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    Tuesday, January 4, 2022

    Cryptocurrency Daily Discussion - January 4, 2022 (GMT+0)

    Cryptocurrency Daily Discussion - January 4, 2022 (GMT+0)


    Daily Discussion - January 4, 2022 (GMT+0)

    Posted: 03 Jan 2022 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 The prior exemption for karma and age requirements is no longer in effect.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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    Monthly Skeptics Discussion - January 2022

    Posted: 31 Dec 2021 10:00 PM PST

    Welcome to the Monthly Skeptics Discussion thread. The goal of this thread is to promote critical discussion by challenging popular or conventional beliefs. Please read the rules and guidelines before participating.


    Rules:

    1. All sub rules apply here.

    2. Discussion topics must be on topic, i.e. only related to skeptical or critical discussion about cryptocurrency. Markets or financial advice discussion, will most likely be removed and is better suited for the daily thread.

    3. Low-effort comments promoting coins or tokens will be removed. For example, comments saying "Buy coin X!" or "Coin X is going to the moon!🚀", showcasing the current composition of your portfolio, or stating you sold coin X for coin Y, will promptly be removed. In other words, no shilling. Violations will most likely result in a temporary ban for 1-7 days or even more, depending on the severity.


    Guidelines:

    • Share any uncertainties, shortcomings, concerns, etc you have about crypto related projects.

    • Refer topics such as price, gossip, events, etc to the Daily Discussion.

    • Please report top-level promotional comments and/or shilling.


    Resources and Tools:

    • Read through the Cointest Archive for material to discuss and consider participating in the contest if you're interested. You can also try reading through the Critical Discussion search listing.

    • Consider changing your comment sorting to controversial so you can find more critical discussion.

    • Click the RES subscribe button below if you want to be notified when new comments are posted.


    To find prior Skeptics Discussion threads, click here

    submitted by /u/CryptoSkeptics
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    Solana went down again on 4th Jan morning (UTC +8) , and was fixed early morning. Now it is back up, but shows how vulnerable this system is. A system that goes down is a death knell for serious traders

    Posted: 03 Jan 2022 10:43 PM PST

    Solana went down again on 4th Jan morning (UTC +8) , and was fixed early morning. Now it is back up, but shows how vulnerable this system is. A system that goes down is a death knell for serious traders

    Another year.. and another episode of Solana going down.

    Today it went down for a few hours in the early morning Asia time, and it took almost 4 hours to bring it back up.

    The Solana community blames it on a DDOS attack. Lol

    Solana down.

    As the meme goes, the D in Solana stands for decentralisation.

    A network that goes down this often will never be able to attract serious traders.

    Imagine you are trading on margin and get liquidated because the network was down.. this happens in centralised exchanges. Solana now natively brings this kind of user experience to the blockchain where you can experience network failure on the chain. What a wonderful innovation.

    Blaming it on attackers is just dishonesty. A well designed blockchain is not supposed to have attackers, its supposed to keep producing blocks based on the parameters of the network, not take a break because someone spammed transactions.

    Edit: So Sol shills have attacked this post, here is some more "proof"

    Coinbase blocked withdrawals as a result of Solana network going down

    https://status.coinbase.com/incidents/clt85xbsqc1n

    status (dot) solana.. LOL at using Solana's own status page to say the network didnt go down. I guess SOL shills love to remain in their centralised fairyland

    Edit 2:

    Turns out status dot solana page is lying to its own users. If you go into the Solana official groups, you can see dozens of people complaining about failing transactions, missing balances, transactions not being processed etc.

    \"Cannot harvest anything\"

    TPS was low

    Apparently Solana are censoring this story on their own groups, but people were discussing it to find solutions in validators server

    LOL

    Users are repeatedly questioning the validity of the status dot solana page that shows 100% uptime even when the network was down, and even Coinbase flagged it as down.

    This is why you dont use a service's own status page to come to conclusions especially if it masquerades as a decentralised blockchain, but in reality is just a glorified database.

    Edit 3: This post is brigaded from the Solana sub. Hundreds of Sol shills are trying to pretend the network wasnt down. Ironically, on Sol sub itself, someone agrees that not only did the network go down, but had to be rebooted too. This is hilarious lol, the network was rebooted but status dot solana shows 100% uptime. Well played, centralised tricksters.

    From Solana's own sub - user there agrees the network went down and had to be rebooted.

    Many more LOLs if you go tough the Solana forums especially the validators groups

    \"the network IS indeed fooked\"

    Absolute LOLs. A validator complaining about the utter lack of transparency on whats going on, while the devs pretend everything is great

    TL,dr? Not only did the network go down, as shown by Coinbase status and many complaints on Solana groups, the Solana devs and community managers also tried to suppress whats going on and the Solana status page flat out lies to users.

    I would honestly have not bothered going deep into Solana territory, but thanks to the 100 shills who attacked this post, we have all the juicy skeletons coming out of a SOL closet.. what a joke of a database.

    submitted by /u/Set1Less
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    Crypto isn't a passive income if you spend the entire day gazing at Charts and keep worrying . Put your money in , stake it and let it grow .

    Posted: 04 Jan 2022 05:07 AM PST

    Most of us are in crypto so we can make money and someday live off passive Income. Apart from that have a comfortable life without worrying about money .

    Gazing at charts the entire day defeats the purpose . In the long run Crypto is going up at least BTC and eth are. Buy a coin you believe in , stake it and let it grow and take profits when you need it.

    The goal is to stop working for money and do things you like , stop looking at charts and checking your portfolio and go do something else and let your money grow.

    There is no point in checking charts all day unless you are trading . Traders go ahead , put holders just keep putting money , stake it and let it right

    submitted by /u/Wabi-Sabibitch
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    Six months ago, I gave my kids $100 each and asked them to pick three cryptos in a 40:30:30 ratio to track. I will give them all the profits their investment has earned when they turn 18. This is what they chose (and how its going).

    Posted: 03 Jan 2022 06:38 PM PST

    Six months ago, I gave my kids $100 each and asked them to pick three cryptos in a 40:30:30 ratio to track. I will give them all the profits their investment has earned when they turn 18. This is what they chose (and how its going).

    Six months ago, I made a post about giving my kids $100 in crypto and asking them to choose three cryptos each. I was asked by many in the thread to post a monthly update. I only have the time about every two months, so, here are the results after six months.

    Also, two of the kids have since had birthdays; M is now 10, and E is 5. I have left their ages at time of investment below for reference.

    All of them were up more than 50% in my previous update two months ago.

    M** (9yrs old, boy): ETH, THETA, ADA. Gain + 18%

    M - Gain 18%

    A** (7 yrs old, girl): ETH, AAVE, CRV. Gain + 105%

    A - Gain 105%

    E** (4 yrs old, girl): UNI, ENJ, CAKE. Gain + 27%

    E - Gain 27%

    Original Post from six months ago*. (For some reason, it was locked, I never found out why).*

    I have three kids, M**, A** and E**. I bought them each $100 worth of cryptos of their choice and will give them the entire investment when they turn 18. I let them make their choices based on whatever reasons they wanted. All I did was show them the top 100 list from coinmarketcap.These are their allocations and reasons for each decision:M** (9yrs old, boy): ETH, THETA, ADA. He really loved the black diamond and thought the other two had nice aesthetic designs.A** (7 yrs old, girl): ETH, AAVE, CRV. She also loved the black diamond, the AAVE has her favourite colour and starts with the same letter as her first name, CRV has a pretty rainbow.E** (4 yrs old, girl): UNI, ENJ, CAKE. She loves unicorns and therefore, loves UNI. The ENJ logo has a very pretty E for her name. CAKE because she loves pancakes.

    submitted by /u/gnarley_quinn
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    The IRS has a $625,000 cash bounty on whoever can crack Monero(XMR). The fact that no one has been able to do it after 2 years just goes to show how valuable Monero is when it comes to privacy

    Posted: 03 Jan 2022 12:44 PM PST

    If privacy in the crypto world is of any importance to you, it really doesn't get more "private" than Monero(XMR) .. In fact it is so private that the IRS desperately published a $625,000 bounty for breaking Monero so they can trace transactions. It has been 2 years since then and they still haven't been able to crack the king of privacy. The main point of crypto is to fix the problems of traditional currencies by putting the power and responsibility in the currency holders' hands, and I would say Monero definitely achieved that.

    submitted by /u/Insignia001
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    What is THAT one coin that you'll never buy despite the hype around it?

    Posted: 04 Jan 2022 02:18 AM PST

    So, what is that one coin or token that everyone loves and you think there's something horribly wrong with it?

    What is the coin that rustles your jimmies?

    What is your crypto principle that this coin so blatantly breaks, that you're fine with missing 20x on possible profits, just to maintain your integrity? What is that principle - code is law? No scams/Ponzies? No meme coins? Decentralization is a must?

    What is the coin that makes you say "this is where I draw the line" or "I'm really in it for the tech" so you absolutely will not buy it?

    submitted by /u/giddyup281
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    What are ZK-Rollups and why they're the best investment you can make in 2022.

    Posted: 03 Jan 2022 07:50 PM PST

    First of all, what are ZK-Rollups?

    Well, simply put, zero-knowledge rollups or zk-rollups is a Layer 2 scalability solution that allows blockchains to validate transactions faster while also ensuring that gas fees remain minimal. Zk-rollups manage to perform better than traditional Layer 1 blockchains like Ethereum because they combine on and off-chain processes.

    Layer 2 solutions and zk-rollups are the beginning of the next era of blockchain technology and advanced cryptocurrency systems.

    ZK-Rollups work essentially without presenting new security, trust, or assumptions, that would otherwise affect the decentralization of the L1 they are running on. This is pure scaling without any trade-off. It is favoured as a way to scale a blockchain by a factor of 50–100x, at minimum, its literally like saying that Blockchains are going 5G.

    Why is this important?

    For one they lower the gas fees instantly (looking at you ETH). Also they boost the speeds by huge amounts.

    But the main focus is scalability. We've been experiencing the lack of scalability in the Top 10 Smart Contract Platforms for a reason, its because they can't handle the amount of transactions being made.

    That's where ZK-Rollups come rollin, in ZK-Rollups the more users use it, the more scalable it becomes, without sacrificing decentralization.

    If you want a more in-depth information on ZK-Rollups and blockchains read this article.

    Where to invest?

    So you want to invest in ZK-Rollups, there's some projects that are researching and implementing ZK-Rollups, I'll list them here and please do research on them before investing.

    Syscoin (SYS)

    Loopring (LRC)

    Immutable X (IMX)

    Dusk Network (DUSK)

    Polygon (MATIC)

    Those are my top picks for ZK-Rollup projects, but there are some more that still don't have enough credit to list them here.

    If you have any projects you think should be here feel free to drop in and talk about them.

    submitted by /u/niddLerzK
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    Solana Network Suffers Another Reported DDoS Attack

    Posted: 04 Jan 2022 05:15 AM PST

    Many people believe that cryptocurrency will "kill" banks, but it might also be a compliance opportunity for them.

    Posted: 04 Jan 2022 01:12 AM PST

    I just saw this article and I was thinking about how banks and crypto can work together.

    Since the first merchants in history, banks have existed in some form. They became the religious ruling elite, which evolved into the privately owned and government-subsidized enterprises that we see now today. And as we all know, banks have monopolies over people's money.

    And they're doing a great job at it too. This is a record profit every year, paid for with your money. Banks have unlimited cash at their disposal. Nobody is a crypto expert, but everyone has money in a bank, and it's generating bank record profits quarter after quarter.

    Meanwhile, crypto is providing people with a new source of income. Banks despise this since it has a direct impact on their company, affects their enormous monopoly, and reduces their profit margins, among other things.

    Cryptocurrency and DeFi are not intended to destabilize existing banking, but rather to drive banks and established financial institutions to adapt and compete in an ever changing market.

    This can assist banks in escaping the dark ages, dismantling monopolies, and attaining financial independence and knowledge.

    The way I see it, Banks will never go out of business. Cryptocurrency has the potential to revolutionize the way banks work.

    submitted by /u/TimikaWestfield
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    Someone is currently logged into Satoshi Nakamoto's P2P forum account....RIGHT NOW!

    Posted: 03 Jan 2022 04:42 PM PST

    https://p2pfoundation.ning.com/profile/SatoshiNakamoto

    The green dot is showing, meaning someone is currently logged into the account right now. I do believe it is hacked, as it posted a link advertising a scam NFT a few days prior. It's been known for a long time that this account, and one of his old emails was hacked. He used a shitty email service in the early days, the email account expired, and someone else reregistered the account and was able to do password resets on some of his old forum accounts.

    I'm trying to create an archived version of the URL right now and will update the post when I get one.

    EDIT: Here's the archived link: https://archive.ph/TO8KF

    Today is Bitcoin's 13th birthday, the network started on January 3rd 2009. Satoshi was the anonymous founder of Bitcoin who disappeared in 2011.

    submitted by /u/ShotBot
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    1 year in Crypto – reflection and help for newbies

    Posted: 04 Jan 2022 12:26 AM PST

    Hi all,

    I've been in crypto for around 1 year. It's been a hell of a ride, and I'm only really just getting started.

    I thought I'd put down a few thoughts that may hopefully reassure those of you that are new to the space … and with any luck you can learn from my mistakes.

    All of these are just observations from a keen amateur fumbling his way forward … none of this is financial advice (ofc), and I don't profess to being an expert at all. I've become rather passionate about crypto, and if I can offer anything of value, great – if not, that's fine too – after all, this is a long road and I'm learning every day.

    For those of you just jumping in now – welcome! Reddit is where I got my start, and I had great help and a friendly welcome – there are many, many, many more folks in here wayyyy more experienced than I – true veterans – and most of them are very generous and welcoming – a huge thanks to them.

    So, a few thoughts from someone who's been in the deep end floundering around for a year. Take this as me talking to myself 12 months ago and imparting the stuff I wish I'd known. In no particular order:

    a) RTFM. This may seem obvious, and even boring, but it's well worth reading everything you can get your hands on about blockchain tech, and the genesis of bitcoin … always good to be aware of what you are investing in.

    b) Extreme volatility is normal – it spooked the living shit out of me at first, but by the time the climb to ~$69k happened, and the eventual correction, I was inured enough to simply go 'meh'. It gets easier to bear, promise!

    c) On that note – if the volatility is freaking you out, you might have too much skin in the game. I am super comfy as I have less than 5% of my net worth in crypto – and I arrived at that figure through more and more conviction. I started out with $500 I could happily piss up against a wall.

    d) Take the time to learn the acronyms and the lingo. This is a constant learning curve, but having the basics under your belt helps enormously. It was bewildering at first, but gets easier.

    e) Market Capitalisation is the key metric you need to be aware of – not the price in USD.

    f) Exchanges – shop around. I'm in Australia and had to hunt around before I settled on one I liked. It was primarily the customer service and the features that sold me. The team is highly responsive, very reactive to customer ideas, and they are adding features all the time. Talk to the team directly. Check what the spreads are. Check what the fees are. How easy is it to get fiat on and off the exchange?

    g) Get to know the essentials of the tech for investing in this space … they are:

    a. A good exchange

    b. A hardware wallet (for larger amounts – more on this in a sec)

    c. Software wallets (i.e. metamask, specific chain/coin wallets)

    d. Ways and means of sending crypto around (always send a small amount first – I've fucked up several transactions and lost coins … test, test, test! Luckily one transaction was supposed to be back to my exchange – I sent to the wrong chain … they were super helpful and managed to get my coins back … a good exchange is invaluable!)

    e. Staking and rewards – buying and selling is fine, but holding and earning is also pretty sick.

    h) Hardware wallets – this might be a controversial take, but I wouldn't bother for small amounts. Veterans, feel free to take me down on this.

    i) BTC and ETH are the big boys in town. If you are new, I would highly recommend starting with these two as investments. I wouldn't be using the ETH network for any transactions unless you're really really rich … the gas fees (transaction costs) are just fucking stupidly high for now. I spent time playing around learning the space, and ended up spending hundreds of dollars in gas fees moving around paltry sums. I learnt how things work, so I think of this as the price of learning. But yeah, ETH is for whales right now. Hopefully the scaling solutions will fix this.

    j) Sentiment moves at a breakneck pace – this space is super dynamic, which is really exciting, and can be overwhelming. There's always so much to learn – take it slow, and really absorb things. Biggest mistakes I've made have been from apeing into positions without really understanding what I was doing. I've learnt the hard way.

    k) Spend time learning about the other chains … my journey in crypto started with learning about BTC and ETH, and then progressing through Polygon/Matic, and eventually Avalanche. These last two chains are awesome for learning about ecosystems and what you can do as the transactions fees are tiny compared to ETH.

    l) There are so many ecosystems … I'm yet to wrap my head around Solana, Fantom, etc etc … slowly slowly … maybe I'm too slow, but I'm conservative in this space.

    m) DeFi is a great way to actually use crypto and get a sense of what is possible. What attracted me to the space is the possibility of earning 'interest' via rewards etc that is way way higher than anything you can get from any bank anywhere in the world. For instance, I learnt about DeFi by using the Avalanche chain and the Curve system to stake stablecoins and earn AVAX rewards. Well worth looking into. A great way to learn about the space, and earn in the process!

    n) Influencers (YouTube, Twitter, etc) are mostly total trash. There are some great diamonds in the rough (I'll make a list below of folks I like – others, please chime in), and this took me fucking ages to figure out. Morons like Bitboy Crypto need to fuck right off.

    o) Also, assume that 99% of influencers have already made the trade they are now spruiking you. Learn the phrases 'exit liquidity' and 'zero sum game' … so many influencers out there use their platforms to shill their coins, and then dump on their followers. Be cautious and always ask yourself 'why would some random on the internet try and help me make millions?', and 'if it's too good to be true, it is'.

    p) Having said that, Twitter can be a great source of info on crypto … but it's a time sink. Well worth it though.

    q) FOMO is a nasty evil drug that will get you rekt. I have fallen prey to this too many times, and have bought a coin after a 15% pump, or because it was flavour of the month on Reddit or Twitter or whatever. I know, I know, fucking stupid – and I said to myself I would avoid this – it's hard! Read widely, build your convictions, and stay in projects long term. The hourly and daily timeframes are often just noise; some would say even the weekly and monthly are just noise! It's a long game.

    r) Most altcoins (95%+) seem to die in a hole, looking at historical data. Be careful.

    s) Day trading is only for people with legit crystal balls, money they can happily piss up against a wall, or the insanely brave. I mucked around with small amounts to prove it to myself, and yep – lost the fucking lot. Lesson learnt. Leave the day trading to those with serious experience – or, bone up and go hard if that's your vibe.

    t) If your exchange of choice has a 'demo' mode – use it! It was a great way to learn a few things and 'try before you buy'. I still have a demo account I settled on, and the bloody thing has wayyyyy outperformed my actual portfolio. I leave it there and look at it regularly as a reminder to think long term, and at the macro level.

    u) For the love of all that's holy, avoid the fucking meme coins like Dogecoin. If you think you're into that ish, fine – but be prepared to lose the lot. These things are manipulated by folks with large holdings.

    v) Speaking of manipulation – 'retail' crypto (us little guys) have fuck all influence on the market. This space is dominated by high-net-worth individuals, and, increasingly, institutional actors. They are the whales, we are the krill.

    w) Be careful of degen yield farms … high APYs are usually too good to be true.

    x) …I'm sure there's plenty more here … I'll add stuff in the comments as I think about it. Below I'll make a list of websites and channels etc that I've found useful … hope they may be of some interest and help to you as well. This is far from exhaustive – I've tried to keep it succinct.

    y) Veterans – call out any bullshit you see above, and please chime in with your wisdom. We're all here to learn, embrace the tech, and make some coin.

    Helpful spaces around the web:

    Benjamin Cowen – this guy is the shiz … by FAR the most rational actor I've come across in the space. He's a math PhD. Head over to the 'playlists' and check out the 'modern portfolio theory' stuff first, then dive in.

    https://www.youtube.com/channel/UCRvqjQPSeaWn-uEx-w0XOIg/featured

    Coinbureau – Guy is good; bit slicker, but a GREAT source of info, especially for beginners.

    https://www.youtube.com/c/CoinBureau

    Taiki Maeda – full time 'yield farmer'. Memes are lyf.

    https://www.youtube.com/channel/UC7B3Y1yrg4S7mmgoR-NsfxA

    InvestAnswers – some great stuff here.

    https://www.youtube.com/c/InvestAnswers

    Noah Siedman – Captain Rational – really deep finance knowledge and understanding of crypto vs TradFi … I gotta watch these a couple times usually to get all the good stuff into my tiny mind …

    https://www.youtube.com/channel/UCvau2hf5EXDy6Flu-tZZ0Sg

    Hxro Labs – these guys are super knowledgeable, but it's heavy data – I'm still learning lots in this space.

    https://www.youtube.com/channel/UCrTIa05xVF0HSIeLgLEl97g

    Bitcoin basics – the theory, and the info to being reading:

    https://bitcoin.org/en/how-it-works

    The original whitepaper by Satoshi Nakamoto:

    https://bitcoin.org/bitcoin.pdf

    Metamask – a browser extension wallet.

    https://metamask.io/

    Curve Finance – one of the best spaces in DeFi.

    https://curve.fi/

    Aave – a money market for DeFi.

    https://app.aave.com/#/markets

    Yield Yak – an autocompounder in the DeFi space.

    https://yieldyak.com/farms

    Cryptowatch – a useful dashboard for tracking the markets.

    https://cryptowat.ch/

    Coingecko – a site I use to check the crypto list by market capitalisation – market cap is THE metric, not the USD price … this will become clearer as you go down the rabbit hole.

    https://www.coingecko.com/en

    Zapper – a great site for tracking all of your DeFi in one place.

    https://zapper.fi/

    Cheers, have fun out there!

    submitted by /u/bodgey2021
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    ALGO is not garbage, it's one of the most user friendly projects

    Posted: 03 Jan 2022 07:39 PM PST

    As you should be aware, this post is currently trending and much of the information there is absurd, OP is clearly hating on ALGO.

    • Complaining about the official wallet? Seriously? It's the best wallet I've used, so simple and works all the damn time.

    • Poor price action? Your ass. It's been doing really good. He probably bought loads at 1.8 and higher, and didn't even mind averaging down.

    • Community is toxic? Are you kidding me? The Algorand subreddit is really helpful and they introduced me to staking, wallet and everything when I first got into crypto. It is one of the best communities imho

    • Additional point. How simple is it to become a governor? Name one another coin that puts the ease of use first like Algorand. Same goes for auto staking. They make everything as simple as possible. This is why people love ALGO. Not to mention you don't have any minimum amount you should be holding for both staking and governance. How good is that? And it's so cheap to transfer ALGO, again something that's very useful for people who can invest only a small amount. Ease of use.

    submitted by /u/The_SilentSoul
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    IRS has a tax provision which provides 'protection' to criminals.As long as a criminal is paying tax on stolen property,drug money IRS wouldn't share the identity of the criminal with any other law enforcement agency ! Then why go ballistic against Crypto?

    Posted: 04 Jan 2022 04:30 AM PST

    If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,"' read the provision for stolen property

    What if you're dealing drugs or caught up in other crimes?

    In that case, the IRS publication says jot your earnings on line 8z, Schedule 1 of your 1040 form, "or on schedule C ... if from your self-employment activity And don't forget to report any bribes or kickbacks you took in the course of doing business.

    The kickbacks also go on Schedule 1 or Schedule C, while the IRS says bribes should simply be included in your income.

    At first, I thought its a joke but it's real.

    Basically, IRS wouldn't share the identity of the criminal to any other law enforcement agency. In other words, as long as criminal is paying tax it's all good.The main aim is to just get more and more in tax revenue without being bothered by the crime committed.This is just extreme level of double standards,the same authorities would cry "Crypto only used by Criminals" then this tax provision.

    Then why complain about Crypto being used by criminals?

    Link to the article : https://www.usatoday.com/story/money/2021/12/28/irs-says-stolen-property-must-reported-and-twitter-goes-wild/9035694002/

    submitted by /u/Acceptable_Novel8200
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    What's the best way to cash out without creating a crash?

    Posted: 04 Jan 2022 06:15 AM PST

    For example, lets just say that I theoretically found my seed phrase for my wallet with 179'725 BTC in it.

    Now lets imagine that I theoretically had a weird idea in early 2009 and some weirdos hyped it up. I forgot about it for the last 12 years as I was busy. Now lets imagine that I finally found my seed phrase and a way to access my wallet with 179'725 BTC. Now I want to cash out and move it to my bank account. How would I theoretically go on about this safely if I theoretically had this much money in crypto, in theory of course.

    As I am 46 years old I am not quite sure how I can pay out a nice chunck without messing things up. Also I want to know what would happen if I pay out. What would happen to the market?

    submitted by /u/Klaasiker
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    The Tale of Polygon and some Sunflowers. Or: Why Polygon is slowing down.

    Posted: 04 Jan 2022 01:07 AM PST

    The Tale of Polygon and some Sunflowers. Or: Why Polygon is slowing down.

    Hell Dear Yoloers,

    today i bring you an entertaining tale of Sunflowers that are currently nearly killing the Polygon Network.

    Introduction

    Polygon: Hailed as a L2 for ETH with nearly no gas cost, Polygon has been in high demand for various DeFi Projects and retail investors alike. The gas cost was basically non existent at <1cent per txn and gas cost mostly <100 gwei. It's fast, cheap and stable. Just perfect.

    Sunflower farmer: A Open-source 16-bit farming game. You donate 0,1 Matic to a charity to start, You click your plots, harvest stuff and get tokens. Not that exciting. BUT: It's on chain. Like everything. Level up your farm? Saved on the chain. Harvested some stuff? On the chain. Crafted some tools? On the chain. I mean everything.

    The problem

    As so often the price, with great power comes great responsibility. The ROI of the game is like ... 8 hours? I am not even kidding. You start the game and make a plus. That was no problem as the price was like 1sff:100matic or lower, so basically a fraction of a cent. And since you get like 10 sff in a day it was nice, but not that much.

    But everything changed when the botters attacked.

    There were 2 things happening at once. First, the halvening. The cost and reward in sff halved in the game, as to slow down the minting of new sff. AND suddenly people realized: We can bot that stuff so hard, the winnings are amazing. Well... FUCK.

    2 Things:

    The price expoded. From the few cents to over 6$ per sff. INSANE. Probably driven by botters and people who fomoed in and wanted to upgrade their farm fast, as to better ROI.

    https://preview.redd.it/7vh6ug9czm981.png?width=3825&format=png&auto=webp&s=9814bf8a79abef88a3ec769df43088a273be95d8

    The matic gas cost exploded.

    https://preview.redd.it/2x82fw1lzm981.png?width=763&format=png&auto=webp&s=8e4156345a213ef738161ece3b032ea8e2718edc

    This is rn. Remember the <100 gwei? Yeah lmao no. And the contract for SFF is eating 50%+ of all transactions at times.

    https://preview.redd.it/dtcikkurzm981.png?width=1850&format=png&auto=webp&s=bd0d45f25dab6e3d5a3d0fc1bb63f823c34d9f0a

    This is the matic gas used of the sff contract. Just to give you an idea of how much it exploded.

    Currently the Network is barely usable for the normal User. It's still fast if you pay the gas price, but it's real expensive compared to before. From <1 cent to ~5 cent or more depending on the transaction.

    That's it, just wanted to share a good ol' story of people fucking up everything good because of greed. See y'all bois.

    submitted by /u/KermitTheFrogo01
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    Announcing VeUSD - VeChainThor’s First Stablecoin, Enabling Web3, DeFi, Sustainability Objectives and More!

    Posted: 04 Jan 2022 05:56 AM PST

    Crypto is ‘not a fad’ says Morgan Stanley CEO Gorman, ‘It’s not going away’

    Posted: 03 Jan 2022 06:25 PM PST

    If you’re plan is to hodl for a long time, then why would you care about the market price today?

    Posted: 04 Jan 2022 03:02 AM PST

    I know this can be one of the most stressful things in the world now. We're all worried about the dip in the prices right now, those FUD comments started to gain momentum claiming that "this is the end" and "the bubble finally blowing up" and etc…

    But seriously, if most of here agree that DCA and HODL is the main strategy to follow, and if we're planning to hodl for a long time now, then why should we worry about the current prices. Crypto has already started a revolution, and personally I can't see a sign of it slowing down no matter how much the prices go down.

    I'm sure some projects won't be making it, but if you trust your investment then there's no need to worry about that. Personally, I'm holding Bitcoin, Ethereum, and Polygon's MATIC. I think these are the 3 of the strongest assets in the market, and all of them is going to recover and still have a decent potential to fulfill.

    Don't listen to all the FUD, we're nowhere near the end, crypto age is just getting started. DCA and HODL, and y'all should be doing fine. Goodluck fellas.

    submitted by /u/ryuk_luvs_apples
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    Report: Bitcoin consumes less energy compared to banking and gold industry

    Posted: 04 Jan 2022 04:00 AM PST

    Analysts: "For Millennials Bitcoin has replaced gold"

    Posted: 04 Jan 2022 01:32 AM PST

    https://en.cryptonomist.ch/2022/01/04/millennials-bitcoin-gold/

    Bitcoin is the gold of millennials

    The professor spoke about this during an interview on CNBC's Squawk Box programme. Asked about the disappointing performance of gold, he commented:

    "Let's face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold".
    Also affected by the cryptocurrency market, according to Professor Jeremy Siegel, are commodities. That's why he adds:
    "Digital coins are the new gold for the millennials".

    Bitcoin and gold compared

    Professor Jeremy Siegel's opinion certainly takes into account what gold and Bitcoin experienced in 2021. It was the year in which the world economy had to learn to live with the Covid pandemic, rising inflation and economic difficulties caused by the pandemic.

    In a situation of uncertainty, investors have been choosing safe-haven assets. Gold is considered the ultimate safe-haven asset, but it does not seem to have benefited from this particular scenario. In January 2021, gold was worth around $1,950, while 12 months later an ounce of gold is now valued at $1,803, a loss of around 7%. Gold has also experienced a very volatile year, with a low peak in April of around $1,680.

    In contrast, Bitcoin started the year 2021 at a price of around $34,000 before peaking at $69,000 in November. It is currently worth $46,000, an increase of around 60%.

    But there are other cryptocurrencies that have performed far better than Bitcoin, such as Ethereum (ETH), which gained 241% in one year, or Cardano (ADA), which instead increased its value by over 400%. With these numbers, it is not difficult to understand why young people prefer an innovative product like cryptocurrencies rather than gold.

    Trading for everyone

    In addition to this, cryptocurrency trading has become an extremely easy activity for younger people compared to gold investments. Apps like Robinhood have introduced millennials to the financial market and crypto. Other platforms such as Coinbase also have fairly simple interfaces that allow trading in just a few clicks.

    It is worth noting the role played by PayPal. It is not a coincidence that since October 2020, when the online payment giant introduced the buying and selling of Bitcoin on its platform, the crypto market has started an upward race that may not be over yet.

    Ultimately, between gold and Bitcoin, the latter seems to be more affordable for everyone, including Millennials.

    submitted by /u/Antarctic_Banana
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    Samsung to plant 2 million trees with climate solutions platform, Veritree that uses Cardano to verify and track every step of the reforestation process.

    Posted: 04 Jan 2022 06:36 AM PST

    ALGO rewards from first governance period landing

    Posted: 03 Jan 2022 09:01 PM PST

    Just got the notification and checked my wallet and a nice little bump, saw a few other people post getting theirs as well.

    Also really nice they changed receiving the rewards to be able to add them to your staking for the next governance staking period next week.

    Are we going to have a dip from people selling the rewards? Or the tokens being free from the "soft lock", or are most of us just going to add them to the next round? Also with the recent mess on tinyman maybe we will see more people chose governance over other forms of staking or rewards.

    It's a good day to be a Governor

    submitted by /u/Tallywacka
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    If Eminem buys an NFT for $0.5m, he spends less than 0.25% of his net worth. That's not the case for the most of us. Remember that before you make any extravagant purchase.

    Posted: 03 Jan 2022 12:02 PM PST

    Most of the celebrities who are buying BAYC NFTs are spending less than a % of what they own because they know that NFTs are at this point a gamble. At face value, those numbers might look great ($0.5m which will appreciate with time)- but when you dig a little down- these guys are just playing with their lying around money.

    Do not get motivated by these purchases, they can afford to lose 0.20% of their net worth and still live the life that they are living. While most of us- if the purchase goes south- won't be able to survive through the episode unscathed.

    Adding to that, most of these projects would fail eventually. Terrapin (a LUNA NFT collection) was minted for 3Luna each. The floor price of them today is 0.5 LUNA.

    And so (let this post be a reminder) only invest what you can afford to lose. Only buy NFTs if you can afford to buy a minimum of 10 of them. As it's currently a game of fire, and if you're not cautious you too will burn your hands.

    submitted by /u/tanmay1010
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    Are there any coins that are worth mining right now?

    Posted: 04 Jan 2022 06:03 AM PST

    I know that in general, cryptomining is a ship that has sailed, unless you've got a proper mining rig and the most up to date GPUs. I don't have them.

    A few years ago, I did start mining, and it definitely wasn't profitable. But are there any coins that are worth mining nowadays, seeing as I'm WFH, using my PC but not using it for anything more strenuous than web browsing?

    If so, what is the best mining software to use? What is the best coin to mine? What are the current returns? Anyone else doing this from a 'normal' PC right now?

    Thanks in advance!

    submitted by /u/chandler-blackshadow
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