Cryptocurrency Daily Discussion - December 14, 2021 (GMT+0) |
- Daily Discussion - December 14, 2021 (GMT+0)
- Giveaway: $500 in BTC/LTC/XMR to Cake Wallet users!
- How to Become a Whale
- Moment of silence
- Just a reminder, BTC doubled last year in the 3 weeks starting today.
- I’m done with Coinbase
- Don’t trust Facebook’s Metaverse with your data. They’re known for selling that data to companies for ad targeting.
- The longer you are in the game, the more apathetic you get during these dips, which is good
- CoinMarketCap ‘stole’ my recent Reddit post about DAOs and made a video out of it.
- Cardano is very much in the spirit of bitcoin
- To those who wants to buy the Dip!
- Algorand founder Silvio Micali predicts only 0.1% of the more than 15,000 cryptocurrencies will survive in the coming years.
- Crypto Regulation - IMF warns of global financial instability due to cryptocurrencies
- This shakeout is happening right before Christmas to shake the bitcoin out of weak hands because the big bois aren’t selling.
- Elon Musk: Tesla will start selling merchandise for Dogecoin
- The crypto market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.
- Wikileaks Received Crypto Donations Totaling Over 2 Million Dollars - The exact amount isn't known because of the Monero donations
- United Arab Emirates sovereign wealth fund with $243 billion under management wants to invest in cryptocurrency
- Guide to Algorand and New Developments
- If you sell now, you will only feel worse in the future when the market recovers. The harsh truth is that only the strongest make the most money.
- Harmony ONE does everything that ETH 2.0 has been promising for years, except they are already doing it. Why has every developer not jumped ship at this point?
- Ethereum Miners Unlock 21% More Hashrate On Nvidia RTX 3080ti LHR | Bitcoinist.com
- Over 50 million German citizens could soon trade crypto directly from their checking accounts
- Just a reminder, it doesn't matter what BTC did last year or 17 weeks ago or 69,420 hours ago; past performance does not dictate future returns
- Binance is the largest holder of Bitcoin, does that make them a sort of ... bank?
- Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandise
- The internet is heading towards rewarding the user instead of just exploiting them
| Daily Discussion - December 14, 2021 (GMT+0) Posted: 13 Dec 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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| Giveaway: $500 in BTC/LTC/XMR to Cake Wallet users! Posted: 14 Dec 2021 06:35 AM PST Hello r/CryptoCurrency! To celebrate the holiday season, we are giving away $50 in the cryptocurrency of your choice (BTC/LTC/XMR) to each of 10 random winners! To enter, please comment below with a screenshot of your Cake Wallet receive screen! We will use redditraffler.com to select 10 random winners 24 hours after posting. We will send the coins to your posted address. You can use an image-hosting website like Imgur. Cake Wallet is a free, open source, noncustodial wallet for Bitcoin, Litecoin, and Monero trusted by ~200,000 users. Cake Wallet works on both iOS and android phones. Cake Wallet makes holding your own assets a piece of cake. Your keys, your coins. 2021 has been an exciting year for cryptocurrencies, and we are happy to celebrate this holiday season with you! Make sure to follow us on Twitter for Cake Wallet news and additional giveaways! [link] [comments] | ||
| Posted: 14 Dec 2021 02:58 AM PST
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| Posted: 13 Dec 2021 02:52 PM PST For all of those who talked to their family members about the markets at Thanksgiving dinner, and convinced them to buy crypto or stocks. A good idea in general, but the timing could not have been worse. At this very moment, members of our community are getting throttled like Bart Simpson by friends and family members who put too much money into the markets right before a big correction. Now all that we can do is have a moment of silence for our brothers and sisters who are facing all of the blame and frustration of their loved ones for giving them solid advice but at the wrong time. Hopefully we will all recover and be able to say I told you so in the future [link] [comments] | ||
| Just a reminder, BTC doubled last year in the 3 weeks starting today. Posted: 14 Dec 2021 03:52 AM PST The title says it all. Last year from December 14th to January 8th (roughly 3 weeks), the price of BTC went from $19,000 to $40,000. I am not saying $100k by year end is going to happen but it isn't too hard to see how it could get there within the next 3-6 weeks. A month ago everyone was wishing they would have bought more in the $40,000s when they had the chance and everyone one was convinced that we were headed to $100k very soon. What has changed in the last couple weeks? Price. Fundamentally nothing has changed. If you believed in $100k a month ago, you should be extremely bullish today. Stop looking at the red in the charts as your gauge. Buy more, hodl, repeat. [link] [comments] | ||
| Posted: 14 Dec 2021 01:14 AM PST For someone who is regularly trading, Regular Coinbase is not a suitable option. It's good and straightforward if you want to HODL, but it's not ideal for anything else. It really falls short, especially when compared to the brokerages I use in the stock market. Coinbase basic and Coinbase pro are also just there basically there to charge new crypto customers more fees. In order to view your profit and loss, you have to download Cointracker or probably similar apps and the app only shows your entire P/L and not for each of your individual coins and tokens which is ridiculous. It almost feels like they don't even want to see our P/Ls. Coinbase is clearly not going to be useful for bullruns. If you want to actively manage your cryptocurrency assets, Coinbase isn't the best place to start. There are various solid, friendly options available that do not charge outrageous fees. Haru Invest, Gemini, Binance US, and Kraken are just a few examples. Been a user for Coinbase for a while now and I am just going to stop. [link] [comments] | ||
| Posted: 14 Dec 2021 03:25 AM PST People don't seem to realize the true value of data. It's literally the main thing powering all media platforms. Companies like Google and Facebook use personal data to tune their ad display algorithms to try target the largest audience they can. What's stopping us from taking full control over that data? This is exactly why I'm so bullish on Ocean protocol and other similar projects working on creating a completely decentralized data platform. The more we see similar projects launching the more we'll be able to put pressure on these big tech companies taking advantage of us. [link] [comments] | ||
| The longer you are in the game, the more apathetic you get during these dips, which is good Posted: 13 Dec 2021 03:30 PM PST I have been holding for some time now and I have noticed that with each dip, crash, correction, or whatever you want to call it, I become more uncaring. Like with everything in life, crypto is not always rainbows and sunshine as it may seem. During times like these, you gotta remember all the talk about crypto volatility - it is mentioned and warned for a reason. A year ago, Bitcoin was around 20k, which is more than a 140% increase right now. Not to mention all those crazy altcoin gains in the thousands of percent. While I can't blame newcomers for feeling the panic, these gains are astronomical elsewhere when investing, but greed gets to all of us. I just want to remind everyone reading this that the addiction of watching the charts too much or simply just caring about the market each day is unhealthy. When your favourite coins are bleeding and it seems to be the end of the world, it might be a good idea to find a new hobby or activity to occupy your mind. Literally, no one will remember this "dip" in a year or two. Do your own research, DCA in solid projects you believe in, and call your mom. As the black knight once said: "'Tis but a scratch". [link] [comments] | ||
| CoinMarketCap ‘stole’ my recent Reddit post about DAOs and made a video out of it. Posted: 13 Dec 2021 11:19 AM PST I just watched a video from CMC discussing DAOs, and at first I was like, oh cool she's making all the good points, but then she continued and even more so at the end, I was like ….wait a minute…. this is oddly similar in structure and content to my recent info post about DAOs. Now mind you my post was a large aggregation of multiple sources of information, but tell me what you think, my old post and this video are just too similar in format and examples used! I'm both flattered and upset. Edit: CMC has allegedly responded, here is a Reddit link to a now deleted comment from CMC on this post that can now not be found. [link] [comments] | ||
| Cardano is very much in the spirit of bitcoin Posted: 13 Dec 2021 11:40 PM PST If you put aside your tribalism towards this certain coin and negative feelings towards Charles Hoskinson (and I agree, he is a controversial figure) and just delve into the tech you will see that Cardano is very much in the spirit of bitcoin. Some examples:The eUTXO model: Bitcoin uses the utxo model (instead of the global state/accounting model Ethereum and many other blockchain's use).This model was adopted by Cardano and extended (eUTXO) to add a turing complete scripting language. In bitcoin there is also a scripting language but it's not turing complete (curious fact, it is harder to create a non turing compete language. For example, turing complete languages were sometimes created by mistake when some tech was created!).It is true that this scripting language in bitcoin was non turing complete by design but I see Cardano's extension as the next logical step. Consensus mechanism: The most important thing about the consensus algorithm is that it's secure and decentralised. Cardano's Proof of stake algorithm is proven to be at least as secure as Bitcoin's proof of work algorithm. Also, It can even be said that Cardano is more decentralised due to it's many pools/evolving governance/etc... All in all, I really think that there is a lot of merit to Cardano if you look objectively into the tech. Cheers :) [link] [comments] | ||
| To those who wants to buy the Dip! Posted: 13 Dec 2021 06:16 PM PST Just an important heads up. JPOW is expected to announce this Wednesday, how quickly the fed might taper, and raise rates. If the announcement is a faster tapper than expected, than expect a major dip in risky assets, so you might want to keep the cash until than if/when a major dip does happen! A pivot is defined as a turn or a twist. Its safe to say there will be twists and turns on Wednesday as Fed Chairman Jerome Powell is widely expected to adopt a more hawkish stance in his postmeeting news conference Wednesday. On display will be "the limits of Fed hawkishness," said David Kelly, chief global strategist at JPMorgan Funds. Central bankers are often described as either inflation-wary hawks, eager to tighten monetary policy, or more growth-focused doves. "Fed members have displayed their dovish feathers too often at this stage for us to mistake them for a flock of hawks," Kelly said. It is widely assumed the Fed will double the pace at which it is tapering its bond purchases at the end of the December Federal Open Market Committee meeting. The Fed is also expected to pencil in more rate hikes over the next three years. Beyond those important headlines, here's a look at open-ended questions whose answers will be key for economists and investors to understand the Fed's true colors when policy makers conclude their two-day meeting Wednesday. source [link] [comments] | ||
| Posted: 13 Dec 2021 09:48 PM PST In a recent interview with Argentinian news, Algorand founder Silvio Micali shared some interesting thoughts on the future of crypto. The amount of blockchains: "The world does not need 10 thousand blockchains. But I do not think this is a case in which the winner takes everything. It is always good to have alternatives and it is a good sign of development that there is competition, but it can be 10 blockchains, at which at most 20, those that make sense and want to be used to host applications there". Comparison to dot com companies: "If we remember the beginning of the Internet, there were many dot com companies but, in the end, there were only a few companies like Microsoft or Google that continue to this day. It is interesting that those companies were not the first. Do you remember AOL. They are companies that disappeared. Google was not the first but it had better technology that today is of great help for themselves and for the rest of the world," One interesting aspect about this comparison is that a couple of the big players on the internet now, like Facebook (2004) and YouTube (2005), weren't even around during the dotcom bubble. In that sense the future king of crypto might not even have been launched yet. Curious to hear your thoughts. Will most crypto projects die out? Do you think Micali is right when he predicts 10-20 projects will survive? [link] [comments] | ||
| Crypto Regulation - IMF warns of global financial instability due to cryptocurrencies Posted: 14 Dec 2021 03:35 AM PST According to the International Monetary Fund, the crypto space poses one thing in particular: risks to the traditional financial sector. In the latest blog post, the IMF calls for extensive regulations for crypto assets. For the International Monetary Fund (IMF), it may have been too fast on crypto. El Salvador not only implemented Bitcoin (BTC) as legal tender, but likewise announced aspirations for a proper Bitcoin city. This is to be located at the foot of a volcano, powered by the nearby geothermal power plant for mining new coins. However, the IMF sees this as primarily a threat to international finance and warns of the volatility of crypto assets. In a Dec. 9 blog post, the organization calls for "comprehensive, consistent and coordinated" global crypto regulation. In doing so, the IMF states that the crypto market's total market capitalization of $2.5 trillion may reflect not only the economic value of blockchain technology, but also the "inflated valuation" of digital assets. But it is not just the valuation of digital assets that is problematic, according to the IMF. In the crypto ecosystem, the "identification, monitoring, and management of risks would also challenge regulators and firms," the IMF said. Accordingly, the IMF is calling for "comprehensive international standards that address risks to the financial system ... more comprehensively," the organization writes. However, it said there should be "a concurrent enabling environment for useful crypto-asset products and applications." Most importantly, the applicability of cryptocurrencies across sectors and country borders would limit the "effectiveness of national approaches" in each country. In terms of regulation, the IMF calls for three main things. Crypto asset providers should be licensed or authorized, and authorities should issue clear requirements for regulated financial institutions regarding their crypto engagement. In addition, the requirements for the respective assets should be based on the main use cases. This means that regulations of assets that are to be used for payments should follow regulations in the field of bank deposits, for example. source: btc-echo.de/news/iwf-krypto-sorgt-fuer-globale-finanzielle-instabilitaet-131076/ DeepL [link] [comments] | ||
| Posted: 13 Dec 2021 12:50 PM PST As the title suggests, i really believe it's no coincidence that this shakeout is happening just before Christmas. Everyone was expecting a pump, instead the market was dumped with only 8000 btc moving onto exchanges. The on exchange reserves of btc (and eth) keep dropping. Big wallets are buyng the dip. This to me says that this isn't a true selloff, I think it's the dump before the pump. If the big players aren't selling , who's left? The little guy. Retail investors like us. Psychologically it makes sense. People are more desperate at Christmas than most other times. Many newer investors overdid it and were depending on the pump to have extra money for Christmas. They are more likely to panic sell. People thought: Why not fatten the Christmas budget by riding the December pump? Everyone thought the pump was coming, it's q4 the year after a halving! Tldr: since big money aren't selling, i'm convinced they're soaking up what they can of the remaining available liquid btc by scaring more easily frightened noobs and exploiting xmas desperation. Edit: metrics im refering to for those interested are illiquid vs liquid supply, balance held on exchanges, time spent holding, and activity seen in major wallets https://btc.com/stats/rich-list [link] [comments] | ||
| Elon Musk: Tesla will start selling merchandise for Dogecoin Posted: 14 Dec 2021 02:51 AM PST
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| Posted: 13 Dec 2021 09:32 PM PST A lot of people come to the crypto market to "get rich quickly". And although it's possible (if you buy and sell a meme coin at the right time) I would argue most people will not get that lucky. The good news is that much more people could make a lot of money in the crypto market by just being patient. Here are a couple of tips to achieve just that:
I would argue if you invest in the right cryptos the best time to sell them will be never. Good luck everyone! [link] [comments] | ||
| Posted: 14 Dec 2021 05:39 AM PST
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| Guide to Algorand and New Developments Posted: 14 Dec 2021 04:12 AM PST Well, the best way to find out is to research and experience the ecosystem first hand. So I wanted to provide a snapshot into my experience along with some interesting developments. There is a fine line between shilling and sharing, so I'm going to do my best to share for those who want to explore it. The first step would be to set up a My Algo desktop wallet, and for the sake of repetition: don't lose or share your seed phrase. You could easily get started with like $5-10 worth of Algo. Since the fees are so cheap, you could make a lot of trades and explore without losing much. From there, https://tinyman.org/ is the swap. https://tinychart.org/ is where to view the ASAs (Algorand Standard Assets) and prices. I like the general feel that many of the use cases are attempting to be helpful in nature, with things like Planet Watch or Clean Ocean Token. Even their animal meme coins like Kitten Coin donate to shelters. There are rug pulls or projects that won't pan out, but in general the community tries to be on top of things like that and call them out when they see them. The two ASAs I like the most are Choice Coin https://choice-coin.com/ bringing voting to the blockchain and Chips https://algo-casino.com/. Both very new and highly speculative but I like where they are heading and the developments so far. Yieldly https://yieldly.finance/ is another big part of the ecosystem where you can stake yieldly or other assets at fairly high yields. Choice coin is currently at 840% APY, which is obscene. It will go down once more people pool, but for now it is just nuts. There is no locking period, daily rewards, and the cost to claim rewards is 0.002 Algos. What else. Algofi https://www.algofi.org/ is launching this Friday. Its a lending market, earn interest, borrow, etc., like Aave. Lofty is also pretty cool https://www.lofty.ai/. You can pool money to buy real estate, which isn't a new concept, but new to the blockchain. The first governance period is ending this month, so in the next couple weeks would be the time to stake Algos for round 2. Next year they plan to phase out staking rewards for simply holding Algo in your wallet, so this would be the way to go for rewards. This also keeps Algorand forkless and give the community a voice. https://governance.algorand.foundation/governance-period-1 Gotta hold the whole time to claim the rewards at the end. Decipher recently ended which was a 2 day event outlining the future of Algo. Much of their roadmap looks promising, particularly their work with Latin American governments. Some of it is speculation right now, but I like how the Chivo wallet was built on Algorand. Hopefully more to come. If you are new I hope this helped, if you're an algonaut please add to anything I missed, and if you are involved something like ONE or MATIC and just don't care about Algo then props to you, cause those projects are also pretty dope. Edit: I forgot about Algomint! We now have wrapped BTC and wrapped ETH. It's about as good as a duck stuffed in a chicken stuffed in a turkey. [link] [comments] | ||
| Posted: 13 Dec 2021 09:21 AM PST This is especially more applicable for newbies who completely give up on Crypto as a whole after they see the slightest of losses. Cryptocurrencies can be very emotionally draining, especially at this stage of the market when everything is down from their all-time highs. Honestly, even if you "only invest what you can afford to lose" it is still a bad sight to be down from your previous investment. A lot of people new to crypto sell at a loss because of this and regret it when the market ultimately recovers in the long run. Always DCA and bring down your average for the maximum benefits. History has shown that dips in Crypto are nothing but great opportunities TLDR: The best thing you can do currently is to not sell. The dip you see currently is nothing compared to what happened just this year alone. Selling now will only make you feel worse after the market recovers. You do NOT make a loss until you sell for a loss! [link] [comments] | ||
| Posted: 13 Dec 2021 03:07 PM PST Transactions are instant and cost less than a cent. Sharding Active ecosystem of Defi (Euphoria, Viperswap, etc.), gaming (Crypto Royale, Defi Kingdoms, etc.) NFTs (Kuro Shiba, Crypto Pigs, Da Vinci, etc.) and more. 10% APR staking Governance and voting The other day I bought some ONE, swapped it for WAGMI (an Olympus fork made by Venom DAO), staked it, and then wrapped it. The total cost to do ALL of that was about .0000002 ONE. This same set of transactions could have cost me upwards of $400 on Ethereum, and maybe significantly more depending on the day. On Harmony, it's basically free. I understand that ETH has first mover advantage, but there was a time when Yahoo! was bigger than Amazon, Apple, and Google. How much longer are crypto developers and users (outside of whales) willing to tolerate triple digit gas fees when competition like this already exists? It can't keep going for much longer imo. [link] [comments] | ||
| Ethereum Miners Unlock 21% More Hashrate On Nvidia RTX 3080ti LHR | Bitcoinist.com Posted: 14 Dec 2021 04:47 AM PST
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| Over 50 million German citizens could soon trade crypto directly from their checking accounts Posted: 13 Dec 2021 09:07 PM PST
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| Posted: 14 Dec 2021 05:38 AM PST I see this same mistake repeated ad nauseam. Yes, BTC has doubled many times. Yes, it has happened rapidly sometimes. Yes, December can be good for BTC pricing. But all that shit doesn't matter. Looking at past performance down to the day/week/month and using that to make any prediction on pricing is a fool's game. This same lunacy has been repeated in stock trading for decades and is still just as worthless as ever. Y'all basically on some healing stones / astrology ish when you buy/sell or predict pricing based on how something performed in a specific 3 week span 49 weeks ago. Along the same lines: going from a $333B market cap to a $1T market cap is not the same as going from a $1T market cap to a $3T market cap. It becomes increasingly more difficult to increase market cap as your market cap increases. There is no guarantee that something that doubled from a $10M market cap to a $20M market cap in a week can double again in another week. P.S. Fuck Tether, just because. [link] [comments] | ||
| Binance is the largest holder of Bitcoin, does that make them a sort of ... bank? Posted: 14 Dec 2021 06:04 AM PST Title explains it better. I was browsing different currencies today, and stumbled upon this link: https://clankapp.com/bitcoin/richlist. Binance now owns 1.4% of the total circulating supply of BitCoin. Right now, it feels like they are emerging as a sort of bank: they offer loans, credit cards, exchanges, etc. All with a tax they put on every exchange and every operation. So how much do they differ from a traditional bank? While I'm all for decentralization, it feels like the largest exchanges will sooner or later become just your regular bank, up for market manipulation and what not. Curious to see the views of this community, as well as some counter-arguments. [link] [comments] | ||
| Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandise Posted: 14 Dec 2021 03:33 AM PST
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| The internet is heading towards rewarding the user instead of just exploiting them Posted: 13 Dec 2021 07:35 PM PST After signing up to reddit and becoming a part of this beautiful sub I have learned an insane amount of information and this is my take on a small portion of it. Let's start with reddit and MOONS. I know at the moment even though the amount of moons per karma has decreased incredibly it's still such an amazing concept to get your head around. Rewarding the user with tokens that could potentially earn the users money just for providing good content is extraordinary. This seems like a good step in the right direction instead of things like likes on Instagram where their only value is self esteem. In addition, it's not focused on appearance so it's a lot less biased; anyone with a good thing to say will be upvoted no matter what they look like. Next is brave and BATS. I understand that if brave went mainstream then they would earn a ridiculous amount of money through advertisement but this would also then be split with the person that's getting the advertisement shoved down their throat. I know I would personally prefer to get payed for being manipulated by ads then just be manipulated for free. Not to mention the other benefits brave has to offer. I think that this is just the start and I'm extremely excited to see where this concept of rewarding the user can go! [link] [comments] |
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