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How crypto could change the world and Why Cryptocurrency was invented in the first place.
People used to pay each other in gold and silver. Difficult to transport. Difficult to divide.
Paper money was invented. A claim to gold in a bank vault. Easier to transport and divide.
Banks gave out more paper money than they had gold in the vault. They ran “fractional reserves”. A real money maker. But every now and then, banks collapsed because of runs on the bank.
Central banking was invented. Central banks would be lenders of last resort. Runs on the bank were thus mitigated by banks guaranteeing each other’s deposits through a central bank. The risk of a bank run was not lowered. Its frequency was diminished and its impact was increased. After all, banks remained basically insolvent in this fractional reserve scheme.
Banks would still get in trouble. But now, if one bank got in sufficient trouble, they would all be in trouble at the same time. Governments would have to step in to save them.
All ties between the financial system and gold were severed in 1971 when Nixon decided that the USD would no longer be exchangeable for a fixed amount of gold. This exacerbated the problem, because there was now effectively no limit anymore on the amount of paper money that banks could create.
From this moment on, all money was created as credit. Money ceased to be supported by an asset. When you take out a loan, money is created and lent to you. Banks expect this freshly minted money to be returned to them with interest. Sure, banks need to keep adequate reserves. But these reserves basically consist of the same credit-based money. And reserves are much lower than the loans they make.
This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB currently reports a yearly increase in the supply of the euro of about 5%.
This leads to a yearly increase in prices. The price increase is somewhat lower than the increase in the money supply. This is because of increased productivity. Society gets better at producing stuff cheaper all the time. So, in absence of money creation you would expect prices to drop every year. That they don’t is the effect of money creation.
What remains is an inflation rate in the 2% range.
Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest.
Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse.
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Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you.
The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use.
When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure.
What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system.
So, if you find yourself religiously checking some cryptocurrency’s price, or bogged down in discussions about the “one true bitcoin”, or constantly asking what currency to buy, please at least remember that we have bigger fish to fry.
We are here to fix the financial system.
Given how early in the Rogers Adoption Curve for Crypto we are, I would like to take a moment so we can just imagine what this technological revolution, which I consider is the next huge step for human kind, could bring. I will emphasize some socioeconomic implications of descentralization, but I`m mostly interested in listening to, and debating your inputs.
Blockchain and Crypto Currency are here to change the world forever.
The implications of decentralization
As you may know one of the core proposals of blockchain is decentralization, and with it we can optimize so many processes that this alone could be the revolution we are talking about. By eliminating intermediaries, we can save on the cost they add to the supply chain ensuring those that create the value, keep it. Or we can simply save on fees.
To quote the man himself:
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. – Vitalik Buterin.
To put it simply, imagine that you replace Binance (a centralized company) with a robot. A robot that you have programed so well, whose code you publicly audit, and that is so safe you can trust it with billions of dollars in liquidity pools, so it proceeds to host and operate the trading platform by itself. In case you didn’t know, this is already a reality! Many people here trade on those platforms on a daily basis.
But this goes beyond replacing Centralized Exchanges with Automated Market Makers, Airbnb with a blockchain DApp that connects landlords and costumers, or even banks with complex smart contracts that allow you to borrow, save, tokenize physical assets, and so on. This goes way beyond.
Here is where I start to fantasize of the future. Think about replacing capital itself, think about getting rid of corporations. Lets dream of a world with DAOs massive adoption.
With DeFi, we may no longer need a company like Nestlé…
And specially not their investors. Of course, you will still need the people administrating, planning, monitoring, generating new ideas that adapt to their context, and creating innovative solutions for a complex world only humans can comprehend. But the figure of shareholders and CEOs that steal all the value that workers create and leave them with a tiny fraction of it, can disappear. This can be the basis of a once in a century transformation.
Just as an example: Nestlè’s coffee growers in Colombia keep less than 10% of the final sale price, and barely make a living on it, so are actually abandoning the rural areas.
With Blockchain, DeFi and Smart Contracts, people like you and me can collectively fund such an operation, and then agree upon specific terms like wages by direct democracy, voting with our crypto holdings. Then we would proceed to allocate funds, hire “developers” which would ultimately be regular office jobs that keep the organization functioning. Once in operation we would frequently vote on decisions and results, which would ultimately keep the highest level of accountability for people working in the organization. This is already happening by the way, this is how some blockchain projects work today. We just haven’t applied it to industrial and physical supply chains yet.
Let’s go back to our project to replace Nestle. Imagine that an organization’s main goal is not to maximize profits for shareholders and bonuses for CEOs anymore. Instead, it’s the interest of regular people and the company’s collaborators that drive its actions.
Most likely, you and I will want to consolidate an efficient and effective supply chain, that is sustainable and keeps the dignity and wellbeing of its collaborators as a guiding principle. We are not longer at their mercy on issues like climate change, we can now take immediate action against it, or stop endangering and hoarding water supplies in classic Nestle fashion.
Also, we are making profits, so we are redistributing capital, and improving our quality of life, which will be most notorious in the most vulnerable communities, usually those that extract/harvest/mine raw materials.
This is what could happen with the blockchain descentralization of business. And you could apply it to pretty much anything, but maybe initially it could be for low labor and capital intensive businesses.
I’ll give you another example. I work for a solar power multinational company. If you don’t know it, solar energy is essentially a financial product, most people working in these companies don’t care about the world, its simply that solar is a very safe and lucrative hustle, and all investors care about is having a nice return of investment (ROI). As of now, my company works exclusively for large scale corporate clients or the state itself, given that’s where the nice ROIs are, since they give you the projects that allow you to place large capitals at once. This means, as of today, we blatantly ignore the regular people that seek for our help and funding to power their farms and/or houses with solar energy. They’re not that profitable my boss tells me. This is shitty, and I’ve thought of quitting several times.
But back to the point. Now, imagine once again, we get rid of the institutional investors. Now you and me create Reddit Solar Co, a DAO. Our only purpose is to facilitate access to electricity to those without it, and to advance in the urban implementation of renewable energy. We help the world, make dividends that are automatically distributed by the DAO, and also our own Crypto is rising in value.
And this is not the best.
Let’s not forget of synergies.
So, we just created a DAO that manufactures and distributes food globally right? Or maybe Reddit Solar Co. As an organization born on the blockchain, we won’t have to adapt to the state of the art innovations on the crypto world like an old steam locomotive attempting to adapt a warp drive on top of it. We were born in space.
From the beginning, our Ethereum based DAO could adopt VeChain’s solution for supply chains, Cardano will help us to give an integral solution to the unbanked communities that provide our raw material, they now have IDs, access to DeFi and education. The land deeds and legal documents that relate to our enterprise are certified by LTO Network, we move money internationally with XRP or Stellar, and don’t worry, we use Polkadot to ensure proper blockchain interoperability.
Too complex for you? Don’t worry, you don’t even have to know or care about this, leave that to others. You’re into finance. Maybe sales is your thing and there’s a little Michael Scott in you. Or you`re into social work and want to supervise our community engagement at the start of the supply chain. Just go do your thing! You don’t necessarily have to be involved in all of this.
All you know is you do your job and receive your crypto salary.
Just as computers and the internet changed the world forever, and not only had economic implications but also changed our culture, routines, work lives and ways to interact with each other, crypto will. We are just so early; that all we can do for now is dream.
You’re having too much hope in humanity dude…
Sure, I may be making some optimistic assumptions on the motivations of humans, I may be saying that we will use this technology for good, and that we care about each other, and that’s one way to look at it. But we could also argue in favor of this from a sceptic perspective: even if you don’t care about the collective wellbeing of your community, it’s in your interest to live in a safer environment right? Ergo you want to reduce poverty. Its also in your interest to stop global warming so organized human life can continue to exist, or to make sure you and your children will have water and food in 50 years, that’s why you will want to use technology for good even if you only care about yourself. Also lets not forget the powerful incentive of profits. Crypto has the clear potential to achieve all of this.
Most of the current generation of crypto projects will be ready and operating within the next 3 years, so all we will need by then is the will to use this technology for good, and the vision to change the world.
This is just the beginning, we will be killing industries but giving birth to others we could have never imagined before.
Cons of Crypto:
A coin called “Chia” is gobbling up 1,125,000 TB storage per day. Just to farm this token that no one seems to use. This takes resource wastage to a whole new level.
Chia is a coin that works on a proof of time space consensus. I.e. to farm this coin, one must allot dedicated hard drives and allot the space (known as plots), and get rewarded for it. Sounds good on paper, and one could even be tempted to think they may put that spare 500 GB space left and earn some passive income on it.
Except, this one already requires industrial grade storage space, just to farm a token that has almost zero adoption anywhere.
As you can see from this coin’s explorer, the storage is growing by almost 1000 PiB per day, in the last few days.
https://www.chiaexplorer.com/charts/netspace
1 PiB = 1125.9 TB.
So a growth of 1000 PiB per day => almost 1125000 TB of storage per day is added onto this network, just to mine these coins. This equates to 1.1 million 1 TB drives added per day just to support farming on this network!
Pros of Crypto:
– People in Hong Kong Use The Crypto and Blockchain To Fight Against Media Censorship
Reference
– Data indicates that 76% of Bitcoin investors are still in profit
- Network effect and staying power
BTC is the first virtual currency to solve the double-spending issue. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with a blockchain network structure, a notion first created by Stuart Haber and W. Scott Stornetta in 1991. - Bitcoin undoubtedly has a ‘brand’. It has perhaps the most substantial name recognition of any existing crypto asset and is basically synonymous with ‘cryptocurrency’ to the lay public.
- Despite near constant proclamations of its demise, Bitcoin has not died. One could argue that – as the progenitor of cryptocurrencies – its longevity and continued profitability is itself an investment thesis.
- As the number of public addresses, daily active users (DAU), and large holders/long term holders continue to trend upwards, it becomes harder and harder to ‘put the genie back in the bottle’:
- Bitcoin’s valuation is well described by the most fundamental factor intrinsic to its network: the number of addresses that hold BTC. Applying Metcalfe’s law, the total value of Bitcoin’s network is well explained, with an R squared of 93.8%, simply by the square of its user base, n.
- Store of value to hedge inflation
- Over its lifetime, narratives of Bitcoin’s value have gone through several shifts, from the original cypherpunk vision in the white paper of p2p ‘e-cash’ to today’s ‘digital gold’ narrative.
- One theme underlying both of these points, however, is a reaction to or distrust in the current financial system. This was true during the financial crisis of 2008 (see the genesis block message) and is still relevant today with unprecedented levels of monetary and fiscal stimulus being pursued by governments worldwide. Government deficits and central bank money printing may lead to inflation and thus drive investors towards assets like gold or Bitcoin to preserve their wealth.
- This notion that BTC is a store of value to hedge inflation has certainly caught on in the last few years – not just from institutional or hedge fund investors, but from companies like MicroStrategy, Square and Tesla adding BTC to their balance sheets.
- Like gold, BTC is scarce – only 21M will ever exist. It is estimated that 3M-3.7M BTC have been lost forever/will never enter circulating supply again.. One estimate is that 14.5M BTC are essentially illiquid.
- To take one example, Grayscale’s BTC trust – which has no redemption process and thus effectively takes BTC out of circulation – alone holds over 600k BTC.
- Like gold, BTC is also divisible, interchangeable and durable. Unlike gold, however, BTC is a digital asset and is thus easier to purchase, move and store.
- If the store of value narrative endures, Bitcoin may have significant upside in supplanting a share of gold’s use case (estimated to be a $10T asset class).
- Development
- One of the common counterarguments for Bitcoin is that it is a ‘dinosaur’ with little technological improvement or development (as compared to its more innovative successors).
- Schisms in the dev community notwithstanding, Bitcoin remains an open-source project with global development communities and activity
- Developments of note include:
- Segregated Witness (SegWit): a protocol upgrade proposal that went live in August 2017. This protocol upgrade effectively increased the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second (TPS)
- Lightning Network: is a second-layer micropayment solution for scalability
- Taproot: an anticipated upgrade to increase privacy and improve upon other factors related to complex transactions
- While other blockchains boast enterprise development, some companies are indeed building on Bitcoin. For example, Microsoft recently launched a Decentralized Identifier (DID) network (ION) on the Bitcoin mainnet
- Ideological foundation for a potentially new financial system, without the old, decrepit, and corrupt banks and middle men.
- The Environmental Argument is almost pointless, as it is the most efficient way of transporting millions of dollars around the world in mere seconds. And I mean efficient in all ways, there us no other single asset in the world capable of transporting this amount of capital wealth with such a low environmental impact or financial cost. If not, try moving 4 millions dollars of gold. Also, as Btc increases in value, this gets more on more efficient.
- Innovation of the technology and the first mover advantage in capturing this new market’s value/future value. Btc will always be at the top as mainstream adoption continues relating Crypto=Bitcoin.
- Ability to be bankless, with proven liquidity (thanks to Tesla) and with the best performing asset creation-to-date.
- Inability of third parties to do anything about your Btc holding without the seed phrase. Government’s can hardly tax it if, as Michael Saylor put it: “I had a boating accident and forgot my seedphrase, I don’t have acces to my crypto anymore so I can’t be taxed”. In a way, nobody but yourself can prove that you still have access to those funds, so, can they truly be taxable?
- The S2F model and updated S2F XA model. So far they have been scarily precise. Otherwise, Metcalfe’s law assures anyone that bitcoin may never go to 0, as the network is already strong enough to provide a certain degree of value.
- Bitcoin has been around way too long, and to the uneducated it is the face of the crypto world.
- Bitcoin has no smart contracts.
- Bitcoin is slow.
- Bitcoin fees are expensive.
- People see it as an investment, not a currency they can use and spend. In the end this is not defined as it’s supposed to be used, but only as store of value. It’s at the state of gold, not of a coin.
- Bitcoin has become outdated, the only thing it’s useful for is investing, day to day transactions are useless.
- Bitcoin’s largest advantage and in fact it’s greatest disadvantage is that it’s the oldest cryptocurrency. Since then technology has evolved so much to become more energy and time efficient.
- Bitcoin is like the grandpa of crypto and we should look at it as such. Admire it for its wisdom because it has taught us so much, but also acknowledge that each of its children are trying to make their own marks on the world.
- It’s huge environmental impact due to its proof-of-work concept. BTC has a carbon footprint like Singapore, uses as much electrical energy as the Netherlands, and produces as much electronic waste as Luxembourg. This is a huge problem and needs to be accepted more widely.
- It’s slow. with an average transaction time of like 10 minutes, we are pretty far from instant transactions – this might not be a problem in all cases, but is one when one would like to use it like a currency, as it was planned originally
- High transaction costs – not ETH-high, but too high
- Bitcoin takes a lot of energy to mine and use. As of May 2021, a single Bitcoin transaction takes as much energy as 760,201 VISA credit card payments (source). To keep this in context, the world banking system uses about two times as much energy as the Bitcoin network (source)
- Bitcoin is difficult to mine. GPUs and CPUs don’t have enough computing power to compete with other miners, meaning so-called Application-Specific Integrated Chips (ASICs) are required. These are expensive – generally in the range of $1000 to $6000, depending on how new the model is (source). This restricts Bitcoin’s mining pool to people and groups who have enough wealth to invest in ASICs, which threatens the goal of keeping cryptocurrency decentralized.
- Bitcoin transactions can take a long time to be confirmed. The average time for a transaction to confirmed once is 10 minutes (source), but for a payment to be absolutely final, it needs to be included in multiple blocks to ensure consensus in the mining pool. This takes even longer, sometimes up to one hour (source, for 6 confirmations).
- Bitcoin transactions require expensive mining fees. At the moment, the average fee for a single transaction is $14.35, making Bitcoin unsuitable for day to day use (source).
- Bitcoin lacks many features available in other coins, including smart contracts (programs run on and enforced by the blockchain, see here), anonymity (source), and CPU mining (allowing anyone with a CPU to mine, thus making the network more democratic and less susceptible to being taken over by large groups).
Crypto is definitely a good way to make money. However, you might end up finding the tech interesting. I know that I sure did, and having a sound understanding of your investment will make a big difference in your ability to hodl. It doesn’t have to be much, just a few YouTube videos.
Strategies when it comes to cryptocurrencies
The HODL’er: you buy and basically you never sell. It’s kind of the holy grail of strategies when it comes to crypto according to this sub. Buy and forget and check back 10 years later. You’re a millionaire, Harry! No stress and no maintenance. You can even buy more over time and continue stacking your fat holdings. Do this if you believe in crypto long term
The Goal Setter: set a goal and sell when you reach that goal. Maybe it’s 3x and I’m out. Or maybe it’s make enough for student loans and I’m out. Or maybe it’s $1MM and sell half. Can be anything. Stress depends on your goal.
The Active Trader: Buy high and sell low
The Swing Trader: Some people are good at trading – they usually wait for those days where the whole market bleeds 20-30% in a day then they buy and wait for the bounce and they sell. Rinse and repeat. But they also risk missing out on the rocket jumps. But they also minimize the risk of being in the market when there’s a crash. In the end they might be able to increase their total holdings but for most beginners they lose rather than win. High stress and high maintenance.
The Cycle Trader: you DCA in during the bear market when everything has lost 80-90% of its ATH (alternatively, a year before the Bitcoin halving). Then you slowly sell off everything approximately a year after crypto starts trending up and enters a bull market. So this method has worked well for many people – they don’t necessarily time the top right but they continue to increase their holdings over several cycles. This might be the smart move if you have discipline. The risk is that history no longer repeats itself. It has worked the past 2 cycles but it’s not guaranteed it’ll work again. Medium stress, low maintenance
The Arbitrager: usually they have algos do the trading for them. They minimize risk and just arbitrage the price differences between exchanges. They might not care about crypto and just want to make money. They miss out on the bull run but also miss out on the bear market. Low stress, medium maintenance.
The Moon Chaser: 1000x or bust. Forget $10K eth or $100K btc, they want the next shiba or safe moon. They buy coins with market caps in the millions and hope for the pump to sell. This is like the lottery ticket buyers of crypto. High stress, high maintenance, smooth brain
The correct mentality for investing in the crypto market is thinking in YEARS not MONTHS.
Crypto: What to do in the bear market
–HODL, dont sell with a loss if you believe in your Coin long term.
–Stake, staking is really important! I cant tell you enough, if we are in a bear market and you can stake for a few years you can easily get 20-30% more coins then you have right now.
–DCA, keep buying. The bear market is where you DCA, dont stop buying. Right now is where you can get coins cheap! Just dont stop DCAing cause you are scared! Pick projects you believe in long term and keep buying at low prices!
–Get rid of coins you dont believe in long term, shitcoins. Many wont survive the bear market.
–Research coins for the next bull run!
Crypto Currency Market Cap Visualized during the Pandemic
Top 100 Cryptocurrencies by Market Cap
Latest News on Crypto:
- Nigerian central bank does U-turn on crypto ban
- Paypal allowing withdrawal of crypto
- Billionaire Carl Icahn eyeing $1.5 billion investment in Bitcoin
- Sheetz convenience store becomes the first store chain to accept crypto
- Nashville couple suing IRS over staking gains being taxable
- Dubai’s first cryptocurrency rises over 1000% since its debut
- Biden announces $6 Trillion budget
- Colorado wants to be the first state to accept Crypto
- Large investors bought $3 Billion during the pullback
- Texas creates legal clarity for Bitcoin
- SEC starts scrutiny of Skybridge and Fidelity’s Bitcoin ETF bids
- Texas Bitcoin Bill Gets Senate Approval
Sources:
1- Reddit
2- Reddit
3- https://research.binance.com/en/projects/bitcoin
4- NYDIG Power of Bitcoins Network Effect
5- The original Cypherphunk vision
6- Unlike Gold, BTC is a digital asset that is easy to move around
7- https://coinmarketcap.com/historical/
NFT Crypto Blockchain Bitcoin Top Stories – Breaking News
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This isn’t good. To be told that you won’t be able to withdraw your funds in your local currency (I’m Australian), is quite alarming. I’m sure there are other ways around it, like transferring to another exchange, but for how much longer? In any case, I’m not pleased with the rashness of Aus agencies for blocking ways for Australian citizens to withdraw their money. And I’m also disappointed in being given two days notice from Binance. For my fellow Aussie Binance users, perhaps take stock and position yourself accordingly!! *Edit - Binance did email me last week - credit where credit is due - however, it seems that it did not go to my focused inbox which is unusual and alarming, so please make the effort to check deep in the spam box everyone that this may affect! submitted by /u/Chooky47 [link] [comments]
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Why are you in crypto? I'm curious to know everyone's reasons for being in this industry. Moreover, I am fascinated by all of those who are still here despite almost two years of negative growth, FUD after FUD, horrible crypto-related news, ridicule from peers, etc. If you are still here, I believe you are a very unique type of person who is generally persistent with the other non-crypto things you do in life. Stubborn, even. But not unwise, either. -Are you trying to make money? -Are you trying to improve the world by creating a shift in the banking system? -Are you excited about the technology? -Are you here for gaming? -Are you here for digital art / NFTs? -Are you here because you're a contrarian and want to prove your non-believer peers wrong? -Are you here because you're bored? Regardless of your reasons for being here, I commend you. This industry is generally hated and neglected by the mainstream. You don't have to look very far to see this. submitted by /u/DiscoverCrypto_org [link] [comments]
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- Daily General Discussion - May 30, 2023 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on May 30, 2023 at 12:00 am
Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules: All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect. Discussion topics must be related to cryptocurrency. Behave with civility and politeness. Do not use offensive, racist or homophobic language. Comments will be sorted by newest first. Useful Links: Beginner Resources Intro to r/Cryptocurrency MOONs 🌔 MOONs Wiki Page r/CryptoCurrency Discord r/CryptoCurrencyMemes Prior Daily Discussions - (Link fixed.) r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance. Finding Other Discussion Threads Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted. u/CryptoDaily- — Posts the Daily General Discussion threads. u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads. u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads. u/CryptoNewsUpdates — Posts the Monthly News Summary threads. submitted by /u/CryptoDaily- [link] [comments]
- Plan for 30% tax on Bitcoin mining appears dead under debt ceiling dealby /u/Asleep_Ambassador_66 (Cryptocurrency News & Discussion) on May 29, 2023 at 11:53 pm
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- It's crazy how there is this “community” for every shitcoin, still being hopeful after the pump and dump.by /u/thespygorillas (Cryptocurrency News & Discussion) on May 29, 2023 at 10:43 pm
I was thinking with all the shitcoins coming around right now, how each one has a group of people talking about it and genuinely believing they'll get rich and getting hyped. All that after the pump and dump happened and got over with. Back when that frog coin pumped, my brother happened to be one of the early buyers (just a few bucks that went up to around $300). I remember on the day it was going on Binance, and after it did, my brother went into some twitter spaces or whatever they're called. I recall how everyone was all excited and talking about how it'll change their lives, and how it'll be the best token ever. All of them not knowing it's just a pump and dump, Half of them were probably lying to keep people holding as they sold, and the other half were genuinely filling themselves with hopium and falling for the bs talkers. It's just kinda funny looking back now after the whole thing is done with, knowing all these hopes are crushed. But also knowing there's probably the same sort of people for every shitcoin that's releasing nowadays, all with the same hopium ordeal, with a bunch of people genuinely getting excited for nothing. especially ones that already pumped and dumped. It's kinda sad if you think about it. submitted by /u/thespygorillas [link] [comments]
- ARIMA model for Bitcoin price predictionby Theodoros Panagiotakopoulos (Cryptocurrency on Medium) on May 29, 2023 at 10:40 pm
IntroductionContinue reading on Medium »
- These professional robbers tried stealing a Bitcoin ATM. Disappointed when they weren't able to find any Bitcoins.by /u/drbobbean (Cryptocurrency News & Discussion) on May 29, 2023 at 10:40 pm
Geniuses are behind the curve in an ever changing financial environment. submitted by /u/drbobbean [link] [comments]
- Are Cryptocurrencies worth the call in 2023by Ryan Fanus (Cryptocurrency on Medium) on May 29, 2023 at 10:25 pm
Since their emergence in the 21st century, cryptocurrencies have been providing an alternative to the centralized medium of exchange…Continue reading on Medium »
- Alcacor: Shaping the Future of Direct Selling with Blockchain and NFT Technologiesby jaypss (Blockchain on Medium) on May 29, 2023 at 10:10 pm
Open and Equitable Direct Selling NetworkContinue reading on Medium »
- The Questions Ledger Owes Us Answers Toby /u/Yodel_And_Hodl_Mode (Cryptocurrency News & Discussion) on May 29, 2023 at 10:04 pm
The issue is NOT the fact that keys can be extracted from a hardware wallet. The issue is, Ledger wrote the code to do it, and they built that code into a firmware update. Once you update your firmware, key extraction code is on your wallet even if you opt out of "Recover." Ledger was telling users a firmware update would never enable key extraction while writing firmware to it. That's fraud. DOCUMENTING THE LIE: "Hi - your private keys never leave the Secure Element chip, which has never been hacked. The Secure Element is 3rd party certified, and is the same technology as used in passports and credit cards. A firmware update cannot extract the private keys from the Secure Element." SOURCE: @Ledger "The secret keys or seed are never exposed to the BLE stack and never, ever leave the Secure Element." SOURCE: Ledger.com "While Ledger is using a dual chip system with an MCU as well, the important part is that your private keys remain inside the Secure Element." SOURCE: Ledger.com "This means that, beyond keeping your private key offline and away from hackers, the Ledger device itself is also completely impenetrable from external threats" SOURCE: Ledger.com Now, they admit that's a lie: "yes a firmware update can extract the seed" SOURCE: murzika, Ledger Co-Founder, Former CEO, and Former Chairman To be clear: It isn't a lie because keys can be extracted. It's a lie because Ledger wrote code to extract keys from our wallets. Period. And Ledger is installing that code on our wallets whether we sign up for Recover or not. Period. Even if we opt out of "Recover," the code for extracting our keys is on our Ledger devices. Period. It's part of the firmware. And since Ledger's code is not open, Ledger can't prove there isn't a backdoor which could give Ledger or attackers access to our keys: There's no backdoor and I obviously can't prove it SOURCE: btchip, Ledger owner & co-founder TEN QUESTIONS LEDGER OWES US ANSWERS TO: Question #1: Which devices have firmware containing key extraction code? I'm not just asking about "Recover." I'm asking which Ledger devices have firmware containing any form of key extraction code, including but not limited to APIs and backdoors. The Nano S? The Nano S Plus? The Nano X? Stax? Question #2: Going all the way back to the very first firmware release for each device through the current firmware: Which firmware releases contain any form of key extraction code? Question #3: Will Ledger agree to release firmware for each device which does not contain any form of key extraction code? Question #4: Will Ledger issue a public apology for placing key extraction code on users' wallets? Question #5: Why is Ledger still marketing hardware wallets by stating keys cannot be extracted even as you're issuing firmware to enable key extraction? Question #6: Because Ledger sold hardware wallets under false statements which now jeopardize user safety, will Ledger agree to give users who no longer feel safe at least a partial refund if not a full refund? The next questions are about user data. For context, here's proof that Ledger is receiving data regarding how users use Ledger devices. This is Ledger's CEO saying that users don't use advanced features on their wallets: "All these features that are hardcore features, are not used. Nobody uses them." "When we bring features, these features... they don't use it." SOURCE: Ledger CEO Pascal Gauthier Gauthier can't know for a fact which features of the wallet users are using, unless Ledger is mining data from users' computers, phones, and/or hardware wallets. So... Question #7: What data, specifically, does Ledger collect from a user's hardware wallet? Question #8: What data, specifically, does Ledger collect from Ledger Live? Question #9: Who specifically does Ledger share user data with, and what data specifically is being shared? And, last, but not least: Question #10: How is it not fraud to market and sell hardware wallets with no key extraction capabilities, and then write code to add key extraction into the operating system of those hardware wallets? Even if the user opts out, Ledger placed the code for key extraction on their wallet via a firmware update, which is something Ledger publicly said they would never, ever do. Ledger was telling users a firmware update would never enable key extraction while writing firmware to enable key extraction. This is not a rhetorical question: How is that not fraud? A CLOSING THOUGHT: "If, for you, your privacy is of the utmost importance, please do not use our product, for sure." SOURCE: Ledger CEO Pascal Gauthier On this, we agree. submitted by /u/Yodel_And_Hodl_Mode [link] [comments]
- Koin Klash — Where Play Meets Profitby Koin Klash (Cryptocurrency on Medium) on May 29, 2023 at 10:03 pm
Koin Klash fills the gap between cryptocurrency and gaming, providing a unique platform for players to wager their tokens in…Continue reading on Medium »
- Fantom Blockchain recompensa projetos com monetização de gás.by CriptoLuck (Cryptocurrency on Medium) on May 29, 2023 at 10:01 pm
Os desenvolvedores da blockchain Fantom anunciaram no Twitter que a rede recompensará os projetos que a utilizam e contribuem para o…Continue reading on Medium »
- Fantom Blockchain recompensa projetos com monetização de gás.by CriptoLuck (Blockchain on Medium) on May 29, 2023 at 10:01 pm
Os desenvolvedores da blockchain Fantom anunciaram no Twitter que a rede recompensará os projetos que a utilizam e contribuem para o…Continue reading on Medium »
- 10 Reasons Evelyn Was The REAL Main Character In The Mummy Moviesby Funmilayoelijah (Blockchain on Medium) on May 29, 2023 at 10:01 pm
Rick O’Connell is often considered the main character of The Mummy franchise, but a closer look reveals that it is Evelyn who runs the…Continue reading on Medium »
- Selecting the Perfect Blockchain Solutions Partner: Top 5 Considerationsby The DeFi Network (Blockchain on Medium) on May 29, 2023 at 9:56 pm
In the high-stakes world of web3, having the right blockchain solutions partner can significantly steer your journey towards success. As…Continue reading on Medium »
- Investing in Cryptocurrency as a Side Job to Achieve Financial Freedom: Is It Possible?by Roseline Jason (Blockchain on Medium) on May 29, 2023 at 9:55 pm
Yes it is, if you’re looking to earn additional income and achieve financial freedom while working a 9–5 job, investing in cryptocurrency…Continue reading on Medium »
- Investing in Cryptocurrency as a Side Job to Achieve Financial Freedom: Is It Possible?by Roseline Jason (Cryptocurrency on Medium) on May 29, 2023 at 9:55 pm
Yes it is, if you’re looking to earn additional income and achieve financial freedom while working a 9–5 job, investing in cryptocurrency…Continue reading on Medium »
- Blockchain Hack ( Vaka Analizi )by berk cicek (Blockchain on Medium) on May 29, 2023 at 9:51 pm
Level Finance saldırısıContinue reading on Medium »
- Worldcoin: The Cryptocurrency of the Future-Powered by AIby NapSaga (Cryptocurrency on Medium) on May 29, 2023 at 9:49 pm
A Visionary Leap Towards Universal AccessContinue reading on Artificial Intelligence in Plain English »
- Worldcoin: The Cryptocurrency of the Future-Powered by AIby NapSaga (Blockchain on Medium) on May 29, 2023 at 9:49 pm
A Visionary Leap Towards Universal AccessContinue reading on Artificial Intelligence in Plain English »
- The Mathematical Probability of the Bitcoin Blockchain Getting Hackedby CryptoFemme (Bitcoin on Medium) on May 29, 2023 at 9:47 pm
CalculationsContinue reading on Medium »
- The Mathematical Probability of the Bitcoin Blockchain Getting Hackedby CryptoFemme (Cryptocurrency on Medium) on May 29, 2023 at 9:47 pm
CalculationsContinue reading on Medium »
- The Mathematical Probability of the Bitcoin Blockchain Getting Hackedby CryptoFemme (Blockchain on Medium) on May 29, 2023 at 9:47 pm
CalculationsContinue reading on Medium »
- Como funciona o Blockchain?by Luiz Fernando Salazar (Blockchain on Medium) on May 29, 2023 at 9:44 pm
O Blockchain é uma tecnologia de registro distribuído que permite o armazenamento e a troca segura de informações entre participantes de…Continue reading on Medium »
- What’s New Interesting Cryptocurrency in 2023?by Danny Hanck (Cryptocurrency on Medium) on May 29, 2023 at 9:43 pm
In 2023, some new and upcoming cryptocurrencies are important to keep an eye on. These coins are special and different. They might do…Continue reading on Medium »
- Living Capital: The Birth of A New Asset Class.by Ernesto van Peborgh (Blockchain on Medium) on May 29, 2023 at 9:37 pm
How Yellowstone Is Charting the Future of ConservationContinue reading on Medium »
- Welcome!by Otter Club (Cryptocurrency on Medium) on May 29, 2023 at 9:35 pm
We welcome everyone to our Club! Below You can find us: https://otterclub.fun https://opensea.io/collection/otterclub…Continue reading on Medium »
- Why I Don’t Like the Term CDPby Redbeard (Cryptocurrency on Medium) on May 29, 2023 at 9:35 pm
When MakerDAO created the DAI stablecoin, they introduced the term “CDP” to describe how it worked. I wish they hadn’t because it’s…Continue reading on Icewater »
- Methods for Trading Cryptocurrencies That Are Easy and Secure for Newbiesby Mister Right (Bitcoin on Medium) on May 29, 2023 at 9:31 pm
In 2017, the entire world began talking about cryptocurrencies in a galaxy far, far away.Continue reading on Medium »
- Satoshi’s Take on Bitcoin Privacyby CryptoFemme (Bitcoin on Medium) on May 29, 2023 at 9:22 pm
We’re coming down to the end of this article series, but we can’t wrap up without finishing the last few sections of the Bitcoin White…Continue reading on Medium »
- Open Litter Map Wins 2 Awards in Irelandby Tap In With TapTools (Bitcoin on Medium) on May 29, 2023 at 9:16 pm
The .IE Digital Town Awards 2023: Recognizing Digital Excellence in IrelandContinue reading on Medium »
- Envenomed Waltz / Tezos NFT on Objkt / 3d model jellyfish / link ⤵️by /u/Altruistic-Web5361 (NFT) on May 29, 2023 at 9:03 pm
Tezos NFT. 3d model created in VR. submitted by /u/Altruistic-Web5361 [link] [comments]
- Thank you for checking out my NFTs (link in comments)by /u/javiertrevino90 (NFT) on May 29, 2023 at 8:57 pm
submitted by /u/javiertrevino90 [link] [comments]
- Bitcoin’s UTXO Model for Handling Massive Amounts of Transactionsby CryptoFemme (Bitcoin on Medium) on May 29, 2023 at 8:55 pm
You’ve almost made it to the end of this series… Stick with me for just a few more articles and you’ll have a solid introduction to the…Continue reading on Medium »
- ARVRtise OrdinalX NFT Marketplaceby /u/what3bars (NFT) on May 29, 2023 at 8:52 pm
https://ordinalx.arvrtise.com submitted by /u/what3bars [link] [comments]
- How Bitcoin Created a Revolutionary Simplified Payment Verification Systemby CryptoFemme (Bitcoin on Medium) on May 29, 2023 at 8:41 pm
In the last article we discussed how storing transaction data in Merkle Trees reduces the amount of data the blockchain has to store. This…Continue reading on Medium »
- How Did Satoshi Optimize the Bitcoin Blockchain with Merkle Trees?by CryptoFemme (Bitcoin on Medium) on May 29, 2023 at 8:23 pm
Let’s take a look at what how Satoshi envisioned optimizing the storage of Bitcoin transactions. First, we need to examine Bitcoin blocks’…Continue reading on Medium »
- Marshmellow Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 29, 2023 at 8:15 pm
submitted by /u/misfitts_x [link] [comments]
- What Incentivizes Bitcoin Miners toby CryptoFemme (Bitcoin on Medium) on May 29, 2023 at 8:02 pm
If you’ve been keeping up with the articles in this Bitcoin Whitepaper series, you’re making a lot of progress in grasping the very…Continue reading on Medium »
- Helium Network : Is It Profitable To Mine Helium IOT ?by Steve Beachy (Bitcoin on Medium) on May 29, 2023 at 7:55 pm
Solana Migration | IOT Token | Helium Halving | IOT HotspotsContinue reading on Coinmonks »
- Getting Started with web3.js: A Beginner’s Guideby Dhwajgupta (Bitcoin on Medium) on May 29, 2023 at 7:51 pm
Continue reading on Medium »
- 'q6', Marcel Muntyanu, 3D, 2022by /u/galacticMorocco715 (NFT) on May 29, 2023 at 7:19 pm
submitted by /u/galacticMorocco715 [link] [comments]
- Binance To Invest In Banks To Encourage Pro-Crypto Policiesby /u/CappucinoAtDawn (Cryptocurrency News & Discussion) on May 29, 2023 at 7:12 pm
submitted by /u/CappucinoAtDawn [link] [comments]
- One of the advantages of blockchain is that we can roughly calculate how much money went into scams involving cryptocurrencies, because everything is on the public blockchain. Can the same be said for taxe evasion, bribery, corruption, drug trafficking, and other stuff that don't involve crypto?by /u/middlemangv (Cryptocurrency News & Discussion) on May 29, 2023 at 7:01 pm
"Law regulators" around the world together with their governments keep trying to make crypto weaker or to ban it from their country forever. They say it is used for scams, drug trafficking etc. Because nature of crypto is dezentralization, they are probably right. But, they are pointing it too much, too often for sums that are small if you compare them to the corruption, money laundering, drug trafficking etc. involving traditional currencies. Why are they doing that? As we all know, because everything is public, so they have resources. I keep thinking, what would we see around the world if governments way of work, every transaction is public? I think that we will be really surprised, and quite shocked. I guess I will never find out, because it is not public. For that reason they can trash crypto, keep talking bad about crypto, but that exact technology provided them with sources where they can track every penny on it, forever. Remember Panama Papers? How much crypto was in there, and how much traditional currencies, banking etc? What about credit cards? It is estimated that only credit cards theft and scams will surpass $10 billion till 2024. What about illegal gamglinb, trade based money laundering? How much money went into that, can we even calculate? Or just assume and hope for the best. submitted by /u/middlemangv [link] [comments]
- The EU is watching your wallet, but it still beats the US for cryptoby /u/kirtash93 (Cryptocurrency News & Discussion) on May 29, 2023 at 5:59 pm
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- Tabi's BNB NFT Marketplace Raises $10M in Angel Fundingby /u/Neelesh15 (NFT) on May 29, 2023 at 5:40 pm
submitted by /u/Neelesh15 [link] [comments]
- NFT Ordinals Map of Pontine Islands, Emperor Tiberius exiled his predecessor Nero to the island.by /u/Ok-Impression-1644 (NFT) on May 29, 2023 at 3:32 pm
submitted by /u/Ok-Impression-1644 [link] [comments]
- We would love for you to take some time to meet us and learn about our journey to the Looney Goonies👋 Huge thank you to WeTalkNFTs for inviting us onto the podcast, we had a blast🚀 Watch here👇by /u/LooneyGooniesNFT (NFT) on May 29, 2023 at 3:18 pm
submitted by /u/LooneyGooniesNFT [link] [comments]
- Redditor Names a Tree on Starbucks-Owned Farm "r/Cryptocurrency Moons"by /u/002_timmy (Cryptocurrency News & Discussion) on May 29, 2023 at 3:07 pm
For those who don't know, Starbucks Odyssey is a blockchain based rewards program on the Polygon Network. Since I love crypto and my wife loves Starbucks, I figured I'd sign up for it and see what it had to offer. Basically, you earn NFTs by completing challenges. By doing this, you earn points. Every few months, you can choose rewards. I made the 2nd tier of rewards and when I saw I could name a tree, I knew exactly what I was going to do. The only thing better would be if they actually minted this as an NFT So now, whenever someone passes by this coffee bean tree at Hacienda Alsacia, they'll wonder what Moons are. And maybe one day, one of us will drink a cup of coffee made from the beans of our beloved tree and we will say, "Ah, this is what adoption tastes like!" submitted by /u/002_timmy [link] [comments]
- The Biden Administration has omitted the 30% crypto miner tax from the debt ceiling bill despite big anti-crypto talks around taxes. It looks even more certain crypto was never a real debt ceiling issue and they just made crypto into a scapegoat and something to be vilifiedby /u/OneThatNoseOne (Cryptocurrency News & Discussion) on May 29, 2023 at 2:16 pm
Weeks ago the Biden administration was floating a 30% tax on energy costs incurred by crypto miners. Just several days ago, Biden made statements on the debt ceiling said he would not agree to a deal that benefits wealthy tax sheets and crypto traders. We've also seen very shady moves and statements by the FDIC, Treasury and Fed in what looked to be anti-crypto in nature early this year. Regardless of what Biden had said prior, the current Bill to raise the debt ceiling does not include the DAME(digital assets mining energy) tax that was to stamp the aforementioned 30% tax on crypto miners. This obviously stands in contrast with what Biden said previously, even though much of the content of this Bill has already been "pre-approved" by the leadership of both parties. For all the talk and bluster by the Biden administration about "coming for those who use crypto to evade taxes", they have done very little to actually implement measures to prevent all this supposed tax evasion. I'd imagine, this is because the reality is that crypto is such a nothingburger in the grand scheme of tax evasion that they'd probably spend more money implementing these anti-evasion system that they'd actually recover from using the systems. As the IRS Chief said that tax losses from evasion is around 1 Trillion, meanwhile the entire crypto market cap is barely over 1 Trillion. It just doesn't add up. Unfortunately, more likely is that it was all just talk to create a new enemy to distract people while politicians do their shady deeds, while also to satisfy some wealthy donors who just have it in for crypto. submitted by /u/OneThatNoseOne [link] [comments]
- Ethereum Blockchain Outclasses Visa in Transaction Volumesby /u/PenaltyFickle5699 (Cryptocurrency News & Discussion) on May 29, 2023 at 1:17 pm
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- Deadmau5 Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 29, 2023 at 1:03 pm
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- Tourists are unhappy with crypto payments ban in Baliby /u/Marketing_Usual (Cryptocurrency News & Discussion) on May 29, 2023 at 1:00 pm
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- Curve Finance CEO and wife purchase two mansions worth around $40Mby /u/crownpoly (Cryptocurrency News & Discussion) on May 29, 2023 at 12:30 pm
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- Bitcoin went from $27K to $70K on Pulsechain and lasted so for 10 minutesby /u/Elie0_0 (Cryptocurrency News & Discussion) on May 29, 2023 at 12:24 pm
The founder of Pulsechain Richard Heart tweeted the charts of Bitcoin on their platform showing the price hitting $70k which had gone up from $27k only in 20 minutes, and which lasted for 10 minutes. The liquidity being low had a lot to do with it I'm guessing, since it was wBTC, the token which has its value attached to Bitcoin for the purpose of bridging to Ethereum. Though it still does have the same value since it's attached to it, but liquidity pool on Pulsechain allows for such a drastic movement in price. I don't think this is a good thing for Pulsechain, so him sharing it as if it is is kind of funny too. These kinds of situations are great targets for pump and dumps, which make it unsafe in my opinion. Since it also took only less than $40,000 volume to move the price in such a way. The tweet: https://twitter.com/RichardHeartWin/status/1661346635123773442?t=fFY2bn9L0ZnkZwwt35dcDg&s=19 submitted by /u/Elie0_0 [link] [comments]
- The Metaverse Has Depreciating Property Values - Top metaverse property platforms report up to 90% depreciation.by /u/OneThatNoseOne (Cryptocurrency News & Discussion) on May 29, 2023 at 12:09 pm
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- Mexc, a top 15 crypto exchange is allegedly banning profitable traders from their platforms and is keeping people's funds.by /u/NaturephilicReaction (Cryptocurrency News & Discussion) on May 29, 2023 at 12:00 pm
Mexc is a really shady exchange, but is the top exchange by volume for moons so I assume many people in the sub use it and I would like to warn you guys of the potential risks of holding funds or trading profitably on mexc. If you are a profitable trader I would not suggest using mexc as the exchange you trade on. They have a history of locking funds of users who are profitable. Another probable reason they can get away with doing this is because kyc isn't mandatory with mexc. You can go through this tweet and read the replies etc to see that many people are affected by this. https://twitter.com/Glimmerycoin/status/1652215789649289216 In the replies you can even see a CEO of a market making firm confirm that they were booted from mexc so they could market make(manipulate) themselves. submitted by /u/NaturephilicReaction [link] [comments]
- Island Journey 1 of 1 PFPs, Trading card on SUI blockchainby /u/Existing_Cockroach_1 (NFT) on May 29, 2023 at 11:10 am
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- People blame crypto when in reality crypto is just a tool. It is humans that use crypto to do wrong things. When economy and society is so fxcked up not suprising crypto space is too.by /u/Nuewim (Cryptocurrency News & Discussion) on May 29, 2023 at 9:29 am
People that blame crypto for anything are no different than people that blame cars for car accidents, guns for wars, food for obesity and internet and videogames for violence and seeking validations on social media. All those things just like crypto are tools. It is humans that pull the trigger, drive drunk or scam someone in crypto space. Most people do not buy shitcoins, lose money due to stupid mistakes, fall for scams or scam others cause they are stupid or evil, they have no choice, they are desperat, economy is fucked up, wages too low to survive, world is basically failing. And crypto is just top of the iceverg of issues. Even if people wouldn't gamble away their lifesavings in crypto or didn't scam they would find other place to do simmilar things, they would do crimes irl or rob some shop, cause they are desperate and hopeless. Whole system is the issue, majority of people are miserable and unhappy, maybe 10 or 20% have ok lives and only 1% or less are trully free amd can truly decide about their own lives. Crypto ain't bad, crypto is just a mirror of our society and current economic, political and psychological issues our world have. People think regulation or punishing scammers or influences will change things, but those ain't crypto problems, problem is those people want or have to do it at the first place. Crypto do not cause crimes, tax evasion, scams, following influencers, rugpulls or technological mistakes. Crypto is just showing insecurity and jealousy of average person, lack of proper financial and tech education, low wages, political and economic shitshow, inflation, lack of perspectives etc. Cure the cause not the results. If anything crypto can solve most of those problems if you use it is correctly, cause it is a tool and only you, me or others decide how we will use it. If anything blame the system, sometimes terrible people but not crypto or crypto community as a whole. Most of people or whole crypto tech is not at fault. Just a result of "...the world we live in" as popular song says. If anyone think you can just regulate thing enough and force anyone to be nice in crypto and think it solve they are either totally naive or manipulative. submitted by /u/Nuewim [link] [comments]
- 'plastic tuxedo', Marcel Muntyanu, digital fashion, 2022by /u/galacticMorocco715 (NFT) on May 29, 2023 at 9:22 am
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- Debt Ceiling Deal Blocks 30% Proposed Tax on Crypto Mining, Confirms Congressmanby /u/bemyking (Cryptocurrency News & Discussion) on May 29, 2023 at 9:10 am
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- [USA] My stepfather had $500k+ crypto stolen; he hired a private investigator who identified the thief's wallet on Binance. All he needs now is a subpeona; but the FBI nor Secret Service will help. What can we do?by /u/Gamemaster1379 (Cryptocurrency News & Discussion) on May 29, 2023 at 7:57 am
Background context: My stepfather has been investing in crypto for about 4-5 years. At the time, he primarily used Coinbase. Around the start of 2021, he had an issue where he had got locked out of his account. He was trying to get back in and was getting no response from support. Naively, he tried to Google "coinbase support phone number". Unsurprisingly, scammers had flooded the results with fake sites with phone numbers posing as Coinbase. Sadly, he fell for one of the fake numbers and was phished out of his credentials and all of his crypto was stolen. The value of it was around $500,000 to $750,000 at the time it was stolen. I was not as involved in my stepfather's crypto up to this point (though I wish I had been), but once he confided in me what happened, I have been trying to help him on attempting to recover these assets. I helped my stepfather audit a reputable private investigator firm that specializes in crypto theft recovery. Throughout the past year and a half, they have been tracing the paper trail of the thief. The firm was eventually able to trace the stolen crypto to a wallet on Binance. In order to proceed on recovery, the firm requires my stepfather to obtain a subpoena from a law enforcement agency in order to move forward. My father is located in Indiana. County and state refuse to touch crypto because they don't understand it. The only remaining options are the FBI and Secret Service. The private investigator provides full written instructions for my stepfather and for the law enforcement agency to follow (who to contact, what to say, etc). Once the subpoena is obtained, the PI will continue to work on reclaiming the stolen assets following. However, they cannot until a law enforcement agency signs off. My stepfather has been trying for over 6 months to reach out to the Secret Service and FBI, but nobody will listen. Understandably, it's excruciatingly frustrating for him because it's been tracked back to an individual wallet; but the information about it cannot be obtained because law enforcement won't cooperate. Is there anything I can do for my stepfather to get the FBI or SS to cooperate on signing off on a subpoena? Cases have been filed with both offices but nobody seems to care. submitted by /u/Gamemaster1379 [link] [comments]
- Stalking a Scammer in Philadelphia: The Gang Discovers a Criminal Enterpriseby /u/KBtrae (Cryptocurrency News & Discussion) on May 29, 2023 at 4:12 am
It all started with a nut. 10 days ago I discovered Dextools. That website features a page called Live New Pairs, where foolhardy would-be crypto millionaires can find brand new shitcoins hot off the press. Sounds like a great way to buy in before the pump, right? 10 days ago I chose NUT from that page. Didn't spend much, I used a junk wallet, I figured it was a scam. But why not? I've been scammed before, bought into honest but failed projects before. Who cares, maybe I'll make a killing. Of course, NUT was a scam. The liquidity was drained minutes after I made my swap. I was not surprised, but I was a bit angry and curious in who had just scammed me with their NUT. Thanks to the beauty of the blockchain, I traced the path of this scammer, who I dubbed Shitrugger. I was able to see that Shitrugger was a serial shitcoin creator, who had created and rugged 5 shitcoins that very day. I was able to track his path to its origin, which was a Bybit account (Bybit is just another CEX, probably shitty, blocked to USA customers like yours truly). I'll admit, I became a bit obsessed. In the time it took to backtrack Shitrugger's trail of shitcoins, he had gone on to create 20 additional shitcoins over the next 3 days. I was blown away at the pace of this guy. I had to do something. The streets were littered with shitcoins, I felt I had to at least try to put a stop to it. From my previous r/cc posts on this subject, wonderful users aided me with information and guidance. First was by discovering that Shitrugger was blacklisting any wallets that swapped for his shitcoins; swapping back for any gains was impossible. At this point I emailed Bybit. I did not expect even a reply, since I could not create an account. But to my surprise, they responded, asking for more information. I dumped transaction hashes, ethereum addresses, screen shots, everything I could. Did I actually do a good deed here, and put Shitrugger to a stop? NO. Bybit responded back with a "we're sorry". But I wasn't done. A redditor recommended the site Arkham Intelligence to aid in tracking Shitrugger, after I had posted a screen shot of my feeble Excel spreadsheet attempt to navigate all the shitcoins. I applied for the Arkham beta, and was accepted. This is where the shitcoin hit the fan. Just one \"chain\" of the operation The image above is a VERY compressed screenshot of my Arkham visualizer. I had to collapse most transaction because what I discovered were dozens of secondary wallets used to move funds around, and literally hundreds of trading wallets, used to create fake volume. Every single wallet was linked to the Shitrugger, and the funds were getting funneled into an Arbitrum bridge. So, 25 shitcoin wallets, about 60 secondary wallets, and roughly 200 trading wallets, all working together to funnel this money. Except it wasn't just 25 shitcoins. It's over 100 in the past 10 days. I've found about 400 secondary wallets. And I'm well past 1000 fake trading volume wallets. By adding name tags to wallets in order to track them, I was able to discover links that led to other shitcoins - separate "chains" as I call them. Shitrugger would transfer from Bybit and begin a simple process: Create shitcoin, rugpull after two hours, transfer funds to new wallet, create shitcoin, rinse/repeat until he sends to Stargate Arbitrum bridge. That is one chain. But Shitrugger would reuse some secondary wallets, and I'd follow those and discover new "chains" with a Bybit beginning and Stargate end. These "chains" were running simultaneously. Thousands and thousands of wallets trading, moving, and creating. My theory so far is that I am watching not one Shitrugger, but Shitrugger Global Enterprise. I don't think one person can keep this scam going like clockwork. Every time I start name tagging secondary wallets and following their path, I discover a new "chain". I have HUNDREDS of secondary wallets I've yet to follow because I'm still working on previous chains. I'm just guessing here, but I'd say this organization has 50 rugpull coins active at any given moment. I've followed their Arbitrum wallets - they have shitcoins there, too. At this point, I don't know what else to do. Bybit was a bust, and they were the one link to a real identity. All I'm doing now is following an endless amount of shitcoins, a never ending stream of shit clogging the Ethereum toilet. Maybe this is North Korea in action. Maybe it's some shady Binance thing. But in any case, millions of dollars is getting made in this scam. And it's a simple scam. Terrifyingly simple. But there is an upside to this: you are completely safe if you do not buy shitcoins, ESPECIALLY NEW ONES. The main target of this scam are bots. Bots that scoop up a coin as soon as a trading pair is made. If you have one of these bots: STOP. These shitcoins are only alive for a few hours. Let Shitrugger starve. Let every scammer starve. They feed off of people trying to beat the pump. Just buy BTC and ETH, farm your MOONS. Thanks for listening to my depressing TEDtalk. EDIT: Note for future me. List of entities to contact: Coffeezilla, ZachXBT, Secret Service ( u/SF-USSS ), Singapore authorities (MAS). Thank you to everyone yet again. Every time I think I reach the limit of what I can do or understand, people here give suggestions and recommendations that open up another avenue. submitted by /u/KBtrae [link] [comments]
- BANNERS 4 MOONS Contest! Top banners will win from a total pool of 2,500 MOONS (1st prize 500 MOONS, 2nd prize 125 MOONS), as voted by the community! Starts Sunday 28 May 2023 from 6 pm EDT, ends in 1 week!by /u/jwinterm (Cryptocurrency News & Discussion) on May 29, 2023 at 12:29 am
submitted by /u/jwinterm [link] [comments]
- Pencils and mixed media by Fer Sassaliby /u/fersassali (NFT) on May 28, 2023 at 11:28 pm
submitted by /u/fersassali [link] [comments]
- Thomas - Daft Punk - Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 28, 2023 at 10:01 pm
submitted by /u/misfitts_x [link] [comments]
- I really need your help right nowby /u/rudnevlad (NFT) on May 28, 2023 at 6:42 pm
Hello friends! Hello, friends! It's very difficult for me to write about this, but I will try. I am currently going through a very challenging period in my life, and this month I have no means to pay for my apartment rent. I can't afford to ask for money directly. I would like to earn them honestly. Perhaps someone might be interested in my NFTs. I would be grateful for any help. https://opensea.io/collection/rudnev-vlad-collection https://i.redd.it/1znphf7zrn2b1.gif submitted by /u/rudnevlad [link] [comments]
- New subreddit for Bitcoin Ordinals: NFTs inscribed on Bitcoin's Blockchainby /u/ClioBitcoinBank (NFT) on May 28, 2023 at 6:24 pm
submitted by /u/ClioBitcoinBank [link] [comments]
- Guy - Daft Punk - Concept Art - @misfittsx - 2023by /u/misfitts_x (NFT) on May 28, 2023 at 11:27 am
submitted by /u/misfitts_x [link] [comments]
- Chaos Theory - Journey Through Abstraction Collectionby /u/jdar3al (NFT) on May 28, 2023 at 8:46 am
submitted by /u/jdar3al [link] [comments]
- Close up view of one of the Looney Goonies 👀 This is why we made our collection in 8k resolution, so you could look at the art within the art 🖼️ And be able to blow it up HUGE and put it on anything 👕 The possibilities are endless! Completely designed with you in mind🤝by /u/LooneyGooniesNFT (NFT) on May 28, 2023 at 3:36 am
submitted by /u/LooneyGooniesNFT [link] [comments]
- "Melt" - 13/13 - 0.02 $ETH - Manifoldby /u/NFT_Murder (NFT) on May 27, 2023 at 6:11 pm
submitted by /u/NFT_Murder [link] [comments]
- Imagination, Digital, Objk ( tezos ) 5by /u/XRISKATA_99 (NFT) on May 27, 2023 at 5:42 pm
submitted by /u/XRISKATA_99 [link] [comments]
- I'm Yat Siu, co-founder and exec chairman of Animoca Brands. Big tech companies control our data, and I'm fighting to get it back through NFTs. AMA.by /u/coindesk (NFT) on March 8, 2023 at 1:00 am
PROOF: https://twitter.com/animocabrands/status/1632637772552085505 I'm Yat Siu, co-founder and executive chairman of Animoca Brands, a company working to advance digital property rights and contribute to the establishment of the open metaverse. The world's most powerful companies are tech companies, and we, as users, contribute to their success by giving our data to them in exchange for their services. But it's not a very good deal, being the online equivalent of a medieval feudal system in which peasants work on the land owned by a lord, getting little in return and owning nothing. To break away from that, we need a decentralized system that can empower users with ownership and control of their own virtual goods and data, allowing them to enjoy economic freedom and the opportunity to build their own equity. Blockchain technology and specifically NFTs enable digital property rights for our virtual assets and our data, and are crucial to developing a more decentralized and equitable society. I believe in a world where NFTs form the basis of true digital property rights. Ask me anything. https://www.coindesk.com/consensus-magazine/2022/12/05/yat-siu-most-influential-2022/ AMA with Yat Siu, Animoca Brands ----- EDIT: CoinDesk team here. Thanks for participating in our first Reddit AMA! If you enjoyed this conversation, Yat Siu joins us again to speak at Consensus 2023, our annual conference next month, April 26-28, in Austin, Texas. (Check out Microcosms, our new NFT Pass, and you can ask us anything about that too!) Here’s your 15% discount: YATAMA submitted by /u/coindesk [link] [comments]
- Contacted by an "Art Buyer" on Instagram or Facebook? Click here.by /u/AsherFennec (NFT) on February 7, 2023 at 1:46 pm
TL;DR: IF SOMETHING IS TOO GOOD TO BE TRUE, IT'S A SCAM. TREAT ANY EXTERNAL LINKS AS A SCAM OR PHISHING ATTEMPT. IF YOU HAVE TO PAY TO MINT ON OPENSEA, IT'S A SCAM. So, it's come to my attention that quite a few artists on Instagram and Facebook have been receiving messages from "seemingly legitimate" looking accounts saying that they want to buy their art for thousands of dollars. Any variation of this, regardless of the website or payment method, is a SCAM. The most common variant involves the scammer contacting you, saying they want to buy your art, then directing you to a website that they own which can range from something that looks like a middle schooler made it in a "web development" class to full blown clones of OpenSea. These are not hard to make, which is why there have been so many of these scammers going around and stealing funds. After this, they will ask you to make an account on the website, and say that you need to "deposit a gas fee" in order to upload your art as an NFT. This is not how uploading NFTs works. Gas fees are not deposited anywhere, but burned when you make a transaction moving Ethereum or any token on the Ethereum blockchain. The scammers will then take the fee that you sent to the "gas fee wallet" and then block you, leaving you with $300-500 less than what you had before. Another variant involves a scammer contacting you, going through the same steps before, but telling you to list it on OpenSea. They will send you a fake screenshot that says "the collection owner needs to send a maintenance fee in order to activate the collection," and the address included in the screenshot will simply be another wallet owned by the scammer. They will take your money and block you. When it comes to these scams, they can be avoided very easily. This is not meant to demean anyone, but do you really think some random person with "NFT ART BUYER" on their profile is going to message you of all people and offer you THOUSANDS OF DOLLARS for some jpegs? Obviously not. If you have any other questions or concerns of the legitimacy of someone that contacts you, feel free to contact us through modmail here. submitted by /u/AsherFennec [link] [comments]
