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.
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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.
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.
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.
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.
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
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).
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
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
–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
https://preview.redd.it/khhnoukiajwc1.jpg?width=1600&format=pjpg&auto=webp&s=3b354c5784bbe4b9ef7274f9e3747d401a5b0e52 Source: https://illuvium.io/news/register-now-for-private-beta-4 TL; DR—Illuvium is launching its $20m airdrop campaign for players playing its games next month. It should be cool to see if they can attract some Web2 gamers over to play. Hey frens, I wanted to discuss an initiative from Illuvium that could serve as a benchmark for future crypto-gaming projects. Starting April 30th, as part of their upcoming Private Beta 4, Illuvium is rolling out a $20 million Play-2-Airdrop campaign to distribute 200,000 ILV tokens to participants. For those unfamiliar, Illuvium is a blockchain-based game that merges high-quality gameplay with advanced crypto mechanics. This initiative is about more than just rewarding players and testing and refining the game mechanics with real user interaction on their testnet. The goal? To attract seasoned crypto enthusiasts and gamers from the Web2 space by offering tangible rewards beyond traditional gaming incentives. Here’s what they’re planning: Engagement Through Innovation: By integrating a Play-2-Airdrop model, they’re potentially changing how players interact with in-game economies and asset ownership. Bridging Web2 and Web3: With substantial airdrops, they aim to make the leap less daunting for traditional gamers curious about blockchain gaming. Discussion Points: How do Play-2-Airdrop mechanisms impact player engagement and the broader game economy? Can such large-scale airdrops stabilise token value and foster a sustainable player base? Will the promise of earnings attract Web2 gamers, and if so, will the gameplay be compelling enough to retain them? I’m looking forward to hearing your thoughts and insights on these questions. Could this be a turning point for blockchain gaming? submitted by /u/DickKingz [link] [comments]
Welcome to the Daily Crypto 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 Crypto 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]
So this is my story. I funded my Coinlist account sending SOL to the Coinlist SOL wallet, and then when I tried to withdraw the SOL, coinlist made some kind of error and my SOL dissapeared. No, this is not some angry noob that made a mistake and is now blaming the platform, I did everything correctly and Coinlist admited they made a mistake and answered: " Your missing SOL withdrawal was an out-of-the-ordinary situation, and our internal team is actively working to resolve the issue as soon as possible. " But days passed, and then weeks, and then a month. I contacted them again, I asked them to prioritise my issue, and they offered me a compensation. For having all my money for more than a month, the compensation was a small discount in FEES to trade on their trading platform (with no money to trade because they took it from me). Absolutely incredible. I asked them for real money, or at least Karma points. How naive I was, thinking this would get solved soon. They said no. Then another month passed. I contacted again. I was furious. I was missing every market movement, every oportunity. They had all the money I had to invest. And each and every time they totally ignored what I was saying and they thanked me for my patience. They were investigating the issue. And another month, and another. I tried to elevate the issue, to "talk to the manager", but they kept thanking me for my patience. I tried threatening them with suing them, but they kept thanking me for my patience. They probably know I don't have the time and the money to sue them, so they have been ignoring me for 5 months now. This is my new desperate idea, to try to make this visible sharing my story so maybe they react to this somehow, and if they don't, at least I can help people to stay away from those scammers. My support ticket is #1241119 submitted by /u/Denxel [link] [comments]
If been thinking about something. I have a lot of books on crypto and finance, about 1100 with a focus on crypto in particular. Im thinking of making the publicly accesible in my country (I would need to acquire a good chunk of them in phsical form as most are digital but this is doable). Is there anyone who has a sharing crypto book library or knows of one somewhere? If so can someone provide a connect? Im interested in learning if this could work and how its been done. I dont know anything about lending books or if this is feasible or who could use it. Im just looking for guidance from somone or a group who already run something like this. I think it could be useful. Thanks. submitted by /u/Pablo-Lema [link] [comments]
Sorry if this has been asked before. I know a lot of people are looking for AI trading bots but I do not want a bot that executes trades for me. I'm just looking for a software that I can input parameters like indicators, time period, coins, etc. that it gathers data for me and consolidates it one spot so I can make trading decisions without having to watch individual charts and trace trend lines manually. Does anyone know of a software like this? For example, a software where I could input three indicators that I would like to watch, a list of maybe 20 coins I'd like to watch those on, and a time period of maybe every five minutes. And this software would return a list of those 20 coins and what those specific indicators are showing for the current five minute time period. Then I could scan that list to see if there are any that I would want to take a position on. submitted by /u/ruthbuzzicooperberg [link] [comments]
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Is Cosmo Atom a dying relic? Is anyone interested in it? I keep looking at the charts and to my untrained half blind eyeballs it looks like it’s pretty cheap. Yes I understand it could go down to say $5-7 but it has consistently hovered around the $9 mark. I currently have a bag in the $7.50 range so I am actually invested in the project. Seems like it pumps right along with Big Daddy Bitcoin. I did some crayon 🖍️ math and drew a bunch of lines and it looks like we could hit at least $15 again with some volume. I know just buy Bitcoin. Ok I have a bag but we’re here to also play casino games. Anyway I was hoping some bumpy brained crypto enthusiasts might have some good insight. I stalk this sub and never see anything good or bad about Atom. It’s hardly ever mentioned. Anyway good luck this coming bull run to all my fellow extra smooth brained peps. submitted by /u/37wombats [link] [comments]
With the rise of rug pulls and scam coins, there is also a rise in CTO's (community takeovers). I would say everybody who trades memecoins has come across at least one, most of the time it starts to just give a middlefinger to the scammers, but nowadays more often CTO's are becoming much more than that and create their own course, narrative and even utility. More and more CTO's are gaining traction with a high marketcap and with thriving communities. All thanks to fully renounced contracts and great people! From those CTO's a movement is formed, initiated by the Red the mal community, called: Crypto is better with friends. With this movement the Red the mal community invites all other CTO's, no matter the blockchain they are on, to come and share their knowledge, ideas and strategies and also to come together and inform the crypto space about best practices within this CTO space. This happens through twitter spaces and by visiting each other in the voice chats in the telegram channels. Because it does not matter who you are, crypto is better with friends! submitted by /u/slammerzzz [link] [comments]
Some have massive premiums while others still have large discounts. I am thinking about picking up some Grayscale Digital Large Cap Fund - (GDLC) since it’s trading at a 38% discount It holds: 72.29% BTC, 21.35% ETH, 3.87% Sol, 1.68% XRP and 0.81% AVAX. I want to own a diversified basket of crypto anyways, so I would be stupid to buy those at full price on coinbase when I can get them all for 38% off buying GDLC right? Or am I missing something? Kind of feels too good to be true at this point in the cycle, so just want to make sure there isn’t anything that I have overlooked or some risk to Grayscale that isn’t well known yet. I figured if they could make it through the bear market with all the DCG crap they have to be in a decent position now. But I could easily be wrong. Thanks in advance submitted by /u/Consistent-Gold-7572 [link] [comments]
Tl;Dr Nigeria Central Bank (ie Govt) really cracking down as their fiat shitcoin risks further debasement ..... CBN through the circular, also stated that regulated financial institutions dealing in crypto or facilitating payments for crypto exchanges are prohibited. The Central Bank of Nigeria (CBN) has issued a directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months. A “Post No Debit” instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customer’s account. When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account. According to the circular shared with Cointelegraph, the CBN listed Bybit, KuCoin, OKX, and Binance crypto exchanges, stating that they are not licensed for operations in Nigeria. The bank said it would catch anyone it believes is buying and selling Tether USDT on the listed platforms illegally, especially those using peer-to-peer (P2P) methods. submitted by /u/Shiratori-3 [link] [comments]
Welcome to the Daily Crypto 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 Crypto 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]
It looks like the bear market is behind us, and we've entered another bull cycle like clockwork. You could end up with very large gains. But having big gains and cashing out can be a lot more tricky to manage than people realize. -The selling plan The first issue is the plan of action on when and how to sell in the best way. It's not a simple case of just putting all your coins on an exchange, and then clicking the sell button and sell everything in one trade. You need a plan. Do you cash it all out at once? Do you take out just your principal? Do you dollar cost average out? In what increments do you sell? How much stays, how much gets out? When and where do you make your sales? This is gonna be different for everyone, but it needs to be thought out a little, as opposed to just waiting for the top with no plan, and end up panic selling when it comes crashing down at the end of 2025 (I really don't know this lol, I'm just giving out a potential scenario). -The cost of selling Everything costs money. Even selling your gains. It shouldn't cost you too much, but you still have to watch out for those fees. You'll have trade fees and transaction fees. While some coins will have near $0 fees, things like Bitcoin and Ethereum may have more significant fees if their network is a little more congested. Exchange fees are usually down to a percentage fee based on the dollar cost of the sale. So you don't necessarily get a discount for selling everything at once, as opposed to breaking up into multiple sales. There are lower fees on some exchange if you execute many trade in a month and things like that. So check those differences in fees before. If you are completely cashing out, there are wiring fees to bank accounts on some exchanges. So you may want to chose an exchange where you have ACH setup so you avoid those fees. -Security issues When you are dealing with any significant amount of money and transactions, you have to be mindful of security. You would be just as careful if you had to go deposit thousands of dollars in cash at a bank. You wouldn't go do it in the middle of the night to a shady 7 Eleven ATM. Same thing when you're cashing out your crypto. Do it at the exchange you trust the most, or open an account in a trusted exchange. And you'll want to take all the precaution for that level of money, and do things like test transactions, double check the address, make sure you use the correct link of the exchange, have 2FA setup, put extra limits for cashing out, etc... -Tax implication If you realize significant amount of gains, plan out the tax implications for this. Realizing major gains can turn your taxes upside down. Maybe don't wait to cash out everything in 2025 when you think the bull run will go into full mania mode. Cash out some gains in 2024 already, so you split your gains between two tax years. You also have to keep in mind other gains you have, and other losses. So this is gonna be different for everyone, and depend on other things that year. With crypto, there is still no wash sale rules, so you can more easily harvest losses. There is likely gonna be plenty of volatility this year to take advantage of that. But don't over-think it either, and end up missing out on gains, because you were waiting to save $5 on taxes. You don't want to end up doing something penny smart but dollar stupid. -Additional rules, caveats, etc...involved in making large transactions. Luckily, the new IRS rule for $10K crypto transaction has been delayed and won't be enforced this year. Plus it's business oriented anyway. But depending on your country, you can have either laws, tax rules, or red flags triggered on large transactions to your bank account. BSA regulation has banks report wire transactions of more than $10K. You also have IRS regulation that requires transaction for any kind of trade or business to file a 8300 form. These will usually not apply to simply cashing out your crypto from a centralized exchange under your name. But I'm sure if you were to suddenly have tens of thousands of dollars drop on your bank account at once, it might set off some flag somewhere. -Other ways to cash out An exchange is not the only way to cash out your gains. Cryptocurrency is still...a currency. There's plenty of places that accept crypto. Most of it is online, but even if you want more choices for brick and mortar merchants, there's more options now with BitPay, Flexxa, and Paypal. Keep in mind, some of those are not direct P2P payments, and may have additional fees. If you got hit with the gold bug, you can pay directly with crypto to buy gold at the major online metals retailers, and they even give you a discount if you use crypto as opposed to paying with credit cards. You can also buy gift cards with crypto (not sure if that's still available). There are some realtors that accept crypto for real estate. But even if it's not advertised, you can always ask. If you're paying cash instead of mortgaging, it doesn't matter if it's crypto, some sellers will happily not deal with banks and mortgages. If they already have a crypto wallet and know how to use crypto, they'll know the advantages and the guaranty, and once they receive the payment in just minutes, they know they got paid and got the money. submitted by /u/fan_of_hakiksexydays [link] [comments]
Hello r/CryptoCurrency We are excited to announce that Stryke will be hosting an AMA on April 23rd! Get ready to dive deep into the world of onchain options with our founders. About Stryke: Stryke is pioneering the next wave of crypto options trading, focusing on simplicity and accessibility. Our platform is designed to empower traders by providing advanced, secure, and intuitive onchain crypto options trading tools. Learn more about Stryke here! Who will be there?: • TzTokChad (Founder of Stryke): A veteran crypto trader with nearly a decade of experience in the space. Tz has also been an advisor to several leading DeFi projects and is an expert Solidity developer. • Witherblock (Lead Developer): A seasoned web3 developer, WB plays a crucial role in leading innovation at Stryke. • Pimptee (Community and Marketing Lead): Pimptee is our community and marketing lead with a wealth of experience in the industry Details: • Date: April 23rd • Time: 1-3pm UTC Giveaway: We will be giving away $2000 in total to the best 20 questions asked in this AMA as decided by us! Make sure you get your questions in for a chance to win. Whether you’re new to crypto options or a seasoned trader, this AMA is a perfect opportunity to ask questions, seek advice, and gain insights directly from the leaders of Stryke. Prepare your questions and stay tuned for an insightful session with the us. We can’t wait to engage with you and share what we’ve been working on! *UPDATE: * We thank everyone who participated in the AMA. We will be reaching out to the 20 people who won to giveaway! submitted by /u/Stryke_xyz [link] [comments]
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