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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.
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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.
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
– 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).
- 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
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
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- Kyber Networkby MetaverseOfThings (Bitcoin on Medium) on May 31, 2023 at 2:39 am
Kyber Network is a decentralized finance (DeFi) platform that uses the Ethereum blockchain to enable users to trade and invest in…Continue reading on Medium »
- Bitcoin Halving Cycles: A Detailed Examination of Peak Daily Pricesby Francisco Aramburu (Bitcoin on Medium) on May 31, 2023 at 2:10 am
Deep-dive analysis of Bitcoin’s halving cycles.Continue reading on Medium »
- Former CFO of Seattle start-up takes $35m from employer without permission, loses in crypto crashby /u/Lord-Nagafen (Cryptocurrency News & Discussion) on May 31, 2023 at 2:08 am
submitted by /u/Lord-Nagafen [link] [comments]
- Pixel Penguins, a project created to raise money for a woman fighting cancer who lost an eye, turned out to be a rugby /u/marsangelo (Cryptocurrency News & Discussion) on May 31, 2023 at 2:02 am
Quelle surprise. No wonder people are exiting the NFT space in droves. I gotta say this is a new low though, this one is especially fucked up. A Chinese woman named “Sarah” or “hopeexist1” on twitter, had a foundation app where she sold pixel art and art commissioned to pay for chemo and recently lost an eye to a growing tumour. She created an NFT collection called Pixel Penguins that was being broadcasted all over by virtue signalling influencers and CT personalities to the point where this $13 NFT minted out all 10,000. It was #1 trending on OpenSea and all of it was going to pay for Sarah’s treatment. Andrew Wang, a prominent crypto artist, has been following her for a year and bought her art and spoke to her “art teacher” regularly. He then started shilling Pixel Penguins and telling her story and got the project to sell out. Well, the foundation art she was selling was actually found to be stolen from Chinese websites, and he was unable to reach her. Her twitter “hopeexist1” was then deleted with $117k in the Pixel Penguins contract according to ZachXBT. Anyone can be fooled, the smartest devs and most adept crypto people fall for these scams. Andrew says he had been socially engineered for a year by this person and totally immersed in their story. All of us are capable of being psyoped into shitcoins and scams so dont take anyone elses word for it, dont predicate your decisions on someone elses interests. DYOR. I strongly suggest looking through Andrews twitter to see just how insane the lengths of manipulation went, at the time if writing also doing a space for transparency. This is especially awful. submitted by /u/marsangelo [link] [comments]
- DEX HAS ENTERED IN THE GAMING WORLD WITH THE LAUNCH OF PANCAKE PROTECTORSby Crypto Surgeon (Bitcoin on Medium) on May 31, 2023 at 2:01 am
Pancake Swap, the decentralized cryptocurrency exchange (DEX), has ventured into the world of gaming with the launch of Pancake Protectors…Continue reading on Medium »
- MG Daily: Bitcoin Falls Below $28K amid Debt Ceiling Concernsby MADGALLERY® (Bitcoin on Medium) on May 31, 2023 at 1:19 am
Continue reading on MG Daily® »
- What do you need to know about MTB TOKEN Servicesby Hellpa (Bitcoin on Medium) on May 31, 2023 at 1:17 am
First platform to airdrop Bitcoin dailyContinue reading on Medium »
- CARDANO DEX MINSWAP HAS EXPERIENCED A SIGNIFICANT SURGE IN TRADING VOLUMEby Crypto Surgeon (Bitcoin on Medium) on May 31, 2023 at 1:15 am
Cardano DEX Minswap has experienced a significant surge in trading volume, primarily driven by the popularity of meme coins such as SNEK…Continue reading on Medium »
- There will be another bull runby /u/yesweyolo (Cryptocurrency News & Discussion) on May 31, 2023 at 12:19 am
The halving creates a miraculous time of tremendous opportunity, one which theoretically will reach exhaustion at some point. Many people are convinced that 2025 is the year that the bullruns stop. They argue that there won't be enough of an impact from the halving. I would argue that barring outright economic collapse there will be another bull run, just like there was in 2013, 2017 and 2021. Let's look at some numbers: Pre-halving: 6.25 BTC mined per block. 900/day 900 x $27,500 = $24,750,000 44M unique addresses (26M more than 2020) and 250,000 confirmed transactions daily https://explodingtopics.com/blog/blockchain-stats "The Chinese are coming" (and I'm sure the "Saudis are (still) buying"). The impact of this cannot be underestimated. Maybe it takes a while to kick in and I'm sure they'll ban it again soon enough, but it will have an effect. Plus, the halving creates hype and brings other new users. When BTC touches $50K again, it will get attention from people who remember seeing that happen in 2021 and regretted being on the sidelines with no ticket. They'll start to look for influencers (including Forbes, CNBC, etc.) and they'll see the various projections of (bearishnumber), (reasonableexpection), (crazyhighnumber), etc. and they'll start to believe that they're still early. Dips will look like buying opportunities. The floor will continue to increase. Meanwhile, as of recently: 53% of coins haven't moved in 2 years https://decrypt.co/126006/more-bitcoin-than-ever-is-now-dormant-heres-what-that-means Assuming each user has 2-3 addresses (yes, I know you all have 10 😅 but the average user still probably has only 1 or 2) let's say $24,750,000/18,000,000 buyers = $10/week of buying to support $27.5K. Doable, obviously. Now let's cut the number of mined BTC in half and 2.5x the number of addresses that account for 1 person and 1 person alone in 2025 (18M x 2.5 = 45M): $12,375,000/45,000,000 = $2/week Seems to me that the market, which can support $10/week well enough, is liable to find support at $135,000 when the mining rewards halve. 👀😳🥳 And that ladies and gentlemen is how we Hopium! submitted by /u/yesweyolo [link] [comments]
- Daily General Discussion - May 31, 2023 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on May 31, 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]
- What would your dream crypto mobile wallet look like?by /u/ciaolarspi (Cryptocurrency News & Discussion) on May 30, 2023 at 11:13 pm
1. Comparison Would it have to be better in the following aspects compared to the current ones? Next generation wallets Aspect Feature Security Banking level security, e.g. MFA Custody 100% self custodial Ease of use Keyless, no need to manage private key or seed phrase Web2 friendly Support login with Web2 accounts, e.g. OAuth Cheaper Gasless Open and transparent Open sourced Current generation wallets Aspect Feature Security Most are 1FA, some are 2FA Custody 100% self custodial but users have to manage private key Ease of use Most need to manage private key or seed phrase Web2 friendly Some support email Cheaper Some are Gasless Open and transparent Most are closed sourced IMHO, my biggest paint point is private key management. It is a hard and risky job for almost everyone including crypto veterans. I would like a keyless solution to eliminate the need for me to manage the private key, so that I don't have to worry about losing the key then losing all my assets. In the meantime, security is the #1 priority and consideration, especially for large amount of assets. The private key has to be stored somewhere by someone safely, even not by me. Probably blockchain itself is the best place to distributedly store the private key. 2. Products Threshold Signature Scheme (TSS) technology based on Multi-Party Computation (MPC) is a promising solution, below is a list of wallets built on TSS/MPC. 1.1. ZenGo 1.2. UniPass 1.3. Particle Network 1.4. amis.com 1.5. jadewallet.io 1.6. cryptoapis.io (Wallet as a Service) 1.7. sepior.com (Virtual HSM) 1.8. https://wiki.mpcalliance.org/Vendors.html (some vendors) 1.9. dynamic.xyz (wallet-based auth platform) 1.10. Fireblocks 1.11. MPC-as-a-Service — the Partisia Blockchain Infrastructure 1.12. web3auth.io (Passwordless authentication meets MPC enabled non-custodial key infrastructure for apps and wallets) 1.13. https://www.safeheron.com/en-US/open-source 1.14. Spatium is a unique keyless wallet based on SMPC technology and anonymous biometrics that allows to manage digital assets with institutional level of security 1.15. https://medium.com/@Cobo_Global (released in Nov 2022, very new) 1.16. https://www.krayondigital.com/ (MPC-based wallets for teams, startups and their customers) 1.17. https://tor.us/ (integrate via Web3Auth) 1.18. https://bitizen.org/ (The first MPC+AA (ERC-4337) keyless, seedless, gasless wallet.) How it workshttps://docs.bitizen.org/FAQMPC Distributed Key Generation: when you create a new Bitizen wallet, independent and encrypted key shares are being created for your mobile phone and Bitizen server. When you connect to your Bitizen wallet another device, such as a second mobile phone, computer or iPad — it will also generate another key share to open 2-of-3 TSS mode. 1.19. RainMaker (keyless and gasless) wallet built on Magic Link key management solution Magic Link: Our Key Management architecture delegates critical encryption and decryption operations to a trusted AWS KMS and AWS Cognito — completely bypassing the Magic backend. This lets us stay non-custodial (standard for trust amongst crypto communities) as user private keys are never seen by our systems. 3. Research Some research has been done regarding storing private keys on blockchain, and it seems to be possible and feasible. 1 Can a Public Blockchain Keep a Secret https://eprint.iacr.org/2020/464.pdf 2 Storing and Retrieving Secrets on a Blockchain http://www.contrib.andrew.cmu.edu/~bparno/papers/eweb.pdf submitted by /u/ciaolarspi [link] [comments]
- Is Ethereum Ready To Outperform Bitcoin? Benjamin Cowen Updates ETH/BTC Outlookby /u/eat-sleep-rave (Cryptocurrency News & Discussion) on May 30, 2023 at 10:17 pm
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- Can someone explain to me the significance of the jack butcher ecosystem of NFTs that are blowing up right now?by /u/NelsonQuant667 (NFT) on May 30, 2023 at 10:00 pm
I know about the checks and opepens. What else is there? And why are people saying these projects are so innovative and revolutionary? Is it new on chain mechanics he came up with? Is it just hype or is he doing something brand new in the space? Just marketing and Perfect timing? Thanks submitted by /u/NelsonQuant667 [link] [comments]
- Question for people who have tried crypto trading bots. Do they work? Have you made any profits with them or is it a scam mostly?by /u/middlemangv (Cryptocurrency News & Discussion) on May 30, 2023 at 9:44 pm
I have never tried trading bots while investing in cryptocurrenceis. As far as I understand, they are bascially making an analysis, a prediction of the price based on some parameters, buying and selling - making trades. Basically trying to do the opposite of what we are doing all the time - buying high, selling low. You are suppoused able to set some parameters on bot app based on your own needs. Then I read that there are some bots that are buying coins for a lesser price on one exchange and sell it on another exchange where that coins is at higher price. For some reason it sounds just wrong but looks like that is what they do. On this sub, people are talking about bots destroying reddit avatar minting gen3. I have no idea how bots work, I have a clue because I read a little bit, but anyone here tried it? Is it worth it? Which one should we take a look at? I never tried it because I am a little bit skeptical about it, if it worked everyone should be making money which is impossible, right? submitted by /u/middlemangv [link] [comments]
- Whales are bullish on XRP. Is it an imminent victory?by /u/chumeanbro (Cryptocurrency News & Discussion) on May 30, 2023 at 9:09 pm
Whales have been actively buying XRP, accumulating over 52 million tokens in just three weeks. https://twitter.com/ali_charts/status/1662215112659456000 Judge Torres recently rejected the SEC's motion to seal the Hinman documents, further boosting Ripple's position. Despite the impending verdict, Ripple is focused on its expansion plans, as revealed during the FinTech Summit in Dubai. XRP has been performing well. Let's hope that this positive outlook, combined with a potential SEC setback, will have positive implications for the crypto market. submitted by /u/chumeanbro [link] [comments]
- Opinion: Coinbase CEO: China sees the possibilities in crypto. America must, too. - MarketWatchby /u/Crypto-Jim33 (Cryptocurrency News & Discussion) on May 30, 2023 at 8:27 pm
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- Richard Heart's DEX, PulseX, has a bug where LP doesn't earn fees.by /u/002_timmy (Cryptocurrency News & Discussion) on May 30, 2023 at 8:21 pm
So Richard Heart, scammer founder of HEX and PulseChain, recently launch a Uniswap fork called PulseX. As it turns out, it has a bug in the code and LP providers don't earn any fees. Basically, they take on all the risk and have 0 upside. The only possibility for them is loss. https://preview.redd.it/zzuvipi8i23b1.png?width=602&format=png&auto=webp&s=346e30b1c73f0ada3b028b8332f110083ccd6f89 In fact, the code was written by a developer who has almost 0 coding experience- he simply just asks ChatGPT questions. https://preview.redd.it/fbn8d2fli23b1.png?width=1080&format=png&auto=webp&s=d3cc1bf8a760c0d3dd37d75e8fbdcceaaa972ee9 HEX is crashing as a result, but supporters and advising one another to "buy the dip" and "ignore the FUD." This comes days after arbitrage bots acquiring in millions of dollars on PulseX due to different prices on different chains and effectively taking money from the users. I know I shouldn't be surprised, but I'm frequently shocked at how delusional some people in the crypto world are. HEX supporters are still unironically calling Richard Heart the smartest man in crypto. I'm shocked the bear market hasn't killed off this project yet, but I suppose some just want to keep their delusion going. submitted by /u/002_timmy [link] [comments]
- 'Bitcoin Standard' Author Is Now Advising El Salvador President Nayib Bukele - Decryptby /u/PenaltyFickle5699 (Cryptocurrency News & Discussion) on May 30, 2023 at 7:56 pm
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- Crypto influencer posts wallet address, tells followers they will get nothing, and has received over 300 ETH as a resultby /u/002_timmy (Cryptocurrency News & Discussion) on May 30, 2023 at 7:55 pm
An influencer on crypto twitter, Pauly0x, has received 300 ETH simply by posting his address and telling his followers they will get nothing. 6 hours ago, Pauly0x posted his address with a gif telling his followers they'll get nothing. He also registered the ENS domain yougetnothing.eth. You can find the wallet here- https://etherscan.io/address/0x8DFD4f307B6011D4CB21007FD5658f0686523938 First tweet As a result, his followers decided to flood his wallet with Ethereum (and other coins). The crypto is flowing in like crazy. He's received 2x 10 ETH transactions, and 75 transactions of 1 ETH or more. In total, there are over 2600 incoming transfers. Current wallet snapshot He's been posting memes all day and has a goal of earning $1m in crypto. When I exported the TX history, there were 2620 TXs and 2404 unique sending addresses, which shocked me since I thought it was just a publicity stunt. We try farming moons for a few hundred to a few thousand every month, and this guy figured how to earn $600k in an afternoon. UPDATE: In the time it took to complete this post, the wallet is up to 300 ETH submitted by /u/002_timmy [link] [comments]
- Top 10 Monero Wallets and Top 10 Largest Transactions ever on Moneroby /u/002_timmy (Cryptocurrency News & Discussion) on May 30, 2023 at 6:44 pm
We all know of large Bitcoin and Ethereum wallets. We see posts and articles about large sums of money being moved on these chains. But what about Monero (XMR)? Well, I decided to do a deep dive and find the whale wallets and huge transactions completed on the chain. Here's what I found. Top 10 Wallets Holding in XMR ???? ???? ???? ???? ???? ???? ???? ???? ???? ???? As you can see, there are some huge whales in this ecosystem. But what about large sums of money moving? Top 10 Largest Transaction ???? ???? ???? ???? ???? ???? ???? ???? ???? ???? Pretty amazing to see such large sums of money being moved for such a low fee. I see this and it makes me so bullish on XMR. submitted by /u/002_timmy [link] [comments]
- I have been made an offer for my artwork as NFT, but I’m not sure what to do.by /u/bglkjk (NFT) on May 30, 2023 at 6:33 pm
Hello everyone! I’m an artist who sells physical artworks, as well as post them on instagram, recently I have received messages from an NFT collector, offering to buy my artworks for ETH. He’s asking me to register them so he can make the direct purchase. The problem is I have never done this and I have little to no info about the process and dangers of it, so I was wondering if someone here could give me advice on the whole thing, and if this is a good idea that could give me actual profit. Thank you very much in advance! submitted by /u/bglkjk [link] [comments]
- Once you start to use cryptocurrency in everyday life you will start to appreciate low fees and privacy over almost anything else.by /u/gr8ful4 (Cryptocurrency News & Discussion) on May 30, 2023 at 6:04 pm
The thing is digital cash, just needs to be better than fiat today or your CBDC tomorrow. Monero for example has an ever decreasing inflation of currently 0.86% p.a. That's much better than anything the fiat empires can come up with and still fiat is currency. Back in the days (2012-2015) it was fun to use Bitcoin at your favorite bar (real life adoption seemed to explode). It took me and the community quite a while to realize that Bitcoin as it is today is missing some qualities that make money work in the first place e.g. fungibility. Bitcoin did just so many things so good or good enough, that many didn't bother to look into not to speak of (how heretic) invest into other projects. This changed since I switched from investing and speculating with cryptocurrency to using it on a regular basis buying all kinds of services and things with it (not DNM related). After 12 exciting years in this space I sincerely believe that Monero is the legitimate successor of the former Bitcoin project coming closest to the vision of actual "peer-to-peer electronic cash". submitted by /u/gr8ful4 [link] [comments]
- Bitcoin’s next rally may be imminent, on-chain analyst saysby /u/Marketing_Usual (Cryptocurrency News & Discussion) on May 30, 2023 at 6:01 pm
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- Biden crypto taxes not in current US debt ceiling dealby /u/TR5_ (Cryptocurrency News & Discussion) on May 30, 2023 at 5:55 pm
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- Japan's largest airline launches NFT marketplaceby /u/kirtash93 (Cryptocurrency News & Discussion) on May 30, 2023 at 5:36 pm
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- What do you fear the most about crypto's future, and why?by /u/Willyougrabham (Cryptocurrency News & Discussion) on May 30, 2023 at 5:36 pm
I feel it's somewhat safe to say that since we're all part of this sub, we're bullish on crypto's future, and even if you don't think it'll be a major force in the world it'll at least continue to grow and become more widely adopted as time passes. Or will it? Do you ever doubt? Is there any specific fear regarding crypto's future that you don't tell anyone but it keeps nagging at the back of your mind? If so, this is the place to air it out. As for me, I fear crypto will grow big, but in the end it'll become only another tool for the powerful to control those beneath them, a world of whales in a way. submitted by /u/Willyougrabham [link] [comments]
- Do you like my Moon Men give me a yes or no thank youby /u/Edens_Door (NFT) on May 30, 2023 at 5:17 pm
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- Investing in Crypto firms has now dropped to $500M per month from our peak at $7B per month in 2021. That‘s a 93% drop!by /u/partymsl (Cryptocurrency News & Discussion) on May 30, 2023 at 5:17 pm
Maybe take a break now from watching how many of our altcoins are down 70% or more with BTC too still struggling, and now look at some other more “fundamental“ charts. Another way to measure the hype in Crypto may be through how many firms are jumping on the Crypto train to just use some fancy buzzwords for their next board meeting. Yeah, with every hype in the finance world, from Metaverse to now AI, there have been massive and blind investments done. Crypto is no different, maybe some people still remember how in 2021 we had so many firms talking of how they are “integrating“ Crypto or the Blockchain technology. Barely anything happened of that afterwards as a bear market came and only a few stood true to their promises. Crypto Funding Chart, showing investment flows into Crypto Here we can see a chart that shows exactly that, the Funding in Crypto through many firms. We see how there have been two peaks, in 2018 at $3B per month and in 2021 with $7B per month. Which is a lot of money flowing in Crypto from VCs and others. But right now it is not so shinny, we are at $500M per month spending, which is still higher than our low during the previous bear markets. But this massive 93% drop just shows how much unsustainable hype and fuss around Crypto really created from those VCs and to imagine that this number will just get bigger and bigger. Crypto will be a very well-known phrase in the business world, it is is not already. submitted by /u/partymsl [link] [comments]
- Seven Arrested After Allegedly Trying to Steal Bitcoin ATM in Texasby /u/Elie0_0 (Cryptocurrency News & Discussion) on May 30, 2023 at 3:58 pm
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- Everything you need to know about Ethereum Gas Feesby /u/Maxx3141 (Cryptocurrency News & Discussion) on May 30, 2023 at 2:34 pm
I often see people confused about how Ethereum fees work or why transactions fail. So let's try to explain everything you need to know about Ethereum gas fees! The concept is also true for sidechains and L2s like Polygon and Arbitrum (Nova)! Especially when I talk about failed transactions and how to fix it, this is more intended for cheap L2s and not the main-chain where each mistake costs you 10$! Note only the first three paragraphs are required for the basics, the later part explains why the most common problems happen and how to resolve them. What is gas? Simply speaking: Gas is the amount of work a certain transaction causes for the network. This will only depend on the transaction, and be fully independent of the current load of the network. Some examples can be seen in this table: Type Gas ETH transfer 21,000 ERC20 token transfer ~50,000 Uniswap V2 Swap ~105,000 Uniswap V2 Add Liquidity ~130,000 Uniswap V3 Swap ~130,000 Uniswap V3 Add Liquidity ~450,000 As you see, the only thing that can be exactly estimated is an ETH transfer, this is the minimum fee. Different token contracts can require different fees and for DEXes the gas fee can even vary a lot more. You have basically no control over the gas usage, your wallet will automatically set a gas limit. We will look into this later again. The gas fee The gas fee is the amount of Gwei you pay per unit of gas your transaction consumes. This will depend on the current load of the network and is basically "auctioned", meaning the validators will include the transactions with the highest gas fees. You can see an estimate for the current gas fees on gas trackers like the one from Etherscan. One Gwei is 10-9 ETH = 0.000000001 ETH. Simplified, you will pay one gas fee per unit of gas your transaction consumes: Fee = Gas Units * Gas Fee. The London upgrade changed this forumula a little bit by splitting the gas fee into base fee and priority fee: Fee = Gas Units * (Base Fee + Priority Fee) Your "max base fee" must be larger than the Base Fee set by the network, and your Priority fee is the tip you give the validator. The larger the tip, the more likely you will be included, especially in congested times. Note if the Max Base Fee is higher than the actual Base Fee, the difference will be refunded to you. The priority fee will always be paid. Example Let's say you make a Swap for 105,000 gas and the fee is 50 Gwei. The fee for the transaction is 105,000 * 50 Gwei = 5.25m Gwei = 0.00525 ETH = ~10$ Pending transaction If your transaction is pending, you set either the Max Gas Fee or the Priority Fee too low. You can compare your transaction, which should already be visible on the block explorer, with a gas estimator to see where to problem is. Especially if your Base Fee is too low, waiting will often not resolve the issue, you need to increase the fee. In Metamask you can do this pretty easy directly in the "Activity" tab by clicking on "Speed Up". https://preview.redd.it/wucuz8x18z2b1.png?width=355&format=png&auto=webp&s=28591de946ee2d875abca93b6f9d731a8523d71e This will actually broadcast a new transaction with the same Nonce, effectively overwriting the old transaction. That's why even "Canceling" a transaction will still require a small fee, because this just replaces the transaction with a zero-transfer to self or similar. If you want to make another transaction, you have to make sure you have no pending transaction left! Failed transactions and why they still charge the fee One important thing to understand: An ETH transaction fails because of the user and not because of the network. This can have different reasons, for example a critical error during a smart contract interaction, like a requirement missing or a bug. Even if your transaction fails, you pay the fee. Some find this strange, but it actually makes perfect sense. The validator did the work, but the transaction failed because of an error (of the user!). The fee is the only thing that stops an attacker to spam the network with endless impossible transactions. The reason this doesn't exist in Bitcoin: Bitcoin is not Turing Complete - if a transaction is valid or not can be determined by any node without needing a lot of computation power. In fact, a transaction can't fail on Bitcoin. Gas limit Any ETH transaction will include a gas limit - there is no way to know exactly how much gas a transaction will consume before it happens, so you set the maximum amount of gas a transaction is allowed to use up. No matter what happens, the tx will not consume more gas. Also a successful transaction will never consume more gas than it needs, no matter what the gas limit was set to. This one is super important, because from my experience it's the #1 reason a user will encounter a failed transaction. Usually your wallet or the website you are connected to will estimate the gas limit correctly. Sometimes however, especially after a contract got updated, a website will tell your wallet a wrong gas limit and the transaction will fail. Sadly, not all transactions will clearly say so on the block explorer. See this two trancactions which both failed because they ran out of gas: Transaction 1: Failed because of gas limit, gives clear error message Transaction 2: Failed because of gas limit, gives generic error message If you are not sure, you can check the actual gas limit in the failed transaction on a block explorer: A failed transaction with nearly 100% gas usage will often indicate your transaction actually ran out of gas: https://preview.redd.it/izs7hrcnyy2b1.png?width=1512&format=png&auto=webp&s=34cf2e94760edfe7ee33067ebf06670c7e9574e2 To fix this, you have to broadcast the transaction again with a higher gas limit. If this happens on Nova, I usually just double the fee and this usually fixes the issue. If you set the gas limit to 2x or 10x of the first value, your next transaction will also be 2x or 10x more in fees if it fails again. Strictly speaking, there can be different reasons for a transaction reaching the gas limit - like a tx caught in an infinite loop. So try at your own risk! Edit fees in Metamask You can manually edit the gas fees (which consists of the base fee and priority fee) and gas limit in Metamask. The setting is a little hidden, but on each transaction you can reach it by first clickig at "Market" on the fee tab and then on "Advanced": https://preview.redd.it/9s45wa2o1z2b1.png?width=2160&format=png&auto=webp&s=e7da0a2d884a8d0dbc247391d8072fa2c3726c42 Sources ETH foundation Etherscan gas tracker Gas Fee estimator showing gas costs TL;DR Gas fees on Ethereum are actually pretty simple: Your transaction consumes a certain amount of gas - more complex transactions (like a swap) require more gas than a simple transfer. The load of the network will determine the gas price. In the end you pay the gas fee for each unit of gas your transaction consumes. If your gas price is too low, your transaction will remain pending. If your gas limit is too low, your transaction will fail. submitted by /u/Maxx3141 [link] [comments]
- The Looney Goonies are more than just an NFT collection, we want you to connect with your Goonie 🤗 With over 392 traits combined to create 7 quintillion combinations, we made sure every Goonie had a unique story to tell 📖 On June 14th, what will your Goonie's story be?by /u/LooneyGooniesNFT (NFT) on May 30, 2023 at 12:56 pm
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- Ron DeSantis Posturing On Bitcoin Is Just Performative Politicsby /u/bemyking (Cryptocurrency News & Discussion) on May 30, 2023 at 12:34 pm
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- An exchange, BKEX, servicing 8 million people in over 100 countries has suspended all withdrawals to aid a police investigation with"gathering evidence". This is confusing, frightening and ridiculous in another great example of not your keys. Withdrawals currently remain suspended since yesterdayby /u/OneThatNoseOne (Cryptocurrency News & Discussion) on May 30, 2023 at 12:21 pm
Yesterday, BKEX put of a statement regarding withdrawals from their platform. https://preview.redd.it/u5v93v9r403b1.png?width=729&format=png&auto=webp&s=9523f036cfa69670b66536dc1c3608262a01ceb8 BKEX has suspended all withdrawals due to cooperating with a police investigation that pertains to money laundering that either directly or indirectly affects their platform. .That must be frightening for users. Ironically, they state that the rights of users are protected even though the most significant one of your right to withdraw isn't part of that. They also state you may contact customer support for issue and "they would be happy to provide support and assistance" as long as it doesn't involve withdrawals It also completely ridiculous that all customers have to suffer for this. Imagine if banks would suspend withdraws for money laundering investigations. They'd probably have to shut down and freeze withdrawals very nearly every day. Further, it's very confusing that withdrawals are frozen for gathering evidence. It makes it seem like some thing very shady is going on in the background because company and transaction records are supposed to be present whether withdrawals are active or not. They don't just disappear when withdrawals are active. Ironically, if this Cefi transactional activity being investigated happened on-chain like crypto is supposed to work all the evidence would be public. I would also think that actually leaving withdrawals active would allow for more evidence-gathering since the criminals could potentially leave more traces. It's clearly that something else that's very shady is going on besides what they and media reports say. BKEX is based in British Virgin Islands known as a tax haven and shady financial activity, on top of BKEX having Chinese ties(use Yuan as default currency and parts of the English website in Chinese). Nothing against the Chinese, but proper regulation and transparency aren't their strong suits as we well know. submitted by /u/OneThatNoseOne [link] [comments]
- Join the Psycho MEOWS kindle Community, NFT and much moreby /u/RoneyLaurent (NFT) on May 30, 2023 at 12:14 pm
📢 Calling all early adopters of NFT projects! Join the vibrant world of Psycho MEOWS on Zealy.io and embark on an exciting journey into the NFT universe. As an early adopter, you hold a special place within our community. 🏆 At Zealy, we value community engagement. That's why we've created a unique leaderboard exclusively for active users. Engage in quests, discussions, and connect with fellow NFT enthusiasts to climb the ranks and earn recognition. Exciting opportunities await! 💎 By actively participating and demonstrating your commitment, you'll have the chance to unlock unique rewards and collaborate with us directly. Join us on Zealy.io, invite your friends, and make your mark in the world of NFTs. Let's build something extraordinary together! submitted by /u/RoneyLaurent [link] [comments]
- PEPE site homepage has a frog, pants down butt out and pissing on memecoin logos. PEPE pumps and dumps multiple times everyday. The same PEPE that is by far one of the most well-known and easily in top 100 most valuable tokens by market cap. This is embarrassing for the "future of finance" in cryptoby /u/OneThatNoseOne (Cryptocurrency News & Discussion) on May 30, 2023 at 11:42 am
PEPE is by far one off the most popular tokens. It was ranked in the top 50 tokens after hitting very nearly a 2 Billion market cap. Even today it still sits in the top 100 after losing over a Billion of market cap. It saw insane price increase of 1000% in a week, even before the Binance listing which again doubled the price. If you ask someone to randomly name a few crypto tokens, PEPE will probably be in that list. There's definitely very few in crypto who haven't heard of PEPE. Yet, we don't have to dig very deeply to be disappointed. The pepe website homepage is pretty barebones and poorly done, probably by design, but the worst part is definitely this. https://preview.redd.it/eeoo5lnbvz2b1.png?width=1154&format=png&auto=webp&s=676377ef278be921d54f0afcdf90c40cba3e665b One of the most premier tokens has this as an advertising banner. I saw a document that claimed to be the whitepaper use a lot of material of this homepage in it, but it's unclear if there actually is an official whitepaper at all. Regardless of an official whitepaper or just the official website, this is pretty bad. Of course the whole roadmap and pitch with Phase 1 MEME etc is pretty poor as well. The about section ironically call out the ridiculousness of modern memecoins(or mostly sh*tcoins realistically) but also just buys right back into it for self-shilling. https://preview.redd.it/2l7h9ggdwz2b1.png?width=1138&format=png&auto=webp&s=b098caa7916df9268f563631bce3870db3bedb71 I mean, yeah, we get that it's a memecoin. But Dogecoin never had to go nearly this far. As a matter of fact, Doge looks ridiculously respectful and decent compared to modern memecoins. For this token to be essentially the premier memecoin, as well as one of the most popular tokens across the board says a lot. submitted by /u/OneThatNoseOne [link] [comments]
- Hey! I am a street photographer. Can i take your pictures?by /u/Cool-Prior-2220 (NFT) on May 30, 2023 at 11:24 am
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- Musician LineUp Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 30, 2023 at 9:34 am
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- Bankman-Fried charges should not be tossed, prosecutors sayby /u/dcdplex (Cryptocurrency News & Discussion) on May 30, 2023 at 4:36 am
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- CoinbaseNFT, ethereum collection, ‘cysix’by /u/cysixsage (NFT) on May 30, 2023 at 4:29 am
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- Black and red ink on paper / By Fer Sassaliby /u/fersassali (NFT) on May 30, 2023 at 1:46 am
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- Who takes Game 7 👀 Heat or Celtics - Comment below 👇by /u/LooneyGooniesNFT (NFT) on May 30, 2023 at 1:16 am
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- Join an amazing and affordable NFT Community 😺 !by /u/mattia_m78 (NFT) on May 30, 2023 at 12:44 am
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- 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
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- 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]
- Marshmellow Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 29, 2023 at 8:15 pm
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- 'q6', Marcel Muntyanu, 3D, 2022by /u/galacticMorocco715 (NFT) on May 29, 2023 at 7:19 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
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- 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
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- 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
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- Deadmau5 Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 29, 2023 at 1:03 pm
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- 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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- 'plastic tuxedo', Marcel Muntyanu, digital fashion, 2022by /u/galacticMorocco715 (NFT) on May 29, 2023 at 9:22 am
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- 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
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- Pencils and mixed media by Fer Sassaliby /u/fersassali (NFT) on May 28, 2023 at 11:28 pm
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- Thomas - Daft Punk - Concept Art - @misfittsxby /u/misfitts_x (NFT) on May 28, 2023 at 10:01 pm
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- New subreddit for Bitcoin Ordinals: NFTs inscribed on Bitcoin's Blockchainby /u/ClioBitcoinBank (NFT) on May 28, 2023 at 6:24 pm
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- 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]