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    Crypto Currency Markets PSA For anyone new to the cycle

    October 09, 2021

    Crypto Currency Markets PSA For anyone new to the cycle

    PSA For anyone new to the cycle

    Posted: 09 Oct 2021 04:52 PM PDT

    How I Lost $500 Million on a Meme Coin (by Pumping and Dumping Myself)

    Posted: 09 Oct 2021 06:28 PM PDT

    How I Lost $500 Million on a Meme Coin (by Pumping and Dumping Myself)

    For 5 years, I had wanted to make my own cryptocurrency. However, I have no background in technology and so I never really knew how to do it. A few weeks ago, however, I saw a person post about minting coins on the Harmony blockchain.

    I decided to give it a shot. This wasn't an attempt to get rich or change the world. I was just curious how easy it would be to make a shitcoin and how it would work providing liquidity and trading it.

    I set up a new burner wallet with MetaMask, added the Harmony RPC, and minted a token called Gonzo Coin (HST) on TokenJenny. After I had decided on the name (a tribute to my favorite author) and the circulating supply (420 million) it took all of 30 seconds and less than one penny to mint my token.

    https://preview.redd.it/w5hpx743zis71.png?width=1395&format=png&auto=webp&s=d8abb56c24624b25e9b03f33826b8998b38d7fb3

    So now I was the proud owner of a shitty meme coin. Eat my ass, SHIB and DOGE.

    But of course a coin that no one can buy is worthless, so I headed over to ViperSwap and set up a liquidity pair. I put $10 of USDC and 10 HST into a pair, making the price $1 per HST. Suddenly I was now worth a staggering $420 million.

    It felt good to have nearly a half billion dollars to my name, but it felt better to finally understand how easy it was to do this crap. All those scammers on Telegram and the moonshot subreddits suddenly seemed even more pathetic.

    The next question was how easily I could actually buy and sell my own token. Note: I am not a scammer and had no interest in dumping this piece of shit on the general public, so I told no one and shilled it nowhere. However, I did want to learn the mechanics of moving the market. Would buying my own token up it up in value? Would selling push it down? It seemed logical.

    I made a few tiny trades with ridiculously trivial sums of money and saw that I could indeed push the price up or down a few percent. However, with just $20 of liquidity, there wasn't much I could do.

    I soon forgot about HST and went back to my regular life, secure in the knowledge that I was almost halfway to being a billionaire. But one day I was hungover and bored and thought it might be interesting to play around a little more.

    I looked at the ViperSwap info page for my coin and found that it had actually increased in value by about 30% during the week I had been away from it. I have no idea how that happened because neither I nor anyone else purchased it. But that strange pump had pushed my personal net worth to over $500 million! Bring it on, Elon. Watch out, Bezos. I'm coming for you guys.

    I bridged $50 of BNB across to Harmony and converted it to ONE (the native Harmony token). With the stupidly low fees on Harmony, it was basically free to do this. However, the $0.00001 spent on transaction fees ended up costing me more than a half a billion dollars.

    https://preview.redd.it/cnku9k58zis71.png?width=1867&format=png&auto=webp&s=563be20a300cd4bfb2ade0ac604a2618ffab106a

    Apparently, I am about as good at maths as I am at tech stuff and instead of adding my $50 of ONE alongside an amount of HST that would have continued to peg its value at about $1 (in fact, it had risen to about $1.30), I sadly miscalculated and added too many HST tokens.

    I went back to the ViperSwap info page and saw that my token had plummeted in value by a staggering 95% in just a matter of seconds. I was broke. Ruined. Roughly $500 million lost! I felt like Zuckerberg after Facebook went down.

    Well, let this be a lesson for all of you – nay, several lessons. 1) It is sickeningly easy to make a shitty meme coin. If I can do it, literally anyone can. 2) If you're not a complete idiot like me, it is insanely easy to manipulate the price, too, so don't FOMO into stupid projects. 3) Money is easily lost in this game. In addition to my $500 million in assets, I lost about $8 of USDC. There go my dinner plans.

    *

    Note: This post was for educational purposes and – to some small extent – comedic ones. I personally do not buy meme coins and only did this to learn a few things. My coin still exists, though it is but a shadow of its former self. Do not buy it and do not buy any other crappy tokens with thin liquidity. Crypto is a great thing, but scams abound. Stay safe, folks.

    submitted by /u/mongol_invader
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    A Bitcoin ETF Can Send Bitcoin To $100K

    Posted: 09 Oct 2021 04:30 AM PDT

    To late to jump on Shiba?

    Posted: 09 Oct 2021 03:52 PM PDT

    Is it to late to jump on the Shiba coin with little money expecting to make a huge profit? Or could we see Shiba coin actually hit a penny? I'm totally clueless on these matters and would much like input.

    submitted by /u/Delta5o1
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    RSK-Based Kripton Market Brings Bitcoin to 700 El Salvador Businesses

    Posted: 09 Oct 2021 02:04 PM PDT

    India’s TikTok Rival Chingari Raises $19M From Alameda, Kraken and Galaxy Digital - it's utilizing Solana!

    Posted: 08 Oct 2021 11:01 PM PDT

    US Bitcoin Mining BOOM - SEC Ripple XRP Lawsuit News & Crypto M&A's Up!

    Posted: 09 Oct 2021 07:48 PM PDT

    Shiba Inu Investors Believe the '1 Cent Dream' Isn't Far Away; They Could be Right

    Posted: 09 Oct 2021 08:18 AM PDT

    I think its a little naive to pick sides between crypto and stocks. Why not do both?

    Posted: 09 Oct 2021 11:41 AM PDT

    I see so many people on crypto subreddits throwing shade at the stock market and vice versa in stock market subreddits and frankly I think it's childish.

    I started out as a stock investor but soon grew to love the crypto market just as much. They both help my portfolio a lot. Each one compensates for the other where its lacking. Crypto market is volatile with high gains but severe losses. Stock market has consistent but very slow gains. So I think it's a perfect combination. The only inconvenience might be having to use so many apps for managing assets but that can easily be resolved with a cross-asset management platform like DIFX or a similar app. These really help out with cluttering and stress.

    submitted by /u/jesusvsaquaman
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    Ethereum 2.0 Merge Interoperable Devnet Activated. Here’s Why This Is Important

    Posted: 09 Oct 2021 02:56 PM PDT

    BiSwap ReAdjusts Fee Rebates | Binance.us Promotes Brian Shroder to CEO | Bitcoin News 10/10/21

    Posted: 09 Oct 2021 09:43 PM PDT

    Where’s crypto headed after bitcoin’s recent rally? MarketWatch gathers pros to discuss the outlook. Sign up!

    Posted: 09 Oct 2021 10:57 AM PDT

    Maker

    Posted: 09 Oct 2021 07:38 PM PDT

    I haven't seen any posts or comments mention MKR anywhere on Reddit. Is there some reason for this? Would recommend stay away?

    submitted by /u/FedEx_Sasquatch
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    Building ‘OnlyFans on blockchain’ is a huge, untapped opportunity - Dominic Williams

    Posted: 09 Oct 2021 07:46 AM PDT

    K9 Wallet will change the game! Don’t forget to stock up on K9 Wallet tokens! A utility token for the wallet.

    Posted: 09 Oct 2021 10:05 AM PDT

    Bittrex Completes SOC 2 Type 2 Examination

    Posted: 09 Oct 2021 08:15 AM PDT

    Why Token Economics is different from Economics 101

    Posted: 09 Oct 2021 04:49 PM PDT

    We provide over 100+ FREE crypto articles on our SubStack! :D (Link on our profile)

    TLDR:

    As markets evolve, the economics governing the markets also evolve. Markets evolve due to technological advancements and new types of resources creation. Intangible resources are a new resource in the space today. Supported by technological advancements, these developments have reshaped the way we understand how markets work and can be designed.

    Get smart: Technology has changed the way economic principles are being applied. The good news is that fundamental economic principles do not change. We just have a new resource to play with now.

    General Conclusion

    Traditionally, economics is the study of how resources are produced, consumed and distributed in a market. Resources are input factors to produce goods or services for commerce. They are factors of production. There are four main resources: labour, land, capital and entrepreneurship.

    Economics is a "soft science" like psychology, political science and sociology, compared to a "hard science" like physics, biology and astronomy. As our ecosystems evolve due to technological upgrades and increased complexity of human behaviours, the analysis and objectivity in economics evolves with resource evolution.

    The advent of new economic resources like information as a resource, and technology allowing for interaction between agents, has resulted in new economic fields. Many of the recent Nobel prizes were awarded in recognition of new economic approaches. For example, auction theory (2020), integrating technological innovations into long-run macroeconomic analysis (2018), nudge theory and choice architecture (2017), contract theory (2016), two-sided markets (2014), and market design (2012).

    New Economic Resource: Intangible assets

    The four traditional economic resources are land, labour, capital, entrepreneurship. These are traditional tangible resources.

    In today's digital ecosystems, a new resource has come into the picture: information (intangible resource).

    4 Properties of this new resource

    Sunk costs: these are costs that have already been paid for and consumed.

    Spill-overs:

    these are additional effects that can be both positive and negative. This is determined by the secondary impacts and implications related to the intangible assets created.

    Scalability:

    this is the ability to expand growth easily. The key feature in an intangible asset is that it has a non-rivalry characteristic. One person's usage does not reduce the existence of the asset. The asset is also supercharged with "network effects", a positive spill-over.

    Two people in two cities can read the same article online at the same time. This is different to an article in a newspaper, where only one person at a time can read the newspaper because they are each in different physical places.

    Synergies and complementarities: these are intangible assets that can produce synergies and complementarities with other assets, enhancing network effects. This helps networks to scale and produce positive spill-over effects, as opposed to substitutability.

    submitted by /u/economicsdesign
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    Never miss an Opportunity.@SevereRiseGames The great Project to Bring some old abandoned MMORPG games back to live. Join and get your whitelist spot. Plus a chance to win SRG token check Comment for entry link https://gleam.io/Hfg9u/severe-rise-games-prelaunch-competition

    Posted: 09 Oct 2021 04:42 PM PDT

    Energy crisis grips the world. Will crypto currencies crash because of it?

    Posted: 09 Oct 2021 12:29 PM PDT

    Cardano next breakout could set the path for ADA to target $6

    Posted: 09 Oct 2021 01:25 AM PDT

    What do you think about NEO?

    Posted: 09 Oct 2021 01:58 AM PDT

    Some guys (1) in my local "investors" group think NEO is a gem, much like BNB, but some other guys (2) didn't agree, because it belongs to a China exchange. But anyway, we bought some of it when the price drop last week, now (1) want to hold more - they think it could be at least $60, while (2) thinks it's enough, and want to sell now.

    What's your opinions regarding this?

    submitted by /u/el-nido-guy
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    Evergrandes Collapse Is Spreading Rapidly! Holy Smokes!

    Posted: 09 Oct 2021 03:29 PM PDT

    Indian TikTok challenger raises $19M to launch social token on Solana

    Posted: 09 Oct 2021 11:41 AM PDT

    What was the speculation for BTC back in late 2017?

    Posted: 09 Oct 2021 06:38 AM PDT

    Nowadays when I hear people speculating BTC to 100k, 120k, 180k, 300k etc, I cant help but wonder about 2017. We had hit peak at 20k, and BTC defied all expectations. The whole thing was incredilous and everybody talked about it; the news, friends, coworkers... google trends was at an ATH. I was but a wee little tadpole back then and didn't know shit, I was too busy with verge and tron lol.

    What was the talk when we were approaching that milestone? What was the price target/speculation back then? What was it like for those who rode the wave? Teach me your wisdoms!

    submitted by /u/Aheuhue
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