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    Cryptocurrency Daily Discussion - August 26, 2021 (GMT+0)

    Cryptocurrency Daily Discussion - August 26, 2021 (GMT+0)


    Daily Discussion - August 26, 2021 (GMT+0)

    Posted: 25 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 The prior exemption for karma and age requirements is no longer in effect.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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    I was plagiarized, feelsbadman

    Posted: 25 Aug 2021 04:04 PM PDT

    I have spent years in this space and have grown to love so much about this community. One thing I can't understand is the scummy element that inevitably comes when there is some money to gain. Rug pulls, shitcoins, etc. Now plagarism can be added to the fray. The other day I wrote an original article for r/crytpocurrency reviewing and comparing various crypto debit card solution. It took me months of using these cards in order to write a well informed article to hopefully help everyone out!

    Here is my original work. https://www.reddit.com/r/CryptoCurrency/comments/p89d3p/i_have_used_and_reviewed_every_major_crypto_debit/?utm_source=share&utm_medium=web2x&context=3

    This is the article which was pointed out to me by a few members of the community.

    https://joyfulbusinessblog.com/the-5-best-major-crypto-debit-cards-ranked/

    Aside from some small changes, this is my words. I am not going to bash the person who published the article or plagarised my words. Even though it doesn't feel great, I still stand by the words and hope that some people are helped with what I reviewed.

    The article was then shared all over the place. I've seen it on multiple subreddits. It's not the end of the world but it does feel bad when you work on something and someone else tries to claim what isn't theirs.

    To everyone else:

    May you see nothing but green dildos and lambos!

    submitted by /u/AU_WarEagle
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    Man Robbed of 16 Bitcoin Sues Young Thieves’ Parents!

    Posted: 25 Aug 2021 03:35 PM PDT

    A lot of people are hoping Cryptocurrency will "kill" banks. Banks are never going away. What you should be hoping for is Cryptocurrency to change how banks operate.

    Posted: 25 Aug 2021 08:28 AM PDT

    Yes, it's the cypherpunk dream - To be part of a financial revolution that topples the current financial system, leading to the overthrow of your overlords, and the rise of an entirely decentralized financial system.

    Unfortunately like some dreams, that needs a dose of cold water - It's never going to happen.

    Banks in some form have been around since the earliest merchants in history. They evolved into the religious ruling class and eventually into the privately owned and government subsidized businesses you see today.

    And they're doing awesome. Every year is a record profit, paid for by your money.

    Banks in Canada are kicking ass. After all, why wouldn't they? They have all the funds in the world (Yours) to play with. Everyone who isn't a crypto nerd like us has money in a bank somewhere, and it is earning banks mindboggling record blowing profits quarter after quarter. Monopolies on people's money is great - If you're a bank.

    So, this is where Crypto comes in. Giving people an alternative revenue stream, a choice. Somewhere else to put your money, and if you're smart and savvy, a way to permanently manage your money by yourself.

    Banks hate this. Why wouldn't they? It directly impacts their business, influences their massive monopoly, and hurts their profit margins.

    The real power of Cryptocurrency and decentralized finance is not to tear down the traditional banking structure.

    It is to force banks and traditional financial systems to adapt and become competitive with a changing market.

    Every time you see a bank, credit union, or big name that previously "hated" Bitcoin offering it to their clients, know that you're a part of that change. When wire transfer amounts go down, you're part of that change. When you notice banks changing their fee structures, or interest rates, you're part of that change.

    You're helping banks move out of the dark ages, breaking down a monopoly, and gaining not only financial freedom, but financial wisdom too, which is way more important.

    Don't worry about the banks. They're going to be there, doing their thing. There are always going to be people who need a bank, whether it is trust, reliance, or just fear of things going wrong. That's fine.

    Every time you take money out of your bank to invest in crypto, you're making people in the financial system think - "Why isn't this money staying with us, and what can we do to keep it?" No matter what, this benefits us all.

    A competitive and evolving financial system benefits us all. Don't worry about the banks, build your own future. They'll follow suit.

    submitted by /u/LargeSnorlax
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    "The Pirate Bay" received Over 130 Bitcoin in Donations since 2013, Making it Censorship Resistant since Years

    Posted: 25 Aug 2021 06:05 PM PDT

    The most successful Crypto scams you should know

    Posted: 25 Aug 2021 09:24 PM PDT

    The Dust Attack

    A worthless token or so-called Dust is sent out to your wallet. It's a completely worthless cryptocurreny. The intention is to make the user believe they were lucky by receiving an airdrop or accidental transaction. They are then directed to a website to withdraw/sell the funds by targeting private keys or identities.

    • Don't visit or login to any website that is behind the token.

    • Don't try to move the token it'll just cost you unnecessary gas fees.

    • Just simply ignore it. (some wallets have the feature to hide tokens)

    The Ethereum Comment Scam

    Mostly in Twitter, Instagram and Reddit comment sections, accounts act dumb and post their private key for someone to help them exchange a small amount of for example Dogecoin to another cryptocurrency.

    The intention is to make users log into the wallet to grab funds from a suspected crypto noobie. When they log in they will discover a ERC20/BSC token that is apparently worth some hundred dollars. You'll need to send a specific amount of Ethereum for gas fees to extract the coins. Once the Ethereum arrives in the wallet a bot will steal the amount and send it to the scammers private wallet.

    • For this scam simply stick to the rule: if it's too good to be true it's too good to be true.

    The Rugpull Scam

    Most users will brand this simply as a shitcoin gone wrong but it's not. If you think you found a new gem on the cryptocurrency horizon it's most likely a scam. — Don't fall for fancy graphics, tokenomics and hype. Most of these ERC20 and BSC tokens are set up to inflate the price with pre-sales. Once a decent amount of normal users bought in, the scammers will empty the liquidity pool in a short amout of time by dumping their wallets which will result in the price collapsing.

    • Don't listen to celebrities and influencers for crypto investment advice.

    • Do your own research. Why is a specific cryptocurrency valuable, does it solve any problems or provide solutions or is it just hype with no fundamentals?

    The Exit Scam

    Thodex and Africrypt are just two examples of companies committing an exit scam and running away with billions in users funds.

    • Don't use new, small and unestablished crypto companies and exchanges.

    • Don't store crypto on any exchange long term.

    • Get a hardware or software wallet that gives you control over your private keys.

    STAY SAFE Y'ALL!

    submitted by /u/sikeig
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    You are ahead of 99.8% of all Crypto users by following these steps

    Posted: 25 Aug 2021 11:10 AM PDT

    Wallets

    The most secure way to access your cryptocurrencies will always be a hardware wallet. It should be a common practice to have control over your own private keys and not leaving funds on an exchange. — The most used and trusted hardware wallets are:

    • Ledger (for all cryptocurrencies)

    • Trezor (for all cryptocurrencies)

    • BitBox02 (for Bitcoin only)

    • Coldcard (for Bitcoin only)

    Seed Backup

    The 24 words that are the password to your funds should always be backed up somewhere. Don't rely on hardware completely it can and will fail at some point. Make sure to keep the backup completely offline. — The most common seed backup methods are:

    • A simple piece of paper (Don't print, use a pencil/pen)

    • A metal plate (It's the safer method since it's resistent to fire, water and earthquakes. Engrave the words yourself manually.)

    Data Leaks

    Database breaches will always happen and it's not even your fault. The best you can do is protect yourself against it by using the most secure tools on all ends.

    • 2FA, avoid using your phone number, use Authenticator apps instead. Sim swap attacks are more common than you think. — There are countless authenticator apps out there: Google Authenticator, Microsoft Authenticator, OTP Auth etc.

    • Mobile Provider, you can request to set up additional security steps to prevent sim swaps. You shouldn't rely on it, social engineering can still exploit the extra steps.

    • Password Manager, unique and strong passwords for all accounts are essential. — The safest and recommended providers are: Bitwarden, KeePass and LessPass

    • Request Data Deletion, request the deletion of your data from crypto companies. Especially from the hardware wallet companies. Leaks of personal information, addresses and phone numbers happened in the past before.

    submitted by /u/sikeig
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    In regards to all the hacking that's happening with Coinbase accounts.

    Posted: 25 Aug 2021 07:49 PM PDT

    I'm sure everyone has read about all the lawsuits and complaints about Coinbase customers being hacked for everything they have. This is absolutely horrible and I'm sure it's a worst nightmare scenario for everyone reading this, myself included. Unlike a bank account, these transactions are not reversible and there is literally nothing you can do to recoup your crypto. I read one story tonight, where a lady lost 160k in Bitcoin and Eth. I figured I would write this to inform some of the newer investors whom might not realize there are additional steps you can take to secure your Coinbase account and insure this never happens to you. The feature is address whistling, I know many think this feature is a pain, especially those who frequently send crypto to different address, but for those of you that don't, I would definitely enable it on Coinbase. Once enabled, you can only send crypto to addresses you've OKed and it takes 72 hours to add a new address, this stops bad guys from draining your account in seconds. This way, if they try to add an address, you'll be notified and have 72 hours to completely disable and secure your account.

    Here's some of the safety features address whistling adds to your account...

    There are two hold periods: one for enabling Whitelisting, and one for disabling Whitelisting. This is to add security to your account and to guard against unauthorized activity

    When you first enable Whitelisting:

    All addresses already saved in your Address Book will be immediately whitelisted

    You will have an 8-hour window after first enabling the feature in which you can add new addresses to your Address Book that you can use immediately

    During the initial 8-hour window, you can also disable whitelisting instantly

    After the initial 8 hour window:

    Any new address you want to add to your Address Book must go through a 48-hour hold period for security before it is fully whitelisted and available for withdrawals

    To disable Whitelisting:

    Switch the toggle to disable whitelisting

    There will be a 48-hour hold period before Whitelisting is disabled in which Whitelisting is still enabled

    Important Note: The 48-hour hold period only applies to address use and does not apply to your cryptocurrency. You can still buy, sell, or withdraw fiat to addresses already whitelisted.

    submitted by /u/Wishy_washy_Though
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    Let's talk about Vechain

    Posted: 25 Aug 2021 06:41 PM PDT

    Vechain has been on just about every half serious crypto investors watchlist for a good while now with the price only ever really moving with the market except for a couple of very rare occasions you can count on one hand.

    It's utility is fairly unique and seems to be focusing on things other projects aren't focusing on so it's not really looking at taking anyone elses spotlight. Its here to develop a new type of supply chain.

    These utilities include

    Food safety Blockchain-based solutions could lead to a more transparent food economy around the world.

    VeChain-enabled Internet of Things (IoT) devices can be deployed across the supply chain, including on products, vehicles, and warehouses. Then, environmental and location-based data from these devices can be uploaded, verified, and stored in a tamper-proof, decentralized manner on the VeChainThor blockchain. Solutions like this are already in effect for several companies, including Shenzhen Yuhongtai Foods.

    Anti-counterfeiting Counterfeiting in the luxury goods market is a serious problem. By attaching an encrypted chip and then using the chip to log and trace logistics, warehousing, maintenance, and resale, owners can be assured of authenticity. This has been used for luxury wine tracing for Shanghai Waigaoqiao Direct Imported Goods, and in testing for Renault luxury vehicle components.

    Health records Healthcare records systems are notoriously archaic. Instead of using inefficient and insecure record systems for lab results, this valuable data can be stored on the blockchain, with only patients and other authorized parties having access. A VeChain-based E-HCert App will be rolled out to patients of both the Mediterranean Hospital of Cyprus and Aretaeio Hospital in 2021.

    Tracking carbon emissions By driving carbon reduction by tracking carbon-emitting activities, this solution allows consumers to be involved in a carbon-saving scheme.

    When smart devices, such as cars or appliances show that a consumer is generating less carbon, they can then receive credits to be used on energy services. BYD, a Chinese electric car brand, already uses a Vechain solution.

    Source of utility cases: https://academy.binance.com/en/articles/what-is-vechain-vet

    I've seen use cases of vechain popping up on the web for Covid-19 passports, tracking ingredients for the food industry from start to finish, car parts for car companies like BMW, tracking inventory at Walmart, Originality for shoe design, Tracking plastics for ocean clean up and soon vechain will have carbon trading.

    Vechain has massive partnerships including Fuji,BMW,SAP, Renault,Shanghai gas,Walmart List of partners: https://vechaininsider.com/partnerships/a-complete-list-of-vechain-partnerships/

    Companies will save millions of not billions by adopting this technology into their systems, I for one work in a lab an the company is a international mammoth. They are currently looking into technology exactly like this to track samples from start to finish and I would bet there are many other companies looking for this type of technology - once the younger generation starts moving up the ranks in companies like mine and making the decisions to adopt this technology it's game over. Because they actually understand what it can do.

    Vechain is long term hold, but man it's going to pop off.

    submitted by /u/Trexaty92
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    How Crypto Ruined My Life (WITH PROOF) And How I Plan On Recovering

    Posted: 26 Aug 2021 01:32 AM PDT

    How Crypto Ruined My Life (WITH PROOF) And How I Plan On Recovering

    Hello,

    You may remember me from a post I made a few weeks ago about my daughter dating an idiot that considered himself a crypto expert.

    Truth is I was devastated to see everyone having a laugh at the situation when all I was hoping for was to find some emotional support. I guess that's internet...

    This will be my last post, I just wanted to share how crypto ruined my life and how I plan on getting my life back. And since self-stories now require evidence, I will be complying with the rules. For those left wondering about my aspect, I will wrap it up by saying that I have a very rare skin disease so please let's skip the uncomfortable questions. Without further due, here's my story.

    Ever since my daughter was little I've been trying to teach her the value of hard work and money. I think my first mistake was paying my daughter's allowance in crypto. I didn't know where her sudden urge to get into crypto came from at the time, because at home we never talked about it before she brought it up. Turns out she was an avid Tik-Tok user, and apparently people get their financial advice from GenZ influencers with ADHD there, in fact that's how she met the douche-bag I told you about. Anyway, I'm not here to talk about that today, at least not entirely.

    Here's a picture on our backyard the day I told her that allowance was an earned thing. Man, time sure flies, she couldn't wait to get her little hands on that FIAT.

    https://preview.redd.it/6vbsj302xnj71.png?width=1274&format=png&auto=webp&s=872cefbced729c0e20014fb01dc42ebf07995848

    We have grown apart a lot in the past days, ever since her boyfriend got her into that cult it feels like I have lost my little baby. And to make things worse, that pompous Kevin O'Leary publicly said that the financial middlemen were about to go jobless thanks to mass crypto adoption. What a jerk.

    Shortly after Kevin O'Leary publicly announced his views on financial middlemen, the branch I was working for was closed with no further explanation and I was let go from my job along side other 50 colleagues. I immediately assumed it was due to these foolish statements. I was wrong.

    So that same day I packed my stuff, took a cab (I had to return the company car), and went home.

    All I wanted to do on the way home was reflect on what life choices left me standing where I was at that very moment, but the taxi driver noticed my suit and correctly assumed I was in the banking business, so he started yapping away about how his life was changed for the better thanks to crypto (at this point I realised crypto investors were now the new vegans), saying how he could finally leave Las Vegas and start a new life across the country. I just nodded my head at everything he said hoping he would take the hint and shut up, but he kept on going, saying stuff like, "Satoshi Nakamoto was 6-7 asian guys hired by Allan Greenspan" and "Every crypto starting with the letter X is going to be world currency", all according to a psychic I've never heard of. I was very close to jumping off the cab mid-drive, but I refrained from doing so and safely made it home.

    Here's a picture of the Taxi driver:

    https://preview.redd.it/rnrzsfe3xnj71.jpg?width=1242&format=pjpg&auto=webp&s=fa3462ca412dff3dc78386ec7b927af5f1ca3375

    Anyway, when I finally arrived home, Biden1 was furiously humping my waifu pillow2 but I didn't give it much importance, my mind was too busy wondering how that prick's opinion could ultimately result in me getting fired; I needed a drink. So I poured myself a big glass of scotch on the rocks and turned on the TV to relax and catch up a with national news, only to discover the real reason I was fired. A picture of me with Congressman Brad Sherman was leaked earlier that day.

    1.Biden is my french bull-dog. 2.Don't judge me.

    Here's the picture that was leaked:

    https://preview.redd.it/qickill4xnj71.png?width=1276&format=png&auto=webp&s=3847d64810fd4aa62d19aa144f67bc9d952ef9f6

    Ever since that day my life has turned 180º around, I lost everything in a matter of days. I had to start over and it was the hardest thing ever. I really had lost all hopes, everything looked as dark is it could get. Went from Bugattis and 5 star vacations to charity diners and shoe-shining for a living.

    I just can't believe in just a few weeks I went from this:

    https://preview.redd.it/vuwz7c86xnj71.png?width=1440&format=png&auto=webp&s=e46ea046873c2dfa73f3ba7e198e843a96be8654

    To this:

    https://preview.redd.it/5srnpfm7xnj71.png?width=1440&format=png&auto=webp&s=affb27669add45a3e4ad7e16b741a65efa4c67fb

    On a positive note, I still have hopes on climbing the social ladder to the top again. As consequence of this shit-storm I had to move to a third world country. You guys probably don't know this, but with just 2 moons I can stock on ramen noodles for a whole year over here. It's crazy!

    I started doing the math and quickly realised I had a golden opportunity to reverse things back to normal.

    Here's me, purchasing my first lot of ramen noodles:

    https://preview.redd.it/yf26laf9xnj71.png?width=1272&format=png&auto=webp&s=3beeb88863705cb11a9bd981256a286cd5f819af

    This is where my recovery plan kicks in:

    Since crypto seems indeed to be the future, I thought investing on ramen noodles was really the way to go. The more people using crypto, the more people eating ramen. I also made some research on crypto population statistics; turns out most users are single males between the age of 23-38, this information made me extremely bullish on flesh-lights, so I bought some Amazon stocks with the left-over moons I had, too.

    You probably won't hear from me again because I'll be too busy building my ramen noodle empire with my earned reddit internet money, but for those who got kicked by life when you were already down and lost hope, I'm here to tell you that the reality is most don't make it back from down there, so you might as well give up now on your dreams and send that resume to McDonalds before they fully integrate A.I. automated service.

    Good-bye and stay safe r/CryptoCurrency!

    https://preview.redd.it/6swithqaxnj71.png?width=1444&format=png&auto=webp&s=62dae85e7bb1e9d7d026c7d90e700ab0ddb6d3c4

    submitted by /u/Mekayv
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    Australians make $10k average from cryptocurrency in the past 12 months — the equivalent to nearly two months of the average Australian salary.

    Posted: 25 Aug 2021 10:51 AM PDT

    As if you didn’t need any more reason to utilise crypto for decentralisation HSBC Bank in the UK has dropped interest rates from 0.1% to 0.02%

    Posted: 26 Aug 2021 02:38 AM PDT

    The fact that even at £100,000 you would only earn £20 interest is actually rediculous. Meanwhile the bank is taking your money and lending it out to over people for anywhere between 3-20% APR, especially for the unfortunate people who are in overdrafts getting charged an extortionate 20% interest.

    Why keep your money in a bank and earn a tiny 0.02% interest when you can earn 6% interest on stable coins using crypto instead. Let alone if you stake crypto itself you can get much higher APR if you want to take on more risk.

    Take your money out of the bank and pay yourself some interest

    submitted by /u/Sloshy_EU
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    The french term for crypto investor is "coinnaisseur" and I think that is beautiful!

    Posted: 26 Aug 2021 03:13 AM PDT

    Here is another fun fact: noobs like me easily fall for false claims about projects because it is heavily shilled on this sub. So be very careful before buying some coins just because you keep reading about it here. Often they are just mentioned often for a few days from few people and you could get the impression that it is the hot sauce everyone wants right now. DYOR. If you were suspicious about the fact in the title then use the same approach when jumping into projects. "Because this 'fact' was entirely made up, your Jonathan Frakes."

    submitted by /u/Duckel
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    Nearly 100,000 Ethereum have been Burned as even Exchanges run Low on Ethereum to Sell

    Posted: 25 Aug 2021 10:44 PM PDT

    Trigger a Crypto Investor in one sentence

    Posted: 25 Aug 2021 11:11 PM PDT

    Seen this done on other subs. Might be fun to do.

    I will start off with two.

    "Bitcoin is only used by drug dealers or other criminals on the dark web."

    "I invested in Dogecoin because Bitcoin is too expensive."

    You guys will probably come up with far better ideas. Give me some good laughs or trigger me really hard. I'm just rambling around right now to get the letter count to 500. Probably still far off. I hope this post will not get removed again. Invest in Ethereum AND Cardano and the sun will always shine for you. Not a financial advisor :D.

    submitted by /u/MrMcBert
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    Cut out as many non essential expenses as you can. You’ll thank yourself in the future.

    Posted: 25 Aug 2021 08:56 PM PDT

    I realized everyone wants more crypto but may not be thinking about the daily changes that could get them more fiat; ultimately more crypto.

    Instead of buying coffee, make it from home .

    Quit buying brand name overpriced crap.

    Don't order out as much(end up skinnier too so win/win)

    Stretch the shit out of everything. That last bit of toothpaste may be worth a share of your crypto who knows.

    Don't buy ice make it

    Set up a monthly budget and be aware of your financial situation.

    Just a few examples but every penny will matter in the long run. Wouldn't you hate to think 20 years from now if I had only been a little more disciplined, I'd have a new lambo and not this used 2038. Just something for people to keep in mind to maximize their portfolio.

    Edit: ok if you wanna buy coffee buy it. If you make it you'll save 100s per year. On coffee. Second I never said don't have fun. These are suggestions to think about things they pay extra for that they could do themselves and thus pocket money. As adults we need money to have fun. Jesus I never planned on making my own coffee my whole life, god forbid, and ending up like the finale of Dexter or Obi Wan

    submitted by /u/brick_meet_face
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    Just a random Funfact for you Guys

    Posted: 25 Aug 2021 10:28 AM PDT

    Did you know, that the state of Bulgaria is the second largest Bitcoin-Holder in the world? Well, it's true....

    The Bulgarian Government has stated that it owns some 213.519 Bitcoins, valued at approximately 18% of it's national debt, if accessed and converted.

    The Bulgarian Government came into possession of the significant treasure after Bulgarian law enforcement authorities seized the Bitcoins during an operation related to identifying cyber-crimes commited by an international group of hackers.

    The current value is around $10.3 billion at the moment, which is the biggest wallet after Satoshi Nakamoto.

    That's basically it, hope I made your day a little bit better with this random Funfact.

    Edit: Bulagaria

    submitted by /u/Appropriate-Form2412
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    If you bought a random top 50 coin during the ATH in 2017/2018, you had a 74% chance of never recouping your investment (and more data/graphs/discussion!)

    Posted: 25 Aug 2021 06:25 PM PDT

    If you bought a random top 50 coin during the ATH in 2017/2018, you had a 74% chance of never recouping your investment (and more data/graphs/discussion!)

    This post is one in my series of crypto graph/data posts; please see links to my others below:

    1. What happened to the top 100 coins from 2016?
    2. How many Bricks/Moons you'd need to spend to buy lunch
    3. Comparing a 5-year investment in the top 5 crypto versus traditional investments
    4. YTD changes in top 10 coin market cap versus subreddit subscriber counts

    A little methodology for today's data. I found the top 50 cryptocurrencies by market cap on October 1st, 2017. This date is just a little bit before the big crypto boom that started in late 2017 and ended in early 2018; October 1st itself isn't important, but it was data I could find easily and seemed close enough to the start of the boom without being actually in the boom itself.

    Fig. 1 - Top 50 cryptocurrencies by market cap on October 1st, 2017.

    You can see the list above of the top 50 cryptocurrencies by market cap on October 1st, 2017. You'll probably recognize some of them, but in my opinion, most of these are relatively obscure these days, some having been completely eliminated from existence as far as I can tell.

    Now, let's take a quick look at what a "typical" pump looked like during the 2017/2018 market boom.

    Fig. 2 - The historical price of NEM (XEM) from 2015 thru today.

    I grabbed NEM (XEM) as an example, as it was a top 10 coin in late 2017 and is still holding on as a top 100 coin today. You'll note the large spike starting in late 2017 and ending by early 2018. This spike is pretty extreme, but if you include the shoulders of this peak, it actually lasted for weeks or months for almost all of these coins. However, for the purpose of this study, I asked this question:

    If you bought at the VERY PEAK in late 2017/early 2018 for each of the top 50 cryptocurrencies by market cap (at that time) and didn't immediately sell, how many days would you have had to wait for the price to return to that peak price?

    Well, I've got some really bad news for you if you were one of those poor souls. Let's look to see how many of these top 50 coins ever returned to that peak between the early 2018 crash and today:

    Fig. 3 - From their peaks in late 2017/early 2018, how many coins ever recovered to those same peak prices by today?

    I would appreciate if you would reply with an F in the chat for these data. To clarify, what the above data tell us is that if you bought at the peak late 2017/early 2018 price for all 50 of the top coins, 37 of those coins would never have gotten back up to that same price, ever. Fortunately, twelve coins would go on to new highs, and one coin is that piece of shit Tether. This means if you had picked just one coin randomly and bought it at the 2017/2018 peak, you had a 74% chance of picking a coin that never recovered your initial investment.

    So, that's pretty bad. In fact, looking at these data, it's a stark contrast to my previous post which showed you would have made huge gains if you bought most or all of the top 100 coins from 5 years ago and held until today. The difference is primarily the timing - if you bought 5 years ago, you were doing so before the big 2017/2018 boom. If you bought at the peak of the 2017/2018 boom, well, yeah, you probably FOMO'd and you likely paid for it.

    I then had this thought: my last dataset showed that if you bought coins in the top 5/10/25/50 by market cap in 2016, you were more profitable on average than if you bought coins ranked 51-100. So, was this also true here among this smaller sample size of the top 50 coins? Did you have a better chance of recovering from the 2017/2018 peak if you bought coins primarily in the top 5/10/25 by market cap as opposed to some of the lower market cap coins in the 30-50 range? And, if so, how many days did you have to HODL to recover to a new ATH?

    Fig. 4 - An X-Y scatter plot showing coins organized by market cap and how many days it took for them to recover to a new ATH after their 2017/2018 boom/crash. Note, all coins shown as \"zero\" days to return to their ATH never recovered at all.

    Along the X-axis, I have plotted how many days it took for each coin to return to profitability after their 2017/2018 boom and crash. The Y-axis is simply organizing the coins by their market cap rank; e.g., Bitcoin (BTC) was the #1 market cap coin on October 1st, 2017, and thus is at the very bottom of the chart.

    Let me point out a few interesting notes here: of the 12 coins that ever returned to profitability from their ATH in 2017/2018, 10 of them took between 1,096 days (BTC) and 1,238 days (LTC), which comes out to almost exactly 3 years, or a little bit longer. You all may know this period of time as the Great Crypto Boom of 2021 (and what a boom it was... and still is?). Importantly, the distribution of those coins are spread almost evenly throughout the top 50 coins; this tells us that just because it was a top 10 coin doesn't mean it survived the 2018 crash better than a coin ranked in the 30-50 market cap range.

    Two coins stand out as outliers: Binance Coin (BNB) and Chainlink (LINK). The reason for these two isn't that exciting: the BNB pump in 2017/2018 wasn't very large, and a small price surge in May/June 2018 was enough to get it back over the 2017/2018 hump, but then the price was virtually flat until the 2021 boom. LINK is slightly different but also unexciting: it more or less wasn't widely popular in 2017/2018 and didn't seem to get much attention during that bull run, so the peak was very mild. BNB and LINK were, as you may tell from the chart, #47 and #46 (respectively) in market cap at the time, so they likely just didn't have enough word-of-mouth or other attention to really lead to a price pump.

    What can we learn from these data?

    I'll start by saying this: cryptocurrency investments are not a guarantee. Despite my last post suggesting that long-term diversification and holding can be incredibly profitable, there are ways to invest in crypto that can be financially ruinous. Picking a few coins and FOMOing in near or at the ATH can be one of those scenarios. I am very doubtful that most of the above coins that haven't yet recovered to their 2017/2018 peaks will ever recover. Look at that NEM (XEM) chart in Figure 2; do you think there's any hope for that coin if it couldn't recover after this massive bull run in early 2021?

    And, although my data are looking at the very WORST time to buy (the 2017/2018 peak of the ATH/bull run), there were days/weeks around the peak that were also quite highly-priced that you still likely wouldn't have recovered from for many of these coins (again, look at the NEM example above).

    tl;dr

    1. Crypto investments are not guaranteed to be profitable
    2. FOMOing in during a bull run can be disastrous
    3. Sometimes, you're gonna have to HODL for years to recover your investment
    4. Top 10 market cap coins were not more likely to recover after the 2017/2018 pump/crash than other coins in the top 50
    5. DCAing would virtually eliminate the risks presented in this dataset, as you likely would have bought coins leading up to the bull run, during bull run, and after the bull run, and your average coin price would be well below the ATH
    submitted by /u/SoupaSoka
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    Fundamental analysis: A look at why Quant (QNT) is likely used by The Swiss Stock Exchange ($2 Trillion market cap stock exchange)

    Posted: 26 Aug 2021 02:36 AM PDT

    You Should Know: /u/-braydon_dustine is a scammer trying to steal your crypto through DMs.

    Posted: 25 Aug 2021 01:09 PM PDT

    Hey everyone.

    A scammer tried to fuck me today. He sent me a DM answering a question to a post I made. I thanked him and then he sent this:

    --------‐

    Try connecting through uniswap interface (not the exchange) Connect through the dapps Icoinswap.org Click uniswap,connect wallet Choose wallet connect then select your wallet which you will confirm with your private words to generate your QR code


    dont give anyone your private words (seed words) ever.

    If you click on that link (which you shouldn't) and enter anything, this scammer will take your info.

    If you see a message like this, ignore it. Don't click on any links.

    I wish I could report him to reddit but there is no option.


    As the joke says: " If a sexy girl in a bikini DMs you about crypto, you should ignore him."

    submitted by /u/Da0ptimist
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    12 year old coder is set to earn over $400,000 after about two months of selling NFT's

    Posted: 25 Aug 2021 02:10 PM PDT

    If you get $50k in cryptos for free, which coin/token would you choose if you had to HODL it for at least 5 years.

    Posted: 25 Aug 2021 12:31 PM PDT

    Let's say some rich relative offers you any cryptocurrency worth $50k, but you may only cash out after you have HODL it for at least 5 years,

    which coin or token would you choose?

    Besides the obvious Bitcoin or Ethereum answers, you may also tell what other coin you would choose.

    Prices now of some coins are:

    Bitcoin BTC $48,871.87

    Ethereum ETH $3,232.45

    Cardano ADA $2.77

    Binance Coin BNB $503.70

    Polkadot DOT $26.30

    XRP XRP $1.17

    Polkadot DOT $26.31

    Solana SOL $70.87

    Chainlink LINK $26.61

    Stellar XLM $0.3579

    VeChain VET $0.1286

    Tezos XTZ $4.92

    Algorand ALGO $1.07

    IOTA MIOTA $1.08

    Enjin Coin ENJ $2.05

    Harmony ONE $0.1098

    submitted by /u/TinaBack43
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    Why you'll **probably** never make life changing money and KEEP it. The bell-curve theory.

    Posted: 25 Aug 2021 08:47 PM PDT

    The bell-curve

    Let me take you all back to math class for a moment. this is a standard bell-curve. To put it simply, 95% of the population resides within 2 standard deviations of the mean (middle of the curve). The remaining 5% are individuals who extremely under perform or outperform the majority. However, let me contexualise this for you a bit more. I will also provide examples further down.

    The 95%

    The majority of people who invest their money will lose their money to the market. This is the same for people who actively trade. You may disagree with me on this point, however, there are a lot of people out there who are actively trying to time the market with a sell to buy back lower, only for the market to reverse on them and they have to buy back higher before price finally falls. Sure you may time it right once or twice, but it also may just be pure dumb luck. But that dumb luck gives you conviction to try it again in the future. This is a dangerous game to play and the market will eventually humble you. I can further simplify it for you. Grab a coin and flip it and see how many times in a row you can call it. If you can call it 9/10 times consistently across multiple tries, you may just have enough dumb luck in you.

    Of the majority who do make significant money, a lot of people will hold back to break even or sell for a loss. All I need to do is point you to 2017/2018 for examples. People who got in slightly early (few months before ATH), made money but lost it all. This is the epitome of the middle of the bell curve. You are the dumb money.

    Let's talking about due diligence/doing your own research for a moment. Again, the majority of individuals will miss key indicators/criteria as to why something will pump and why something won't pump because you're simply unable to process or analyse something as in depth as what is necessary. Because you're getting information from echo-chambers of hopium without forming your own conclusions PRIOR to arriving to a subreddit/telegram/social media platform. Critical thinking can be taught to a certain extent, but without a significant level of it, you're the middle of the bell curve.

    The top 2.5%

    To put quite bluntly, you need to be intelligent. Intelligent in the sense of accurately anticipating future market trends or niches which you can then profit from by getting an early allocation. Key word is early allocation. Not just this, but you need a great deal of conviction in your own analysis. Michael Saylor is a great example of this. Say what you want about him, but he is extremely confident his DD and his profits show for that. I am of the opinion that anyone getting their FIRST allocation at the moment is dumb money and in the middle of the bell curve, albeit perhaps the higher middle.

    The bottom 2.5%

    The bottom 2.5% will make significant amounts of money. Highly probable even more than you and I. No you didn't read that wrong. This is a genuine belief that I have. BUT, they may not keep a majority of it when the music stops. What I mean by this can simply be summed up with 'everybody is a genius in a bull market'. ICOs, IEOs, NFTs, DEFI, all of these contribute to the mania of a bullmarket because some people get hilariously rich with flips. Risk management is non-existent for these individuals. But of course, what goes up must come down. To further summarise, these are the true 'apes' with no self control or DD, but amazingly, make millions. Chances are though, they will keep little to none.

    Examples of commonly trashed coins/concepts

    DOGE

    Middle bell curve - It's literally a meme, it has no utility whatsoever? There's no use cases, it's just another crypto? I don't understand why it pumps. There aren't even devs working on it. 37B market cap for this?

    Top 2.5% - It's literally a meme. There's a huge community and love for Doge because it's a joke. Crypto can be seen as the foundation of freedom and free expression, of course it's going to pump, but, the pumps can be viewed as seasonal. Get in, make your money, get out.

    Bottom 2.5% - It's a dog coin. Nice.

    NFTs.

    Middle bell curve - It's a jpeg lol. I can right click save as and I now own it. 6 figures for this?

    Top 2.5% - Everything is/will be going digital, including art. Digital art is verifiable through blockchain technology to ensure I'm not buying a fraud, unlike in real life where I need to get an expert opinion. There's huge potential for utility, such as selling memberships to a future mint, later on, rewarding those memberships with a secondary mint or airdrop to a token. You'll eventually be able to showcase your NFT collection in a metaverse, like you would at a museum IRL. Only those with a pre-purchased NFT may enter. Ticket sales to a livestream in a metaverse.

    Bottom 2.5% - This penguin is cute. I'll add this to my collection of 8bit punks worth 6 figures, along with my boredapes.

    ADA

    Middle bell curve - Wen smart contracts? 85B market cap for an unfinished project? ETH>ADA. Charles is narcissistic, I refuse to invest in someone like that.

    Top 2.5% - Interoperability and competition is healthy for the crypto space as whole. It's how an industry as a whole moves forward. If smart contracts finally arrive, perfect, if not, that's unfortunate. Let's see how it plays out.

    Bottom 2.5% - Married to your bag, refusing to acknowledge potential drawbacks of what you're invest in. Smart contracts absolutely WILL come, Charles said so.

    The aim of this post is to challenge your own thinking. Where do you think you are in terms of the bell curve? My advice would be to have a plan in the chance that you make life changing money. If you don't, you've wasted the last year or more of your life in crypto and all the stress will be for 0 payout. Pay yourself. No one else is going to, they're your bags. At the VERY least, take out your initial investment and play with the houses money.

    Cheers

    EDIT: Formatting

    EDIT1: Interesting to see quite a lot of downvotes but no one providing any comments of substance to disprove this.

    EDIT2: thanks for the awards guys. Appreciate it.

    submitted by /u/ExternalSky
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    Binance did it again.

    Posted: 26 Aug 2021 01:05 AM PDT

    I'm currently open for suggestions on a CEX for Europe, because fuck Binance.

    If you don't remember what happened back in end of May, when the market took a big turn to the downside, no one was able to buy or sell shit on Binance.com.

    Well, last night before going to bed one of my coins did a 55% up, and I was conveniently staking those coins on flexible stakings (Theoretically, I could withdraw whenever I wanted to). Except that when I wanted to withdraw, the un-stake button was GREYED OUT!

    I just woke up and checked Twitter, CZ just Tweeted about having "technical problems" and thousands of users saying they can't buy or sell shit (now that the market is dumping)... Why does this keep happening on critical times? Anyone else finding this too convenient for Binance?

    Big middle finger to you, B, for making me miss a chance of making a good amount of money.

    submitted by /u/Mekayv
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    What We Need Now Is Each Others!

    Posted: 25 Aug 2021 10:23 PM PDT

    During this whatever you want to call it ( dips, corrections, or bear market) period, we as a loving and helpful community should come together and give each others the supports or encouragements they need at this time.

    For all the noobs, If you have questions, drop them here and someone with valuable knowledges and info will answer them. For all those that need confirmation or encouragement, let us know. We're happy to do so. And for those that's on life support, just know that we are here for you too.

    So fellows c/c members, put diwn that downvote button for a few day and give each others a high five, hand shakes, hugs and support each others.

    Remember, we are a worldwide extended family here on c/c sub. Show loves and encouragements to each other during time like this. During period like this, we can be compassionates and supportives to each others.

    Let me start first. I love y'all and wish y'all all the best in the future because our future still very bright. We are still very early in cryptoverse. Hugs all around!

    Let the loves out people. Join hands and be one!

    submitted by /u/Doggybone_treat
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    Blockchain vs. DAG - an overview

    Posted: 26 Aug 2021 02:29 AM PDT

    Blockchain vs. DAG - an overview

    Cryptocurrencies record transactions on a distributed ledger - a decentralised database - but not all distributed ledger technologies (DLTs) were created equal.

    Blockchain Technology & The "Trilemma"

    Traditionally, cryptocurrencies run on a blockchain: a linear chain of blocks in an unalterable (A.K.A immutable), chronological order. Each block contains a set number of transactions, and each block is cryptographically linked to the previous block(s) using a unique code known as a hash to prevent tampering:

    The architecture of a blockchain. Blockchain technology currently powers the vast majority of cryptocurrencies, including BTC, ETH, XRP, SOL, XLM, XTZ and ALGO.

    Blockchain is an extremely secure and proven technology. Consensus (i.e. deciding what to write in each block) is achieved by validating blocks one at a time. For example, BTC's consensus mechanism is the miner-dependent Proof-of-Work (PoW) protocol.

    However, given their linear "one after another" structure - blockchains suffer from an array of problems. Vitalik coined the phrase "blockchain trilemma" to describe the inability to build or difficulty in building a blockchain that is simultaneously: (i) decentralised (ii) scalable and (iii) secure - without compromising on any individual facet.

    e.g.: ETH is highly decentralised, secure but can only process ~30 transactions per second (TPS) - meaning it is not scalable and transaction fees are high as users must effectively 'compete' for space in each block.

    Solving the Trilemma - New Consensus or New DLT?

    Several solutions to the blockchain trilemma have been proposed. Most efforts have revolved around improving blockchain technology by introducing new consensus mechanisms e.g. Proof-of-Stake (PoS).

    Delegated PoS - the most common form of PoS where users pledge their coins to validators who in turn validate new blocks - is orders of magnitude more scalable than PoW. PoS is also considered to be relatively secure. A validator (or a group of validators) would need to own ~33-51% of the total stake (i.e. potentially billions of $$$) to successfully attack the network - and, even if they acquired such an amount, why would they attack something they're so heavily invested in? PoS would, however, be susceptible to state-sponsored attacks.

    Despite the scalability and security of PoS, serious questions remain over how decentralised it is. PoS networks typically have <100-300 validators, concentrating power into the hands of the few. Although, arguably, parallels can be drawn to PoW - where BTC mining pools also act as centralising powers.

    While a number of projects have tweaked PoS (e.g. ALGO's pure PoS, ONE's effective PoS or SOL's hybrid proof-of-history + PoS) to further decentralise the network or find the 'sweet spot' between decentralisation, security and scalability - other projects have decided to ditch blockchain technology altogether.

    Directed Acyclic Graph (DAG) Technology

    Projects such as IOTA, NANO, FTM and HBAR do not use blockchains, but rather variations on a directed acyclic graph (DAG). DAGs are not linear, and instead possess a branching, 'tree-like' structure. A DAG is directed because it follows a topological order - the sequence can only move from earlier to later (see below). In this way, it is not too dissimilar from a blockchain.

    However, there are no blocks of transactions - instead, it is a network of individual transactions that are directly linked:

    The architecture of a DAG. Each arrow is a transaction.

    What do I mean by directly linked? Think about this analogy: four people (A,B,C,D) are in a room. 'A' needs to relay a message to 'D'. In a blockchain, this may necessitate passing the message along a chain i.e. A→B→C→D. In a DAG, it is shortened to A→D - speeding up the process for the two main participants - and D will inform B and C of the message later (if necessary).

    In a DAG, all users are both issuers (i.e. they make/send transactions) and validators. Specifically, in IOTA, in order to have your transaction verified - you must verify two previous transactions and perform a small amount of PoW to prevent spam. No network user can validate their own transaction (that's the acyclic part of DAG - there is never a circular arrow back to the same node).

    Consensus in other coins is achieved in various ways (e.g. asynchronous byzantine fault tolerance (aBFT) in HBAR and FTM) - but this is beyond the scope of this post.

    As DAGs do not require mining and can reference multiple transactions simultaneously, they're extremely scalable (10,000+ TPS, theoretically 1m+ TPS), lightweight and have zero or negligible transaction fees.

    Nevertheless, the extent to which a DAG is decentralised and secure depends heavily on the number of transactions currently happening. A reduction in the volume of transactions leaves DAGs vulnerable to attack. To mitigate this risk, DAG projects include centralised features (e.g. central coordinators, pre-selected validators, witness nodes, or in the case of HBAR, a completely private network). Therefore, DAGs have not solved the trilemma either - at least yet.

    It's also important to remember that DAGs are new, unproven technology.

    What is the future?

    Nobody knows and it remains unclear. The 'perfect' consensus mechanism or network architecture is yet to emerge (if it ever does). Blockchains and DAGs are likely to co-exist, serving distinct purposes - or a totally new DLT may arise. In any case, these are exciting times: we're early enough in this space to watch the technology evolve and the future unfold in real-time.

    submitted by /u/Zarkorix
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