Cryptocurrency Daily Discussion - August 11, 2021 (GMT+0) |
- Daily Discussion - August 11, 2021 (GMT+0)
- Did I buy ETH for $1700 in late July? No. Did I buy ETH for $3100 last night? Yes
- 5 out of the 6 US Senators against Crypto are over 65 years old. Do you really think they know anything about crypto?
- U.S. Treasury Secretary Janet Yellen Accused Of Banking Corruption Following Move Against DeFi Space
- The Senator who Blocked the Amendment for the Crypto Bill is 87 Years Old, Is Sponsored by Big Bankers, Was never Educated about Crypto and never has Talked about Crypto Before
- Stop saying this infrastructure bill has “killed crypto”. The world doesn’t just comprise of America. Nothing can kill crypto.
- I hate how everything crypto related is centered around the US
- Thieves Steal More Than 150 BTC From Joplin Bitcoin ATM
- The current rally has seen ETH have 19 green days and BTC have 15 green days in the past 22 days. The most successful 3 week time period ever.
- The 6 US Senators Attempting to Kill Crypto Received over 8 MILLION Dollars in "Campaign Contributions" From Banking Lobbyists
- What happened with Poly Network and the nature of DeFi Hacks
- These are the 6 U.S. Senators at fault for killing the crypto industry in the U.S. Vote them out!
- The ongoing Polynetwork hack is hilarious right now. Hacker's USDT got locked, someone informed him and hacker rewarded him. He then sent some of the reward to Vitalik lol
- Visa says $1b worth of cryptocurrency was spent by consumers through their crypto-linked cards in the first six months of 2021.
- The PolyNetwork hacker is returning the funds
- I don't own even a bit of BTC....I can't be the only one right?
- When BTC price was 30k, JPMorgan lied that big investors are not buying the dip and criticized El Salvador legal tender adoption. Now JPMorgan created exclusive Bitcoin fund for wealthy clients.
- I'll never keep any significant amount of money in the bank again
- Techlead's million scam went too far
- The same people that asked Zuckerberg “How does Facebook make money?” are currently debating Cryptocurrency.
- Sold all my ETH in panic at 1800 USD, now bought half of it back for nearly the same value
- Opinion: schools should teach kids blockchain / crypto fundamentals and literacy ...
- "No online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher" - In 1995 many doubted the Internet, and in 2021 people are doing the same with crypto...
- An example of why we buy when there's blood in the streets
- People who purchased crypto during the pandemic (or early days) have diamond balls. ��
- I've invested more than I'm willing to lose
| Daily Discussion - August 11, 2021 (GMT+0) Posted: 10 Aug 2021 05:00 PM PDT Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: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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| Did I buy ETH for $1700 in late July? No. Did I buy ETH for $3100 last night? Yes Posted: 10 Aug 2021 10:06 PM PDT Annoyed about missing the bottom? Don't worry, odds are that many other people are too. Look, I was stupid. During the last dip, prices kept going lower and there was a lot of fear around that we were going into another crypto winter. I was scared too and chose not to buy. I know that there are many people on here who felt the same way. Now, did others time it exactly right and buy? Probably. No good comes from focussing on people who were more successful than you though and we can't dwell on missed opportunities. They are chances to learn and yet another sign that dollar cost averaging is the best way to approach crypto trading. Sometimes it can just be really hard to practice what you preach. You've got to be optimistic though. There are still like 7 billion people who don't even understand crypto. [link] [comments]  | ||
| Posted: 10 Aug 2021 10:26 AM PDT Seriously now wtf is wrong with this picture. Some of these senators should be retired, yet they are trying to literally ruin future generations. I would love to ask any of them what a blockchain is or what a satoshi is. These "politicians" do not need to be messing with something they don't know shit about. Thank you for coming to my pissed off TED talk. [link] [comments]  | ||
| U.S. Treasury Secretary Janet Yellen Accused Of Banking Corruption Following Move Against DeFi Space Posted: 10 Aug 2021 11:56 AM PDT
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| Posted: 10 Aug 2021 06:26 PM PDT The senator: -Has blocked the crypto-amendment because he wants a 50 BILLION dollars additional U.S. military funding because it would currently be "underfounded" with money -Has never ever talked about crypto before this -Was never educated about crypto -Retires next year -Is a 87 years old dinosaur Additional fun fact: he has voted against nuclear arms reduction treaties and seems to be heavily sponsored by big banks and somewhat by the defense/arms industry [link] [comments]  | ||
| Posted: 10 Aug 2021 02:22 PM PDT I have seen so many posts on the front page about this bill that "killed crypto". Killed? Lol what are we talking about. Last time I checked all my crypto is in the green, and everything is working just the way it's supposed to. Yes the bill is bad for adoption in the US but as many American entrepreneurs have themselves said, "innovation will move outside the US". That's the beauty of decentralization. No central entity, even if it's as powerful as the US government can kill it. All you need is an internet connection. There's a whole thriving world out there. Nothing can kill crypto. [link] [comments]  | ||
| I hate how everything crypto related is centered around the US Posted: 11 Aug 2021 12:48 AM PDT Disclaimer: I do not intend to insult anyone coming from the US, nor do I want to say the US in general is bad With that out of the way, let me start my rant. It is so annoying to me that crypto, which is supposed to be decentralized and international, is centered so heavily around the US. Whenever there are some new laws to regulate crypto in the US (like at the moment), everyone is calling it "the end of crypto", prices start dropping and a lot if people get bearish. But whenever any other country does the same thing, noone gives a shit. Germany just allowed Spezialfonds to allocate 20% of their capital into crypto but for some reason this didn't really make the news, but a bill from the US to tax the shit out of stakers/miners made everyone go insane I get that the US is a powerful country and a worldwide economic leader, but I hate how regional regulations affect cryptocurrency as a whole. This is just annoying to everyone living in a different country With this being said, I know this probably won't change in the near future, since, as I mentioned, the US is a, if not the leading county in the global economy [link] [comments]  | ||
| Thieves Steal More Than 150 BTC From Joplin Bitcoin ATM Posted: 10 Aug 2021 11:43 AM PDT
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| Posted: 11 Aug 2021 01:43 AM PDT This rally truly has been history-making. Not only is this the most successful 22-day time period ever for ETH for BTC but it also achieved the below historical milestones and we're only getting started!
You are witnessing and are a part of history right now. Let's keep this rally going until we retake ATHs for ETH and BTC and ignite alt season as well! [link] [comments]  | ||
| Posted: 10 Aug 2021 01:13 PM PDT The Slimebag Six identified in this post HERE have received over 8 million dollars from Commercial Bank/ Securities & Investment lobbyists, according to contribution tracking site opensecrets.org. Bill Hagerty (R-TN) 691,091 Krysten Sinema (D-AZ) 1,549,601 Rob Portman (R-OH) 2,614,807 Mark Warner (D-VA) 1,947,814 Richard Shelby (R-AL) 872,921 John Thune (R-SD) 558,923 This is in addition to the 7.2 million dollars anti-crypto zealot Secretary of the Treasury Janet Yellen has received in "speaking fees" from banking interests. However, I'm sure these good and honest politicians acted only with public interest at heart. [link] [comments]  | ||
| What happened with Poly Network and the nature of DeFi Hacks Posted: 10 Aug 2021 08:23 PM PDT Hey all! I've seen some misinformation being spread about how the Poly Network hack worked and what it was actually targeting. I want to clear it up, because this is a big barrier to get people involved in the DeFi Space. WHO DID THE HACK TARGET This is a big question to ask. I've seen a couple of comments like "Not your keys, not your Crypto" and likening it to BitConnect or Mt. Gox. It's similar but with a big caveat, these types of attacks DON'T typically target users crypto in their wallet. Custodial exchange and Centralised Lending will often target users Crypto just chilling in a Spot Wallet. When you supply liquidity to a protocol on DeFi, IT IS NOT YOUR CRYPTO. You're keys should still be able to authorise the withdrawal of that Crypto or your wallet will have a receipt of supplying like cETH or LP tokens. You are still ultimately the custodian of your own Crypto in DeFi If you've been interacting with DeFi protocols, it is highly unlikely you will wake up to a drained Metamask after one of these hacks. You are too small of a fish for those types of attacks to target. You are more likely to have fallen for Phishing scams if that is the case. Typically hacks like this target Liquidity Pools. Liquidity Pools often have immense values in them, now you may lose Crypto you have deposited in a hacked pool or farm but often times protocols come up with solutions to reimburse any lost crypto like PancakeBunny earlier this year that suffered a Flash Loan attack. Poly Network holds large liquidity pools to facilitate cross chain transfers, holding a lot of exit liquidity on each chain. The money that was hacked from this event is likely to have been stolen from those who have large amounts of liquidity staked. This is not likely to be you farming CAKE on PCS! Cross Chain protocols are incredibly hard to code, and they should be treated with caution when supplying liquidity to them. HOW DID THE ATTACK TAKE PLACE? I want to keep this part simple for those not technically minded but there are currently two working theories as to how the hack took place. They both involve the private keys for the ownership of the liquidity pools. Theory 1: Leaked Key Now, Poly Network has a big security problem from the outset. They had a single sig key to the pools which means that only one signer would need to authorise any changes to the liquidity pool, including withdrawal of funds. This is like leaving a vault of gold with only one key. If you wanted to access this, there wouldn't be any other parties involved and no oversight from someone who could say "Hey, what are you doing!". Current theories suggest that this key was leaked or hacked via another method off-chain. This is the story from early official post mortem from Poly Network EDIT: This theory has been disproved by Poly Network, but I wrote it so I thought I'd leave it here as an example of an early working theory Theory 2: Hacked Contracts There are two important contracts. A "manager" contract and a "data" contract. The data contract specifies the address which can submit transactions which can withdraw funds from the pool. If someone was to replace this address in the contract to theirs, they could withdraw as much from the pools as possible. In Solidity there is a concept called Ownership. A smart contract can set certain functions to only execute if the owner executed them. Typically when constructed the owner is the wallet who deployed the contract, which is typically the developer. However, in this case the Owner of the "Data" contract was the "Manager" contract. So now, if you were to call a function which could replace the address in the data contract with theirs from the manager, it would be allowed. But here's another flaw in the design of Poly Network. The "manager" contract exists to run transactions on different chains. It has a function called verifyHeaderAndExecuteTx which verifies that a transaction exists on one chain, and if it does, runs it on another. This is needed for cross chain interoperability. But wait... we've now got a way to run arbitrary functions from the "manager". If the attacker devises a specific input they can now freely set the most important address, the one which says who can withdraw from the pools, to theirs. This has been confirmed by Poly Network: https://polynetwork.medium.com/?p=e30cf27468f0 Closing Remarks Please don't hesitate to ask any questions about the hack or areas you might not understand so I can clear them up. The technical stuff is very hard to explain in the least technical way possible! [link] [comments]  | ||
| These are the 6 U.S. Senators at fault for killing the crypto industry in the U.S. Vote them out! Posted: 10 Aug 2021 04:46 AM PDT You've probably heard by now that, despite our best efforts, the U.S. Senate failed to even vote on any alternative to the horrible cryptocurrency provision that may kill the crypto industry in the U.S. This means that wallet producers, miners, Dapp creators, and basically everyone else will now require KYC of their customers/users or face harsh penalties from the IRS (the U.S. tax collector). These are the 6 Senators (listed in no particular order) who are responsible for the cryptocurrency disaster in the Infrastructure Bill. We will remember their actions and vote them out! Rob Portman (R-OH) – drafted the disastrous, original cryptocurrency provision. When Toomey, Wyden, and Lummis introduced an amendment to fix the provision, Rob Portman publicly supported their amendment before blindsiding everyone with his own, worse amendment. Portman has proved himself to be a puppet for Janet Yellen and Wall Street. Mark Warner (D-VA) – wrote the worse crypto amendment with Rob Portman, creating chaos in the Senate and causing Portman to recant his previous support of the Toomey/Wyden/Lummis amendment. Because the Toomey/Wyden/Lummis was bipartisan and already widely expected to pass, Mark Warner's co-authorship of the Portman amendment gave the Portman/Warner/Sinema amendment bipartisan sponsorship, giving it legitimacy to contend the Toomey/Wyden/Lummis amendment. Kyrsten Sinema (D-AZ) – did not write the worse crypto amendment with Portman and Warner, but signed onto the amendment later to give it legitimacy. Kyrsten Sinema was one of the two leaders of the Senate Infrastructure Bill negotiations, along with Rob Portman. Once Sinema signed onto the Portman/Warner amendment, it became extremely difficult for other senators to publicly oppose the Portman/Warner/Sinema amendment, because it became a symbolic rejection of the Infrastructure Bill as a whole. This is why we only saw Republicans who already indicated they would vote against the Infrastructure Bill publicly commit to the better, Toomey/Wyden/Lummis amendment. Bill Hagerty (R-TN) – 99 out of 100 Senators voted to expedite the Infrastructure Bill, which would have led to an opportunity for proper consideration, debate, and voting on the cryptocurrency amendments. Bill Hagerty was the ONLY Senator to vote against expedition. This forced the Senate to either take a vote to end debate and force a vote on the whole Infrastructure Bill within 30 hours, or to take a recess until September 13, 2021. Once the Senate voted to end debate, it meant that the cryptocurrency amendments would not even be voted on without unanimous consent of all 100 Senators. Hagerty effectively increased the number of Senators who needed to support a crypto amendment from 60 to 100. Richard Shelby (R-AL) – 99 out of 100 Senators consented to vote on the mega-compromise Toomey/Lummis/Warner/Portman/Sinema amendment which was substantially similar to the good Toomey/Wyden/Lummis amendment. It was widely expected to pass, and we would have seen a resounding success. However, Richard Shelby was the ONLY Senator to refuse to consent, because he conditioned his consent on the Senate also approving $50 billion in military spending. When this idiotic ultimatum was rejected, Richard Shelby objected to the cryptocurrency amendment, leaving Portman's disastrous, original cryptocurrency provision intact. John Thune (R-SD) – the Senate Minority Whip. His ONE job is to make sure that the Republican senators vote with party leadership. He failed this TWICE by allowing Bill Hagerty and Richard Shelby to block the crypto amendments. How hard could it be to get corrupt politicians to vote with a corrupt party? Just promise to give the Republicans candy if they vote with the party. I used that strategy to win my middle school student government election in a landslide. Also, fuck Janet Yellen. The unelected, 74-year-old Secretary of the Treasury was the person behind the cryptocurrency provision in the first place, as well as the Portman/Warner/Sinema amendment. It's no surprise that the woman who took $7.2 million in speaking fees over the last two years (almost entirely from banks) was behind this attempt, at every step of the way, to systematically destroy cryptocurrency and DeFi. And of course, because she was unelected, we have no way to vote her out. [link] [comments]  | ||
| Posted: 10 Aug 2021 08:40 PM PDT Polynetwork hacker stole around $600m and tried to launder those funds but was immediately locked out by USDT Tether, so he couldnt spend the usdt in his wallet. He tried moving them to curve and it failed Someone told him USDT banned him with an onchain txn message, so he tipped the guy around $50k. The guy who got the reward immediately sent around $5k to Vitalik lol. Meanwhile the hacker got swamped by beggars, asking him for money. Some were recommending him tips on how to launder (like using Tornado Cash) and looking for a reward. Im not sure if the hacker is really unaware of dapps like Tornado Cash but anyways he seemed to play along and asked people "TEACH ME PLZ!" The whole thing is like watching money heist IRL lol Meanwhile the polynetwork team posted a cringy message asking the hacker to return the funds otherwise there will be legal consequences. The hacker then said he is not interested in the money, and his latest message seems to indicate he will create a token and the DAO will decide on the fate. https://etherscan.io/address/0xc8a65fadf0e0ddaf421f28feab69bf6e2e589963 Meanwhile people pour in asking him for money. Over 600 people have sent txns asking for mone.y Some people really seem to think he will distribute the hacked amount to the people who are begging for it lol. I wont be surprised if he did, crazier things have happened in crypto. [link] [comments]  | ||
| Posted: 10 Aug 2021 12:20 PM PDT
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| The PolyNetwork hacker is returning the funds Posted: 10 Aug 2021 08:54 PM PDT It's all coming together Bois, the PolyNetwork hacker is preparing to return the funds:
I Will update the thread as soon as I see more development Update:
Update 2: Poly network has tweeted the address Credit to u/danilody for spotting the tweet. Update 3: Hacker is asking PolyNetwork to accept the "donation"
Update 4: I looked at the address of the guy who warned the hacker about not using USDT, he seems to have sent 1.5K $ from his own pocket to Polynetwork's address even though he donated the 13.37 ETh he got, to various charities. This is what the transaction note says (it's addressed to Poly Network):
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| I don't own even a bit of BTC....I can't be the only one right? Posted: 10 Aug 2021 11:54 PM PDT I got into crypto recently and I ain't a rich kid so I feel like investing in ETH(DCA),ADA,VET, MATIC and other alts would get me more profit compared to BTC. BTC is too expensive for me. Is there anyone here who doesn't own BTC like me? Or am I alone? I don't think I am doing a mistake as the highest amount I could put in crypto per month is only $50(third world country student) [link] [comments]  | ||
| Posted: 10 Aug 2021 05:08 AM PDT When BTC was 30k JPMorgan was FUDding to lower the price more. Last week JPMorgan launched a new Bitcoin fund for wealthy clients after buying the dip. https://www.coindesk.com/jpmorgan-launches-in-house-bitcoin-fund-for-wealthy-clients Ignore what they say. Watch what they do. These guys can't manipulate retail investors anymore. In Bitcoin we all have access to the data. On chain was showing clearly that big money was accumulating BTC when price was in the 30s. [link] [comments]  | ||
| I'll never keep any significant amount of money in the bank again Posted: 11 Aug 2021 01:59 AM PDT I just got a lovely notification from my bank. They were happily letting me know that I should rejoice cause they credited me with my monthly interest reward. A spanking 0.5% APY !! That doesn't even cover the account maintenance fees, not to mention inflation. After discovering crypto, my eyes were fully open. I will give banks as little of my money as possible, they've been leeching of my hard work long enough. Comment your shitty interests rate below, and best of luck with your coins!! [link] [comments]  | ||
| Techlead's million scam went too far Posted: 11 Aug 2021 01:31 AM PDT After being exposed for his million token which is a scam, by coffeezilla. Where he lied about different things about the coin which include saying that he put 1 million dollars in the token where he put just 50k. He took the money that people put in. He responded today to all the things that are going on out there, playing the race card to coffeezilla, he actually says that coffeezilla is a racist for exposing him. And try to be the victim, he's also kepy lying about how the million token is doing, which is down as fuck. We need to stop those influencer scams, and stop falling for it. They deserve to go to jail. The feds should investigate techlead. Sorry for those who fell for it, hope you learned a lesson and this won't happen next time. Credits: *I won't put techlead channel because that will help his referencing so I'll put coffeezilla's video Thanks for reading, [link] [comments]  | ||
| Posted: 10 Aug 2021 10:38 AM PDT Tl;Dr….Ah Shit! In his appearance before the senate committee, Mark Zuckerberg was asked some of the most basic questions imaginable. These included "How does Facebook make money?" and "Why do I keep seeing ads for chocolate?". I have no faith in their knowledge and people always try to destroy what they don't understand. [link] [comments]  | ||
| Sold all my ETH in panic at 1800 USD, now bought half of it back for nearly the same value Posted: 11 Aug 2021 02:35 AM PDT This does not sound like a success story, but I am extremely bullish on this. I made a mistake, even that I first bought by ETH mid April 2021. US Congress bill is shitty for crypto, but even with this shit the market is still rising. Good/bad news are instantly reflected in the market, the official entry into force of bill is not required for markets to reflect investors' reactions. Also, money flows into market, people are buying and will not stop for now, as big investments are moving into crypto. Professional investment funds begin to trust in crypto, which good thing - they invest money of people, who would never think of crypto as good way for investments (people who are not so well into technology etc.). And PoS on Dec 2021 / 1Q 2022 will skyrocket not only ETH but the whole market. I'm bullish guys. [link] [comments]  | ||
| Opinion: schools should teach kids blockchain / crypto fundamentals and literacy ... Posted: 11 Aug 2021 02:10 AM PDT This is just a personal opinion but I am sure that many could agree that to a large extent, the education system of the past 30 years will not be relevant in the next 30. We never had the chance to learn about real-life basic financial literacy. We learned maths, science and languages and were supposed to figure out our own way of applying it to our lives. Problem is that many people do not know the basics about credit cards, personal loans, banking systems etc. and usually get absolutely rekt by these systems. I feel like with blockchain / crypto, things can actually change for the better. Do you think that the kids of today should have things like blockchain / crypto literacy included in their curriculums so that they are better prepared / more equipped to deal with the challenges of tomorrow? Or am I delusional for thinking that this could ever be a possibility because of the powers / systems that be? Thanks in advance for all your insights! [link] [comments]  | ||
| Posted: 11 Aug 2021 01:25 AM PDT
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| An example of why we buy when there's blood in the streets Posted: 11 Aug 2021 02:57 AM PDT
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| People who purchased crypto during the pandemic (or early days) have diamond balls. �� Posted: 10 Aug 2021 06:45 PM PDT As I'm sitting here literally eating ramen (legit, delish kind), I'm thinking how difficult it must have been to throw money out during times of duress in the market, knowing that you might never see that money again. There was absolutely no way to know where crypto or the economy was going. Same for those who bought huge bags of ETH or Bitcoin in the early days when people said it was a scam. This is why when there's blood, I buy a percentage of a crypto I'm interested. Gotta learn from the pioneers. So a glass to those risky early people, you daring souls 🍺 You made it. [link] [comments]  | ||
| I've invested more than I'm willing to lose Posted: 10 Aug 2021 10:49 PM PDT I'm balls deep. I haven't taken a loan or anything. But I have more crypto than I have savings. I'm considering cashing out coz I have a wedding coming up in December. But my portfolio isn't in the green yet. We're still climbing our way back out of the crash. Edit, coz people are asking : I do have savings. It's just tight, given the expenses on the horizon. I do also have a stable job with money coming in. I'm currently hodling : Ethereum. Enjin. Efinity. [link] [comments]  |
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