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    Cryptocurrency Daily Discussion - December 3, 2021 (GMT+0)

    December 03, 2021

    Cryptocurrency Daily Discussion - December 3, 2021 (GMT+0)

    Daily Discussion - December 3, 2021 (GMT+0)

    Posted: 02 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:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    submitted by /u/AutoModerator
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    Join us for a Talk with JP Richardson, Co-Founder and CEO of Exodus! December 3rd, 3PM ET / 9PM CET

    Posted: 29 Nov 2021 02:00 PM PST

    Staff from Exodus here!

    We're pleased to announce that our Co-Founder and CEO, JP Richardson, will participate in r/CryptoCurrency's next Reddit Talk on Friday, December 3rd, at 3 PM EST!

    Many of you already use us or at least recognize who we are. Exodus is a leading non-custodial cryptocurrency platform on desktop and mobile that many users use to store, manage and exchange over 150 cryptocurrencies. Our goal is to remove the geek requirement and make it fun and easy to learn and use cryptocurrency. No technical talk. No confusing steps. Just a smooth and accessible gateway to the Cryptosphere.

    What will the Talk be about?

    As covered in our Q3 2021 Earnings Call, 2021 has been a very exciting time for Exodus. Just in the last couple of months, our team has released support for the Polygon mainnet, Algorand Governance, and Solana NFTs, as well as integration with SportX and FTX Exchange. The horizon is looking bright, with support for BTC Lightning, more NFT networks, integration of Magic Eden's NFT marketplace, and more on the way! Our goal is to turn Exodus into the go-to hub for all things crypto, from simple hodling and exchanging to dApps, DeFi, and NFT gaming, by the end of 2022.

    JP will be talking about how Exodus has been doing in 2021, how it will evolve in 2022, and his takes on crypto, NFTs, and where it's all headed in the future. He will also be taking your questions from this thread!

    How can you participate in the live Reddit Talk?

    To participate in the Reddit Talk, you need to have the latest version of the official Reddit Mobile App installed on your mobile device. Reddit Talk does not support desktop or third party Reddit applications (yet). You can now listen in through your desktop!

    You'll see this Reddit Talk in the r/CryptoCurrency feed as soon as it goes live, and the link to the Talk will also be posted on this sub as soon as the Talk is live! You can open the link on mobile and it should open the Talk on the Reddit app!

    JP would like to answer all of your burning questions. Many thanks to the mods r/CryptoCurrency for giving us this opportunity. We hope to see you there!

    submitted by /u/exodus_io
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    Porn coins will NOT be the next big thing

    Posted: 03 Dec 2021 12:22 AM PST

    I can't believe that the front page post about porn coins being "the next big thing" has been so massively upvoted. Is it being brigaded? Or do people think it's tagged as comedy?

    Why the heck would we need a brand new coin to buy porn? If I wanted anonymity then surely i'd use one of the already existing, perfectly functioning, time-tested privacy coins like XMR, DASH or ZCASH? Why would I want to take the extra steps of going to some dodgy exchange to buy a coin that I can solely use for one thing? It literally makes zero sense

    Plus, every single of those coins OP listed is an ERC-20 token. I don't know how many of you are familiar with ethereum gas prices (i'm guessing the majority are) but I don't really feel like paying hundreds of dollars in gas fees just to see Tyrone bang somebody's wife. I make transactions with XMR all the time and end up paying a few cents

    Unless i'm missing something here then it's pretty clear that porn coins will NOT be the next big thing

    submitted by /u/damnusernamegotcutof
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    I'm Convinced Porn Coins are Going to Be the Next Big Thing

    Posted: 02 Dec 2021 12:29 PM PST

    Porn Coins: The Next Big Thing

    Dog Coins. Pixelated monkey JPEG NFTs. The Metaverse. These are the "in thing" right now, but their time will pass as the hype fades. What do people use every day? Sometimes multiple times a day? Right now? What will never go away and will always have a market?

    Porn

    The internet may never have reached mainstream status if it wasn't for pornography. Globally, the adult entertainment is a $97 Billion dollar industry and the internet brought porn to people quickly, easily, and (relatively) anonymously. Crypto can take it a step further by providing platforms and secure payments for the content producers and untold potential improvements available in Web 3.0.

     

    Today, AVN stopped monetization on their platform due to discrimination from banks. People say it all the time incorrectly, but in this case, "crypto can fix this." If you consume pornography, do what you can to support the performers. Crypto can genuinely improve their lives. Source: AVN Website

     

    For perspective: Imagine if OnlyFans minted, accepted, or backed a decentralized crypto. Imagine if reddit nsfw subs also allowed tipping in it. That's the potential we're talking about here.

    SpankChain

    SpankChain is a cryptocurrency payment processor that is built on the Ethereum blockchain. The aim is to build an economic and technical infrastructure for the porn industry. To bring the core benefits of blockchain, such as privacy, security, economic efficiency, and self-sovereign identity, to the porn industry.

     

    Recently, SpankChain partnered with JustFor.Fans, an adult entertainment industry fan platform to build SpankyPay. The newly created platform will help users to make payments instantly using cryptocurrencies like BTC, LTC, ETH, etc. Ameen Soleimani founded SpankChain.

    Bitcci

    Bitcci is made up of a group of public stock companies located in the cryptovalley of Lichtenstein and Switzerland (I'm bullish on anything crypto that is Swiss-based). Founded by Christoph Elbert in 2017, the bitcci Group AG is building an entirely new global ecosystem for the next-generation sex industry.

     

    Bitcci's mission is to make the adult entertainment industry legal, safe, and free for anyone who wants to enjoy it. Several bitcci projects will be going live: portals, apps, and other IT solutions in the Q4 of 2021.

    WankCoin

    WankCoin is a cryptocurrency token project built to offer secure and anonymous adult site transactions. It is the leading adult entertainment cryptocurrency and is accepted on over 100 adult entertainment websites. WankCoin is a digital currency built on the Ethereum blockchain. With WankCoin, adult entertainment lovers can enjoy themselves while enjoying their anonymity. Unlike most cryptocurrencies today that doesn't have real-world applications, WankCoin is officially accepted as a means of payment across more than 100 pornography websites.

    Bitcoin Adult (BTAD)

    Bitcoin Adult (BTAD) is a fast, private, secure proof-of-stake community-driven cryptocurrency project. The goal of BTAD is to become the ultimate payment solution for the porn industry. Bitcoin Adult crypto project was launched without ICO funding. The project's main objective is to create an adult cryptocurrency, which people will earn while they watch porn. It is also designed to offer a scalable and sustainable alternative to Bitcoin. BTAD uses proof-of-stake with masternodes for the network's security.

    PornVisory

    PornVisory is a cryptocurrency porn startup based on a decentralized, flexible organization (DFO) standard. Aside from allowing users access to adult content, PornVisory also provides reviews on the most interesting and hot videos, porn news, and rankings. Users can pay anonymously to enjoy adult entertainment without having their identity revealed. By leveraging the Basic Attention Token (BAT) project concept, the PornVisory team seeks to reward users for spending time on their platform. Based on this sub's obsession with BAT, this is going to appeal to a lot of users here.

    Conclusion

    You want more and better porn, right?

    1. These coins/platforms allow for anonymity
    2. These coins/platforms allow for security
    3. When performers are safer and compensated, they'll make more content

    TL;DR - Porn coins haven't blasted off yet. I'm betting the explosion will come soon. Don't act surprised when it hits you in the face.

    Partial Source

    List of some other coins (not platforms)

    submitted by /u/velocipedic
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    Crypto.com Marketing Spend

    Posted: 02 Dec 2021 11:34 PM PST

    I work in advertising sales at one of the largest media & entertainment companies on the planet. We closed a 1-year deal this week with CRO. Without sharing the exact number, I will say that their marketing spend is the single largest 1-year deal I've ever worked on in my 8-year career working with 400+ domestic & international advertisers. Their campaign kicks off next week & runs thru 2022 on National TV, digital, etc. If they're spending this much on our networks, that means they're likely spending just as much with the other major media networks/companies/platforms. Factor that in with their [former] Staples Center arena naming deal and their partnerships with UFC, Formula One, etc.. and you've got one of the largest marketing spends in recent history. I would not be surprised if they break some type of record for 1-year media spends. If Crypto.com isn't already household name, I am absolutely certain that the size of their 2022 marketing campaign will make them one early next year. As the crypto space continues to trend upward in terms of mainstream adaption, my only hope is that casual first-time crypto investors will turn to Crypto.com if they want to dip their toes in the crypto space. They're literally gonna see their ads everywhere. It'll be natural. I'm not sure what that'll do to the price/value of CRO (I'm no crypto expert) but I'd like to think their marketing efforts will yield positive results.

    Disclaimer: Been a passive follower of this subreddit for a little while. Just paid & signed up to be a member today so that I could post. This is literally my first post ever. Just figured I'd share some info I think may be somewhat valuable to the community. Everyone knows crypto.com has spent a lot to get their name out there, but I don't think most people really know how much. Just wanted to really put into perspective how massive their 2022 (& beyond) marketing campaign will be. Literally record breaking…

    Edit: Also want to add that I'm currently involved in a similar 1-year negotiation with Coinbase, but their 2022 spend (with my company) is like pennies in comparison to Crypto.com.

    submitted by /u/TheGalactico
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    Tax Tidbits From a CPA (US)

    Posted: 02 Dec 2021 05:51 PM PST

    Without doxxing myself, I've been a CPA (specifically, a tax accountant) in the US for about 10 years. Recently at my firm, I've been included in a small group of professionals forming a network of crypto tax consultants and specialists. As I truly love the crypto community, the best contribution to this sub I can think of is to try to 1) put together a few tax tidbits and 2) to answer every tax question that I can in the comments. Reading alot of comments and posts in the sub, I'm a bit concerned that my fellow crypto enthusiasts are going to put themselves at risk of the IRS by not fully understanding the extent of their activities. Now before I start answering, I'll add that anything I say should be used as a guide to either do further research on your own to understand your tax situation as it relates to crypto, or to acknowledge that your tax situation may be over your head and you should seek out a tax professional. There are tax resources such as koinly, and while I don't use them personally, I believe they are worth the investment - but I also want people to understand their own tax situation to make sure any paid service is handling your situation correctly.

    Without further adieu, here are a few items of general knowledge and feel free to ask questions below and I'll try to answer everything (I'm operating under the assumption this post will generate probably 25 comments, so if for some reason it blows up, be patient and I'll try to get to everything). This will also be entirely US specific, anyone outside of the US, I'm sorry but I'm in no position to give tax opinions.

    1) Your exchange, wallet, etc will likely not issue you a 1099-B for your trading activity, so don't count on getting any help from them, other than your transaction details. This won't be required for a few years and was part of the infrastructure bill.

    2) Every crypto you swap, exchange, convert, sell, earn lending/bonding reward, mine, earn staking rewards, receive airdrops on is a taxable event in the current year.

    3) To emphasize the point above, this includes MOONS. Yes, all of those MOONS you receive via karma distribution should be picked up on your tax return. Same as BAT rewards by using Brave.

    4) The value you pick up on any rewards, mining, staking, airdrops, faucets is the fair market value at the time of receipt. You should be tracking this on your own or using a service.

    5) The amount you pick up into income is now your basis. Basis is "cost".

    6) Mining is considered self-employment income and should be reported on Schedule C, which differs from staking which would be picked up as other income, along with the other items not including selling, swapping, exchanging.

    7) Sending a crypto from one wallet or exchange to another is not a taxable event - though you should track your transaction fees to include in your basis.

    8) NFTs are treated the same way as everything above.

    9) Keep good records. If you do not maintain good records or lose them and are not able to substantiate your cost basis, the IRS could make it $0, which would increase taxes you owe.

    10) Holding period can give tax benefits. If you sell something you've held for a year, it's a long term capital gain and is taxed at preferential rates. Less than a year is at ordinary rates.

    11) You are supposed to report the date purchased, date sold, cost, and sales proceeds of EVERY sell (exchange, sell, swap). Even if this results in $0 gain or loss.

    12) Wash sale rules don't apply, however, selling something and immediately buying it back for tax loss harvesting could violate economic substance rules and on audit, the loss could be disallowed (it would likely be incorporated back into your basis).

    13) Monero won't save you from paying taxes. Nor will boating accidents.

    14) You can trade crypto using crypto/bitcoin IRAs and the gains are tax free, but you can't pull out until retirement. I don't utilize these services, but they exist.

    That's what I can think of for the time being, I'll make an edit if anything else important pops into my head. I hope this and any questions provide some useful information to people in this sub. Best of luck to all!

    TLDR: Taxes are hard, if you don't have your arms around it, seek a professional and bite the bullet and pay. Feel free to ask tax questions below and I'll answer what I can.

    Edit:

    15) Earning rewards via a debit card like coinbase is NOT taxable. It is considered a purchase discount. You would have no income to report and your basis would be $0. When you sell those coins you've earned, your gain will be 100%.

    16) April 15th is a ways away, so you should use time now to start gathering all of your data. If for some reason you can't get all of your data by 4/15, you can file a Form 4868 which will extend your tax due date to October 15th (you still have to pay all of your taxes you expect to owe by 4/15 - the 4868 just gives you time to finalize your return).

    17) To expand on the mining bullet earlier, as it's considered a business, you are able to take deductions against the mining income (equipment [bonus depreciation is your friend], electricity, other supplies). This will offset some of the tax impact especially in the early going.

    18) If you had crypto gains you didn't report from Tax Year 2017 and earlier, it's likely those audit windows are closed, though some exceptions apply.

    19) Staking presents unique challenges as sometimes rewards are earned by the minute. There is no way to calculate income on this by the minute and I consider anything less than monthly to be an undue burden. For my personal taxes, I calculate income from staking rewards, like ALGO, monthly. I take my total rewards for the month and multiply them by a price from coinmarketcap around midnight. I do this consistently with all of my coins and feel it's a reasonable and fair method.

    Lastly, this post blew up with questions, which is great because I'm happy knowing I'm helping alot of you. With that said, it's taking more time than I planned to get to everyone's question, especially with a wife and young kids - but I still plan on answering every questions on this thread, so if I haven't gotten to you yet, rest assured I will be in the next few days.

    submitted by /u/RandyThePandy
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    Here are a list of coins/tokens I invested in many moons ago and are now worthless.

    Posted: 02 Dec 2021 10:44 PM PST

    Thought this might be fun. Since I bought a majority of my crypto a while ago I left it for some time and recently reviewed much of it to make sure I didn't need to do anything. Several needed attention (chain swaps, upgrades, etc) and it was a good exercise to make sure my Ledgers were updated, confirm private key and recovery phrases. In doing so I was reminded of this slew of crap that I didn't know better about back in the day. Enjoy my $0 pain...

    • INS
    • EMO
    • GNT
    • SHP
    • VIU
    • SNGLS
    • UCASH
    • HQX
    • FTC
    • SPHTX
    • QLC
    • TRC
    • HORSE
    • ELIX
    • IDH
    • ITC
    • RPX
    • DBC
    • SRN
    • ENG
    • TKY
    • JACK
    • BPT
    • OCN
    • NCASH
    • EZT
    • DSPX

    So.. DYOR

    **Edit, so back in the day should be clarified. I first got in to crypto in 2013. I think a lot of this happened around 2015 or 2016. The whole game was quite different back then. But throwing a bunch of cheap darts at the wall to see what sticks was a diversification strategy. It was a small percentage of my holdings at the time. Sure, it would be nice to all be winners but it was also a fun and exciting time to be throwing crypto around. A mythical time before hardware wallets.

    submitted by /u/whodkne
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    If you died suddenly what would happen to your crypto?

    Posted: 02 Dec 2021 03:04 PM PST

    I know for sure that mine would be joining the great satoshi in the sky. My wife and children have no idea about crypto apart from the fact that Bitcoin is mentioned on some shows they watch.

    Mine is tied up in CEX, DEX, DEFI, Staking, multiple wallets, OHM's and everything else. How do I do possibly leave instructions on how to retrieve this? I'm not even sure how to leave them my mnemonic phase without my lawyer draining a first, let alone how to cash it out.

    What is your plan if the worst happens?

    submitted by /u/cyclicalwand
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    Friendly reminder that the fiat money in your bank account doesn't exist.

    Posted: 02 Dec 2021 06:14 AM PST

    It seems like everyday, there's a media talking head laughing at cryptocurrencies by saying it's "magic internet money" that doesn't really exist in the real world. They are telling us that BTC, ETH and such are basically worthless because it doesn't have a physical existence and are not backed by a government.

    Well, those people conveniently forget that fiat money doesn't exist, either. Well, most of it.

    You see, banks are allowed to leverage their holdings in what is called the fractional reserve banking system. If you deposit 100$, for example, they only keep a fraction of that money in cash (let's say 20$), and they use the remaining 80$ to generate yield, generally by lending. What that means is, if every customers of the bank tries to cash out in a short amount of time, the money won't be there, because it's been lent and doesn't exist anymore.

    When you deposit cash in a bank, what you get in return is basically a glorified IOU. Should the bank get into trouble, your cash could very well disappear.

    Now, of course, the governement can intervene to prevent such bank runs. But it's always in the favor of the rich. That's what happened in 2008-2009 : the fat cats got bailed out, while the ordinary citizens went into bankruptcy. And it only works in stable countries ; when you live in a failed state, the government won't help you in such a crisis.

    Compare that with crypto. If you are in control of your keys, and assuming their are not compromised, nobody can access your funds without your permission. Not the wallet devs, not the government, not the DEX. Nobody. You are in full control, and you will still be in control even if the governement of your country collapse.

    In that sense, I think that cryptocurrencies are actually more real then fiat money. Decentralised networks are much more resilient then centralised authorities, and therefore are more likely to survive in the long-term.

    I think we still got a few years ahead of us before the mainstream media catches up with this revolution. Until then, I will accumulate as much as I can.

    submitted by /u/busterrulezzz
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    CNN Business: Inflation can actually be good for everyday Americans and bad for rich peopple.

    Posted: 02 Dec 2021 09:46 PM PST

    I'm curious whether people buy this shit. Inflation is good for the poor but bad for the rich lmao. Who writes this nonsense. "You see, you broke already; it doesn't matter if you more broke now, it's a double negative and shit when you multiply two negatives it becomes positive. If you are rich, it's a positive, and since inflation is negative when you multiply, it becomes a negative. So you see, it's basic mathinomics, and if you question it, you prolly just stupid. Respectfully."

    Being in debt before the hit of inflation works to your advantage because technically, you now owe less money. Financially educated, wealthy people know how to use debt to their advantage. Broke people use debt to get into more debt. The rich can borrow against their own money and skip taxes; they can also pay back fast, so no need to pay the interest rates. Broke people pay the minimum, not realizing that their interest rate compounds against them. That's how you get those videos on YouTube of students crying because they have been paying their student loans for three years and end up owing more than what they started with, lol.

    submitted by /u/Pupulikjan
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    India's richest person Mukesh Ambani: "We have to adopt decentralised finance. Everything will settle in realtime. Smart contracts will be real. Blockchain is a technology I believe in."

    Posted: 03 Dec 2021 01:46 AM PST

    Ever since joining the crypto world, I’ve cut my spending down by over 95%.

    Posted: 02 Dec 2021 05:09 PM PST

    Before I begun my adventures in the crypto world, I was spending more money than I was making.

    Fancy clothes, jewelry, Pokémon cards (some are pretty damn expensive for reference), takeout, electronics, etc. I couldn't care less about how much I was spending.

    But now, things are different. I've changed my perspective on money. Being almost 21, I want to get ahead and pave a way for my future. I'm thinking before I spend my money: "is this a need, or a want?". "Do I really need this?"

    All that money I would've spent on useless items, I'm now relocating into crypto, (and other means of investments as well). I'm taking my time to research what I'm buying, and thinking long term; using that money to make me more money.

    This may be easier said than done, but it's absolutely doable. I'm glad I took this path before it was too late.

    Edit: Thank you all for the kind words, it's really reassuring, and I appreciate every single one of your comments! God bless.

    submitted by /u/mygallows
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    Anyone else gets this random thought sometimes that crypto can suddenly crash anytime even up to 90% and gets shit scared for a second ?

    Posted: 03 Dec 2021 04:51 AM PST

    I know crypto isnt going anywhere and trust in it but sometimes seeing that history of how far we have come just this year, I feel anxious of a crypto crash and it can all happen in the blink of the eye

    Just this random thought comes and touches my brain , what if everything just falls apart and crashes, especially alt coins. I just keep doing something and this hits me .

    I always consider the best possible outcomes filled with hopium and then I start to get anxious and start to think how wrong I am and everything will come crashing down.

    Dont worry its just comes for a second and goes away when I start daydreaming about how I'll be buying my own island .

    submitted by /u/Wabi-Sabibitch
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    Crypto CEOs Head to Capitol Hill to Confuse the Hell Out Congress

    Posted: 02 Dec 2021 02:15 PM PST

    Every time I wanna buy something nice for myself I always think of how I could buy coins instead.

    Posted: 02 Dec 2021 09:04 PM PST

    Does anyone else have this same thought pattern? I was Xmas shopping today and saw a new pair of shoes in a store. Now I'm a real frugal bastard so I wear all of my clothing until it basically falls apart. Same goes with everything else. However since I've started investing it's even harder to try to justify these types of impulse purchases. The conversation today literally went "yeah I could buy this pair of adidas but do you realize you could just load up on more alts?" Well here I am at home with the same old pair of shoes but I bought more coins. One day I hope I'll finally splurge and do something nice for myself.

    submitted by /u/Fmtservices
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    Crypto Drama S1E1: 1Inch has increased it's circulating supply from 181 million to 395 million without notice in one day.

    Posted: 03 Dec 2021 04:31 AM PST

    Good day ladies and gentlemen, this is your host DEDSEC on air reporting the latest dramas and beef that take place on the cryptoverse.

    In this episode I bring it to you live in 1Inch drama that has been taking place in their telegram chat for the past couple of hours.

    The issue at hand would be the unlock if 214,000,000 1Inch tokens being added to the circulating supply of the project without any announcements in a single day.

    An unlock was scheduled for Dec 31st as per their own site but they seem to have failed to flow it causing investors to be even more worried.

    The Russian telegram chat has been locked due to alleged "bot attack" and the admin states "this fud will not make anyone better"

    1inch declined to comment on the situation with us but we will make sure to update if there are any developments. Thanks for joining the CryptoDrama enjoy your Christmas.

    submitted by /u/_DEDSEC_
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    I can't take the Metaverse seriously. Most of it poorly designed crap with minimal thought put into it.

    Posted: 03 Dec 2021 02:35 AM PST

    When trashy graphic VR land is more expensive than the real physical land, i do not get the point of mass adoption.

    If big developers were in it (such as rockstar studios and Bethesda) then it would make sense as allot of though would be put into it, they have a good engine, graphics, activities and connectivity with players.

    I tried Decentraland, it is boring, lacks activites and more importantly the prices of land and items are outrageously high (despite their poor design/utility). Not much though is put in by the developers.

    Mass adoption is out of the question. The only use case i see are a bunch of crypto millionaires having a VR party in Decentraland (sounds hella dumb).

    I would rather spend money on Fortnite costumes (which are at least brilliantly designed). I dont even like Fortnite.

    I see the same case with NFTs. BAYC and Crypto Punks are og's but the rest are plain copy of original idea. Rest of procedurally generated crap is undermining works of amazing desiners and artists.

    submitted by /u/hanhan92
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    Affordable Loss Check: If you lost all your crypto holdings right now, how would it effect you?

    Posted: 02 Dec 2021 05:11 PM PST

    Everyone knows the golden rule of crypto, right?

    "Only invest what you can afford to lose!"

    So this post is a simple check-in for you to see where you are at with your investing.

    If you were hacked, lost your seed phrase in a boating accident or any other way of losing your crypto, how would it effect you and would you financially (and mentally) be okay?

    This is an incredibly important thing to be aware of and to keep in mind while we are getting into the can of worms which is crypto trading.

    Especially if you already have trouble managing finances, I really encourage everyone to be as aware of their situation and what would truly happen if you lost all your holdings.

    I know I would be pretty devastated from losing my holdings & I think mentally it would be hard for me. However financially I think I would be okay short term & long term.

    submitted by /u/ImLinker
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    Miami Becomes First U.S. City To Deploy Air Quality Monitoring Network Based On Algorand (ALGO) Blockchain

    Posted: 02 Dec 2021 09:00 AM PST

    Brace yourselves - upcoming crypto startups will likely focus on metaverse, blockchain gaming, NFTs

    Posted: 02 Dec 2021 06:54 PM PST

    I'm looking for new crypto projects, but I stumbled upon something I think is worth sharing here. Hashed (it's a venture capital firm) launched a USD 200 million fund that plans on growing Web3 startups. The focus here is likely metaverse, blockchain games, NFTs, and even DeFi.

    It's then safe to assume the next big crypto startups will involve a lot of NFTs and gaming, and some DeFi along the way. This seems a big deal because Hashed also raised USD 120 million last year to fund startups like Mythical Games, dYdX, and NFTBank.

    Numbers-wise, the first fund was invested into companies via checks of USD 1 mil to USD 10 mil, so it's probably wise to think the case is the same here. And apparently the new fund has already begun investing and will be fully deployed in around ~2 years.

    It makes sense to see why NFT and gaming become the next focus of the next round of crypto startups to pop up today, and it might help to brace ourselves for their arrival and maybe plan our investments accordingly. I'm not super sure if it's wise to invest in NFT games on the get-go, but I hope this helps.

    submitted by /u/MaragretDurbin
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    What's all this talk about adult video coins? Y'all need JesusCoin!

    Posted: 03 Dec 2021 02:45 AM PST

    Edit: Been getting some nasty private messages for this, so here's a disclaimer

    TRIGGER WARNING. THIS IS ALL MEANT AS PARODY AND I DID NOT MEAN TO HURT ANYONE'S FEELINGS OTHER THAN THE ORIGINAL PORN COIN POSTER.

    Church Coins: The Next Ethereal Thing

    Porn Coins. Un-Pixelated Dungeons & Dragons JPEG NFTs. The Satanverse. These are the "in thing" right now, but their time will pass as the hype fades. What do people use every day? Sometimes multiple times a day? Right now? What will never go away and will always have a market?

    Jesus 😇😇😇⛪⛪

    The internet may never have reached mainstream status if it wasn't for the creation of man as the image of God. Globally, the Catholic Church spends a $4.5 Trillion Dollars a year and innovation brought Jesus to people quickly, easily, and (relatively) not-anonymously through forced evangelism/colonialism. Crypto can take it a step further by having the Church pay even less tax on everything and nobody getting to know shit about where the money comes from or where it goes!

    For perspective: Imagine if St. Peter minted, accepted, or backed a decentralized crypto back in 33AD how fucked up great everything would be!

    IndulgenceCoin

    Pay your way to a crypto NFT heaven on Decentraland with IndulgenceCoin! Originally abolished in the 20th century but they didn't specify cryptocurrencies back then! If you don't pay then your MetaSoulTM will stay in NFT hell (Logan Paul's NFT collection) for all eternity.

    JesusCoin

    JesusCoin is a cryptocurrency payment processor that is built on the Ethereum blockchain. The aim is to build an economic and technical infrastructure for the Catholic Church to funnel even more cash into unknown bank accounts!

    Recently, JesusCoin partnered with JustFor.JesusFans, an evangelical entertainment industry fan platform to build JesusPay. The newly created platform will help users to make payments instantly using cryptocurrencies like BTC, LTC, ETH, etc. Some guy named Jacob from a small town in Mississipi founded JesusCoin after he repressed his sexual feelings.

    Orthodoxci

    Orthodoxci is made up of a group of public weird looking Bishops dressed in black located in the cryptovalley of somewhere in Eastern Europe (I'm bullish on anything crypto that is from a religion I have never heard of). Founded by some dude who also wanted as much money as the Catholic Church, the Orthodoxci Group AG is building an entirely new global ecosystem for the next-generation Gucci shoe wearing Instagram Bishop industry. For a small fee they'll bless your T-14 and up to 25 shells!

    YouthPastorChain

    YouthPastorChain is a cryptocurrency project built to offer secure and anonymous cringy videos that will make your kids shiver. It is the leading annoying cryptocurrency and is accepted on over 100 churches in towns with a high rate of growing agnosticism. YouthPastorChain is a digital currency built on the Ethereum blockchain. With YouthPastorChain, adult people can enjoy themselves while annoying little kids. Unlike most cryptocurrencies today that doesn't have real-world applications, YouthPastorChain is officially accepted as a means of cringe across more than 50 states!

    ThesesCoin

    💎 ThesesCoin 💰 CG + CMC Imminent | Heavy Marketing campaign | LP Lock 1y | Audited by Judas | Safu | Big bloggers on board such as: Martin Luther | Poocoin ads running | Double rewards | Low Tax | Weekly Lottery | Great community | Lambos + Models in our TG chat | Preparing for a big push forward | Only 95 holders! | Before the rooster crows you will have a guaranteed 3x

    For more HeavenShots go to /r/CryptoHeavenShots!

    TL;DR - Jesus coins haven't blasted off yet. I'm betting the explosion will come soon. Don't act surprised when it hits you in the face.

    Partial Source

    😇⛪

    submitted by /u/DazingF1
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    Asia’s Richest Man Mukesh Ambani Says He ‘Believes’ in Blockchain Technology

    Posted: 03 Dec 2021 03:45 AM PST

    Celsius may have lost 900 BTC ($50 million) to the Badger DAO hack

    Posted: 02 Dec 2021 08:04 PM PST

    I just came across this twitter thread saying Celsius lost 900 BTC to the Badger DAO hack

    Recently Badger DAO (a defi protocol Celsius might have been using) was hacked and $120 million was stolen.

    The hackers managed to gain access to the website and add a malicious script that drained funds from users' wallets.

    The user who lost the most money to the hack was this address (0x534) who lost 896 wBTC. It is believed that this address is owned by Celsius since it has interacted with other addresses known to be owned by them.

    Here's why it's believed that that address was owned by Celsius.

    TLDR: 0x534 (the address who lost 896 BTC) seems to be connected to a lot of addresses connected to Celsius.

    0x534 regularly sends big amounts of funds to another address (0xdb3). You can see a transaction like that here, where 0x534 sent 125 ETH to 0xdb3. It also received funds from 0xdb3 frequently,

    0xdb3 has a $67 million balance, of which $40 million is in CEL

    0xdb3 is also related to another address (0x4f6) that's owned by Celsius (tagged as Celsius Network Wallet 5 on Etherscan).

    These two addresses interact with each other frequently, you can see 0xdb3 and 0x476 sending large amounts of funds to each other repeatedly. (0xdb3 sends 514k BUSD to 0x4f6 , 0x4f6 sends 6 million USDT to 0xdb3)

    0x534 also sends funds to another address (0xef2).

    0xef2 is also related 0x4f6 (Celsius Wallet 5) . You can see 0xef2 frequently receiving funds from 0x4f6. (0x4f6 sends 6 million USDT to 0xed2)

    0x534 also interacts with another address (0x5fa) (0x534 sends $2.2 million in CRV to 0x5fa)

    And 0x5fa also interacts with 0xdb3 and 0xef2 (0x5fa sends $50k in CRV to 0xdb3, 0xef2 sends $700 in ANKR to 0x5fa)

    ​

    All this means that there's a high chance that the address who lost 900 BTC was owned by Celsius. Celsius has not confirmed anything yet, so this is all speculation for now, so we don't know for sure if Celsius was affected or not.

    submitted by /u/AutisticDalekOnSpeed
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    Crypto.com launch Crypto University

    Posted: 03 Dec 2021 04:23 AM PST

    Crypto.com has Just launch Crypto University (No, they don't pay me to shill alas)

    You can now learn more about crypto world and earn Diamonds, with Diamonds you can open boxes and win CRO (To "join" the cuniveristy you need the app, every 25 Diamonds you can open a box)

    And it's a super good thing because lot of people are joining Cryptocurrency world thanx to CDC massive ad campagns

    Link to the University: https://crypto.com/university

    I think that they look at this sub because 2 days ago someone asked for It and they delivered

    Time to "study" guys, First course Is very Easy and about Bitcoin, let's see how It evolve

    submitted by /u/N4zghul
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    Smart or stupid? My friend is putting his future down payment into USDC and lending on crypto.com for 10% APY for 1 year

    Posted: 02 Dec 2021 08:17 AM PST

    My friend who introduced me to crypto just told me about this.

    His plan is to turn his (sizeable) down payment into UDSC and tuck it away on crypto.com in 3-month lending periods that are 10% APY each, until he needs to withdraw it when he finds a home sometime late next year.

    He says UDSC is the only trustworthy stablecoin for him and that crypto.com is the safest and simplest place to lend stablecoin so it will take virtually no effort and be better than earning a pathetic .06% interest through a bank or elsewhere.

    ...but there must be some greater inherent risk with doing this right? Even on a big platform like crypto.com? Could it be stolen, etc.? If not, why isn't everyone doing this?

    submitted by /u/Yesyoungsir
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    Terra (LUNA) for beginners. Terra is an ecosystem of stablecoins and this is why it matters for all of crypto.

    Posted: 02 Dec 2021 04:58 PM PST

    Terra (LUNA) for beginners. Terra is an ecosystem of stablecoins and this is why it matters for all of crypto.

    Source: terraluna subreddit

    The thesis of this post is: Decentralized finance deserves decentralized stablecoin. And why Terra has solved this problem. Terra stablecoins are a service that meets the needs of all blockchains for stablecoins.

    The Problem With Stablecoins

    Millions of people have lost their money for taking their money out of shady greedy banks and trusting even shadier greedier banks: Centralized exchanges. The community of devs rallied and have given us DEX (Decentralized Exchange) and DeFi to solve these problems. They are truly beautiful

    But there is even shadier bank in this community: stablecoin issuer.

    A lot of conversations center around, which of the stablecoin issuers is the safest and the answer is none of them. We all know Tether is extremely shady in their backing. USDC also caught lying with their 1:1 backing. But there is one bad thing they have in common: they can freeze your stablecoin anytime. Even in your own wallet.

    But nevertheless, we need stablecoins, they allow placeholder value for trading in and out of crypto without needing to interface with legacy banking systems.

    DAI and MIM is amazing and I love it. However, it will always be limited by scalability. for every $1 in existence there needs to be >$1 locked. This is the fundamental limitation of all commodity backed currencies, they cannot expand to satisfy real market demand for them. By that virtue there will never be enough of it to go around and facilitate commerce. Not to mention DAI are currently 50% backed by USDC, nulling the decentralized story, but I heard they are fixing this.

    How Terra the centralization and scalability:

    Terra stablecoins are native assets of the blockchain. They can even be used to pay gas fees on the blockchain (think of it as paying for Ethereum gas fees with stablecoins instead of ETH). These stablecoins are fully decentralized, trustless, and censorship resistant. They are native assets of Terra and thus are fully protected by the decentralization of the terra blockchain.

    Terra stablecoins are also not limited to one blockchain. They can easily be sent to other blockchains so users can enjoy decentralized stability in whatever blockchain they desire. Right now you can use UST (Terra USD stablecoin) on Solana, Ethereum, Harmony, BSC and soon all of the cosmos blockchains.

    Terra is a SERVICE blockchain ready to serve the entire cryptocurrency world.

    Finally, Terra stablecoins can expand rapidly and without bounds to meet the needs of the economy. If there is a lot of demand for dollars, more stablecoins can be minted, if not they are burned to meet demand.

    Thus Terra fixes the centralization issue of stablecoins and the scalability issue of DAI.

    An algorithmic stablecoin that works.

    How TerraStables keep their peg, how your funds are safe. Terra vs Iron/Titan:

    Luna is the native token of the terra blockchain. $1 worth of Luna can be burned to mint $1 UST. $1 UST is burned to mint $1 worth of Luna. Since the blockchain will always gives you the equivalent amount of Luna for a stablecoin arbitrageurs maintain the price of Stablecoins if the deviate from its peg.

    Example:

    • UST is valued at $1.05 on Binance: You buy $1 worth of Luna and then burn that Luna for 1UST. Then you can go sell that UST on Binance and receive $1.05. You earned 5% and by creating sell pressure on UST it goes back down to be worth $1.
    • UST is valued at $0.95 on Binance. You buy 1UST for $0.95. You burn that UST for $1 worth of Luna. You sell that Luna for $1. You just made $0.05. Creating buy pressure on UST taking it up to its $1 peg.

    The astute among you would note that the second scenario puts sell pressure on Luna and only works if there is demand for LUNA. That's true. Without buy pressure on Luna you cannot sell $1 worth of Luna. And if Luna is valued too low more and more is minted infinitely and you end up like Titan.

    These are why there will always be demand for LUNA:

    • Unlike most proof of stake blockchains, validator rewards on terra do not come from inflation, rather they are 100% from transaction fees. These fees can be pain in either Luna or Terra. So regardless of the price of Luna, validators are getting paid a constant stream of Luna/or stablecoins depending in whatever users decide to pay fees with.
    • These transaction fees alone make it so that purchasing Luna and staking is a profitable endeavor. If Luna price collapses, there will be buy pressure from all the people that understand Luna and buy Luna to stake and makes huge amounts of money from transaction fees. Assume the worst case scenario, like Titan everyone apes out of the Terra applications and the price of Luna collapses. In that case Luna price can still not drop since validators will take that opportunity to buy Luna to get dividends from transaction fees.

    In conclusion the most important thing to allow Terra stablecoins to keep their peg is activity on the terra blockchain.

    UST Lost Its Peg During May Crash?

    When I get to this point in the explanation, DYOR users will point out that UST lost it's peg for 5 days dipping down to $0.93 when all cryptos crashed in May. For security reasons the amount of Luna that can be minted/burned per day should be less than liquidity off-chain (binance, kucoin, ethereum, etc).

    From January to May, UST went from a few millions to $2b market cap. The liquidity off chain was thus $2B but the amount of Luna that can be burned/minted was not adjusted for this. So when UST went bellow $1 not enough UST could be burned per day to arbitrage the price difference. This value has since been increased to reflect the fact that UST is now $10b market cap.

    What's in Terra Ecosystem?

    • Anchor Protocol: Stable 19.5% YIELD for stablecoin deposits. This beats Aave, Celsius, Blockfi, and yes, your bank.

    But how?! Anchor only allows staking assets as collateral. Interest from borrowers + Staking collateral yield = 20% +- (some range). When the financial gain is >20% the protocol gives out 20% to depositors and saves the rest in the reserve rainy day fund. When people arent borrowing it taps from reserve to pay out 20%. Currently reserve is $66M and growing.

    You can buy insurance from 3 companies for smart contract risk. and 1 company offers bundle smart contract+peg insurance.

    https://preview.redd.it/5r0q7iahz7381.png?width=846&format=png&auto=webp&s=7534deb960ace7178cf43645e8eea12b7b1bc7ea

    • Mirror Protocol: Invest on real world stocks like Amazon, S&P500, Netflix, Apple, Gamestop... You can buy these stocks to invest, or short them to make wallstreetbets proud. You can also join the safest Liquidity Pools on Crypto. With LP you always risk on of the two assets' price dropping, but here you are betting on world class company stock which won't be going to zero anytime soon.

    https://preview.redd.it/54kj1dn678381.png?width=833&format=png&auto=webp&s=66eb5fe2a10a5f55ba6889197257067058095531

    • Pylon Protocol: So you enjoy aping your money into new projects? Well Pylon let's you do lossless investments. Instead of paying $100 for a new coin, it lets you deposit money into Anchor Protocol and use the gains to buy new project coins. It will also allow you to pay for subscriptions (thing Netflix membership) by paying with yield instead of your principal. Imagine renting a car and getting all your money back at the end of the rental.

    https://preview.redd.it/cvxtfsx878381.png?width=846&format=png&auto=webp&s=e8d6082d91b28538bb6bf9f97773de6d83a4d83c

    • Upcoming you should look into: Astroport and Mars protocol

    Terra achieved 5B total value locked with just 10 dApps. That says a lot of the quality of each of them.

    submitted by /u/petanibulan
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    Inflation in Turkey is now so High that even Apple refuses to Sell their Products for Turkeys Currency, Value Nearly Halved as more Turkish People Consider escaping to Crypto

    Posted: 02 Dec 2021 11:14 AM PST

    Inflation in Turkey has reached a new all time high of nearly 20%, the value has nearly halved compared to the also inflating dollar since the beginning of 2021

    Imagine if all your wealth is halved in less than 12 months, the wages also have clearly not doubled

    Now even Apple refuses to sell products for the Lira

    But what did the President of Turkey do to help with this situation?

    • Fired the 5th central banker in a row

    • Declared "War on Crypto" (because Crypto is the problem and not a "stable currency" which halves in less than 12 months)

    More and more people in Turkey now begin using Crypto to escape this dramatic devaluation of their wealth, a bit of volatility or earning interest on stablecoins is better than your money halving every few months

    (source 1)

    (source 2)

    (Fun fact: everytime their President fires the next central banker Google searches for Bitcoin soar across the country)

    submitted by /u/Dwez1337
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