Cryptocurrency Daily Discussion - July 5, 2021 (GMT+0) |
- Daily Discussion - July 5, 2021 (GMT+0)
- Techlead (youtuber with 1.1+ million subscribers) is a scammer - MillionToken (MM) - Evidence
- Bank of Israel adopts Ethereum for digital shekel trial, and there’s more.
- Difficult to Beat BTC/ETH Portfolio
- Tldr: What are smart Contracts?
- The U.S. has sold about 500 bitcoins seized back in 2018 for about $19.2 million. This was reportedly the largest net forfeiture in the Northern District of Ohio’s history
- Tldr: What REALLY are Smart Contracts?
- Which are the most delusional crypto supporters, in your opinion
- Help other users opening their Reddit Moons Vault
- Some cool things Stellar/XLM can do (without smart contracts!)
- Micronation San Marino writes new law, offers citizens access to the world's first Covid-19 vaccination certificate built on blockchain via an NFT
- Has anyone ever looked in the mirror after holding several shitcoins for several years, and thought "what the hell am I doing"?
- The ugly truth: You can't get rich fast with investing.
- Philippine Stock Exchange Wants Crypto Trading on Its Platform
- I just sent a Bitcoin Transaction with 1 sat/byte [Update]
- What are dApps?
- Ransomware Group REvil Strikes Again, Demands $70M in Bitcoin from 200 US Firms
- "If I had bought *insert coin* earlier, I would have been a millionaire now"
- Some sideways trading tips for all you who fancy yourself day traders
- Wyoming paves the way, approves the first ever Decentralized Autonomous Organization (DAO) in the USA
- If you own 1 BTC you are part of the 0.2% wealthiest BTC holders in the world.
- Coinbase to expand India operations, hire for new roles. Bullish for Coinbase, Crypto, and India!
- We accept crypto payments
- Practical Guide to Making and Taking Profits in Crypto
- Coinbase Has Hired an Army of Support Staff to Keep Customers Happy
| Daily Discussion - July 5, 2021 (GMT+0) Posted: 04 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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| Techlead (youtuber with 1.1+ million subscribers) is a scammer - MillionToken (MM) - Evidence Posted: 04 Jul 2021 03:46 PM PDT Techlead, the "Ex-Google/Facebook Tech Lead, YouTuber (1M subscribers), multi-millionaire app entrepreneur, digital nomad" is another one you should not trust. Here's how he is scamming his community, telling them to buy his new coin while he dumps on them This is his address: https://etherscan.io/address/0x5922b0bbae5182f2b70609f5dfd08f7da561f5a4 You know it's him because it's the same wallet that minted the initial 1M MM. Transaction where he mints the 1M tokens: https://etherscan.io/tx/0xb76ac1e9480d933bb50fb3b7a231355bb9acef129674b45dd0a39664828f7538 From here he starts by adding liquidity in uni v2 and v3, small amounts per transaction, maybe he's trying make it look natural ie. V3: https://etherscan.io/tx/0xa15dc505498208741204327404f78b437ddedd6afc492e8fb40c62da199d270e July 1st he posts the first youtube video: https://www.youtube.com/watch?v=xBSEMJDwvXk July 2nd he starts rugging liquidity while telling his community and followers to buy because it's going "to the moon". By removing liquidity and not selling, he's effectively selling without 'selling'. This way he doesn't have to tell the community that he sold while they all bought, he just has to hold his initial promise of keeping 1m of usdc liquidity He even holds all the liquidity in a 1% fee position so he can syphon out 1% of all the volume! In total he has his uni liquidity + 1m USDC extracted so far This is outright theft I'm pro defi, community should call it out when we can, don't need law enforcement but this guy is cutting himself close:
In short, he literally rugs his own community (as a millionaire). There are legal implication for this. Research done by dcfgod. All credit to him [link] [comments]  | ||
| Bank of Israel adopts Ethereum for digital shekel trial, and there’s more. Posted: 04 Jul 2021 10:18 PM PDT So Globes is considered serious news source, and I found some key points from this article worth mentioning, it's the little things in the article that excites me… "This technology is being used in other trials conducted by central banks worldwide including in Australia, Hong Kong and Thailand." In the Hebrew version there's a little more info.. https://www.globes.co.il/news/article.aspx?did=1001375518&fbclid=IwAR0q6mfGSFtbEk_ZYjbNqmWhWhyaHW06f7orWgDsQPhy77HC0r-vPyippCA "About 74% of the world banks are in the process of adopting and experimenting with cryptocurrency pilot programs"… Worldwide adoption? This is big 👏👏 [link] [comments]  | ||
| Difficult to Beat BTC/ETH Portfolio Posted: 04 Jul 2021 10:58 PM PDT I went back to the prices of altcoins (top 20 during those respective times. Which means the top 20 list changed from A to D below) from 2017 to 2020 and to see how they faired against BTC/ETH. There are different stages. A. 2017-18 Altseason Dec 3/2017 - present
Dec 17/2017 - present
Dec 31/2017 - present
Jan 14/2018 - present
Basically, if you look at the 2017-18 Dec/Jan altseason, your alt portfolio (had you bought at the time and held til today) underperforms badly compared to BTC and ETH. So in the long run, it would have been better off to just traded these alts or not buy any alts (on average) during this altseason frenzy. Notice that a lot of the alt portfolio from Dec/Jan would still be in minus today. Only ADA outperformed BTC (and ETH) amongst the top 20 alts. But ADA wasn't that popular at the time and I doubt there would have been many alt portfolio that predominantly just had ADA. __________________________________________________ B. Stagnant BTC summer of 2018 June 10/2018 - present
June 24/2018 - present
This was the summer times of 2018 when BTC had very low volatility and went back and forth from low 6K to high 6K. Alts corrected big time and everyone declared that bull market was over. Even during this time, it would have been better to buy BTC as opposed to alts. And notably, BTC outperformed ETH during this time. Some notable alt that emerged from this era was BNB. If you had known BNB would taken off, you would have yielded around 1000-2000% gains from purchasing BNB here (it outperformed BTC/ETH). But then again, not too many people went all in on BNB here. ____________________________________________________ C. Peak Bear Market of Winter 2018 Dec 9/2018 - present
Dec 23/2018 - present
This was the dreaded low point in 2018 that involved the BCH hash wars. So this would have been the best time to buy the dip in retrospect. For the first time, top 20 alt portfolio would have outperformed BTC. But importantly, it would not have outperformed ETH. So some BTC+ETH combination would have outperformed the alts again. If you bought BNB and ADA here, you would have secured around +5000% profit. But then, how would we have picked just these winners and nothing else? Moreover, one thing to note is that ETC has performed relatively well through out all these phases. But perhaps that is due to ETC being overpriced at the moment. ________________________________________________________ D. Recovery of 2019 May 19/2019 - present
June 23/2019 - present
In mid 2019, BTC began its recovery with good news regarding crypto from China et al. Unfortunately, even having a top 20 alt portfolio here would have lost out to some BTC/ETH portfolio. The ongoing message is that it is very very difficult to outperform BTC+ETH. You only win out if you pick just the winners but how do we know this without hindsight? ____________________________________________________________ In general, I would assume that 95+% of portfolios will not beat some BTC+ETH combination. Regardless of whether you buy at the top, at the middle, at the bottom of the bull (or bear) market, purchasing BTC+ETH is better than some combinations of top 20 alts. My own take is that if you do want to go for an all alt portfolio, you need to do very good research and only pick a couple of alts. The more alts you have in your portfolio, the laws of average will dictate that you will almost guarantee to lose out to BTC/ETH portfolio. For example, - BTC+ETH+ADA portfolio from 2018 would have been very good. - 100% BNB (line of reasoning: Binance will be king so BNB has massive room to move up) from 2018 would have been massive high risk/high reward move that would have paid off big time. - BTC+ETH+ADA+XRP+Nano+IOTA+OMG+ONT+QTUM would have been bad. Too much diversification means you would rather go BTC+ETH. People should take caution when they prepare their portfolio. [link] [comments]  | ||
| Tldr: What are smart Contracts? Posted: 04 Jul 2021 08:15 PM PDT I feel like a lot of people know a lot of the fundamentals of Blockchain and Bitcoin technology, and even more so of practical use of Ethereum, Matic, stellar, etc. But they don't know the basics of smart Contracts! So here! Smart Contracts make sure that when using pay to pay applications you can ensure that both people will be paid. Say for example you have a fundraiser with smart Contracts. It's the intermediary that moves the funds from several backers to the company / idea that needs money. Since Smart Contracts work on Blockchain it means once a smart Contract is made it cannot be undone. And smart Contracts must be validated by everyone in that block. Meaning that it's impossible to manipulate a smart Contract. So what's the use of smart Contracts? It's very useful for payments that occur frequently, and need validation that one paid their fair share. Smart contracts main purpose is a validation, it can validate if someone has enough money, if someone did an action, if someone paid a loan, etc. After a smart Contract is done the ledger is updated. tldr for the tldr: A smart contract is useful to validate needed things, Like checking if someone paid a loan, or paid a monthly cost, like bills or something. and it acts as the anonymous intermediary for moving money from person to person since it works on the Blockchain... Edit: user Kenarion in the comments gave more examples if you need further help! Thanks! [link] [comments]  | ||
| Posted: 04 Jul 2021 07:32 PM PDT
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| Tldr: What REALLY are Smart Contracts? Posted: 04 Jul 2021 10:54 PM PDT I think this post, while well-intentioned, massively undersells what smart contracts are. Smart contracts aren't just a fancy feature. Smart contracts are the completion of the Bitcoin idea. Without smart contracts, Bitcoin is incomplete, because it is a decentralized coin, surrounded by a centralized economy. It misses its own point.
Now, replace Bitcoin by "Ether" and all the centralized companies above can be replaced by a suitable smart contract that performs the same operation without a third party. That's what smart contracts are. The whole point of creating a decentralized currency is to remove centralization, but that point is lost if everything you do with that currency requires a centralized company. If this isn't enough for you to get what I'm implying, I don't know what else is. Have a great day! [link] [comments]  | ||
| Which are the most delusional crypto supporters, in your opinion Posted: 05 Jul 2021 12:18 AM PDT I'll have to go with XRP. They actually believe that all the banks will start to use Xrp, because "cheap borderless transactions", which in turn will obviously moon the price since literally every piece of fiat that bank transacts with will be converted to xrp. It's obvious, do your research lol Edit: this is not a hate post, grow up. Just curious [link] [comments]  | ||
| Help other users opening their Reddit Moons Vault Posted: 04 Jul 2021 09:39 PM PDT When you see a comment on this sub, and the author doesn't have a Reddit Vault (There's no Moons amount near his name, not even 0), guide him to open Reddit Vault. Most of these people are new and are not familiar with Moons. Just send them this link : https://amp.reddit.com/community-points/ Edit: You can buy premium membership, vote on governance polls, tip other users and soon buy ads space. You can trade Moons on Honeyswap. You can buy Moons on https://MoonsSwap.com easily for BUSD in seconds They are not on Mainnet yet so that's why you didn't hear about them. Once on Mainnet you will see then on big exchanges like Binance Coinbase Kraken. [link] [comments]  | ||
| Some cool things Stellar/XLM can do (without smart contracts!) Posted: 04 Jul 2021 06:58 PM PDT Many blockchains are implementing pretty awesome features using smart contracts. Multisig, custom tokens, exchanges, anchored currencies (wBTC/Tether/USDC) and more. These are great, but in practice they do currently have some downsides for day-to-day use - there can be issues with unpredictable gas prices and contract security. I find that one thing Stellar excels in is implementing useful features like those mentioned above as native features of the protocol. So for those who don't know, here are some of the things Stellar can do right now natively:
Those are just a few of the more interesting features that I've discovered that Stellar has. If you'd like to explore a bit more, I'd recommend trying out Stellar Quest, which teaches quite a lot about Stellar through a series of challenges. [link] [comments]  | ||
| Posted: 04 Jul 2021 08:42 PM PDT
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| Posted: 04 Jul 2021 07:56 PM PDT I do good with other things. I rode xrp from .005 and LINK from $0.33 but at the same time I have realized I'm holding on to several shitcoins going on 4 years waiting to sell when they recover. But they never do but I still HODL. Gifto, APPC, NAV , Garlicoin to name a few. I just looked in the mirror at myself ....and just stared as I was thinking about NAVcoin. Like what the hell am I doing? What the FK are these Italian devs doing right now? What am I doing relying on something big to happen out of Italy for 4 straight years. This is my life. A life of a shitcoiner. But at least these free moons have my blood pumping. [link] [comments]  | ||
| The ugly truth: You can't get rich fast with investing. Posted: 05 Jul 2021 02:19 AM PDT Many people often have the wrong idea that investing can make them rich in a short amount of time. However, Profiting from investing takes time. It is definitely not a get-rich-quick scheme. It requires time because the market always has a correction even if the price skyrockets. The richest people are the ones with the most patience. You can't expect to have 10-100x gains in a short amount of time unless you're gambling. To all the new investors out there, be prepared to hold longer than you expected if you're here for the "quick gains". [link] [comments]  | ||
| Philippine Stock Exchange Wants Crypto Trading on Its Platform Posted: 05 Jul 2021 12:43 AM PDT
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| I just sent a Bitcoin Transaction with 1 sat/byte [Update] Posted: 05 Jul 2021 01:57 AM PDT
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| Posted: 04 Jul 2021 07:06 PM PDT TLDR is at the bottom of the post So what are dApps? It is also known as decentralised application. DApps have been popularized by distributed ledger technologies (DLT) such as the Ethereum blockchain, where DApps are often referred to as smart contracts. They are like normal apps, and offer similar functions, but the key difference is they are run on a peer-to-peer network, such as a blockchain. That means no one person or entity has control of the network. There are other key features, such as:
While these are beliefs many in the blockchain and crypto community think should be upheld, as the industry has matured, there are dApps that use some, a combination of, or none of the above features. More on that below. What are the benefits of dApps? Dapps have several exciting aspects:
What about the weakness? While Dapps promise to remedy a lot of the key issues faced by regular apps, they do have their downside.
What dApps are out there? A great place to start is State Of The Dapps, a website that lists more than 2,000 dApps built on networks including Ethereum, EOS, Tron and NEO. The most popular dApps at present are decentralized crypto exchanges, or DEXs. These enable people to swap one cryptocurrency for another without the need for a centralized gatekeeper like you'd find on exchanges like Binance, and Coinbase. A new way to build a business Because dApps are decentralized, it has lead to a whole new way to build a business. One of the most fascinating examples is Augur, the decentralized betting marketplace. The creators built the marketplace, released it and now work on completely separate projects, while the network is maintained by its users. Dapp scams and hacks Sadly, dApps can be vulnerable to hacks. Fomo3D was one such scam. Fomo3D was an Ethereum-based dApp where users put in a small amount of Ether into a pot and the last person to do so wins the pot. Sounds simple right? Not so. Bots were programmed to automatically bid on the game, theoretically ensuring that it will continue forever. However, someone managed to win it. By making countless transactions with high transaction fees, the hacker clogged up the Ethereum network so the bots couldn't make their transactions. This meant nobody bid on the game and the rewards were distributed. The anonymous hacker who pulled off the exit scam received 10,469 ETH, worth $3 million at the time, and has become a cautionary tale for people thinking about using dApps where crypto is exchanged. The future of dApps Dapps are still in their early stages. However, there are already thousands of dApps offering up a myriad array of services: Be it playing games, exchanging money, or growing your own digital felines. TLDR: Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer, and are outside the purview and control of a single authority. [link] [comments]  | ||
| Ransomware Group REvil Strikes Again, Demands $70M in Bitcoin from 200 US Firms Posted: 04 Jul 2021 11:28 PM PDT
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| "If I had bought *insert coin* earlier, I would have been a millionaire now" Posted: 04 Jul 2021 11:36 PM PDT No one knows the future, as a matter of fact, we don't even know if we are in a bull or bear market as of this instance. We will only know that later on. You make regret that you didn't buy a certain coin at a certain time but in hindsight, you wouldn't have known. Especially since the market is so volatile. In the beginning, only a few people believed in Bitcoin and those who truly did make good returns. A larger number of those who haven't bought regret not buying it or has bought regret selling it too early. I would love to go back time and buy BTC, ETH and ADA when they were just launched but no one knew at the beginning. So do not feel upset at yourself for not buying in *earlier\*. If you zoom out you would know we are still in it early! [link] [comments]  | ||
| Some sideways trading tips for all you who fancy yourself day traders Posted: 04 Jul 2021 12:51 PM PDT So, I hear so many people say that they swing trade or day trade around here, but then I see them say things that make me curious whether they're gambling, speculating, or actually trading. So at any rate, I find I make more money easier when the market's sideways than I do when it booms, so thought I'd drop a few tips for those that want to sideways trade.
This one is pretty much essential. Hodl life and trading life are pretty inconsistent. I hodl eth, algo, xtz, and BTC, but that doesn't mean I don't trade those assets. I keep my trade bag on an exchange though, entirely separated from my hodl wallet. When I buy back in at a lower price after harvesting profits, I send 50% of the extra value acquired from the price difference to my hodl bag. This means if I sold 50 xtz for $3, and bought back in at $2.88, then I've increased my position by roughly 4%, so I need to buy 52 xtz at the lower price, and send 1 to my hodl bag, or 2% of the initial sell. This will slowly migrate funds to my hodl bag while also increasing my trade ammunition, allowing for higher profit harvesting and creating a small % increase in each bag, every trade. When I'm bearish I'll move some funds to trade from hodl, and when bullish the other way around. Don't burn your hodl bags, but you have to accept that you'll sell things you like... The point is to buy it lower.
As a trader, your job is to harvest modest % gains each time the price oscillates. Back to our xtz example... Before this current bump, my buy in on xtz was roughly $2.81. I'd bought plenty around $2.40 at the bottom, but sideways traded them all the way up to where it is now. Those yesterday prices don't matter though, because I've already realized 7-8 batches 3-5% gains on xtz's way up to $3, so now my buy in point has moved with the market. Buy in small when you do. Your average price on any asset should change each day if you are actively trading. You're not going to identify the bottom correctly each time, and that's ok as long as you can still sell at profit. You're going to think that the price is mooning occasionally... That's ok, that's what your hodl bag is for. Just stick to the plan and execute small profit sales and hold the cash for your buy orders on the way down.
If your trade bag is conservative compared to your hodl bag, your trading bag can't totally fail as long as you stick to the plan. When you buy, set sell orders at conservative values. If you buy 50 xtz at 2.81, set sell orders for 5 xtz at 2.86, 2.88, 2.90, 2.92 2.96, 3.0, etc. Try to focus your sell orders around the 5% mark or so, as that's the usual bounce or dip during sideways trading. If it runs away, that's ok. Say that asset moons, don't try to buy back in high. You've harvested profits and still have your hodl bag. As the profit harvests start to click in, set your buy orders spread below your previous buy in using your harvested profits. Spread them out in a similar way below the mark. Be prepared to change these if the market moves. There are times you may have to buy in a little above what you sold at, but the market's fluid, and as long as you can harvest profits, that's the new buy in. If you stick to the plan, the worst two things that can happen are a) the market runs away and peaks hard. In this case, you have harvested profits and are priced out of buying back in, so enjoy your hodl bag during the bull with no pressure to sell early because you already harvested your profits. Our b) the market tanks, in which case you have harvested profits that don't tank with the market ready to buy that bottom.
Don't turn trading into gambling. There should always be cash in your trading exchange, because that's how you buy the next dip.
TA and heresay are your enemy. You need to operate as if the market will continually bounce 5% up 5% down forever. Thinking you predict the future let's your emotions into your strategy, and that's how you lose big. TA and market signals are nothing but a sign to harvest more profits or be more aggressive. If I think we're headed to a bloody Monday, I don't sell everything. I just harvest my profits and maybe buy back in 10% lower than I otherwise would, but I won't fundamentally change my strategy, because I, like most crypto people, am wrong a lot. Following a trading strategy though will keep you with liquid USD on exchanges ready to react of necessary after big dips. Anyone got any other points to add? I could probably go on for a while, but I think I covered the biggest things I hear of people doing wrong. [link] [comments]  | ||
| Posted: 05 Jul 2021 12:54 AM PDT
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| If you own 1 BTC you are part of the 0.2% wealthiest BTC holders in the world. Posted: 04 Jul 2021 06:48 PM PDT Only 21 million people can hold en entire BTC (max supply). There are 7.674 billion people in the world and growing. This doesn't consider burned/lost coins or people like satoshi holding 1 million coins. 21,000,000/7,674,000,000 = 0.0027365 = 0.274% You are part of the 0.274% wealthiest Bitcoin holders if you hold a single BTC. This is quite significant if you believe in BTC dominating the future and everyone wanting to hold some BTC. [link] [comments]  | ||
| Coinbase to expand India operations, hire for new roles. Bullish for Coinbase, Crypto, and India! Posted: 04 Jul 2021 11:23 PM PDT
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| Posted: 05 Jul 2021 01:12 AM PDT So i run a small personal business of building responsive websites (veebild.com) I charge $300 for a website and i get decent customers. I had problem of payments since people in different countries had different gateways, now i have decided to accept crypto payments in 20 coins which would help me deal with international payments easily. So far i have had two customers who used crypto for payments and i was amazed how fast and cheap this was. [link] [comments]  | ||
| Practical Guide to Making and Taking Profits in Crypto Posted: 04 Jul 2021 04:11 AM PDT
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| Coinbase Has Hired an Army of Support Staff to Keep Customers Happy Posted: 04 Jul 2021 09:47 AM PDT
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![I just sent a Bitcoin Transaction with 1 sat/byte [Update]](https://b.thumbs.redditmedia.com/x0keCgv1PVbhCXbTUX2ynmfQIM9lyiP-cxYgaItYcao.jpg "I just sent a Bitcoin Transaction with 1 sat/byte [Update]")
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