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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.
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.
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
- 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).
- 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
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
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
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- Forex C 15 Trader Strategyby Iqbalhermawan (Cryptocurrency on Medium) on September 25, 2023 at 1:54 pm
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- Bitcoin’s recent performance and stabilityby Markelitics - Recognized Fintech Magazine (Cryptocurrency on Medium) on September 25, 2023 at 1:52 pm
Recently, there have been consistent drops in the value of the cryptocurrency Bitcoin, along with additional losses in its performance.Continue reading on Medium »
- Bitcoin’s recent performance and stabilityby Markelitics - Recognized Fintech Magazine (Bitcoin on Medium) on September 25, 2023 at 1:52 pm
Recently, there have been consistent drops in the value of the cryptocurrency Bitcoin, along with additional losses in its performance.Continue reading on Medium »
- Your Ultimate Weight Loss Solutionby Ridwan (Cryptocurrency on Medium) on September 25, 2023 at 1:51 pm
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- MYRA Token: Unlocking the Future of Cryptoby Raju Akther Raju (Cryptocurrency on Medium) on September 25, 2023 at 1:51 pm
In the ever-evolving landscape of cryptocurrency and blockchain technology, MYRA Token emerges as a pioneering force, ushering in a new…Continue reading on Medium »
- Premio B·Arte, el concurso creativo que entrega premios en bitcoin, extiende su período de…by ONG Bitcoin Argentina (Bitcoin on Medium) on September 25, 2023 at 1:50 pm
El certamen organizado por la ONG Bitcoin Argentina amplía el período para postularse hasta el 9 de octubre.Continue reading on Medium »
- Bitcoin Family Cryptocurrency Courseby Iqbalhermawan (Bitcoin on Medium) on September 25, 2023 at 1:40 pm
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- Wash trades account for 50% of the NFT sales on Ethereum and flood Blur marketplaceby /u/NaturephilicReaction (Cryptocurrency News & Discussion) on September 25, 2023 at 1:40 pm
submitted by /u/NaturephilicReaction [link] [comments]
- Introducing the Maximal Extractable Value (or what we all know as MEV Bots)by /u/tambaybtc (Cryptocurrency News & Discussion) on September 25, 2023 at 1:40 pm
Introducing the Maximal Extractable Value (or what we all know as MEV) It is a sneaky tactic employed by cunning characters, also known as "Searchers," to play tricks on your transactions and drain your pockets. Picture this: Every time you make a transaction that holds some value, these sneaky bastards the Searchers can pull a fast one on you by "Frontrunning" it. They swoop in and submit the exact same transaction before you, snatching up all the profits for themselves. Talk about being one step ahead! But wait, there's more! After you've been Frontrun, brace yourself for the dreaded "Backrun." This devious maneuver involves the searcher tidying up any price slippage caused by your trade, once again pocketing all the gains. It's like they're running a sandwich shop, but instead of serving up deliciousness, they're serving themselves a heaping plate of MEV gains, Damn Thieves!! Both a Frontrun and a Backrun together are known as a “Sandwich Attack” — the worst type of MEV attacks. The result? Your transactions end up with a worse price, and you could be waving goodbye to hundreds, even thousands of dollars. Ouch! Luckily, there are some ways to fight back against these sneaky tactics. Here are a few options to consider: Manual: You can always adjust the slippage to the Absolute Minimum just enough to make the transaction get processed. It's like performing a high-wire act, trying to outsmart those searchers and get your transaction processed with minimal loss. Automatic: Meet the MEV Blockers! These nifty tools acts as your trusty sidekick, an RPC endpoint that shields all your transactions from MEV attacks. It's like having a superhero watching your back, ready to save the day and keep those searchers at bay. The DeFi Dream: Let's keep our fingers crossed for some DeFi solutions (and Wallets providers) that come equipped with built-in MEV Blockers. Imagine a world where these sneaky tactics are no match for the powerful defenses of the DeFi realm. It's a dream worth chasing! So, my Crypto friends, be on guard against the mischievous MEV and arm yourself with these mitigation strategies. Remember, in this funny little world of finance, it's all about staying one step ahead and protecting your hard-earned dollars. Happy transacting! submitted by /u/tambaybtc [link] [comments]
- Harnessing Blockchain Technology: Powering Up Your Business and Safeguarding Your Databy Carbon Copy Agency (Bitcoin on Medium) on September 25, 2023 at 1:38 pm
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- MYRA Token: Forging the Path to Blockchain’s Futureby Mohammed Abdu Rahim (Bitcoin on Medium) on September 25, 2023 at 1:29 pm
Cryptocurrencies have initiated a financial revolution, displacing intermediaries and causing significant disruptions.Continue reading on Medium »
- SBF cost one UK investor over $2m USD (£1.7m GBP)by /u/SpartanWarrior07 (Cryptocurrency News & Discussion) on September 25, 2023 at 1:25 pm
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- Bitcoin overtakes Visa payment system in total number of processed transactions.by OurExchangeClub (Bitcoin on Medium) on September 25, 2023 at 1:25 pm
💰On September 15, for the first time in history, the number of daily transactions exceeded 700 thousand. At the moment, only the American…Continue reading on Medium »
- plena finance frod and cheating company don’t use plena you ar wollet access is plena teamsby Satish uikey (Bitcoin on Medium) on September 25, 2023 at 1:19 pm
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- Helix: The Future of Decentralized Bitcoin Perpetuals Tradingby Wisdom Oguzie (Bitcoin on Medium) on September 25, 2023 at 1:18 pm
Helix is a rising star in the decentralized derivatives space, and for good reason. It offers one of the most liquid environments for…Continue reading on Medium »
- Biggest Fear About Cryptocurrenciesby Tanzila Shabir (Bitcoin on Medium) on September 25, 2023 at 1:12 pm
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- Experience NFT Innovation with Custom Launchpad Developmentby Serenawilliams (Bitcoin on Medium) on September 25, 2023 at 1:06 pm
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- Hey NFT Enthusiasts! What's your biggest single flip ever? Mine 45000$ NT S2by /u/jibi147 (NFT) on September 25, 2023 at 12:43 pm
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- The IRS Bounty on Moneroby /u/homrqt (Cryptocurrency News & Discussion) on September 25, 2023 at 12:42 pm
People still mention the $625K bounty the IRS posted to crack Monero's privacy. A lot of misinfo is still being posted about it, but here are the facts. It's important to note that there were two $625K contracts awarded, one to Chainalysis, and one to Integra FEC. These contracts were completed in 2021, they're now ancient history. They're no longer open or unclaimed. Here's all of the available docs, from US government web sites: First, the Request for Information, published 2020-06-30. This gives a high level view of what they're interested in: This RFI is associated with a pilot IRS Criminal Investigation Division (CI) program. CI Cyber Crimes is requesting information about systems that will allow developers and testers to conduct investigative research of distributed ledger transactions involving privacy cryptocurrency coins (e.g., Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizon (ZEN)); Layer 2 off-chain protocol networks (e.g., Lightning Network (LN), Raiden Network, Celer Network); Side-chains (e.g., Plasma and OmiseGo); and tracing challenges following the integration of the Schnorr Signature algorithm. Acquiring applications to allow an investigation to more easily trace privacy coins and other protocols that provide anonymity to illicit actors would allow investigations to be more effective, as well as facilitate a higher level of deterrence by making it harder to conceal criminal activity. It also provides an investigative efficiency that is currently limited. We are primary interested in: 1) an interactive prototype that provides a GUI for clustering transactions involving a user (similar to tools provided by companies like Chainalysis, CipherTrace, Coinbase, and Elliptic but for the privacy coins and obfuscation technologies); 2) associate user distributed addresses with distributed ledger addresses of users (individuals or entities) suspected or known to be involved in nefarious activities; 3) provide a library of distributed ledger addresses associated with names of users engaged in known or suspected nefarious activities; 4) provide OSINT information/research about identified users, 5) has a mechanism for sharing investigative research between investigators, 6) ability to import/export investigative data in various file formats (e.g., csv and jpg); and 7) an estimate of the cost and return on investment (ROI). Just noting - the example coins aren't listed in alphabetical order. I think we can safely assume that Monero is IRS Enemy #1. Then, the Request for Proposals, published 2020-09-04. The original goals of the work: The primary goals of this solution challenge are: Provide information and technical capabilities for CI Special Agents to trace transaction inputs and outputs to a specific user and differentiate them from mixins/multisig actors for Monero and/or Lightning Layer 2 cryptocurrency transactions with minimal involvement of external vendors Provide technology which, given information about specific parties and/or transactions in the Monero and/or Lightning networks, allows Special Agents to predict statistical likelihoods of other transaction inputs, outputs, metadata, and public identifiers with minimal involvement of external vendors Provide algorithms and source code to allow CI to further develop, modify, and integrate these capabilities with internal code and systems with minimal costs, licensing issues, or dependency on external vendorsAll solutions must support cryptocurrency transactions that occurred in 2020. All solutions for the must support open standards for interoperability (common file formats, REST APIs, etc. as appropriate) to facilitate easy integration into internally developed IRS-CI cryptocurrency analytic systems and data. When responding, please keep the three above goals in mind. We are looking for solutions which provide the best results for tracing obfuscated cryptocurrency transactions using Monero and/or Lightning, however all three goals are important and a solution that produces good statistical likelihoods of transaction parties but does not provide easy to integrate source code will not be rated as highly as one that provides both source code that can be integrated with CI systems and produces good statistical likelihoods of transaction parties. Contractors may choose to submit solutions to address Monero or Lightning transactions, or both as all approaches will be considered. Note that the contractors were free to target either Monero or Lightning Network, at their option. So successful completion of these contracts didn't necessarily mean a successful attack on Monero - they could have just gone for the easier target, LN. The contracts were awarded to Chainalysis and Integra FEC, published 2020-09-30. https://sam.gov/opp/5ab94eae1a8d422e88945b64181c6018/view The work was structured in two phases, $500k for Phase 1 lasting 8 months to develop a Proof of Concept, and then $125K for Phase 2 lasting 4 months for testing and deployment. You can do a web search for the two contract IDs Integra Contract No. 2032H8-20-C-00040 Chainalysis Contract No. 2032H8-20-C-00041 and you'll find that the contracts were completed and both companies were eventually paid in full. Integra Payments Chainalysis Payments The contracts began on 2020-09-30 and ended on 2021-09-29. Three months later, 2021-12-10 Chainalysis started advertising support for Lightning Network. https://blog.chainalysis.com/reports/lightning-network-support/ I've never been able to locate any relevant announcements from Integra at all, but presumably if they had succeeded they'd be advertising to their customers too. https://www.integrafec.com/blog I haven't found any follow-ups on those contract IDs listing whatever results were finally delivered, but if Chainalysis had tackled Monero and succeeded, I believe they would have blogged about it and advertised it as an offering to their customers. They haven't done so. Now with this info you can draw your own conclusions. submitted by /u/homrqt [link] [comments]
- China to build giant AI chip factory to bypass US sanctions: Reportby /u/LeafRomulus (Cryptocurrency News & Discussion) on September 25, 2023 at 12:40 pm
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- MicroStrategy Acquires Additional 5,445 Bitcoins and Now Holds 158,245 BTCby /u/NaturephilicReaction (Cryptocurrency News & Discussion) on September 25, 2023 at 12:26 pm
submitted by /u/NaturephilicReaction [link] [comments]
- How Much a Spot Bitcoin ETF Can Affect The Price - The Bad Versionby /u/Johnny-Joseph (Cryptocurrency News & Discussion) on September 25, 2023 at 11:53 am
Hello everyone, About a week ago I wrote a post about how a spot Bitcoin ETF can affect the price and in it I mentioned the things that can affect the price for the better. This time I want to turn the attention to the other side - the bad side. Before I begin, it is important for me to point out that this is pure speculation and this is just my opinion. Let's maintain a civilized discourse even if there is no agreement between us. To understand why Bitcoin Spot ETF can negatively affect the price of Bitcoin and even the entire crypto market, it is necessary to go back a few years, 2015 to be precise. Block size war The story of the Bitcoin block size war is a well-known story and you can find a lot of information about it online. Here is the summary. In 2010, the creator of Bitcoin - Satoshi Nakamoto - introduced the block size limit in Bitcoin which was 1MB (until then, there was no limit at all). About a month later, concerns were raised about the change and the main thing was the need to cancel the limit if Bitcoin wants to become a payment system in the future and fight companies like PayPal, Visa and others. Despite the concerns and criticism, Satoshi did not change the block limit and it remained in place. In 2015 the block limit again hit the headlines when Gavin Andreessen (along with Mike Hearn) proposed BIP 101 in which he proposed to hard fork Bitcoin, which would create Bitcoin XT. The proposal included increasing the block limit in Bitcoin to 8MB and doubling it every year until 2036 - at which time the block size will reach 8GB per block. Many supported Gavin's idea and among them you can find Circle (the company behind the issuance of USDC), Bitpay, Bitgo and a significant number of miners. On the other hand, among those who opposed the idea, you can find Adam Beck and Summon Mow. In the same year Segregated Witness (SegWit) was introduced during the "block war". Its main goal was to pave the way for Layer 2 on the Bitcoin network, which would help increase the speed of transactions without performing a hard fork, Something that happened with the introduction of the Lightning network. But the institutional side was not satisfied with SegWit and in 2017 huge companies such as Circle, Bitmain and Ledger led by DCG which represented 80% of Bitcoin's hash rate met in what is known as the "New York Agreement". In the agreement, the companies agreed to accept SegWit, but in return wanted to create a hard fork with increasing block size. The move failed because shortly before a clean fork (copy paste) was created for Bitcoin in what is now known as Bitcoin Cash. The institutional side that realized that creating another hard fork would not yield results decided to give up and the move was recognized as a failure by them. Present Day Bitcoin may have survived the last attack by the institutions, but it seems that a new attack is about to arrive. Blackrock's stock certificate, the entry of the giant bank GP Morgan into the field of DeFi and the interest of the regulators is perhaps a new attack to take over, and this time not only on Bitcoin, but on the entire crypto market. Price control will eliminate the need to control the miners, nodes and developers. In the case of projects with a proof-of-stake consensus mechanism it will even be easier. The asset managers have trillions under their belt, they need to allocate a very small percentage to own more than 51% of the coins in all the major projects, which would make them the biggest voting power holders. After realizing that with Bitcoin it would be more difficult, the institutions decided to choose Ethereum as the future of the payment system, and the transition from proof of work to proof of possession made their takeover move even easier. It is clear that after they approve the ETF on Bitcoin, Ethereum is next in line. submitted by /u/Johnny-Joseph [link] [comments]
- What's the best way to make a million USD in a year in the blockchains?by /u/X_Opinion7099 (NFT) on September 25, 2023 at 11:35 am
What's the best way to make a million USD in a year in the blockchains? Please give me your ideas submitted by /u/X_Opinion7099 [link] [comments]
- What's the best way to make a million USD in a year in the blockchains?by /u/X_Opinion7099 (NFT) on September 25, 2023 at 11:35 am
What's the best way to make a million USD in a year in the blockchains? Please give me your ideas submitted by /u/X_Opinion7099 [link] [comments]
- Controversial: Is money printing more important than BTC halving? What if 4-year cycle is a myth?by /u/prittpress (Cryptocurrency News & Discussion) on September 25, 2023 at 10:53 am
The upcoming Bitcoin halving, scheduled for April 2024, is anticipated as a potential catalyst for a bull run in the cryptocurrency market. However, historical data suggests that previous halvings alone did not trigger significant upward trends. Instead, macroeconomic factors, particularly the growth of fiat money supply by major central banks such as the U.S. Federal Reserve, European Central Bank, Bank of Japan, and People's Bank of China, played a crucial role in driving bull markets. Previous Bitcoin bull runs correlated with a 6% or higher aggregate M2 money supply growth from these central banks, while bear markets coincided with slower money supply growth. This pattern highlights the importance of fiat liquidity in influencing Bitcoin's performance. BTC price and M2 money growth supply So what if there is no more violent money printing in upcoming years and we are officially heading into long lasting recession? Will we get another grand finale of our beloved 4-year cycle or we will be in this crypto winter for next few years? submitted by /u/prittpress [link] [comments]
- Mixin Network hack drains $200M from mainnet assetsby /u/RealVoldemort (Cryptocurrency News & Discussion) on September 25, 2023 at 8:09 am
submitted by /u/RealVoldemort [link] [comments]
- I bought $1k of the Top 10 Cryptos on January 1st, 2023 (AUG Update/Month 8/+10%)by /u/Joe-M-4 (Cryptocurrency News & Discussion) on September 25, 2023 at 8:04 am
EXPERIMENT - Tracking 2023 Top Ten Cryptocurrencies – Month Eight - Up +10% Find the full blog post with all the tables and graphs here. Welcome to your monthly no-shill data dump: Here's the 8th monthly report for the 2023 Top Ten Experiment featuring BTC, ETH, BNB, XRP, BUSD, DOGE, ADA, MATIC, DOT, and LTC. SNAPSHOTS ALWAYS TAKEN ON FIRST OF THE MONTH (data below reflects 1 SEPTEMBER Snapshot). tl;dr What's this all about? I purchased $100 of each of Top 10 Cryptos in Jan. 2018, haven't sold or traded, reporting monthly for nearly 6 years for your reading pleasure. Did the same in 2019, 2020, 2021, 2022, and 2023. Learn more about the history and rules of the Experiments (including why in the world I would include stablecoins) here. Learn more about the new features in the 2023 Top Ten Experiment here. AUGUST Highlights: - Could you repeat the question? All red month, all Top Ten Cryptos down double digits. BTC and XRP are virtually tied for the overall lead. The 2023 portfolio is +10% so far this year, falling behind the S&P for the first time. DCA'ing once a year into Top Ten Cryptos for the last 6 years has produced much better returns than S&P 500 over the same time period (+75% vs S&P500's +37% - see below for details). New feature: Total market cap token AMKT is leading 2023 Experiment +44% to +10% in this year’s friendly competition between The Top Ten Portfolio and The Alongside Crypto Market Index Token (AMKT). Month Eight – Up +10% https://preview.redd.it/mcizsaabzcqb1.png?width=1087&format=png&auto=webp&s=0369ba1cf27d94e0c77d475cca8b00e45a9da29c The 2023 Top Ten Crypto Index Fund Portfolio is BTC, ETH, BNB, XRP, BUSD, DOGE, ADA, MATIC, DOT, LTC. August highlights for the 2023 Top Ten Portfolio: All red August, all Top Ten Cryptos down double digits BTC and XRP are virtually tied for the overall lead August Ranking and Dropouts Here’s a look at the movement in the ranks eight months into the 2023 Top Ten Index Fund Experiment: https://preview.redd.it/nmw4yscczcqb1.png?width=364&format=png&auto=webp&s=35f40db1749f6654c19ba050e7df64800b9c0e7a August Winners and Losers August Winner – None August Loser – For the second month in a row, LTC was the worst performing of the group, down -32% in August. Overall Update: BTC and XRP virtually tied for the lead, 50% of cryptos in the red. XRP (+56%) and Bitcoin (+57%) are virtually tied for the 2023 lead. The initial $100 invested in BTC eight months ago is worth $157 today. Just last month, MATIC was the only Top Ten crypto to dip into the red. August saw DOT, DOGE, LTC, and BNB join the club – all are now in negative territory as well. MATIC remains the worst performer of this year’s Top Ten Experiment, -28% so far in 2023. For some perspective on MATIC’s decline, it was in the lead just five months ago. Overall return on $1,000 investment since January 1st, 2023: https://preview.redd.it/r4vmc3fdzcqb1.png?width=333&format=png&auto=webp&s=72a315cf7ff06e9ce9d6f9809d68590f1591e8e8 The 2023 Top Ten Portfolio lost $242 in August. The initial $1000 investment on New Year’s Day 2023 is now worth $1,096. At +10%, the 2023 Top Ten Portfolio is at its lowest month end ROI of the year. Here’s a visual summary of the progress so far: https://preview.redd.it/bkjrrdgezcqb1.png?width=246&format=png&auto=webp&s=fca7ce69fc1ee982b9a54b02535cd02ee7b4dd57 2023 Top Ten Portfolio vs. The Alongside Crypto Market Index Token (AMKT) New feature this year – The first Top Ten Crypto Experiment was started on 1 January 2018 in an attempt to capture the gains of the entire market. Much has changed in the last 5+ years, including the introduction of index products designed to capture the entire crypto market (instead of manually buying coins and tokens like I do for my Experiments). This year’s friendly competition is between The 2023 Top Ten Portfolio and The Alongside Crypto Market Index Token (AMKT). AMKT is an ERC-20 token that represents a cap weighted index of the Top 25 Cryptocurrencies (minus stablecoins) backed 1:1 by the underlying assets represented within the index. Since the Top 25 represent approximately 97% of the value within crypto, AMKT is an excellent proxy for the entire cryptocurrency market – exactly what my Top Ten Portfolios have been trying to recreate from the start. Here’s the question I’m tracking this year: would I have been better off with $1,000 of AMKT instead of creating a homemade $1,000 Top Ten Index Fund? On 1 January 2023, $1000 was equal to 17.15 AMKT. Eight months into the Experiment, here’s the AMKT snapshot: https://preview.redd.it/4fpg8zkfzcqb1.png?width=517&format=png&auto=webp&s=33dde333b81c4c06c46a2733686acbb0439f0912 August Performances: The 2023 Top Ten Portfolio: -18% AMKT: -13% The monthly victory goes to: The Alongside Crypto Market Index Token (AMKT) Overall since January 1st, 2023: The 2023 Top Ten Portfolio: current value $1,096 (+10%) AMKT: current value $1,437 (+44%) Overall lead: The Alongside Crypto Market Index Token (AMKT) For the more visual, here’s the table I’ll be using to track the friendly Top Ten vs. AMKT competition this year: https://preview.redd.it/gu4a8lwgzcqb1.png?width=906&format=png&auto=webp&s=d49268b83642b0fc0d893aa4b0fd3d8baefa68d2 Combining the 2018, 2019, 2020, 2021, 2022, and 2023 Top Ten Crypto Portfolios The 2023 Top Ten is one of six concurrent experimental portfolios. Where do we stand if we combine all of the Top Ten Crypto Index Fund Experiments? 2018 Top Ten Experiment: down -43% (total value $572) 2019 Top Ten Experiment: up +209% (total value $3,090) 2020 Top Ten Experiment: up +292% (total value $3,916) (best performing portfolio) 2021 Top Ten Experiment: up +54% (total value $1,538) 2022 Top Ten Experiment: down -74% (total value $258) (worst performing portfolio) 2023 Top Ten Experiment: up +10% (total value $1,096) Taking the six portfolios together, here’s the bottom bottom bottom bottom bottom bottom line: After a $6,000 total investment in the 2018, 2019, 2020, 2021, 2022, and 2023 Top Ten Cryptocurrencies, the combined portfolios are worth $10,470. That’s up +75% on the combined portfolios, down quite a bit from last month. The peak for the combined Top Ten Index Fund Experiment Portfolios was November 2021’s all time high of +533%. Here’s the combined monthly ROI since I started tracking the metric in January 2020 for those who do better with visuals: https://preview.redd.it/0x4be52izcqb1.png?width=1198&format=png&auto=webp&s=b2b24af25d9819d20897b60b17293a2c97adc8b1 In summary: That’s a +75% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st (including stablecoins) for six straight years. Comparison to S&P 500 I’m also tracking the S&P 500 as part of my Experiment to have a comparison point to traditional markets. https://preview.redd.it/1xdwcl0jzcqb1.png?width=1076&format=png&auto=webp&s=edc1b2c38baab539b5f6aebb4ae386cd8aa21f5e The S&P 500 is up +18% so far in 2023, compared to the Top Ten Crypto portfolio’s +10%. This is the first time in 2023 the S&P is returning more than the Top Ten. The initial $1k investment into crypto on New Year’s Day would be worth $1,180 had it been redirected to the S&P. Taking the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments, the yields are the following: $1000 investment in S&P 500 on January 1st, 2018 = $1,690 today $1000 investment in S&P 500 on January 1st, 2019 = $1,800 today $1000 investment in S&P 500 on January 1st, 2020 = $1,400 today $1000 investment in S&P 500 on January 1st, 2021 = $1,200 today $1000 investment in S&P 500 on January 1st, 2022 = $950 today $1000 investment in S&P 500 on January 1st, 2023 = $1,180 today Taken together, here’s the bottom bottom bottom bottom bottom bottom line for a similar approach with the S&P: After six $1,000 investments into an S&P 500 index fund in January 2018, 2019, 2020, 2021, 2022, and 2023 my portfolio would be worth $8,220. That is up +37% since January 2018 compared to a +75% gain of the combined Top Ten Crypto Experiment Portfolios. The visual below shows a comparison on ROI between a Top Ten Crypto approach and the S&P as per the rules of the Top Ten Experiments: https://preview.redd.it/kql71w2kzcqb1.png?width=1150&format=png&auto=webp&s=d47f98266947b05de912d3ca66b53f1f36dd9b2f Conclusion: To the long time followers of the Top Ten Experiments, thank you for sticking around so long. For those just getting into crypto, I hope these reports will help prepare you for the highs and lows that await on your crypto adventures. Buckle up, go with the flow, think long term, and truly don’t invest what you can’t afford to lose. Most importantly, try to enjoy the ride. A reporting note: I’ll focus on 2023 Top Ten Portfolio reports + one other portfolio on a rotating basis this year, so expect two reports per month. August’s extended report covers the 2020 Top Ten Portfolio, which you can access here. You can check out the latest 2018 Top Ten, 2019 Top Ten, 2021 Top Ten, and 2022 Top Ten reports as well. submitted by /u/Joe-M-4 [link] [comments]
- Three months ago I published a post voicing my concern that the Tornado Cash lawsuit against the US Treasury could fail, which would uphold the sanctions prohibiting Americans from calling the Tornado Cash smart contract logic to encrypt their Ethereum transactionsby /u/aminok (Cryptocurrency News & Discussion) on September 25, 2023 at 7:17 am
This was the post: The risk that a US judge rules against Tornado Cash plaintiffs Last month, the first challenge did in fact fail, as a court rejected the plaintiff's motion to issue a summary judgment striking down the sanctions as exceeding OFAC's statutory authority: Tornado Cash Sanctions Affirmed by Federal Court The court's absurd reasoning was that a computer program that is 1. in the public domain on account of being open source, 2. running on a distributed ledger and 3. that—due to being immutable—is inherently not controlled by the Tornado Cash developers or the Tornado Cash DAO, is nonetheless property of said groups, and thus falls within OFAC's statutory authority to sanction. I think it's worth reposting my arguments on why a court is likely to side against Americans challenging the sanctions against use of Tornado Cash smart contract logic: -- My 2 gwei: I believe there is a significant risk that a US judge will rule against the plaintiffs challenging the US Treasury's sanctions on the Tornado Cash protocol, even if their legal arguments are sound. This risk would emerge if the judge perceives that striking down the Tornado Cash sanctions could jeopardize national security. In 1963, Justice Arthur Goldberg wrote that the Constitution "is not a suicide pact". This sentiment results in a tendency of judges to lean towards rejecting certain arguments even if on questions of legal doctrine, they are correct. Nothing better exemplifies this than a law that, while unconstitutional and over-stepping statutory powers, is perceived to reduce the nuclear proliferation risks posed by a radical rogue state like North Korea. It's critically important that the judge presiding over this case understand that the sanctions are not essential for national security. There exist several alternative approaches available to the US government that are at least equally effective in addressing the money laundering risks associated with North Korea's utilization of Tornado Cash, while not resorting to a measure as blunt and unconstitutional as imposing OFAC sanctions that prohibit all Americans from using a decentralized internet protocol. For one, blockchain intelligence companies have highly sophisticated technologies and techniques that enable them to de-anonymize funds going through Tornado Cash, and these technologies and techniques can be utilized by the US Treasury to identify the illicit funds that use Tornado Cash, and impose targeted sanctions on them. For example, here is testimony from Chainalysis co-founder Jonathan Levin stating that his firm is able to track North Korean funds that pass through mixers like Tornado Cash: https://youtu.be/VcmIETdtZWw?t=250 A more far-reaching measure that is available to the US government is to require deposits to centralized exchanges that originate from Tornado Cash to include an attached zero-knowledge proof that the Tornado Cash funds were not linked to any of the North Korean hacks. Additional information on this approach can be found at https://poi.chainway.xyz. This would achieve everything the crude Tornado Cash sanctions achieve, without having to deny Americans at large of a right to financial privacy protocols. These alternative measures are likely to be more effective in reducing the money laundering risks posed by North Korea compared to the OFAC sanctions because they preserve a key strategy that protects cryptocurrency users from North Korean hackers—privacy. Without privacy, hackers can identify cryptocurrency users with significant crypto holdings and target them for social-engineering-based hacking operations, as demonstrated in the case mentioned in this tweet: https://twitter.com/thomasg_eth/status/1492663192404779013?s=20. The incessant torrent of hacking attempts on cryptocurrency users predates the invention of the Tornado Cash protocol and continues despite the implementation of Tornado Cash sanctions. Therefore, there is no evidence that the sanctions will slow down North Korea's cyber hacking efforts. Consequently, a compelling argument can be made that improving end-user security, rather than solely focusing on tracking and stopping the flow of illicit funds that result from compromised security, is a more effective approach to addressing money laundering from hackers like those from North Korea. The Tornado Cash sanctions present an opposite trade-off by compromising end-user security through reduced privacy while aiming to bolster efforts to track and stop the flow of illicit funds. The alternative measures outlined above achieve everything the Tornado Cash sanctions do with respect to stopping the flow of illicit funds that pass through Tornado Cash, while not depriving cryptocurrency users of privacy technology that can protect them from North Korea's hackers. submitted by /u/aminok [link] [comments]
- Weekly NFT discussion. What are you looking forward to this week?by /u/Ivo_ChainNET (NFT) on September 25, 2023 at 7:03 am
Share the NFT mints, collections, and events that you're excited about! submitted by /u/Ivo_ChainNET [link] [comments]
- Arbitrum Treasury Richer by $59M as Users Miss Claims Deadlineby /u/Successful-Walk-3902 (Cryptocurrency News & Discussion) on September 25, 2023 at 6:57 am
submitted by /u/Successful-Walk-3902 [link] [comments]
- Chainlink downplays worries after users notice quiet change to multisigby /u/i_reddit_at_reddit (Cryptocurrency News & Discussion) on September 25, 2023 at 6:44 am
submitted by /u/i_reddit_at_reddit [link] [comments]
- 20 Most Searched Cryptocurrencies In 2023by /u/changhuanese (Cryptocurrency News & Discussion) on September 25, 2023 at 5:23 am
submitted by /u/changhuanese [link] [comments]
- How the fall of the 'King of Crypto' cost one British man millionsby /u/HomieApathy (Cryptocurrency News & Discussion) on September 25, 2023 at 5:08 am
submitted by /u/HomieApathy [link] [comments]
- Mixin Network, A Decentralized Network for Transferring Digital Assets, Just Announced Their Service Has Been Hacked for $200mby /u/conceiv3d-in-lib3rty (Cryptocurrency News & Discussion) on September 25, 2023 at 3:39 am
Specifically popular in Asian countries and based out of Hong Kong, Mixin Network is a blockchain network that leverages an encrypted messaging system to enable instant peer-to-peer transfers of cryptoassets. The platform features an app for transferring tokens and a decentralized exchange built into the network and has the ability to support nearly all over cryptoassets. 30 minutes ago they took to Twitter to announce on Sept 23rd, there was a database hack of their cloud service provider, which resulted in a loss of $200m in assets on the Mixin Network. Likely from private key compromise. Biggest stolen assets Include: 59,854 ETH ($94.4M) 891 BTC ($23.3M) 23.57M USDT (swapped for 23.55M DAI to avoid the freezing of funds by Tether) Their native token XIN is surely about to take a hit, with it being down 10% since the announcement. Another 9 figure crypto hack. 🤦♂️ The biggest crypto hack of 2023, so far.. https://imgur.com/a/WYWU7Vr ———————————————————————— This was their announcement on Twitter. [Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team to assist with the investigation. After initial verification, the funds involved are approximately US$200 million. Deposit and withdrawal services on Mixin Network have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed. During this period, transfers are not affected. Regarding how to deal with the lost assets, the Mixin team will announce the solution afterward. Mixin founder Feng Xiaodong will explain this incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. Please help spread the word. We will summarize the content in English afterward for easy reference. We will try our best to minimize the losses and deeply apologize for this. Thank you, everyone, for your continuous support. https://x.com/mixinkernel/status/1706139175018529139?s=46&t=GpWP0EdHqBeMteYaGqJP1g submitted by /u/conceiv3d-in-lib3rty [link] [comments]
- First Layer 3 DEX hitting mainnet release after more than 4 years of waiting time. This is BIG news!by /u/marckolind (Cryptocurrency News & Discussion) on September 25, 2023 at 3:28 am
The following was tweeted by Vitalik Buterin a few years ago: https://preview.redd.it/6sy0wxkxgbqb1.png?width=540&format=png&auto=webp&s=f3824a6f153c7f4c056b2b1bd53cf221451b9309 https://twitter.com/VitalikButerin/status/1242553658195271681 This seems to be a reality since the launch of Hydranets Layer 3 DEX, which connects Bitcoin and Ethereum over the Lightning Network, as well as the Connext Network. For god knows how long, have we been struggling with proper scaling solutions. Gas fees exploding during bull runs, and projects all over trying to fix these issues to no avail. We've had tons of projects trying to "fix" Bitcoin, or even trying to "fix" Ethereum, which makes complete sense, when they become utterly useless during peak hours when we go through bull runs, such as in 2017, as well as in 2021. The Lightning Network itself has been attacked by many as being a centralized solution, that hardly anyone knows how to use, but surprisingly we've seen exchanges such as Coinbase and Binance starting to support it as of lately, which is great news! We've also seen a massive shift in volume moving from CEX's to DEX's over the past few years, as KYC and AML has been enforced on pretty much all exchanges, with a few unregulated remaining still, who will probably follow suit eventually as well. Cryptocurrency was meant as peer to peer electronic cash according to Satoshi Nakamoto's whitepaper, but has shifted to an investment vehicle mostly controlled by centralized entities. (CEX's) If you want to trade freely amongst other users, while preserving your privacy, there really isn't many places to go. Uniswap doesn't use orderbooks, but liquidity pools. Trading with real Bitcoin isn't possible either, Litecoin, and other coins is pretty much the same story, unless you want to trust a third party with your "wrapped" assets. On top of that, you have to struggle with a slow trading experience, as well as heavy fees, which is why most people prefer CEX's when dealing with big volume. There's a solution to all of this now, thanks to The Lightning Network, as well as Connext (For Ethereum). Hydranet has been building their own DEX, where you will be able to trade real coins pretty much instantly, for next to zero fees. Hydranet's Layer 3 DEX launched a few days ago, and you can download it from https://www.hydranet.ai/en/download DEX tutorials can be found here: https://www.hydranet.ai/en/tutorials This is still in mainnet BETA, meaning there's trading limits for now, but it works extremely smooth. The Lightning Network offers privacy similar to Monero, which makes it interesting as well! https://preview.redd.it/t21svziambqb1.png?width=1142&format=png&auto=webp&s=4fc01d5649db0f7f677d7e4b5ed24096f9801845 submitted by /u/marckolind [link] [comments]
- Daily Crypto Discussion - September 25, 2023 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on September 25, 2023 at 12:01 am
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]
- A breakdown of my earnings ($3,478.27) through playing, 'NFL Rivals' NFT Game....by /u/BradlyL (Cryptocurrency News & Discussion) on September 24, 2023 at 11:35 pm
This post is to share my experience, thus far, playing NFL Rivals mobile app. And explain how I've come to earn almost $3,500 in Player Card NFT's, through the game. Preface about feeling towards lack of NFT games and NFT Gaming space: I, like many of you have felt jaded towards the lack of useful NFT adoption and functionality in (enjoyable) mobile games. In most games I’ve seen that dev’s are too focused on a quick cash-in, rather than making a fun game, that adopts the benefits of end-user ownership. Which, has left the landscape of NFT games, largely a laughing stock. I wasn’t looking for an “NFT game to make some money”. I was looking for a game that I enjoy, where it happened to also return some of that invested time/energy/effort back to me, the end-user. Which, I do believe that NFT’s have the potential to solve. All that to be said, I went into this with VERY low expectations, and thinking of it as an experiment for me to understand what the NFT game scene really looks like. And as you’ll read below, given the unique seemingly early adoption I was able to take advantage of, I was excited to see it sink or swim, firsthand. How I found out about ‘NFL Rivals’: In fall of last year I received an email that was announcing upcoming NFT drops (I believe it was a Coinbase news em). What caught my attention was ‘NFL’. In my experience, the NFL licensing rights are extremely difficult to obtain, and to my knowledge outside of Madden, not many (if any) other games were able to use the NFL license. Right away I was intrigued. The email alluded to an ‘Arcade style football game’ where you’d be able to play with/own/sell your players. To me, the whole thing sounded like Madden Ultimate Team, but actually getting to own your players. I am a long time EA NHL player, and can’t tell you how many hours/money I spent grinding an Ultimate Team, just to restart the next year. So, I was keen to see if this idea was legit. So the EM said that there would be drop of ‘Limited NFL Helmets’ that grants you early access to the beta and game, as wells ‘owning a club’, and included a drop date for the helmets, along with a Discord you could join. Buying a Helmet and Beta Access: The Beta access helmet cost .14 ETH (at the time ETH was trading for around $1,300USD) When I logged on I saw that no one had purchased a Lions or Redskins helmet yet, so I grabbed one of each, and was lucky enough to get an early mint number for both. (Approximate cost = $364) After I got my helmets, there was months of waiting around in the Discord Many were offloading their helmets for substantial loss Most weren’t even sure what we had even bought. Until, early 2023 when they announced the beta would be released and the Helmet holders would get first access. Until Beta was announced/released, all we were going on was a couple screengrabs of gameplay in the Discord. As a beta participant we received a couple free NFT’s once the full release would be out as well Grinding the Game and how I’ve ‘earn player cards’: Beta access was granted in February(ish) 2023 to anyone with an NFT Helmet. Beta listed for a few weeks, then the game took a break to work on some fixes identified in the beta, and came back for the full release in April - many weeks later. You get to ‘own a squad’ by purchasing a helmet, as I mentioned above. Anyone can purchase a helmet and create a squad. I own a couple ‘Squads’ because of my NFT helmets, which are basically clans that you join to help climb a leaderboard. Our ‘squad’ gets rewards each ‘season’ for how well it finishes. There is regular tournaments that occur where the top 250 / 100 / 80 / 50 etc. players win NFT player cards. The higher you finish in these tournaments, the more rewards you earn. The tournament prizes range from ‘NFT player packs’ to rare cards, legendary cards, and even mythic cards. I’ve basically never missed an event, and subsequently have been able to build my squad with the players that I’ve won since the start. There was 1 ‘collection prize’ where you had to collect a certain number and type of players, to earn a Mythic Tyreek Hill, early on - it was the only collection type of giveaway, but, I earned it through buying a couple players in the market place - and getting the Tyreek Hill Mythic as an airdrop. (You can see those costs below) Outside of the Tyreek Hill, all other players have been ‘won’ I’ve also purchased some of my Legendary players by selling others that I’ve won, and using Myth (the ecosystem token), in my account - on their marketplace. But, to be clear, I’ve never added any currency outside of what was described below. (Essentially trading players around). Time played: I haven’t missed many tournaments since the start. This has resulted in an estimated average of 20-40 min of gameplay per day (Average game is 4 min long @ 5-10 games per day + training games) Using that math, I’d estimate I’ve played the game about 1,200 minutes per month. Or, roughly 20 hours per month. @ roughly 5 months, I’m comfortable with estimating 100 hours played thus far. This does not account for time spent in the Marketplace, trading, researching and selling, etc. - for this I’d throw another 10 hours on. So we’ll say: 110 hours total in estimation Costs incurred so far: Initial Helmet purchases: 2 @ .14 ETH or = $364 at time of purchase Uphold Balance: Used to purchase cards for Tyreek Hill = $244 In app purchases: $94 These were a combination of player ‘booster’ packs and ‘special offers’ that have come out each season. Total money spent on NFT Rivals = $702 Collection of NFT players To date (9.24.23): 28 NFT Players in total 3 Mythical ; 20 Legendary ; 4 Epic ; 1 Rare https://preview.redd.it/e3it58eogaqb1.jpg?width=2276&format=pjpg&auto=webp&s=763f615a8875b96d5909d5afb56336f22841c68e https://preview.redd.it/mj74fd8pgaqb1.jpg?width=2309&format=pjpg&auto=webp&s=a359e7c42e1841c988cf8ab501559f00f5be36c1 Value of 28 NFT Players in Current Market (9.24.23): Note: these values are based on the lowest current offerings and do not account for trading fees. Note: Estimates as of 9.24.23 @ 10:20AM CST Kicker - Tyler Bass (Epic) = $28.16 RB Ezekiel Elliot (Epic) = $49.03 QB Dak Prescott Legendary) = $61.66 CB Devon Witherspoon Legendary) = $105.57 LB Will Anderson Jr. Legendary) = $156.10 CB Sauce Gardner Legendary) = $196.78 WR Garrett Wilson Legendary) = $119.05 WR Stefon Diggs Legendary) = $111.21 OL Zack Martin Legendary) = $72.69 TE Darren Waller Legendary) = $42.23 DT Chris Jones Legendary) = $281.54 OL Ronnie Stanley Legendary) = $30.97 RB Austin Eckler Epic) = $32.95 DE Greg Rousseau Legendary) = $109.57 DE Micah Parsons Legendary) = $63.37 FS Kevin Byard Legendary) = $168.14 SS Tyrann Mathieu Legendary) = $73.19 LB C.J. Mosley Legendary) = $53.80 OL Paris Johnson JR. Legendary) = $28.01 WR D.J. Moore Legendary) = $63.67 RB Sequin Barkley Legendary) = $42.24 WR Tyreek Hill Mythic) = $375.48 DE Nick Bosa Mythic) = $815.13 LB De’Vondre Campbell Epic) = $8.45 CB Pat Surtain II Mythic) = $985.48 WR A.J. Brown Legendary) = $105.80 Total trading value = $4,180.27 Final Calculations: Value of Collection = $4,180.27 Cost for collection = $702 Time played for Collection = ~110 Hours Total Return on investment = $3,478.27 Estimated hourly return = $31.62 / hour TLDR - Through roughly 110 hours of playing NFL Rivals NFT based game, I’ve earned an estimated asset collection of $3,478.27. Working out to roughly $31USD / hour. submitted by /u/BradlyL [link] [comments]
- TIL Trevor Lawrence (No.1 Overall NFL Pick in 2021) invested his entire signing bonus of $22M into ETH/BTC/and other Crypto. He partnered with Blockfolio which later became FTX to store his crypto. Hindsight is always 20/20.by /u/Collectibl3 (Cryptocurrency News & Discussion) on September 24, 2023 at 10:24 pm
Trevor Lawrence wasn't the first to receive his NFL salary in crypto, but he did make one of the biggest moves. He invested his ENTIRE signing bonus worth $22 million into crypto. Unfortunately the company he partnered with at the time was Blockfolio (CEO SBF) which later became FTX. From the article: "When it comes to my crypto portfolio, I wanted a long-term partner in the space that I could trust" -Trevor Lawrence As I kept reading the article there was a statement from the CEO of Blockfolio. And to my surprise the name stood out. It was none other than SCAM BANKMAN FRIED. Here's what SBF had to say: "Trevor Lawrence is the future of professional football and cryptocurrency is the future of money, so the partnership was a no-brainer," said Sam Bankman-Fried, CEO of Blockfolio. I'd have to imagine that Trevor Lawrence lost his entire singing bonus as Blockfolio later became FTX. That is unless he took custody of his own crypto. However given the money SBF was paying influencers I highly doubt that happen. At this moment in time we can't verify if Trevor Lawrence is in the debtor list because names have been made private. SOURCE submitted by /u/Collectibl3 [link] [comments]
- Bitcoin Halving 85% Complete, with Supply Held by Long-Term Holders Close to ATHby /u/Ri4iRi4 (Cryptocurrency News & Discussion) on September 24, 2023 at 10:22 pm
submitted by /u/Ri4iRi4 [link] [comments]
- Cardano Sets New Industry Standard With Over 5 Years of Uninterrupted Uptime ⋆ ZyCryptoby /u/Clean_Eyes (Cryptocurrency News & Discussion) on September 24, 2023 at 9:43 pm
submitted by /u/Clean_Eyes [link] [comments]
- Digital Real Estate Investmentby /u/BrudexCo (NFT) on September 24, 2023 at 4:39 pm
Hello NFT community, I am civil engineer from South Eastern Europe where real estate has been blooming over the last few years. Buliding houses and buildings with apartments has showed to be excellent investment, especially in recent times. Reason why I’m writing in this sub is that I was wondering about idea of jointly investing in real estate. Not many people have funds nor the experties to invest in such big projects and if investment could be divided in smaller fractions it would be more accessible to small investors. Mentioned investment could be tokenized and each investor would get percentage of it accordingly to starting part of whole investment. Rate of return on investment would be same for every investors. What do you guys think about this idea? Are there any tokenized real estate projects already? Would people actually be up for it? submitted by /u/BrudexCo [link] [comments]
- Is The U.S. Really Losing Its Prowess As A Cryptocurrency Marketby /u/PM_ME_DOPE_TUNES (Cryptocurrency News & Discussion) on September 24, 2023 at 4:34 pm
submitted by /u/PM_ME_DOPE_TUNES [link] [comments]
- What is the quality tools for launching an NFT collection ?by /u/bobdylan_In_Country (NFT) on September 24, 2023 at 1:37 pm
Just want to try to launch an NFT collection without any code ability. Is there good tools to use ?（Think it should have a official website for mintting ） submitted by /u/bobdylan_In_Country [link] [comments]
- My Family & friends hate NFTs(crypto)by /u/Valdeztron (NFT) on September 24, 2023 at 12:40 am
It’s been a wild ride for me since 2014 from buying and selling to starting crypto app. A lot of ups and downs. The ride can be difficult at times when most of your family and friends want to push you to focus on another industry because they have bad feeling about the space. I’ve even had friends that even think I’m a scammer because I’m involved in crypto. Now that the market is down. They tell me “it’s over”. I share this because maybe someone out there might be in same situation. You’re not alone. I believe the next bull run the industry will be more mainstream and accepted since Blackrock and others are getting involved. The stories from the previous post were interesting. submitted by /u/Valdeztron [link] [comments]
- NFT 2023 Marketing Guideby /u/Valdeztron (NFT) on September 23, 2023 at 7:54 pm
Recently, I’ve seen several post discussing the struggles of promoting a cool collection or product. I even was told they get called scams on social media. How can you by pass this type of pushback and the trolls!?!? show your face and pitch your product on social media via video: tiktok, Snapchat, YouTube shorts. Right now, YouTube shorts is very viral. Focus on niches: youll build a tribe and you won’t need to worry about the trolls. Tell your story or message. People love to hear the truth and no gimmicks. They don’t want be sold to. What problems are you solving ?! It need to be clear. If you’re just building a collection without having valuable mission. You will fade. Old marketing strategies die out. Pushing people to your groups may not be as effective. Choose exchanges that pride on discovery. Don’t just get on an exchange because is popular. Don’t get lost in the open- sea 🌊. I ask community to add to the list. submitted by /u/Valdeztron [link] [comments]
- Where do you go to find out about new/emerging NFT projects?by /u/CarDry8823 (NFT) on September 23, 2023 at 4:52 pm
Hi everyone, I’m looking for new NFT projects to invest in and, while I’ve found some gems, I’m always interested in finding more (especially if I can get the opportunity to get one early!). Where do you all find out about new NFT projects? submitted by /u/CarDry8823 [link] [comments]
- We broke the story that brought down Sam Bankman-Fried’s crypto empire. Soon, we’ll be covering his trial, gavel to gavel. Ask us anything.by /u/coindesk (Cryptocurrency News & Discussion) on September 23, 2023 at 4:11 pm
Hey r/CryptoCurrency, Nikhilesh De and Ian Allison from CoinDesk here. Last November, Ian broke an explosive story raising questions about the financial underpinnings of Sam Bankman-Fried’s trading firm, Alameda Research – and, by extension, the safety of his better-known crypto exchange FTX. Nine days after Ian’s story, SBF’s companies were in bankruptcy court – a collapse so big (FTX had been valued at $32 billion earlier in 2022) and so fast it has little or no precedent. The story revealed that Alameda was on potentially shaky footing because of its deep financial exposure to the FTT token issued by FTX. FTT made up nearly half of the company’s $14.6 billion of assets. That was a surprising degree of financial entanglement for two supposedly separate companies, and also a pretty speculative asset to stash much of a trading firm’s assets into. If sentiment around FTX and SBF were to tank, the price of FTT could fall, dragging Alameda down with it. And that’s basically what happened. Four days after Ian’s story came out, Binance CEO Changpeng “CZ” Zhao tweeted that "due to recent revelations," his exchange would sell its hefty FTT holdings. That quickly drove down the price of FTT, putting SBF’s companies into a tailspin. SBF was forced two days later to seek a bailout from Binance. But that proposed takeover fell apart in a day, something another scoop by Ian revealed was likely to happen hours before it was made official. Then, on Nov. 11, SBF’s companies filed for bankruptcy protection. Ian’s initial scoop on the balance sheet was widely cited as the catalyst for the collapse. He and former colleague Tracy Wang went on to win a George Polk Award, one of the top journalism honors, for their FTX coverage. Our FTX reporting also won a New York Press Club award and is a finalist for the prestigious Loeb award. We’ve been following SBF’s every move since then, from his unsuccessful bid for release from jail to his push for better laptop access. His trial in Manhattan begins Oct. 3. Here’s our preview. CoinDesk’s news team, led by Nik, will be in the courtroom every day of the trial. This is our story. Ask us anything. -- We'll join you for an upcoming AMA on Sept. 26, 12 p.m. ET. Feel free to comment with your questions beforehand. Meanwhile, subscribe to our newsletter: https://www.coindesk.com/newsletters/the-sbf-trial-newsletter/ https://preview.redd.it/jube8qoy31qb1.png?width=1200&format=png&auto=webp&s=00553ae7e8578e0f77ea34c386a87cfbeb631f1e submitted by /u/coindesk [link] [comments]
- Advices, how to promotionby /u/MetaMuseX (NFT) on September 23, 2023 at 8:28 am
"Good morning, I'm seeking advice. I entered the world of NFTs through OpenSea, but it seems almost impossible for people to discover my collections there. I'm trying to navigate social media, but it's not easy. Any tips on how to promote my project without breaking the bank?" Thanks submitted by /u/MetaMuseX [link] [comments]
- Manifold Contract creation and adding Tokenby /u/paloolabotanica (NFT) on September 22, 2023 at 7:11 pm
Hi, VERY VERY NEW to the NFT community as you can see from the question...I recently created an enjin wallet. I connected Manifold and Foundation to the wallet. When I went to create a collection in Manifold I get this error: "There was a problem with your deployment, please check your internet connection and refresh this page to try again. If the problem persists, please report this problem on our forum at https://forum.manifold.xyz/ . Error: rejected" Any thoughts? I also don't know how to add tokens to my wallet... P. submitted by /u/paloolabotanica [link] [comments]
- Good marketplace for 1/1 piecesby /u/Niftbit (NFT) on September 22, 2023 at 12:36 pm
Hi everyone, I made a 1/1 nft piece, it took a long time, im also quite new to the scene, I can’t post an image but if allowed I’ll link it in the comments, I’m looking for a good place because I want the piece to go to someone who loves the message behind it. It took me a very long time to make and animate. Edit: by link I mean just the image of it. Not anything promotional. Mods is this allowed? submitted by /u/Niftbit [link] [comments]
- Is NFT-Powered Loyalty Programs the Future of Interactions?by /u/ponziedd (NFT) on September 22, 2023 at 12:14 pm
I’ve heard a lot about loyalty programs powered by NFT lately, and it made me think, could they replace the traditional loyalty programs we have today, for all the benefits they bring to the consumer and the company? 🤔 could NFT-powered loyalty programs disrupt the traditional loyalty landscape? I'd love to hear your thoughts and opinions. Are there any potential downsides or challenges that might hold them back? submitted by /u/ponziedd [link] [comments]
- New NFT build being plannedby /u/Homeless_72 (NFT) on September 22, 2023 at 12:08 pm
Is there a best group to contact if I want to drop a collection? Please give any suggestions submitted by /u/Homeless_72 [link] [comments]
- Detailed Explaination of Utility in NFT.by /u/Agile-Formal-571 (NFT) on September 22, 2023 at 9:47 am
What is utility in an NFT project? In the context of NFTs, utility refers to the practical value of an NFT beyond its uniqueness. This could include access to exclusive content or services, in-game advantages, governance rights, royalties, ownership of physical assets, unlockable digital content, and more. Why do people care less about utility in NFT projects? Despite the potential benefits of utility, research shows that 95% of NFT collectors don't really care about it. In fact, many collectors don't even bother checking the whitepaper or roadmap to learn about a project's future plans. So, why do people care less about utility? There are a few reasons: 1. Hype is king in the NFT space: Right now, everyone is more focused on hype than utility. If you can generate excitement and buzz around your project, you're more likely to be successful, even if your utility isn't that great. 2. People are looking to make money: Many NFT collectors are simply looking to flip their NFTs for a profit. They're not interested in the long-term utility of the project. 3. Some projects have overpromised and underdelivered on utility: In the past, there have been projects that have promised a lot of utility but failed to deliver. This has led to some collectors becoming skeptical of utility altogether. So, how can you convince your community that your NFT project will be financially rewarding for them? There are a couple of strategies to consider. One is to ride the wave of hype and bring that excitement directly to your project. Currently, within the NFT space, hype is a driving force, much like the scenario where the attention of a person is piqued when others express interest in someone. In essence, generating hype is about garnering attention. Alternatively, you can take a unique and distinctive approach to launch your project, setting it apart from the crowd. Avoid following the same path as everyone else and instead, find innovative ways to introduce your project to the world. But why has the concept of utility seemingly taken a backseat in recent times? Back in 2021 and early 2022, utility was a decisive factor in the success of NFT projects. Having a strong utility and a dash of hype was a recipe for a successful launch. However, some projects, like BBG and Regulated, disrupted this paradigm by amassing substantial wealth from their communities without offering substantial benefits in return. People couldn't even double their investment by flipping their NFTs, which was a disheartening outcome. Ultimately, founders reaped the lion's share of the rewards, leaving the community with little recourse. These occurrences have contributed to the challenges faced by smaller NFT projects like yours in scaling within the competitive NFT space. submitted by /u/Agile-Formal-571 [link] [comments]
- Hi All, I don't understand NFT .by /u/TaroElegant273 (NFT) on September 22, 2023 at 6:00 am
Hi All, I don't understand NFT . But I would like to ask you. I have a collection of high quality 3D designs on the ArtStation . Can I sell it? this is my account . (https://www.artstation.com/ayadhany ) I have a thousand designs on the computer. submitted by /u/TaroElegant273 [link] [comments]
- Free tech for launching an NFT collectionby /u/CupofNFTea (NFT) on September 22, 2023 at 1:03 am
I know there are tons of launchpads these days but there are a few downsides I've noticed: The tech is clunky You don't own the smart contract You're beholden to launch on their platform You need to give up a percentage of your sale (I'm sure there are more I'm missing) Dropspace is a free solution for creating digital collectibles of all types. The good: It has no cost to creators It has delayed reveal (just like Bored Ape, etc) You own the smart contract You can control all aspects through a panel on the back end (withdrawal, sale start/stop, details, etc) It's super easy to deploy You can launch on Ethereum, Polygon, Base or Binance -There's a widget you can easily embed on any website and essentially white label the mint The tech works seamlessly Has anyone tried this? submitted by /u/CupofNFTea [link] [comments]
- Transferring NFT's Openseaby /u/jms07e (NFT) on September 21, 2023 at 8:40 pm
Hi all, is there a way I can bulk send NFT's using opensea? I feel like i've done this before but the option that is shown on youtube doesn't seem to be working anymore. Just trying to avoid gas prices when sending a bunch of nfts to my cold wallet. submitted by /u/jms07e [link] [comments]
- Whats you guys opinion on the news articles coming out saying nfts are worthless?by /u/mikey-Sand542 (NFT) on September 21, 2023 at 7:29 pm
https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/ submitted by /u/mikey-Sand542 [link] [comments]
- How NFTs and Crypto Can Help Improve Learning Experiencesby /u/Rich_Vacation_8372 (NFT) on September 21, 2023 at 4:17 pm
While reading this article about gamification I realised that crypto and NFTs are already changing a lot of experiences, both offline and online, but they have a special role to play in learning. The article highlights a few examples but even without them, I personally feel like people are more enticed to learn about a subject if ther is a small reward at the end. It could be a few digital coins or an NFT but that small gesture will change the way we think and feel about learning. It’s nice to have a digital stamp for every milestone you achieve in life, at least that is how it seems to me. Not only do you get a digital stamp, it also sits in your wallet and could be stored forever if you want. Is it just me, or do you guys also think that learning is about to become a lot more fun and rewarding? submitted by /u/Rich_Vacation_8372 [link] [comments]
- What are your thoughts about using technologies like NFT to raise funds for educational needs?by /u/Interschoolbatumi (NFT) on September 21, 2023 at 1:38 pm
About a year ago, a school was opened in Georgia, for all those who had to leave their homes because of the war in Ukraine. And despite the fact that now more than 80 students are studying at the school (last year there were only 4 of them), for many the tuition amounts remain high. The idea came up to raise funds for a grant for training with the help of the charity NFT gallery. Maybe someone has experience raising funds for educational needs with the help of NFT? Share your experience! Any experience on this topic is interesting. submitted by /u/Interschoolbatumi [link] [comments]
- RollingStones: Your NFTs Are Actually Worthless - Finally - Totally Worthlessby /u/Valdeztron (NFT) on September 21, 2023 at 12:27 pm
The media said this about bitcoin. 🤷♂️ http://www.my0x.co/valdeztron submitted by /u/Valdeztron [link] [comments]
- Migwashere - BAYC artist WenSandwich project - 903 ETH rug pull?by /u/Zestyclose-Ad-1450 (NFT) on September 21, 2023 at 6:27 am
Anyone remember the project WenSanwich? This was a project launched by the Artist behind Bored Ape Yacht Club known as 'Migwashere'. They had a huge hype going and after the mint in April everything went silent and still is. Migwashere and his team profited 902 ETH on opensea, this is $1.3 Million in USD. I mean we atleast deserve an update? This was s big project. submitted by /u/Zestyclose-Ad-1450 [link] [comments]
- Star Atlas Sage Labs Just Around The Cornerby /u/Mountain-Ad-1515 (NFT) on September 21, 2023 at 3:57 am
If you are into Web 3 and want to earn a bunch for nothing and be a part of a great community, join Star Atlas, buy a ship before Sage Lab starts Also by using this link, you will get 10% off every ship you buy Want to learn more, click the link below https://play.staratlas.com/?r=3wv98ncx30kfllpa submitted by /u/Mountain-Ad-1515 [link] [comments]
- Bummer man.... that's a bummerby /u/edit-boy-zero (NFT) on September 21, 2023 at 2:05 am
https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/ submitted by /u/edit-boy-zero [link] [comments]
- Are there any good storyline NFT collection out there?by /u/Alexandria_math (NFT) on September 20, 2023 at 6:24 pm
I have been searching for a good storyline NFT collection and it is so hard to find good artists with good storylines these days. I’ve seen people buy NFTs for fun without worrying about the return, but I think you should at least get good art from a good artist with a decent storyline. submitted by /u/Alexandria_math [link] [comments]