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    Cryptocurrency Daily Discussion - August 23, 2021 (GMT+0)

    August 23, 2021

    Cryptocurrency Daily Discussion - August 23, 2021 (GMT+0)

    Daily Discussion - August 23, 2021 (GMT+0)

    Posted: 22 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:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    submitted by /u/AutoModerator
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    Reminder: We have a zero tolerance policy on brigading and vote manipulation

    Posted: 22 Aug 2021 08:47 PM PDT

    Brigading and vote manipulation is a violation of reddit's site-wide rules and our subreddit's rules. We have recently had to crack down on this more with several projects, including safemoon. Do not get caught up in this even if you see other people doing it. All brigade participants will be banned, often permanently.

    This subreddit is particularly sensitive to this behavior because, while we all share a general common interest, there are hundreds of projects competing for attention here every day. Brigading and manipulation are unfair to everyone else who is participating fairly, so we are very strict about this. If you see a brigade, report it to the moderators

    Users should not solicit activity such as votes or comments. This includes directing people to a specific post on this subreddit, even if it is from another platform

    For more information, please see our rules on manipulation and vote manipulation

    submitted by /u/CryptoMaximalist
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    Bitcoin tops $50,000 for first time since early May

    Posted: 22 Aug 2021 07:59 PM PDT

    Cardano price smashes all-time highs, ADA aims for another 20% climb

    Posted: 23 Aug 2021 12:41 AM PDT

    Tyga Deletes OnlyFans Account, Plans to Launch Competitor Platform Myystar Myystar will only be taking 10 percent of creators’ earnings, a steep difference from OnlyFans’ 20 percent fee. “Creators will have the ability to sell NFTs on the Ethereum blockchain, as well as boasting features relevant to

    Posted: 22 Aug 2021 09:03 AM PDT

    REMEMBER: What a ride it was since the last time we touched 50k.

    Posted: 22 Aug 2021 07:18 PM PDT

    Now that we are minutes away from breaking 50k, I want us all to take a minute and make some memory. Specially on the bumpy road we had here since the last time BTC departed 50 grand.

    Remember how China kicked miners, and spreaded powerful FUD, taking miners elsewhere and opening new mines in many countries.

    Remember how Elon stopped accepting BTC and partially caused the spiral down that took BTC to 28k.

    Remember the billions liquidated in crypto longs.

    Remember the discussion about BTC , energy consumption and the enviroment that this movement triggered.

    Remember Microstrategy taking a loan of around half a billion to buy more BTC at 37k.

    Remember seeing ADA under $1. Yeah I know.

    Also, Moons for like 7 cents....

    Remember the Doge rollercoaster, and the rise of memecoins. Story still unfolding...

    Out of the blue, El Salvador became the first country to make BTC a legal tender!

    Oh and Mark Cuban got rugpulled.

    Remember that someone killed John McAfee, holy shit. Does anyone know what even happened to this guy?

    Remember the Amazon tease.

    Britney Spears has been using BTC since 2014?

    Mandatory remember: fuck robinhood.

    Remember all the FUD, and how people was sure of BTC hitting 20k or 18k.

    And most importantly, remember all you learned since then. Most of us, didn't even know what a smart contract was back in april, or used to read PoS as "piece of shit".

    Hell I think even politicians have learnt some things, at least the proposal to ammend the Infrastructure Bill showed a couple of senators either knew more about the issue or got better advisors.

    All in all, when we see the news reporting BTC at 50k and a new FOMO cycle all around, it will have such a different meaning.

    This will be a great season ending, I'm eager to see what will come next.

    Edit: The train has left the 50k station, see you at 100k

    submitted by /u/chomskian1
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    As Bitcoin breaks the $50,000 and Ether goes beyond the $3,300 mark, another $300,000,000 worth of positions got liquidated in the last 24 hours.

    Posted: 22 Aug 2021 11:55 PM PDT

    As Bitcoin breaks the $50,000 and Ether goes beyond the $3,300 mark, another $300,000,000 worth of positions got liquidated in the last 24 hours.
    • Over 69,227 traders got rekt in the last 24 hours,
    • $134,980,000 in BTC positions,
    • and $81,21,000,000 worth of ETH positions,
    • The biggest single liquidation was worth $12,000,000! OUCH! How do you explain that to your wife?
    • Not a very good day for leverage traders today.

    https://preview.redd.it/3ct7fauk12j71.png?width=1701&format=png&auto=webp&s=675484cd8ade51c970f3240e6908b242c7945f0f

    However, what's interesting this time around is the fact that "only" around 47% of those that got destroyed were short positions, usually, it's mostly shorters. Looks like some folks got caught up in the ETH's dip when it dropped for a while yesterday.

    https://preview.redd.it/764mddan12j71.png?width=1665&format=png&auto=webp&s=41241d447db86f80fde71e5ba759735a14fd5a1e

    submitted by /u/rootpl
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    Lawyer Just Told Me My Moons Community Property

    Posted: 22 Aug 2021 03:41 PM PDT

    I apologize in advance. I am on mobile and this is a back up account. So, I am going through a divorce. I got the typical worksheet that the lawyer's office gives out and I filled it out and turned it in. It asked about bank accounts, land pretty much everything that you could imagine. But nothing about crypto. So, I didn't fill anything out. Of course, my ex knows all about my crypto. So, after we turned in the inventory my lawyer called and said that I left something out. I told him it wasn't on the sheet. He actually, didn't know anything about crypto at all. So, I filled it in this time, including everything except my moons (this is a back up account). My lawyer just called me and said, my ex is asking about something called Moons. He tells me as long as they were accumulated before the divorce she gets half. Of course, I'm going to counter with asking for half of her international Santa collection. But we'll see where that gets me.

    submitted by /u/CRAZYATOMDAVE
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    Your daily dose of Crypto

    Posted: 22 Aug 2021 06:17 AM PDT

    Your daily dose of Crypto

    1. The total market cap stood at $2.16 trillion, as the market consolidates.
    2. BTC is testing resistance at $50k, whereas ETH is testing support at $3.2k.
    3. Cardano is continuing its unprecedented pace and has hit a new ATH of $2.64. link
    4. An entrepreneur in Australia, Fred Schebesta has said that he would give away $5 worth of BTC to all those who are vaccinated and will get vaccinated for COVID 19. link
    5. Huobi Global has partnered with Latamex to support buying crypto with fiat for users in Brazil, Argentina and Mexico. This move comes amidst Binance's regulatory woes in Latin America. link
    6. An Ohio man has pleaded guilty and forfeited 4,400 BTC for operating Helix, a darknet-based Bitcoin laundering service, which has laundered over 350,000 BTC. link
    7. A recent survey by Deloitte has revealed that 73% of senior executives at financial institutions fear their companies will fall behind if they fail to adopt crypto and blockchain technology. link
    8. European soccer team PSV Eindhoven has signed a partnership with Anycoin Direct, a local crypto exchange, and will receive the entire sponsorship in BTC. link
    9. Lionel Messi's first NFT collection, The Messiverse x Bosslogic is live on Eternity Chain. link
    submitted by /u/Aegontarg07
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    6 reasons this Bitcoin bull run is going to be way bigger than anybody expects

    Posted: 23 Aug 2021 02:12 AM PDT

    1) Risk averse investors like Ray Dalio, Paul Tudor Jones, big commercial banks like JPMorgan and Wells Fargo are getting into Bitcoin and starting to see it as one of the best SoV asset.

    2) Lightning Network is growing and getting adopted rapidly. It's the main reason for El Salvador legal tender adoption which is coming in the first week of September. Twitter will have Lightning integration soon. Square is building DeFi on Bitcoin. JP Sears launched a social network on Lightning. African startup Bitnob started using Lightning to provide cheap remittance services.

    3) Countries like India and many other Asian countries are getting into Bitcoin in a major way. India is the second most populous country in the world and the second biggest market for gold. But the younger generation in India is turning to Bitcoin instead of gold. Crypto investments in India have gone up 700% in the last year.

    4) Taproot upgrade is an important evolution for Bitcoin to improve privacy and scalability. It's coming in November. This upgrade will let Bitcoin have scriptless smart contract integrations via layer 2 protocols.

    5) Infrastructure bill controversy had a Streisand effect for Bitcoin. Many politicians are publicly showing support for cryptocurrency and it has caused a spike in interest overall both in the US and abroad.

    6) Last but not least, trust in fiat currency is at an all time low. 10% annual inflation is considered to be hyperinflation. The largest economy in the world USA is currently at 6% annual inflation. Other countries holding dollar reserves will be affected even worse.

    submitted by /u/BtcAnonymouse
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    Calculating the effect of downvoting on MOON distributions

    Posted: 22 Aug 2021 11:36 PM PDT

    /r/CryptoCurrency is currently ranked #10 for posts per day - yet ranked #1198 for post karma. Such a huge discrepancy is blamed on the reluctance of users to award karma and/or downvoting.

    But does downvoting actually make a difference?

    93.65% of users received less than 100 MOONs in the last distribution. But for simplicity, let's look at this from the perspective of a user who earned 100 MOONs:

    Downvotes MOONs Gained
    10 0.00016
    100 0.00157
    1000 0.01562
    10000 0.15642
    63405 1.00013

    Data: 1,710,052 MOONs were distributed last month, based on 6,403,903 karma (MOONs/karma ratio of 0.267. I assume 1 upvote = 1 karma, however, in reality, karma is awarded with diminishing returns.

    To realise a 1% gain i.e. +1 additional MOON, you would have had to remove 63,405 karma from the pool.

    That's a colossal and utterly futile task that not only discourages people from participating in /r/CryptoCurrency but will, ultimately, devalue MOONs in the long-term as people lose interest and leave. In other words: congratulations, you played yourself.

    The average user in the last round gained 2.67 MOONs (based on 10 karma). Check your vaults - MOONs are rounded to a limited number of decimal places. By downvoting, the average user likely gained nothing at all.

    Nevertheless, downvoting is an important part of filtering low-quality content, misinformation etc. - just don't waste your time doing it for the sole purpose of MOONs.

    TLDR: No, for a given user - the effect is absolutely tiny or zero.

    submitted by /u/Zarkorix
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    8 Fun Facts about your seed phrase you might not know

    Posted: 22 Aug 2021 09:15 AM PDT

    HOLD up partner! I know you're anxious to get down to that sweet comment section and leave your mark. You're probably already thinking of something clever, like "bold of you to assume I can count to 8". But we're about to learn some interesting things, which you can later use to amaze and impress your parents, friends, or significant others.

    So you've got yourself some crypto, and since you're no chump you created a wallet (or three) to move it to. During the process, the software presented you with a list of words and told you to write them down and keep them safe*! But did you know*

    ​

    1. The idea to use a list of regular words (a mnemonic sentence) for generating cryptographic wallets was proposed in 2013. It was formally adopted as a Bitcoin Improvement Proposal (BIP) called BIP-39. Prior to that, wallet seeds were just a long, randomly generated string of digits, which was difficult to use due to the fact that it's easy to introduce errors when reading or writing it down. Some subsequent implementation following BIP-39 is now used by just about every wallet on every blockchain, because it's just that good of an idea.
    2. I know all the words in your seed phrase! All modern wallets that use BIP-39 use words from the same list of 2048 official seed words. There are different lists for other languages, but every wallet that uses English language is derived from this list of words: https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt
    3. Each word in the list was chosen to minimize the chance of mistaking one word for another. For example, no two words on the list start with the same four letters, so technically if you can read the first four letters you can recover the wallet.
    4. Humans are terrible at generating randomness, which is why when you create a new wallet, the software doesn't let you "choose" your seed words. Basically, you would pick words that someone (or a good computer to be more specific) could easily guess if given a few million (or billion) tries. What the wallet does instead is generate a highly random sequence of bits (0's and 1's) and then chop it up into a series of 11 bit values, each of which then identifies a single word in the word list (2^11 = 2048, the number of words in the list). So for example if a particular 11-bit chunk of the random sequence is "00000000101", that is the number 5, so the 5th word in the list is used, which is "above". When you recover a wallet using your seed phrase, the software looks up each word to find it's position on the list and then converts that place number back to the value (i.e. if you enter "moon" it finds that word at position 1149, which in binary is 10001111101). The fact that OG BIP39 wallets were defined this way, by the way, was considered technically to be a flaw1, because the seed words themselves don't actually contain the information to recover the wallet. You have to look up the word in a particular list of words. So if the word list is unavailable or changes, your recover phrase would not work. Some software like that used by the Electrum wallet, solves this issue by using the seed words themselves to produce the seed value and hence the public/private keys. In the meantime, when you record your seed phrase you really should also write down the wallet software (including version number) that was used to produce the keys, so that when they unthaw you in 100 years and you want to recover your vault of moons, you can get an archival copy of the correct software you will need (hopefully someone stored a copy on IPFS). You remembered to have your seed phrase stored with your frozen body, right?
    5. The last word in your seed phrase is actually dependent on the previous words. This is another level of error detection built into the mnemonic seed phrase. After that series of random 0's and 1's is generated, the software calculates a checksum and combines it with the last 11-bit sequence, which then determines the last word in the list. So if you know the first 11 words, you can figure out the 12th word fairly easy by trial and error (which is how I know "moon moon moon moon moon moon moon moon moon moon moon tomorrow" is not a valid seed phrase but "moon moon moon moon moon moon moon moon moon moon moon able" is).
    6. The same seed phrase will produce a different wallet on different blockchains. This is because a subsequent proposal, known as BIP-44, adopted in 2014, added an additional field to the seed value which identifies the coin type. This was done so that there would not be a case where the same public/private key pair existed on multiple blockchains if the user used the same word list to generate, say, separate bitcoin and ethereum wallets. Since you usually use a wallet which is designed for a particular blockchain (e.g. metamask, which supports Ethereum, or Yoroi for Cardano) you aren't aware of the addition of that key value; the software just does it for you. Related to that flaw in BIP39 pointed out in #4 above, this enhancement is related to what are called derivation paths. Which is why technically, your seed phrase is not enough to recover your wallet. To emphasize this point again, for long term archiving of your seed phrase, be sure to also record what software produced it and for what coin you created the keys.
    7. Some blockchains use more than 12 words. Algorand and Monero, for example, use 25 words (the last word includes the checksum similarly to the 12 word version). This is to increase the length of the public key/private key pair to 256/512 bits, respectively. Cardano supports either 15 or 24 word mnemonic phrases. (No, I don't actually know why they chose 15, I guess just to be weird)
    8. There are 5,444,517,870,735,020,000,000,000,000,000,000,000,000 possible 12-word seed phrases. To put that in perspective, there are approximately 7,500,000,000,000,000,000 grains of sand on the earth. So you would have a much (much!) greater chance of selecting a single specific grain of sand from somewhere on the earth than guessing someone's 12 word seed phrase. And for 24 words? Just don't think about it. For fun, visit https://keys.lol/ and spin the wheel.

    Try not to let your brain explode with all this new information, cryptofriends!

    If there is one TLDR here, it's this: when you record your seed phrase, also record information about the software that produced the keys with it.

    1EDIT: This flaw in original word-list ordering concept was in fact was addressed by implementation of BIP-39 to add an additional step, where the words are hashed together first to generate the RNG sequence. The word list is still used by the wallet software to help verify that you (the user) have entered the correct words and in a valid order, but it doesn't really chop the random number's bits in this simple way. Thanks to u/ilkali for pointing this out!

    ​

    ​

    submitted by /u/mjrice
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    Crypto market cap returns 2t for the first time..

    Posted: 22 Aug 2021 09:59 PM PDT

    Bitcoin is on track to record its second consecutive month in the green after plunging to the mid-$28,000 level in June.

    With that being said, the flagship coin is 22 percent away from reaching its current all-time high of $64,804, which means that the cryptocurrency remains in a technical bear market for now.

    BTC which is the largest and most influential cryptocurrency, accounted for 43.7% of the overall market. Ethereum (ETH), meanwhile, took 18.9% of the market share.

    While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) were all boasting double-digit gains for the week...

    submitted by /u/ballala
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    To those who are thinking ”I should have bought more during the last dip"

    Posted: 23 Aug 2021 01:13 AM PDT

    "I should have bought more during the last dip"

    Stop this state of mind now, otherwise, you'll never be happy. There was a reason you didn't buy more, you did not have the money you're willing to risk or you're probably thinking it could get lower still or this is the end of your particular crypto. Whatever it was, it was the best decision back then. Don't beat yourself up and more importantly don't FOMO now with money you can't afford to lose.

    DCA, take profits, hold forget about it, whatever is best for you as of this moment.

    Stay focused, take every article here about the next bull run with a grain of bull testicle salt and just keep on doing what's best for your current situation. Like someone said before, "the boat hasn't even left the port yet."

    submitted by /u/Jumpman707
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    Evidence That Bitcoin will hit $100,000 and ETH will hit $10,000 by the end of the year

    Posted: 22 Aug 2021 05:30 PM PDT

    Let me guess you clicked the post, because you wanted some of that sweet hopium confirmation bias right?

    This is just a friendly reminder that articles with headlines like this are not trying to provide you accurate information, they are trying to generate clicks because it gets them ad revenue.

    Just go to any major financial publication and one day you'll see articles saying they are going to crash and then two days later you see articles they are going to the moon. These big sites have fancy algorithms designed to entice you to view their articles because it gets them money.

    Here's your hopium: We'll probably see those numbers in a year.

    submitted by /u/Routine_Elk_7421
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    Which CRYPTOCURRENCY that has so far been dormant is going to be the next to EXPLODE in price?

    Posted: 22 Aug 2021 06:21 PM PDT

    I'm curious as to all of your opinions on which currently dormant Cryptocurrency will be the next potential big thing in the Crypto world, and more importantly, why?

    Some questions I have are:

    • Is there a Crypto you think has the single best chance to be the most useful as a CURRENCY, rather than just as an investment? Some Cryptos have high fees and slow transactions, where as others are zero fee, with instant transactions, so I'd imagine these will be the dominant currency but most major Crypto are currently gaining such high returns, I find it difficult to imagine any Crypto as a currency tbh. What are you thoughts on this?

    • Which crypto has the most potential as purely an INVESTMENT? Many say Bitcoin is going to be the 'Gold' of Crypto, and so far it has been, do you see this changing any time soon, and why? Ethereum could be the top dog soon, but is there another Crypto just waiting for it's moment to take over?

    • I find it hard to see Bitcoin being used as a currency due to the extremely high price, so people will be holding on to it as purely an investment only. Do you agree with this?

    • Which Smart Contract Crypto will be dominant?

    • Lastly, why do you think Crypto is important now more than ever before?

    submitted by /u/BlueHorizon87
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    Baby Doge has lost 48% this month, now down to $0.000000001208

    Posted: 22 Aug 2021 07:54 AM PDT

    Some ways to earn some free crypto.

    Posted: 22 Aug 2021 05:50 PM PDT

    I guess we can all agree that free crypto is the best crypto.

    Everyone could use some, for newbies to learn more about how crypto works and for veterans to broaden their knowledge.

    Here's a list with some ways to get some:

    Brave Browser for BAT.

    PreSearch Browser for PRE.

    Coinbase Earn for different sorts.

    Coinmarketcap for different sorts.

    CoinSmart for some sats.

    This sub for Moons, Fortnite for Bricks & ETHtrader for Donuts.

    Faucets such as the NANO and ALGO faucet.

    Creditcards (cashback) from Binance, Coinbase & Crypto.com

    I hope this post has helped you :)

    Edit: some exchanges offer something like: "deposit $xxx and get $xx worth of BTC as a bonus" these are nice as well.

    submitted by /u/The-Alcoholic-Seal
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    Positive start of week

    Posted: 22 Aug 2021 10:56 PM PDT

    • BTC cross $50k mark with +54.86% change in a month.
    • ETH is reaching $3.4k with +60.98% change in a month.
    • ADA is on ATH on $2.8 with +133.33% change in a month.
    • 68k trader were liquidated with $308.23M in last 24 hour.
    • Moon also saw a change +111.25% change this month.

    The top 3 cryptocurrency are performing excellent such a positive start of week. We may see BTC and ETH reaching ATH next month.
    This month ADA has outperformed ETH and BTC.

    Which coin do you guys think will outperform next month out of BTC, ETH, ADA.

    submitted by /u/velvetblunder
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    Friendly reminder not to use tether

    Posted: 23 Aug 2021 01:39 AM PDT

    Tether is a a shady company that has been caught lying about their reserves and covering up losses in the past. If you need to, use USDC instead - or better even, cash out to a FIAT currency directly.

    Tethers can not be redeemed. The creators are under investigation for bank fraud. Even though they are supposedly one of the largest holders of commercial paper (short term debt), noone in the market has heard of them. They have recently started issuing a metric fuckton of tethers again - and they are a liability for the whole crypto market. Anyone that uses tether contributes to that liability. These are all easily verifiable facts.

    You can get rugged by them whenever they want - you're holding a ticking time bomb when using it.

    Dont. Use. Tether.

    submitted by /u/xFxD
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    Why Harmony ONE is underrated ?

    Posted: 23 Aug 2021 01:42 AM PDT

    Hi guys, I found about ONE few months ago and immediately liked it, I wanted to make this post because not really a lot of people speak about it here and I think it deserves better !

    ​

    • Harmony ONE is a blockchain-based platform, built to solve the riddle of delivering both scalability and decentralization at no expense of one another.
    • Harmony's bridges can connect any Proof-of-Work and Proof-of-Stake chains. The aim to bridge all chains.
    • Right now it has 2 seconds finality on its chain and even on Ethereum.
    • Tx fees are extremely cheap like $0.000·001.
    • Harmony's MC is 1.2B and the price is at $0.12 at the moment.
    • The team behind the project is a great team with big names of the tech (look on their website, you will be surprised)
    • There is more and more projects built on Harmony (NFT : DaVinci Gallery, Game : Freyala, and you can search there is a lot more)
    • Staking, it's 10-12% APY at the moment. Better than a lot of others.
    • A lot of updates are coming in 2022, this is the beginning.
    • The only defect is the lack of marketing, I think with a big marketing, this coin can become one of the big next coin. If you want more informations, feel free to ask me anything, go on their subreddit and their website ! The even did an AMA here on this subreddit if you want to learn more.
    • EDIT : I forgot about Crypto Royale ! A good game to start to earn few cryptos ! (Thanks to u/ProcastinateIsLife to remember me)
    submitted by /u/waughandy
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    Bitcoin breaks through, hits $50k for the first time since May (and to think that it was hovering at $29k only a month ago)

    Posted: 22 Aug 2021 07:56 PM PDT

    Congratulations to all the hodlers who never gave up, and to those of you who bought higher or near ATH and have yet to see green in your portfolio, don't lose hope, BTC has a history of regaining its ATH value and then reaching for new heights.

    Bitcoin has finally hit $50k (a so-called psychological barrier) and could be testing resistance at that range heading into the week, thanks to institutional backers and retail investors that favor the continued upside for Bitcoin. And to think that it was at $29k back in July 20.

    If it breaks out from that then the next level of resistance would be at $55k. Though upside exhaustion could also be something to take into consideration.

    submitted by /u/Amelie007
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    Over $228M worth of positions and 60k traders were liquidated in the last 24h.

    Posted: 22 Aug 2021 04:25 PM PDT

    Over $228M worth of positions and 60k traders were liquidated in the last 24h.

    In the past 24 hours, 60,128 traders were liquidated on their positions, which add up to well over $228M.

    In the context of cryptocurrencies, forced liquidation happens when the investor or trader is unable to fulfill the margin requirements for a leveraged position.

    The single biggest liquidation happened on an ETH trade with a value of $6.75M.

    $90.82M liquidated on Bitcoin.

    $61.72M liquidated on Ethereum.

    $14.45M liquidated on XRP.

    Over $60M were liquidated on various altcoins.

    Total Liquidations

    80+% were longs, sneaking this here to see if anyone reads the post before bashing shorters in the comments

    Symbol liquidations

    submitted by /u/omeri_e
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    Algorand, and why I chose it

    Posted: 22 Aug 2021 04:27 PM PDT

    Every day there are posts that tout one new currency/token, or another. Usually they are the same copy/paste or direct links to some fly-by-night "news" article that talks only about how great the new technology is while lacking any real substance. For the most part this is Cardano or Ripple. Of course, there are always the typical Bitcoin meme posts every time the price is marginally in the green. I'm going to start with a general overview and then get in to why I am a new advocate of Algorand, while really trying my best not to single out any particular coin that I feel is shit.

    Most of these new coins (and a majority of old coins), in my opinion, either have no practical use or are little more than templated marketing web pages with loads of false claims. The problem is that the community is ever-growing and many of the new cryptocurrency 'users', and even a lot of the 'OG' users, really do not understand the underlying technology that all of these currencies are based on. To be fair, it's not an easy topic to grasp, especially if you don't work in software. With people's relative inability or lack of desire to do legitimate research, along with the urge most every human has of wanting to make an amount of money that sees them more comfortable than they ever thought they reasonably would be, and you have a recipe for the perfect shit-storm.

    Historically big money has been made by people that started a new coin or token. In some cases the success was merited; the coin/tech brought some new function or greatly improved on an existing paradigm. In other cases, marketing and crowd sales spreading from person-to-person wanting to get in early or hearing great things from a friend has led to success that really was not or is not merited. Of the 10,000 or more coins, the reality is that all but perhaps 100 of them will fail in the short term. Short term here being 2-5 years.

    Of the coins actively being marketed (shilled) in this sub, many do not have formal white papers, or, if they do, they are hidden so well that most never make it to see the 1-2 page disappointing document that claims in not much more than some lengthened marketing-speak as to why the coin is great. There are false claims trying to get people to believe this one in particular is truly revolutionary (from a currency released in September of 2017):

    ​

    ... is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. It is being designed for function and scale right from the start.

    ​

    And there are others that are geared so heavily towards the financial sector that it leaves me, for one, wondering what the use of it is to begin with (other than simply trying to capture investors). After all, the origin story of cryptocurrency found in Bitcoin's whitepaper was a rather positive and forward-thinking perspective on a digital currency that was decentralized, allowing complete separation from ones' own finances and banking control mechanisms. Bitcoin itself has deviated a bit and does not currently fulfill the original promise in its own whitepaper, but it had one- and not only that, but it outlined the proposed use as well as contained fairly straight-forward math to back it up.

    This leads me to Algorand. For the most part when I see a post or hear a friend/coworker mention a particular coin that I haven't heard of, I assume it is a shitcoin. I make that assumption knowing that to prove otherwise I would need to do a fair amount of research, including reading the white paper (which could take several hours) and forming my own opinion about whether or not the particular technology is useful. I assumed the exact same thing about Algorand.

    Once I looked into it my initial concerns about it being just-another Ethereum replacement went away. As someone in software I was immediately relieved to see that the founder, Silvio Micali, is not only technical, but he is a professor at MIT with one of his focuses being cryptography. This is crucial for me, because not only is he in the Computer Science field, but his area of research and expertise is in the core technology of all cryptocurrencies. Looking further into him, I saw that he has several awards in academia- chief of which is the Turing Award. From that point I knew that he was more than just a professor of some unrelated discipline who had figured out how to start his own cryptocurrency. He also has a background in economics, with many research papers written on that topic as well.

    It was time to look at the whitepaper. Not surprisingly, or surprisingly compared to other cryptocurrencies, the white paper was easy to find. Not only that, but it is extremely detailed. It contains comparisons to Proof of Work currencies and lessons that have been learned from them, in-depth explanation of how the components of Algorand work- from encryption, signing, consensus and election, to fault tolerance. In addition to all of this there is also formal mathematic notation to go along with the more technical aspects of how Algorand works. This whitepaper from May of 2017 outlines every mechanism involved and how they work, and it is obvious that this particular cryptocurrency has formal beginnings in research, cryptography, Computer Science, and economics. Further whitepaper's exist on the Byzantine Agreement protocol, Algorand's Byzantine implementation, Fast Boostrapping of Algorand that outlines the time and space savings over existing currencies, and the multi-signature consensus approach they dubbed Pixel. And yes, it has a fixed supply of 10B coins that were pre-minted.

    If you haven't already, or even if you have, I encourage you to check out Algorand. It's a Proof of Stake coin that has many active partnerships as well as active research. It also has ~5-6% staking directly on Ledger with no tiered-token approach for rewards. Some coins might out-perform Algorand in terms of price on a given day, but I don't believe the awareness of Algorand has even scratched the surface. It may be beat today or tomorrow by Shitcoin A or B with respect to price, but given a short-medium amount of time my money is on Algorand.

    To summarize, I heavily value this type of solid technical background and active research. When most people say they are "bullish" on a particular coin it usually means they are bullish on that coins marketing campaign. I happen to be bullish on intelligence. Because of that, I'm going to stick with Algorand.

    submitted by /u/scoumoune
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    VECHAIN filed a patent in the US for Carbon Trading

    Posted: 22 Aug 2021 09:28 PM PDT

    George Gilder: A man who successfully predicted the decline of television and the rise of the internet and smartphones, now predicts that crypto will take over the world.

    Posted: 22 Aug 2021 05:22 PM PDT

    For those who don't know about him, I would like to introduce you all to George Gilder, a person I think doesn't get enough attention in crypto circles.

    This guy is the OG tech prophet. He has written many books over the decades that have shaped economic policy both in the US and abroad, notably "Wealth and poverty" and "The Scandal of Money". He has previously worked for both Nixon and Reagan.

    In 1990 he published "Life after Television" in which he made the prediction "The computer of the future…will be as portable as your watch…and as personal as your wallet. It will recognize speech and navigate streets, collect your mail and news." He also correctly predicted the downfall of television media companies.

    "Life after television" was read by Steve Jobs and distributed to his employees, which they say lead to his later inspiration to create the iPhone.

    In 2018 he released "Life after Google", in which he predicts that blockchain technology will make centralized internet entities such as Google obsolete by giving users ownership of their own data and money.

    "Why do we think governments know how to create money? They don't. George Gilder shows that money is time, and time is real. He is our best guide to our most fundamental economic problem." - Peter Thiel, Founder of Paypal and Palantir

    submitted by /u/Gimbloy
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    Algorand - a deep dive

    Posted: 23 Aug 2021 02:59 AM PDT

    I'll preface this by saying ALGO, like all blockchain projects, is not perfect (e.g. it has less-than-optimal tokenomics) but that I'm going to focus on its merits.

    Solving the Blockchain Trilemma

    Algorand is a blockchain network (i.e. like ETH, ADA, SOL) and a solution to the "blockchain trilemma" - the ability of a network to be simultaneously scalable, secure and decentralised. ALGO's transactions per second (TPS) is 1k, with a 4s finality. Transactions cost 0.001 ALGO and the network already offers L1 smart contracts. However, the network will be upgraded in Q3-Q4 2021 to 45k/s TPS and 2.5s finality, ranking it toward the top for speed and scalability (Source). ALGO is currently experiencing ~1m transactions per day, placing it close to ETH in usage.

    Main Conclusion: ALGO is, along with other projects, building and pioneering 'Blockchain 3.0'.

    Academic Rigor

    Algorand was founded by the Turing-award-winning, MIT professor Silvio Micali - and is backed by an excellent team with solid peer-reviewed academic prowess and publication record (Source 1) (Source 2). Silvio Micali conceived of and pioneered zero-knowledge proofs (among many other concepts) - a key and integral part of many cryptocurrencies. ALGO's respectable and trustworthy team boosts ALGO's chances of mass adoption, especially in the financial/institutional sectors - which appears to be ALGO's key target demographic.

    Main Conclusion: ALGO's reliability, technology and ability to form partnerships is bolstered by the prestige and talent of its team.

    Pure Proof-of-Stake

    Algorand uses pure proof-of-stake (PPoS) as a consensus mechanism, which employs algorithmic randomness to achieve decentralisation + security. PPoS differs from regular, delegated PoS (dPoS) in a number of ways, including:

    • No pooled validators (i.e. holders do not pledge their coins to a minority of super-validators). Theoretically, this minimises the drive toward centralisation that dPoS suffers from.
    • ALGO node running is permissionless (i.e. anybody with >1 ALGO can run a node, be a validator and participate in consensus).
    • PPoS is extremely lightweight (an ALGO node can be run on a low energy, $50 Raspberry Pi 4 - no expensive hardware or upfront cost is required).

    A key feature of PPoS is the use of a randomised, weighted lottery that selects validators - known as VRF. This prevents any malicious actor(s) from attacking the network since the identities of the currently selected validators (who must be corrupted in order to carry out an attack) are not known until the block is already finalised. At 1-4k validators, PPoS is paradoxically superior to dPoS in terms of decentralisation - even if the latter had 50,000+ nodes. This is because validators under the dPoS system are long-lived and known. By contrast, ALGO's random selections vary on both a round and subround basis - that is, block proposers, voters, vote certifiers all vary, across all steps of creating a block - making it incredibly secure and decentralised.

    Main Conclusion: ALGO is fast, scalable, secure while remaining decentralised.

    Staking Rewards & Governance

    ALGO currently offers liquid and seamless staking with an APY of ~5.75% - you simply hold ALGO in a custodial wallet and there is no lock-up period. On Oct 1st 2021, governance is launching and this will gradually replace staking. In exchange for voting on proposals, you will be rewarded with 7.5-33% APY (depending on the number of participants). For the initial 3 months, this APY will be in addition to the passive 5.75%, meaning you could theoretically earn up to ~38.75% APY. Governance will not only allow ALGO holders to vote on changes to the network, consensus mechanism or tokenomics - but also select projects to receive developer grants (see below).

    Main conclusion: ALGO offers highly competitive staking APYs and will further decentralise by handing voting power to holders.

    Carbon Negative

    PPoS is extremely lightweight - consuming ~0.000008 kWh per transaction (Source). That's ~70,000x less energy than ADA, and 116250000x less energy than BTC.

    The energy that is used by ALGO is 100%+ offset via carbon credits. An on-chain sustainability oracle analyses the energy utilised by each node and a partnership with ClimateTrade (and others) then channels this funding into reforestation, peat management and wind-energy projects (Source).

    Main Conclusion: ALGO is eco-friendly, and the world's first carbon-negative blockchain network.

    Developer Friendly & Ecosystem

    Algorand is extremely accessible to developers (Source 1) (Source 2). Most importantly, it supports development in Python, C++, GO, Java, Javascript and RUST - removing the need for developers to retrain or learn new languages. ALGO's smart contract language, TEAL, is incredibly intuitive and can be accessed via Python (PyTEAL). As of TEAL 4.0, the language is now fully Turing-complete. In addition, Algorand offers comprehensive, detailed documentation and tutorials (for free) - see Source 1.

    Moreover, ~$200-250m is available to support developers and 50+ grants have already been issued (Source). In total, ~600-650 companies are currently developing on ALGO and intend to deploy DApps/ALGO-based services (Source).

    Yieldly, ALGO's first DeFi app launched, ~2-3 months ago and has enjoyed a high TVL since. A number of high profile projects, including ALGO's first DEX are launching shortly this year. Tokenized, real-estate projects (e.g. Lofty.ai) are also currently operating successfully on ALGO.

    Main Conclusion: ALGO has the ability to instantly attract developers, and is poised for an explosion in its ecosystem.

    Real World Use

    A key feature of Algorand is that it is forkless - it is mathematically impossible for ALGO to fork (Source). This is extremely important for real-world usage. Businesses accepting ALGO will not only experience rapid finality but can trust that the transaction is not on a forked branch of the blockchain that can be lost. This is even more important for NFTs. Thus far, ALGO has seen major adoption, recently including:

    • 70M South Americans (potentially 200M soon) using ALGO to issue + store COVID-19 passports (Source)
    • BNext adopting ALGO for its $100b/year Spain<->Latin American remittance service (Source)
    • MAPay adopting ALGO to power $800m/year in healthcare payments for Bermuda (Source)
    • SIAE, one of the largest and oldest digital rights management companies in the world, launched 4.5m NFTs onto ALGO - representing the work of 10,000 artists and which will involve $100m/year in royalties (Source).
    • ALGO was recently featured in a World Economic Forum (WEF) report on cryptocurrency - listed as a recommended "VIP" blockchain that solves issues with BTC/ETH and proof-of-stake (Source). This document will be seen by institutions, banks and economists worldwide.

    The list goes on and on Here.

    I should mention that the world's first, legally approved CBDC also runs on Algo (Source).

    Main Conclusion: ALGO is already being deployed for large-scale and institutional solutions.

    Does ALGO have problems? Absolutely - all projects do. But, at the same time, for a chain that launched only ~2y ago in June 2019, it has accomplished a great deal and its future, to me, seems extremely bright.

    submitted by /u/Zarkorix
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