• Breaking News

    Friday, August 20, 2021

    Cryptocurrency First Reddit Talk on r/CryptoCurrency: A Session With Crypto Lawyers About The Crypto Provisions In The Infrastructure Bill [Monday, 23rd August 2021, 7 PM PST]

    Cryptocurrency First Reddit Talk on r/CryptoCurrency: A Session With Crypto Lawyers About The Crypto Provisions In The Infrastructure Bill [Monday, 23rd August 2021, 7 PM PST]


    First Reddit Talk on r/CryptoCurrency: A Session With Crypto Lawyers About The Crypto Provisions In The Infrastructure Bill [Monday, 23rd August 2021, 7 PM PST]

    Posted: 19 Aug 2021 10:29 PM PDT

    Hello r/CryptoCurrency!

    We will be hosting our first Reddit Talk this upcoming Monday, 23rd August 2021, 7 PM PST. You can use this Timezone Converter to schedule ahead.

    Earlier we had announced Reddit's new live audio feature Talk! Now we are pleased to bring to you the first Talk session on r/CryptoCurrency, featuring prominent lawyers from the cryptocurrency community who will be discussing about the recent legislative developments in the US Senate, regarding the Infrastructure Bill and the provisions it contains on cryptocurrencies.

    About The Speakers:

    The following lawyers will be joining us on the Talk:

    Drew Hink: u/drewhink

    Website: https://www.klgates.com/Andrew-M-Hinkes and www.andrewhinkes.com

    Twitter: https://twitter.com/propelforward

    Kayvan Sadeghi: u/K_Saturn

    Website: https://www.schiffhardin.com/professionals/attorneys/s-z/sadeghi-kayvan-b

    Sarah Brennan u/Glad_Establishment38

    Twitter: https://twitter.com/SH_Brennan

    Jason Gottlieb u/ohaiom

    Website: https://www.morrisoncohen.com/jgottlieb

    Twitter: https://twitter.com/ohaiom

    And Collins Belton.

    What will the Talk be about?

    These lawyers who work in blockchain and cryptocurrency practice will be discussing about the recent developments in the US Congress with respect to the Infrastructure Bill and the cryptocurrency provisions contained therein, the amendments that ensued, and how these legislative developments will affect and shape the Cryptocurrency industry.

    They will discuss the practical implications of these laws from their experience working in the cryptocurrency domain, and will also be answering questions that readers here may have.

    To ask a question, please write your question in the announcement thread below. We will compile them based on relevance. If your question is accepted you'll have the opportunity to come on stage to ask your question directly to the speakers. If you're uncomfortable with this the moderators will ask the question for you. We will contact you before the Talk regarding your question.

    How can you participate in the live Reddit Talk?

    To participate in the Reddit Talk you need to have the latest version of official Reddit Mobile App installed on your mobile device. Reddit Talk does not support desktop or third party Reddit applications (yet).

    You'll see this Reddit Talk in the r/CryptoCurrency feed as soon as it goes live, and the link to the Talk will also be posted on this sub as soon as the Talk is live! You can open the link on mobile and it should open the Talk on the Reddit app!

    Looking forward to the Talk and participation from all of you!

    Disclaimer: The Talk scheduled is a conversation, and nothing discussed in the Talk constitutes legal advice or should be interpreted as such.

    submitted by /u/MediumAdhesiveness5
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    Daily Discussion - August 20, 2021 (GMT+0)

    Posted: 19 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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    Man Says He Accidentally Deleted Keys to 20 Bitcoin Worth Nearly $900,000

    Posted: 19 Aug 2021 11:46 AM PDT

    Cardano catches up with Solana and Terra as ADA hits new all-time high

    Posted: 20 Aug 2021 01:19 AM PDT

    OnlyFans’ porn ban is crypto’s opportunity of a lifetime

    Posted: 19 Aug 2021 03:33 PM PDT

    Remember when China was like, “you know what? No more mining.”

    Posted: 19 Aug 2021 11:10 PM PDT

    And Bitcoin was like, "say what again motherfucker!"

    And crypto said, "say what one more goddamn time!"

    And the bull run was all, "I dare you. I double dare you!"

    And then you remember when the hash rate recovered and the US government tried to pass some laws to slow down crypto and then remember when it didn't matter at all because FTW, crypto isn't going away. Ever.

    submitted by /u/brickmadness
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    Beginner Sites for Crypto

    Posted: 19 Aug 2021 01:10 PM PDT

    👋 Everyone!

    I tried searching for some kind of "where to begin" to learn about all the different types/names of crypto companies/tokens and their differentiators, but can't seem to find anything relevant.

    Is there some other sub-forum that I should check out first that might have a somewhat comprehensive list? I can't be the only one looking for this info.

    I did a general search on Google for "learning about cryptocurrency", but this mostly produces results about crypto investing or sites that are super technical.

    I found this site that has a great summary of some of the various tokens https://abitaboutcoins.com/

    TIA for any help you can offer!

    submitted by /u/bensig
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    Bitcoin for everyone: Missouri mayor wants to give each resident $1000 in cryptocurrency

    Posted: 19 Aug 2021 09:29 PM PDT

    Crypto isn't the only form of investing. Don't forget to take profits so you can invest in yourself.

    Posted: 20 Aug 2021 12:45 AM PDT

    Things look pretty bullish right now and a lot of us have made out like bandits on pumping alts. But don't forget the reason we're in this game: to improve our lives. If you're sitting on a tidy profit and there's something you can spend on that will improve your life right now, don't dismiss the opportunity.

    If you've made some mistakes and view crypto as your second shot at life, remember that you don't need lambo money to set yourself up for the future. Your profits could tide you over while you go back to school for an actual career. It doesn't have to be a full four-year college course, just picking up a trade will give you a guaranteed income stream. Or you could get into computer science/enroll in a coding bootcamp. Imagine the serendipity of using crypto profits to learn how to write smart contracts, contribute to the ecosystem, and make your own projects.

    Debt is another concern. Lots of us have it in the form of student loans, or just maxing out credit cards to survive. Generally, the value of debt depreciates over time and the value of crypto rises, so there's a push to kick the can down the road and pay it off when it'll cost a smaller fraction of your net worth. But consider the mental fatigue that living in the shadow of debt causes. They're not joking when they say stress is a killer, it has serious effects on your body and well-being. The smart play might be to get yourself in the clear right now to buy yourself some breathing space.

    Most importantly, don't neglect your health. Even from the most cynical standpoint where quality of life isn't a concern, you're better off sinking money into your health right now in order to avoid medical costs in the years to come. Go to the doctor and pay for a full check-up. Make sure you don't have ticking timebombs like cancer hanging out inside of your body. Maybe what you need is a new chair that supports your back properly while you're staring at charts. Maybe it's gym equipment so you can work out at home, or a bike/new pair of running shoes to get you out of the house. Maybe it's improving the quality of your food — ramen won't sustain you forever. Point is, all the gains in the world mean nothing if you're too decrepit to enjoy them.

    I'm full of hope and excitement for all the ways crypto will change investors' lives for the better. Stay frosty everyone!

    submitted by /u/108mics
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    How many steps are we from "Apple will scan your icloud for the goverment for pictures" to "All phones will automatically scan for seed phrases and uploaded to the IRS for your protection"

    Posted: 19 Aug 2021 09:56 AM PDT

    The egregious overstepping of power these companies are taking on behalf of the government to override personal anatomy is quite shocking.

    what would i have to do to get a phone set up that isn't at risk to this sort of thing? how much power is enough for them?

    does apple already have the ability and they're just looking for permission?

    is google already doing this?

    edit: i don't mean from a picture i mean from them stealing your screen when you're writing down the phrase from the phone.

    the solution is to create the seed from a device that will never go online again i've found

    but how do you get the money out in that case?

    submitted by /u/everythingscost
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    Did you know how fast NEO is?

    Posted: 19 Aug 2021 10:54 PM PDT

    If crypto makes you a millionaire, would you give some back?

    Posted: 20 Aug 2021 12:56 AM PDT

    I thought about this in the shower earlier today. If you manage to become filthy rich with crypto or even just 2-3million dollars richer, would you give back in some way to promote crypto? It can even be in your interest or may help your remaining holdings grow. I hope to be able to maybe set up a scholarship for college or university entirely payed for or funded by by crypto to run for some years, or possibly for as long as I'm alive if I made filthy money off those sweet staking gains.

    submitted by /u/Socialinfluencing
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    A deeeeeeeep dive into Polkadot

    Posted: 19 Aug 2021 08:50 PM PDT

    Namaste friends,

    Crypto ecosystems of value are few and far between, today I'd like to discuss one of substantial potential: DOT.

    What is Polkadot

    Polkadot was founded by Ethereum co-founder Gavin Wood in 2019 in order to do what he believed Ethereum was unable to. He was Ethereum's first CTO, a former research scientist at Microsoft, and the creator of the Solidity programming language used to write Dapps on Ethereum. He has since founded the Web3 foundation that sells the Polkadot token, and Parity that develops the software which is used to run polkadot's para-chains. By design it is a sharded blockchain on which people can build and operate their own blockchains on top of; giving people the ability to grow their blockchain as part of a larger ecosystem. It is a two pronged approach on which the main chain, called the relay chain, and user created networks called para-chains.

    Now, how Polkadot works is a bit complicated, so I'll try to explain it as simply as I can.

    How does it work?

    Polkadot has a few moving parts. The first is the "relay chain" that operates as the main blockchain on which the para-chains are built, and where the transactions on said chains are finalized. The relay chain separates new transactions from the verification of said transactions, allowing DOT to process 1,000 transactions per second

    Para-chains are adjacent blockchains that use the relay chain to assure that transactions are accurate, and operate as separate but connected to the relay chain as a whole.

    And lastly there are bridges, which allows polkadot to interact with other blockchains of which they are looking to bridge to EOS, ETH, and potentially even BTC.

    Let's take a second to do a deeper dive into the relay chain and how it operates.

    The relay chain, how's that shit work?

    The relay chain uses a variation of the PoS model call Nominated Proof of Stake (NPoS) This allows anyone who stakes DOT to perform one of more of 4 roles in the blockchain:

    1. Validator

    As the name implies validators validate data on the para-chain blocks, and also vote on proposed changes to the network.

    2. Nominators

    Nominators participate in the selection of trustworthy validators on the relay chain by delegating their staked DOT to validators.

    3. Collators

    Collators are nodes that compile data from the para-chains to be added to the relay chain, basically storing aggregate data to add to the whole.

    4. Fishermen

    The narcs of the Polkadot world, they are there to call out bad behavior by validators by monitoring the network.

    The four of these combine to make polkadot one of the most robust ecosystems in the space, with bridging giving it a ton of room to grow.

    Of course like all staked coins staking your DOT also gives you the ability to vote on governance and influence the development of the network. This is also a multi tier-d system compromised of:

    DOT Holders

    Anyone who holds polkadot is able to vote on proposals that will effect the way the blockchain operates, and can vote to approve or reject proposals as they please.

    The Council

    The Council is elected by DOT holders, and are responsible for proposing changes and determine which changes voted on by holders are added to the software. Proposals by council members require less votes in order to be passed.

    The technical committee

    Teams that actively build on the blockchain, they are there to make special proposals in the case of an emergency. They are voted in my council members.

    Now that we've covered some of what makes DOT run, let's talk about it's tokenomics.

    Total supply: 1 Billion (formerly 10 million)

    Polkadot was funded largely through two private sales netting them upwards of 200 million dollars, making it one of the most well funded projects in the history of crypto. It's max supply was increased drastically in 2020, with 83% of holders voting to increase the supply to 1 Billion.

    So u/anotherjohnishere, should I buy DOT?

    Polkadot boasts one of the more robust ecosystems in crypto, with a substantial amount of potential to grow in the coming years. With a high profile founder, lots of projects coming down the line, bridges to other chains on the horizon, and that sweet sweet 12% staking on Kraken this is a pretty nice part of my portfolio, and will continue to be for the foreseeable future.

    Be love.

    Disclaimer: I own $*** in DOT

    Comment below to request your favorite projects get a deep dive and I'll be onto the next one!

    submitted by /u/anotherjohnishere
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    OnlyFans is banning porn on their platform due to pressure from payment processors and banks- (This is ANOTHER reason we need crypto)

    Posted: 19 Aug 2021 12:48 PM PDT

    A company that is built on porn is totally changing its own business model because banks and payment processors are forcing them to. If crypto was just a little more mainstream this would not be able to happen. We are still so goddamn early. Change is coming.

    submitted by /u/gourmet_hot_dog
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    Binance To Have Mandatory KYC For All Products

    Posted: 20 Aug 2021 12:39 AM PDT

    Effective immediately, all new users at Binance are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.

    Binance said this measure measures to help support its efforts in Know Your Customer (KYC) and AML.
    Source: https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

    submitted by /u/vish729
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    You could be that guy that loses his $100 in today's money in 10 years that could be worth $100,000, don't be that guy.

    Posted: 20 Aug 2021 03:19 AM PDT

    Saw a lot of posts about how people who have invested many years ago after returning from hibernation or prison are unable to access their wallet by just losing their password or seed phrase or forgetting it.

    Even if it's a small amount now Just Secure it, over the years we will eventually move on with life, you will get married, get kids and Crypto would take second stage you wouldn't care about it much with other commitments going on. In 10 years a lot can change, you could shift houses, change around 3 laptops, shift through 3 or more phones. Somewhere in between all this things are bound to get lost no matter how careful you think you are.

    Never store password or phrases online, if you use multiple exchanges get a small notebook and write them down and keep them safe, you may think ahhh it's only 100 or so no one would even steal it you're wrong. Treat even your small investments like big investments.

    Just wanted to bring this to all the newcomers to keep yourself and your money safe

    submitted by /u/alfred_27
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    Unpopular opinion : DOGE played a part in helping to build the crypto community.

    Posted: 19 Aug 2021 11:48 PM PDT

    Let me explain. Because of the strong doge community and some innovator named Elton Mask and another investor called Mako Cuba, we have a huge influx of new crypto blood who has never touched or heard of crypto before.

    I am a regular poker player and i overheard at the table people talking about investing in doge during the pumps. I thought it was quite impressive that a memecoin actually continues to pave the way for crypto adoption and invite new people in and despite their lack of knowledge, they will slowly begin to learn about the space and invest in other projects as well!

    I have not invested in doge neither will i because i believe there are more powerful projects such as ETH and VET.

    submitted by /u/INTERNATIONALSTAR44
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    I bought $1k of the Top 10 Cryptos on January 1st, 2019 (JULY Update/Month 31) UP +398%

    Posted: 19 Aug 2021 09:09 AM PDT

    I bought $1k of the Top 10 Cryptos on January 1st, 2019 (JULY Update/Month 31) UP +398%

    https://preview.redd.it/h4rmkav98ci71.png?width=666&format=png&auto=webp&s=83960ee5e7787fb8760ba9c133b7ab6b82be625e

    The full blog post with all the tables is here.

    Welcome! This is the monthly report for my homemade 2019 Top Ten Crypto Index Fund. This group contains BTC, XRP, ETH, BCH, EOS, XLM, USDT, LTC, BSV, and Tron.

    tl;dr:

    • What's this all about? I purchased $100 of each of Top 10 Cryptos in Jan. 2018, haven't sold or traded, reporting monthly for over 3.5 years. Did the same in 2019, 2020, and 2021. Learn more about the history, rules, and FAQs of the Experiments (including the answer to the "WHY TETHER?!?!" question) here.
    • July Winners and Losers - ETH up +21% in July, biggest Loser: BSV.
    • Overall since Jan. 2019 - ETH nearly doubling return of second place BTC. Top Ten portfolio up +398% vs. S&P's +75% over same time period, all coins in the green. BSV worst performing.
    • 2018+2019+2020+2021 Combined Top Ten Portfolios are returning 294%.

    Month Thirty-One – UP 398%

    https://preview.redd.it/3ypzde9z8ci71.png?width=1083&format=png&auto=webp&s=0308bfde13e966045983301f23e1544a41a67e8d

    Snapping a two month all-red streak that started in May, the 2019 Top Ten Crypto Index Fund portfolio bounced nicely back in July. With the exceptions of BSV and Tron, this group of ten finished in positive territory, with Ethereum leading the way this month.

    July Movement Report, Ranking, and Dropouts

    A lot of movement this month for the 2019 Top Ten Portfolio, most of it downward:

    Ups:

    • XRP – up one place (#7–>#6)
    • Stellar – up two places (#21–>#19) and back into the Top Twenty

    Downs:

    • Tron – down one place (#25–>#26)
    • EOS – down two places (#27–>#29)
    • Litecoin – down one place (#14–>#15)
    • BSV – down nine places (#31–>#40)

    https://preview.redd.it/42k8bnb19ci71.png?width=409&format=png&auto=webp&s=ec7a686db1f43eaca76cf68593ba0456e0e7660d

    Top Ten dropouts since January 2019: After thirty months, 60% of the cryptos that started in the Top Ten in January 2019 have been knocked out. EOS, Litecoin, BSV, Stellar, Bitcoin Cash, and Tron have been replaced by Binance Coin, Doge, Cardano, UNI, USDC, and Polkadot.

    BSV dropped nine places in July and now is in danger of dropping out of the Top Forty.

    July Winners and Losers

    July WinnersETH (+21%) outperformed the field this month followed closely by Bitcoin (+19%).

    July Losers – Although only losing -2.3% of its value, BSV had a rough July, dropping nine places and underperforming its peers. Close behind, Tron is the second worst performer of the month, down -2.1%.

    Tally of Monthly Winners and Losers

    Which crypto holds the most wins or losses over the life of the project? Here's a snapshot of the winners and losers over the first thirty-one months of the 2019 Top Ten Experiment:

    https://preview.redd.it/w6rr7lx29ci71.png?width=403&format=png&auto=webp&s=f3eae237f1bb5875d7c008ec536dc04601d3e4dd

    By a large margin, Tether still has the greatest number of monthly victories (9) followed by BTC with five.

    Every crypto has won at least one month since January 2019 and BSV has underperformed its peers 11 out of 31 months (or 35% of the time).

    Overall Update – ETH well ahead, all cryptos in positive territory, BSV worst performing

    Have a time traveling DeLorean? Go back to the start of the 2019 Experiment and pick yourself up some Ethereum. ETH is easily the best performer of this group, up 1,763% as of this report. Second place is BTC, up +954%.

    The $100 investment into first place ETH on January 1st, 2019 is currently worth $1,913.

    After thirty-one months, 100% of the cryptos in the 2019 Top Ten Portfolio are in positive territory. Not counting stablecoin Tether, the worst performing crypto is BSV, which is still up "only" +51%.

    Although the 2019 Top Ten Portfolio is up an impressive +398%, it is still second place behind the 2020 Top Ten Portfolio which is up +552%.

    Total Market Cap for the Entire Cryptocurrency Sector:

    https://preview.redd.it/jnass8l49ci71.png?width=709&format=png&auto=webp&s=ebf111c06296e01f0be78fbeec4d1fd5e5ca384d

    The total market finished July at nearly $1.6T, adding about $223B during the month. The entire cryptocurrency sector is up +1157% since January 2019. That's still well behind first place ETH (1,763%) but much better than the rest of the cryptos (including second place Bitcoin's +954%) and much better than the Top Ten approach (+398%).

    Low Point in the 2019 Top Ten Crypto Index Experiment: $114B in February 2019.

    High Point in the 2019 Top Ten Crypto Index Experiment: $2.2T in May 2021.

    Bitcoin Dominance:

    https://preview.redd.it/9bw48pm59ci71.png?width=709&format=png&auto=webp&s=d92ecf86a24a3bd9ea9bf788c5e6cb297c91e403

    BitDom continued to bounce back up this month (46.6%) after a 2019 Top Ten Index Fund Experiment record low just a few months ago. For context, here are the high and low points of BTC domination over the life of the 2019 Experiment:

    Low Point in the 2019 Top Ten Crypto Index Experiment: 42% in June 2021.

    High Point in the 2019 Top Ten Crypto Index Experiment: 70% in August 2019.

    Overall return on $1,000 investment since January 1st, 2019:

    https://preview.redd.it/b3bhbtl69ci71.png?width=355&format=png&auto=webp&s=6bc071765dd296a049b260b91a8da6cf682c7348

    The 2019 Top Ten Cryptos Portfolio gained $570 in July. After thirty-one months the value of the initial $1000 investment is $4,984, up +398%.

    Here's a table summarizing the monthly ROI over the life of the 2019 Top Ten Index Fund experiment, which provides a pretty good sense of the journey to this point:

    https://preview.redd.it/y6ch7bj89ci71.png?width=790&format=png&auto=webp&s=207ee3245176c647130ecc5b0b0f0dbee3b576c0

    Fairly steady upward movements punctuated by some very big dips. During the Zombie Apocalypse, for example, the 2019 Top Ten Portfolio was returning only +6%.

    At +398%, the 2019 Top Ten Portfolio is the second best performing out of the four Experiments. First place is the 2020 Top Ten group of cryptos, up +552% as of this report.

    Combining the 2018, 2019, 2020, and 2021 Top Ten Crypto Portfolios

    Speaking of other Top Ten Portfolios, let's put them all together now:

    Taking the four portfolios together, here's the bottom bottom bottom bottom line:

    After a $4,000 investment in the 2018, 2019, 2020, and 2021 Top Ten Cryptocurrencies, the combined portfolios are worth $15,761 ($1,116 + $4,984 + $6,524 + $3,137).

    That's up +294% on the combined portfolio, roughly the same value as they held in March of this year.

    Here's a table to help visualize the progress of the combined portfolios:

    https://preview.redd.it/sszt9uia9ci71.png?width=568&format=png&auto=webp&s=3d1bbdbcc7df8daca8be00a07f049ec168d014bf

    In summary: That's an +294% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for four straight years.

    Top Ten Index vs. Top Five Index

    Inspired by a suggestion from one of our blog readers, let's take a look at how the 2019 Top Ten approach would compare to a hypothetical Top Five Index.

    A Top Five 2019 Index would mean investing $200 into BTC, XRP, ETH, BCH, and EOS.

    https://preview.redd.it/116z1v0c9ci71.png?width=1086&format=png&auto=webp&s=7455754e0d6202092254b42e0460e8b7cbf9f36e

    After thirty-one months, a Top Five Index would be worth $7,367, returning 637%. That's compared to the $4,984 (+398%) returns of the 2019 Top Ten Index.

    Once again, it is very clear that going with the five big boys as of January 1st, 2019 would have been the much better approach.

    That's a wrap for the crypto update. How does the cryptocurrency market compare to the stock market?

    Comparison to S&P 500:

    I'm also tracking the S&P 500 as part of the experiments to have a comparison point with traditional markets. Yet another all time high for the S&P in July:

    https://preview.redd.it/ceuxigvd9ci71.png?width=714&format=png&auto=webp&s=6ab1080b6f49ec27bbea3e3745c97142b48c1b9e

    Because the S&P 500 Index is up 75% since January 2019, the initial $1k investment I put into crypto 2.5+ years ago would be worth $1,750 had it been redirected to the S&P 500 in January 2019.

    Even though an extremely solid return for traditional markets, that +75% return is nearly three hundred and twenty-five percentage points behind the return of the 2019 Top Ten Portfolio over the same time period.

    But what if I took the same world's-slowest-dollar-cost-averaging $1,000-per-year-on-January-1st-Crypto-Index-Fund-Experiment approach with the S&P 500? It would yield the following:

    • $1000 investment in S&P 500 on January 1st, 2018 = $1640 today
    • $1000 investment in S&P 500 on January 1st, 2019 = $1750 today
    • $1000 investment in S&P 500 on January 1st, 2020 = $1360 today
    • $1000 investment in S&P 500 on January 1st, 2021 = $1170 today

    Taken together, here's the bottom bottom bottom bottom line for a similar approach with the S&P:

    After four $1,000 investments into an S&P 500 index fund in January 2018, 2019, 2020, and 2021, my portfolio would be worth $5,920 ($1,640 + $1,750 + $1,360 + $1,170)

    That is up +48% since January 2018 compared to a +294% gain of the combined Top Ten Crypto Experiment Portfolios, a difference of almost 250 percentage points in favor of crypto.

    Here's a table providing an overview of the four year ROI comparison between a Top Ten Crypto approach and the S&P:

    https://preview.redd.it/s5p00ztg9ci71.jpg?width=598&format=pjpg&auto=webp&s=918901f7729c2cc6e51aaffcc5167a6b1b9a1d15

    That's a ten month streak and a 246% lead for crypto, about the same as a few months ago in March.

    Conclusion:

    Just when the two straight red months had the naysayers, erm, naysaying, crypto bounces back. Is one good month enough to show we are truly in a bull market, with just some bumps along the way? Maybe. Maybe not. And maybe it doesn't matter: maybe the lesson that can be drawn from these reports and experiments is that DCA'ing over long periods of time might be a solid approach to crypto. Maybe.

    To both old-timers and newcomers: thanks so much for taking the time to read and for supporting the Top Ten Crypto Index Fund Experiments. I hope you find the updates helpful in terms of perspective as you navigate the crypto landscape. Be careful out there and don't put your mental, physical, or financial health at risk chasing gainz. If crypto is causing you to lose sleep at night, chances are you have too much in crypto: try to think long term, don't invest what you can't afford to lose.

    Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects tracking the Top Ten cryptos as of January 1st, 2018 (the OG experiment), January 1st, 2020, and most recently, January 1st, 2021.

    submitted by /u/Joe-M-4
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    Cardano’s Ada Surges To New High, Becoming Biggest Cryptocurrency To Hit Record Price After $1 Trillion Crash

    Posted: 19 Aug 2021 10:44 PM PDT

    NASA is eyeing up a nearby asteroid that contains enough gold to make everyone on Earth a billionaire.

    Posted: 19 Aug 2021 11:18 PM PDT

    So much for gold being scarce. I know this is all hypothetical at this point, but it goes to show if this at one point becomes reality the price of gold would drop considerably. Meanwhile, there is only 21 million bitcoins, regardless of what happens. Hodl folks, the future is looking good for crypto. The government printers go brrrr 24/7, gold possibly becoming less scarce, ETFs around the corner in the US, already available in other countries, El Salvador making it legal tender. Amazon and Walmart hiring crypto folks....if you don't own bitcoin you should.

    https://www.the-sun.com/news/3445882/nasa-golden-asteroid-everyone-earth-billionaire/

    submitted by /u/rorowhat
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    Coinbase to add $500,000,000 of crypto to balance sheet and put 10% of profits into crypto moving forward

    Posted: 19 Aug 2021 04:09 PM PDT

    CEO of Coinbase: "We recently received board approval to purchase over $500M of crypto on our balance sheet to add to our existing holdings. And we'll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures."

    Edit: Via Brian Armstrong's Twitter

    submitted by /u/mertzii-_-
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    Your daily dose of Crypto

    Posted: 19 Aug 2021 05:31 AM PDT

    Your daily dose of Crypto

    1. The total market cap stood at $1.96 trillion as the short term momentum pauses.
    2. BTC and ETH are testing support levels at $44k and $2.9k as the market consolidates.
    3. SOL is up by 67% in the last 7 days and has set a new ATH of $79.57 amidst rising NFTs and DeFi applications on the blockchain.
    4. AVAX is up by over 38% in the past 24 hours, amidst the announcement of Avalanche Rush, a $180 million liquidity mining incentive program, which will start with the launch of Aave and Curve protocols on the Avalanche network.
    5. Emerging economies such as Vietnam, India and Pakistan have led crypto adoption and the rate of adoption has grown by 880% across the world over the past year, according to Chainalysis' Global Crypto Adoption Index.
    6. The Dutch central bank has warned Binance for providing crypto services in the Netherlands without the required legal registration.
    7. Japanese crypto exchange Liquid's hot wallets have been compromised for at least $90 million.
    8. More than 60% of Robinhood users traded crypto in Q2 and it accounted for about $233 million (62% comes from Dogecoin alone) in revenue compared to $5 million in Q2 2020, according to its quarterly earnings report.
    9. Facebook's stablecoin Diem(formerly Libra) co-creator has announced that Novi(formerly Calibra), its crypto wallet is ready for the market.
    submitted by /u/Aegontarg07
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    It's about the market cap, stupid!

    Posted: 20 Aug 2021 12:39 AM PDT

    It's about the market cap, stupid!

    I recently sold some SOLANA, for around 76$. Some people on the daily told me that I was stupid, that SOL would easily do a x10 in the coming year. Can this realistically happens? Let's see.

    There is this nice website, called the Coin Perspective : https://thecoinperspective.com/

    And yes, it really help put things in perspective 😀

    So let's have a look at this SOL :

    https://preview.redd.it/43jx6e22tgi71.png?width=1952&format=png&auto=webp&s=3255d0b26202d4d52140e8ccd3ac224997871b97

    It currently has a market cap of $20.5B. Doing a x10 would of course require a x10 market cap, as supply is fixed. That's almost half the market cap of ETH!
    Sure in theory, it could do it, but in practice, it would require almost all the major coins to do the same x10, going from a 2T global market cap, to a 20T one. Or maybe you think SOL will become the only remaining crypto in the world, and then even a x100 is possible 😂

    But that's not gonna happen. A more realistic expectation for SOL would be doing a +200% from now, or maybe 250% if we are extremely lucky. It's always better to have realistic goals to maximise your gains, and these gains are already fantastic compared to stocks!

    TLDR; to estimate your possible gain for a coin, you should always compare its market cap with existing ones!

    submitted by /u/fxdfxd2
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    Moon Farming analysis: Finding a correlation between time spent vs karma earned.

    Posted: 20 Aug 2021 12:24 AM PDT

    I have started logging my karma earned on a spreadsheet every day, and I had a shower thought if there was any coloration between time spent moon farming and karma earned.

    My Android device has Digital Well-being enabled which records how much I've spent in each app every day. So I took that data and merged it with my spreadsheet:

    • Aug 7: 4h 14m = 148 Karma
    • Aug 8: 5H 36m = 231 Karma
    • Aug 9: 4h 14m = 156 Karma
    • Aug 10: 5h 44m = 223 Karma
    • Aug 11: 7H 38m = 141 Karma
    • Aug 12: 4H 51m = 162 Karma
    • Aug 13: 5H 33m = 251 Karma
    • Aug 14: 7H 9m = 306 Karma
    • Aug 15: 8H 46m = 386 Karma
    • Aug 16: 5H 4m = 270 Karma
    • Aug 17: 4H 51m = 301 Karma
    • Aug 18: 4H 50m = 160 Karma
    • Aug 19: 8H 9m = 302 karma

    Arranging the data by low to high:

    • 4h 14m = 148 Karma
    • 4h 14m = 156 Karma
    • 4H 50m = 160 Karma
    • 4H 51m = 301 Karma
    • 5H 4m = 270 Karma
    • 5H 33m = 251 Karma
    • 5H 36m = 231 Karma
    • 5h 44m = 223 Karma
    • 7H 9m = 306 Karma
    • 7H 38m = 141 Karma
    • 8H 9m = 302 karma
    • 8H 46m = 386 Karma

    So is there any correlation? Most of the time, yes, but you can end up spending less time and getting more karma and vice versa if your comment quality varied or the post did extremely well.

    You can view the raw data for those who wish to verify this: Digital Well-being data, karma spreadsheet. Note that all the karma's mentioned here are from comments only without apply 2x double comment karma.

    submitted by /u/_DEDSEC_
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    What is one crypto news source you refuse to listen too and don't trust at all?

    Posted: 20 Aug 2021 03:25 AM PDT

    What news source regarding crypto will you never listen to the advice they give?

    Mine is the motley fool. I hate them with every cell of my being, so I hate that they moved from stocks to having crypto news as well.

    What is the news source you don't trust and will never?

    submitted by /u/Virtual_Beast1123
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    ALL subreddits dedicated to specific Cryptos are echo chambers. Don't use them to make decisions on what to buy.

    Posted: 19 Aug 2021 11:32 AM PDT

    Critical takes don't survive in those spaces. Even contributions praised as "balanced" are extremely biased. 1. Mods are most certainly heavily invested in the project. 2. The majority of users is probably too.

    The same actually applies to this subreddit if you want a balanced take on crypto currency in general.

    submitted by /u/Kontikulus
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    The great thing about China banning mining is that we no longer need to worry about the China FUD

    Posted: 20 Aug 2021 12:55 AM PDT

    As we all remember, the China FUD™ was that periodical community event where everyone lost their collective shit because glorious communist empire of the east decided to ban crypto again. Well, this cherished tradition is no more after the fateful ban. Not to dispair, though. Of course we can still look forward to the classic South Korea FUD and eagerly watch as the new American House of Representatives FUD tradition develops.

    Seeing the China FUD go is a somber reminder that nothing ever lasts in life, but seeing what will now take its place makes for exciting times, nevertheless.

    submitted by /u/gorillamutila
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