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How crypto could change the world and Why Cryptocurrency was invented in the first place.
People used to pay each other in gold and silver. Difficult to transport. Difficult to divide.
Paper money was invented. A claim to gold in a bank vault. Easier to transport and divide.
Banks gave out more paper money than they had gold in the vault. They ran “fractional reserves”. A real money maker. But every now and then, banks collapsed because of runs on the bank.
Central banking was invented. Central banks would be lenders of last resort. Runs on the bank were thus mitigated by banks guaranteeing each other’s deposits through a central bank. The risk of a bank run was not lowered. Its frequency was diminished and its impact was increased. After all, banks remained basically insolvent in this fractional reserve scheme.
Banks would still get in trouble. But now, if one bank got in sufficient trouble, they would all be in trouble at the same time. Governments would have to step in to save them.
All ties between the financial system and gold were severed in 1971 when Nixon decided that the USD would no longer be exchangeable for a fixed amount of gold. This exacerbated the problem, because there was now effectively no limit anymore on the amount of paper money that banks could create.
From this moment on, all money was created as credit. Money ceased to be supported by an asset. When you take out a loan, money is created and lent to you. Banks expect this freshly minted money to be returned to them with interest. Sure, banks need to keep adequate reserves. But these reserves basically consist of the same credit-based money. And reserves are much lower than the loans they make.
This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB currently reports a yearly increase in the supply of the euro of about 5%.
This leads to a yearly increase in prices. The price increase is somewhat lower than the increase in the money supply. This is because of increased productivity. Society gets better at producing stuff cheaper all the time. So, in absence of money creation you would expect prices to drop every year. That they don’t is the effect of money creation.
What remains is an inflation rate in the 2% range.
Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest.
Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse.
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Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you.
The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use.
When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure.
What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system.
So, if you find yourself religiously checking some cryptocurrency’s price, or bogged down in discussions about the “one true bitcoin”, or constantly asking what currency to buy, please at least remember that we have bigger fish to fry.
We are here to fix the financial system.
Given how early in the Rogers Adoption Curve for Crypto we are, I would like to take a moment so we can just imagine what this technological revolution, which I consider is the next huge step for human kind, could bring. I will emphasize some socioeconomic implications of descentralization, but I`m mostly interested in listening to, and debating your inputs.
Blockchain and Crypto Currency are here to change the world forever.
The implications of decentralization
As you may know one of the core proposals of blockchain is decentralization, and with it we can optimize so many processes that this alone could be the revolution we are talking about. By eliminating intermediaries, we can save on the cost they add to the supply chain ensuring those that create the value, keep it. Or we can simply save on fees.
To quote the man himself:
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. – Vitalik Buterin.
To put it simply, imagine that you replace Binance (a centralized company) with a robot. A robot that you have programed so well, whose code you publicly audit, and that is so safe you can trust it with billions of dollars in liquidity pools, so it proceeds to host and operate the trading platform by itself. In case you didn’t know, this is already a reality! Many people here trade on those platforms on a daily basis.
But this goes beyond replacing Centralized Exchanges with Automated Market Makers, Airbnb with a blockchain DApp that connects landlords and costumers, or even banks with complex smart contracts that allow you to borrow, save, tokenize physical assets, and so on. This goes way beyond.
Here is where I start to fantasize of the future. Think about replacing capital itself, think about getting rid of corporations. Lets dream of a world with DAOs massive adoption.
With DeFi, we may no longer need a company like Nestlé…
And specially not their investors. Of course, you will still need the people administrating, planning, monitoring, generating new ideas that adapt to their context, and creating innovative solutions for a complex world only humans can comprehend. But the figure of shareholders and CEOs that steal all the value that workers create and leave them with a tiny fraction of it, can disappear. This can be the basis of a once in a century transformation.
Just as an example: Nestlè’s coffee growers in Colombia keep less than 10% of the final sale price, and barely make a living on it, so are actually abandoning the rural areas.
With Blockchain, DeFi and Smart Contracts, people like you and me can collectively fund such an operation, and then agree upon specific terms like wages by direct democracy, voting with our crypto holdings. Then we would proceed to allocate funds, hire “developers” which would ultimately be regular office jobs that keep the organization functioning. Once in operation we would frequently vote on decisions and results, which would ultimately keep the highest level of accountability for people working in the organization. This is already happening by the way, this is how some blockchain projects work today. We just haven’t applied it to industrial and physical supply chains yet.
Let’s go back to our project to replace Nestle. Imagine that an organization’s main goal is not to maximize profits for shareholders and bonuses for CEOs anymore. Instead, it’s the interest of regular people and the company’s collaborators that drive its actions.
Most likely, you and I will want to consolidate an efficient and effective supply chain, that is sustainable and keeps the dignity and wellbeing of its collaborators as a guiding principle. We are not longer at their mercy on issues like climate change, we can now take immediate action against it, or stop endangering and hoarding water supplies in classic Nestle fashion.
Also, we are making profits, so we are redistributing capital, and improving our quality of life, which will be most notorious in the most vulnerable communities, usually those that extract/harvest/mine raw materials.
This is what could happen with the blockchain descentralization of business. And you could apply it to pretty much anything, but maybe initially it could be for low labor and capital intensive businesses.
I’ll give you another example. I work for a solar power multinational company. If you don’t know it, solar energy is essentially a financial product, most people working in these companies don’t care about the world, its simply that solar is a very safe and lucrative hustle, and all investors care about is having a nice return of investment (ROI). As of now, my company works exclusively for large scale corporate clients or the state itself, given that’s where the nice ROIs are, since they give you the projects that allow you to place large capitals at once. This means, as of today, we blatantly ignore the regular people that seek for our help and funding to power their farms and/or houses with solar energy. They’re not that profitable my boss tells me. This is shitty, and I’ve thought of quitting several times.
But back to the point. Now, imagine once again, we get rid of the institutional investors. Now you and me create Reddit Solar Co, a DAO. Our only purpose is to facilitate access to electricity to those without it, and to advance in the urban implementation of renewable energy. We help the world, make dividends that are automatically distributed by the DAO, and also our own Crypto is rising in value.
And this is not the best.
Let’s not forget of synergies.
So, we just created a DAO that manufactures and distributes food globally right? Or maybe Reddit Solar Co. As an organization born on the blockchain, we won’t have to adapt to the state of the art innovations on the crypto world like an old steam locomotive attempting to adapt a warp drive on top of it. We were born in space.
From the beginning, our Ethereum based DAO could adopt VeChain’s solution for supply chains, Cardano will help us to give an integral solution to the unbanked communities that provide our raw material, they now have IDs, access to DeFi and education. The land deeds and legal documents that relate to our enterprise are certified by LTO Network, we move money internationally with XRP or Stellar, and don’t worry, we use Polkadot to ensure proper blockchain interoperability.
Too complex for you? Don’t worry, you don’t even have to know or care about this, leave that to others. You’re into finance. Maybe sales is your thing and there’s a little Michael Scott in you. Or you`re into social work and want to supervise our community engagement at the start of the supply chain. Just go do your thing! You don’t necessarily have to be involved in all of this.
All you know is you do your job and receive your crypto salary.
Just as computers and the internet changed the world forever, and not only had economic implications but also changed our culture, routines, work lives and ways to interact with each other, crypto will. We are just so early; that all we can do for now is dream.
You’re having too much hope in humanity dude…
Sure, I may be making some optimistic assumptions on the motivations of humans, I may be saying that we will use this technology for good, and that we care about each other, and that’s one way to look at it. But we could also argue in favor of this from a sceptic perspective: even if you don’t care about the collective wellbeing of your community, it’s in your interest to live in a safer environment right? Ergo you want to reduce poverty. Its also in your interest to stop global warming so organized human life can continue to exist, or to make sure you and your children will have water and food in 50 years, that’s why you will want to use technology for good even if you only care about yourself. Also lets not forget the powerful incentive of profits. Crypto has the clear potential to achieve all of this.
Most of the current generation of crypto projects will be ready and operating within the next 3 years, so all we will need by then is the will to use this technology for good, and the vision to change the world.
This is just the beginning, we will be killing industries but giving birth to others we could have never imagined before.
Cons of Crypto:
A coin called “Chia” is gobbling up 1,125,000 TB storage per day. Just to farm this token that no one seems to use. This takes resource wastage to a whole new level.
Chia is a coin that works on a proof of time space consensus. I.e. to farm this coin, one must allot dedicated hard drives and allot the space (known as plots), and get rewarded for it. Sounds good on paper, and one could even be tempted to think they may put that spare 500 GB space left and earn some passive income on it.
Except, this one already requires industrial grade storage space, just to farm a token that has almost zero adoption anywhere.
As you can see from this coin’s explorer, the storage is growing by almost 1000 PiB per day, in the last few days.
https://www.chiaexplorer.com/charts/netspace
1 PiB = 1125.9 TB.
So a growth of 1000 PiB per day => almost 1125000 TB of storage per day is added onto this network, just to mine these coins. This equates to 1.1 million 1 TB drives added per day just to support farming on this network!
Pros of Crypto:
– People in Hong Kong Use The Crypto and Blockchain To Fight Against Media Censorship
Reference
– Data indicates that 76% of Bitcoin investors are still in profit
- Network effect and staying power
BTC is the first virtual currency to solve the double-spending issue. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with a blockchain network structure, a notion first created by Stuart Haber and W. Scott Stornetta in 1991. - Bitcoin undoubtedly has a ‘brand’. It has perhaps the most substantial name recognition of any existing crypto asset and is basically synonymous with ‘cryptocurrency’ to the lay public.
- Despite near constant proclamations of its demise, Bitcoin has not died. One could argue that – as the progenitor of cryptocurrencies – its longevity and continued profitability is itself an investment thesis.
- As the number of public addresses, daily active users (DAU), and large holders/long term holders continue to trend upwards, it becomes harder and harder to ‘put the genie back in the bottle’:
- Bitcoin’s valuation is well described by the most fundamental factor intrinsic to its network: the number of addresses that hold BTC. Applying Metcalfe’s law, the total value of Bitcoin’s network is well explained, with an R squared of 93.8%, simply by the square of its user base, n.
- Store of value to hedge inflation
- Over its lifetime, narratives of Bitcoin’s value have gone through several shifts, from the original cypherpunk vision in the white paper of p2p ‘e-cash’ to today’s ‘digital gold’ narrative.
- One theme underlying both of these points, however, is a reaction to or distrust in the current financial system. This was true during the financial crisis of 2008 (see the genesis block message) and is still relevant today with unprecedented levels of monetary and fiscal stimulus being pursued by governments worldwide. Government deficits and central bank money printing may lead to inflation and thus drive investors towards assets like gold or Bitcoin to preserve their wealth.
- This notion that BTC is a store of value to hedge inflation has certainly caught on in the last few years – not just from institutional or hedge fund investors, but from companies like MicroStrategy, Square and Tesla adding BTC to their balance sheets.
- Like gold, BTC is scarce – only 21M will ever exist. It is estimated that 3M-3.7M BTC have been lost forever/will never enter circulating supply again.. One estimate is that 14.5M BTC are essentially illiquid.
- To take one example, Grayscale’s BTC trust – which has no redemption process and thus effectively takes BTC out of circulation – alone holds over 600k BTC.
- Like gold, BTC is also divisible, interchangeable and durable. Unlike gold, however, BTC is a digital asset and is thus easier to purchase, move and store.
- If the store of value narrative endures, Bitcoin may have significant upside in supplanting a share of gold’s use case (estimated to be a $10T asset class).
- Development
- One of the common counterarguments for Bitcoin is that it is a ‘dinosaur’ with little technological improvement or development (as compared to its more innovative successors).
- Schisms in the dev community notwithstanding, Bitcoin remains an open-source project with global development communities and activity
- Developments of note include:
- Segregated Witness (SegWit): a protocol upgrade proposal that went live in August 2017. This protocol upgrade effectively increased the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second (TPS)
- Lightning Network: is a second-layer micropayment solution for scalability
- Taproot: an anticipated upgrade to increase privacy and improve upon other factors related to complex transactions
- While other blockchains boast enterprise development, some companies are indeed building on Bitcoin. For example, Microsoft recently launched a Decentralized Identifier (DID) network (ION) on the Bitcoin mainnet
- Ideological foundation for a potentially new financial system, without the old, decrepit, and corrupt banks and middle men.
- The Environmental Argument is almost pointless, as it is the most efficient way of transporting millions of dollars around the world in mere seconds. And I mean efficient in all ways, there us no other single asset in the world capable of transporting this amount of capital wealth with such a low environmental impact or financial cost. If not, try moving 4 millions dollars of gold. Also, as Btc increases in value, this gets more on more efficient.
- Innovation of the technology and the first mover advantage in capturing this new market’s value/future value. Btc will always be at the top as mainstream adoption continues relating Crypto=Bitcoin.
- Ability to be bankless, with proven liquidity (thanks to Tesla) and with the best performing asset creation-to-date.
- Inability of third parties to do anything about your Btc holding without the seed phrase. Government’s can hardly tax it if, as Michael Saylor put it: “I had a boating accident and forgot my seedphrase, I don’t have acces to my crypto anymore so I can’t be taxed”. In a way, nobody but yourself can prove that you still have access to those funds, so, can they truly be taxable?
- The S2F model and updated S2F XA model. So far they have been scarily precise. Otherwise, Metcalfe’s law assures anyone that bitcoin may never go to 0, as the network is already strong enough to provide a certain degree of value.
- Bitcoin has been around way too long, and to the uneducated it is the face of the crypto world.
- Bitcoin has no smart contracts.
- Bitcoin is slow.
- Bitcoin fees are expensive.
- People see it as an investment, not a currency they can use and spend. In the end this is not defined as it’s supposed to be used, but only as store of value. It’s at the state of gold, not of a coin.
- Bitcoin has become outdated, the only thing it’s useful for is investing, day to day transactions are useless.
- Bitcoin’s largest advantage and in fact it’s greatest disadvantage is that it’s the oldest cryptocurrency. Since then technology has evolved so much to become more energy and time efficient.
- Bitcoin is like the grandpa of crypto and we should look at it as such. Admire it for its wisdom because it has taught us so much, but also acknowledge that each of its children are trying to make their own marks on the world.
- It’s huge environmental impact due to its proof-of-work concept. BTC has a carbon footprint like Singapore, uses as much electrical energy as the Netherlands, and produces as much electronic waste as Luxembourg. This is a huge problem and needs to be accepted more widely.
- It’s slow. with an average transaction time of like 10 minutes, we are pretty far from instant transactions – this might not be a problem in all cases, but is one when one would like to use it like a currency, as it was planned originally
- High transaction costs – not ETH-high, but too high
- Bitcoin takes a lot of energy to mine and use. As of May 2021, a single Bitcoin transaction takes as much energy as 760,201 VISA credit card payments (source). To keep this in context, the world banking system uses about two times as much energy as the Bitcoin network (source)
- Bitcoin is difficult to mine. GPUs and CPUs don’t have enough computing power to compete with other miners, meaning so-called Application-Specific Integrated Chips (ASICs) are required. These are expensive – generally in the range of $1000 to $6000, depending on how new the model is (source). This restricts Bitcoin’s mining pool to people and groups who have enough wealth to invest in ASICs, which threatens the goal of keeping cryptocurrency decentralized.
- Bitcoin transactions can take a long time to be confirmed. The average time for a transaction to confirmed once is 10 minutes (source), but for a payment to be absolutely final, it needs to be included in multiple blocks to ensure consensus in the mining pool. This takes even longer, sometimes up to one hour (source, for 6 confirmations).
- Bitcoin transactions require expensive mining fees. At the moment, the average fee for a single transaction is $14.35, making Bitcoin unsuitable for day to day use (source).
- Bitcoin lacks many features available in other coins, including smart contracts (programs run on and enforced by the blockchain, see here), anonymity (source), and CPU mining (allowing anyone with a CPU to mine, thus making the network more democratic and less susceptible to being taken over by large groups).
Crypto is definitely a good way to make money. However, you might end up finding the tech interesting. I know that I sure did, and having a sound understanding of your investment will make a big difference in your ability to hodl. It doesn’t have to be much, just a few YouTube videos.
Strategies when it comes to cryptocurrencies
The HODL’er: you buy and basically you never sell. It’s kind of the holy grail of strategies when it comes to crypto according to this sub. Buy and forget and check back 10 years later. You’re a millionaire, Harry! No stress and no maintenance. You can even buy more over time and continue stacking your fat holdings. Do this if you believe in crypto long term
The Goal Setter: set a goal and sell when you reach that goal. Maybe it’s 3x and I’m out. Or maybe it’s make enough for student loans and I’m out. Or maybe it’s $1MM and sell half. Can be anything. Stress depends on your goal.
The Active Trader: Buy high and sell low
The Swing Trader: Some people are good at trading – they usually wait for those days where the whole market bleeds 20-30% in a day then they buy and wait for the bounce and they sell. Rinse and repeat. But they also risk missing out on the rocket jumps. But they also minimize the risk of being in the market when there’s a crash. In the end they might be able to increase their total holdings but for most beginners they lose rather than win. High stress and high maintenance.
The Cycle Trader: you DCA in during the bear market when everything has lost 80-90% of its ATH (alternatively, a year before the Bitcoin halving). Then you slowly sell off everything approximately a year after crypto starts trending up and enters a bull market. So this method has worked well for many people – they don’t necessarily time the top right but they continue to increase their holdings over several cycles. This might be the smart move if you have discipline. The risk is that history no longer repeats itself. It has worked the past 2 cycles but it’s not guaranteed it’ll work again. Medium stress, low maintenance
The Arbitrager: usually they have algos do the trading for them. They minimize risk and just arbitrage the price differences between exchanges. They might not care about crypto and just want to make money. They miss out on the bull run but also miss out on the bear market. Low stress, medium maintenance.
The Moon Chaser: 1000x or bust. Forget $10K eth or $100K btc, they want the next shiba or safe moon. They buy coins with market caps in the millions and hope for the pump to sell. This is like the lottery ticket buyers of crypto. High stress, high maintenance, smooth brain
The correct mentality for investing in the crypto market is thinking in YEARS not MONTHS.
Crypto: What to do in the bear market
–HODL, dont sell with a loss if you believe in your Coin long term.
–Stake, staking is really important! I cant tell you enough, if we are in a bear market and you can stake for a few years you can easily get 20-30% more coins then you have right now.
–DCA, keep buying. The bear market is where you DCA, dont stop buying. Right now is where you can get coins cheap! Just dont stop DCAing cause you are scared! Pick projects you believe in long term and keep buying at low prices!
–Get rid of coins you dont believe in long term, shitcoins. Many wont survive the bear market.
–Research coins for the next bull run!
Crypto Currency Market Cap Visualized during the Pandemic
Top 100 Cryptocurrencies by Market Cap
Latest News on Crypto:
- Nigerian central bank does U-turn on crypto ban
- Paypal allowing withdrawal of crypto
- Billionaire Carl Icahn eyeing $1.5 billion investment in Bitcoin
- Sheetz convenience store becomes the first store chain to accept crypto
- Nashville couple suing IRS over staking gains being taxable
- Dubai’s first cryptocurrency rises over 1000% since its debut
- Biden announces $6 Trillion budget
- Colorado wants to be the first state to accept Crypto
- Large investors bought $3 Billion during the pullback
- Texas creates legal clarity for Bitcoin
- SEC starts scrutiny of Skybridge and Fidelity’s Bitcoin ETF bids
- Texas Bitcoin Bill Gets Senate Approval
Sources:
1- Reddit
2- Reddit
3- https://research.binance.com/en/projects/bitcoin
4- NYDIG Power of Bitcoins Network Effect
5- The original Cypherphunk vision
6- Unlike Gold, BTC is a digital asset that is easy to move around
7- https://coinmarketcap.com/historical/
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- Most people here aren't investing, they're gambling.by /u/Elie0_0 (Cryptocurrency News & Discussion) on March 26, 2023 at 8:31 pm
I think there's a line between investing and gambling in Crypto and that to me seems to be when you put your money in a coin when you have no idea about how it works or why you think it will succeed, just based on hype and hopes that it will. That's gambling to me, whereas you can actually learn about a coin and invest because you believe a certain aspect or quality of it will make it succeed. That's definitely not what people here are doing though, comments show me that people investing in most coins really have no idea why they've invested other than the fact that the price might go up. That's just like throwing a dice hoping you'll make some money. The only one people really invest in seems to Bitcoin, since you hear that some people who do put money in it do so for the sake of its decentralization and see it as an asset. But 99% of the other coins? They literally have no purpose or usecase nor do people who invest in them, then it just becomes a pyramid scheme, hoping others will be foolish enough to put money in it so you can make some money. Doing some research and choosing your project because of some purpose can help you actually start investing, that's what you have to do if you want to stop gambling blindly, even if it's Bitcoin. submitted by /u/Elie0_0 [link] [comments]
- I failed massively in Crypto for 3 years so you don’t have toby /u/TheCheese2024 (Cryptocurrency News & Discussion) on March 26, 2023 at 8:28 pm
Our greatest failures can often lead to our biggest successes. After being in the market for 3 years and making every mistake possible, I think I’m finally ready to put everything I learned to use. So here are a few of the mistakes I’ve made over the years, and how to avoid them. Day Trading Just don’t do it. The only trades that should be made in a day, are ones you plan to hold all the way. Most day trades in my experience are based on FOMO and FUD. And even with the best technical analysis, you probably still won’t beat the spread. Even during super pumps when you’re up 100% in an hour, just hodl. Its extremely easy to wreck your position based on short term trades and it’s not worth the risk even if you double your position from time to time. Make long term trades based on the overall position of the current BTC 4 year cycle. Unnecessary Spending Don’t spend any of your investments on anything even when you’re up massively. That new car, engagement ring, or washing machine can wait. Stick to your long term goals with certainty and hold. You will be able to take care of your family even more in the future if you just hodl. Be aware of your position in the 4 year cycle and don’t buy things you don’t need in the middle of it. Income Don’t quit your day job. It can be easy to think you can just live off trading at times. It’s not impossible to do, but you’ll be needing a lot of grocery’s and bills payed very soon that will be coming out of your holdings. Living off crypto will slowly bleed your savings dry and eat into those long term multipliers. A steady income will allow you to stack more, and hold long term, rather then losing anything. All these things may seem pretty trivial. But it can be the smallest things that add up in the long run. However may we all learn from our mistakes and become crypto millionaires. Good luck and happy trading. 🍻 submitted by /u/TheCheese2024 [link] [comments]
- Maximizing your earning potential with cryptocurrencyby April Token (Blockchain on Medium) on March 26, 2023 at 8:21 pm
Cryptocurrency is rapidly gaining popularity as a potential source of income, but the market is still volatile and can be unpredictable…Continue reading on Medium »
- Bitgear Price Predictionby Betty Ligmart (Bitcoin on Medium) on March 26, 2023 at 8:18 pm
Bitgear is a relatively new cryptocurrency that was launched in 2021. It is a decentralized finance (DeFi) project that allows users to…Continue reading on Medium »
- Venezuela, Yolsuzluk Soruşturması Nedeniyle Kripto Para Madencilik Operasyonlarını Kapattıby coinkoins (Bitcoin on Medium) on March 26, 2023 at 8:02 pm
Continue reading on Medium »
- Bitcoin (BTC/USD) 28.000by coinkoins (Bitcoin on Medium) on March 26, 2023 at 8:01 pm
Bitcoin (BTC/USD) 28000 Dolar Seviyesini Aştı, Teknik Analiz DeğerlendirmesiContinue reading on Medium »
- Don’t Tell Your Friends or Family When or What Crypto to Buyby /u/wpeironnet (Cryptocurrency News & Discussion) on March 26, 2023 at 7:54 pm
If you’ve thought about telling your friends or family about getting into crypto or they’ve asked you to help them invest. Set them up to learn about crypto and nothing more. Especially while the markets are down when it feels like an easy call. By telling someone what to invest in you’re putting your relationship with that person at risk and you are also most likely not educated enough to give financial advice anyway. If they buy in because you told them and it shoots up, you’re their savior, you’re a hero. But if it crashes guess who they’re going blame. In their minds it’s your fault because you gave them a wrong pick. It doesn’t matter what macro conditions create the volatility. Instead explain to them what Bitcoin and Ethereum are. Tell them to go research how it works and price history. Maybe even show them an exchange and a wallet. But don’t tell them what or when to buy. Not worth having your significant other, friend, or parents hold a grudge on you forever. I’ve made this mistake before and creates tension like you can’t imagine even when we were both losing money. I will not be repeating this mistake neither should you. submitted by /u/wpeironnet [link] [comments]
- Bitcoin y Criptomonedas Explicadas por Juan Rodulfoby Juan Rodulfo (Bitcoin on Medium) on March 26, 2023 at 7:50 pm
Bitcoin y Criptomonedas Explicadas por Juan RodulfoContinue reading on Guaripete Magazine »
- Controversial opinon, but I do not think that a bullrun will occur during next halveningby /u/34Sis (Cryptocurrency News & Discussion) on March 26, 2023 at 7:42 pm
The economy looks so terrible, banks going down left and right. There's also a term floating around...hyper-inflation. Also People losing their jobs+ inflation...people have no money, so they will invest less into crypto. When all those crypto started, it was never in a recession before, but now we are heading to a deep recession/ hard landing. Estimations say that the next halvening will occur March/April 2024, this is around 1 year from today. Even if people become a bit more bullish, I doubt that there will be a real bullrun. Maybe a major bullish rallye, but nothing compared to crypto's history. 100k eoy will stay a dream that we can keep on dreaming for 2028. submitted by /u/34Sis [link] [comments]
- Why would the United States choose to fight against crypto when most of the world is talking about digitizing all assets?by /u/Jeff5704 (Cryptocurrency News & Discussion) on March 26, 2023 at 7:41 pm
I've read articles about Avalanche wanting to digitize all assets and even Larry Fink from Blackrock mention tokenizing stocks and bonds to improving efficiency in markets. With blockchain technology improving the potential in the digital asset space and many paths pointing to innovative applications of these technologies. "For the asset management industry, we believe the operational potential of some of the underlying technologies in the digital assets space could have exciting applications. In particular, the tokenization of asset classes offers the prospect of driving efficiencies in capital markets, shortening value chains, and improving cost and access for investors," Larry Fink So my question is: why would the United States currently choosing to fight against crypto? submitted by /u/Jeff5704 [link] [comments]
- Decanex LAND — VIRTUAL LAND PROJECTby decanex (Bitcoin on Medium) on March 26, 2023 at 7:36 pm
Decanex will also be a real estate project wherein we are keeping a part of the total land as open blocks for sale.Continue reading on Medium »
- How To Buy OYO Token?by OYO TOKEN (Bitcoin on Medium) on March 26, 2023 at 7:35 pm
OYORI is a revolutionary decentralized application platform built on the Polygon Chain, a self-contained blockchain. OYORI is a…Continue reading on Medium »
- Cómo cambiar su OK (Okcash) [Core] por OK (Wrapped Okcash BSC) [BEP20]by Stefano Xavier (Bitcoin on Medium) on March 26, 2023 at 7:32 pm
Con la nueva expansión de Okcash en el espacio DEFI, algunos usuarios han solicitado un tutorial sobre cómo cambiar su Okcash por Wrapped…Continue reading on Criptomonedas Show »
- 'Crypto king' Aiden Pleterski abducted, held for ransom: reportby /u/Hodlbag (Cryptocurrency News & Discussion) on March 26, 2023 at 7:27 pm
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- What is the coolest thing you’ve done with crypto?by /u/boerenbrok (Cryptocurrency News & Discussion) on March 26, 2023 at 7:06 pm
The title says it all. So, what is the coolest thing you’ve done with crypto?Have you ever bought anything neat with it? Paid off some life changing expenses? A few years back I’ve bought an hardware wallet by using Bitcoin. That was my way of ‘taking profits’. It wasn’t much, but it felt great to be honest. I also once amazed a few friends by showing them how incredibly quick you can transfer assets with Algo. (No shill, I don’t hold Algo anymore) I had them set up a wallet, and send them a little bit of Algo in a matter of minutes. It helped them to understand the essence of cryptocurrencies. And making free money because I participated in some airdrops was cool as well. I’m sure there are more amazing stories than my lousy examples. I would love to read them! submitted by /u/boerenbrok [link] [comments]
- Lehigh Valley man loses $160,000 in cryptocurrency scam, police sayby /u/JayReyd (Cryptocurrency News & Discussion) on March 26, 2023 at 6:48 pm
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- The US Government holds 205,515 bitcoins more than 1% of the Circulating supplyby /u/Odlavso (Cryptocurrency News & Discussion) on March 26, 2023 at 6:16 pm
The US government holds over 205K btc that they confiscated from three cases. They hold over 1% of the circulating supply of bitcoin. The first case Individual X (unknown person) moved 69,369 bitcoins that they managed to take from The Silk Road marketplace account. The US government found out who this person was and Individual X signed a consent and agreement to forfeiture with the U.S. attorney's office handing over the 69,369 btc. https://news.bitcoin.com/a-look-at-individual-x-and-the-seized-stash-of-silk-road-bitcoins-worth-1-billion/ The Second Case February 8th 2022 the U.S. Department of Justice announced the seizure of 94,636 bitcoins linked to the 2016 hack of the cryptocurrency exchange Bitfinex. https://news.bitcoin.com/us-seizes-94636-bitcoin-2016-bitfinex-hack-largest-crypto-seizure-to-date-2-people-arrested/ The Third Case November 7th 2022, The U.S. Department of Justice announced that James Zhong pleaded guilty to committing wire fraud in September 2022 when he unlawfully obtained over 50,000 btc from The Silk Road marketplace. https://news.bitcoin.com/us-announces-historic-3-36-billion-cryptocurrency-seizure-as-silk-road-bitcoin-thief-pleads-guilty/ How do the US btc holdings compare to others (some of these number may be off since I went with the most recent articles I could find, included the most recognizable names on the sub but there are other who would be on this list) % of circulating supply Coinbase 2,000,000 BTC 10.34% Satoshi Nakamoto 1,100,000 BTC 5.69% Grayscale 643,572 BTC 3.32% Binance 248,597 BTC 1.28% US Government 205,515 BTC 1.06% MicroStrategy 124,391 BTC 0.64% Winklevoss Twins 70,000 BTC 0.36% Tesla 42,902 BTC 0.22% El Salvador 2,381 BTC 0.012% https://dune.com/21shares_research/us-gov-bitcoin-holdings https://preview.redd.it/t5a2oswxi4qa1.png?width=1881&format=png&auto=webp&s=e56c230123d100496d8d5d1b47a05cb0719868c2 submitted by /u/Odlavso [link] [comments]
- Coinbase Wells Notice Explainedby /u/xof711 (Cryptocurrency News & Discussion) on March 26, 2023 at 6:04 pm
On March 23rd, 2023 Coinbase revealed it had received a Wells Notice regarding several business lines. Coinbase said it is ‘Confident In The Legality Of Our Assets & Services’ and said it would welcome litigation on the matter. Let's break this down! According to Coinbase, the Wells notice, which notifies entities of impeding SEC charges, concerns the exchange’s staking service, Coinbase Prime, Coinbase Wallet and an ‘undefined portion of our listed digital assets.’ Coinbase claims that the notice builds on an investigation the exchange disclosed via SEC filings in June. In the filing, Coinbase wrote ‘we have received investigative subpoenas from the SEC’ and other regulators regarding ‘customer programs, operations, and intended future products, including our stablecoin and yield-generating products.’ Coinbase explains that the notice ‘does not provide a lot of information for us to respond to.’ The SEC has told the exchange that the regulators have identified ‘potential violations of securities law, but little more.’ The SEC declined to identify which cryptocurrencies on its platform had been identified to be securities. Coinbase also adds that the Wells notice comes after the exchange ‘provided multiple proposals to the SEC about registration over the course of months, all of which the SEC ultimately refused to respond to.’ Coinbase outlines its efforts to register with the SEC which involved meeting with the regulators ‘30 times over nine months…’ Coinbase claims that it has learned that ‘there is disagreement within the Commission itself on how to proceed with a registration path.’ In January of this year, the SEC canceled a meeting and informed Coinbase the regulator would be ‘shifting back to an enforcement investigation.’ The investigation, according to Coinbase, ‘is still at a very early stage,’ with which the exchange has cooperated. The exchange also reiterates claims that it does not ‘list securities or offer products to our customers that are securities.’ The exchange explains that ‘our staking services are not securities under any legal standard, including the Howey test which assesses whether a product is an investment contract.’ The exchange concludes ‘[t]ell us the rules and we will follow them.’ Takeaway: The exact nature of the SEC’s investigation of Coinbase remains unclear. Considering, however, statements made by SEC Chairman Gary Gensler since he assumed the position, the investigation should not come as a surprise. Gensler has said he believes most cryptocurrencies to be securities, that staking itself and via third party service provider is a security, and that stablecoins may be securities. Moreover, authorities have brought charges reflecting these views: Kraken charges over staking, charges against Poloniex for operating an unregistered securities exchange, charges against a Coinbase employee for insider trading which identified specific assets on Coinbase as securities. There have also been media reports regarding SEC probes of the exchange. While some businesses in the crypto community contend that rules for the space are unclear, US authorities are confident in their ability to apply existing rules to the asset class. submitted by /u/xof711 [link] [comments]
- Inside $400k-a-month luxury rehab centers for crypto addictsby /u/Lord-Nagafen (Cryptocurrency News & Discussion) on March 26, 2023 at 5:30 pm
submitted by /u/Lord-Nagafen [link] [comments]
- Sam Bankman-Fried Faces More Charges for His Political Contributionsby /u/UnkownMillionare (Cryptocurrency News & Discussion) on March 26, 2023 at 5:07 pm
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- Ethereum Layer 2 Application Specific Rollups and Their Future.by /u/haych-18 (Cryptocurrency News & Discussion) on March 26, 2023 at 5:06 pm
Time for a post about Application Specific Rollups + General Purpose Rollups on how they often get lumped together, even though they couldn't be more different, and how they are complimentary not in competition. In 6 months-a-year, you're going to hear non-stop about zkEVMs. They really are the endgame for Ethereum scaling on L2 + I couldn't be more excited for this but this often leads people to believe that App Specific rollups will be left behind - this couldn't be more wrong. General Purpose L2's on Ethereum - like Optimism, Arbitrum (OP rollups), Scroll, Polygon + Taiko (zkEVMs) - are all trying to do one thing (in different ways): Basically, reproduce Ethereum, but on a faster + cheaper L2 environment, still tied to Ethereum L1 for security. If successful, this will be great for Ethereum. Ethereum, as it is today, will all move to Layer 2, and Ethereum will be a viable option to power all of crypto all in one place. There will be no need for competing L1s aka "ETH killers". But what about Application Specific rollups? I think calling them all rollups confuses people, because it somewhat implies they are all trying to do the same thing. They are not - they compliment eachother, they do not compete with eachother. General Purpose rollups are trying to reproduce Ethereum on L2 - they are for devs to build apps on. App-Specific rollups are completely different - they are like complete, vertically integrated super apps/ecosystems. They are for end users to experience the power of crypto. If/when General Purpose rollups (likely zkEVMs) are successful on Ethereum L2 + bring all of Ethereum to L2. I actually envision a world where almost all of the biggest applications in the world - like the Twitters, PayPals, Ubers, etc - all become L3s on top of zkEVMs. Loopring for example, is trying to be one of these super apps - a one stop shop for all things crypto - decentralized finance (DeFi) + NFTs in one place for the end user. Finally bringing the meme of "Being your own Bank" to reality. This could become reality on L3. If you want to build a Web3 super app, harnessing the power of crypto for the world, you will have a choice: Build it directly on Ethereum L2 - on top of a general purpose rollup - fast + cheap option, but it won't be optimized for your specific products / applications. OR -Build a vertically integrated super app on L3 - inside your custom made rollup that can be highly optimized + customized for your specific products / applications. These rollups can submit their proofs directly to L2 instead of L1, making them even faster + cheaper. This also gives Web 2 companies a chance to come to Web3 - the next frontier. Most of Web2, if they want to compete in the future, will want to be a part of Web3, and will want an environment that is highly customizable + optimizable for their end users. This is where application-specific rollups shine. Loopring has already proven this with GameStop helping power their new thriving NFT Marketplace. I expect many more big names to follow suit into Web3 - and most won't want to build their own rollups. So in conclusion, while everyone is talking about general purpose rollups + scaling Ethereum on L2, try not to forget about Application Specific rollups - they are just getting started also I am extremely excited for the future of both. General Purpose rollups (likely zkEVMs) are going to be the endgame for Ethereum scaling through L2. They will take all of Ethereum to Layer 2 - making Ethereum THE place to be for all things crypto (DeFi, NFTs, DAOs + every other future use case) No other L1s needed. App-Specific rollups, like Loopring will likely live on L3, creating vertically integrated, end-user focused super apps. End users will eventually not even realize they are using crypto - all of this should be abstracted away. Creating a Web2 user experience on Web3. submitted by /u/haych-18 [link] [comments]
- The stablecoins balance on exchanges has just been HALVED in about 4 months and is still in a free-fall. Most of that has also been put into Bitcoin.by /u/partymsl (Cryptocurrency News & Discussion) on March 26, 2023 at 5:02 pm
One thing that probably all of us here would agree on is that the stablecoins market in Crypto is very questionable. While it is something we need for DeFi and various other applications, we should also be aware that a large percentage of stablecoins are literally just like fiat (or maybe even worse). Multiple steblecoins has no real backing and are coming out of thin air and then used to artificially pump up prices of various Crypto. But now we have a very positive development in that sector, the Stablecoins supply on exchanges is taking a hit since the implosion of FTX and now various lawsuits on them, even by the SEC. Even their backers, like CZ for BUSD, have been moving out. Stablecoin Balance on exchanges by Glassnode To be exact, the stablecoins supply on exchanges has literally been halved, as it is -50% since 4 months ago. It dropped from a worth of $44B to now under $24B. Looking at the chart it is still in a free-fall that seems to be never ending. SSR metric showing Stablecoin supply being converted into BTC, by James V. Straten Apart from stablecoins printed out of thin air disappearing, this is also good as a large percentage of those stablecoins off exchanges has been directly put into Bitcoin. Which is also very bullish as we had the same trend in 2019 too, as you can see on the chart. Either way this as of now looks like a bullish trend but could obviously get a bit ugly if we really start to have a “shortage“ of stablecoins on exchanges it could be difficult for DeFi but I think that is just overexaggeration of this topic. submitted by /u/partymsl [link] [comments]
- What is the least utility you expect from the tokens you invest in?by /u/Sylerb (Cryptocurrency News & Discussion) on March 26, 2023 at 4:32 pm
I posted a discussion thread about Arbitrum yesterday and most people said they weren't interested in ARB because it is just a governance token, which kinda struck me as odd. I understand that, generally speaking, a token that is used as gas will have bigger demand since everyone needs it to transact, but I don't think that makes governance tokens worthless. Some whales might actually be interested in having more influence over the project and end up buying tokens, not to mention that some L2 scaling solutions are usually bought by the treasuries of DAOs for projects operating on their respective blockchain( OP for projects launched on Optimism for example). Finally, I think instituations in general are more likely to buy and hold tokens of big projects in the space that are within the ETH ecosystem like ETH, OP, Matic, ARB. I remember looking at some VC holdings and many have aquired OP at some point. So what do you think about tokens' utility? Would you buy a goverance token if you think that the project is solid or do you prefer more utility in general? submitted by /u/Sylerb [link] [comments]
- Where you see yourself in crypto space in 5 years? [ SERIOUS ]by /u/Nuewim (Cryptocurrency News & Discussion) on March 26, 2023 at 4:30 pm
By crypto space I don't mean real life, so no "on yacht, in new car, retired or rich" answers. I mean just in crypto, who you will or want to be and what do in crypto in 5 years? Outside of making money ofc, which is an obvious, but low effort answer that add nothing to the discussion. I personally would like to become crypto programmer even just as a hobby, I think it have a lot of potential, so if I am already in crypto it is worth to learn about about it even as possible side career. I started learning basics of programming few weeks ago, so think in 5 years I will know enough to use this knowledge in my crypto journey. Also trading, I always wanted to learn trading a bit, I am in crypto 3 years and don't think it is enough time to trade properly and be part of those 5% or 10% traders that make profits. In 5 years I hope to be knowledgable enough to be a trader and have some nice profits out of it. Those are my main 5 year goals/ plans in crypto. What are yours? submitted by /u/Nuewim [link] [comments]
- Why is it a good idea to keep your long-term crypto in another separate device in case you can't get a hardware wallet.by /u/Knotley-Hunt-Brick (Cryptocurrency News & Discussion) on March 26, 2023 at 3:36 pm
Edit : Get a hardware wallet no matter what. for me i live in a 3rd world country where import of HW are seized and local small time crypto seller are being investigated so its not a good idea to get HW shipped to you. There are a lot of people who lost their crypto simply downloading phishing apps, following links without double check and it had happened to the tech-savy person times to times. Its pretty easy to lose guard given that you are storing your crypto in wallet in your daily driver phone. In regards to that case, i strongly suggest to have just barely function old phone (old iphones are better) to be used as a separate device just to keep crypto unless you can easily get hardware wallet. Factory reset it, download hot wallet app, set up, and dis-connect it from the internet . Make sure , respective accounts (apple, google) are all out of that phone so nothing can get uploaded to apple id or google account. Power it off and retrieve address to receive or deposit to it. I recommend these : iPhone 5s + Exodus Wallet (can't support modern cryptos in that phone but main ones are easily available to store). submitted by /u/Knotley-Hunt-Brick [link] [comments]
- Cryptocurrencies add nothing useful to society, says chip-maker Nvidiaby /u/ChemicalGreek (Cryptocurrency News & Discussion) on March 26, 2023 at 3:25 pm
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- Quantum Threat to Cryptocurrencies Explained [SERIOUS]by /u/Cryptizard (Cryptocurrency News & Discussion) on March 26, 2023 at 1:43 pm
I have seen a lot of comments from people who are aware that quantum computers pose an impending threat to most cryptos but they are confused or fuzzy about the details. This is to be expected, it is a complicated topic, to say the least. I wanted to make a post to explain what the problem is, what solutions are on the horizon and some common misconceptions about quantum computers. This should be approachable for anyone who knows the basics of how a blockchain works, so don't feel intimidated by the quantum aspect. Me: I am a professor whose research is in applied cryptography. I am also currently in the process of prepping a class on quantum computing that I will teach next semester, so I am pretty well situated to know the issues. I don't own any cryptos and don't care at all about tokenomics, price action, etc. This post will be purely about the technical aspects of blockchains/cryptocurrencies. What is a quantum computer? First off, it is not something that is very intuitive. If someone tries to explain it to you in simple terms, you are probably not getting a clear picture. A common layman description of a quantum computer is that it is like a regular computer, but instead of having bits that can be 1 or 0 it has quantum bits that can be both 1 and 0 at the same time. This part, is actually true. But usually the next step of the explanation is that since these quantum bits can be both 1 and 0, a quantum computer can do computations on all possible values of an input at the same time. This would be crippling for cryptography because the security of every cipher/signature/whatever comes from you knowing a secret key (stored in your wallet) and other people not knowing that key. "Not your keys not your crypto," right? If a quantum computer could try all possible keys at once, it would be able to break every type of cryptography1! Fortunately, this is not the case. In reality, quantum computers are much more complicated and significantly less powerful than that. They do have capabilities beyond normal computers, and it does take the form of a kind of parallelism, but it is highly restricted. You can only leverage it if you are solving a problem that is particularly suited to the strange structure of quantum computing2. I won't try to explain exactly how a quantum computer does work, that is best done in a much longer-form format. What I will do is say that, from an outside perspective, you can get all the context you need from understanding that there are some specific quantum algorithms that can solve some specific problems substantially faster than the best algorithms we know of on classical computers. Outside of these algorithms, quantum computers don't have any special advantages or powers that we currently know of, and there is no reason to expect that they would. Shor's algorithm: This is the big one. The reason people talk about quantum computers so much. The reason I am making this post, ultimately. Shor's algorithm is a quantum algorithm that is able to break encryption schemes based on factoring or the discrete logarithm problem, which include RSA, DSA, ECDSA and DSS. If these sound familiar to you, it is because they are currently what secure 99% of blockchains and near 100% of the internet in general. It doesn't do anything more than that, but that is quite a lot. Grover's algorithm: This is a bit of a weirder one. Grover's algorithm is a quantum algorithm that can do a brute force attack on anything in sqrt(N) steps instead of the normal N steps, to try N possible keys. This is a more general attack, that works on essentially any form of cryptography1. Fortunately, reducing N steps to sqrt(N) steps is actually not that powerful. It functionally halves the effective size of the key you are using. And we already are using some pretty large keys. sqrt(N) steps would still take you longer than the age of the universe to break existing ciphers. Moreover, there has been some research lately that suggests that in practice, Grover's algorithm would be even less effective than we think. This one is not a big worry. Curent state of quantum computers: Shor's algorithm is really powerful, and it is as bad as people say, specifically for RSA, DSA, etc. Fortunately for us, it seems we are still several years away from it being implemented in practice, and that is with the most aggressively optimistic timelines for quantum computing. The biggest number they have been able to factor with it, on existing computers, is 21. For reference, a normal RSA modulus is a number about 1200 digits long. There will have to be a titanic engineering effort to scale up quantum computers to useful sizes. This is for a lot of reasons that I won't get into here, but the gist is that quantum bits are very unstable and the more of them you have, the more likely they are to break. Blockchain impact Let's fast forward a few years (or decades) and imagine that we have a functional, scaled-up quantum computer that can execute Shor's algorithm against normal-sized RSA, DSA, etc. keys. What would happen if this was released onto the world and blockchains looked basically like they do now? Well, the big problem is that with Shor's algorithm, you can take a public key (wallet address) and very quickly calculate the private key from that. This would let the owner of the quantum computer hijack any wallet that they want and generate transactions to drain the wallet of all its coins. This would probably crash the price of all cryptos into the ground immediately since they would not be trustworthy any longer, so there wouldn't be much of a financial benefit for this person, but it would certainly destroy cryptocurrencies as we know them. Sounds bad, right? As I said before, quantum computers are not all-powerful, though. Hash functions, for instance, are not vulnerable to any quantum attacks. Proof-of-work would still be completely fine. A quantum computer would have no advantage in mining and would not be able to take over the BTC network. But what about that whole every wallet getting drained thing? Fortunately, we have several great candidates for post-quantum signature schemes that could replace the broken ones. These are based on hard problems that are not factoring or discrete logarithm. There are strong reasons to believe that there are no quantum algorithms that would be able to break these. However, we still have a pretty significant problem... Migration If you want a quantum-secure blockchain, there are two options: 1) Start a new blockchain with a post-quantum signature scheme. 2) Migrate your existing blockchain to a new post-quantum signature scheme. Since there are already (imo) way too many blockchains, and we don't want to lose all the value in existing ones, migration is going to be necessary. But there is a problem: how do you give every wallet a new key pair? The best you can do is to have a fork where you have every wallet create a new wallet that uses the new post-quantum signature scheme and signs a transaction to transfer all their coins to the new wallet. This is bad because there are millions of wallets, and not everyone would know to do this! It requires manual interaction from the owner. Some chains have already done this, and it worked out generally okay, but they were more niche chains where it could be assumed that the holders are more active and aware of the community and events. With BTC and ETH there are people that hold them for a long time and don't bother to check what is going on. It would also be a field day for scammers, giving fake advice on how to migrate that actually steals all your coins. Post-migration: This part is really interesting to me. Sometime after the migration, eventually a quantum computer will succeed in breaking the old signatures. This means that all those old, dead wallets (Satoshi's for instance) will be drained because they never upgraded to the new post-quantum cipher. Unless the new fork puts a time limit on upgrading old wallets, which would effectively destroy the coins of anyone who didn't upgrade in time. There are a lot of intricacies to this that I think will be quite surprising. Conclusion If you read this far, thanks! Hopefully this was interesting or helpful to some folks. The bottom line is: Quantum computers are a threat, but not a catastrophe. We have new ciphers that are quantum resistant and are already being deployed. Quantum computers are not magic and they don't break all cryptography. They are basically only good against RSA and DSA/ECDSA, it just happens that we really rely on those a lot. Migration will be tricky and have to be done carefully. Probably a lot of people will lose access to their wallets. Keep an eye out for any plans that your favorite blockchain might have to migrate, because it will require you to do something manually to upgrade your wallet and it might be time-sensitive. Happy to answer any questions you might have about quantum/crypto/anything and would love to hear what everyone thinks about this topic! 1 Except information-theoretically secure stuff, but it isn't very practical. 2 We technically don't actually know what the limits of quantum computers, or even regular computers, are. You may have heard of the P vs NP problem. There is also an equivalent question about quantum computers P vs NP vs BQP. In this post, I am assuming the widely-held belief that P < BQP < NP. This means that quantum computers have some additional capabilities that classical computers do not, but they cannot solve all problems in NP. submitted by /u/Cryptizard [link] [comments]
- Bitcoin and Ethereum Investors Are Not Flinching, US Pressure on Crypto Will Backfire: Chris Burniskeby /u/Nov_vii (Cryptocurrency News & Discussion) on March 26, 2023 at 1:27 pm
submitted by /u/Nov_vii [link] [comments]
- We are seeing Coinbase choose to fight the SEC so hard because staking accounts for a near a full 25% of their revenueby /u/OneThatNoseOne (Cryptocurrency News & Discussion) on March 26, 2023 at 10:38 am
If you're out of the loop, we have seen recently seen the SEC go after many exchanges over their "Earn" or staking rewards programs. Many have been fined and settled with the SEC, but Coinbase choose to fight tooth and nail with the SEC, resisting them at every step. The SEC has accused Coinbase of offering securities on their platform, mainly the Staking Rewards programme and has issued them a Wells Notice, which is typically a final step before legal action. However, we have seen Coinbase push right back and say they are "happy" to fight the case in court. But there's always a story behind the headlines. Taking a look at Coinbases 2022 Q4 financial report we can view a very simple breakdown of their revenue: https://preview.redd.it/juebiiz172qa1.png?width=989&format=png&auto=webp&s=dbc0d5a834b023c49918aa1993eb2e4a931fbb4a As we can see here, under "Subscription and services revenue", Coinbase staking products brings in a significant portion of near a full 25% of Coinbase's revenue. This 25% does also include thing like Coinbase One where you pay a subscription instead of pay monthly fees, but the vast majority of the 25% is from staking. as the company specifically outlines multiple times that "interest-bearing income" is a significant and still-growing factor of the subscription and services revenue.. Here we can see why it would be so disastrous for Coinbase to lose their staking offerings. And it is fairly uncommon for staking to be so high a generator of revenue for crypto firms which is why Coinbase have been the one to stand and resist so hard, as other firms simply don't lose out on all that much. submitted by /u/OneThatNoseOne [link] [comments]
- Check out "The Grease Monkeys" Collection!by /u/Charming_March_4794 (NFT) on March 26, 2023 at 9:00 am
https://opensea.io/0xe699a2fe246EbC10A14242DFE2a524a610194a1A submitted by /u/Charming_March_4794 [link] [comments]
- Exactly 10 years ago, the Cyprus government announced that it would be seizing bank deposits in order to help finance a bailout of the country's troubled banking system. This news led to a surge in demand for Bitcoin in Cyprus and other countries triggering Bitcoins first major Bullrun.by /u/vjeva (Cryptocurrency News & Discussion) on March 26, 2023 at 8:03 am
Here is a blast from the past that occurred exactly 10 years ago, on the 26th of March 2013. The Cyprus government faced its worst Banking crisis in 2013 as a result of the constant unstability since the infmaous 2008 worldwide crash that triggered shock waves across the globe for many years. The Banking crisis of Cyprus was also a direct influence by the Greek debt crisis, which had led to significant losses for many Cypriot banks. To help shore up the country's banking system, the European Union and International Monetary Fund agreed to a bailout package for Cyprus, although, one of the conditions of the bailout was that Cyprus would need to contribute a significant portion of the funds itself, through a "bail-in" program. Under this program, the government would seize a portion of bank deposits over 100,000 euros in order to help finance the bailout. This announcement of course caused widespread panic among the Cyprus population, who were worried about losing their savings. There were long lines at ATMs as people tried to withdraw their money, and many businesses and individuals began transferring their funds out of Cyprus and into other countries. https://preview.redd.it/2yauqmybi1qa1.jpg?width=1600&format=pjpg&auto=webp&s=c8b05187bd861cffd2c38f63ee7529ea956ad7d1 More interestingly, at the same time there was a huge demand for Bitcoin in Cyprus together with other countries that were afraid of the same scenario. Many people wanted to protect their savings from a potential government seizure and allocate it somewhere where the government won't have the control. Back then, Bitcoin and its decentralization seemed like the perfect solution for many and was seen as a effective was to hold on the wealth without the risk of government intervention. The effects of this were huge for Bitcoin. Within a couple of days, the price of Bitcoin surged x3 rising from $30 up to $90 and also triggering the famous bullrun of 2013 where Bitcoin reached and ended its year at a $754.01 price tag. https://preview.redd.it/c4h8nzt2j1qa1.png?width=1706&format=png&auto=webp&s=3c8ada90cfcdb22201f915cfdc9d27970ba5b76d It's very interesting that this happened on this exact time and date 10 years ago, as we are witnessing a similar crisis that goes way beyond in scale in scope compared to Cyprus. With the recent crashes of regional banks in the US and the downfall of Credit Suisse and potentially Deutsche Bank. The power of decentralized finance and Bitcoin was discovered way before it hit "real" mainstream as we have it today and that the crash of the Banks is actually the most bullish case for Bitcoin and many other cryptocurrencies in the DeFi space. Wanted to share this interesting story that basically triggered the surge and bullrun of Bitcoin in 2013. Now, 10 years later, we might see a similar case, just with a much larger scale and impact. submitted by /u/vjeva [link] [comments]
- Questions about instagram NFT scammersby /u/doitforthecronch (NFT) on March 26, 2023 at 6:54 am
I got an instagram dm from a scammer wanting to buy my art as NFTs, for good money. He wanted me to upload my art on OpenSea and then he'd buy it using that site. I know he's a scammer because all his followers were bots and his images were stolen from other people. I have no experience with NFTs, nor that much interest in it. But i'm confused about this scammer. How could he steal from me just by me uploading an art piece to OpenSea? Just curious on how the scamming method works. Thanks in advance. submitted by /u/doitforthecronch [link] [comments]
- Introducing My Space Kid NFTs - The Cutest and Coolest Way to Explore the Cosmos!by /u/Pixels-pioneer (NFT) on March 26, 2023 at 6:15 am
Hey everyone, I'm excited to share with you my latest collection of NFTs - My Space Kid! These adorable and futuristic characters are ready to blast off into the cosmos and explore the wonders of space. Checkout my collection Each Space Kid NFT is uniquely designed with its own personality and style. Some are explorers, always eager to discover new galaxies and planets, while others are more laid-back and enjoy floating around in zero gravity. One of the coolest things about My Space Kid NFTs is that they are all part of a larger, interconnected universe. You can collect multiple Space Kids and create your own stories and adventures as they explore the cosmos together. But My Space Kid NFTs aren't just cute and fun - they're also a great investment. As the demand for NFTs continues to grow, owning a rare and unique Space Kid NFT could become increasingly valuable over time. So if you're a space enthusiast or just love collecting cool NFTs, be sure to check out My Space Kid collection. With so many unique and lovable characters to choose from, there's sure to be a Space Kid that will capture your heart and imagination. Thanks for reading, and I hope to see you among the stars with My Space Kid NFTs! Click here to know more submitted by /u/Pixels-pioneer [link] [comments]
- JournArt - Unique Coin/NFTs of adorable JournArt DogGirls sparkle significant emotions, excitement and satisfaction, each piece exquisitely valuable.by /u/Appropriate-Air2868 (NFT) on March 26, 2023 at 5:52 am
Welcome to the unique project where we embark on a journey through the crypto sphere bringing utility to the love for dogs and increasing animal compassion. A native token($JART) built on the Binance Smartchain with Reflection feature that will remain active for as long as you're a $JART holder. This is 10% of every sell transaction sold across the entire JournArt ecosystem. The project's security was the first milestone achieved with KYC and AUDIT already in place. Furthermore, A brilliant NFT collection to be released to increase beauty and value to the world of NFTs and aim to improve the standard already in place. The JournArt DEX(decentralized exchange) is another of the project's long term goal. The aim is to bring a more satisfying user experience on DEX. Why choose us? - Reflection Our Project has a reflection feature which enables token holders get distributed 10% from sold coins across entire JournArt Ecosystem. - JournArt Hero Cute little puppies are called for the mission to complete a challenging task. To complete it successfully, they need our support, attention and time. This is a online game with an opportunity to hit the Moon and get 5$ for playing it! - KYC/AUDIT Contract fully audited by Securi-Lab and shown to be 100% secure. Team fully verified by Securi-Lab to ensure anti-rug and complete project security. - Community We have a big English/German speaking Community Check them out: https://linktr.ee/journarts submitted by /u/Appropriate-Air2868 [link] [comments]
- Check out this new item of Papaya Doll created by Papaya Studioby /u/PapayaDoll (NFT) on March 26, 2023 at 4:49 am
https://preview.redd.it/hshzgknmk0qa1.jpg?width=600&format=pjpg&auto=webp&s=b2fa3c347b8d0f63e4e8d9d96d73d9a0eff2525d submitted by /u/PapayaDoll [link] [comments]
- Check out this new item of Papaya Doll created by Papaya Studioby /u/PapayaDoll (NFT) on March 26, 2023 at 4:03 am
https://preview.redd.it/23yo4glec0qa1.jpg?width=600&format=pjpg&auto=webp&s=679d41b6a8cb775becd88a8402c3050408f29786 submitted by /u/PapayaDoll [link] [comments]
- BTC to reach $100,000 USD by Q10 2021 - an analysis:by /u/LaundrySauce110 (Cryptocurrency News & Discussion) on March 26, 2023 at 2:33 am
Hello all, As we have all seen, the cryptocurrency market has once again entered a bull market, proceeding last month's bear. During this time, I have spent countless hours (roughly 7 and a half minutes) analyzing bitcoin's price trends and charts and have concluded that $100k BTC is on the table for Q10 2021. Here's my analysis: First off, we have seen massive gains in price in the past few weeks. don't look at the rest of the chart pls If we zoom in and look at this growth closer, we see this: big green circle in the middle* Now take a good look at this. What does it look like? f(x) = 2^x Exponential growth. As most of us know end behavior from algebra, as X approaches infinity (in this case time), f(x) approaches infinity (in this case price). This means that, if time is measured in months, the price of bitcoin should double once per month, meaning by April, we should see price action upwards of $50k, and finally $100k in May (Q10 2021). Yet, it gets better: As stated before, the end behavior of this exponential growth means that as time approaches infinity, price will approach infinity. Doubling every month for the next two years, we should expect a price of $458,286,432,256, making those who hold 1 bitcoin have a greater net worth than that of Elon Musk. This is a once in a lifetime investment opportunity. Be ready. TL:DR: Bitcoin price will double every month starting now due to the exponential price gain of BTC. This means that in the next two months, we should expect bitcoin to hit a price target of $100k USD. Thank you for taking the time to read my analysis. I will be keeping everyone up to date with future price action. submitted by /u/LaundrySauce110 [link] [comments]
- Check out this new item of Papaya Doll created by Papaya Studioby /u/PapayaDoll (NFT) on March 26, 2023 at 1:22 am
https://preview.redd.it/8e3rzikojzpa1.jpg?width=600&format=pjpg&auto=webp&s=72689c39e73caed8430e7b4f8a7e8603be240ae4 submitted by /u/PapayaDoll [link] [comments]
- What you think about this avatar?by /u/CoatNew6652 (NFT) on March 26, 2023 at 12:42 am
I am new here and curious to test if avatar help me find some good friends submitted by /u/CoatNew6652 [link] [comments]
- Drdisrespect founders access pass sellby /u/Jason_Wecksell (NFT) on March 26, 2023 at 12:05 am
Selling my midnight society nft, leave a message here to discuss prices ( Tango two four , token is 2478) submitted by /u/Jason_Wecksell [link] [comments]
- Daily General Discussion - March 26, 2023 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on March 26, 2023 at 12:00 am
Welcome to the Daily General Discussion thread. 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. 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: Beginner Resources Intro to r/Cryptocurrency MOONs 🌔 MOONs Wiki Page r/CryptoCurrency Discord r/CryptoCurrencyMemes Prior Daily Discussions - (Link fixed.) r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance. Finding Other Discussion Threads Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted. u/CryptoDaily- — Posts the Daily General Discussion threads. u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads. u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads. u/CryptoNewsUpdates — Posts the Monthly News Summary threads. submitted by /u/CryptoDaily- [link] [comments]
- Listing Moons of Crypto on Openseaby /u/Sandharbor (NFT) on March 25, 2023 at 11:59 pm
submitted by /u/Sandharbor [link] [comments]
- Top 10 Bitcoin Ordinals Projectsby /u/doggfathercrew (NFT) on March 25, 2023 at 11:13 pm
submitted by /u/doggfathercrew [link] [comments]
- Wishbone Geno NFT of Geocachingoby /u/District30327 (NFT) on March 25, 2023 at 11:02 pm
The Wishbone Geno allow to enchantment of the wishbone to lead you to prosperity. Get your own unique and limited edition. submitted by /u/District30327 [link] [comments]
- Dirdau Shading NFT'S for sale on Openseaby /u/Beatall-Actuary-24 (NFT) on March 25, 2023 at 10:58 pm
submitted by /u/Beatall-Actuary-24 [link] [comments]
- S K A P O T Y new proyect collection NFTby /u/ByDragon2 (NFT) on March 25, 2023 at 10:29 pm
❌ Cryptoboys ❌ submitted by /u/ByDragon2 [link] [comments]
- S K A C L O W N Y nft collection newby /u/ByDragon2 (NFT) on March 25, 2023 at 10:27 pm
❌Cryptoboys❌ submitted by /u/ByDragon2 [link] [comments]
- Do Kwon in custody, SBF under house arrest, can we do Alex Mashinsky next!by /u/ChaotixEDM (Cryptocurrency News & Discussion) on March 25, 2023 at 10:23 pm
All three of these bozos should be thrown in a cell. Alex Mashinsky is still parading around while his wife Krissy literally mocks everybody who lost their money whenever she can. Nothing would bring me more joy than seeing these two being laid out as well. Sadly Mashinsky will probably slink off unscathed where he can start another ponzie scheme and lie to everybody. Alex Mashinsky was caught withdrawing 8 million dollars of assets during May right before announcing bankruptcy. 2 million extra was withdrawn from the Cel token. (So 8m of "real assets" and 2m of "cel". This was apparently for paying taxes. Must be nice.... (we also saw some details on him paying off his home before bankruptcy) I can’t even believe they are trying to keep the “business” going. submitted by /u/ChaotixEDM [link] [comments]
- The artist TNFTs lets his imagination run wild with this floating island collection.by /u/CruzAzul92 (NFT) on March 25, 2023 at 10:22 pm
submitted by /u/CruzAzul92 [link] [comments]
- What’s the best way to buy NFTsby /u/Correct_Cantaloupe85 (NFT) on March 25, 2023 at 10:21 pm
What’s the best way to buy nfts ? How can you find out when they are being released? submitted by /u/Correct_Cantaloupe85 [link] [comments]
- Timer Gold Standard - on Auction on Opensea by CHUCKBALLERby /u/CHUCKBALLER-WARPAINT (NFT) on March 25, 2023 at 9:15 pm
submitted by /u/CHUCKBALLER-WARPAINT [link] [comments]
- Come check out my brand new collection.by /u/BiggGrizz90 (NFT) on March 25, 2023 at 9:02 pm
Come and kick it with the dopest primate around! A collection of 10,000 unique art pieces. https://opensea.io/collection/m-n-k submitted by /u/BiggGrizz90 [link] [comments]
- First NFT sold, let's climb the rankings! (POLYGON) (first crypto goFundMe) *ON POLYGON*by /u/FlashareApp (NFT) on March 25, 2023 at 8:35 pm
welcome to the crypto goFundMe! and it all started from here, congratulations for the address 0xd065490112E58EFBBbe7Fd15d423eb8B8482C140 who bought the first day since Flashare is online, for only $11.69! PLATFORM = https://flashare.app COLLECTION = https://opensea.io/collection/flashare https://preview.redd.it/24ektx4f4ypa1.jpg?width=624&format=pjpg&auto=webp&s=1c55aee7e80567b292f6ba3a6526f3b3abacbbe0 submitted by /u/FlashareApp [link] [comments]
- Day 165 since decentralized goFundMe is online!by /u/FlashareApp (NFT) on March 25, 2023 at 8:34 pm
Hi everyone! Today we made the usual 6 posts on instagram, one of which reels (reposted on instagram and youtube), then we continued to test the SVGs, managing to create an adaptable template with any text less than 10 characters (visible at the top on the left), but the problem is that the string that represents the SVG is too long and it would cost too much to mint a token, so for this reason tomorrow we will try to simplify it, making it available to mint platform : https://flashare.app nft: https://opensea.io/assets/matic/0x2953399124f0cbb46d2cbacd8a89cf0599974963/39606864337108755034494737091134345880701411531327736102943745873124794564609 flashare day 165 submitted by /u/FlashareApp [link] [comments]
- They got Bored Ape Yacht Club toys at Target nowby /u/GeorgeWakenbake (NFT) on March 25, 2023 at 8:16 pm
submitted by /u/GeorgeWakenbake [link] [comments]
- Edelweiss fantasy - AFRICA one of my NFT artpiecesby /u/edelweissart (NFT) on March 25, 2023 at 7:27 pm
submitted by /u/edelweissart [link] [comments]
- Dynamic NFT RPG on polygon. Thoughts?by /u/Nearby-Accident4081 (NFT) on March 25, 2023 at 6:17 pm
submitted by /u/Nearby-Accident4081 [link] [comments]
- Amazon Officially Admits Existence Of New NFT Marketplace Planby /u/LorriCrawley (NFT) on March 25, 2023 at 8:52 am
submitted by /u/LorriCrawley [link] [comments]
- New Moons Are Ready! (Round 37)by /u/CommunityPoints (Cryptocurrency News & Discussion) on March 22, 2023 at 7:32 pm
This distribution of Moons has been finalized, and Moons are being delivered to users with a registered Vault. Users who do not have a Vault yet will get their Moons when they create one through the Reddit app. This distribution is based on karma earned from 2023-02-15 to 2023-03-14. Here is the finalized list, with contribution scores signed by Reddit. Moons are r/CryptoCurrency's form of Community Points, a way for users to be rewarded for their contributions to the subreddit, and they can be used on premium features in the community. submitted by /u/CommunityPoints [link] [comments]
- I'm Yat Siu, co-founder and exec chairman of Animoca Brands. Big tech companies control our data, and I'm fighting to get it back through NFTs. AMA.by /u/coindesk (NFT) on March 8, 2023 at 1:00 am
PROOF: https://twitter.com/animocabrands/status/1632637772552085505 I'm Yat Siu, co-founder and executive chairman of Animoca Brands, a company working to advance digital property rights and contribute to the establishment of the open metaverse. The world's most powerful companies are tech companies, and we, as users, contribute to their success by giving our data to them in exchange for their services. But it's not a very good deal, being the online equivalent of a medieval feudal system in which peasants work on the land owned by a lord, getting little in return and owning nothing. To break away from that, we need a decentralized system that can empower users with ownership and control of their own virtual goods and data, allowing them to enjoy economic freedom and the opportunity to build their own equity. Blockchain technology and specifically NFTs enable digital property rights for our virtual assets and our data, and are crucial to developing a more decentralized and equitable society. I believe in a world where NFTs form the basis of true digital property rights. Ask me anything. https://www.coindesk.com/consensus-magazine/2022/12/05/yat-siu-most-influential-2022/ AMA with Yat Siu, Animoca Brands ----- EDIT: CoinDesk team here. Thanks for participating in our first Reddit AMA! If you enjoyed this conversation, Yat Siu joins us again to speak at Consensus 2023, our annual conference next month, April 26-28, in Austin, Texas. (Check out Microcosms, our new NFT Pass, and you can ask us anything about that too!) Here’s your 15% discount: YATAMA submitted by /u/coindesk [link] [comments]
- Contacted by an "Art Buyer" on Instagram or Facebook? Click here.by /u/AsherFennec (NFT) on February 7, 2023 at 1:46 pm
TL;DR: IF SOMETHING IS TOO GOOD TO BE TRUE, IT'S A SCAM. TREAT ANY EXTERNAL LINKS AS A SCAM OR PHISHING ATTEMPT. IF YOU HAVE TO PAY TO MINT ON OPENSEA, IT'S A SCAM. So, it's come to my attention that quite a few artists on Instagram and Facebook have been receiving messages from "seemingly legitimate" looking accounts saying that they want to buy their art for thousands of dollars. Any variation of this, regardless of the website or payment method, is a SCAM. The most common variant involves the scammer contacting you, saying they want to buy your art, then directing you to a website that they own which can range from something that looks like a middle schooler made it in a "web development" class to full blown clones of OpenSea. These are not hard to make, which is why there have been so many of these scammers going around and stealing funds. After this, they will ask you to make an account on the website, and say that you need to "deposit a gas fee" in order to upload your art as an NFT. This is not how uploading NFTs works. Gas fees are not deposited anywhere, but burned when you make a transaction moving Ethereum or any token on the Ethereum blockchain. The scammers will then take the fee that you sent to the "gas fee wallet" and then block you, leaving you with $300-500 less than what you had before. Another variant involves a scammer contacting you, going through the same steps before, but telling you to list it on OpenSea. They will send you a fake screenshot that says "the collection owner needs to send a maintenance fee in order to activate the collection," and the address included in the screenshot will simply be another wallet owned by the scammer. They will take your money and block you. When it comes to these scams, they can be avoided very easily. This is not meant to demean anyone, but do you really think some random person with "NFT ART BUYER" on their profile is going to message you of all people and offer you THOUSANDS OF DOLLARS for some jpegs? Obviously not. If you have any other questions or concerns of the legitimacy of someone that contacts you, feel free to contact us through modmail here. submitted by /u/AsherFennec [link] [comments]
