: 14 Jul 2021 05:20 PM PDT
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| Posted: 15 Jul 2021 02:30 AM PDT
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| Posted: 14 Jul 2021 11:26 PM PDT I see so many amazing educational or constructive posts getting 10 or maybe 100 upvotes and then stupid news articles reposted a hundred times getting thousands of upvotes! I can't be the only one seeing this? I guess this will get downvoted into oblivion by the bots 😕 [link] [comments]  | ||
| Posted: 15 Jul 2021 03:08 AM PDT A used going by the name QuantumMechanic made a post in 2011 called "Proof of stake instead of proof of work" where he introduced the world to a new concept he called PoS. Everything else is history, except he never got the credits for it. I will link hist post and paste it down below so you can read it. Post: https://bitcointalk.org/index.php?topic=27787.0 What he wrote:
It just amazes me that the concept of a technology that powers some of the best blockchains imo was invented by a random user of a bitcoin forum. Well, I guess that was the time before maxis were a thing [link] [comments]  | ||
| Ethereum Network on Pace to Settle $8 Trillion in 2021 Posted: 14 Jul 2021 11:02 PM PDT
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| What’s your “hidden gem” crypto investment? Posted: 14 Jul 2021 09:08 PM PDT The title pretty much sums it up. What's a project that you're invested in that hasn't gotten the marketing or publicity that it deserves yet? No shitcoins. Only altcoins with use-cases/utilities. Mine would probably be AMP. It's my smallest investment out of my crypto holdings, but I don't think the broader crypto market has caught on to it yet. What about you guys? Edit: I didn't expect this post to get flooded with this many responses. I'll do my best to respond to you guys! [link] [comments]  | ||
| Posted: 14 Jul 2021 10:55 PM PDT
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| A write-up of my favourite methods for passive income / free crypto! Posted: 14 Jul 2021 02:27 PM PDT
I will update this list, so feel free to post your suggestions and experiences! :) EDIT: Thanks for all the suggestions, you guys are awesome! [link] [comments]  | ||
| Vitalik Buterin Is Involved in a New Documentary About Ethereum Posted: 14 Jul 2021 03:17 PM PDT
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| Posted: 14 Jul 2021 03:24 PM PDT Don't ask how I found it, I went down a deep deep rabbit hole, but I think the chat log is really interesting to look at. Some of them are even joking about "what are going to be the wildest conspiracy theories about Satoshi Nakamoto in the future", which is especially poignant today with all of the Craig Wright bullshit. Here is the forum link: https://web.archive.org/web/20110822152220/http://bitcoinstats.com/irc/bitcoin-dev/logs/2011/04/26/6 The most interesting quote to me is:
This quote was made by Gavin Andresen, who was verifiably involved in Bitcoin in the extremely early days. There's no real point to this post, just thought it was very cool seeing a chat log from 2011, debating the exact same things that we do in 2021 about Satoshi Nakamoto, it's an interesting read. :) [link] [comments]  | ||
| Posted: 14 Jul 2021 12:14 PM PDT
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| Posted: 15 Jul 2021 03:28 AM PDT •Altcoins Bitcoin was the first and is the most successful of all the cryptocurrencies. All the other coins are grouped together under the category of altcoins. Ethereum, for example, is an altcoin, as is Ripple. •Airdrop This is a marketing campaign that refers to the expedited distribution of a cryptocurrency through a population of people. It usually occurs when the creator of a cryptocurrency provides its coin to low-ranked traders or existing community members in order to build their use and popularity. They are usually given away for free or in exchange for simple tasks like sharing news of the coin with friends. •All Time High The highest price ever achieved by a cryptocurrency. •All Time Low The lowest price ever achieved by a cryptocurrency. •AML or Anti-Money Laundering These are a set of international laws that hope to prevent criminal organizations or individuals from laundering money through cryptocurrencies into real-world cash. •Application Specific Integrated Circuit A piece of computer hardware – similar to a graphics card or a CPU – that has been designed specifically to mine cryptocurrency. They are built specifically to solve hashing problems efficiently. •Arbitrage There are multiple exchanges at any given time trading in the same cryptocurrency, and they can do so at different rates. Arbitrage is the act of buying from one exchange and then selling it to the next exchange if there is a margin between the two that is profitable. •Algorithm Mathematic instructions coded into and implemented by computer software in order to produce a desired outcome. •Cipher The name given to the algorithm that encrypts and decrypts information. •Circulating Supply The total number of coins in a cryptocurrency that are in the publicly tradable space is considered the circulating supply. Some coins can be locked, reserved or burned, therefore unavailable to public trading. •Cold Storage Another term used for a paper wallet (see below). •Confirmed When a transaction has been confirmed, it means it has been approved by the network and permanently appended to the blockchain. •Consensus When a transaction is made, all nodes on the network verify that it is valid on the blockchain, and if so, they have a consensus. •Consensus Process Refers to those nodes that are responsible for maintaining the blockchain ledger so that a consensus can be reached when a transaction is made. •Consortium blockchain A privately owned and operated, yet publicly transparent, blockchain. •Cryptocurrency A form of money that exists as encrypted, digital information. Operating independently of any banks, a cryptocurrency uses sophisticated mathematics to regulate the creation and transfer of funds between entities. •ASIC Acronym for "Application Specific Integrated Circuit" •ATH Acronym for "All Time High" •ATL Acronym for "All Time Low" •Bag If you have a large quantity of units in a certain cryptocurrency, you'd have a bag of them. •Bear/Bearish If the price of a cryptocurrency has a negative price movement. •Bear Trap This is a trick played by a group of traders aimed at manipulating the price of a cryptocurrency. The bear trap is set by this group all selling their cryptocurrency at the same time, which bluffs the market into thinking there is a drop incoming. As a result, other traders sell their assets, further driving the price down. Those who set the trap then release it, buying back their assets, which are now at a lower price. The overall price then rebounds, allowing them to make a profit. •Bitcoin The very first cryptocurrency. It was created in 2008 by an individual or group of individuals operating under the name Satoshi Nakamoto. It was intended to be a peer-to-peer, decentralized electronic cash system. •Block The blockchain is made up of blocks. Each block holds a historical database of all cryptocurrency transactions made until the block is full. It's a permanent record, like a bag of data that can be opened and viewed at any time. •Block Explorer An online tool for exploring the blockchain of a cryptocurrency, where you can watch and follow, live, all the transactions happening on the blockchain. Block explorers can serve as blockchain analysis and provide information such as total network hash rate, coin supply, transaction growth, etc. •Block Height Refers to the number of blocks connected in the blockchain. For example, Height 0 would be the very first block, which is also called the genesis block. •Block Reward A form of incentive for the miner who successfully calculates the hash (verification) in a block. Verification of transactions on the blockchain generates new coins in the process, and the miner is rewarded with a portion of these. •Blockchain The blockchain is a digital ledger of all the transactions ever made in a particular cryptocurrency. It's comprised of individual blocks (see definition above) that are chained to each other through a cryptographic signature. Each time a block's capacity is reached, a new block is added to the chain. The blockchain is repeatedly copied and saved onto thousands of computers all around the world, and it must always match each copy. As there is no master copy stored in one location, it's considered decentralized. **•BTFD Acronym for "Buy The Fucking Dip"** •Bull/Bullish If the price of a cryptocurrency has a positive price movement. •Burned If a coin in any particular cryptocurrency has been made unspendable, it is said to be burned. •Buy the Fucking Dip A less-than-savory phrase used when you're (enthusiastically) telling someone a currency has dipped to a low value and should be bought. •Buy Wall When a large limit order has been placed to buy when a cryptocurrency reaches a certain value, then that is a buy wall. This can prevent a cryptocurrency from falling below that value, as demand will likely outstrip supply when the order is executed. •CAP Shorthand for market capitalization (see definition below) •Central Ledger When a single entity has control of all financial records, it is considered to be a central ledger. This is how banks operate. •Chain Linking Each cryptocurrency has its own blockchain – the digital ledger that stores all transaction records. Chain linking is the process that occurs if you transfer one cryptocurrency to another. This requires the transaction to be lodged in two separate blockchains, so they must link together to achieve the goal. •Cryptographic Hash Function This process happens on a node and involves converting an input – such as a transaction – into a fixed, encrypted alphanumeric string that registers its place in the blockchain. This conversion is controlled by a hashing algorithm, which is different for each cryptocurrency. •Cryptography The process of encrypting and decrypting information. •Decentralized Application A computer program that utilizes a blockchain for data storage, runs autonomously, is not controlled or operated from a single entity, is open source and has its use incentivized by the reward of fees or tokens. •Decentralized Autonomous Organization Refers to organizations that are run by an application (computer program) rather than direct human input. Control of this application is granted to everyone rather than a single central entity. •Decryption Turning encrypted cipher text back into plain text. •DAO Acronym for "decentralized autonomous organization" •dApp Shorthand for "decentralized application" •Ethereum VM (Virtual Machine) A virtual machine, effectively sitting in the cloud, that is Turing complete and is used by all nodes on the network during blockchain confirmations. It allows those on the node to execute random EVM Byte Code, which is part of the Ethereum Protocol. •EVM Stands for Ethereum Virtual Machine. •Deflation When the demand for a particular cryptocurrency decreases, bringing down the price of its economy. •Depth Chart This graph plots the requests to buy (known as bids) and the requests to sell (known as asks) on a chart. Because you can put a limit order on your buy or sell transaction, the depth chart shows the crossover point at which the market is most likely to accept a transaction in a timely fashion. It also shows if there are any significant buy walls or sell walls in play. •Deterministic Wallet This type of wallet is created by producing multiple keys from a seed. If you lose this wallet, your wallet key can be recovered from the seed. Plus, when you make transactions, instead of producing new keys each time, you use variations from the seed, which makes it more transferable and easier to store. •Difficulty When someone refers to difficulty in the cryptocurrency space, they are referring to the cost of mining in that moment in time. The more transactions that are trying to be confirmed at any single moment in time, divided by the total power of the nodes on the network at that time, defines the difficulty. The higher the difficulty, the greater the transaction fee – this is a fluid measurement that moves over time. •Digital Commodity An intangible, hard-to-get asset that is transferred electronically and has a certain value. •Digital Currency Another term for digital commodity •Digital Signature Used to confirm that a document being transmitted electronically is authentic. They generally appear as a code generated by a public key encryption. •Distributed Ledger A ledger that is stored in multiple locations so that any entries can be accessed and checked by multiple parties. In cryptocurrency, this refers to the blockchain being held on multiple nodes on the network, all of which are checked simultaneously. •Double Spend This occurs when someone tries to send a cryptocurrency to two different wallets or locations at the same time. •Dump The term used to describe selling all (or a lot) of your cryptocurrency. •Dumping When a lot of people dump at once, causing a sharp downward movement in a cryptocurrency's price. •Dust Transaction Sometimes people will look to slow the network by deliberately flooding it with minor transactions that are incredibly small. These minuscule amounts are referred to as a dust transaction. •DYOR Acronym for "do your own research". Very important! •Encryption Converting plain text into unintelligible text with the use of a cipher. •ERC Stands for "Ethereum request for comments" and is a summation of proposed improvements to the Ethereum system. •ERC-20 The standard to which each Ethereum token complies. It defines the way that each token behaves so that transactions are predictable. Other cryptocurrencies also use the ERC-20 standard, piggybacking on the Ethereum network in the process. •Escrow When an intermediary is used to hold funds during a transaction, those funds are being held in escrow. This is usually a third party between the entity sending and the one receiving. •Ethereum One of the top three cryptocurrencies in the world based on its market capitalization. Despite being open source and based on blockchain technology, it differs from bitcoin in two key ways: it allows developers to create dApps and also write smart contracts. •Exchange The platform through which cryptocurrencies are exchanged with each other, with fiat currencies and between entities. Exchanges can vary widely in the currency conversions they enable and their fee structures. •FA Acronym for "fundamental analysis". •Faucet If you find a website that offers to give you free cryptocurrency for connecting with them, it is termed a faucet. The majority of these are scams. •Fiat Refers to money recognized as legal tender by governments, such as the US dollar, British pound, Euro and Australian dollar. •FOMO An acronym for "fear of missing out". •Fork When a new version of a blockchain is created, resulting in two versions of the blockchain running side-by-side, it is termed a fork. As a single blockchain forks into two, they will both run on the same network. Forks are categorized into two categories: soft or hard. •Frictionless If there is no transaction cost and no restraints on trading, then the system is considered frictionless. •FUD Acronym for "fear, uncertainty and doubt". •Full Node Some nodes download a blockchain's entire history in order to enforce its rules completely. As they fully enforce the rules, they are considered a full node. •Fundamental Analysis A method through which you can attach value to a coin by looking at similar economic and financial factors and researching the underlying motives of the creators and market opinion. •Futures Contract This is a pre-approved contract between two entities to fulfill a transaction when the value of cryptocurrency hits a certain price. It's different than a limit order in that the buyer and seller are already nominated and bound. A future contract becomes relevant when a buyer wants to go short and a seller wants to go long on the asset. •Gas Gas a is measurement given to an operation in the Ethereum network that relates to the computational power required to complete it. That measurement relates to the fee offered to miners who process that transaction. Other operations have a small cost of 3 to 10 gas, but a full transaction costs 21,000 gas. •Gas Limit When users make a transaction on the Ethereum network, they set their gas limit, which is the most they are willing to pay as a fee for that transaction. If the transaction is going to cost more gas than what is offered, the transaction will not go through. If it costs less, the difference will be refunded. •Gas Price The amount you are willing to pay for a transaction on the Ethereum network. If you want miners to process your transaction fast, then you should offer a higher price. Gas prices are usually denominated in Gwei. •Genesis Block The first or first few blocks of a blockchain. •Group Mining Another term used to describe a mining pool (see below). •Gwei The denomination used in defining the cost of gas. Set a gas price of 20,000 Gwei, for example. •Halving Every time miners approve transactions on the bitcoin blockchain, they earn bitcoin. As each block on the blockchain fills up with transactions, a certain amount of bitcoin enter the marketplace. However, the number of bitcoin that will ever be created is finite, locked at 21 million. In order to ensure this cap is kept, the amount of bitcoin earned by miners for filling one block is halved at the completion of that block. This is called halving. For the record, by the year 2140, all 21 million bitcoin will be in circulation. •Hard Cap During an ICO, the creator can set a hard cap. This is the maximum amount it planned to raise, and it will therefore stop offering coins at this figure. •Hard Fork A fork in the blockchain that converts transactions previously labeled invalid to valid, and vice versa. For this fork to work, all nodes on the network must upgrade to the newest protocol. •Hardware Wallet A physical device, similar to a USB stick, that stores cryptocurrency in its encrypted form. It's considered the most secure way to hold cryptocurrency. •Hash The shorthand for cryptographic hash function (see description above). •Hash Rate Measurement of performance that reveals how many hashes per second your computer is capable of producing. Each hash is an attempt to find a block by creating a unique block candidate and testing it against the network. •Hashing Power The hash rate of a computer, measured in kH/s, MH/s, GH/s, TH/s, PH/s or EH/s depending on the hashes per second being produced. 1,000 kH/s = 1 MH/s, 1,000 MH/s = 1 GH/s and so forth. •HODL Acronym for "hold on for dear life". •ICO Acronym for "initial coin offering". •Initial Coin Offering In order to raise funds, the creator of a cryptocurrency will put an initial batch of its coins up for purchase. This is an initial coin offering. •JOMO Acronym for "joy of missing out". •KYC Acronym for "know your customer", which refers to a financial institution's obligation to verify the identity of a customer in line with AML laws. •LAMBO Shorthand for Lamborghini, which is how someone might refer to themselves if they are getting rich quickly. The idea being there is so much money coming in that they are going to go buy an exotic car. •Ledger A record of financial transactions. A ledger cannot be changed, it can only be appended with new transactions. •Leverage A loan of sorts offered by a broker on an exchange during margin trading (see below). •Lightning Network A peer-to-peer system for cryptocurrency micropayments that is focused on low latency, instant payments. They're typically low cost, scalable and can work across chains, and transactions can be public or private. •Limit Order/Limit Buy/Limit Sell If you set a rule whereby a cryptocurrency is sold or bought when at a certain price, you are setting a limit order. When traders place an order for a buy or sel, the system looks for these limit orders. •Liquidity The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without impacting the overall market price. •Locktime If a transaction request comes with a rule delaying when it can be processed to a certain time or certain block on the blockchain, that is referred to as the locktime. •Long When you intend to take a large amount of cryptocurrency and stockpile it with the anticipation that it will grow in value, you are going long (or taking a long position). •MACD Acronym for "Moving Average Convergence Divergence". Moving Average Convergence Divergence This is the position you are taking if you are going "short". •Margin Bull Position This is the position you are taking if you are going "long". •Market Capitalization This is defined as the total number of coins in supply multiplied by the price. Cap = supply x price. •Margin Trading A risky strategy used by experienced traders where they risk their existing coins to magnify the intensity of their trades. This allows them to buy more than they can afford using leverage provided by an exchange. •Market Order As opposed to a limit order, a market order does not wait until a certain price to buy or sell; it trades wherever the price is at the time the transaction order is made. •MCAP Acronym for "market capitalization". •Mining The term, somewhat confusingly, given to the process of verifying transactions on a blockchain. In the process of solving the encryption challenges, the person donating the computer power is granted new fractions of the cryptocurrency. •Mining Contract An investment in mining hardware whereby you rent out the hashing power of mining hardware for a certain amount of time. The renter does not pay for the hardware or the maintenance and electricity required to run it. •Mining Pool If a number of miners combine their computing power together to try and help complete the transactions required to start a new block in the blockchain, they are in a mining pool. The rewards are spread proportionately between those in the mining pool based on the amount of power they contributed. The idea is that being in a mining pool allows for better chances of successful hashing and therefore getting enough cryptocurrency reward to produce an income. •Money Services Business A term used to represent an entity that transfers or converts money. •Moon A term used to describe a major price movement upwards. For example, Ripple is mooning. •Moving Average Convergence Divergence A part of the technical analysis of a cryptocurrency's value, this tracks the momentum of price change to try and forecast into the future. •MSB Acronym for "money services business". •Multipool Mining If a miner moves from one cryptocurrency blockchain to another depending on the profitability provided by the network at that moment in time, they are engaging in multipool mining. •Multi-Signature (Multi-Sig) Wallets If, in order for a transaction to go through, more than one user needs to provide their unique code, then it is multi-signature. This system is set up at the creation of the account and is considered less susceptible to theft. •Network A network refers to all the nodes committed to helping the operation of a blockchain at any given moment in time. •Transaction Fee Usually very small fees given to the miners involved in successfully approving a transaction on the blockchain. This fee can vary depending on the difficulty involved in a transaction and overall network capabilities at that moment in time. If an exchange is involved in facilitating that transaction, it could also take a cut of the overall transaction fee. •Turing Completeness If a machine is capable of performing all conceivable programmable calculations, then it is Turing complete. This machine can process any computable function and includes most modern computers. •Unconfirmed When a transaction is proposed, it is unconfirmed until the network has examined the blockchain to ensure that there are no other transactions pending involving that same coin. In the unconfirmed state, the transaction has not been appended to the blockchain. •Node Any computer that is connected to a blockchain's network is referred to as a node. •Nonce When a miner hashes a transaction, a random number is generated, called a nonce. The parameters from which that number is chosen change based on the difficulty of the transaction. •OCO Acronym for "one cancels the other order". •One Cancels the Other Order When two orders for cryptocurrency are placed simultaneously with a rule in place whereby if one is accepted, the other is cancelled. •Oracles The smart contracts stored on a blockchain are stuck within the network. They can only be reached by the external world through a program called an oracle. The oracle sends the data to and from the smart contract and the outside world as required. Oracles are most commonly found on the Ethereum network. •Overbought If a large number of purchases have been made on a cryptocurrency. It's price will increase for an extended period of time. At this juncture, it is considered overbought and a period of selling is expected. •Oversold If a cryptocurrency has spent significant time being sold without an upward movement, it is considered oversold. In this condition, there would be concerns about whether it will bounce back. •Paper Wallet Storing your wallet code (your private key) on a physical document makes it a paper wallet. It's also sometimes referred to as cold storage. •51% Attack If more than half the computer power on a network is run by a single person or a single group of people, then a 51% attack is in operation. This means this entity has full control of the network and can negatively affect a cryptocurrency by halting mining, stopping or changing transactions, and reusing coins. •Addresses Every cryptocurrency coin has a unique address that identifies where it sits on the blockchain. It's this address, this location, at which the coin's ownership data is stored and where any changes are registered when it is traded. These addresses differ in appearance between cryptocurrencies but are usually a string of more than 30 characters. •P2P Acronym for "peer to peer". •Peer to Peer In a peer-to-peer connection, two or more computers network with each other without a centralized third party being used as an intermediary. •PND Acronym for "pump and dump". •Pre-Sale A period before an ICO goes public when private investors or community members are able to buy the cryptocurrency. •Private Key A string of numbers and letters that are used to access your wallet. While your wallet is represented by a public key, the private key is the password you should protect (with your life). You need your private key when selling or withdrawing cryptocurrencies, as it acts as your digital signature. NEVER SHARE THIS WITH ANYONE. •Proof of Authority (PoA) A private key that gives the holder the right to create the blocks in a private blockchain. It can be held by a single entity or a set number of entities. This is an alternative to the proof-of-work model, as instead of getting multiple random nodes to approve a transaction, a group of specific nodes are given the authority to approve. This is a far faster method. •Proof of Stake (PoS) Another alternative to proof of work, this caps the reward given to miners for providing their computational power to the network at that miner's investment in the cryptocurrency. So if a miner holds three coins, they can only earn three coins. The system encourages miners to stick with a certain blockchain rather than converting their rewards to an alternate cryptocurrency. •Proof of Work (PoW) In order to receive a reward for mining a cryptocurrency, miners must show that their computers contributed effort to approve a transaction. A variable is added to the process of hashing a transaction that demands that effort before a block can be successfully hashed. Having a hashed block proves the miner did work and deserves a reward – hence proof of work. •Protocols The set of rules that defines how data is exchanged across a network. •Public blockchain A blockchain that can be accessed by anyone through a full node on their computer. •Public Key This is your unique wallet address, which appears as a long string of numbers and letters. It is used to receive cryptocurrencies. •DCA Dollar cost averaging. Dollar cost averaging is an investment strategy that aims to reduce the impact o volatility on large purchases of financial assets such as equities. •Fungible Physical money and cryptocurrencies are "fungible," meaning they can be traded or exchanged for one another. They're also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto's fungibility makes it a trusted means of conducting transactions on the blockchain •Privacy Coin A privacy coin strongly focuses on anonymity and lack of traceability, e.g. Monero •Pump This is a term used to refer to an upward price movement, usually driven by whales investing large sums of money in a cryptocurrency. •Pump and Dump The frowned-upon practice of buying a lot of one cryptocurrency to drive up its price and encourage others to invest, then selling the lot when there is a suitable margin. •Test Net When a cryptocurrency creator is testing out a new version of a blockchain, it does so on a test net. This runs like a second version of the blockchain but doesn't impact the value associated with the primary, active blockchain. •Timestamp The moment in time when a transaction was encrypted and regarded as proof that the data compiled in that transaction existed. •Token The "coin" of a cryptocurrency is a token. Effectively, it's the digital code defining each fraction, which can be owned, bought and sold. •Tokenless Ledger When a distributed ledger exists but doesn't need a currency in which to operate. With these blockchains, the miners upholding the network typically don't get a reward/payment. •REKT Shorthand slang for "wrecked" and a term used to describe a bad loss in a trade. •Relative Strength Index A type of technical analysis whereby you determine the momentum of price change over time. It looks at recent changes in price exponentially, with the most recent changes given more weight than older ones. This produces an overall trend of movement for a cryptocurrency that can determine if the market is overbought (a reading higher than 70) or oversold (a reading lower than 30). •Ring Signature A ring signature is a type of encryption process that retains anonymity for the user. The concept gives the network of nodes the power to approve a transaction on a blockchain without identifying which of the nodes requested the transaction. As a result, it cannot be traced. •RSI Acronym for "Relative Strength Index". •Satoshi Nakamoto The individual, or group of individuals – it has never been confirmed – who created bitcoin. •SATS This is the smallest unit of bitcoin, which is 0.00000001 BTC. The name SATS is shorthand for Satoshi Nakamoto, which is the fake name used by the creator of bitcoin. •Scrypt An algorithm that encrypts a key in such a fashion that it takes a serious amount of RAM to hash it. The system makes it challenging to attack for hackers. Despite its spelling, Scrypt is pronounced "ess-crypt". •Seed The origin point from which yoo created your wallet ID. Usually, a seed is a phrase or a series of words that can be used to regenerate your wallet ID if you lose it. Something to keep very secret. •Segregated Witness The processes of separating digital signature data from transaction data. This lets more transactions fit onto one block in the blockchain, improving transaction speeds. •SEGWIT Acronym for "segregated witness". •Selfish Mining If a miner finds or creates a new block in the blockchain and then doesn't share that information with the network, he or she is partaking in selfish mining. This is because other miners are now burning their computational power on an old block, allowing the selfish miner to get a head start on the new block. •Sell Wall When a large limit order has been placed to sell when a cryptocurrency reaches a certain value, that is a sell wall. This can prevent a cryptocurrency from rising above that value, as supply will likely outstrip demand when the order is executed. •SHA-256 The name of the cryptographic hash function (the hashing algorithm) used by bitcoin. It's been subsequently used by a number of altcoins too. •Sharding Sharding is a way of splitting up the full blockchain history so each full node doesn't need the whole copy of it. Its considered a scaling solution for blockchains because as they grow larger, it begins to slow the network performance if every node is required to carry the full blockchain. •Shit Coin No points for guessing this one. It's a term used to describe a cryptocurrency not expected to have a positive future. •Short Also known as short selling, this is a concept whereby traders sell an asset they don't have. The hope is that they can then buy the asset at a lower price than which they sold it to complete the deal. Thereby they earn a margin in the interim. •Smart Contracts When a contract is written in computer code, as opposed to traditional legal language, it is deemed a smart contract. This programmed contract is set up to execute and carry itself out automatically under specified conditions. When a smart contract is on the blockchain, both parties can check its programming before agreeing to it, and then let it do its thing, confident that it cannot be tampered with or changed. It lets two parties agree to complex terms without needing to trust each other and without needing to involve any third parties. This functionality is the defining feature of the Ethereum blockchain. •Soft Fork A fork in a blockchain protocol where previously valid transactions become invalid. A soft fork is backwards-compatible, as the old nodes running the old protocol will still consider new transactions valid, rather than disregarding them. For a soft fork to work, a majority of the miners powering the network will need to upgrade to the new protocol. •Software Wallet A common form of wallet where the private key for an individual isstored within software files on a computer. This is the system you are likely to use if you sign up for a wallet online that is not associated with an exchange. •Solidity A programming language similar to JavaScript but focused on developing smart contracts. It's exported as bytecode, which is used by the Ethereum Virtual Machine that runs the Ethereum network. •TOR Acronym for "terms of reference". •Transaction The value of cryptocurrency moved from one entity to another on a blockchain network. •TA Acronym for "technical analysis". •Technical Analysis Using a trading tool to look at historical data on a cryptocurrency in the hope of forecasting its future. •Unspent Transaction Output This refers to the amount of cryptocurrency sent to an entity but not sent on elsewhere. These amounts are considered unspent and are the data stored in the blockchain. •UTXO Acronym for "unspent transaction output". •Volatility The fluctuation in an asset's price is measured by its volatility. Cryptocurrency prices are notoriously volatile compared to other assets, as dramatic price shifts can happen quickly. •Wallet A wallet is defined by a unique code that represents its "address" on the blockchain. The wallet address is public, but within it is a number of private keys determining ownership of the balance and the balance itself. It can exist in software, hardware, paper or other forms. •Whale A term used to describe extremely wealthy investors or traders who have enough funds to manipulate the market. •Whitelist Prior to an ICO, interested parties can sign up/register their involvement and intent to purchase or even purchase under pre-sale conditions. The list of these parties is referred to as the whitelist. •White Paper A detailed explanation of a cryptocurrency, designed to offer satisfactory technical information, explain the purpose of the coin and set out a roadmap for how it plans to succeed. It's designed to convince investors that it's a good choice ahead of an ICO. •Zero Confirmation Transaction Alternative phrasing for an unconfirmed transaction. A huge list but useful and there are definitely some terms you should know if you start with crypto. Don´t forget to open your reddit vault to claim MOONs or to claim them. [link] [comments]  | ||
| 5 NFT platforms that are more than just 'digital collectibles' Posted: 15 Jul 2021 03:47 AM PDT Swelling in popularity in the first quarter of 2021, this year seems to be the year of non-fungible tokens (NFTs) as prolific celebrities, athletes, and musicians poured into the space awash with buzz and excitement over the revolutionary creative possibilities the nascent ecosystem presented. However, what is often overlooked is that NFTs aren't just about digital collectibles. There are so many more use cases and innovative applications of NFTs. Here are 5 platforms that are more than just digital collectibles in the NFT space. 1) Uniswap v3: Uniswap is the largest decentralized exchange for digital currencies. The newest version, called Uniswap v3, allows liquidity providers to allocate liquidity to one or more closed intervals of the price of an asset, instead of over the total range of prices. Due to the increased complexity of liquidity provision for v3, these NFTs present a simpler alternative to ERC20 liquidity tokens. 2) Drops: Drops is a new protocol that is designed to leverage NFTs as a collateral for loans. Designed with the future of financial NFTs in mind, Drops aims to optimize the utility of NFT assets to minimize their opportunity cost and maximize the returns of holding them. This platform enables you to get more leverage out of your assets for loans and yield-farming. 3) Solv Protocol: By creating a brand-new token standard for Financial NFTs, Solv has made NFTs Computable. They allow users to create 'vouchers' that represent unique investment allocations, bonds, deposit receipts, cover notes and more. Vouchers can be used to release the liquidity of lock-up assets, as well as control distribution in the form of transfer, trading and lending. 4) Unifty: Unifty is a multi-chain infrastructure platform, focusing on the creator economy. They focus on developing, and enabling fully decentralized no-code solutions for creators, with all things, and services around the NFT space. Users can mint, buy, sell, swap, and create NFTs and NFT farms with just a few clicks, while fully owning their contracts. 5) Charged Particles: Charged Particles Protocol allows users to deposit any ERC tokens into any Non-Fungible Token (NFT). This leads to the creation of 'baskets' of multiple tokens. This can include interest-generating tokens, creating some of the very first interest-earning NFT assets. [link] [comments]  | ||
| Las Vegas Strip Club Now Accepts Bitcoin Payments Over the Lightning Network Posted: 14 Jul 2021 11:34 PM PDT
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| “Could there be a $50,000 bitcoin” Reddit post from 7 years ago when one bitcoin was worth $500. Posted: 14 Jul 2021 02:06 PM PDT
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| My experience with crypto games (Focus on ROI) Posted: 15 Jul 2021 04:20 AM PDT Hi, I just saw this post created last week:(https://www.reddit.com/r/CryptoCurrency/comments/ofg2bp/my_favorite_cryptorelated_games/). As that person was more focusing on playing, I looked into ROI and wanted to share my experience. Please keep in mind that the ROI is always calculated back to the initial crypto invest you had to do (EGGs for Waves Ducks, Skills for Crypto Blade). So if the value increases or decreases, the calculation could change with regards to FIAT. Also feel free to suggest other games if you have some interesting ones. I also looked at AXIE Infinity, but could not bring myself to start it since the starting point is steep and the game looks boring. Waves Ducks (Completely Passive Income)- After seeing that post I decided to jump into waves ducks. Starting to breed EGGs (the currency of Waves Ducks) takes at least 1 EGG for a perch and a duck NFT that farms EGGs. Currently, the perch sits at $256. As an example: If you let a duck sit on the perch with a rarity of 24% (Costs $400 in the marketplace at the moment), you should be break even 7 months. Please keep in mind that the value of WAVES or EGGS might increase. The rarity does go down, therefore, I have to estimate for pessimistic. Reason for this: Ducks with the same genes reduce the rarity and the yield. New user starting also reduce the overall yield. You can find a lot of information on their website. Also keep in mind, the highest yield ducks need longer to break even but will give you more money afterwards (absolute amounts, not ROI). Since the community is pretty new, EGGs can still be earned by completing weekly tasks (Facebook, Twitter, Insta). The UI looks great and new stuff is released weekly. ROI after 12 months with my example above 171%. Getting a good deal on the marketplace can increase this. Furthermore, you will own the duck NFT. Crypto Blades (Active and Passive Income) - I just started with this game. You have to initially start with around 30 SKILL (roughly $150). There is an additional bonus of 5 SKILL that everybody who mints a new character gets. From here on, spend 24 SKILL on 4 characters and the remaining on a good 3/4* weapon on the marketplace (or forge weapons and hope for the best). Since the SKILL price is very high at the moment, this game gets profitable immediately. You earn roughly 0.002 BNB per fight and pay 0.0007 to 0.0009 BNB every fight. As you don't win every fight (I'm at 70-80%), the margin is a little lower. Calculating with 10 fights, you pay roughly 0.007 BNB and get (at 7 wins) 0.014 BNB. As your level gets higher, your character will earn more and your NFTs will be worth more. Paying out requires a fee of 15% that gets lowered by 1% every day. If you stake it, you earn interest and get an immediate bonus of 10% in SKILL which can be used immediately. Always have some BNB in the wallet in order to fight. Gameplay is great. As far as I have seen, the server was also always up and the team is releasing a lot of new feature regularly. (As you have 36 fights a day, I will calculate the ROI with those fights in mind. In theory you ) ROI: Breakeven after 22 days (if you play at low congested times and pay 0.007 BNB per fight) or 31 days (if you pay 0.009 BNB at high congestion times). The yield will increase with higher levels but I'm calculating from base position. ROI is between 1700% (low congestion) or 1100% (high congestion). You have to play 36 matches every day, and I have calculated with a 70% winning rate, so some luck is involved to get there directly. Otherwise, you might need longer to breakeven. Please keep in mind that the yield of the fights will most likely go down if the value of SKILL continues to skyrocket. Staking the SKILL will directly increase the outcome and the yearly ROI My Defi Pet (No earning mechanism) This one has NO earning mechanism yet. I started it because there might be some way of earning in the future. To start, you need to get 5 monsters. Every monster costs around 3 DPET, so 15 DPET investment (roughly $85), and probably another 15 DPET to evolve the monsters after level 10 in order to participate in the future events. I repeat, no earning mechanism yet! Furthermore, server is down. If you want to buy monsters, this might not work (I'm still waiting for 2 of my 6 to appear in the account) ROI - Nobody knows. This one is a gamble Honorable mention (since no investment involved to start these games): Coin Hunt World You don't pay anything to start. It's like Pokemon Go. You can earn through questions or through collecting crypto in real world. This will give you roughly $10-20 a week (depending on your location). Some countries haven't gotten any functionality besides the quiz (which gives you some BTC and ETH). ROI - Since no initial invest, no ROI can be calculated Crypto Royale A game that gives you some crypto for winning. Don't expect a lot. After winning a few games, I was at roughly $0.01 so I stopped playing this game as it was not worth it. There is great staking mechanism in place for 100 days. You get 0.3% yield on what is inside your wallet, but still a pain to build up a relevant amount. ROI - Since no initial invest, no ROI can be calculated Feel free to ask any questions, I'm happy to help you. [link] [comments]  | ||
| Let's try something a little different. What is the biggest problem of your favorite coin? Posted: 14 Jul 2021 11:29 PM PDT My favorite coin is Monero. It's good for privacy, no one can see any of my transaction. Where did they go? How much did I send? How much did I receive? What did I buy? Nope, can't see any of that. The problem is, governments hate this level of privacy. The IRS has a $600,000 reward for anyone who can crack Monero. Unfortunately because it's so private, criminals actually do like to use Monero. This will probably be the largest hurdle to get over for the majority of the public to not see Monero as the enemy. So what is your favorite coin? And what problems does it face? [link] [comments]  | ||
| The Coinbase etymology and Satoshi's message on the Bitcoin blockchain Posted: 14 Jul 2021 07:15 AM PDT To most people, Coinbase just means the crypto exchange. However, it took its name from a special field in Bitcoin blocks called "coinbase". The fun part is that this field can contain arbitrary data, and this has been used by Satoshi himself, digital graffiti artists and nerds looking for a fun way to do marriage proposals. And also for a few bad things, but let's not go there. Let's decode Satoshi's first message manually to see how this works. I'll use online tools exclusively, so everyone can follow along. While the presence of this message is very well known, the punchline at the end of this post is less widely known. I thought it would be interesting for people to learn the rough process of finding such nuggets. By scanning the blockchain with a script, you can automate all this to look for interesting content. With a bit of Python or Javascript coding, and a bit of imagination and decoding trials, you may find things never discovered before. The first step is to grab the data of block 0, the very first block mined by Satoshi. This is available from https://blockchain.info/block-height/0 This gives us a JSON formatted response:
We'll look closer at two values, "time" and "script" (aka coinbase) The time value is 1231006505, which looks like it might be a Unix epoch value. Stuffing it into https://www.epochconverter.com/ gives us a value of "Saturday, January 3, 2009 6:15:05 PM GMT", which is indeed when Satoshi mined the very first block. We know he used this mining opportunity to include a message. Let's see what the message is, exactly, by decoding the "script" field. This is a bunch of hex digits we can convert to ASCII on a site like https://www.rapidtables.com/convert/number/hex-to-ascii.html Pasting in the hex value 04ffff001d0104455468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73, we get this result: <some other data> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks This is the article Satoshi is referring to: https://www.thetimes.co.uk/article/chancellor-alistair-darling-on-brink-of-second-bailout-for-banks-n9l382mn62h Now take a look at the paper version Satoshi probably read: https://imgur.com/pGYXHJh That's right. The small heading on the top says "Start collecting tokens today". How fitting. [link] [comments]  | ||
| Whales have Started Accumulating Bitcoin again after Drop to near $30,000 Posted: 14 Jul 2021 09:41 PM PDT
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| Posted: 15 Jul 2021 04:45 AM PDT Hot off the virtual press! Issue #3 is here. It's crazy to think we are past the halfway point for this year. Once again, thank you to all the subscribers who have made this newsletter a success so far. Let's keep it rolling this week! [link] [comments]  |
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