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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.
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Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest.
Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse.
Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you.
The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use.
When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure.
What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system.
So, if you find yourself religiously checking some cryptocurrency’s price, or bogged down in discussions about the “one true bitcoin”, or constantly asking what currency to buy, please at least remember that we have bigger fish to fry.
We are here to fix the financial system.
Given how early in the Rogers Adoption Curve for Crypto we are, I would like to take a moment so we can just imagine what this technological revolution, which I consider is the next huge step for human kind, could bring. I will emphasize some socioeconomic implications of descentralization, but I`m mostly interested in listening to, and debating your inputs.
Blockchain and Crypto Currency are here to change the world forever.
The implications of decentralization
As you may know one of the core proposals of blockchain is decentralization, and with it we can optimize so many processes that this alone could be the revolution we are talking about. By eliminating intermediaries, we can save on the cost they add to the supply chain ensuring those that create the value, keep it. Or we can simply save on fees.
To quote the man himself:
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. – Vitalik Buterin.
To put it simply, imagine that you replace Binance (a centralized company) with a robot. A robot that you have programed so well, whose code you publicly audit, and that is so safe you can trust it with billions of dollars in liquidity pools, so it proceeds to host and operate the trading platform by itself. In case you didn’t know, this is already a reality! Many people here trade on those platforms on a daily basis.
But this goes beyond replacing Centralized Exchanges with Automated Market Makers, Airbnb with a blockchain DApp that connects landlords and costumers, or even banks with complex smart contracts that allow you to borrow, save, tokenize physical assets, and so on. This goes way beyond.
Here is where I start to fantasize of the future. Think about replacing capital itself, think about getting rid of corporations. Lets dream of a world with DAOs massive adoption.
With DeFi, we may no longer need a company like Nestlé…
And specially not their investors. Of course, you will still need the people administrating, planning, monitoring, generating new ideas that adapt to their context, and creating innovative solutions for a complex world only humans can comprehend. But the figure of shareholders and CEOs that steal all the value that workers create and leave them with a tiny fraction of it, can disappear. This can be the basis of a once in a century transformation.
Just as an example: Nestlè’s coffee growers in Colombia keep less than 10% of the final sale price, and barely make a living on it, so are actually abandoning the rural areas.
With Blockchain, DeFi and Smart Contracts, people like you and me can collectively fund such an operation, and then agree upon specific terms like wages by direct democracy, voting with our crypto holdings. Then we would proceed to allocate funds, hire “developers” which would ultimately be regular office jobs that keep the organization functioning. Once in operation we would frequently vote on decisions and results, which would ultimately keep the highest level of accountability for people working in the organization. This is already happening by the way, this is how some blockchain projects work today. We just haven’t applied it to industrial and physical supply chains yet.
Let’s go back to our project to replace Nestle. Imagine that an organization’s main goal is not to maximize profits for shareholders and bonuses for CEOs anymore. Instead, it’s the interest of regular people and the company’s collaborators that drive its actions.
Most likely, you and I will want to consolidate an efficient and effective supply chain, that is sustainable and keeps the dignity and wellbeing of its collaborators as a guiding principle. We are not longer at their mercy on issues like climate change, we can now take immediate action against it, or stop endangering and hoarding water supplies in classic Nestle fashion.
Also, we are making profits, so we are redistributing capital, and improving our quality of life, which will be most notorious in the most vulnerable communities, usually those that extract/harvest/mine raw materials.
This is what could happen with the blockchain descentralization of business. And you could apply it to pretty much anything, but maybe initially it could be for low labor and capital intensive businesses.
I’ll give you another example. I work for a solar power multinational company. If you don’t know it, solar energy is essentially a financial product, most people working in these companies don’t care about the world, its simply that solar is a very safe and lucrative hustle, and all investors care about is having a nice return of investment (ROI). As of now, my company works exclusively for large scale corporate clients or the state itself, given that’s where the nice ROIs are, since they give you the projects that allow you to place large capitals at once. This means, as of today, we blatantly ignore the regular people that seek for our help and funding to power their farms and/or houses with solar energy. They’re not that profitable my boss tells me. This is shitty, and I’ve thought of quitting several times.
But back to the point. Now, imagine once again, we get rid of the institutional investors. Now you and me create Reddit Solar Co, a DAO. Our only purpose is to facilitate access to electricity to those without it, and to advance in the urban implementation of renewable energy. We help the world, make dividends that are automatically distributed by the DAO, and also our own Crypto is rising in value.
And this is not the best.
Let’s not forget of synergies.
So, we just created a DAO that manufactures and distributes food globally right? Or maybe Reddit Solar Co. As an organization born on the blockchain, we won’t have to adapt to the state of the art innovations on the crypto world like an old steam locomotive attempting to adapt a warp drive on top of it. We were born in space.
From the beginning, our Ethereum based DAO could adopt VeChain’s solution for supply chains, Cardano will help us to give an integral solution to the unbanked communities that provide our raw material, they now have IDs, access to DeFi and education. The land deeds and legal documents that relate to our enterprise are certified by LTO Network, we move money internationally with XRP or Stellar, and don’t worry, we use Polkadot to ensure proper blockchain interoperability.
Too complex for you? Don’t worry, you don’t even have to know or care about this, leave that to others. You’re into finance. Maybe sales is your thing and there’s a little Michael Scott in you. Or you`re into social work and want to supervise our community engagement at the start of the supply chain. Just go do your thing! You don’t necessarily have to be involved in all of this.
All you know is you do your job and receive your crypto salary.
Just as computers and the internet changed the world forever, and not only had economic implications but also changed our culture, routines, work lives and ways to interact with each other, crypto will. We are just so early; that all we can do for now is dream.
You’re having too much hope in humanity dude…
Sure, I may be making some optimistic assumptions on the motivations of humans, I may be saying that we will use this technology for good, and that we care about each other, and that’s one way to look at it. But we could also argue in favor of this from a sceptic perspective: even if you don’t care about the collective wellbeing of your community, it’s in your interest to live in a safer environment right? Ergo you want to reduce poverty. Its also in your interest to stop global warming so organized human life can continue to exist, or to make sure you and your children will have water and food in 50 years, that’s why you will want to use technology for good even if you only care about yourself. Also lets not forget the powerful incentive of profits. Crypto has the clear potential to achieve all of this.
Most of the current generation of crypto projects will be ready and operating within the next 3 years, so all we will need by then is the will to use this technology for good, and the vision to change the world.
This is just the beginning, we will be killing industries but giving birth to others we could have never imagined before.
Cons of Crypto:
A coin called “Chia” is gobbling up 1,125,000 TB storage per day. Just to farm this token that no one seems to use. This takes resource wastage to a whole new level.
Chia is a coin that works on a proof of time space consensus. I.e. to farm this coin, one must allot dedicated hard drives and allot the space (known as plots), and get rewarded for it. Sounds good on paper, and one could even be tempted to think they may put that spare 500 GB space left and earn some passive income on it.
Except, this one already requires industrial grade storage space, just to farm a token that has almost zero adoption anywhere.
As you can see from this coin’s explorer, the storage is growing by almost 1000 PiB per day, in the last few days.
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
- How Ibiza’s most prominent nightclubs are jumping on the crypto trendby /u/forceworks (Cryptocurrency News & Discussion) on September 28, 2023 at 10:56 am
submitted by /u/forceworks [link] [comments]
- Binance is completely removing support for EUR with an article in which it blames paysafe for unilaterally severing its relationship with Binanceby /u/elidevious (Cryptocurrency News & Discussion) on September 28, 2023 at 10:50 am
submitted by /u/elidevious [link] [comments]
- A quick summary of the bill that could remove chair Gary Genslerby /u/pizzapicnic (Cryptocurrency News & Discussion) on September 28, 2023 at 10:50 am
Today, many of us watched as Gary Gensler got scolded by the financial services committee. Many members of congress are fed up with Gary's noncompliance and disregard for the rulings and laws of congress. "A Gary gensler problem and a structural flaw in the sec" and "I wish the biden administration would say you're fired, To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board, where all authority resides. Former Chairs of the SEC will be considered ineligible.”- Warren Davidson (r-oh) “American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair. -Tom Emmer Rep. Davidson Introduced theb'SEC Stabilization Act’ to remove chair Gary Gensler. Under the SEC Stabilization Act, a single political party would never hold more than three commissioner seats at any given time, thus protecting U.S. capital markets from any future destabilizing political agenda The SEC Stabilization Act adjusts the commission to include an additional sixth commissioner, while also creating an executive director who oversees the agency’s day-to-day operations. All rulemaking, enforcement, and investigation authority would remain with the commissioners, who are subject to staggered six-year terms. The bill also requires regular meetings between the executive director and the commissioners to discuss the state of affairs of the Commission, and meeting from these discussions would be made available to the public. Source submitted by /u/pizzapicnic [link] [comments]
- Who Is Caroline Ellison, a Key Witness Set to Testify Against Sam Bankman-Fried?by /u/EveliaAvila (Cryptocurrency News & Discussion) on September 28, 2023 at 10:34 am
submitted by /u/EveliaAvila [link] [comments]
- US crypto industry comes to Washington, but faces uphill struggleby /u/RUBEN4iK (Cryptocurrency News & Discussion) on September 28, 2023 at 10:23 am
submitted by /u/RUBEN4iK [link] [comments]
- Blockchain adoption is still happening amidst the bear market. Buenos Aires, Argentina will begin rolling out a blockchain-based and open-source digital identity protocol, QuarkID, using ethereum layer 2 zkSyncby /u/NaturephilicReaction (Cryptocurrency News & Discussion) on September 28, 2023 at 9:49 am
Even though we are in the bear market price wise, worldwide adoption is still happening. Buenos Aires plans to give the power to it's citizen regarding ownership of certain official documents. Buenos Aires citizens will be able to download the protocol’s native wallet to claim essential personal documents such as birth and marriage certificates, according to a statement on Wednesday. QuarkID will be using the zksync layer 2. Built atop Matter Labs’ tech stack, the QuarkID wallet takes advantage of zkSync Era’s blockchain framework for consolidated document storage. ZkSync Era serves as the settlement layer for the QuarkID platform, ensuring the proper ownership of each stored document. It feels good to see adoption happening worldwide. This should give us even more hope that blockchain is here to stay and isn't a fad. Source - https://blockworks.co/news/buenos-aires-government-id-ethereum-zksync submitted by /u/NaturephilicReaction [link] [comments]
- CZ Denies He Owns CommEX, Binance Russia's New Ownerby /u/Nirbhik (Cryptocurrency News & Discussion) on September 28, 2023 at 9:23 am
submitted by /u/Nirbhik [link] [comments]
- I’m a detective in a European country. AMA crypto related.(MOD APPROVED)by /u/fuzzyduck88 (Cryptocurrency News & Discussion) on September 28, 2023 at 8:29 am
As the title says - I’m a detective in a European country, AMA crypto related and I’ll try my best to answer! Post has been approved by the mod team. I don’t know whether this will be popular or ignored. I’ll put in effort if people have an interest! I don’t deal solely with crypto / cyber crime but have done so on occasions throughout the years. Probably more in the last three years than the previous ten. I’m not an expert in crypto cases but have some training. Having a genuine interest in it also helps! I can’t give legal advice and obviously can’t discuss internal procedures. Anything I say is just my own opinion and nothing official. I’ll start off with the very basic things I have seen mentioned on here previously to get the ball rolling and see where it goes. ————————————————————————— Is it worth reporting it if my crypto was stolen? When people ask this, what they usually mean is “Will I get my money back?”. Personally, I hate to say it but once money is gone from your account and converted to crypto the chances of getting it back IMO are slim. BUT that doesn’t mean you shouldn’t report it, in fact, I think it’s certainly worth reporting. The bigger the problem, the more resources go into solving it! Although you might not get your money back, you might assist in getting their accounts frozen etc The next best outcome if you don’t get your money back is knowing there’s a possibility the thief didn’t get it either! The cop taking the report could have no idea what you’re talking about, which embarrassingly but understandably is a real possibility. You must remember, in the real world theres still only a small % of the population involved in crypto. Officers on the street likely received little or no training in it. In these circumstances it’s best you work with them, not get frustrated and give up hope. They will likely be trying to just determine (a) if a crime and what crime occurred, (b) what jurisdiction it occurred in,(c) if there are urgent steps needed such as reversing a transaction or preserving dispensable evidence (d) what department or agency can best deal with it. ————————————————————————— Do I come across much crime involving cryptocurrency? It’s definitely getting more common. 5 years ago It was rare to encounter one but now it no longer surprises me. I suspect it happens more but many people don’t report it due to embarrassment. After all, people don’t want to admit they bought “magic internet money” and got scammed. What kind of scams are most common? Although as Iv said there is an increase in crypto related scams they are still no where near the same level as the “more traditional” phishing/smishing/vishing for people’s bank account or credit card details. Them classic emails and sms messages are absolutely rampant. The ones involving crypto are usually something such as “Romance fraud” where the person starts an online relationship with the scammer who convinces them to invest in crypto or send them crypto as a loan. This is a problem in itself (is that a crime or civil matter? - the finer details will determine ). Another popular type is when a scammer gets to know a victim, chatting and adding them on social media eventually getting them to do something like masterbate on cam which they record and threaten to send to their family and friends unless payment is given in the form of crypto. The word “Hacked” gets thrown around a lot when it’s usually a different from of scam. Most of the time they are not very sophisticated and could have been avoided with due diligence, the usual stuff like don’t click links in emails, don’t give out personal details etc. It’s very rare you’d come across sim swapping or actual hacking. Tldr; the older scams are still the biggest issue but the have evolved into looking for payment via crypto instead of bank transfer. ——————————————————————————- ”The Wrench attack” …for anybody who doesn’t know what that is, it’s basically somebody assaulting / threatening/ robbing someone with a weapon/wrench to get their seed phrase. The official name of this crime is simply a Robbery or Aggravated Burglary. This was one you’d often see mentioned here. But does it happen? Unfortunately yes. It does. Although I would say it’s uncommon and I have only heard of it occurring once in my area. —————————————————————————- I reported the scam but nothing was done That’s a phrase you see quite frequently on posts both here and in discussions about crime in general. The thing about these cases is they can very slow, sometimes complex and very time consuming. There is often a lot of red tape and cross-border assistance requests that can be really drawn out. It’s not as straight forward as: money got transferred from 1 UK bank to another UK bank. Instead it’s more like: money starts at victims UK bank, goes to victims exchange in USA, goes to Suspects Wallet, onto suspects Exchange in London and eventually onto the suspect’s suspects bank in India. At that stage you can imagine the amount of requests through interpol for assistance from several other police forces. There is often a lot going on in the background that the general public don’t realise and then (understandably) assume nothings being done! This brings me back to my first point on why it’s important for people to report it: if for example the FBI get 50 requests and notifications from all over the world about a US bank account, they will be more likely to put the resources into that investigation whereas if it’s only 1 or 2, it will be assigned to a single detective to investigate. ———————————————————————— So if you have anything to ask, go right ahead and I’ll try my best to answer. Oh yeah, before someone mentions it: yes, I do like donuts and coffee. Edit: I’ll check in throughout the day and try answer more! submitted by /u/fuzzyduck88 [link] [comments]
- hedge against infaltion?by /u/Fox_n_Roll (Cryptocurrency News & Discussion) on September 28, 2023 at 8:28 am
Like always, not financial advice and yes, crypto is a high risk asset, but is really that risky to lose money in the long run? If You bought the top, sure, but in accumulation phase during a bear it is worth considering adding crypto to your savings. So here in germany banks offer interest of up to 4% for a fixed deposit account, compared to inflation of an estimated 6,1% You'd still lose money. -> banks are robbers Inflation S&P 500 for example had a whooping 14,9% S&P 500 Market leader in crypto BTC had an insane 25,6% gains BTC To put this is perspective, even in a bearmarket BTC would have been the obvious winner and we are not even in bullrun. Personally I wouldn't go all in crypto as diversification is key and You should always have a balanced risk management, but as we can see, doing nothing with your money and give it the bank only profits the already rich and You still lose money. submitted by /u/Fox_n_Roll [link] [comments]
- SEC’s Gensler Throws More Crypto Punches in Congressional Hearingby /u/DaemonTargaryen34 (Cryptocurrency News & Discussion) on September 28, 2023 at 7:36 am
submitted by /u/DaemonTargaryen34 [link] [comments]
- Ethereum futures ETFs could start trading next week — Bloomberg analystby /u/ellileon (Cryptocurrency News & Discussion) on September 28, 2023 at 5:27 am
submitted by /u/ellileon [link] [comments]
- Binance asks users to convert EUR to USDT after Paysafe goes AWOLby /u/Ispan (Cryptocurrency News & Discussion) on September 28, 2023 at 5:01 am
submitted by /u/Ispan [link] [comments]
- Uptober is about to Begin! A look at Bitcoin's performance over the last 10 Octobers.by /u/ra246 (Cryptocurrency News & Discussion) on September 28, 2023 at 4:49 am
Uptober is just about to begin! Now, some of may have heard the little name for October within the Crypto space and there's a good reason for it. Using the data from Coingecko, over the past 10 years of data, BTC has gone up in price across the duration of October 8 times out of 10. This is the joint highest across the year, with February also up 8 times out of 10. At this point I thought I'd go and find the data from 2011. Bitcoin took an 11% drop. It started at $12 and finished the month at $11. $11!!! The volume at this point is absolutely tiny, however. A a result we'll discount this single year from the data. Now, going up is fine, but lets look at by how much. So, I'm afraid to say (or excited to say..?) that mathematically, the best month year on year for gains in BTC is November, so we can look forward to that too! BTC's worst October performance was back in 2014, where it dropped by 15%, from... get this... around $380 per Bitcoin, to $320 per Bitcoin. Can you imagine being involved in crypto all those years ago and being able to see it now. Our lives would be totally different. Anywho... other than that and 2018 when BTC lost 4% of it's value, the other 8 Octobers have all lead to BTC making Gainssss. The smallest gain would be 2022, with a gain of 5% from roughly $19500 up to $20500. Our biggest gains (c'mon, let's dream!) being a filthy 54% in both 2013 (from $126 to $202, BUT, there was also a 30%+ drop to $85 on the 2nd Oct) and 2017 ($4300 up to $6700) October's average gains across the past 10 years, therefore are around 23% for the month with all of the last 4 years being positive for Bitcoin. If we took todays price ($26400) and added 23% of gains, we're looking at a BTC price of just over $32k. If we look at other scenarios? BTC's worst October performance(2014) - 15% loss, we could see a $22k BTC (meh, again? We've seen it plenty) BTC's best October performance(2013 7 2017) - 54% Gain(twice) and we could also see a $40k BTC this month. Data for the last 10 years taken from Coingecko and I had to go and find the data myself for 2011. Before that and the data is really sketchy, unfortunately. Let's add time for u/ra246's thoughts. I'm not expecting anything crazy like 20% of gains, based on average past performance. All I'm doing is DCA'ing while (I think) we just continue to crab along, and hoping to accumulate as much as I can ready for when this rocket does kick off (in my opinion? Around this time next year on to around April 2025) Here's the link for the chart I've used, and screenshot if you prefer. https://preview.redd.it/9qt8u806fxqb1.png?width=1254&format=png&auto=webp&s=09ca2e31c6f67bf5883ef86577fdb59ad1796f2e submitted by /u/ra246 [link] [comments]
- Folks Finance at Algorand Integrates Chainlink CCIP to Unlock Cross-Chain Lendingby /u/chintokkong (Cryptocurrency News & Discussion) on September 28, 2023 at 3:33 am
submitted by /u/chintokkong [link] [comments]
- Bitget Research: Celestia Announces Airdrop Distribution, Ethereum Gas Fees Drop to Single Digitsby Bitget Research (Cryptocurrency on Medium) on September 28, 2023 at 3:25 am
the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market…Continue reading on Medium »
- Bitget Research: Celestia Announces Airdrop Distribution, Ethereum Gas Fees Drop to Single Digitsby Bitget Research (Blockchain on Medium) on September 28, 2023 at 3:25 am
the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market…Continue reading on Medium »
- Rated-机器的声誉，从以太坊验证器开始by Tothree (Blockchain on Medium) on September 28, 2023 at 3:18 am
Rated是一个面向以太坊验证节点运营商的可信赖数据平台。它为节点运营商提供性能、奖励、惩罚等详细的数据,使得用户可以更方便地对比和评估验证节点的表现。Continue reading on Medium »
- Solana Uncovered The Future of High Speed Blockchainby Millionaire Mindset (Blockchain on Medium) on September 28, 2023 at 3:18 am
Solana Uncovered: The Future of High-Speed Blockchain — A Vision for ScalabilityContinue reading on Medium »
- Solana Uncovered The Future of High Speed Blockchainby Millionaire Mindset (Bitcoin on Medium) on September 28, 2023 at 3:18 am
Solana Uncovered: The Future of High-Speed Blockchain — A Vision for ScalabilityContinue reading on Medium »
- ClickCoin: The Future of Social Interactionby Clickcoin (Cryptocurrency on Medium) on September 28, 2023 at 3:17 am
What is ClickCoin?Continue reading on Medium »
- Intelligent Cryptocurrency VIPby Fannyfardiyansyah (Cryptocurrency on Medium) on September 28, 2023 at 3:11 am
Title: Unleash the Power of Intelligent Cryptocurrency VIP: Your Gateway to ProfitsContinue reading on Medium »
- Are legitimate artists still selling NFTs?by /u/smoothlikeag5 (NFT) on September 28, 2023 at 3:10 am
I'm hearing two different stories, there's a huge number of people that see NFT as just scam, especially in the art community, but there are digital artists that find NFTs useful because that's the only way they could sell their art esp if its moving images. Are legitimate digital artists backing away from NFTs as well or do you think they will begin to because of the public backlash? submitted by /u/smoothlikeag5 [link] [comments]
- Network Value to Transaction (NVT) Ratio: Decoding Blockchain Valuationby Pinnacle Crypt (Cryptocurrency on Medium) on September 28, 2023 at 3:09 am
Data from IntoTheBlockContinue reading on Medium »
- Network Value to Transaction (NVT) Ratio: Decoding Blockchain Valuationby Pinnacle Crypt (Blockchain on Medium) on September 28, 2023 at 3:09 am
Data from IntoTheBlockContinue reading on Medium »
- “Demystifying Ethereum: In-Depth Analysis”by Millionaire Mindset (Cryptocurrency on Medium) on September 28, 2023 at 3:08 am
Summary:Continue reading on Medium »
- “Demystifying Ethereum: In-Depth Analysis”by Millionaire Mindset (Blockchain on Medium) on September 28, 2023 at 3:08 am
Summary:Continue reading on Medium »
- WHAT CAN VENOM NETWORK DO?by Gideon Chikamnayo Iwuoha (Blockchain on Medium) on September 28, 2023 at 2:58 am
Knowing more.Continue reading on Medium »
- WHAT CAN VENOM NETWORK DO?by Gideon Chikamnayo Iwuoha (Bitcoin on Medium) on September 28, 2023 at 2:58 am
Knowing more.Continue reading on Medium »
- Dogecoin The Journey from Meme to Investmentby Millionaire Mindset (Cryptocurrency on Medium) on September 28, 2023 at 2:56 am
Influencers and the Rise of DogecoinContinue reading on Medium »
- Dogecoin The Journey from Meme to Investmentby Millionaire Mindset (Bitcoin on Medium) on September 28, 2023 at 2:56 am
Influencers and the Rise of DogecoinContinue reading on Medium »
- Elevator Pitching L1sby Bohrbtc (Blockchain on Medium) on September 28, 2023 at 2:46 am
Onboarding the next billion.Continue reading on Medium »
- Why Robots.Farm Drew 100,000 Players in 60 Days? Brace for an Exclusive Invite-Only Phase.by Robots.Farm | zkSync Era (Cryptocurrency on Medium) on September 28, 2023 at 2:38 am
The evolution of Play-to-Earn (P2E) on the blockchain has been nothing short of revolutionary, allowing gamers to extract real-world value…Continue reading on Medium »
- Why Robots.Farm Drew 100,000 Players in 60 Days? Brace for an Exclusive Invite-Only Phase.by Robots.Farm | zkSync Era (Blockchain on Medium) on September 28, 2023 at 2:38 am
The evolution of Play-to-Earn (P2E) on the blockchain has been nothing short of revolutionary, allowing gamers to extract real-world value…Continue reading on Medium »
- A monograph on ExpressionsMktby Okereke Chisom (Cryptocurrency on Medium) on September 28, 2023 at 2:34 am
Expressions, a marketplace committed to championing underrepresented global art communities in the world of Web3, is about to debut its…Continue reading on Medium »
- itrx.io: Bandwidth and tron Energy: Unraveling the Phenomenon of TRX Staking Distribution on the…by Tee Jerry (Cryptocurrency on Medium) on September 28, 2023 at 2:33 am
AboutContinue reading on Medium »
- Get to Gno Hashi: Revolutionizing Cross-Chain Bridge Securityby Jen Wheatley (Blockchain on Medium) on September 28, 2023 at 2:32 am
🌟 Get to Gno Tuesdays! 🌟Continue reading on Gnosis Builders »
- Decoding Crypto Regulations: An Investor’s Guideby Millionaire Mindset (Cryptocurrency on Medium) on September 28, 2023 at 2:31 am
Decoding Crypto Regulations: An Investor’s Guide — Navigating the Complex Landscape of Cryptocurrency RegulationContinue reading on Medium »
- Decoding Crypto Regulations: An Investor’s Guideby Millionaire Mindset (Bitcoin on Medium) on September 28, 2023 at 2:31 am
Decoding Crypto Regulations: An Investor’s Guide — Navigating the Complex Landscape of Cryptocurrency RegulationContinue reading on Medium »
- Decoding Crypto Regulations: An Investor’s Guideby Millionaire Mindset (Blockchain on Medium) on September 28, 2023 at 2:31 am
Decoding Crypto Regulations: An Investor’s Guide — Navigating the Complex Landscape of Cryptocurrency RegulationContinue reading on Medium »
- ONGOING: ACCESS TO LIVE EVENTSby Lazyniga (Bitcoin on Medium) on September 28, 2023 at 2:17 am
Lazy Niga will also be working to initialize live events both online and in the real world for the web3 community. Annual conferences and…Continue reading on Medium »
- Moon Week 44by /u/MoonWeek (Cryptocurrency News & Discussion) on September 28, 2023 at 1:59 am
Hello everyone and welcome to Moon Week for round 44 of Moons! For more information about Moons, please see our wiki page here or the Community Points page by the admins here. Moon Week began with the snapshot post by the admins. The ratio is at least ~0.8316 and you can check out the post and comments to see an estimate of how many moons you'll be getting next Wednesday at the end of Moon Week. To give exposure to our governance polls for the month, this Moon Week post will remain pinned to the top of the subreddit until the distribution post next Wednesday. Please review the following important information first: If you can't see polls or vote, or have any other issue, try again later or from a different platform (different browser, app, mobile, or desktop). These glitches usually resolve themselves within a few hours, but let us know if it hasn't after a day or two. You can't change your vote so make sure you read the full post and discussions, and ask any questions you have before you vote. There are people wishing they voted differently every month and you have several days to vote so there is no need to rush it. CCIP-006 implemented a 5% bonus for voting in at least 1 poll, plus an additional 1.25% for each additional governance poll was implemented by CCIP-014 You will also get a special badge for a week after voting in a governance poll. These are visible in the reddit app and new.reddit on desktop. If you have voted and yours is not showing, you may need to enable it manually by clicking your badges and looking at the Achievements tab. Successful polls are implemented whenever the mods or admins have a chance to do it. Usually this is within days or weeks of the poll passing, but depends on workload, priorities, and complexity of implementation. You can look at implementation status on the CCIP list.. Updates Update all of your browsers and 7zip Governance polls requiring admin support are on hold until they are able to implement changes we request. We don't want to vote on things that won't be implemented in a reasonable amount of time. Governance Polls Here's your poll(s) for this round of Moons. You can view the full CCIP list here. It has moved from the wiki to a google doc. CCIP-074 - Adjustment on the AMA pricing CCIP-075 - Adjust front page topic limit to be in accordance with sub activity Thank you for reading and happy voting! submitted by /u/MoonWeek [link] [comments]
- CCIP-075 - Adjust front page topic limit to be in accordance with sub activity [NO MOONS]by /u/MoonWeek (Cryptocurrency News & Discussion) on September 28, 2023 at 1:51 am
Problem: CCIP-012 is a huge positive for the sub in that, topic limits help to keep a single trending topics/asset from overwhelming the content found on the sub. However as the overall activity fluctuates in the sub the topic limit can have unintended secondary consequences. New low quality posts, and old posts can get stuck in the top 50 for significantly longer simply because there are not enough total posts to cycle them out. During the 2021 Bullrun, new posts would start in the 70s and have to be upvoted to make top 50 to then take up a topic space. As it currently stands new posts regularly start between 40-50. This means: Any post regardless of quality can take a spot in the top 50 and lock up that category due to topic limits Really hot posts can get stuck inside the top 50 for multiple days. Although both of these issues are not critical, they can create an instance where users are unable to contribute to specific topics for longer periods of times, simply because old and unpopular posts do not cycle out of the top 50 as quickly as they did when this sub was more active. Solution Create a system where we attempt to correlate total subreddit activity to the topic ceiling, so when the sub is less active the topic threshold drops from being based off the top 50 to top 35. This will be done by using the Bitcoin price from ATH as a reference point for the topic ceiling limit. If the price of Bitcoin falls below 40% of the ATH - (currently $27.6K) - the topic limit will consider the top 35 posts. If the price of Bitcoin goes above 70% of the ATH - (currently $48.3K) - the topic limit will consider the 50 posts. Anything between 40%-70% will be based off the last triggered threshold. EG. If BTC goes from 35% to 50% the limit will be based off of the top 35. If it goes from 75% to 50% it will be based off the top 50. This solution assumes the activity of the sub correlates largely with the price of Bitcoin, and if the price of Bitcoin goes up activity will increase and if it goes down activity will decrease. This aims to create a more dynamic approach to the topic limit where total activity is considered to determine how many total posts should be considered when determining topic limits. Pros Old and unpopular posts don't take up a spot in the coin limit for as long. Gives all users more freedom in creating posts more frequently as coin limit topics will cycle faster. Easy to implement/maintain Cons Bitcoin price is not a true determinate of Sub Activity, this metric assumes sub activity will increase as Bitcoin gets closer to an ATH, and decrease as BTC drops from its ATH. Underlying changes to sub activity do occur separate from the price of Bitcoin (e.g. Moons increasing in popularity) Popular/Trending topics in the sub will be able to have more posts made about them slightly more frequently. If topics start outside of top 50 or top 35, users may once again experience posts that have been up for awhile but get removed because a different post triggers the topic limit and removes all limit related posts below it (this was a bull market problem, where users might get a post removed a few hours after it was posted due to a different post triggering the topic limits.) Final Notes: Addressing this issue in my opinion is a slight quality of life benefit for sub users. Additionally limiting the top 35 posts instead of top 50 still filters nearly the first 1.5 pages of the sub to limit hot and trendy topics from overwhelming the sub. Although I do not anticipate any problems as a result of this CCIP - If this change creates unintended long term consequences later on - future CCIPS can always be created to repeal or modify this CCIP. Any potential future changes could begin by looking at: Finding a way to calculate limit ceiling by looking at total approved posts. Finding a way to calculate limit ceiling by using Unique Sub Views. Removing Posts from counting towards the topic limit after X number of hours. -Poll by u/GabeSter View Poll submitted by /u/MoonWeek [link] [comments]
- CCIP-074 - Adjustment on the AMA pricing [NO MOONS]by /u/MoonWeek (Cryptocurrency News & Discussion) on September 28, 2023 at 1:50 am
The problem AMAs are too cheap right now. The pricing was first defined by CCIP 043 but then other CCIPs were voted and the calculation changed. You can find the current calculation here. In the past weeks, the price for an event on r/CryptoCurrency has been oscillating between 500-600 Moons ($140-$210 depending on Moons price) The calculation should be tweaked to better reflect the value of an AMA pinned on a sub that has a traffic of around 100k people daily, where the audience is catered perfectly for the people organizing the event. In the recent months, there has been a few events per month, so there is some demand for them right now despite a lower traffic during this bear market. The solution Double the current calculation. It keeps the important aspects of the original calculation by having the price tied to the sub's traffic and Moons' price. The new calculation would be: daily traffic average over the last seven days/ (650* average Moons price over the last 7 days) rounded up to the nearest 100, multiplied by two. The price of an event with this calculation at the time of writing this post would be 1200 Moons (close to $350). Pros: Events are priced at a fairer value given the traffic of the subreddit. More Moons are burnt in the process This calculation does not impact the pricing of the banner, as it can keep a multiplier of 3 whilst events get a multiplier of 2. By staying tied to the sub's traffic, the pricing should remain adequate since it means that a higher event price is caused by a higher traffic, so more people to see and participate in the event. Cons The new pricing might be too expensive for some people looking into organizing an event on the subreddit. Some might argue that the price would still be too low. -Poll by u/MaeronTargaryen View Poll submitted by /u/MoonWeek [link] [comments]
- MOON Tokenomics: An Active White Paperby Mario Moonwalker (Bitcoin on Medium) on September 28, 2023 at 1:02 am
Version 1.1Continue reading on Medium »
- Crypto Investing in 2030: Navigating the Future of Digital Assetsby Matthew Halfacre (Bitcoin on Medium) on September 28, 2023 at 12:59 am
halfacreresearch.comContinue reading on Medium »
- CRYPTO NEWS FEEDby Olu - Martins (Bitcoin on Medium) on September 28, 2023 at 12:54 am
Continue reading on Medium »
- Coinbase CEO Brian Armstrong leads crypto D.C. push for new rules, warning jobs will go overseasby /u/Metallicsack (Cryptocurrency News & Discussion) on September 28, 2023 at 12:36 am
submitted by /u/Metallicsack [link] [comments]
- Daily Crypto Discussion - September 28, 2023 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on September 28, 2023 at 12:00 am
Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules: All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect. Discussion topics must be related to cryptocurrency. Behave with civility and politeness. Do not use offensive, racist or homophobic language. Comments will be sorted by newest first. Useful Links: Beginner Resources Intro to r/Cryptocurrency MOONs 🌔 MOONs Wiki Page r/CryptoCurrency Discord r/CryptoCurrencyMemes Prior Daily Discussions - (Link fixed.) r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance. Finding Other Discussion Threads Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted. u/CryptoDaily- — Posts the Daily Crypto Discussion threads. u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads. u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads. u/CryptoNewsUpdates — Posts the Monthly News Summary threads. submitted by /u/CryptoDaily- [link] [comments]
- Theguardian: What were NFTs? An understandable internet fad, and the next one is just around the cornerby /u/Valdeztron (NFT) on September 27, 2023 at 11:55 pm
Another mainstream kick at NFTs. But this time they smelling the bull market. 🤷♂️ submitted by /u/Valdeztron [link] [comments]
- Join Bitget today and unlock the opportunity to share in the incredible benefits of our BGB card…by Marketing Info (Bitcoin on Medium) on September 27, 2023 at 11:52 pm
Bitget is your gateway to the world of cryptocurrency trading and investment, and we’re thrilled to have you on board. As a part of our…Continue reading on Medium »
- Bankless on Instagram: "“If I were to purchase a tokenized Pokemon card on a digital exchange via a blockchain, is that a security transaction?” - Senator Ritchie Torres."by /u/yeeatty (Cryptocurrency News & Discussion) on September 27, 2023 at 10:49 pm
submitted by /u/yeeatty [link] [comments]
- Build a NFT product and don’t mention NFTs 🤷♂️by /u/Valdeztron (NFT) on September 27, 2023 at 10:25 pm
A web3 founder have so much bs to go through online and offline. So save yourself some pushback and leave the NFT under the hood. Average users don’t care about roadmaps and whitepapers. Focus on great user experience and building a bad ass product. submitted by /u/Valdeztron [link] [comments]
- Possible Scam? Can someone give me some clarity on thisby /u/Three_Seven_Two (NFT) on September 27, 2023 at 9:51 pm
I’m a tattooer, this guy messaged me asking to buy photos of my tattoos as NFT. I told him sure but he keeps insisting we use this random NFT marketplace called “leviarts.net” instead of opensea or another marketplace that’s reputable. This is obviously a scam right? My guess is that it over charges me to mint the NFT then once I’ve minted it the guy ghosts me and he’s the one who runs the site and gets the $$ from over priced minting . What do you guys think? submitted by /u/Three_Seven_Two [link] [comments]
- Winklevoss twins secretly withdrew $280M in assets before crypto firm collapsed: sourcesby /u/bingorunner (Cryptocurrency News & Discussion) on September 27, 2023 at 9:42 pm
The Winklevoss twins, cofounders of the Gemini exchange, withdrew $282 million in the months before the collapse of the exchange, which froze $900 million worth of customer deposits. “…the twins’ move to pull their money, months before Genesis suspended customer withdrawals, raises questions about what they knew in August 2022 and could undercut their claims in a pending lawsuit that they were unaware of the extent of the lender’s financial woes.” submitted by /u/bingorunner [link] [comments]
- We are in a very similar situation right now than in 2019 after our “mini bull-market“. So it is all about endurance until the next Halving now…by /u/partymsl (Cryptocurrency News & Discussion) on September 27, 2023 at 8:25 pm
While we are all trying to demystify this curing weird Crab market where we have done nothing else than going sideways or even going down to $25k like right now. But in situations like right now where we are sitting at pivotal moments and the midst of a transition between bear market and bull market it usually does help to look back at the past. Personally, I always like to say that the past is always a part of the future. Obviously we won‘t be seeing a 1:1 or even 1:0.5 repeat, but it will be good to look back: BTC short–term holder realized price, chart from Mitchellhodl Here we can see the Short-term holder realized price, which is basically the average buy price for short-term holders and it has often acted as crucial support and resistance for BTC and it was the same in this year too. That is basically because this average buy price acts as an equilibrium for short-term holders to start selling. While we have stayed above it for this whole year and it acted as a support to catapult us to new year-to-date heights, after this recent price crash towards $25k we have taken that short-term holder realized price as resistance for the first time. This is very akin to 2019, where after a mini bull market where BTC stayed above it as support then it fell below after that mini bull market. Then we remained in a small correction until the next Halving and timing-wise we are at the very same trajectory right now. So now it is time to show endurance once again, the upcoming months could be boring, they could be bearish, but we will stay as always. submitted by /u/partymsl [link] [comments]
- STOP LISTENING TO CONTENT CREATORS. They are selling you hopium and making a lot of money doing it. They are the pickaxe sellers of the Gold Rush.by /u/Luckystratjacket (Cryptocurrency News & Discussion) on September 27, 2023 at 7:47 pm
During the Gold Rush, the people who made out the best were the companies selling pickaxes to people looking to mine gold and get rich. Most gold miners failed and earned very little and/or nothing while the pickaxe companies made millions. STOP BLINDLY LISTENING TO CONTENT CREATORS SELLING YOU HOPIUM, NO ONE KNOWS WHATS GOING TO HAPPEN. Posts that have "hopium" or positive outlooks garner way more views and interactions than bearish ones, thus making more money. While it's nice to have a positive outlook, these guys will be telling you everything is OK and to buy the dip all the way down to 0 because they will still be making TONS OF MONEY by saying that. If the market truly collapses and goes into a multiyear bear market, they will still be making money off hopium while everyone else loses a lot of money. They are in a win/win situation with their content and they do not care about you. They care about selling their hopium as views which makes them money. If the market tanks, goes sideways, or moons, they will be making money. You have ZERO evidence they believe in crypto as much as they say and you have ZERO evidence they even have their money where their mouth is. Always be careful listening to people who literally get paid to say certain things by people looking to hear those certain things. When things change, they will not change with the times. If YOU believe in Crypto, that's all that matters. Don't believe in Crypto because someone is making money telling you to believe in it. Form your own opinions. Crypto content is massive right now and people make A LOT more money posting hopium than they ever will telling you to be careful and pointing out the risks. submitted by /u/Luckystratjacket [link] [comments]
- Almost 90% of SHIB investors are holding a losing positionby /u/Current_Argument_687 (Cryptocurrency News & Discussion) on September 27, 2023 at 7:47 pm
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- What do you think about new nft projects?by /u/Tweettys (NFT) on September 27, 2023 at 7:25 pm
I have been following NFT projects for a very long time, I even participated in some places as a developer. My team and I decided that it would be nice to try to build an ecosystem in the BSC. Right now I don't think this is the best time for NFT projects. But still, do you think there is a chance for new projects? And which blockchain would you choose? submitted by /u/Tweettys [link] [comments]
- Would you be interested in a NFT project inspired by Beyblade?by /u/SameFuture7469 (NFT) on September 27, 2023 at 7:11 pm
I’ve been working on a project for a little over 2 years that follows this same idea, in fact I made a real-time PvP game that players can use their NFT’s in to battle eachother and earn rewards. If anyone wants to learn more abt it message me for the project link! submitted by /u/SameFuture7469 [link] [comments]
- New Moons Distribution (Round 44 Proposal)by /u/CommunityPoints (Cryptocurrency News & Discussion) on September 27, 2023 at 6:46 pm
Moons are r/CryptoCurrency's version of Community Points. Community Points are a way for users to be rewarded for their contributions to the subreddit, and they can be used on premium features in the community. Moons are distributed every 4 weeks based on contributions people make to r/CryptoCurrency. For every distribution, Reddit publishes karma data as a default measure of contribution. The community can review the data and optionally propose an alternative distribution, if they wish. This distribution is based on karma earned from 2023-08-30 to 2023-09-26. Here is the data. To propose an alternative distribution: You can create a CSV with alternative contribution scores or propose changes to the algorithm used to calculate them from karma (as long as the changes can be implemented easily). The amount of Moons distributed to a user will be proportional to their contribution score. Contribution scores cannot be negative. Make a poll to have the community vote on your proposal. Include an accurate description of the changes you are proposing. In order to pass, the winning option in the poll must meet the decision threshold (minimum number of Moons in support). If it is in favor of the change, it becomes the official contribution measurement (unless there is evidence of abuse in the vote, such as bribery). Algorithm changes will carry forward to future distributions. In case of multiple competing polls passing, the one with the most Moons cast in favor will be the official one. If no alternative passes, the data provided here will become official. The contribution scores for this round will be finalized on 2023-10-04. Any poll proposing an alternative needs to be completed by then. After the scores are finalized, Reddit will sign the data and publish the final, official data. After that, people with a registered Vault will receive Moons directly into their Vault. Other users will receive their Moons when they create and register a Vault. submitted by /u/CommunityPoints [link] [comments]
- Kraken to launch stock trading services for U.S. and U.K. markets: Reportby /u/soyelvorph (Cryptocurrency News & Discussion) on September 27, 2023 at 6:16 pm
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- Justin Sun Offers 5% Reward for Hackers That Stole $8,000,000 From Crypto Exchange HTX - The Daily Hodlby /u/OkCaterpillar822 (Cryptocurrency News & Discussion) on September 27, 2023 at 3:08 pm
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- Domyou guys still think that NFTs are worth something? Especially NFTs that yall have.by /u/WoodpeckerOk4435 (NFT) on September 27, 2023 at 3:04 pm
submitted by /u/WoodpeckerOk4435 [link] [comments]
- Can we get a tag/flair for Stargaze NFTs?by /u/The_Wadsquad (NFT) on September 27, 2023 at 1:15 pm
I feel like it deserves a flair spot 😭 submitted by /u/The_Wadsquad [link] [comments]
- Do you think 2021 NFT collections will have some historical value in the future?by /u/starwalkertop (NFT) on September 27, 2023 at 11:26 am
As a NFT artist that started in March 2021, I followed the NFT BOOM. I could buy apes for .07eth and I've owned cool cats, wow, ghxsts, etc. But I really like to create. So in march 2021 I've created my first collection. Then my head pop with a lot of ideas and I've created more than 15 NFT collections in just 10 months (idk any other artist that did that, if you do, let me know). 2 of them with 10k assets. A couple with 1k assets and other smaller ones. I really like that time. I am an experienced webdev who, at the time, were very tired to work on this and I could manage to maintain my self and my family working with NFTs only during the boom. I suck at marketing and now I own a lot of collections with more than a year without any sales. I know the bear did this but I did not have the resources and time to invest in marketing and I'm wondering if some day things can get better. Yes, I love to create. I created a lot of collections because I've decided not to keep the ideas in my head. I have a couple of hundred collectors but since Musk took over twitter, I did not have the resources even to pay for the blue check and my marketing gave a break. But the NFTs will be there for life. Will they be "antiques" in the future? I imagine those old and nice dishes being sold in a yard sale. Or, who knows, people can discover and buy out one of my 10k collection because they really liked it. I'm just wondering if NFTs from 2021 will have this historical value. I have a couple of collections created before BAYC but most of them were made during and after that point in time. submitted by /u/starwalkertop [link] [comments]
- How do scamming "founders" sleep at night? (rant).by /u/ansarogu (NFT) on September 27, 2023 at 9:02 am
Just like the title says, how do these people get on with their lives knowing people trusted them with their hard earned money and all they got in return is a "it's the community's fault the project is dead". I understand it's a volatile and highly speculative market but when the founder of a project already has en exit strategy while convincing everyone in the project to continue investing with the intention of simply walking out with those funds under the disguise of "investment risk " is unforgivable IMO. submitted by /u/ansarogu [link] [comments]
- Please Read This If You Have Been Asked to Mint Your Artwork as NFTsby /u/commandergeoffry (NFT) on September 27, 2023 at 5:29 am
Mods, please consider pinning this. I think there’s been enough posts on this topic to warrant something visible and prominent. Firstly, I work in the web3 space, specifically in the security and fraud areas. I see these scams daily, it’s my job. If you have been contacted on Instagram or other social platform and offered a ridiculous sum to mint your art, it is a scam. I could yada yada about things being too good to be true, but we’re all looking for that opportunity and some extremely intelligent and experienced people have fallen for these scams. There’s dozens of ways you could end up victimized should you choose to engage. I’ll outline a couple, but there’s many different variations and they’re always changing tactics. The first popular one is making contact with you on a social platform, offering you an attractive sum if you mint your artwork and list it on a web3 platform. They’ll give you steps and help you through the process, but then they’ll tell you that they encountered an error and can’t purchase the item. From here they could go a couple different ways. They could hit you with a fake support link, it’ll prompt you to sign with your wallet to verify your account and drain your items, tokens, or both. Or they could be a bit more patient and send you to the official discord of a platform, there you’ll be contacted by what looks like a verified official member of the company. It’s not. It’s a fake account that joins shortly before you do and contacts you before they are banned. Because they look so official, you’ll hear them out. They will convince you that in order to proceed with a sale of this magnitude you’ll need to verify your account and ask you for fees. They could also hit you with a fake link to file a ticket. You get the idea. There’s any number of ways you can be victimized once you’re communicating directly with scammers. Always be cautious. Anybody can fall victim to these scams. Our judgement can be impaired for any number of reasons, the most important thing is to note a few critical things: You will never have to send fees for any sort of verification on a major platform You should never click a link from a stranger that you can find yourself, and if you can’t, question why that is. Clicking one link is all it can take. QR codes are links, treat them with caution. Always pay attention to the prompts when you sign a transaction. Specifically look for things like approve_all or anything beyond a simple signature. Wallets are much better these days about providing you with warnings about the functions of certain contracts, but you should never rely solely on this. Always read prompts. There is no recourse. Transactions on the blockchain are not reversible. Once things are gone, they’re gone for good. If anybody is interested in more of this, let me know and I can provide a few more in depth tips on how to stay safe as well as more common vectors of being victimized. Stay safe everyone. Turbulent times ahead, but onwards and upwards. submitted by /u/commandergeoffry [link] [comments]
- How does one insert royalties on nfts?by /u/Intelligent_Fig_5726 (NFT) on September 26, 2023 at 9:12 pm
Hello guys, I want to insert royalties in my nft im having issues doing so on smart contract .is there a way to add royalties on opensea manually? So I get some percentage whenever my nft gets sold? Also is there a way to put it to the smart contract? Let me know guys! Have a great day submitted by /u/Intelligent_Fig_5726 [link] [comments]
- I have an offer to sell artwork as NFTs, is this a scam?by /u/PotatoSubject3931 (NFT) on September 26, 2023 at 9:06 pm
I am a photographer. I have a fine art series that's done reasonably well and has had some international press coverage (nothing huge, but a popular art mag in the U.S and a popular photography mag). I recently got an inquiry through instagram to sell 3 works as NFTs. I have sold limited edition prints through inquiries on instagram before, but these works aren't minted as NFTs and I'm highly skeptical of the offer given how little I know about this. Is there a potential scam here? If I were to mint these 3 works as NFTs, aside from this prospective buyer failing to follow through, is there anything at risk? I haven't responded yet, so the scam may further reveal itself if it is indeed a scam, but any red flags I should look out for? submitted by /u/PotatoSubject3931 [link] [comments]
- Question about NFT Minting and intellectual property protection.by /u/SnooGrapes5953 (NFT) on September 26, 2023 at 1:37 pm
Hello, and thanks in advance for any help or advice! The Question: Can someone screenshot an (unminted) image that has been posted on a social network and then mint it first thus stealing the artist's right to mint his own work? And if so, how can I stop this from happening to my work? Background: I am a digital artist and new to the world of NFT. I have begun minting work that I have already posted on social networking sites because I have received requests to purchase my work as NFTs. And yes, I have noticed that a great deal of these requests come from scammers. But after doing all the research I believe that there is a potential for some of my work to sell on opensea. However, I am nervous that these scammers might just screenshot my work and mint it first. Which would stop me from being able to mint it myself. submitted by /u/SnooGrapes5953 [link] [comments]
- What are key utilities that can work well now not later for NFTs?by /u/Valdeztron (NFT) on September 26, 2023 at 12:27 pm
A lot of speculation how NFTs can be used to be part of everyday life. I want to hear your opinion. Your answers can also guide future pioneers in the space. When I mean now is now and into the future. This post is not about potential NFT use cases in the near future. submitted by /u/Valdeztron [link] [comments]
- How y’all doin in here?by /u/Sad-Idea675 (NFT) on September 26, 2023 at 8:31 am
Just a passerby taking a victory lap on all the gullible idiots who lost thousands to hundreds of thousands of $$$$ on this obvious ponzi scheme lmfaoo are y’all having fun as a bunch of “bored apes” yet? Lmfaooo fucking idiots, I hope y’all never financially bounce back submitted by /u/Sad-Idea675 [link] [comments]
- Looking for some thoughts on simple NFT utilitiesby /u/hopstopscotch (NFT) on September 26, 2023 at 3:15 am
Hey all- Full transparency I have built an NFT project (I will NOT be naming this project, nor giving out any details that would doxx it) MODS if this post is not within guidelines, please delete. I am genuinely looking for advice as to what people look for in NFT utilities. My project is self-funded and I obviously don’t have tons of money to throw at it lol. One utility we already have in place is donating a fairly significant percentage of all profits to charity. Another is lore that will be built out over time. Here’s a utility idea we are looking at for our project: With each release we list 3-5 various combinations consisting of 5 NFT’s. Buyers look on our website to see which NFT’s they should be trying to collect. This makes the reward somewhat challenging but still obtainable. It would be once per collection. The reward would have several perks: Something that allows you to be first to buy, (can’t type out the word or it’s removed lol) A rare NFT, a percentage of sales, or a set amount of crypto. (We haven’t decided yet) Does this sound fun and engaging? I sort of equate it to when McDonalds does their monopoly game every once in a while lol. People can trade, buy etc. but nobody really knows who has what NFT unless the community comes together to figure it out. Thanks for any input! And if you have any ideas I’d love to hear them submitted by /u/hopstopscotch [link] [comments]
- Are NFTs dead? I’m asking you.by /u/The_Aechaar (NFT) on September 26, 2023 at 2:33 am
(A good intro point for anyone entering the NFT space) I’m re-entering the crypto space after a really long time, and I’m just curious if the NFT space is as supporting of young artists as it used to be. To be clear, I'm not questioning NFTs as a whole. I'm a massive proponent of the technology. I'm just wondering if it's worth spending my time and money to put my pieces up for sale. Are there any better alternatives for artists to make money? Which marketplace should I try if I was going to mint? Thanks for your insights in advance. (Slightly unrelated question: Do you think now is a good time to invest in NFTs and cryptocurrencies?) submitted by /u/The_Aechaar [link] [comments]
- Best utility nft collectionby /u/Active_Gazelle_2471 (NFT) on September 26, 2023 at 2:11 am
Best utility collection in my opinion The most profitable utility by far for me has been the “loudpunx” collection which is founded by rolling loud music festival which offers lifetime vip access to all and any of there shows , I will explain how I believe its the best utility in my eyes So rolling loud is a 3 day music festival that happens multiple times a year around the world . Tickets range from 450$ general admission, 1000$ vip and so own . With one of the loudpunx nfts it offers vip to all theres shows for life , so if you went to two shows you already made your money back , another thing is you can also rent it out to friends or people so you can sell them the vip wrist band even if you was to sell it at 700$ each show you dont go to , thats just all profit for you , while you still have possession of the nft !!! And on top of that you can always sell the nft submitted by /u/Active_Gazelle_2471 [link] [comments]
- Microsoft Leak: Adding Crypto Wllet In Xboxby /u/Valdeztron (NFT) on September 26, 2023 at 1:39 am
This can turn everything around for NFTs. The gaming might be the niche that set things off for NFTs! submitted by /u/Valdeztron [link] [comments]
- Best utility collection in my opinionby /u/Active_Gazelle_2471 (NFT) on September 25, 2023 at 11:52 pm
The most profitable utility by far for me has been the “loudpunx” collection which is founded by rolling loud music festival which offers lifetime vip access to all and any of there shows , I will explain how I believe its the best utility in my eyes So rolling loud is a 3 day music festival that happens multiple times a year around the world . Tickets range from 450$ general admission, 1000$ vip and so own . With one of the loudpunx nfts it offers vip to all theres shows for life , so if you went to two shows you already made your money back , another thing is you can also rent it out to friends or people so you can sell them the vip wrist band even if you was to sell it at 700$ each show you dont go to , thats just all profit for you , while you still have possession of the nft !!! And on top of that you can always sell the nft submitted by /u/Active_Gazelle_2471 [link] [comments]
- Minting personal databy /u/BudoftheBeat (NFT) on September 25, 2023 at 11:00 pm
I just had a thought. I have no idea how to go about this or what the actual laws are which is why I'm asking here. Is it possible to mint your own personal data? If so, would it be possible to sue companies for selling your personal data since you have the official NFT of your personal data? submitted by /u/BudoftheBeat [link] [comments]
- What do people like most in the road map of NFT projects?by /u/Overnightgangsta (NFT) on September 25, 2023 at 9:45 pm
What do people prefer the most in utility NFTs? I want to make something unique and some thing people will love, not something generic. What are good daps to have for my NFT holders? Please let me know good ideas of what people love! submitted by /u/Overnightgangsta [link] [comments]
- Why are brands rushing to secure the first NFT trademark registrations if NFTs are worthless? 🤔by /u/Oxfordcom (NFT) on September 25, 2023 at 3:41 pm
Source: https://open.substack.com/pub/niftysparks/p/nfts-worthless-collections-and-china-trademarks?r=1qvkyd&utm_medium=reddit&utm_campaign=nfts submitted by /u/Oxfordcom [link] [comments]
- New Article: Grey NFTs: Unpacking the murky world of ‘kind of’ Licensed NFTsby /u/nonfungibletalkin (NFT) on September 25, 2023 at 2:22 pm
New Article on Medium. https://medium.com/@NFtalking/grey-nfts-unpacking-the-murky-world-of-kind-of-licensed-nfts-716031a56660 submitted by /u/nonfungibletalkin [link] [comments]
- Weekly NFT discussion. What are you looking forward to this week?by /u/Ivo_ChainNET (NFT) on September 25, 2023 at 7:03 am
Share the NFT mints, collections, and events that you're excited about! submitted by /u/Ivo_ChainNET [link] [comments]