Cryptocurrency Daily Discussion - August 19, 2021 (GMT+0) |
- Daily Discussion - August 19, 2021 (GMT+0)
- We are enforcing a toughened stance on self stories
- "We know who you are. I have reported it to the admin team and they are considering taking legal action against you....Trust me, this is your first and last warning" - A PM I got from a mod after I exposed their shitcoin
- Justice is served; Robinhood reported a net loss of $502 million
- Coinbase launches in Japan
- This is ridiculous, a headline saying "Crypto market plummets below $2tn cap" and "BTC crashes to 44k". Remember we hit 28k just a month ago. Stay humble and widen your timeframe for market analysis.
- Crypto is slowly turning mainstream. The UFC signed a deal with Crypto.com and the logo is now inside the octagon at all events.
- Investing in crypto has made work feel like less of a burden.
- Turns out they're still trying to find uses for Doge
- Spend 10 seconds imagining your phone or computer going belly up - it happens all the time. Then ask yourself, is your crypto still safe?
- I'm going to stop buying games and invest that money in crypto
- The Bullrun is going to continue into 2022. Here's my flawless Technical Analysis:
- The reason why the Bitcoin subreddit is toxic.
- Cardano teams up with Ergo blockchain, which uses UTXO-based accounting like Cardano&Bitcoin, to work on a stablecoin contract called Djed which is the first formally verified crypto-backed algorithmic stablecoin contract that acts as an autonomous bank
- London school of economics joins Hedera Hashgraph governing council
- The biggest use case of MOONs is right in front of your eyes!
- Does anyone ever have that fear that Crypto all of Crypto everything around us is just one super long game scam?
- Did you know that in one point in time someone owned 92 billion bitcoin?
- Who else feels like whatever happens in the market right now, they don't have enough of crypto stacked?
- You don't look at your investment accounts for 5 years. You come back to find yourself a multimillion, what would you do?
- What are some of the Alt coins you guys think have some real utility?
- Robinhood Posts Q2 Loss, Says Over 60% of Customers Traded Crypto. - It’s time to get everybody off of Robinhood
- Who else reads price predictions for 5-10 years from now...
- The Poly Network hacker is now refusing to return the remaining funds. Wants $33 million
- Whales Move Nearly $1,000,000,000 in Ethereum As Markets Pull Back – Here’s Where the Crypto Is Going
- When The Price Drops: The Psychological Effects
- Worldwide adoption of crypto has increased 880% since 2020
| Daily Discussion - August 19, 2021 (GMT+0) Posted: 18 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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| We are enforcing a toughened stance on self stories Posted: 18 Aug 2021 09:41 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 18 Aug 2021 09:41 AM PDT "We know who you are. I have reported it to the MoonPirate admin team and they are considering taking legal action against you. Yes, they have a lawyer who has helped every step of the way. And social media threats and mininformation make for A GREAT CASE in this day and age. Trust me, this is your first and last warning". 3 months ago I came across a coin called MoonPirate, a coin based around rum/beer. It's a token that provided right to vote on a poll for what they should focus on next, but that's literally it. I exposed them for having a fake address on their website, since I looked them up on Google maps and called the business that was actually listed at that address. I also exposed the fact that the rum was selling for $200 a bottle and that the guy running the coin literally had zero prior experience making alcohol. I essentially just listed information from their website and got threatened with legal action. Best part though? The mod in question stopped posting 4 weeks ago and Moonpirate has fallen over 93% since he sent that PM. It sucks when people lose money. But its hard to sympathize with people who threaten legal action to stop you from sharing your opinions. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Justice is served; Robinhood reported a net loss of $502 million Posted: 18 Aug 2021 09:19 PM PDT We.. Justice is almost served! they are reporting a massive loss and shared have dropped but the users have more than doubled from last year! https://edition.cnn.com/2021/08/18/investing/robinhood-earnings/index.html [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
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| Posted: 18 Aug 2021 08:02 PM PDT I'm also glad that it's "Crypto.com" not something ambiguous like "BabySafeDoge" or whatever shitcoin is popular right now… These are the thing that will make people more aware of crypto and will invite more and more people into the market. I feel like a great idea would be if the UFC starts accepting bets using crypto. We already have something similar like how we bet on crypto prices on CoinFantasy, the UFC just has to implement it now. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Investing in crypto has made work feel like less of a burden. Posted: 18 Aug 2021 10:38 PM PDT I Wake up 6am Monday-Friday and mine fiat from 7am until 3:30. Before I started investing in crypto, I couldn't care less about what I spent my money on and work was miserable. Investing in crypto made me think about my budget and all the useless stuff I was throwing my hard earned money at. I've started to watch my spending closer and saving now feels like a game. Watching my portfolio slowly gain value over the past year has been rewarding and working isn't as terrible as it used to be. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Turns out they're still trying to find uses for Doge Posted: 18 Aug 2021 08:08 PM PDT
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| Posted: 19 Aug 2021 02:01 AM PDT Probably not. Let's all spend a couple of minutes today checking that our crypto is safe. This is your retirement. For 2FA apps, turn on the backup option. In Google Authenticator, you'll have to manually export via QR codes. For wallets, make sure you have the seed or recovery phrase backed up at least two places. Good luck and stay safe. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| I'm going to stop buying games and invest that money in crypto Posted: 19 Aug 2021 01:05 AM PDT Hey everyone I'm new to this subreddit ,and I've decided to invest my money in crypto rather than buying games. I invest nearly $100-$200 every month in games.I wnated to know which coins should I invest in and why? Thanks in advance. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| The Bullrun is going to continue into 2022. Here's my flawless Technical Analysis: Posted: 18 Aug 2021 04:34 AM PDT
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| The reason why the Bitcoin subreddit is toxic. Posted: 19 Aug 2021 03:47 AM PDT Hi everyone! Hopefully you are all doing great. Today I got a 7 day ban from the r/Bitcoin community. And honestly, I am baffled. Here is a small summary of the events on why I got banned - and why I think that subreddit and the moderators are the most toxic in the crypto community. It all started with the following question I saw on my timeline. For those who don't want to click the link, the question states: "What do you guys think of Ethereum? Is it a good coin compared to Bitcoin?" OP then specified he asked this on r/ethereum but wanted to see both sides of the story. I answered with the following answer. Again for all of you who don't want to click links, it states from my side: "Different coin all along. Bitcoin = store of value (like gold, but with a known supply). Ethereum = platform to facilitate contracts & finance. They are both good. I own both!" A few minutes after, I get the following DM on my Reddit account stating I was now banned from the community for 7 days due to "shitcoin shilling" LMFAO. Firstly, I did not shill I believe. Secondly, as if now Ethereum is a shitcoin!? Anyways, rant over. For all you newbies out there, be careful with coin-focused subreddits... as you can see they tend to be very one-sided. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 18 Aug 2021 12:04 PM PDT Cryptocurrency volatility is one of the obstacles to its wider adoption. Blockchain technologies provide benefits such as transparency, data immutability, and proven security of financial operations. Yet, it is harder than fiat currencies to predict how the market will behave, or forecast the value of a digital currency. This hinders using cryptocurrencies as accounting and exchange units in daily operations. A stablecoin is a cryptocurrency pegged to a basket of fiat currencies or a single currency (eg, USD or EUR); commodities like gold or silver; stocks; or other cryptocurrencies. Stablecoins include mechanisms that maintain a low price deviation from their target price and so are useful to store or exchange value, as their built-in mechanisms remove the volatility. Some stablecoins lack transparency and liquidity of their reserves, which compromises their price stability. To address these challenges, IOG has teamed up with Emurgo, another of the three founding partners of Cardano, and the Ergo blockchain, which uses UTXO-based accounting like Cardano, to work on a stablecoin contract called Djed. Djed is based on algorithmic design. This means it uses smart contracts to ensure price stabilization, and that the coin will be useful for decentralized finance (DeFi) operations. How stablecoins workDifferent mechanisms contribute to the stability of the coin's value and help eliminate price variations. These mechanisms are underpinned by the economic principles of supply and demand. A common mechanism is backing the stablecoin by a reserve of the currency used as the peg. If demand is higher than the supply of sell or buy orders, this supply should be increased to avoid fluctuations in the price. Typically, stablecoin reserves are not stored in cash. Instead, they are kept in interest-bearing financial instruments such as bonds. The returns on these provide revenue for the operator. As long as the stablecoin is fully backed by reserves in the currency to which it is pegged – and the operator can react quickly to variations in demand – price stability is maintained. Common risksStablecoin reserves are commonly associated with investments. The lack of liquidity of these investments may prevent the operator from reacting quickly to demand. This compromises stability in the short term. A drawback of fiat-backed stablecoins is that they require trust in the entities keeping the reserves. Lack of the reserves' transparency or of the 'full-backing' claim, combined with inefficient stabilization measures, have already caused Tether stablecoin (USDT) to fall below $0.96, as shown in Figure 1. Issues of transparency do not arise when the backing asset is a cryptocurrency on a public blockchain. Furthermore, the use of smart contracts ensures efficient and reliable execution of stabilization measures due to its automated and secure mechanisms. Enhanced stabilization mechanisms of Djed algorithmic stablecoinDjed is a crypto-backed algorithmic stablecoin contract that acts as an autonomous bank. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins. The contract maintains the peg of stablecoins to a target price by buying and selling stablecoins, using the reserve, and charging fees, which accumulate in the reserve, as shown in Figure 2. The ultimate beneficiaries of this revenue stream are holders of reserve coins, who boost the reserve with funds while assuming the risk of price fluctuation. The Djed stablecoin is designed as an asset pegged to a fiat currency (USD), along with a governing algorithm. This approach provides a stable means of exchange. But Djed is not limited to being pegged to the dollar. It can work with other currencies, as long as there are oracles providing the contract with the corresponding pricing index. The first formally verified stablecoin protocolDjed is the first formally verified stablecoin protocol. The use of formal methods in the programming process has greatly contributed to the design and stability properties of Djed. Using formal techniques, the properties are proven by mathematical theorems:
Djed versionsThere are two versions of Djed:
ImplementationsIOG, Ergo, and Emurgo teams have been working on the implementation of the Djed algorithmic stablecoin contract earlier in 2021 to test different models. The first implementation of a Djed stablecoin contract was SigmaUSD on Ergo. This was the first algorithmic stablecoin deployed on a UTXO-based ledger in Q1 2021. It had a fee of 1% for buying or selling operations, and an oracle that updated the exchange rate every hour. This initial version was subject to a reserve draining attack by an anonymous user who owned a large number of ERGs (Ergo's native coin). The attack was ultimately unsuccessful, and it is estimated that the attacker lost $100,000. To further discourage such attacks, this initial deployment of Minimal Djed was replaced by a version where the fee was set to 2%, the oracle updated every 12 minutes, and every oracle update was allowed to change the price by at most 0.49%, unless the price difference was greater than 50%. This provided stronger resilience against reserve draining attacks. Djed has also been implemented by the IOG team in Solidity. One version uses the native currency of the Ethereum blockchain as a base coin, and another uses any ERC20-compliant token as a base coin. So far, these implementations have been deployed to testnets for Binance Smart Chain's testnet, Avalanche's Fuji, Polygon's Mumbai, Ethereum's Kovan, Ethereum's Rinkeby, and RSK's testnet. Djed: Cardano implementationThe Alonzo update to Cardano will enable smart contracts using Plutus. Plutus is powered by Haskell, which guarantees a safe, full-stack programming environment. Draft implementation of an earlier version of Minimal Djed is available in the Plutus language. In this implementation, stablecoins and reserve coins are native assets uniquely identified by the hash of the monetary policy that controls their minting and burning according to the Djed protocol. This implementation also assumes that oracle data such as the exchange rate is provided as signed data directly to the transactions, instead of being posted on-chain. There is also an ongoing OpenStar implementation. OpenStar is a framework for private permissioned blockchains developed in Scala. The implementation of Djed using OpenStar follows the idea of off-chain smart contract execution to have a stablecoin on Cardano that does not depend on smart contracts executed on-chain. To find out more about Djed stablecoin, see the recently published research paper or check out the presentation by Bruno Woltzenlogel Paleo, IOG technical director, at Ergo summit 2021. We'd like to thank and acknowledge Bruno Woltzenlogel Paleo for his input to this article and support throughout the process of its creation. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| London school of economics joins Hedera Hashgraph governing council Posted: 19 Aug 2021 01:09 AM PDT
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| The biggest use case of MOONs is right in front of your eyes! Posted: 19 Aug 2021 12:35 AM PDT If you've played any sort of online video games, you'd understand this in an instant. People are social beings and we tend to show off our individuality and achievements. Jewelry for example is used to show off how much money we've made. It's a status symbol.That derives most of Gold's value. But in the digital world, like games, social media, etc. We have "High level stats" such as level 100 Mage, Assassin etc. Recently it's replaced more by in-game cosmetic items like Weapon skins and character skins. In social media, we have the "verified" tick, follower count, etc. It sounds trivial but people assign value to all of these things. Now, MOONs being visible next to our usernames mean one thing and Reddit knows it. It's an indicator of how much you've participated or hold a stake of in this community. This visual representation is like a status indicator. It acts like a In-game cosmetic item. As the moons/karma ratio goes down every month. The value of this status will increase as it gets harder to reach higher levels. Since the community is large with 3.3 million subscribers, this visual status has some significance and Reddit Admins know it. That's why they probably have decided not to hide it. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 18 Aug 2021 04:30 PM PDT Ive been watching a few documentaries and movies lately about these criminal groups and people who just fall for their shit. And you sit there going, that scam is so obvious. And it shocks you that if some guy just a looked a little deeper or just you know read something boom all unraveled. It never gets off the ground. I worry someday that all of this is just some elaborate scam cooked up by some Japanese Neet named Satoshi Nakomoto. Who couldn't get out of his house to get a job so he told his parents he's working on a "digital currency" project and got em to invest so he could buy more anime. Then his otaku friend took his parents letter about the project and put in on the internet explaining bitcoin. And he was like dudr I don't have a project. And thats where the scam came about, just put randome code on the internet and people will like interpret it how they will. And then Satoshi was like what if they find me and he friend was like, no one will ever know cause you never go outside. Then it got popular and Hoskins and Vitalik found out who Satoshi was because they met his friend at an anime con and he was all like bragging about it. So they flew to Japan and told Satoshi were making our own crypto called Etherium. And they kidnapped him and are holding him hostage in Hoskins basement and Vitalik wants to save but Hoskins knows the secret. And they need Satoshi never to appear or it will ruin the mystery of Crypto. And were right now in the part of the movie where like Vitalik saves Satoshi and he is going to come forward in a press conference and reveal the truth. It was all scam!!!! I have that fear sometimes. I also have the fear that I'm going to be one of the guys at the beginning of the movie being interviewed. Interviewer: So crypto is a digital currency? Me: Yes Interviewer: So you were told these numbers were money Me: Yes Interviewer: You spent money on mining and buying coins from people on the internet for numbers in a "wallet" Me: Not your keys not your money. Interviewer: Thats not the point, you invested money on imaginary money. Me. Fiat is imaginary. My bank statement isn't real money. Interview But it can be turned into this. Slams a 20 on the table. Me. I could do that too? Interviewer: By converting the coin on exchange for this 20. Me: Yes Interviewer: When you already had this 20 Me: Yes Interviewer: So you traded your money for magic beans? Me: Uhh Interviewer: Did anyone try to warn you this is a scam? Me: Everyone Interviewer: And? Me: I was told I was early. Interviewer: After 10 years. Me: Yeah Interviewer: Is there anyone else you want to say to Satoshi or Vitalik or Hoskins who are being sentenced today? Me: Yeah, where Lambo? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Did you know that in one point in time someone owned 92 billion bitcoin? Posted: 19 Aug 2021 12:20 AM PDT https://decrypt.co/39750/184-billion-bitcoin-anonymous-creator
The bug was found and patched within 5 hours, and the faulty BTC removed. It's actually quite amusing to know that in one point in time the person with the most bitcoin wasn't Satoshi, but some random hacker dude. For fun, at $64k apiece, the hacker would have a worth of $5 quadrillion worth of bitcoin. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 18 Aug 2021 01:29 PM PDT During all my time in crypto, I have this feeling that I should be spending and projecting more of my daily money to cryptocurrencies. This is because we see these big booms, where we make gains of like 200% or more. In the long run, this rewards HODL:ers really well and all in all people who have patience to stay in the market. I have this feeling of just kind of missing out if I don't accumulate more, because we are still early in this space. Things are volatile, and we all are chasing big gains. Partly it is also FOMO, but I just want to know that at least I gave my best to my generation's opportunity of a lifetime. Not financial advice, rant over. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 18 Aug 2021 07:05 PM PDT I came up with this idea after reading a lot of people who forgot about their cryptocurrency investments to come back and find themselves dirty rich. What if your obsession finally burns out, you forget and move on then 5 years later find out that you have a bit over 100 million dollars in your account? What will you do? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| What are some of the Alt coins you guys think have some real utility? Posted: 18 Aug 2021 07:44 PM PDT Im not talking shit coins. But real Alt coins that have some real utility? Im not asking for shills but id like to get some opinions. The only one i have is Amp. Im still learning so go easy. I also have some cardano but im interested in what you all think is more viable? OK SO IVE DECIDED TO TIP 10 MOONS TO THE TOP COMMENT AND THEN I WILL BUY SOME OF THE CRYPTO THAT WINS AND POST A SCREEN SHOT. LETS SEE WHO IS THE TOP DOG! WINNER WILL BE POSTED AT 9:30 ARIZONA TIME! (Which means we never change our time zone like you all you crazy other states 🤣) WINNER WAS JUICIESTJ. 10 MOONS COMING YOUR WAY [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 18 Aug 2021 01:35 PM PDT
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| Who else reads price predictions for 5-10 years from now... Posted: 19 Aug 2021 02:39 AM PDT And calculates how much their coins will be worth in the future if the predictions come true? Haha I know I do. We're all gonna be sitting on some serious coinage if they we keep going at this rate. Hope we're all able to pay off our debt and accomplish any financial/life goals we have. I feel like crypto is our best chance to get on more of a level playing field in this uneven world we live in....even though it makes me question my financial decisions and sanity at times heh [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| The Poly Network hacker is now refusing to return the remaining funds. Wants $33 million Posted: 19 Aug 2021 02:57 AM PDT
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| Posted: 19 Aug 2021 12:24 AM PDT
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| When The Price Drops: The Psychological Effects Posted: 19 Aug 2021 01:48 AM PDT
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| Worldwide adoption of crypto has increased 880% since 2020 Posted: 19 Aug 2021 02:14 AM PDT
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