Cryptocurrency Daily Discussion - September 8, 2021 (GMT+0) |
- Daily Discussion - September 8, 2021 (GMT+0)
- Emergency Proposal - Less than 24 hours to vote. Remove network of accounts from receiving Moons this distribution for subreddit manipulation amounting to 138,733 moons.
- “Some sketchy behavior coming out of the SEC recently.” - Brian Armstrong CEO of Coinbase
- Anybody else not even flinch today?
- CEO of Coinbase Brian Armstrong goes on a (passive aggressive) rant against the SEC. Here's the full transcript!
- This Flash Crash is Why Crypto Won’t Be Mainstream For Awhile
- In the middle of the flash crash, El Salvador's president announced the country took advantage of "the dip" to purchase an additional 150 bitcoins, boosting its crypto holdings to about $25 million
- Cheer up buttercups. It’s moon distribution day tomorrow!
- I got burned today. Hard. Is there any good resources for dealing with these situations in a mental capacity?
- The strategy I learned from this sub is actually making me lose money. Where is my mistake? Help!
- The SEC is going after Coinbase now. First it was Ripple and all of us laughed. Now it is Coinbase, Next it could be us.
- What coins do you truly, 100% believe in, despite how low they dip?
- Flash crashes explained
- SEC won't let Coinbase offer high yields on USDC.
- El Salvador's president said on Twitter that the nation bought the dip in bitcoin as the cryptocurrency plunged. BAHAHAHAHA
- The top post is a damn lie. Salvadorians arent being "forced to accept" Bitcoin. The truth is that we all are being FORCED to accept devaluing fiat as a currency, across the world. When someone tries to change this status quo, there will be a lot of opposition to it.
- Celebrating when other people get scammed doesn’t make you a smart investor. It makes you an asshole
- This is why ALGO was pumping. Koibanx it's gonna develop the El Salvador blockchain infrastructure on ALGORAND.
- Why Solana Metrics are Disingenuous
- A dump on day people expected a pump!?
- TIL the mascot of Dogecoin is named Kabosu and was homeless until being adopted to a kindergarten teacher. She is now 15 years old.
- Discussion: How long do we see this flash crash lasting?
- Well, Algo is surprising me today
- Coinbase: The SEC has told us it wants to sue us over Lend. We don’t know why.
- Too much talk today about the crash and El Salvador. Let's talk about the first stupid purchase you're going to make when crypto makes you rich.
- Snowden says El Salvador's move may force other countries to acquire crypto - even if it is only as a reserve asset - as the design incentives early adopters. Latecomers may regret hesitating
| Daily Discussion - September 8, 2021 (GMT+0) Posted: 07 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:
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| Posted: 07 Sep 2021 03:30 PM PDT New daily hereIOS VOTING IS HAPPILY BUGGED, USE A LAPTOP/DESKTOP.It has recently come to our attention that a user has been operating several accounts for the sole purpose of bypassing the karma limits imposed by Governance polls to earn more moons than possible each distribution. For obvious reasons, we can't divulge too many details on how this has been identified, though Reddit admins have actioned some of the accounts listed (which usually happens when the accounts repeatedly upvote themselves) but you should know that this has been passed around the moderation team and there exists no shadow of doubt that these are the same entity. The user has since confirmed as much in a message to the moderation team. You may know this user as: u/Hame_BiH Over the course of the previous distributions, this user has been given a total of 138,733 moons - which should have been spread fairly around the community of users here that earns them. While this user and all accounts have been permanently banned, the timing of the bans means that the 5,655 moons marked for distribution will still be paid out on the 8th September unless a poll passes. We have very strict rules on using multiple accounts to bypass the karma cap, or otherwise game the system in an effort to earn more moons. Rule 3 is "No Manipulation" and that counts for bypassing Governance rules for the subreddit. It is not fair for the rest of the users who are following the rules to have these moons distributed for ill-gotten karma, especially not over several accounts. Unfortunately, the rest of the moons these accounts have received cannot be recovered (the beauty of trustless, blockchain technology) but we can at least act now to prevent this final distribution from rewarding this user for their bad-faith posting. If this karma is removed from the distribution, the current ratio will increase, giving each and every user more moons for their karma this round This will be a record-setting poll if it passes, and it is a long shot. By this poll passing, it will remove the above accounts from the current distribution, ensuring they do not receive the final moons allocated for their posts in snapshot 17. The methodology to address problem users has been laid out by Reddit admins. An additional effect of the poll passing will be less karma in the pool, meaning the Karma:Moons ratio goes up - more moons for everyone! Thanks for reading. [link] [comments]  | ||
| “Some sketchy behavior coming out of the SEC recently.” - Brian Armstrong CEO of Coinbase Posted: 07 Sep 2021 08:50 PM PDT Coinbase were planning to go live with their lend feature in a few weeks and has reached out to the SEC to give them a friendly heads up and briefing. SEC responded by telling Coinbase that the lend feature they were to supposed to go live with is a "security". "Ok - seems strange, how can lending be a security?" Brian Armstrong remarked. Coinbase asked the SEC to help them understand and share their view. SEC instead refused to tell the reason why they think that lending is a security and instead subpoena a bunch of records from Coinbase, demanded testimony from Coinbase employees, and told Coinbase that they will be suing the company if they proceed to launch the lending feature, with zero explanation as to why. For those who wants to check Brian Armstrong's full statements, you can check them here Now what do you guys think? Edit: First was Ripple, then Uniswap, and now Coinbase. Considering how long the Ripple case is taking, just imagine how long it would take to finish if the SEC were to come after each Exchanges and Companies that deals with crypto, one by one, just imagine. [link] [comments]  | ||
| Anybody else not even flinch today? Posted: 07 Sep 2021 10:23 PM PDT Late night thoughts here. I've gotten so immune to volatility and dips that I honestly could care less the my portfolio dropped 25% today. I just rummage around the ole couch cushions for some change to buy more. Not sure if this desensitization is a good thing or a problem. I guess since I'm in it for the long run it's a good thing. Anywho gonna type some more words so I can get around the character limit. Hopefully all you late night owls have a good night and for those waking up elsewhere in the world. Have a great day. [link] [comments]  | ||
| Posted: 07 Sep 2021 09:07 PM PDT 1) Some really sketchy behavior coming out of the SEC recently. Story time… 2) Millions of crypto holders have been earning yield on their assets over the last few years. It makes sense, if you want to lend out your funds, you can earn a return. Everyone seems happy. 3) A bunch of great companies in crypto have been offering versions of this for years. Coinbase came out recently and said we would be launching our own version. 4) We were planning to go live in a few weeks, so we reached out to the SEC to give them a friendly heads up and briefing 5) They responded by telling us this lend feature is a security. Ok - seems strange, how can lending be a security? So we ask the SEC to help us understand and share their view. We always make an effort to work proactively with regulators, and keep an open mind. 6) They refuse to tell us why they think it's a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why. 7) Look….we're committed to following the law. Sometimes the law is unclear. So if the SEC wants to publish guidance, we are also happy to follow that (it's nice if you actually enforce it evenly across the industry equally btw). 8) But in this case they are refusing to offer any opinion in writing to the industry on what should be allowed and why, and instead are engaging in intimidation tactics behind closed doors. Whatever their theory is here, it feels like a reach/land grab vs other regulators. 9) Meanwhile, plenty of other crypto companies continue to offer a lend feature, but Coinbase is somehow not allowed to. 10) Gensler in his confirmation hearing: "It's important for the SEC to provide guidance and clarity," Gensler said. "Sometimes that's a clarity that will be a thumbs up, but even if it's thumbs down, it's important to provide that." March 2, 2021 11) If you don't want this activity, then simply publish your position, in writing, and enforce it evenly across the industry. 12) Ostensibly the SEC's goal is to protect investors and create fair markets. So who are they protecting here and where is the harm? People seem pretty happy to be earning yield on these various products, across lots of other crypto companies. 13) Shutting these down would arguably be harming consumers more than protecting them, and by preventing Coinbase from launching the same thing that other companies already have live, they're creating an unfair market. 14) In May of this year I traveled to DC to meet with every regulator and branch of government I could. 15) The SEC was the only regulator that refused to meet with me, saying "we're not meeting with any crypto companies". This was right after we became the first crypto company to go public in the U.S. 16) Gensler had been confirmed just a month prior, so I brushed it off as the SEC still getting its feet under it. Now I'm not so sure. 17) We've always tried to be good actors in the space - leaning in to sensible regulation even when it is difficult or expensive. We try to think about what products we would want for ourselves, and what risks we would want our families to be aware of, before launching products. 18) We will keep following this approach. 19) Yet here, we're being threatened with legal action before a single bit of actual guidance has been given to the industry on these products. 20) If we end up in court we may finally get the regulatory clarity the SEC refuses to provide. But regulation by litigation should be the last resort for the SEC, not the first. 21) Our door remains open. Hopefully the SEC steps up to create the clarity this industry deserves, without harming consumers and companies in the process. America could really use us all working together to figure this out right now. END [link] [comments]  | ||
| This Flash Crash is Why Crypto Won’t Be Mainstream For Awhile Posted: 07 Sep 2021 08:13 AM PDT I mean how bad do you feel for all the El Salvadorans that bought yesterday. We just got a 25% dip in most coins in less than an hour. This is one reason why we aren't even close to being mainstream. This will scare so many investors and consumers away. To see their portfolio drop by 25% in less than 12 hours. They woke up with a quarter of their portfolio gone. Yes I do think this is just taking profits and a panic sale. Great time to stock up on crypto at a major discount. But still this is the crazy stuff that will keep crypto from being mainstream for awhile. Also another reason why taking profits is a good idea! If you don't have fiat available. Maybe take profits next time so you'll have spending money on the next dip. Anyone else get any good deals or catch the drop? Good luck everyone! EDIT: This is a good time to talk about a strategy I have. If you take profits you take them and convert to USDC. Then send them to Celsius, blockfi or crypto and let them earn interest. If a crash like this happens, you transfer them out and buy the dip. [link] [comments]  | ||
| Posted: 07 Sep 2021 09:08 AM PDT
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| Cheer up buttercups. It’s moon distribution day tomorrow! Posted: 07 Sep 2021 09:28 PM PDT All your hard shitposting will soon be rewarded! It's also a win-win; if the markets recover, our bags fill to the brim. If not, use some of that fresh moon money to buy some of that sweet sweet dipping sauce. Remember what the dip feels like to you moving forward. Are you happy you finally made a plan and stuck to it? Are you disappointed you kept riding the river of greed and didn't convert some to stables when your gut told you to? Whatever the feeling, remember it and adjust or maintain accordingly. Enjoy the day tomorrow my fellow cryptomaniacs! Moons will flow, bags will grow and dreams can and will eventually come true! [link] [comments]  | ||
| Posted: 07 Sep 2021 07:56 PM PDT Lost a lot of money panic trading. I legit feel so disappointed and sick with myself. Like mentally drained and on the verge of tears, kind of sick. All the words I told myself about holding through the peaks and valleys were thrown out of the window. I just hate everything about what I did today. I don't mean to be a downer. I'm just wondering if there's a really good thread or something on reddit that deals specifically with this kind of feeling. Thanks for any answers and posts, even those of you who are just here to meme on my dumb ass. [link] [comments]  | ||
| The strategy I learned from this sub is actually making me lose money. Where is my mistake? Help! Posted: 08 Sep 2021 02:04 AM PDT Ever since I joined this plce, there was one thing this sub agreed on — "buy high, sell low." Under every second post, hugely upvoted and usually followed by "this is the way" or "one of us". It didn't make much sense to me at first, but neither did blockchain. So what do I know, I'm no expert trader. I started small. When the price was sufficiently high, I bought some and waited for the price to go down. I sold. After quick math, I noticed I was at a loss — must have been fees. I decided to try with a larger amount and there just happened to be ADA ATH. I bought. Then crash. I sold. I did exactly like you said and I'm somehow losing money? Wtf, reddit??? I don't know, I'll try a couple more times, but that's it! Is "buy high, sell low" even a real strategy? Has it worked for anyone? And don't tell me I should have gone with the "DCA" joke! [link] [comments]  | ||
| Posted: 07 Sep 2021 09:02 PM PDT The SEC is suing Coinbase over its Lend product that pays out interest to asset holders. This is appalling, because it is something that the banks that the SEC protects will never be able to do - give actual returns to user's assets, not the 0.05% interest pittance that is dished out to users by banks. Somehow, the big brains at SEC, well funded by tax payers, have now come up with legal arguments as to why giving retail end users a decent interest rate is a crime and securities fraud. 🤯 The regulators never act in the interest of retail users, mom and pop investors and regular folk. They simply exist to protect the rights of the banking and securities cartel. There never was any investigation into dark pools, naked shorts by hedge funds, trading restrictions and manipulation by the big players. Instead, the SEC even made rules that now prevent retail from buying shares in companies they own. Basically legitimising Robinhood's tactics. Even right now, there are more GME shares held by institutions than the total shares outstanding. So many counterfeit shares. Over the last week, shares of defunct companies like Blockbuster and Sears have surged 1000%... these are companies that are already bankrupt and in liquidation, but somehow a well regulated SEC monitored market still allows Blockbuster to rise 1500%. The SEC is utterly incompetent and exists only to harass retail and prevent small time investors from making it big Coinbase CEO Brain Armstrong put out a message just now : "Some really sketchy behavior coming out of the SEC recently. Story time…Millions of crypto holders have been earning yield on their assets over the last few years. It makes sense, if you want to lend out your funds, you can earn a return. Everyone seems happy. A bunch of great companies in crypto have been offering versions of this for years. Coinbase came out recently and said we would be launching our own version.... They responded by telling us this lend feature is a security. Ok - seems strange, how can lending be a security? So we ask the SEC to help us understand and share their view. We always make an effort to work proactively with regulators, and keep an open mind." Tl DR: the SEC refused to meet either Coinbase, saying they don't meet crypto companies. But prefer regulation by litigation approach. These are not the actions of an regulatory agent acting in good faith. [link] [comments]  | ||
| What coins do you truly, 100% believe in, despite how low they dip? Posted: 08 Sep 2021 02:29 AM PDT I've been thinking lately..I hold quite a few coins that I don't even slightly believe in. I mean, I bought because I was expecting them to rise a lot but as soon as the flash crash happened it made me think. I didn't really trust or believe in most of my coins in my portfolio except for maybe 5 of them. I found myself wondering what coins do I truly believe in besides BTC and ETH. These two for me personally are without a question two coins that everyone should have in their portfolio. And after a long self-discussion I got my 3 coins that I really believe will keep going on and the most important, I believe in them. Even if it dips, I still know that they have a very bright future ahead of them. For me those 3 coins are LINK, ADA, SOL. I was contemplating between ALGO and ADA but eventually I went with ADA. ALGO is still a very very strong 4th place for me. What about you guys? What coins besides the 2 big ones do you truly believe in? [link] [comments]  | ||
| Posted: 07 Sep 2021 02:11 PM PDT
It's likely that the whale didn't even sell their own bitcoin to begin with, but borrowed it (shorted bitcoin, tanking the market with the bitcoin they shorted). [link] [comments]  | ||
| SEC won't let Coinbase offer high yields on USDC. Posted: 07 Sep 2021 09:24 PM PDT
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| Posted: 07 Sep 2021 12:05 PM PDT
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| Posted: 07 Sep 2021 07:48 AM PDT Salvadorians arent being forced to accept anything, definitely not forced to accept BTC as the top post guy claims. His whole post is nothing but a lie. Salvadorians now have the option to accept bitcoin as legal tender, not pay capital gain taxes on it, use LN as a payment rails in a country that is without any instant settlement online banking layer. Forget El Salvador, people across the world are being forced to accept fiat that is rampantly being devalued by central banks. Consider a person who has meagre savings in fiat (even in USD if you consider a Salvadorian), the purchasing power of their savings is losing value all the time. While the US can afford to give its citizens bailouts and relief packages, the governments of other countries that rely on USD cannot do the same. For instance, the El Salvador central bank cannot print a trillion dollars and give all its citizens any package. They are forced to silently suffer while their savings are being devalued. That whole post smacks of political agenda. When anyone big or small tries to change the status quo from fiat currency that can be manipulated anytime by central bank to a non-sovereign asset backed by power of computing, there is going to be a lot of political backlash, mind games and narratives. Someone who is fiat rich (the ones at the top of the tree right now) is just not going to accept the new paradigm without putting up a fight. EDIT: Sources - Just read the bitcoin law text, instead of reading its interpretation from websites or elsewhere. I am linking it for you: https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
All the above provisions shed regulatory light to people who have BTC and want to spend them. They need not worry about capital gains. This is one of the biggest roadblocks in using BTC or any crypto as currency - even if you want to buy $10 worth meal with crypto, you have to calculate and pay capital gains on that. This makes it silly to use crypto for transactions, and as a result most people dont use crypto for transactions even if they are holding crypto. The El Salvador law directly seeks to remove these obstacles in real crypto adoption. They can even pay state taxes with Bitcoin now. This is the one rule change or law change if every country adopted, will result in exponential adoption of crypto for daily transactions. Currently most countries of the world treat crypto as some form of asset or commodity, and make it impossible to do daily transactions at scale with crypto, because an average user isnt interested in calculating their capital gains on a daily basis About accepting Bitcoin not being FORCED on anyone:
This means if someone doesn't want to accept BTC but the customer wants to spend their BTC, the state shall provide alternative to automatically convert it to USD.
Article 12 clearly makes it very clear that those who dont have the technology to use BTC are excluded from BTC. However the state will push for education and making the technology accessible for users over time. [link] [comments]  | ||
| Celebrating when other people get scammed doesn’t make you a smart investor. It makes you an asshole Posted: 07 Sep 2021 05:22 AM PDT I started posting and actively participating in this subreddit around six months ago. I was into crypto years when I used to buy acid and hash off the darknet. And didn't get back into crypto until earlier this year when I bought some doge. That's right. Doge. And that's what reintroduced me to the crypto space. I quickly realized it was indeed a memecoin and realized some profits on it as well. From there I did my research and diversified into other holdings. Which has been educational and profitable and hopeful for the future But since I started lurking and posting here I've seen this overriding sentiment of "fuck em I hope they lose all their money" and "they get what they deserve" and a general air of self-righteous neckbeardism and juvenile celebration of other's misfortune. It's a bad look. In life and online. Don't do it. You can still have empathy for other people. Kindness is free. Being a self-righteous asshole doesn't make you smart or better than anyone. It makes you a dick and makes this community look bad [link] [comments]  | ||
| Posted: 07 Sep 2021 10:09 PM PDT | ||
| Why Solana Metrics are Disingenuous Posted: 08 Sep 2021 01:19 AM PDT Solana prominently features its supposed high transaction volume, low block time, and low transaction costs on its website and has aggressively marketed on that basis. Unfortunately, none of the metrics hold up to scrutiny.
I should also mention that blockchains are leader-based networks. The leader (block producer) gets to decide which transactions are included and in what order. This lack of fairness is a huge problem for decentralized exchanges, which is Solana's target market and biggest use case. [link] [comments]  | ||
| A dump on day people expected a pump!? Posted: 07 Sep 2021 05:18 AM PDT It's a tale as old as time. Buy the rumor, sell the news. These past few days everyone has been expecting a huge pump today because of the country's legal tender news. Well, guess what? Crypto doesn't care who or what tells it what to do. Especially not a subreddit. For years, this has happened not only here, but in the stock market. Buy the rumor, sell the news. I don't know if it's still not a known thing but geez, it should be by now. Anyway, hodl and don't panic. This is hardly a dump. Sincerely, Someone who expected the dump on a day everyone expected a pump [link] [comments]  | ||
| Posted: 07 Sep 2021 09:24 PM PDT
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| Discussion: How long do we see this flash crash lasting? Posted: 08 Sep 2021 12:21 AM PDT Do we see this as something could last a couple of days? Couple of weeks? A month? Is this the beginning of a huge parabolic run or the "real unpopular opinion" do we see this as a introduction to a bear market? I personally see this as a healthy correction before we continue to level up. Looks like there is still a massive supply squeeze which is going to happen to bitcoin which will help drive the price up. What does everyone think? No right or wrong answers everyone is entitled to there views :) Cheers legends !! 👊 [link] [comments]  | ||
| Well, Algo is surprising me today Posted: 07 Sep 2021 09:49 PM PDT Out of the top 45, Algo is the only one green and back to the high of this weekend. Anyone got info on why this is? Not your classic "it's woken up, the sleeping giant has awoken!" But is there some more direct correlation with news? I love algo, I love to see this. But super confused why this is happening, algo never pumps haha. Would love to hear speculation or info anyone has. Am I past the minimum text limit yet? My posts always get deleted, can't count on mobile. Ok gonna post now and hope it's at minimum. [link] [comments]  | ||
| Coinbase: The SEC has told us it wants to sue us over Lend. We don’t know why. Posted: 07 Sep 2021 08:39 PM PDT
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| Posted: 07 Sep 2021 06:48 PM PDT Everyone talks about the goals they want to do with crypto and thy are usually wonderful, reasonable goals. Like most people, I want the ability to pay off my debt, retire from the standard 9-5 job (which I realize I'm lucky to even have) and be able to travel the world. But what if our portfolios shoot through the roof to the point where we never have to work again, and you have enough money you can make a really stupid expensive purchase and it won't be a big ding in your overall net worth? What are you going to buy that you never would unless you had a ridiculous amount of money? For myself, I would have a home that has a basement entirely decked out like the bridge of the U.S.S. Enterprise - D. I'm a huge nerd and this would be amazing for me. I'd have the viewscreen set up to watch movies when we're not traveling through the galaxy, and we can all knock back a few Romulan ales after a long day of crawling through the Jeffries Tubes. Feel free to have your stupid purchase be something much cooler than mine :) [link] [comments]  | ||
| Posted: 07 Sep 2021 01:37 PM PDT |
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