Cryptocurrency Daily Discussion - December 1, 2021 (GMT+0) |
- Daily Discussion - December 1, 2021 (GMT+0)
- How to become a millionaire you may ask? Doing the exact opposite of what this sub says is a good start!
- It's been almost two months since the pandora papers unveiled a massive network of the rich and powerful hoarding billions of dollars in offshare tax havens, but instead of addressing the obvious fraud at hand, politicians aim to make crypto the "bad guy". You can't make this up.
- Breaking down 'too good to be true' Defi rates – where's the money from, is it sustainable, and what's the catch?
- I'm a small time miner that takes every 4th ETH payout and swaps it for something else. Did the math today, and my portfolio would be nearly 23% higher if I just left it in ETH.
- The last moon distribution before Christmas is imminent. Happy December and I hope everyone exceeded their moon dreams!
- How certain are you that crypto isn't a bubble that might pop one day and tank the crypto market?
- $6.5m raised by 12 VC’s, for new DeFi project advised by the Managing Director of ChainLink
- Sells Walls: You know know what these are and how to spot them.
- Now I am confident that the Binance and Coinbase are running a paid campaign on Reddit to depreciate CRO to newbies,
- In the last 24 hours, $102 Million in ETH contracts alone were liquidated as it continues to pump up roughly 7% on the day
- Crypto.com Agrees to Acquire Nadex and the Small Exchange from IG Group
- After losing $8,000 in an altcoin scam, one man started a group that hunts down crypto frauds
- For The First Time EVER - The Nation With The Most Bitcoin Mining Power Is The UNITED STATES!
- My friends and I are doing “Crypto Secret Santa” this year…
- The people who are going to decide the ultimate fate of Crypto for general public haven't understood the Internet yet,still we are hoping that they would understand the Blockchain and Crypto !
- L2s cannot and will not solve one major issue: Laziness
- Crypto adoption in Croatia - you can now buy groceries using crypto
- To those of you screaming about Ethereum's gas fees: L2's exist. Use them.
- Crypto.com named official partner of South American Football Confederation. Crypto.com found that 40% of South Americans said they are interested in buying cryptos.
- Brave (and BAT) is the next big thing in crypto
- Is the FED going to kill the fun?? Crypto Market Update and Investing Report 11.30
- Did I just paid 80 bucks for transferring $2.49?
- FBI seized roughly $2.3 million in cryptocurrency tied to ransomware attacks - This is due to the wallet being "traceable to ransomware attacks".
- We put down this sub way too much, when there is a lot of positivity for what this sub is and a lot of supportive people are here helping others
- Public XRP ledger nodes fall out of sync - some XRP services down, others disrupted
| Daily Discussion - December 1, 2021 (GMT+0) Posted: 30 Nov 2021 04:00 PM PST 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:
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| Posted: 30 Nov 2021 01:39 PM PST I've been doing this strategy for a few months now and so far and man...it's working like a swiss watch. Remember the hard ADA shill when it was closing on $3? Mega shills all around, ADA is best, ADA is life, buy before it goes to $5. Then it was LINK mega shill when it reached 30$. Link linking everything together and stuff like that. I still believe in LINK but with way less bullishness.Then VET, the beloved unofficial coin of this sub. It moved but mostly to the right. Or LTO which has been nose diving for a while. ERGO too. All these are super popular here and one mention against them can send you to downvote hell in a few moments. If you think fanboyism is real in gaming subs, prepare to witness the knowledge of r/cc Seriously, I started working exactly the opposite as the sub is saying. Shilling LTO, SELL. Shilling ADA, SELL. FUD on Solana? Buy as much as possible at $60. FUD on LRC at 1$? Take this sub with a big pinch of salt when you come looking for advice. It's a big circlejerk and an echochamber where you really need to filter the comments out a lot in order to find good advice. [link] [comments] | ||
| Posted: 30 Nov 2021 06:16 AM PST What are the Pandora Papers ? "The Pandora Papers is a leak of almost 12 million documents that reveals hidden wealth, tax avoidance and, in some cases, money laundering by some of the world's rich and powerful. More than 600 journalists in 117 countries have been trawling through the files from 14 sources for months, finding stories that are being published this week. The data was obtained by the International Consortium of Investigative Journalists (ICIJ) in Washington DC, which has been working with more than 140 media organisations on its biggest ever global investigation. What has been uncovered? The Pandora Papers leak includes 6.4 million documents, almost three million images, more than a million emails and almost half-a-million spreadsheets. Stories revealed so far include:
The files expose how some of the most powerful people in the world - including more than 330 politicians from 90 countries - use secret offshore companies to hide their wealth." (Source: https://www.bbc.com/news/world-58780561) "The leak shows that former British Prime Minister Tony Blair, singer Shakira and many other familiar faces engaged in, at best, aggressive tax avoidance that was accomplished by hiding assets in extremely complex corporate legal entities. Though in some cases hidden funds seem linked to outright corruption, much of this activity is nominally legal – but the very existence of such structures almost guarantees they're being used for deeply harmful ends well beyond dodging taxes. For those in the crypto world, it is tempting to frame these revelations in terms of simple "whataboutism." And hooboy, what about this: By one estimate, as much as $32 trillion in assets worldwide may be in offshore tax havens. That's roughly 15 times the total value of all cryptocurrency in existence**,** and much of it amounts to theft by world leaders from their own citizens. The tax revenues missing thanks to those hidden funds mean immense amounts of missing public infrastructure and services worldwide, at the particular expense of the poorest and most vulnerable people. There are many nuanced, detailed arguments for the inevitability of cryptocurrency and blockchain's growth and adoption – advantages of efficiency, trust, privacy and autonomy that are already proving out at a global scale. But interest in cryptocurrency is driven perhaps most of all by something more elemental and emotional, a deep intuition that has been rising around the world for decades: that the people in charge cannot, and should not, be trusted." Hillary Clinton recently stated that: "What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations" and she is completely right, that is the idea of cryptocurrencies in the 21st century, to deconstruct a corrupt financial system and provide a more decentralized, better version of it. Crypto is a way out, a way to take control of our finances on our way to decentralized financial system. The people who are supposed to lead us, realize the threat that crypto poses and that we, millions of adopters, have the potential to destabilize nations, central banks and traditional currencies. I think we are in for a hell of ride this decade, and we will hit a lot of resistance once governments start to regulate crypto, but I am surely excited to see where this development will lead us and that I jumped on the train. [link] [comments] | ||
| Posted: 30 Nov 2021 05:39 PM PST Money doesn't just grow on Lending and BorrowingExamples; Aave, Anchor, Geist, Solend Typical rates: Less than 10% net Where's the money from? Similar to a bank, users deposit money into the protocol, which is then used by borrowers. To borrow money, users have to pay an interest rate and also deposit collateral into the protocol. The main source of revenue is sourced from the interest borrowers have to pay. Some protocols also stake the collateral that users deposit and earn extra income from that. Is it sustainable? Most lending rates aren't actually that high (2% to 20%) since they are usually balanced out by the borrowing rates at an equivalent rate. So the main question here is, why are people lending/borrowing? Beyond earning deposit fees, people lend because the majority of defi requires users to hold assets that they would otherwise not want to hold. If a user wanted to use defi while holding the assets that they prefer to hold like BTC and ETH, they would deposit their assets as collateral and borrow against it. People borrow because they can earn a yield higher than the rate they're paying to borrow. You could for example, borrow a stablecoin at a 10% borrow rate and then deposit the borrowed funds into a stablecoin liquidity pool that earns you 20%. You keep the extra 10%. What's the catch? If you're not borrowing, the rates are oftentimes very low and you're likely better off staking an asset than lending or even using Cefi. For example, the largest lending/borrowing dapps are Aave, Compound, or Cream and they only offer <3% for ETH whereas ETH Cefi rates are ~6%. If you are borrowing, there's no bank to hold your hand and no bailouts. If your collateral falls below a certain amount, the protocols deems you ineligible to pay off your loan and you get liquidated. This can happen if the market falls and you're not watching your funds. However, there are protocols that now allow for liquidity-free lending/borrow. Liquidity Pools (LPs)Examples: Uniswap, Curve, Serum, Raydium, TraderJoe, SpookySwap, Quickswap Typical rates: 20% to 40% net (for stablecoins, BTC, and ETH) Where's the money from? When you use decentralize exchanges (dexes), there are liquidity provider fees that typically charge 0.25% of trades. The trading fee is the main source of income for LPs. Is it sustainable? At its current state, most LPs are not sustainable. While the demand for LPs like ETH-DAI is pretty straightforward, demand for LPs with, sometimes obscure, protocol or farm tokens are not as clear. Oftentimes, they rely on circular dependencies, ie finance for the sake of finance. As an example, let's take a look at how degen yield farming typically happens:
For most farms, specifically "degen farms", prices spike early making the LP seem more profitable than it actually is and then high inflation does its thing to prices slowly but surely fall. Most users enter and leave farms within 3 days to capture the parabolic price action and high rewards. Protocols can avoid this by providing a legitimate use case for the FARM token beyond just earning a high yield. For pure LP protocols, the use cases are typically governance, which is not very appealing for retail who couldn't care any less about how some protocols are governed. What's the catch? Even if the LP rates are very high, a drastic enough drop in price can offset the gains earned from the reward rate. This is especially true for users who were late and were not able to accumulate the rewards. This is why it's often recommended to look into the price action and avoid making decisions based off of rates alone. LPs, specifically low liquidity ones, are also especially vulnerable to whales who can often cause spikes–both in the upside, when buying, and the downside, when selling. And large spikes can cause a domino effect of mass selling and whoever is left holding the bag gets rekt. Beyond this, impermanent loss (IP) is the most obvious catch. Participating in LPs typically requires you to split your assets meaning you may be exposed to undesired price action. But there are several ways to avoid or mitigate IP such as participating in stablecoin LPs or LPs with relatively low volatility, ie BTC or ETH. In addition, there's a lot of work going into new protocols to limit the impact of impermanent loss. Reserve CurrenciesExamples: Olympus DAO, Wonderland, KlimaDAO Typical rates: 6,000% to 8,000% (current) Where's the money from? Reserve currencies are brought at a premium that's worth several magnitudes (8-10x) more than the intrinsic value of the token. New tokens are minted at an extremely high rate and then distributed as a reward to stakers. A combination of selling at a high premium and minting at a high rate leads to the high APYs. But, similar to how LPs work, high distribution –> high inflation –> lower prices. At the same time, high rates –> high participation –> lower rates. The expectation is for both rewards to slowly decrease to a target rate of 1,000%. The goal is to accumulate long-term participants because long time horizons would ensure that staking rewards eventually offsets price action. Is it sustainable? Under the hood, the economics are designed similar to LPs. But LPs are often subject to the notion of finance for the sake of finance because the only product is often the high yields offered. Reserve currencies have a secondary revenue generating product: bonds, which are means for protocols to accumulate their own liquidity. So the question to be asked here is why is there a demand for bonds? Bonds allow for protocol-owned liquidity, seeking to address the aforementioned issues that often make LPs unsustainable. Instead of protocols renting liquidity to mercenary users who come and go looking for the highest yields, bonding allows protocols to own their own liquidity and provide a sense of stability. This reduces the need for protocols to constantly offer unsustainably high rates in order to incentivize users to participate in their LP. In addition, it allows protocols to earn their own LP fees, which can give them another source of revenue. What's the catch? LP protocols actually incur some costs in exchange for partnering with the bonding program of a reserve currency protocol. And while reserve protocols offer users with more incentives to become long-term participants, they can still always exit and sell the LPs. This may the case during volatile swings. On the user end, buying bonds usually isn't worth it primarily because reserve protocols typically requires users to wait a certain interval (3-7 days, etc.) while holding the LPs. This presents some risks because the LPs can drop in value and, thus, offset the discounts. Additionally, if users buy the reserve currency token directly, they can immediately maximize the staking yields, which are also often higher than the discounts. Overall, the long-term utility of the reserve protocol hinges on the demand for bonds. Most reserve currencies are still very new so only time will tell moving forward. Beyond questioning the bonds, reserve currencies are still vulnerable to bank runs, however these risks are designed to be mitigated with how the protocol works. I know this was a long post so kudos to anyone who managed to read all throughout. These are not the only types of protocols available in defi, there are tons more that are either stark variations or completely unique. I hope you all learned something! [link] [comments] | ||
| Posted: 30 Nov 2021 06:36 PM PST I get very small payouts, I'm basically using spare cards I have to mine and my 3070 when I'm at work or asleep. I don't make a lot, but they past year has done me well. I get a payout about once every 4 days and every 4th payout I swap for something I'm interested in, I've been doing this for the past 2 - 3 months. I did the math today and if I didn't swap any of my ETH payouts my portfolio would be just shy of 23% higher. It really just goes to show that ETH and BTC are always going to be some of the best for long term holds. [link] [comments] | ||
| Posted: 30 Nov 2021 08:01 PM PST Patience and HODLing does pay off! For those who held and didn't touch your moons during the previous month, you just earned yourself a 20% bonus! And for the ones who don't know how to get moons, simply open your vault on the reddit app and you'll get moons! How you ask? Simply by receiving upvotes on your posts and comments in r/cryptocurrency, it's that easy! Mainnet is just around the corner and our wildest dreams and expectations can come true. I hope that the last distribution before Christmas was everything you hoped for and more. Have a moontastic month farmers! [link] [comments] | ||
| How certain are you that crypto isn't a bubble that might pop one day and tank the crypto market? Posted: 30 Nov 2021 11:03 PM PST To start with, personally I'm quite bullish on crypto and feel good about having the investments into the coins I trust in that I have. That said, I do wonder how risky the whole crypto market is. Many of us put our hard earned money into it and I feel there's strong cases to be made for a long term bearish or bullish outlook, as in what the crypto market may look like if you hold onto top coins for years. IE- will bitcoin soar to 150k in a year or two from now or fall down to something like 30k? Will ETH reach new highs in the future of 10k plus or reach a plateau at some point and then fall down in price? What do you all think? 🌙 ✌ [link] [comments] | ||
| $6.5m raised by 12 VC’s, for new DeFi project advised by the Managing Director of ChainLink Posted: 30 Nov 2021 08:52 PM PST
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| Sells Walls: You know know what these are and how to spot them. Posted: 30 Nov 2021 07:34 PM PST I've seen a number of people asking on twitter/reddit what sell walls are. I was getting ready to reply, but decided a larger post might be better. Sell Walls: What are they? In the literal sense, a Sell Wall is exactly what is sounds like: A massive wall of crypto being sold at around the same price. The image here is a very clear sell wall that could potentially be seen looking at the depth chart on an exchange. A sell wall is something whales do either by themselves or in a group to manipulate the price a of a stock/crypto. The whale will put a massive order for a crypto in at a particular price to stop any larger orders from getting through. Their hope is to stop the price from climbing any higher in a hope that it'll actually reduce in price allowing them to get a better entry point and accumulate more. Example: 5 rich crypto whales get together. They're very bullish on a particular crypto. Lets use Bit Connect (BIT CONNNNECT) as an example here to avoid any accusations of shilling. These whales love Bit Connect, and they want to buy much more. However, if they all start throwing 10s of millions of dollars into the crypto at market price, the crypto will SKY rocket in price as the buying pressure sends it soaring. So instead, they do this:
What can you do with this info? Unfortunately, there's nothing you can do to stop whales from making plays like this. All you can do is learn to recognize these plays and use them as a tool to make better decisions yourself. How? If you see a sell wall, it could be a great indicator of bullish behavior hiding behind a seemingly stagnant crypto. I'm by no means saying you should go out and invest because of this (whales are wrong too), but it's an extra factor that's definitely worth noting. It's also worth noting that sell walls are particularly effective on smaller cryptos that have less volume. The bigger the crypto, the more money is necessary to create a real sell wall. Things in the top 5 are very unlikely to be easily manipulated this way. [link] [comments] | ||
| Posted: 30 Nov 2021 04:18 AM PST Here is the post on the sub, about why the OP is worrying about CRO, giving his/her reason of why CRO is making paid posts using 9 year old accounts. But when you look at the OP's post history, it's an 10 months old account with history of posting only in CC, lots of posts, lots of comments. This post on CRO came out after 6 days from previous hate on CRO Pretty confident that it's a paid post just to influence the newbies on the sub. The last time it posted in CC was about India and how CRO is cheating on people... Quite strange! For a Crypto enthusiasts to have this much of history about hating crypto and exchanges... Strategy seems simple, Buy or pay new reddit account holders to criticize CRO to newbies on CC. Be advised, whenever you see a posts like these take a look at OP's post history that might help you to have the other side of the story. Edit : Binance and Coinbase guys, downvote me as much as you like. You guys are just proving my point with all the downvotes. Thanks. [link] [comments] | ||
| Posted: 30 Nov 2021 11:58 AM PST It's actually been a very interesting day in the crypto markets because BTC has stayed almost equal percentage wise, trading at roughly the high 57k level which usually pulls the market with it. But the market is all over the place with some coins like Zcash down - 10% while Monero, IOTA, and Litecoin are all roughly trading between 3-5% higher, memecoins doing weird shit too with DOGE trading sideways and SHIB is up 9% after a large downward trend. It's hard to say if the ETH 2.0 upgrade is already priced in (I would assume so) but the markets are looking like a crappy heart monitor with the insane amounts of huge cliffs down and rises upward. Really makes you wonder if there's a significant fight happening between institutions and whales pushing to pull the market up or down. P. S. - Don't short crypto 👍 [link] [comments] | ||
| Crypto.com Agrees to Acquire Nadex and the Small Exchange from IG Group Posted: 30 Nov 2021 11:59 PM PST
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| After losing $8,000 in an altcoin scam, one man started a group that hunts down crypto frauds Posted: 30 Nov 2021 08:22 AM PST
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| For The First Time EVER - The Nation With The Most Bitcoin Mining Power Is The UNITED STATES! Posted: 30 Nov 2021 04:21 PM PST
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| My friends and I are doing “Crypto Secret Santa” this year… Posted: 01 Dec 2021 01:02 AM PST And we think the rules are going to be something like this! If anyone wants to use them for their friend group, you are definitely more than welcome to!
** Happy Holidays all! ** [link] [comments] | ||
| Posted: 01 Dec 2021 12:10 AM PST No wonder most of the politicians associate Crypto with illegal business, even though this year only 0.34% of total BTC transactions have anything to do with illegal businesses. Because they haven't understood the internet yet,even after years, Here : https://np.reddit.com/r/facepalm/comments/r5tuo2/they_still_dont_understand_internet/?utm_medium=android_app&utm_source=share And most of us are hopeful the politicians will do the right thing and not just ban Crypto,but understand the Blockchain technology. I think,It will take time for them to understand that it's not just "Magic Internet Money" only, it's way more than that Blockchain Tech,Crypto is not simple as internet to understand, the terms used in it can be complex sometimes and hard to understand. [link] [comments] | ||
| L2s cannot and will not solve one major issue: Laziness Posted: 30 Nov 2021 09:39 PM PST Unpopular opinion but L2s cannot and will not solve one issue--the general public's laziness. Whenever anyone posts anything about the ridiculous eth gas fees, there is always one resounding response: uSe LaYeR 2s!!! While I personally have no issue with using L2s, the simple fact that people would need to use them is a huge turn off. It's the same sort of annoyance when you have to go to an ATM when you go to a cash only bar. People can easily be turned off with the fact that the currency itself needs to be altered to use and don't even get me started with trying to explain to people how to use L2s. All in all, never underestimate someone's ability to not learn how to do something if it seems hard or has extra steps. As long as L1 has insane fees, it will be a huge impediment to mass adoption of crypto. [link] [comments] | ||
| Crypto adoption in Croatia - you can now buy groceries using crypto Posted: 01 Dec 2021 01:31 AM PST Konzum, Croatia's largest supermarket chain, has just introduced an option to buy groceris with crypto in their on line stores. You can pay with Bitcoin, Ethereum, Bitcoin cash, EOS, DAI, XRP, Stellar Lumen, USDT, and USDC. Their future plan is to implement that in physical stores. This is being implemented in cooperation with croatian fintech company Electrocoin anfmd their system PayCek I would post a link, but I couldn't find any news in english yet. I hope that Wallmart and all other huge supermarket chains will follow soon. [link] [comments] | ||
| To those of you screaming about Ethereum's gas fees: L2's exist. Use them. Posted: 30 Nov 2021 03:28 PM PST It seems like Ethereum's gas fees are a never-ending source of complaints. All I hear is that Ethereum is so expensive to use and a bunch of other bs... LAYER 2 SOLUTIONS EXIST! All you need to do is use them! You have two options:
The choice is clear! Coins like ALGO are great, but until they have mass adoption they can't hold a candle to Ethereum. To anticipate a question: "but it's expensive to get to those L2's!" You need to start buying on an exchange that supports direct withdrawal to L2's. Either way, it's as simple as sending your ETH to an exchange and converting it to wETH. Another question: "But those L2's are still expensive!" I mean not really, but EIP-4488 has been proposed anyways to help lower their costs. Use L2's my friends, they're the future! [link] [comments] | ||
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| Brave (and BAT) is the next big thing in crypto Posted: 30 Nov 2021 06:06 PM PST "The Web3 browser as the gateway to 1 billion crypto users" (Brendan Eich) Brave was co-funded by Brendan Eich. He also created JavaScript (most popular programming language in the world) and co-funded Mozilla. Brave is the new Firefox. Brave Wallet. Like MetaMask, but native to the browser (no extension to install). Multi-Chain wallet (Ethereum, Solana, Bitcoin, and more). DeFi support. NFT support. Brave Swap (DEX aggregator in the browser). Users will receive a monthly rebate for 20% of their swap transaction fees in the form of BAT. Brave Search. Best alternative to Google. Use BAT to buy keyword ads on Brave Search (not there yet but it's coming). BAT is really Brave doing revenue sharing (70% of the revenue from Brave's ads is returned in the form of BAT). The adtech industry was estimated at 319 billion in 2019, and is expected to hit 1.08 trillion by 2027. In 2020, about 97.9% of Facebook's revenue was generated from advertising. More than 80% of Google's revenue comes from ads. In the future websites will be able to run Brave ads and earn BAT (users will earn BAT too if they opt-in). This win-win-win relationship is the future of online advertising (users win, content creators win, and advertisers win). Pay with BAT: buy and sell stuff online using Brave Wallet and BAT (coming in the future). Brave is the first IPFS browser in the world. IPFS is basically BitTorrent for the web. BAT will play a role here too. As of October 2021, Brave has 42.1 million users. The growth is insane. Brave is literally next Google. Also read this great Twitter thread: [link] [comments] | ||
| Is the FED going to kill the fun?? Crypto Market Update and Investing Report 11.30 Posted: 30 Nov 2021 10:59 PM PST Overview· Market Update · Market Insight · Major Market News · Notable Events · NOOBIES: What is web 3.0? Market Update· Bitcoin (BTC) is down 1.36% after a strong early morning move to 59k that was later quelled by Fed Reserve comments. · Total Market Cap (TOTAL) is flat -.21% despite the drawdown in Bitcoin. · Bitcoin Dominance (BTC.D) plunged -1.75% showing that investors are still showing confidence in altcoins despite the negative news surrounding Omnicron and Fed tapering. · Metaverse projects are showing signs of cooling off. o MANA -4% o SAND -4% o DVI -8% o WILD -16% o POLC -12.5% · Stacks (STX) the bitcoin smart contract protocol, is showing strength today + 33%. This was covered in various past reports as a beneficiary of the taproot upgrade in bitcoin. · Terra (LUNA) is up 15.88% today bringing it up 58% in the past four days despite a fluctuating overall market. LUNA is benefiting from the adoptions of UST. This past report covers LUNA and UST. · Notable gainers and losers from the watchlist: o KSM +7% o OCEAN +20% o MOVR -8% o RNDR -8% o ROSE -9% Market InsightThe market was primed for a bullish day until Fed Reserve Chair Powell announced the Fed will begin adopting policy changes to battle current inflation problems. The news pulled the struggling stock market down -1% and Bitcoin -1.70% in an hour. The tapering could have large implications for stocks and crypto markets as both have benefited from a loose monetary policy. The current policies would have likely continued but inflation is becoming hard to ignore, reported to be at a 30 year high of 6.2% in October. This report covers the latest inflation numbers. Don't expect any drastic tapering measures as the economy is still recovering from the COVID crisis but small policies changes will come. Growing concerns of new variants are contributing to sentiment the economy still has a long way to recover. These reports will continue to monitor the policy changes. Crypto is considered risk-assets because of their high volatility. Risk-assets historically suffer the worst during market selloffs and bear markets that may be triggered by monetary policy adjustments. Major Market News· Treasury Secretary Janet Yellen has clarified that some non-custodial entities won't be subject to FATF crypto standards. This is an ongoing attempt to draw the lines for crypto law in the US. · Bitcoin mining company Griid to list on the NYSE via a spac deal with a $3.3 billion valuation. Griid will focus on carbon-free mining. · Lawmakers in South Korea have decided to delay crypto tax provisions by one year, meaning crypto gains will not be taxable until 2023 at the earliest. · The stock market and crypto market have a large correction after Federal Reserve Chair Powell mentions that there will have to be policy changes to battle inflation. Powell has accepted inflation is not a "transitory" issue and eyes tapering, which means less money printing. · Grayscale argues the SEC's bitcoin ETF rejection could violate the Administrative Procedure Act (APA). This could spark entities putting greater pressure on the SEC to approve a spot Bitcoin ETF. The SEC recently rejected a VanEck spot ETF earlier this month. A spot price ETF will allow institutions to invest directly into Bitcoin via the stock market. Grayscale is attempting to transform their current BTC treasury into a spot ETF. · In other Grayscale news, they have launched a SOL-backed trust allowing institutional investors to gain exposure to Solana (SOL). This is very bullish news for SOL. · Avalanche has raised another $18.5M seed fund to help accelerate the growth of the ecosystem. · Crypto.com (CRO) has teamed up with California State-Chartered Silvergate Bank to allow institutional investors access to withdraw and deposit USD into the crypto.com exchange. This is big news for CRO and may already be priced. DOT Crowdloans: ASTAR NETWORK, the future of web 3.0ASTAR NETWORK Astar Network is the multi-chain Polkadot DApp Hub that supports Etheruem, WebAssembly, Dapp Staking and Layer-2 solutions. It additionally supports Defi and NFTs. It's a chain focused on interoperability and primed for the future. Astar is posing to be the next Parachain winner which ends tomorrow. The Now Ethereum is where a majority of smart contract money and developers reside. To siphon some of these resources, interoperable chains must attract and incentivize these developers to build on their network. Being Ethereum Virtual Machine (EVM) compatible means that Ethereum Developers can build on your chain or fork protocols that already exist. Aster and Moonbeam are the Polkadot chains that will support EVM. EVM compatibility blockchains can thrive in the current crypto environment by using already existing resources such as developers. The Future Polkadot (DOT) aims to facilitate innovation. Astar Network is set to be one of the major vehicles to accelerate this purpose. Being that Astar not only supports EVM and many other chains (the now), it also supports WebAssembly (WASM) a major tool in taking Website development into a new era. Astar will eventually support faster protocols, user friendly lay-outs and evermore interactive webpages. It will further support the innovation which will help lead Polkadot and crypto into web 3.0. This is the future web which will integrate all the utility of blockchain (privacy, data ownership, payments, NFTs, defi etc..) into a user-friendly web. Astar has everything going for it as a protocol. Big funding, a lot of development, strong outlook and it will soon have a Parachain. The tokenomics are an engineering mystery but they appear to be self-balancing to reward all the players accordingly. This is one of the top projects on Polkadot and will play a huge role in the future of blockchain and internet integration. For these reasons I am personally investing into Astar Nework. Remember, always DYOR before investing into any project. Here is a link to ASTAR's webpage. Notable Events
NOOBIES: What is Web 3.0? pt.1Web 3.0 is considered the next step in the internet's evolution. It wouldn't be fair to condense to a couple of paragraphs, so instead I'll unfairly condense it to an outline. To understand web 3.0 you must understand web 1.0. Web 1.0
Web 2.0
Web 3.0
Now that we have a basic idea of what web 3.0 may look like, tomorrow we'll dig a little deeper into the subject and learn about the web3 foundation and Dr. Gavin Wood. I was traveling all morning so the report will be sent out a lot later than usual. Remember to keep an eye on the Parachain auctions, I still believe they are some of the best investments in crypto. And don't forget to keep accumulating! Thanks for reading. Have a goodnight fam! -TraderGabi [link] [comments] | ||
| Did I just paid 80 bucks for transferring $2.49? Posted: 30 Nov 2021 10:49 AM PST Yea, I fucking did! And I really need to vent so bear with me here. I've been doing loads of crypto related stuff this evening and it's all been super confusing so feeling mentally exhausted. I've set up MetaMask but had an issue depositing ETH from CDC. It took forever but I've managed to solve it and even sent it on Arbitrum (which I also had to figure out) saving myself the fees (the fucking fees…). I was so proud of myself ( the simplest of tech confuses the hell out of me) I decided to reward myself with a pack of gods unchained cards. Side note, I'm not a gamer, haven't played a game in the last 20 years, but got hooked on GU over the weekend and haven't stopped playing since (this might also explain why I'm dead tired)…. More issues followed connecting Immutable X and MetaMask. Transactions failed. Finally I found a post somewhere on Reddit saying the payment comes out of IMX and not MetaMask and you have to make sure you have transferred the funds to the prior. So I did…. The windows were popping up i was connecting and signing mindlessly but the split second I pressed deposit I remembered …. Check the bloody fees!!!! It was too late…. Proud owner of the most expensive rare pack here 😅 (RRP: $2.49) I think it's time to shut down the laptop and go outside EDIT: for those interested, the pack I got was the Divine Order… feeling truly blessed 😂 [link] [comments] | ||
| Posted: 30 Nov 2021 08:26 PM PST
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| Posted: 30 Nov 2021 03:17 PM PST I think we have enough self deprecating humor to go around but I don't think we focus on the positive at as much. I'm not going to link the post because I don't want to bring negativity to any one person but a post about inversing this sub got me pumped to post about positives I see. Here Goes:
And I'm sure there is plenty that I missed but it's important to acknowledge the positive things, not just some of our misgivings. [link] [comments] | ||
| Public XRP ledger nodes fall out of sync - some XRP services down, others disrupted Posted: 01 Dec 2021 12:42 AM PST TL;DR: the most-used XRPL nodes fell out of sync due to too many requests. Many services use these nodes as running a node is expensive, owing to XRP's huge ledger and high hardware requirements. For more info, see this Twitter thread, this Twitter thread and this news item. What seems to have happened is that two nodes run by Ripple (s1 and s2) fell out of sync with the network.
These are nodes being run by Ripple for public use, but apparently too many users rely on these "free-to-use" nodes rather than spinning up their own nodes. We're not just talking small users here - apparently many exchanges are running these free nodes as well and doing API calls on them.
This seems to illustrate the issue. The reason that many use these public nodes is that running a full node is.. cumbersome, to say the least. XRP enthusiasts correct me if I'm wrong, but it seems like these are the requirements:
On top of that, there are huge storage requirements - roughly 18 TB that needs to be stored on SSDs, it appears, increasing by ~12 GB a day (year-old information). It takes literal months to bootstrap this, according to the XRPL website. I'm no expert, but it seems to me like this might not be a sustainable method of doing things. XRP's idea is that with more businesses using XRP, there are incentives for them to run nodes themselves. Given that Nano uses the same incentive and many Bitcoin enthusiasts run full nodes, I don't blame them for that thinking and believe it could work. However, there's one important difference here. A Bitcoin full node is ~360GB, and grows slowly. A Nano full node is ~81 GB, and grows slowly. In both cases though, ledger size is limited because both Bitcoin and Nano do not try to do it all. Bitcoin limits itself to ~7 TPS max, Nano limits itself to pure transactions only. XRP on the other hand seems to be trying to do it all - not just storing simple transactions. I can't find accurate figures for total transactions since start unfortunately, would love to be helped here. Anyway, this is an interesting event to follow. Because the "primary" nodes are down, some services are switching to other nodes, increasing the API calls on those nodes, putting those nodes under pressure again, etc etc. It does not seem fixed as of yet that I can tell, but information is rather murky. Lesson in all this, to me, is that it's vital to, if you want to be truly decentralized, keep running a node as lightweight as possible. People and services are naturally lazy, and the fact that many exchanges and XRP's most well known wallet (Xumm) seem to rely on public nodes rather than running their own seems to illustrate that running a node should be made easier and/or cheaper, and that having massive hardware requirements + massive storage needed might not be the way to go. This obviously holds for any cryptocurrency trying to "do it all", and is why I think we'll see many chains all specialised in doing one thing and doing it well. Any corrections much welcome, I'm following this with interest but am not the most well-read up on XRP lately. [link] [comments] |
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