Cryptocurrency Daily Discussion - July 4, 2021 (GMT+0) |
- Daily Discussion - July 4, 2021 (GMT+0)
- Elon Musk is Losing his Power over the Crypto Community as more People tend to ignore him
- If you're still thinking about cryptocurrency as being only about currency, you haven't had the "aha" moment that's coming. It's like thinking of cellphones as being purely about phone calls (circa 2004) and not understanding the potential of smart phones.
- United States Senator encourages people to buy Bitcoin for their retirement
- PSA: 90% of NFTs will be worthless in ten years
- After the worst launch of any coin in crypto history, ICP Founder now wants to launch ANOTHER COIN.
- Paraguay becomes second country to propose a bill to make Bitcoin legal tender
- LPT: if you stop checking prices every 5 minutes, life gets better.
- Pro-Bitcoin Senator Cynthia Lummis asks Chinese BTC miners to relocate to her state of Wyoming
- A seriously underutilized feature for all the beginners here -- the Reddit search bar
- Let your money make more money, even if it's a few dollars per month. You're not doing it for the now, you're doing it for your future self.
- Malware takes over computer's copy/paste function making user send his ADA to someone else.
- Bitcoin Mining Difficulty Drops 28%: Biggest Negative Adjustment in History
- I just lost my ETH while transferring it from Blockfi to my Crypto exchange because I am dumb.
- 100$ per Moons, here’s how ��
- Why Tezos (XTZ) might be one of the most undervalued assets ever
- Ethereum Surges to a 2-Week High as Bitcoin Surpasses $35K
- Bathroom Passive INCOME
- Coinbase customer support grows fivefold to 3,000 employees in 2021
- How many of you have invested on BATs?
- And the whales keep buying. A couple of interesting charts from Willy Woo for you all.
| Daily Discussion - July 4, 2021 (GMT+0) Posted: 03 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:
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| Elon Musk is Losing his Power over the Crypto Community as more People tend to ignore him Posted: 03 Jul 2021 07:54 PM PDT
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| Posted: 03 Jul 2021 12:50 PM PDT You hear a lot of a certain breed of maxi being very dismissive of smart contracts. It's the 2004 equivalent of saying, "okay, but so what? I can play a glorified version of 'snake' on an iPhone. Nokia still has market dominance." The full picture of what it means to make a blockchain a turing-complete computer is beyond all our imaginations. It's not a single feature. It's the millions of yet-to-be-invented applications that will change the world. When smart phones first came around, there wasn't all that much to "do" with them either. The first real "killer app" of the smart phone market was email. The idea of combining it with our phone was so handy it couldn't be denied. And we already have our first killer app of smart contract platforms: DeFi. The benefit of getting yield on your crypto is undeniable. It's also clunky still, but that'll change. The interfaces will get smoother, simpler, and less confusing. And after DeFi, it'll be the next thing then the next, then the next. Metaverse? Decentralized Web? Who knows. But the point is it's coming. You hear people argue, "but that isn't the point of cryptocurrency. The point is to be a currency." Technology doesn't care what things started as. Is there anyone left whose primary use of their cellphone is to make phone calls? [link] [comments]  | ||
| United States Senator encourages people to buy Bitcoin for their retirement Posted: 03 Jul 2021 07:18 PM PDT
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| PSA: 90% of NFTs will be worthless in ten years Posted: 03 Jul 2021 06:27 PM PDT How many paintings or works of art have we kept from five decades ago? How many of these pieces of art are actually worth something today? The thing about art is that unless people remember your art - unless it takes up space in their heads - it will be worthless to them. Occasionally you could find a really cool NFT that just has that special quality and people will want to buy it just to have it. But the chances the NFT you're buying is that NFT are slim to none. You'd better be very sure the NFT you're buying is as special as you think it is. Because in ten years, if people cannot remember a piece of art, recognize it and experience emotions because of it, it will most likely be worthless. And that's fine if you're just looking to collect. But if you want to profit from NFTs, you need to find pieces that evoke emotion and as a result stay with you. That is no easy task. [link] [comments]  | ||
| After the worst launch of any coin in crypto history, ICP Founder now wants to launch ANOTHER COIN. Posted: 03 Jul 2021 10:14 PM PDT ICP founder Dominic just announced on Twitter that he intends to start another coin to "supplement ICP". He goes on to say that value from this second coin (called Badlands) will then be used to give value to ICP. This closely resembles a ponzi scheme, which he claims "will be good for everyone" Its hardly been a month since ICP's launch, and since then the project has been accused of one thing after another - from insiders dumping on holders to locking out early ICO participants, to being shady and opaque on the circulating supply of the token. The market has not reacted well to these shenanigans post ICP launch, and price of the coin has crashed over 90% from a peak of over $1000 to almost $30 recently. [link] [comments]  | ||
| Paraguay becomes second country to propose a bill to make Bitcoin legal tender Posted: 04 Jul 2021 12:42 AM PDT
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| LPT: if you stop checking prices every 5 minutes, life gets better. Posted: 03 Jul 2021 08:20 PM PDT Checking the price every 5 minutes won't improve your life, if anything it will make you miss the important life moments. It's pointless and unecessary, specially if you're in it for the long run. There is so much more to live than crypto. I recommend every 10 minutes. [link] [comments]  | ||
| Pro-Bitcoin Senator Cynthia Lummis asks Chinese BTC miners to relocate to her state of Wyoming Posted: 03 Jul 2021 11:26 PM PDT
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| A seriously underutilized feature for all the beginners here -- the Reddit search bar Posted: 03 Jul 2021 10:14 PM PDT TL;DR: Use Reddit search bar for your questions by typing in the term exactly, with no "what is x" pretext. I am also available to help answer your question by helping you find a post relevant to you in case you really can't find it. No really, many -- if not all -- of the beginner questions you may have can be safely solved with reliable information from the previous times it has been asked! Even if the posts with your same question have low upvotes and seem suspicious, you can average out from all the other posts on the same topic whether that answer is correct. This is what it means to DYOR efficiently (Do Your Own Research). The reddit search bar is extremely picky so make sure you're searching the exact term you need and avoid spelling errors, so if you want to look up DeFi for example, just type 'DeFi' and sort by top all time to find the most helpful guides. (If you're looking for a topic's more current information in case it is more time sensitive, sort by top in the last year/month). Even searching your question on google and tacking on 'reddit' at the end will cause google to spit out answers and pages from reddit (there's also ways to make google search specifically only give answers from reddit.com, but I can't currently remember how to. And for your final bonus offer, if you really really can't find the answer easily, type your question below and I will help you find a post with the information you need. Seriously, don't be afraid to ask questions, even if you think its dumb. Those are the critical ones we need to answer, before you accidentally start your crypto journey off on the completely wrong long road. Please, help me help you. I mean it genuinely. Thank you for reading. [link] [comments]  | ||
| Posted: 03 Jul 2021 02:12 PM PDT A lot of people don't have much invested and many people will tell you, "well, with that little, it's worthless to stake". Whether it's a few cents or a few dollars per month, the dollar amount now doesn't matter and shouldn't discourage you from doing the effort of a few clicks to stake, provide liquidity, lend, etc. If even a few of those coins you hodl and believe in go 10-100x in the next 5 years, it'll be worth doing the effort of a few clicks. Some of the easiest ways to earn crypto from your crypto: • Staking using central exchanges or a token's official wallet. Central exchanges like binance and coinbase have very good staking options. This is the easiest and most popular option imo. Just a reminder, Always secure your online exchange accounts with multiple authentication methods. • Providing liquidity on DEXes using a software wallet like metamask or trust. • You can even stake some tokens if they're on your ledger. • Lending on blockfi, nexo or Celsius. If you believe in a coin's potential, then you should be using your current holdings to farm more. [link] [comments]  | ||
| Malware takes over computer's copy/paste function making user send his ADA to someone else. Posted: 03 Jul 2021 10:28 PM PDT As reported in one of the Discords: A person tried to send funds from a wallet from his cryptocurrency (Yoroi) extension on Chrome to his new Ledger which he paired with the same extension app. Apparently there was a malware running in the background of his PC (Windows 10) and it took over the copied address from the ledger receive tab and actually copied another completely different address to the clipboard. With this kind of sophistication, it's likely this will also exist for sending other crypto. Yeah, someone is going to say pc security, not doing a test send first was the problem, etc. But I bring this up for awareness as this is the first I heard of this, maybe some of you have encountered something similar as well. Also think these types of heists will likely target those already familiar with crypto transactions and have grown lax and just want to take shortcuts because time is short. Dude lost 5342 ADA not realizing he was sending it to a different address. Maybe one good practice would be to quadruple-check your send address. And not rely on the copy & paste function. [link] [comments]  | ||
| Bitcoin Mining Difficulty Drops 28%: Biggest Negative Adjustment in History Posted: 03 Jul 2021 09:28 PM PDT
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| I just lost my ETH while transferring it from Blockfi to my Crypto exchange because I am dumb. Posted: 03 Jul 2021 01:15 PM PDT There was a condition in my crypto exchange that said "Deposits from Smart contract are not accepted". I just checked EtherScan and then I realised my transaction was indeed using a contract . I lost 0.198 ETH which might not be much for a lot of people but for a guy who doesn't earn much from a 3rd word country is a big pain. Be careful while you are transacting and know what you are doing. Don't be like me. Edit : Since some people were curious here is the Transaction Hash - 0x9b5276fe2f1bc1a54c89476f3362f402b5439a1d75b3c2e7602be20300610a5a [link] [comments]  | ||
| Posted: 04 Jul 2021 12:43 AM PDT I see that many people here are bearish on Moons because Moons are distributed for free(Not actually, shitposting is a hard job and it will become harder). Did you hear about UNI? BAT?AAVE? Lets compare Moons to UNI: Sep 2020, 400 UNI tokens were airdropped to every user that used UniSwap! 1,200$ for free! 12,000$ if you waited few months! 1 to 10 Billion $ Market Cap. UNI utility is governance on Uniswap, that's it. Now if we compare Moons to UNI: Moons are used as governance token in 3.1 Million Crypto Members Community, Moons can be tipped for users content, Moons can be converted to Reddit Coins, you can buy premium Membership with Moons. And soon you will be able to buy ads space with them. At 1 Billion market cap, Moons will be worth 12$, at 10 Billion like UNI ath, they will be worth 120$. [link] [comments]  | ||
| Why Tezos (XTZ) might be one of the most undervalued assets ever Posted: 04 Jul 2021 02:53 AM PDT I know most here will disagree with me here, but I will make my case for why I think this. On-chain governance: Tezos is the blockchain with the most successful on-chain governance in crypto and no other chain really comes close. Cosmos and Decred are probably the ones that come the closest, but none of these have the same amount of engagement, decentralization and big updates like Tezos has had. Hundreds of Tezos validators have been voting for on chain upgrades for 3 years almost. 6 upgrades with the 7th in process now. Also a lot of involvement and discussion from the Tezos community around every upgrade. The on-chain governence process have been changed a little bit and been fine tuned over the years. The on-chain governance consist of 5 periods;
Some bakers are planning to create a DAO where their delegators can take part in voting for what the baker should vote for. This entire on-chain upgrade cycle takes a little more than 3 months. This allows Tezos to upgrade itself on a regular basis. TPS increase and gas reduction have already been improved upon in at least 3 upgrades. And the next upgrade called Granada will improve further upon TPS, finality and gas. The thing is that a blockchain without on-chain governance can never be as decentralized as a blockchain with it. This process also legitimizes every upgrade on the network. There is a rule-set for how and when to update. And this rule-set is backed by a decentralized blockchain where every vote is on chain. The community knows when the next upgrade is expected, how many bakers have voted yes, and where in the process we are. This creates predicability, involvement and knowledge about the whole upgrading process. With other blockchains, the community is mostly kept in the dark. They don´t know what, when and where. Not too long ago, Ubisoft became a validator on Tezos. This means they have to hold XTZ, and they can now vote on proposals. Other companies have done the same. Mainly EDF (exaion), a huge energy company and Wakam, an insurance company, + a few others. Security: Tezos is getting a reputation with being one of the most secure, trusted and reliable blockchains. This is because it has been running longer for most of its competitors, has a lot of developers and top universities doing research on it. And it has had nearly no major problems (no downtime) for as long as it has been around. It also have a smart contract language and a protocol language that both facilitate formal verification. Ocaml, the language that Tezos is coded in, has a reputation for being used in high security required applications. An example that gives Tezos more validity as a secure blockchain is the fact that BMW and many other large automobile manufacturers have mainly so far at least been doing research and chosen Tezos as the blockchain for virtual proof of validation of automated driving. An application where security is extremely important. The fact that BMW and 40+ other companies have been researching on Tezos for this purpose gives a lot of reassurance that Tezos is seen as one of the most secure blockchains. One of the biggest tech consultant firms in Europe, that gives advice to Microsoft and many others, also are looking into Tezos. So, it surely seems that Tezos is being talked about in these circles of tech experts. If we can assume that Tezos is one of the most "secure and reliable" blockchains, then that gives it a big headstart on the competition. Applications that require high levels of security might overtime migrate over to Tezos. And with these applications being used by big companies like BMW, potentially. It will lead to big companies buying and holding XTZ. Big companies will want to hold XTZ because they use the Tezos blockchain. And holding XTZ gives them influence over the on-chain governance process, which is likely something they would want. Tezos is truly revolutionary because it is the first smart contract supported currency where anybody can have a say in what the rules of the currency are. The power of descision making has been moved from a government or a small team of developers, over to the people. Of course the devs will still have lots of influence, but you get the point. Tezos is a blockchain and currency where the a wide set of different people can take part in voting on changes to the blockchain and currency itself. There is no true decentralization possible without on-chain governence. There is also no true long term decentralization without some type of flexible ruleset and monetary design. Tezos is a LPOS blockchain with non dilutive inflation. If you stake your XTZ, you will actually increase your % of the total supply. Inflation is almost 5%, while staking rewards are close to 6%. So, the inflation is non dilutive to your stack if you stake your coins. The next protocol upgrade called Granada incudes liquidiy baking which will massively increase the liquidity of XTZ, perhaps making it one of the most liquid cryptos. Eventually it could become more liquid than even Bitcoin, and this will be possible with inflation, liquidity baking, and a wide set of usecases. Remember that Tezos is being used or will be used for a lot of different things. NFT´s, DEFI, Voting on government projects, DAO for cities, decentralized identity, STO´s, Storing and validating important data for a bunch of different applications from sports contracts to electric vehicle charging. There are almost no other cryptos with a wider set of usecases. The on-chain governance is a major usecase for XTZ in itself, and could make holding XTZ very valuable if the Tezos blockchain succeeds. Remember the kind of companies that is adopting Tezos. These a billion dollar companies and they will likey buy and hold XTZ; because they will have to pay for gas on Tezos, and they will perhaps start their own node to have influence over the network. Tezos gets it strengths from being secure, being decentralized, having a very good community and being funded extremely well. Tezos has enough money backing it to fund development for decades. Even after the foundation funds are out, devs that inject a proposal on the chain can automatically be funded from the core protocol by injecting a payment invoice together with the proposal. The whole system is really fucking well thought out and great. Way ahead of its time. To give you some perspective. Tezos is currently in the top 5 of most blockchain usecases. NFT´s: Top 3 STO´s: Top 3 Decentralized identity: Top 5 Number of devs: Top 5 Amount of funding: Top 4 Decentralized voting and on chain governance: Top 1 DAPPS: Top 10 and climbing the list fast. DEFI: Top 10 maybe, if not it will definitely be top 10 soon. And top 5 is looking very likely. Marketcap rank: 40, with a marketcap only twice as big as the amount of funds that the Tezos foundation holds. This is a crazy good ratio that so many people ignore. This kind of ratio is almost unheard of. On top of those funds the TF holds, there are also a few VC funds like DraperGorenHolm investing millions into the Tezos ecosystem. Tezos is 3 years old now, and it has survived the bear markets. It has only become stronger over time, and adoption is now starting to really increase fast. And this trend show no sign of stopping. Companies are taking notice, and feel more comfortable with choosing Tezos over other blockchains since it´s proven to last so far, even with all the resistance it has faced, it´s still standing stronger than ever. In a recent talk, and dev team building on Tezos said they almost couldn´t keep up with all the companies asking them about Tezos. More than 20 companies are planning to use Tezos for real estate STO´s. Billions of dollars worth of real estate are being tokenized. Tezos has some of the most sophisticated token standards and smart contracts on the market. The NYX standard is for example a set of smart contracts that are regulatory ready in many countries and probably the most sophisticated smart contracts of its kind. The Tezos infrastructure is very overlooked. The amount of dev tools, courses, token standards and other infrastructure is way ahead of most other blockchains. Tezos not being EVM compatible is not a big problem, since the Michelson virtual machine has many advantages as presented in the envited ecosystem deep dive presentation on Tezos. Tezos also has a short and good name. Tezos is the name of the blockchain. Tez is the name of the currency, or XTZ. Few blockchains have more support from leading researchers and universities than what Tezos has. Very few blockchains has more developers than Tezos. The main point is that Tezos has super strong fundamentals and that it is truly revolutionary because of the on-chain governance. For the first time in history, anybody that runs a node, can now take part in deciding the future of the blockchain and the currency. And if you don´t run a node, you can still have influence over the voting process in some way. Governments and small insider teams have always been making the monetary rules, but Tezos open up participation. Sure, the people holding the most XTZ will have more influence, but as it stands today, Tezos is one of the more decentralized distributed currencies on the market. This is a challenge every crypto face. And through a very wide set of usecases, Tezos has a better chance than anyone else to become decentralized. This is because so many differnt sectors will use and hold XTZ. Tezos success in NFT´s open up using Tez as a currency for thousands of artists around the world. Tezos has now become one of the cryptocurrencies that is actually being used as money, other than just speculation. Tezos is becoming a currency, and it can also become a good store of value becuase of the many usecases holding up the network. Some of the entities involved with Tezos: RedBull, Ubisoft, Mclaren, Puma, BMW, emirates group, Societe generale, Groupe casino, wakam, EFD (exaion), city of reno, french and swiss towns, tzero, tokensoft, elevated returns, BTG pactual, BNP paribas, United nations, Red cross. The list goes on, with more to come in the future. The main strenghts of public blockchains are security and decentralization, and Tezos is a leader in both of these. The amount of usecases, devs and community is increasing. Only time will show if Tezos will continue this uptrend and continue its success, no nothing is set in stone. It is not guraranteed to succeed. But it has a better chance than most cryptos because of the strong fundamentals and focus on decentralization. In the future, we might see a lot more companies choosing to buy and hold XTZ, like Ubisoft is doing now. As more and more companies and regular people buy and hold, this could over time shoot the price up. The latest upgrade to the network will increase liquidity by a lot and will also introduce a burn mechanism, where XTZ fees get burnt, which actually can lower inflation. But we will have to wait to see how it plays out. Its one of the most ambitios upgrades in crypto. Btw, Tezos also has implemented zk-channels in a previous upgrade, so Tezos smart contracts can be coded to have privacy. Something that most competitors lack. Thanks for reading and you are welcome in the Tezos community if you decide to, but make up your own mind. There is always risk involved with investing. Tezos foundation last biannual report: https://storage.googleapis.com/tezos-files/tezos-foundation-biannual-update-march-2021-en.pdf Tezos deep dive from the envited ecosystem: https://asc-s.de/media/files/Tezos_Blockchain_Deep_Dive_Deck_V_1_4_CC_License_ENVITED.pdf [link] [comments]  | ||
| Ethereum Surges to a 2-Week High as Bitcoin Surpasses $35K Posted: 04 Jul 2021 01:13 AM PDT
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| Posted: 04 Jul 2021 02:04 AM PDT Remember when your old grandfather read the newspaper while having his morning coffee and comment everything there? Well, it's our turn in 2021. For sure you go with your smartphone to the bathroom after wake up, so you just have to comment the news of this subreddit and earn moons. Best passive income ever! [link] [comments]  | ||
| Coinbase customer support grows fivefold to 3,000 employees in 2021 Posted: 04 Jul 2021 01:44 AM PDT
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| How many of you have invested on BATs? Posted: 04 Jul 2021 02:52 AM PDT I know that the Brave browser is quite popular on this sub, and amongst crypto enthusiasts in general. I've been using the browser for a little over two months, and absolutely love it. While I'm not so sure about the price potential of BATs, a few weeks back I decided to invest a relatively small amount, just to feel a bit more involved with the project. How many of you have invested some money on BATs in addition to accumulating brave rewards? [link] [comments]  | ||
| And the whales keep buying. A couple of interesting charts from Willy Woo for you all. Posted: 04 Jul 2021 03:12 AM PDT
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