Cryptocurrency Daily Discussion - September 10, 2021 (GMT+0) |
- Daily Discussion - September 10, 2021 (GMT+0)
- Fun fact: If you ever wonder why so many older projects symbol starts with letter X
- I live in a developing country and crypto saves me $150-$300 each month (higher than our minimum monthly wage) and that's a fucking lot
- It's ridiculous how I am being judged for putting money in crypto by the people who waste the same amount of money in useless things.
- Last call for Safemoon. The curtains are drawing on this omnishambles of a project.
- El Salvador’s new bitcoin wallets could cost Western Union $400 million a year
- The moment nfts get added to pre-existing games, they’ll blow up like crazy
- The Weeky DYOR Session Edition 1: Every week I am going to choose one Coin and do a DYOR so you don't have to. Pick a Coin!
- Stop holding fiat in Tether if you haven't already!
- What I’ve learned from this sub
- Paris Saint-Germain Names Crypto.com as the Club’s First Official Cryptocurrency Platform Partner
- Ukraines President meets with Stellar (XLM) Representatives: Wants Ukraine to become XLMs "Strategic Ally"
- Does anyone feel like ETH could be the the myspace of crypto?
- Central Bankers Say Bitcoin Is High Risk Investment, Poor Store of Value, Could Collapse
- Cardano Smart Contract Launch Imminent – Here’s the Latest on the Highly Anticipated Upgrade
- Tezos �� Milestone: 400K transactions in the past 24 hours!(35% of Ethereum's daily)
- “It’s a healthy correction guys”
- How to DYOR & spot small gems guide.
- Why Algorand’s price is on a two-year high right now
- We are all early, you know who is too late? The SEC.
- I almost overdrew my checking account by going crazy for crypto
- Bitcoin is one signature away from becoming legal in Ukraine and it's not following in El Salvador's footsteps
- XRP Lawsuit: SEC officially admit it’s failure to inform XRP is security
- Panama follows El Salvador, introduces bill to recognize cryptos as an alternative payment option
- Which coins will you pick up during the bear market?
- Coinbase Pro has added Shiba Inu coin to its platform
| Daily Discussion - September 10, 2021 (GMT+0) Posted: 09 Sep 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:
Useful Links:
[link] [comments]  | ||
| Fun fact: If you ever wonder why so many older projects symbol starts with letter X Posted: 09 Sep 2021 11:32 PM PDT So you ever wonder why do completely different coins like ripple (XRP), stellar (XLM), tezos (XTZ), monero (XMR), verge (XVG), nem (XEM) start their symbol with letter X ? And does it have something common with precious metals such as gold (XAU), silver (XAG), palladium (XPD) and platinum (XPT) that also use it? Of course it does. I guess (as it usually applies for older chains only), this used to be a thing back in the day, when cryptocurrencies would strive for any way they would look a bit more official to the general public, so they made their symbol by the internetional standards.It actually has something to do with something called "currency code", in this case ISO 4217: https://en.wikipedia.org/wiki/ISO_4217#X_currencies The first letter of the symbol used is an initial for the nation of the currency. In case of "X" it means it has no national preference and acts as a "supranational" currency. So if you even wondered, now you don't have to :) Cheers. EDIT: (thanks to brocko33 from the comments) The ISO code of Bitcoin is actually XBT too, rather than BTC. The commonly used BTC violates ISO convention because the first two letters BT are reserved for the country of Bhutan hence cannot be used. [link] [comments]  | ||
| Posted: 09 Sep 2021 06:44 PM PDT I honestly don't care about HODLING crypto (more power to all of you though). I was forced into it because I was losing so much money from traditional banking. Background: I get most of my income from marketing clients abroad (I manage digital ad campaigns). Paypal/Swift used be the default method to get paid because it was ubiquitous and honestly quite easy to use for clients. But Paypal charged me A LOT.
This happens to each client and for each payment. All these fees and extra charges each month easily add up to $150-$300. For context, this is how much $300 is worth in my country:
Now, I get paid in crypto (not all, but a big chunk). It's mostly XRP because it's easy to withdraw here and the fees are next to nothing. I basically get a bonus paycheck every month and I love it. I now have less stress because of strict budgets for groceries, can buy actual good quality stuff, and have a bit extra to get a few small gifts every now and then for the people I care about. But it also makes me sad because there are literal millions of people like me who rely on payments or remittances from abroad to survive. $300 might be small time for folks in the US, but it's life changing for us. [link] [comments]  | ||
| Posted: 10 Sep 2021 01:35 AM PDT I'm a small investor and got into crypto recently. Crypto is the best thing that happened to me. I could finally put the money kept stagnant in my bank to good use. After getting into crypto, I started saving money like crazy. Instead of spending on expensive clothing, junk foods etc etc I started buying crypto. The guys who spend money on stupid things call me stupid for buying crypto lol. What is wrong with buying crypto for $50 instead of buying sneakers? What's wrong in buying something that could make me more money rather than buying stupid stuff which will probably lose value? Don't talk about crypto with anyone. I got all kinds of "advice" cause I accidentally opened the charts. Ah I'm pissed. [link] [comments]  | ||
| Last call for Safemoon. The curtains are drawing on this omnishambles of a project. Posted: 09 Sep 2021 05:47 PM PDT For the lucky few that have had the pleasure of never actually knowing about Safemoon, let me introduce you. It's a copy-paste of BEE token, minted on the Binance Smart Chain, with a few variables changed and general CTRL+F to replace "BEE Token" with "SAFEMOON" The idea is, when you sell, you are taxed 10% and 5% of that goes to a liquidity pool & (2.5% BNB + 2.5% SFM) and the other 5% is split proportionally amongst holders. The clever amongst you may notice two things here;
My last chapter of this omnishambles - a situation that has been comprehensively mismanaged, characterized by a string of blunders and miscalculations BUT LET'S TALK ABOUT THE WALLET. BUCKLE UP, THIS IS ONE HELL OF A RIDE.For any other Cryptocurrency, this is just not a big deal. A wallet is simply a place to hold Cryptocurrency(s) securely off exchange. In fact, it's kind of a given. They're nothing special. For Safemooners, it's some kind of perverse salvation. This is because it's the first actual product Safemoon have developed and delivered. A test of their mettle, so to speak. The hype leading up to the wallet has been unreal. To start with, Safemoon CEO John Karony was advertising "industry leading security!" (no details) and "unparalleled usability" (no details) This was supposed to be delivered at the end of July. So July rolls around and people start to notice, still no news. Turns out, there's some kind of closed Beta, 500 participants, all sign some NDA that is allegedly this life or death "sued into oblivion" thing. This will become a handy excuse as the end of July looms closer and closer and not one single drop of detail emerge. People get nervous, questions get asked. John Karony comes on discord to assure everyone that it's going fine and the wallet will exceed expectations. People ask what his favourite feature of the new wallet is and he replies "The calculator". Now, immediately people start to speculate. The wallet is so hyped, after all, that it MUST have this revolutionary calculator, like an earnings, investment, profit and loss calculator, something crazy to take into account the Safemoon reflection system and future profit, something wild, like that! Right? Remember that. End of July hits, no wallet, nothing. This causes three massive sell offs on the 30th, 31st of July and the 2nd August. Safemoon fires back, public beta launching! Early August. Jubilation in the hearts of minds of many Safemooner, deliverance at last! The beta is released, and people pick out a few issues: For one, the wallet appears to be a simple re-skin of Trust Wallet. For two, most importantly, the calculator - literally highschool programming - is non-functional. If you perform any function with a decimal place, it errors to zero. Multiply 1,000 by 4.5? Zero. Divide 759.32423 by 2? 0. The CEO's favourite feature of the wallet was a bog standard calculator you can find on any PC, Laptop or Phone, and it was a calculator that did not even work.For three, the app can't seem to stay open for more than a couple minutes before crashing and needing to be restarted. Just to remind everyone, through all this and the people pointing out genuine flaws with the first public appearance of a project apparently made by Safemoon, the wolves came out and declared it all FUD, mass-banning from Discord, Reddit, Telegram, etc.Safemoon Defense Force geared into action with some legendary quotes:
Do you get the idea? Well, a Beta is basically feature complete, undergoing final stress testing. The Safemoon open beta wallet was clearly an app cobbled together in less than a week by some half-illiterate team assembled from Fiverr. What's important to remember is implications from the CEO that this wallet had been worked on for months.As the weeks go by, the wallet has numerous bugs fixed (further proving it was cobbled together last minute) all in the backdrop of the largest Safemoon whale selling trillions upon trillions of tokens, which prompted this thread from me: Total Capitulation - Safemoon is now dead. In summary, the price entered a deathly freefall. Safemoon had been shedding value against the dollar / BNB for months on end, and then in the space of a day it lost 36%, with 22% happening in the last hour as one whale cashed out tens of millions of dollars all in one go. This is in the context of the entire Crypto market significantly rising over the course of a couple weeks. This left the price at the lowest it had been since way before it took off. To anyone who invested at any point between mid-March and mid-August, they had now lost significant funds (and then will lose another 10% if they sold) Copium kicked in to overdrive and the ongoing sentiment was "Just sell and give me those tasty reflections!" I'm not sure if the thought ever occurred to them that receiving fragments of a nearly worthless and rapidly depreciating asset does not offset the fact that the initial investment is now -80% on price, but there you go. Something big needed to happen. The full release of the wallet was announced. August 28th - the day of days. The price quickly recovered from the low. Even now if you sort my thread by "new" you will see the shit-eating grin of investors, jubilant their -85% investment is now just -46%. I gave them one warning:
As the price recovered it broke the 3-month downward trendline. The wallet release really seemed to spur the community on. Hype built along with the price, and there ended up being Safemoon Wallet advertisements in Picadilly Circus, Trafalgar Square and Times Square. SAFEMOON WALLET, ONE DAY TO GO!!The release date was 4PM GMT on the 28th August 2021. You may notice that's nearly two weeks ago. I bet you want to know what the wallet is like? Well you won't know, because IT NEVER RELEASED Twenty minutes before the release, CEO John Karony was busy fluffing the wallet up on Twitter. It was supposed to be a simultaneous release on the iOS App store and the Android Play store. 4PM rolls around, and... nothing happens. Nothing on the stores, nothing on the website. The app-store download buttons simply refresh the Safemoon home page! But another whale decided to cash out. Hindsight shows this was an excellent time to depart. He did it just thirty minutes before the wallet was supposed to launch. An hour goes by, two, with no explanation other than "Technical issues" Three, four... Then a day.. Then two. And the excuses are coming out. "You guys broke the app store!" "You guys crashed Safemoon again!" "We got DDOS'd!" It was abundantly clear that nothing was scheduled for release, and Safemooners weren't buying the excuses.Apple / Play Store wouldn't have invalidated the release minutes before the scheduled launch. Validating an app can take a couple days. And now the beta wallet is finally in the hands of a few trusted moderators from the discord / reddit communities. You should see the changelogs. Basic, simple errors are being corrected left, right and centre, and the CEO of Safemoon pretended this was ready up until the very last second before it didn't launch due to technical difficulties. It's not hard to put 2+2 together here, the wallet wasn't ready so they just let the price hype up while they intended to not release it. Their excuses don't add up because the app-store would've released a submitted app, and the buttons on the website never once linked to either app stores. We are now coming up to two weeks since the "launch" and still no sign of a release date. The whole thing has been a fiasco from start to finish and the show is still going on. Just today, three executive team members handed their notices in simultaneously. That's from Charles Karony, John's brother. These images have been sourced from their private discord and posting them earns you an immediate timeout on the Safemoon sub. Hank was in charge of the wallet, Thomas (known to the cult members as 'Papa') is supposed to be developing the blockchain and exchange). Jack is the Chief Operating Officer. The overwhelming impression I have now is "rats fleeing a sinking ship"Since the news broke, a leading Youtuber "Safemoon Whale" has sold up, and not only that but they deleted their Youtube and Twitter accounts. The price has been plummeting to lows last seen when the largest previous whale sold out. As always, the devoted immediately spout "buy the dip". THIS IS NOW THE 11TH DIP SINCE MAY At some point, these guys will ruin out of fiat to plow in to feed the whales. And that "Safemoon Whale"? They only cashed out 500 Billion tokens. THERE ARE STILL 43 WHALES WITH OVER 500 BILLION TOKENS! SOME HAVE TRILLIONS AND TRILLIONS OF TOKENS! At some point, the hype will be gone. The wallet will release and people will go "Oh, it's just a wallet. So what." and it'll all unravel. And the price? It's still on the 4-month downward trend since May. The phoney wallet release was just a blip. So you have a copy-pasted token, a team of amateur kids with zero experience, a "Blockchain Wizard" with literally no proof of his technical skills faking rejecting a position at Ripple (this debacle is another thread entirely), a bunch of ripped off assets for marketing, a phoney wallet, a non-functional calculator, three missed wallet deadlines and now core team members all quitting at once, and all the while this happens, whales dump trillions of tokens, cashing out tens of millions of dollars, and the faithful lap it up and say "Thank you for my reflections". Nah man.[link] [comments]  | ||
| El Salvador’s new bitcoin wallets could cost Western Union $400 million a year Posted: 09 Sep 2021 05:23 AM PDT
 | ||
| The moment nfts get added to pre-existing games, they’ll blow up like crazy Posted: 09 Sep 2021 07:18 PM PDT As of right now, all games that include nfts are completely based around them, like how in axis infinity the resources and pets being nfts who are sellable/buyable are the big thing about the game. While that works, it's extremely hard for someone to get into the game just to play the game because of the high buy in cost and the focus the game puts on nfts Now imagine how crazy it would be if a game like cs:go made it so that all your skins in the game became nfts, the hype would be unimaginable and he game would have a huge surge of popularity, along with it revitalizing the trading community While I do think cosmetics are where nfts shine the best in terms of in video games, there are still other applications for nfts in a game, like for example imagine if a game about creating your own cafe has ingredients as nfts, and you could also create them yourself using different machines and you could use the ingredients to make drinks which would bet you coins to buy more machines or ingredient. What's are your thoughts on the future of nfts in gaming? [link] [comments]  | ||
| Posted: 09 Sep 2021 11:47 PM PDT Bullruns are exciting, it's nice to see when certain coins explode and start performing really good. I have noticed that in a lot of cases people are a bit confused why certain projects "explode" suddenly, why does it happen? Take Solana and Fantom as an great example, we saw a parabolic run in the last few weeks from these coins, and many got some FOMO attacks after they saw it just isn't stopping with the growth rate. The main challenge is that not that many people know why they are performing that well, but the ones that did the research recognized these projects as undervalued and invested their time and resources to this certain project. What I want to do going forward is to use the Bull Market to prepare for the Bear Market! Why? Because I think Bullruns are the best opportunity to take a breath and go back to the drawing board! At one point we will see a big dip, and after that again a big dip and before you know it we entered a bear market and for me personally, during Bear markets you are buying the coins that will elevate your portfolio on a entire new level and therefore give you a chance to have the "new" Solana, Algo, Fantom or Tezos in your stack. I also know that a lot of you are lazy, and don't want to spend hours on researching, and that is ok. I want to make your life easier and at the same time share my findings with the community. So I won't give you speech about how you need to create a bullet proof strategy and to do a extensive DYOR...I want to give you an opportunity to choose a coin that I will dedicate my time to do a extensive DYOR and share it with all of you in a second DYOR session next week. So please pick up a coin! The coin that receives the most likes in this post will be covered! EDIT 1: I will pick the most liked comment/coin after this post reaches 24h - I will update and announce it on the top rated comment and here on this post using EDIT 2 update. [link] [comments]  | ||
| Stop holding fiat in Tether if you haven't already! Posted: 09 Sep 2021 02:10 PM PDT
 | ||
| What I’ve learned from this sub Posted: 09 Sep 2021 11:00 AM PDT
[link] [comments]  | ||
| Paris Saint-Germain Names Crypto.com as the Club’s First Official Cryptocurrency Platform Partner Posted: 10 Sep 2021 12:43 AM PDT
 | ||
| Posted: 09 Sep 2021 04:44 PM PDT
 | ||
| Does anyone feel like ETH could be the the myspace of crypto? Posted: 09 Sep 2021 02:59 PM PDT I keep hearing about how bitcoin is the myspace of crypto but bitcoin seems to have a very niche market. It's decentralised money that free's billions of people from inflation. no other crypto does this. Meanwhile ETH does smart contracts but it seems like there's dozens of other projects nipping at the heels and trying to overtake ethereum, it seems like eth could be overtaken and become myspace while bitcoin will never be overtaken because it wants to be money for countries that are trying to free themselves from US control. What it everyone's thoughts? also i have a feeling this could be downvoted to oblivion because this sub loves ethereum but hopefully there's a bit of meaningful discussion. [link] [comments]  | ||
| Central Bankers Say Bitcoin Is High Risk Investment, Poor Store of Value, Could Collapse Posted: 09 Sep 2021 07:07 PM PDT
 | ||
| Cardano Smart Contract Launch Imminent – Here’s the Latest on the Highly Anticipated Upgrade Posted: 10 Sep 2021 12:17 AM PDT
 | ||
| Tezos �� Milestone: 400K transactions in the past 24 hours!(35% of Ethereum's daily) Posted: 09 Sep 2021 01:32 PM PDT For the first time, Tezos hits over 400,000 transactions in just the past 24 hours. That's over 35% of Ethereum's daily transactions! You can view the transaction flow on TzFlow Transactions and smart contract calls on Tezos has been growing exponentially each month. Tezos is also expected to break another record in its contract calls, 11th month in a row 🚀 Tezos, a blockchain that's designed to evolve without the need of hard-forks, is in the process of injecting another on-chain proposal for it's community to vote on. If accepted, that would be the 8th successful on-chain upgrade executed on Tezos. ⚠️[UPDATE]⚠️ - We're over 600k now!🚀 (50% of Ethereum's daily transactions) [link] [comments]  | ||
| “It’s a healthy correction guys” Posted: 10 Sep 2021 01:05 AM PDT So when does something stop being a 'healthy correction'? And why is a correction always downwards and not upwards? Every time there is a dip I read how it's a healthy correction.. but really every few days? Common. I'm no expert but this market is volatile as fuck, it's probably not even a correction but just the volatility of the market. Whales pumping and dumping as they please, FOMO from coin A to coin B. How is this a healthy correction? Was the asset that is 'corrected' overvalued or is it pure greed of this unregulated market? I'm trying to understand this market and you really don't sound smart spamming "It'S a HeAlThy c0rRecTiOn GuYs" A friendly fellow r/cryptocurrency Redditor also said the following which makes sense to me: Its normal volatility, calling it a "correction" is just banker speak for volatility to the downside. They like to use words that disassociate market activity from emotional sentiment. undersold/oversold, correction, leverage, margin, etc. So when you say these things, please know what you are saying if that makes sense. I'm getting tired reading the same shit over and over again without any base. Correct me if i'm wrong please. [link] [comments]  | ||
| How to DYOR & spot small gems guide. Posted: 09 Sep 2021 06:59 PM PDT I know there's been posts like this but I feel like most of them lack some information. I'm making this post to hopefully have a strong guide with everything you need on how to DYOR. Contents of the guide
IntroductionDo Your Own Research is an acronym that often gets spewed around here as defense of some sort, wether that be cause someone is shilling a coin but doesn't want to come off like it or they are giving information on a project but don't want people to take their research and use it as financial advise. You often get people telling you to do your own research but it might be confusing as to how to do this properly. I hope that this guide can serve you in helping you do research and I highly advocate everyone to do more of their own research in refining their search for information & valuating crypto's. Use this guide as a rough base and try to refine it with what's important for you. Getting startedI think the single most important thing to remember when doing research and investing into cryptocurrency is to think for yourself. A large part of doing your own research is making sure that you are getting credible information and all of it. A sponsored video might be great to hear about the upsides of a project but generally sponsored videos do not highlight all of the downsides and drawbacks of a project therefore you ideally want to find a piece of information listing all the negatives of a project. When evaluating your information sources you want to have a good dose of skepticism and ideally look for alternative sources that agree with your original source(more on this later). It is crucially important to set the stakes for yourself and set a bar for the quality of research you are going to be doing. Are you going to do research because you want to invest in worthwhile projects? If so you might want to take more time researching than when you're just going to load yourself up with some hopium to then do some margin trading. Think of it like this; You're going to be putting your (hard earned) money into the project that you researched with a chance of you losing all of it. Knowing this, are you going to be disciplined and put in some effort or half ass yolo your money into a project? The last thing I want to say before going on is that this is not politics, this is your money. Often when we talk about politics people do not want to hear anything the other side has to say, don't be like this. There might be times where there are so many promising prospects for a coin that you want to shut off yourself from any opposing takes. It's of the essence to be aware of the risks and dangers when investing into a crypto as much as knowing all of the good things. Be sure not to get trapped in echo chambers (for example go to an anti cryptocurrency discussion board for a change and see what they have to say). Organizing & setting up a frameworkFiltering It's generally good practice to organize where you are going to get your information from. To get started I suggest going to any crypto news site (such like decrypt), find a popular article on there and find the equivalent articles on other news sites. For example if I google "Ethereum London EIP-1559" I will get a lot of different news sources and all of the different sites can be used to get my news from. When I have my list of sites (example: decrypt, cointelegraph, u today, etc.) I'll start googling the name of the site and "review" or something similar like "biased". Most of the times you'll find a trustpilot page where people can leave a review for the website, if a website is too controversial I will generally either discard them as a source of information or use them later on to confirm a piece of news (more on this later). For youtubers and other influencers it's generally not the same, you definitely do want to see if the content creator you are getting news from is a sack of shit(cough bitboy cough) or if they steer clear from controversy and do not promote random shitcoins for their own gain(cough techlead cough). Another good way to judge creators is to see wether they are getting sponsored by anyone, if a creator gets sponsored to promote a project it's probably best to be skeptical of the video. If this happens repeatedly (i.e creator only makes sponsored videos) you might want to discard them as a news source. Also beware of the sponsors of the channel, if for example Binance is a frequent sponsor of a channel it's probably best to take each video on a Binance project(BSC, BNB, etc.) with skepticism even if that particular video isn't sponsored by Binance. This might seem tiring and like a lot of work but after you have a good list of credible news sources researching will become easier. Direct It's also very important to get information directly from the project you are researching. This could be reading the whitepaper(very important), listening to team conference calls on certain topics that interest you or getting in touch with the team directly via Telegram or Discord. It's equally important to get information directly from the team as it is important to get your information from third parties like news sites and youtubers. Again it is important to be skeptic when it comes to information from official project sources, often the people working on the project are very proud of their project and often they are biased. This is not necessarily a bad thing as it is to be expected but always be skeptic. Community This one is not as important in my opinion but for every coin join a community discord, subreddit, etc. and see what the community is like. I tend to steer away from communities that are cult-like and communities that pressure eachother into buying(cough doge cough). This is really a personal preference kind of thing but it's good to get a feel of what the community of your project is like. Framework I personally work with two frameworks when researching crypto In the first one I will try to answer any questions / points that I have relating to the project.
This might seem like a lot but this can be done easily and provides a decent base for researching crypto. My second framework is for gathering information it goes something like this
Evaluating tokens & projectsThis is mostly used as guidelines on how to see wether or not the token has good tokenomics, etc. First off: * Be prepared to lose some. There can always be something in the future that fucks up the project and your previous research isn't indicative of this. * More reward generally means more risk There's a checklist of things that I look at when evaluating a project
General tips
Resources & tools
I hope this helped! [link] [comments]  | ||
| Why Algorand’s price is on a two-year high right now Posted: 09 Sep 2021 09:00 PM PDT
 | ||
| We are all early, you know who is too late? The SEC. Posted: 09 Sep 2021 06:29 PM PDT We are all early, you know it, I know it, we all know it. But I just saw something that made me realize how much momentum crypto really has. I'm watching the opening night of the NFL and right there in prime time was a commercial for FTX. If the SEC wanted to damage crypto, they should have tried a few years ago. Now we have commercials during football games. Football games are the highest rated programs on television every single year, and all those eyes just saw a commercial for a crypto exchange. This train has no brakes and not even the SEC can slow it down! [link] [comments]  | ||
| I almost overdrew my checking account by going crazy for crypto Posted: 10 Sep 2021 12:28 AM PDT I got into crypto in March and decided I was going to take it slow. I was DCAing $100-200 a week and not really obsessing over it. I only checked on it once or twice a day. By the beginning of August my portfolio was worth about $4k. Then shit started to pump. I had mostly bought ETH and to a lesser extent BTC at this time. I had some other stuff but very small amounts. I hadn't done much research and I wasn't even subscribed to r/cc, though I'd visit occasionally to see if there was any news. I had been in crypto back during the height of the 2018 bull run and crash, so I wasn't a complete noob, but I was shook out by it back then and thought I had learned something. I was about to learn a new lesson though. As everything started to run up in August I started to put more and more of my attention into crypto, and of course I wanted to get a bigger piece of the pie. I was here all the time, reading the daily and other posts. I listened to some very informative podcasts and became more confident that crypto, especially BTC, was a great investment. I had just been putting in money with my regular income, but I realized I had several other sources. I looked at $3k I had in a savings account and calculated the interest I was earning. It was 0.024% and I was disgusted with how pathetically low it was so I transferred it over to my checking. All of it. I had six months worth of cash tips sitting in my safe collecting zero interest. Well that's a waste, better put that money to use. I deposited that into my checking account. Then I looked at my investment accounts. I'm not dumb enough to sell all my stocks to bet on crypto thankfully, but I had cash there waiting for a good buying opportunity. Well that buying opportunity is right in front of my face! Crypto! Withdrew to checking. Suddenly my checking balance was the highest it's ever been. I increased my "DCA" frequency to daily and my amount to $1k. I was going to stop when I was down to $3k left in my account, but I lost track along the way in my zealousness. I knew I had lost track so I decided to stop earlier this week, let the dust settle, and figure out where I stood. Then we had the flash crash. Buying opportunity! I deposited $2k this time to capitalize. Anyway to make a long story short I checked my account tonight and was shocked to see only $700 left. My credit card auto pays the full balance around this time of the month and I owe $900. It's too late to change that, I think it went through tonight. My HOA also charges $350 next week. I don't get paid until next Friday and I've drained literally every source of spare funds I have. You want to know what I had to do? I, a 38 year old man, gainfully employed and financially secure, had to call my mom and ask for a loan. I had to explain to her I spent $17,000 on crypto this month and was about to overdraft my checking account. She's fucking awesome so of course she helped me out, but, dude, how embarrassing is that? Thanks for reading. [link] [comments]  | ||
| Posted: 10 Sep 2021 02:53 AM PDT
 | ||
| XRP Lawsuit: SEC officially admit it’s failure to inform XRP is security Posted: 10 Sep 2021 01:37 AM PDT
 | ||
| Panama follows El Salvador, introduces bill to recognize cryptos as an alternative payment option Posted: 09 Sep 2021 12:32 PM PDT
 | ||
| Which coins will you pick up during the bear market? Posted: 10 Sep 2021 03:22 AM PDT "Everyone is a genius in a bull market." You've probably heard that during multi-year bearmarket is where you can get really rich. Which coins are you going to buy during the bear market? Just Bitcoin/Ethereum or some small marketcap coins? Of course a lot of people will lose their interest in crypto during the bear market, which is good for people who are willing to wait for the long term. And while there is a chance that there will not be a multi-year bearmarket again, we'll all have to prepare for it, in case it does come. So which coins do you think are the best long-term investment? (Or you can yolo your lifesavings into BabyDogeEloncoin and maybe become a gazillionair - or lose the house) [link] [comments]  | ||
| Coinbase Pro has added Shiba Inu coin to its platform Posted: 09 Sep 2021 04:33 PM PDT
 |
| You are subscribed to email updates from Cryptocurrency News & Discussion. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment