Cryptocurrency Daily Discussion - January 19, 2022 (GMT+0) |
- Daily Discussion - January 19, 2022 (GMT+0)
- Cointest Updates: Top-10 winners, Coin Inquiries is ending soon, new rule introduced, recruiting new bot devs.
- Why is everyone so sure that crypto will always bounce back strong at some point?
- 12 reasons Cardano can't scale in 2022
- Goldman Sachs in 2017: Only Criminals use Bitcoin | Goldman Sachs in 2022 after their Rich Clients invest: Bitcoin is competing with Gold and could reach to $100,000
- Doge has a single wallet with more than 23.17% of all the Dogecoin in circulation and it can be rugpulled at ANY moment.
- Crypto scams. How not to fall for them. What to do if you have fallen for one. I made a promise and this is an attempt at keeping it.
- Welcome to the Crypto Internet of Sexual Degeneration
- Why Wall Street Attempts to Suppress Bitcoin Price will Ultimately Backfire and Favor Diamond Handed Hodlers (I tried to simplify it - this is important!)
- Polygon has invested in basically every potential scaling solution for scaling Ethereum:
- Why do people think that the ban of mining will have any significant impact on the fight against global warming?
- Most Investors (especially new ones) are better off using a CEX for their crypto ventures
- A total of $5.9 billion in ETH (1,556,769 ETH) was burned since EIP-1559 was implemented. That's more than the market cap of Ethereum classic.
- Intel may soon enter the Bitcoin mining business with its new “Bonanza Mine” chip, described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC
- When Bitcoin goes to $100k, I'm going all in.
- A User Lost 26 Bitcoin To A Scammer Pretending To Be MicroStrategy CEO, Michael Saylor - The Crypto Basic
- Tinyman DEX from Algorand is back online!
- I think that even if I find a coin that will do x1000 up, I will still sell it long time before it reaches some big price
- CRYPTO SECRETS - what no one tells you
- Hedera Governing Council Votes to Purchase Hashgraph IP, Commits to Open Source
- Types of Moon Farmers
- Ethereum Beats Visa In Terms Of Values Moved In 2021 ($11.6 Trillion and $10.4 Trillion Respectively)
- Mexico using pig manure to mine Bitcoin: Watch how Biomining converts shit to digital gold
- Bitcoins that are trading on exchanges aren’t bitcoins. When you hold BTC on exchanges you don't hold Bitcoin but " Bitcoin IOU".
- Influencers are pushing NFT/Metaverse onto you- companies are using it as form of advertising. Be. Careful.
- Gold Miner Says Investors Prefer Hedging Against Inflation With Gold, Not Crypto
| Daily Discussion - January 19, 2022 (GMT+0) Posted: 18 Jan 2022 04:00 PM PST Welcome to the Daily Discussion. Please read the disclaimer 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.
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| Posted: 19 Jan 2022 09:10 AM PST | ||
| Why is everyone so sure that crypto will always bounce back strong at some point? Posted: 19 Jan 2022 12:07 AM PST This isn't fud or anything. I actually have most of my money in crypto so I make posts like these somewhat in part for my own sanity too and the discussions on these topics. I notice a lot of smart people who analyze the market seem to think there's always a strong likelihood of reaching new highs in the future. IE- the market may go down a lot and reach bear markets but somehow it will bounce back and eventually reach new all time highs at some point for bitcoin, etherium and others. I'm curious to ask here- how confident are you that crypto will continue to do this and why? 👨🌾 [link] [comments] | ||
| 12 reasons Cardano can't scale in 2022 Posted: 19 Jan 2022 04:56 AM PST This post is a reality check on IOHK's latest investor disinformation campaign: https://iohk.io/en/blog/posts/2022/01/14/how-we-re-scaling-cardano-in-2022/ Tldr: It's great to see they are starting to acknowledge Cardano's scalability problem, or at least pumping the brakes on their unsubstantiated claims of having solved the trilemma. For the first time, 2021 saw the Cardano community publicly acknowledge some of the limitations of their design that critics have pointed out for years. We've come a long way since IOHK was still pretending this was almost ready to go: https://nitter.net/iohk_charles/status/1287481374224420864 1. BLOCK SIZE/ 2. MEMORY/ 3. STORAGE INCREASES The bigger the blocks, the higher the memory, and the more storage- the faster the chain. Basically every chain that isn't already run on super computers can increase blocksizes, memory or storage requirements if they are OK with more centralization and less stability. That's the trade off. That's true for Cardano, and it's true for every other chain. But how much room does Cardano have to increase parameters? Cardano already has pretty much the same blocksize as Ethereum (72Kb vs ETH's average of 80Kb) and dramatic increases in blocksize will decrease the number of people who can afford to run nodes, and it also makes the network more likely to fork. The theoretical max limit is 28x the current blocksize, but that is almost certainly not practically possible, and no one supports increasing it to even half of that (which is about the most that has ever been tested), because increasing the blocksize isn't free. How critical is it for Cardano to maintain as small of blocksizes as possible? Critical enough that the plan is to only increase in 12.5% intervals when absolutely necessary. The fact that anyone is at all hesitant to increase Cardano's limit when it's 72kb tells you that this isn't a free trade. There is no plan to ever reach max parameters. What makes Cardano fundamentally slower than every other chain is how bloated their tx sizes are. We've all heard the sales pitch "And Cardano has native tokens that don't need smart contracts!," but what you didn't get told is that native UTXO txs on Cardano are an average of 500 bytes WITHOUT smart contracts. And that a basic, native tx is larger than the average Ethereum tx WITH smart contracts. And no, the "And Cardano can combine 20 txs into 1 !" meme doesn't make any difference. The size and speed of each block is all the same regardless of whether you call it 1 tx or 20tx's. The only thing combining txs does is make Cardano significantly cheaper to DDOS. https://messari.io/asset/ethereum/metrics/network-activity Native Cardano UTXOs are bigger than the average Ethereum tx, and Plutus smart contracts txs are even bigger that - a lot bigger- like 40x the size of Ethereum smart contracts: Sundaeswap determined that the Cardano network was their primary bottle neck and measured Cardano's real-world throughput for their smart contracts to be 0.15 TPS. That's 47x slower than a native UTXO on Cardano, 100x slower than an Ethereum tx, and 66,000x slower than a Cosmos and Terra tx. 0.15 TPS is a max of 12,960 txs per day, under ideal conditions... on the entire Cardano chain. https://sundaeswap-finance.medium.com/expectations-congestion-mainnet-launch-e9da5abfd819 Cardano's problem is much bigger than anything that can be fixed with a 2x parameter adjustment. Max parameters will never be implemented, and even then, they would still leave Cardano more than 3x slower than the second slowest L1 chain, Ethereum. 4. Pipe Lining and 5. Input Endorsers ...are great ideas. So why are these still in the research phase? They're promising to deliver a plan that hasn't even been designed yet. Let's assume these get designed and developed in 2022. Then Cardano is in the ballpark of Ethereum L1's low tps and high congestion. 6. Plutus Script Enhancements These are basic functions (that are still in the research phase because of how they conflict with provability in Hydra). Plutus should not even have been released before they developed reference and data inputs. That was an obvious problem, and it was a huge mistake that will create chaos and disappointment. https://m.youtube.com/watch?v=3dc6zG9EjWE&t=37m30s Cardano will alway have much larger txs than non-UTXO chains because native UTXOs are so large. On top of that, Plutus' smart contract implementation is extremely bloated and inefficient. The problem is that Cardano's UTXO model can't store smart contracts on-chain. So instead of calling an on-chain smart contract, every Cardano SC tx must include the SC script in every tx, because there is no on-chain SC that can simply be referenced again and again. This makes every Cardano smart contract very large. Cardano currently does native asset txs (without smart contracts) at 7 TPS, and that's the theoretical minimum SC size, if they figure out how to compress SCs 47x. And that means that Cardano SCs will always be at least twice as slow as Ethereum L1's unbearably slow 15 TPS, for the same blocksize. Now is a good time to point out that it's clear from their rhetorical focus of comparing their chain to the next slowest chain, that Cardano holders have no idea how slow Ethereum is. Up to this point in time, almost all of Cardano's txs have been basic UTXO's that haven't filled up blocks, because they are a small fraction of the size of smart contracts. Four months after going live, no one really uses smart contracts on Cardano yet. Muesliswap doesn't even have $100 Million in TVL (and doesn't have $5M in liquidity to other tokens). Small NFT drops did bring the network to a crawl, but we haven't seen speeds across the whole network change dramatically like they will when Sundaeswap launches a real DEX and much bigger txs flood the chain Thursday. And catching up to Ethereum L1 will not be good enough. Ethereum has L2s already, and nobody would use Eth L1 if it went live for the first time today. Ethereum has the first mover advantage of having all the liquidity. Whales don't care about a $200 fee, they care about liquidity. They need to move in and out of large positions quickly with as little price impact and slippage as possible. 7. Node Enhancements This is not a scaling solution. Yes, fix your bugs and optimize your code. No other chain thinks a node update is a "scaling solution." This is ridiculous. Let me say this again: Cardano is currently 66,000x slower than Cosmos and Terra. 8. Side-chains Great idea. But Cardano doesn't have any decentralized side-chains, and they didn't even get serious about funding any until late last summer. Proper sidechains are the real solution. Milkomeda is on the right track with their M1 sidechain. It's a accounts model Solidity EVM sidechain that has 32 permissioned nodes and uses slashing. Congratulations on abandoning all of your stated goals, and rushing to produce something usable. We waited six years so Catalyst could fund BSC 2.0. https://dcspark.gitbook.io/milkomeda/our-solution-1/the-m-1-sidechain 9. Hydra A comprehensive plan for interhead Hydra implementation that approaches anything close to a generalized L2 has yet to be described, let alone developed. We're still waiting for a basic description of how isomorphic state channels will ever scale dApps or have any use between untrusted parties. Hydra's 2022 release schedule is for payment channels between trusted parties. Yes, it will be able to handle smart contracts, but not any smart contracts that dApps use. Hydra heads have to be closed every time a party joins or leaves, and they have no known application for dApps. Hydra is really irrelevant, because native UTXO transfers aren't the problem right now. 10. Off-chain computing Brilliant. This is a creative solution. Off-chain trusted computations. Finally something that makes sense. Yes, Cardano users should definitely do their computations somewhere they trust, off-chain... Muhammad Fucking Christ. Let me suggest they do their computations on one of the 79 other L1 blockchains. 11. Mithril
What? This is straight gibberish. Mithril is obviously not a relevant scaling solution. Mithril is a solution to a problem that many other chains don't even have. Even Ethereum can run a trustless lite client. Wtf does that have to do with how slow Cardano SCs are? Your inability to figure out a trustless lite client is irrelevant right now. 12. Fees The short term consequence of Sundaeswap's launch will be a DDOS attack. Txs across the entire Cardano network will take days to process. I predict that Sundaeswap will be forced to throttle their volume, so that the rest of the chain is usable. Best case scenario for EOY 2022, Cardano users can expect Ethereum L1 tx speeds, if everything goes right. And Cardano has another problem they still haven't solved that Ethereum doesn't have. Slow blockchains require high fees, and Cardano doesn't have dynamic fees. Price fixing always creates shortages. They need dynamic fees. There's no way around supply and demand. Everyone has been saying Cardano's fee model wouldn't work for years. IOHK is just now taking the question seriously, and their recent moves on fees makes it clear that they have no idea what they are doing. People don't pay fees for fun. The fees are the only thing that make Ethereum usable. You can underpay gas on Ethereum and wait days for the tx to go through if you want, but you can't manage Defi positions or even use a DEX without cutting in line to get immediate settlement. It doesn't matter that txs have a deterministic order. The Cardano chain can't compute every tx (off-chain) and magically update price feeds with future prices, before the blocks are written. Even on Ethereum txs frequently fall outside of reasonable slippage in minutes. The slippage required to guarantee a tx over 24 hrs would regularly be a double digit percentage of the trade amount. And high slippage is especially a vulnerability for Cardano because so many dApps feature some risk of trusted party ordering. Low slippage is a protection against that. Also, fees are how slow chains keep from getting Ddos attacked (RIP🏴☠️ NANO). If less than 13k txs take 24 hours to clear, anyone can completely stop all traffic on the Cardano network for the cost of 13k txs. And they can render it functionally unusable for a fraction of that. The Cardano community has only recently begun to admit that priority fees will be necessary, and their plans for tiered fees are poorly thought out. Search their sub for "fees" and read them blindly trying to reinvent the wheel. This is basic economics, and they have done no real research on it. For years we were told that the whole point of Cardano was to avoid launching broken products like this. Cardano's reputation will never recover from this "Move slow and break things" for a food DEX (that originally chose to launch on BSC). ADA was worth more in 2018 than it was worth during its dip last week. What coin do you think ADA holders will have to sell to buy the other half of liquidity pairs to earn rewards on these DEXs? 🤔 Cardano has not been waiting to release better designed, more secure products. Txs that take days was not part of the 4d chess plan. Look at Sundaeswap's audit and the Plutus exploit. It's the same stuff we see on other chains, plus slow txs, plus trusted off-chain elements, plus a roadmap that is critically reliant on problems that are unsolved. None of these problems are going away in weeks. The problem with Cardano is the complete lack of honesty from leaders and influencers like Charles Hoskinson, who regularly makes false claims, and a culture of over optimism and anti-critical thinking. Their plan isn't going well, and their jobs rely on them not admitting it. [link] [comments] | ||
| Posted: 19 Jan 2022 05:13 AM PST Goldman Sachs in 2017:
Goldman Sachs in 2022:
What has changed? Bitcoin is still the same code, running for over 10 years. Is it because their rich clients have discovered it? Now, suddenly, when they are somehow invested into it, it isnt a scam anymore? Ironic (Goldman Sachs bashing Bitcoin) (Goldman Sachs doing a 180° turn claiming that Bitcoin is competing with Gold) [link] [comments] | ||
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| Welcome to the Crypto Internet of Sexual Degeneration Posted: 19 Jan 2022 03:01 AM PST 90 Day Fiancé star switches to selling fart jar NFTs An Instagram star put her own bathwater up for sale for $30 a bottle, and it sold out in 3 days YouTube Collective 'The Boys' Sells Roughly $12,000 Worth Of Feet Photo NFTs Logan Paul Sells His World of Women NFT for 200ETH to The Sandbox This artist is auctioning off one of her eggs through an NFT The oddly fascinating reason Azealia Banks sold her sex tape as an NFT ^ Azealia Banks calls cryptocurrency 'scam' after her private tape sells for $17,000 Cara Delevingne Is Auctioning an NFT About Her Vagina This Digital Campaign Illustrates the Sexual Harassment Women Often Face Online Armie Hammer's Disturbing Sex-Slave Instagram DMs Are Being Sold as NFT Art People Have Spent More than $1 Million on NFT 'Girlfriends' ^ Teenager who sold virginity for £2 million says 'it was all a lie' A 23-Year-Old Woman Is Selling Her Virginity To The Highest Bidder It's A Man's Market: NFT Female Artists Made 5% Of Sales In 21 Months [link] [comments] | ||
| Posted: 19 Jan 2022 06:47 AM PST WallStreet owns, operates, and controls all the clearing houses that trade gold (financial institutions that exchange payments, securities, or derivatives). There are more WallStreet paper claims to gold (future contacts and whatnot) than actual gold, so WallStreet and central banks just 'trade/swap' these claims back and forth with each other all buddy buddy. WallStreet controls most of the actual gold in the world, not individuals with the paper claims. Similarly, there are more paper claims to Bitcoin than actually Bitcoin thanks to leverage, margins, futures trading, and ETFs; WallStreet is applying their same debt-based paper system to the equity based (real value) crypto asset Bitcoin as they do to suppress gold price. So for every Bitcoin on the block chain, 10, 50, 100 people could have a 'claim' to that Bitcoin. Legit the 0.01btc I look at on my CoinBase could be the 'same' one you look at due to lack of CEX transparency and oversight of their lending practices! This means there is an artificially larger supply of Bitcoin in circulation; and we all know price is a supply and demand equation! This means if there is truly that real demand in those 50-100 people who bought and are hodling that 0.01, if all that real demand is being met and satisfied with an artificially large supply, then the TRUE PRICE of Bitcoin should be much much higher! If there is a 'run' on Bitcoin (consumers increase purchasing in fear of a shortage) there will not be enough Bitcoin on exchanges to fulfil demand, because most Bitcoin is stored in cold-wallets off of exchanges. When someone creates an artificial supply of something like WallStreet has done with gold and is now doing with Bitcoin, THAT LEADS TO PRICE SUPPRESSION! Imagine a run, we all sell our 0.01 btc, the CEXs will not have enough fiat to deliver and would desperately be trying to find collateral - that they couldn't get - because it does not exist - and the price would skyrocket! Let me explain again because it's weird to wrap your head around. When we take fiat to the spot market and bid at a suppressed price, at some point there will be no more Bitcoin left to bid on. So we bid higher and higher for this heavily demanded asset! As we bid higher, other HODLers become tempted to sell (wen Lambo? Now!) Bitcoin gets transferred from weak hands to diamond hands and spot price is driven up by the people who want real Bitcoin! If WallStreet wants to drive the price back down to the futures price, they'd have to initiate an arbitrage strategy with Bitcoin in reserve - but THEY HAVE NO BITCOIN LEFT! They will only hold future paper contracts or fiat - causing the price to continuously get bid up higher! This is why it's so important to transfer your Bitcoin off of exchanges and into a cold storage wallet. The more Bitcoin is off exchanges the larger the short squeeze will be and the less fractional reserve practice bullshit can occur. They will not own the actual Bitcoin like they do the gold, WE WILL OWN IT. Therefore this type of suppression is unsustainable, so buckle up. Such activity also contributes to fiat inflation, which strengthens both the demand and awareness of Bitcoin itself! [link] [comments] | ||
| Polygon has invested in basically every potential scaling solution for scaling Ethereum: Posted: 19 Jan 2022 07:21 AM PST
Right now people are building towards a zk rollup with EVM compatibility. SNARKs are more likely to win this race short term, but long term STARKs should come out on top. Whichever way this plays out, a lot value will accrue to the MATIC token. This is exactly what I like about MATIC. They're smart. They're thinking long term with this move and they're ensuring themselves a spot at the top of the scalability game for the future. [link] [comments] | ||
| Posted: 19 Jan 2022 05:04 AM PST Yes it us true that mining crypto consumes a lot of energy, but so do other applications and services. Social media platforms and streaming services run on huge server networks that consume way more energy than the crypto mining farms. Yet crypto gets all the hate? It's especially stupid because banning the mining of crypto won't have any impact on the environment at all because people with mining rigs won't just pull the plug on them and call it a day. No, they will repurpose them for other uses like cloud computing, neural network training or even (cloud)gaming. [link] [comments] | ||
| Most Investors (especially new ones) are better off using a CEX for their crypto ventures Posted: 19 Jan 2022 07:17 AM PST Before the comments get filled with the "Not Your keys, not your crypto" statement, let me explain. There isn't a day I go by scrolling reddit without hearing of a user losing their funds because they sent to the wrong network or just sent the completely wrong token in the first place. Malware that altered the wallet address and anything of the similar. Most people are better off just keeping their funds on a trusted CEX like Binance or Crypto.com (especially because of what recently happened) because of how easy it is to understand and use. These companies have billions of dollars in their system, it'd be obvious to assume they also have elite security for their keys. I'm not discouraging users from using wallets like Metamask and Exodus, but sending them there right off day 1 is one of the the worst things you could tell a new investor who has no idea how the crypto space works. One of the best ways to put this is: Do you really think you can keep your wallet more safe than a company like Binance? Thank you for coming to my Ted-Talk. I shall now wait for the downvotes. [link] [comments] | ||
| Posted: 19 Jan 2022 02:08 AM PST As of January 19th, 2022 9:53 AM GMT, 1,556,769 ETH worth $5,939,527,711 was burned since the implementation of EIP-1559 on August 5th,2021. Its wild to think that ETH amounting to more than the entire market cap of Ethereum classic was burned in just 5 months time since EIP-1559 and still more is to come. The highest amount burned was 19,424 ETH on 10th january,2022 and atleast 10,000 ETH or more was burned everyday since january 4th till today. If the amount of ETH burned was a coin it will be #32 in market cap today. [link] [comments] | ||
| Posted: 19 Jan 2022 05:50 AM PST
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| When Bitcoin goes to $100k, I'm going all in. Posted: 18 Jan 2022 11:25 PM PST Let's be honest, I've been in this space for over ten years and nothing has made me buy more Bitcoin than FOMOing in at the top. In the long run, it's never mattered. As a newb, the dips would scare me but I'd keep DCAing in away anyway. But when we hit peaks, boy that's when I really started FOMOing in my full paychecks during a DCA buy ins. I don't expect to stop that tradition anytime soon. So while you're all waiting for $10k to go all in, I'm staying true to my bad old habits that will never die and have served me well. I'll Fomo in everything I got just as I've done every time before. In the long run, it's always never mattered how high I bought in at anyway. So as my motto goes, buy high, never sell So eff all the waiting for the dips to buy. My DCA stays the same no matter how low we go, because that's how dumb the emotions and decision making of my monkey brain is. The only thing that is getting my ass to FOMO in some serious feria is a new all time high price [link] [comments] | ||
| Posted: 19 Jan 2022 04:02 AM PST
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| Tinyman DEX from Algorand is back online! Posted: 19 Jan 2022 03:32 AM PST After the latest exploit from about a month ago, Tinyman UI was shut down to avoid further swaps and losses. Apparently liquidity pools were drained dry by the culprit(s) by maliciously editing the token prices received by oracles. Now, Tinyman, Algorand's first DEX is back, and even though slippage is too high as expected, it's properly functioning! Beware that there might be issues for the first few days. I'm glad the team worked hard to figure it out and didn't take too much time. Algorand never let me down with its speed and ease of use, but these days, trust is very important. It's great how Tinyman restored it quickly! [link] [comments] | ||
| Posted: 19 Jan 2022 04:23 AM PST I keep thinking about how great it would be if I started investing in cryptocurrencies 4-5 years ago and I'm calculating all the time how much $1000 of investment would be worth today. You know, it is fun thing to do, you just had to buy BTC back then and hold it, what is so hard there? It looks so easy today when I know how much BTC is worth. But then I wondered how many early BTC investors there really are in the world today who have held BTC from the very begining. I think the number is very small. Finding a coin that will go x1000 is a matter of a lot of luck, work, intelligence. But holding that coin for so long is a matter of experience..a masterpiece literally. I honestly don't believe that I will ever manage to do it, even if I find it. [link] [comments] | ||
| CRYPTO SECRETS - what no one tells you Posted: 18 Jan 2022 02:21 PM PST TLDR: You're not gonna make it in crypto unless you know the bullshit & secrets that go on beyond the scenes. In this thread i will tell you what you need to know. You may not like it, but it's important if you want to level up. INTRODUCTION Forget everything you think you know about cryptocurrency. You need to realise crypto is a game. A game where, most likely, you will lose. A game filled with players with more experience than yourself. Players with far more influence, connection and often skill. The inconvenient truth is we aren't all 'gonna make it' Beyond Bitcoin & some credible projects there are countless failed ones. Some projects have good intentions but are grossly overvalued. Others are quite simply scams & money grabs. But before you get angry at me & stop reading. Before you heckle 'FUD' or 'You're Not Gonna Make It'. Let me explain myself. Yes crypto is filled with scams & scammers, but there is big money to be made. But only IF you understand how the rules of this game work & how to play it successfully. At the moment many of you are playing the game blindfolded. Giving others the upperhand. That's why for this first post I will pull back the curtain. And reveal the rules of the game. The rules many don't want you to know. If you've been in the game for a while you may know some of them. If you're new, read it twice and let it all sink in. Why am I doing this? Why am I revealing these secrets? Because before I teach you anything you need to know how this game works. You need to know these rules if you want to have a chance at actually winning. Because if you want to win this game, you must first know how it is played. So you have two choices in front of you, do you want to learn the truth & get better. Or do you want to carry on, hopiuming for the best THE FIVE SECRET RULES 1 BE WARY OF INFLUENCERS Anyone who has been in crypto for more than six months will likely be aware of the first rule. Many of you will have been wrecked by a big YouTube influencer, who shilled you some random alt coin. You were told it would x100, you aped in & now it's down 80%. Don't be embarrassed or ashamed of this. To tell you the truth the same happened to me. In fact it was the best thing that ever happened to me. It taught me to actually do my own research, think for myself & find good people to teach me. Yes there are good people in this crypto game (i'll share some at the bottom of this article) but you need to understand many are not your friend & they don't care about your bags. The problem is actually much bigger than you realize too. Many of the biggest YouTube influencers collude together in private telegram groups. They work together to hunt coins with a low market cap & volume, ones that can easily be pumped (and then dumped) in price. They work together to cut deals on new crypto projects and ensure their bags get filled before anyone else. Only to dump on their 'fans' down the line. Do you think it's a confidence that MoonCarl worked with BitBoy, Crypto Banter, MM Crypto & Lark Davies to shill Kasta? I think not. "But influencer xx is different '' I hear you cry. Well maybe you got lucky & found a good one. Yet even then, you need to be careful. Because if the person has millions of followers on YouTube they may still invertedly pump the price, as their followers ape in. Like it or not, you need to be weary of big YouTube influencers. They aren't your friend & they don't care about your god damn bags. 2 BE CAUTIOUS OF BAD PROJECTS Some projects will 'make it' & usher in a new store value (Bitcoin), Economies (L1s), Defi, gaming (Play2Earn) & digital ownership (NFTs). However most projects won't. Some projects will have good intentions and create a token to fund an exciting vision. But even then you have to ask the question…if the idea is so good & so financially lucrative, why are they willing to give up so much equity? Would you give up guaranteed money in a lucrative project? I think not. Yes some are committed to a decentralized future but they are few and far between. Much worse is a bunch of less honorable 'founders' and 'VCs' that spotted an opportunity for a quick cash grab. These folks, mainly from a sales background, realized pretty quickly that they could get very rich (with very little effort) by doing an ICO and marketing the hell out of it. Their primary business objective isn't to build a decentralized future, it's simply to market the hell out of a project and dump their bags on newbies. You need to tell who are the "good" VCs and who are the "bad ones". Now all of this doesn't mean you can't make good money on bad projects, some people made millions off them. But I think you need to be aware of what is going on here, so you can plan your strategy accordingly. Next week I will go into more detail on the strategy I take on finding altcoins and managing risk. 3 DON'T JOIN A CULT Perhaps one of the most dangerous aspects in crypto is the cult. It starts out innocently enough. A friend or someone you respect shills you a crypto project. You decide to read up on it via their website and whitepaper. You begin to follow the project on Twitter and join the Discord & Telegram groups. But this is where the problems start. Because the deeper you go into a project & the more involved you feel, the more dangerous it becomes. You are led to believe you are in a 'community' & that you are all 'gonna make it', when in fact you are joining a cult. Cult's are incredibly dangerous in crypto, because they remove your objectivity & critical thinking on a project. You're surrounded by people in Telegram groups & Discords, who all hold the same biased belief system. And these belief systems & subsequent emotions are amplified ten fold, because money is involved. Think about it, no one is going to doubt their own project when they have so much money invested. You see cult members everywhere. They are your friends in whatsapp groups, desperately trying to shill you a coin they aped into. They are those random people on Twitter trying to constantly push a project onto you. Everyday I get so many requests to buy project 'x' or 'x to the moon' but i will never listen. I will always form my own strategy (which will change with time & research) and evaluate accordingly. Some of you may not like my bluntness, but I am not here to tell you what you want to hear or sugar coat it. I want to help you & tell you the truth. In short, it's essential you do four things:
4 DONT HODL HODL right? That's what we are told to do. Just HOLD and we are all going to make it. Nope. Outside of Bitcoin and maybe Etherum, you cannot blindly HODL a project. There is no guarantee it is going to make it or that it will be around in the next five years. The altcoin space is incredibly volatile, which is great for exponential gains but can also get you wrecked if you blindly hold onto your bags. You need to stop falling in love with a project. Oh 'but the tech is so good' or 'the founder is a genius' I hear you cry. I really don't care. You need to stop holding your bags for years and take profits when you can. Taking profits is not only essential to de-risk yourself, it is also a great way to release capital to invest in other projects. I recently wrote a thread on taking profits, which seemed to be popular, which you can read below. 5 STACK BLUE CHIPS As I have said earlier, most altcoins won't make it. Even if they run up x5 or x10 this bull run there is still a chance they could run to zero in the next bear market. Whether you like it or not, your primary objective should be to use the altcoins to increase your gains, take profits and layer into 'less volatile' projects like Bitcoin. For all the talk of 'Bitcoin is a boomer coin' the fact is, it is the project that has been around the longest and the one which almost certainly won't fail. And let's be honest if someone offered you fifty Bitcoin, would you really say no? Again many of you won't like this point of view, but again i am not here to sugar coat things. The crypto game is tough and I want to help you by telling you the truth. CONCLUSION If you made it this far, I salute you. Many will have got angry at the truths I laid out. Others may have become disillusioned that the whole game is rigged and there is no hope of winning. But this is not the case at all. As I mentioned at the beginning of this article you first need to know the rules of the game, if you want a chance to win it. This first article is essential because it sets the ground rules of what to avoid & what to do; be weary of big influencers, don't join a cult, don't HODL alts & always stack blue chips (Bitcoin). Now we have these rules in place, and truths exposed, we can begin to build our own strategy and figure out how to play this game better. Thank you for reading! original source: https://brandsandblockhain.substack.com/p/the-secrets-rules-of-crypto [link] [comments] | ||
| Hedera Governing Council Votes to Purchase Hashgraph IP, Commits to Open Source Posted: 19 Jan 2022 06:04 AM PST | ||
| Posted: 18 Jan 2022 07:10 PM PST The Shiller Driller - Comments just one word, "ALGO", "LRC", "ONE" or other favourites on this sub but if asked probably can't explain what it does. The Portfolio Updater - Creates a portfolio of coins, based off some theme or point in time (sometimes picked by their child or dog) and provides regular updates with screenshots and profit analysis. The Tactical Downvoter - Makes a comment on a post and tactically downvotes other comments to ensure their comment gets as much exposure as possible. The Butthurt Downvoter - Downvotes everything as a pastime. The Shill Questioner - Posts some variant of the question "Which coin are you holding?" but may focus the question on market cap, short-term vs long-term, belief, etc. The Questioning Questioner - questions. The News Poster - Starts every day by posting a news article and consistently gets 5-10 upvotes but every 1 in 10 posts do brilliantly. The One-hit-wonder - Made one post with thousands of upvotes and never repeated it ever again. The New-Waiter - Sets posts to new and doesn't bother reading the post but comments something which is bound to be popular. The Reply Relyer - Has trouble thinking of witty comments or struggles to be seen, so they reply to the top comment to piggyback some upvotes. Moon WHALE - Has 20,000+ moons and surfaces for air every once in a blue moon. Is automatically upvoted as their opinion is highly respected. Golden Karma Poster - Consistently hits maximum karma with ease. The Regurgitater Baiter - Comments "DYOR", "DCA", "No one knows shit about fuck", "HODL", etc. The Comedian - Actually funny. The Self-depricater - "The price will probably go up once I sell", "Sorry guys, the crash was my fault, I bought in". The Judge - Either comments "great post op!" or "Low quality post, moon farming". The Ratio'er - Their comment's upvotes eclipses the upvotes of the post. Disappointed Willy Shilly - They bought a coin shilled on this sub but haven't seen significant gains, so they start complaining. Reply Poster - Makes a post replying to another post with the exact opposite opinion. Unpopular Opinion Dominion - Posts unpopular opinions which are either downvoted to oblivion or upvoted like crazy - no in between. The Hater - Missed out on the meteoric rise of a coin so they always hate on it. Moon Charity Parity - Loves donating singular moons to people. The Hopium Copium - "Bitcoin will hit 375k in 3 weeks". Wen Lambo - "What Lambo colour are you guys going to choose?". The Memer - "Buy high, sell low", "Sir, this is a Wendy's". Early Bird - The year is 2059, "guys, we're still early". [link] [comments] | ||
| Posted: 19 Jan 2022 02:56 AM PST
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| Mexico using pig manure to mine Bitcoin: Watch how Biomining converts shit to digital gold Posted: 19 Jan 2022 05:52 AM PST
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| Posted: 19 Jan 2022 04:24 AM PST In simple terms, an IOU( phonetic acronym of the words "I owe you,") is any document that explicitly outlines and acknowledges that there is an amount of debt owed between two parties. IOUs are some of the most important documents in financial agreements because they outline the debt relationship between two entities, regardless if these are people or businesses. Despite this, IOUs are not considered legally binding. They serve more as a reminder and don't really have a binding contractual value. The coins you hold on exchanges are not real coins, they are a debt obligation between you and the exchange and if by any chance the exchange is shut down, you lose your coins. Hence the popular phrase, " Not your coins, not your crypto". Also there is the additional risk that the exchanges can manipulate the exchange ledger to make it look like they are trading a lot through fake trades or wash trading. The problem has been apparent since Bitwise Asset Management published a report showing that 95% of volumes reported by Bitcoin Exchanges on data aggregator CoinMarketCap were fake in march,2019. You can see the summary of the report on this twitter thread. The data is a old, but it gives you an idea how unregulated exchanges functions. The short version is that exchange controls the coins and they may or may not have enough bitcoins to cover their IOUs. [link] [comments] | ||
| Posted: 18 Jan 2022 09:00 PM PST Crypto is here to stay, however, the current craze over NFTs (particular the jpeg kind) and Metaverse is a very speculative echo chamber created by influencers. Big companies are jumping on as a way to advertise their own products. I'm all for Crypto that gives real improvements. For example, Bitcoin is hedge against inflation and can be used as a global currency (and underlying foundation for digital). Seems like solid investment. Eth and smart contracts is another great improvement to get rid of the middleman per say- tho still a few issues need to be addressed with the tech (scalability /insurance for when contracts fail / etc) Then there's DeFi… the entire financial sector / infrastructure has needed an overhaul for years. However, because of the tech foundation of our financial systems - its been extremely difficult to change any aspects of it. With Crypto, not only has it made this become a real possibility- it can also work alongside financial sectors to improve it (better efficiency, better rewards for consumers/customers, more automated, less middlemen. etc). An improvement for all. Now comes the whole NFT / Metaverse / Play to Earn craze. Yea NFT allows for digital ownership, which is great. But do we really think retail investors will continually trade/spend thousands of dollars or euros on a jpeg? Why? Because it was once owned or sponsored by a famous youtuber? Ehhhh… NFTs are going to disappoint many, I think vast majority are into NFTs as a form of a 'get rich' scheme and not underlying tech. Metaverse is much the same… it's a scheme to make money off you. There'll be tons of toxicity in a virtual world. Just because Zuchburger wants to create a metaverse, doesn't meant metaverses are the next big thing. Not everything he attempts will turn into gold. Metaverses been attempted many times in various forms. Maybe they'll finally stick but it's a very speculative bet at best. Be careful with what you invest in. I think NFTs and metaverse is extremely speculative that's being pushed by influencers because it caters to their future… I'm looking forward to when NFTs can go beyond jpegs and into something that helps - like preventing scalping of items / tickets. Am I the only one doubting this current NFT use craze? [link] [comments] | ||
| Gold Miner Says Investors Prefer Hedging Against Inflation With Gold, Not Crypto Posted: 19 Jan 2022 05:25 AM PST
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