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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
- Help me with nft offerby /u/matches_malone40 (NFT) on October 1, 2023 at 7:48 pm
Hi , im a small time artist , love to sketch artworks, someone contacted me to buy my sketches for quite great price , turns out person will converts these to nfts , So should i be vary , sell this person my work , is this scam or something I m not really that protective of my sketches in a sense , so i dont mind making few bucks , but does this sounds offer legitimate ? submitted by /u/matches_malone40 [link] [comments]
- Over $200m worth of crypto will enter circulation in Octoberby /u/Existing_Web_1300 (Cryptocurrency News & Discussion) on October 1, 2023 at 7:44 pm
submitted by /u/Existing_Web_1300 [link] [comments]
- On 29 May 2011 the New York Times wrote their first piece about Bitcoin. They state "But this abstract gold may not survive what looks like a bubble." Bitcoin was priced at $8.60.by /u/Mr_Bob_Ferguson (Cryptocurrency News & Discussion) on October 1, 2023 at 7:10 pm
Having a look back through history is always fun, and in this instance back to possibly the first ever article written about Bitcoin by the New York Times. The date was 29 May 2011 and Bitcoin was priced at $8.60. What was happening at this point in time? This was still the early days of Bitcoin, it had only been declared dead literally a couple of times (source: https://99bitcoins.com/bitcoin-obituaries/). It had been only 1 year and 7 days since the infamous 10,000BTC pizza. Mt Gox hadn't yet been breached. The article: We must remember at this time that the idea of cryptocurrencies was very new, so they had to spend half of the article trying to explain what Bitcoin was, and for this they actually don't do a bad job at all, even including potential benefits and comparisons with fiat such as "The concept of the Bitcoin is no less real than regular paper money or coins". A few key callouts: "But there aren’t many businesses that accept Bitcoins. So it seems likely that enthusiasts and speculators are hoarding them without regard to the value they really represent." - This is still largely the case. Bitcoin was intended for digital transactions, but it has been more of a speculative bet / store of value since. "A bubble that bursts when the abstract intellectual appeal fades would probably doom the otherwise creative idea." - I guess that abstract intellectual appeal never faded quite enough for it to be doomed. Source: https://www.nytimes.com/2011/05/30/business/economy/30views.html What happened with Bitcoin prices from here? The New York Times wrote this article just as Bitcoin was on a strong upward trajectory for a few months: $9.57 in June $15.30 in July We then saw a drop for the second half of 2011, finishing the year at around $3.00. Source: https://www.in2013dollars.com/bitcoin-price-in-2011 What did the New York Times write next? The next article I could find was at the start of July. The Mt Gox hack had occurred. They interview Gavin Andresen (https://en.wikipedia.org/wiki/Gavin_Andresen), a key Bitcoin developer of the early days. He was also the guy who launched the Bitcoin Faucet and gave away almost 20,000BTC. The sentiment of the article is still relatively balanced, they don't claim that it is dead, but understandably there are also a lot more questions raised. Source: https://www.nytimes.com/2011/07/04/business/media/04link.html Thoughts: I was surprised not to see more negativity from mainstream media at this point. But at this stage big business hadn't seen it as a threat in any way. If you read that first article in the New York Times, and placed $1000 into Bitcoin at that time at $8.60, it would have bought 116.27BTC. Today valued at approximately $3.14 million. This proves that you can read something in the New York Times and still be early. submitted by /u/Mr_Bob_Ferguson [link] [comments]
- Exposing the Peylex Crypto Scam: How to Protect Yourself from Cryptocurrency Scamsby Raj (Cryptocurrency on Medium) on October 1, 2023 at 6:58 pm
Peylex.com is a cryptocurrency scam that has been stealing money from people since at least 2021. The scammers use a variety of tactics to…Continue reading on Medium »
- Love Letter$: A Pig Butchering Taleby /u/LightEnergyBun (Cryptocurrency News & Discussion) on October 1, 2023 at 6:58 pm
Good afternoon friends. How about I tell you a story? On May 8 I received a wrong number text from an unknown person asking for a yoga instructor. After responding that they had the wrong number they apologized and said that they entered in the wrong area code. After a brief chat via text they identified themselves as a young woman. Then after formal introductions she asked if I had Telegram. When I provided my Telegram username I received a message from an individual who identified herself as “Dalina”. After much conversation and questions about me personally she had stated that her uncle worked for Grayscale (https://grayscale.com/) based in New York. "Dalina" claimed she was based in San Francisco (near China Town). After small talk about what is going on in the world "Dalina" mentioned that she invested in stocks (specifically Tesla) and had real estate in the Bay Area. Apparently she was "losing money" and wanted to diversify her portfolio. When I asked about her work she said that she owned a small clothing company that did business mostly in China. As we were messaging back and forth "Dalina" would send multiple video messages. Then we had a video chat for a few minutes because she wanted to make sure that I was an actual person. "Dalina" eventually asked about whether I was interested in being involved in an investment platform for quick profits. She wanted to help with my finances because her uncle had “smart contracts” that when traded on specific nodes would net large profit margins. I came to learn that the nodes occurred on an “unregulated” exchange and were broken down into 30s, 60s, 90s and 120s. Apparently that meant that short terms investments could generate quick profits which could then be used for future nodes. Each node had different thresholds (i.e. minimum amounts required to participate). However you could use larger amounts if you so choose. The process started with her introducing the Cash app and depositing small amounts (i.e. $100) and then moving them into an exchange called DFLSKY (https://dflsky.com/app) which then would enter a node and generate a “profit”. The first $500 provided me with around $100 profit which was then sent to my Crypto app. The next amount would be $5000 and so on and so forth. There was a time when a "huge node" was coming up and I was short on funds. No problem because "Dalina" said I could borrow from DFLSKY. I ended up borrowing money directly from DKLSKY through their customer service. Magically an extra 50K appeared in my wallet and after even more profits I would have to pay the loan back. That required sending a payment plus interest to a separate ERC20 wallet. "Dalina" said that they she wanted to travel around the world with someone and that her heart had been broken by her then husband. Absolutely a story that would tug at your heart strings and make you think that maybe you could be her partner (in crime). I would get a message from her every morning, throughout the day and every evening before bed. Who would have thought you could have someone in your life without even seeing them face-to-face. "Dalina" would ask me about my dreams and what I wanted to do to secure my future. She encouraged me to go buy a new car and not to "think too much" about money. Whenever I would respond with I don't have x amount she would suggest withdrawing from my 401K. Then after that didn't work "Dalina" encouraged me to take out a loan against my 401K (red flag #5) When I finally thought to myself that I had reached the end I was told to withdraw the funds and send to my Crypto.com wallet. After submitting a request to withdraw through the DFLSKY app I received an email stating that I had to pay an additional $87,165.02 (i.e. tax payment). This payment had to be made directly to DFLSKY using an ERC20 account that they provided via email. No additional funds were sent after DFLSKY requested a tax payment. Discussions with “Dalina” through Telegram stopped once the manipulation hit power level 150,000,000. The total amount that was deposited into the exchange (DFLSKY) was $128,403.45 Now you might be saying there is absolutely no way that this happened to me. Just kidding. This is a tale as old as time and sadly I will not be the last person that falls for this magic trick. The good news is that it stopped there and I took a long look in the mirror. Never did I imagine that I had signed up to be a test subject for MK ULTRA. You can download basically my entire Telegram chat log (including photos and videos) along with payment details as proof: Telegram (chat/photos/videos) https://drive.google.com/file/d/1PDmMsNm_NhWdkBLuPbGInHkjRYYatthV/view?usp=drive_link Payment (date/time/wallet)https://imgur.com/a/5v8U1CK Scammer Wallet Addresses 0x72477606Af44d43Baa323D9B42594Eb7B016F89B 0x428374Cd4391635B7D8D4F8CAB6d4E583153a5F4 0xb44246DB9F460A27Df903d682C24ed8c8aB05305 0x689bf8028cA8cCA66f5f8B02C3a8c1Ba400D6E4c 0x689bf8028cA8cCA66f5f8B02C3a8c1Ba400D6E4c 0x689bf8028cA8cCA66f5f8B02C3a8c1Ba400D6E4c 0x4fb973BE1E791FFAd148de2e6085b206Bf770fb9 (alleged 75K payment by scammer) 0x689bf8028cA8cCA66f5f8B02C3a8c1Ba400D6E4c (DFLSKY tax payment address) Feel free to do whatever you want with this information as I have provided everything for educational purposes. submitted by /u/LightEnergyBun [link] [comments]
- Basic Knowledge Of Crypto Currencyby Taofeek Adams (Cryptocurrency on Medium) on October 1, 2023 at 6:52 pm
WHAT IS CRYPTOCURRENCY Crypto is a type of digital or virtual currency known as cryptocurrency employs cryptography as a form of…Continue reading on Medium »
- How To Get Free 10 BNB with PancakeSwap Full Tutorial 2023by Sarah James (Cryptocurrency on Medium) on October 1, 2023 at 6:50 pm
Free Binance Smart Chain Token (BNB)? Yes, who wouldn’t want some free cash?Continue reading on Medium »
- Earn $500+ with the viral Income system of 2023!by Virasilvi (Cryptocurrency on Medium) on October 1, 2023 at 6:50 pm
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- How To Get Free 4 ETH with UniSwap Full Tutorial 2023by Sarah James (Cryptocurrency on Medium) on October 1, 2023 at 6:49 pm
Want to get free Ethereum? Yes, who wouldn’t want some free ETH tokens?Continue reading on Medium »
- Blockchain Explained: A Beginner’s Guideby Devaang Nadkarni (Blockchain on Medium) on October 1, 2023 at 6:46 pm
Unlock the mysteries of blockchain! 🌐 Discover the fundamentals and potential of this revolutionary technology in our beginner’s guide. 🚀Continue reading on Medium »
- If you don't already, you need to understand the difference between APR and APY. Otherwise, you will sound like a fool.by /u/Luckystratjacket (Cryptocurrency News & Discussion) on October 1, 2023 at 6:46 pm
Return on investments are not expressed by months, weeks or days. They are expressed annually. So when you say, "You can get 2% of APY/month", or "with a 1% interest/week", or "if you coumpound interest on a 10% APY", then you sound like a fool. There are two different acronym you need to understand. APR : Annual percentage rate; it's the annual rate of return on an investment, without any compounding. It's basically the return you realise by lending (or staking, etc.) an asset after a year, if you do not touch it (no compounding). So, if you invest $100'000 with a 10% APR, you will get a return $10'000 after a year (10%). APY : Annual percentage yield ; it's rate of return earned on an investment, taking into account the effect of compounding interest. It's the return you realise when compounding the interest whenever it's possible to do it. The compounding can take place daily, weekly, monthly, annually. It depends on the terms & conditions of your investment. Compound interest: it's the fact the interest accrued on your investment is (automatically/manually) added to your investment and start accruing interest as well. An APR where you can compound interest daily is going to be a much higher APY than an APR with monthly coumpounding. Let's take a few examples: 12% APR. That's 12% per year (or 1% per month if you want). So if you invest $100, you get 12$ a year (1$ every month). After a year, you have $112. 12% APR allowing you to monthly compound. That's a 12.68% APY. So if you invest $100, you get 1$ the first month (that you coumpound), $1.01 the next month, $1.021 the third, $1.0303 the fourth, and so on. 18% APY with a daily compound, is a 16.56% APR. 45% APY with monthly compound, is a 37.18% APR. I hope that helps some of you to better understand the financial aspects your investments and use the correct terminology, so you don't look and/or sound uneducated. Have a great day! submitted by /u/Luckystratjacket [link] [comments]
- Demystifying Blockchain: Understanding the Technology and Its Impactby Lmarkovicbb (Cryptocurrency on Medium) on October 1, 2023 at 6:44 pm
Blockchain technology is more than just a buzzword; it’s a transformative force reshaping industries, economies, and the way we trust and…Continue reading on Medium »
- Demystifying Blockchain: Understanding the Technology and Its Impactby Lmarkovicbb (Blockchain on Medium) on October 1, 2023 at 6:44 pm
Blockchain technology is more than just a buzzword; it’s a transformative force reshaping industries, economies, and the way we trust and…Continue reading on Medium »
- Unlocking Cross-Collateralization with Safeth: Your Gateway to a Dynamic Financial Ecosystemby Rev Cynthia Pustelak Safeth Ministries (Bitcoin on Medium) on October 1, 2023 at 6:44 pm
Continue reading on Coinmonks »
- Unlocking Cross-Collateralization with Safeth: Your Gateway to a Dynamic Financial Ecosystemby Rev Cynthia Pustelak Safeth Ministries (Blockchain on Medium) on October 1, 2023 at 6:44 pm
Continue reading on Coinmonks »
- Unlocking Cross-Collateralization with Safeth: Your Gateway to a Dynamic Financial Ecosystemby Rev Cynthia Pustelak Safeth Ministries (Cryptocurrency on Medium) on October 1, 2023 at 6:44 pm
Continue reading on Coinmonks »
- What I Learned in 6 Months Studying Blockchain Development and Cryptocurrenciesby Fábio Luiz Vieira Filho (Blockchain on Medium) on October 1, 2023 at 6:39 pm
Hello everyone, I hope you are well! Today we will discuss a fascinating topic: blockchain and cryptocurrency development. Over the past…Continue reading on Medium »
- E così, vorresti indovinare una chiave privata valida di Bitcoin?by Nicola Lamonaca (Blockchain on Medium) on October 1, 2023 at 6:34 pm
Se stai pensando che provare a indovinare una chiave privata valida di Bitcoin sia un ottimo modo per ingannare il lento scorrere della…Continue reading on Medium »
- E così, vorresti indovinare una chiave privata valida di Bitcoin?by Nicola Lamonaca (Bitcoin on Medium) on October 1, 2023 at 6:34 pm
Se stai pensando che provare a indovinare una chiave privata valida di Bitcoin sia un ottimo modo per ingannare il lento scorrere della…Continue reading on Medium »
- Тариф 4: подробнее про курсby Krak (Cryptocurrency on Medium) on October 1, 2023 at 6:32 pm
На нашем сайте появилась возможность приобрести наш курс по P2P Арбитражу для тех, кто только начинает свой путь и тех, кому нужно…Continue reading on Medium »
- While ETH prices are surging, an Ethereum whale trades $10M USDC for 6K ETHby WorldmagzineNews (Bitcoin on Medium) on October 1, 2023 at 6:32 pm
A well-known Ethereum whale demonstrating his belief in the upside potential of the digital currency.Continue reading on Medium »
- While ETH prices are surging, an Ethereum whale trades $10M USDC for 6K ETHby WorldmagzineNews (Blockchain on Medium) on October 1, 2023 at 6:32 pm
A well-known Ethereum whale demonstrating his belief in the upside potential of the digital currency.Continue reading on Medium »
- Embarking on a Blockchain Odyssey: Unveiling My Passion for Decentralized Innovationby Lmarkovicbb (Cryptocurrency on Medium) on October 1, 2023 at 6:31 pm
Blockchain, for me, transcends mere technology — it’s a wellspring of endless inspiration and a catalyst for profound change. Today marks…Continue reading on Medium »
- Embarking on a Blockchain Odyssey: Unveiling My Passion for Decentralized Innovationby Lmarkovicbb (Blockchain on Medium) on October 1, 2023 at 6:31 pm
Blockchain, for me, transcends mere technology — it’s a wellspring of endless inspiration and a catalyst for profound change. Today marks…Continue reading on Medium »
- Social App Altcoin with Huge Potentialby Sovereign Crypto (Blockchain on Medium) on October 1, 2023 at 6:28 pm
Early Stage Web 3 Social App and Ecosystem flying under the radar … for now.Continue reading on Medium »
- Social App Altcoin with Huge Potentialby Sovereign Crypto (Cryptocurrency on Medium) on October 1, 2023 at 6:28 pm
Early Stage Web 3 Social App and Ecosystem flying under the radar … for now.Continue reading on Medium »
- Former FTX engineer speaks out about Sam Bankman-Fried's sex orgies and role-playing sessions at their luxury Bahamas penthouseby /u/eat-sleep-rave (Cryptocurrency News & Discussion) on October 1, 2023 at 6:21 pm
submitted by /u/eat-sleep-rave [link] [comments]
- How to Create a Web3 Wallet in 4 Easy Steps (2023 Guide)by Ines S. Tavares (Blockchain on Medium) on October 1, 2023 at 6:15 pm
Learn how to create a Web3 wallet for free, in minutes.Continue reading on Medium »
- The insider trading cartel that abuse DEXsby /u/Nirbhik (Cryptocurrency News & Discussion) on October 1, 2023 at 6:12 pm
Solidus labs recently published a detailed crypto market manipulation report and the findings are alarming. You can find the complete report here (you need to have a business email ID to access it). Here is a summary of its main findings: Solidus’ crypto market integrity platform HALO revealed evidence of insider trading via DEXs (decentralized exchanges) connected to 56% of all ERC-20 token listing announcements on a number of major crypto exchanges since January 2021.1 Altogether, HALO falgged around 100 suspected insiders that have engaged in over 400 insider trading events!! Who are these entitites?? Are they some sort of a shady cartel of high net-worth crypto investors?? The table below summarizes Solidus’ analysis of the insider trading events surrounding major exchanges’ ERC-20 token listing announcements: DEX-Based Crypto Insider - an entity that uses a cryptocurrency wallet (or group of connected wallets) to execute on-chain purchases of a token just before its listing is announced by a centralized exchange – and on-chain sales of that same token shortly after that listing announcement In total, out of the 234 ERC-20 token listing announcements studied, a whopping 56% were affected by insider trades with around 411 distinct insider trades! Furthermore, serial insider trading makes up the majority of this suspicious activity. They define serial insider as a cryptocurrency wallet (or group of connected wallets) that has executed suspicious trades before and/or after two or more token listings. The predominant scheme of insider trading seems to be comprise of buying the token using a decentralized exchange days or hours before its listing is announced by a centralized exchange/crypto platform. The entity then sells the token using a DEX shortly after. One serial insider traded ahead of 14 listings using DEXs – and as many as 22 more using CEXs!! This guy used nine separate but connected Ethereum addresses to frontrun 14 token listing announcements on one exchange throughout 2021. These addresses – each of which have direct or indirect exposure to a single consolidation address – spent a combined $2.7 million buying tokens before their listings were announced, only to flip them for a profit of over $300,000 after. https://preview.redd.it/7vsp1auysmrb1.png?width=955&format=png&auto=webp&s=c99dce512a02cfd39ed39142a3aefdea0c19bd75 Solidus has also identified 54 additional wallets that have traded ahead of just one ERC-20 token listing announcement – potentially indicative of insider trading by token issuers, market makers, or investment firms. Their findings suggest that the pseudonymity of DEX trading, along with the fact that crypto assets are often listed on DEXs and other CEXs well before they are listed on major exchanges, increases the appeal – and therefore frequency – of insider trading in digital assets relative to stock markets. submitted by /u/Nirbhik [link] [comments]
- Safeth Placeholder Tokens on Exchanges: Unveiling the True Nature of Token Namesby Rev Cynthia Pustelak Safeth Ministries (Bitcoin on Medium) on October 1, 2023 at 6:09 pm
Continue reading on Coinmonks »
- شماره خاله ساری شماره خاله تهران شماره خاله شیراز شماره خاشماره خاله شماره خاله کرج شماره خاله مشهد…by شماره خاله تهران (Blockchain on Medium) on October 1, 2023 at 6:08 pm
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- Cryptocurrencies or stocks?by CryptoRunn (Bitcoin on Medium) on October 1, 2023 at 6:04 pm
Hello friends today we discuss a topic that names Cryptocurrencies or stocks?. If you read the full article You know Cryptocurrencies or…Continue reading on Medium »
- So, you want to guess a valid Bitcoin private key?by Nicola Lamonaca (Bitcoin on Medium) on October 1, 2023 at 5:59 pm
If you’re thinking that trying to guess a valid Bitcoin private key is a great way to spend the time on a slow Sunday afternoon, this…Continue reading on Medium »
- Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023by /u/Geolinear (Cryptocurrency News & Discussion) on October 1, 2023 at 5:57 pm
submitted by /u/Geolinear [link] [comments]
- FTX's Bankman-Fried Cannot Blame Lawyers in Opening Statement: Judgeby /u/jet_life_next_life (Cryptocurrency News & Discussion) on October 1, 2023 at 5:48 pm
submitted by /u/jet_life_next_life [link] [comments]
- Market Research for October 1by ATNirex (Bitcoin on Medium) on October 1, 2023 at 5:47 pm
Market Research for October 1, is now available:Continue reading on Medium »
- Bitcoin Private Key: The Key to Your Cryptoby Raj (Bitcoin on Medium) on October 1, 2023 at 5:44 pm
A Bitcoin private key is a secret number that allows you to spend your Bitcoin. It is a 256-bit number, which is a very large number with…Continue reading on Medium »
- Unleash the power of Biton Coin!by Biton Coin - The sign of success (Bitcoin on Medium) on October 1, 2023 at 5:41 pm
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- Pi Cycle Top indikatörü nedir, yatırımcılar nasıl yorumlamalı ?by Burak Tamaç, Ph.D. (Bitcoin on Medium) on October 1, 2023 at 5:31 pm
Finansal Okuryazarlık, Özgürlük, On-chain ve Bitcoin ile alakalı tüm yazılımı websitem’de okuyabilirsiniz.Continue reading on Medium »
- How Bitcoin Can Help People Cope With Hyperinflation: can people escape it when their fiat is rapidly losing buying power?by /u/prittpress (Cryptocurrency News & Discussion) on October 1, 2023 at 5:27 pm
submitted by /u/prittpress [link] [comments]
- Man Films Reaction To Bitcoin Breaking $100 In 2013by /u/Unitedstatesofnever (Cryptocurrency News & Discussion) on October 1, 2023 at 5:22 pm
I stumbled across a video of a man called Issac Miller with reddit username u/HeadsAFlame filming a reaction video to Bitcoin breaking $100 in 2013. During the video it reaches the figure of $111 and be states in the video that he seen it break its ATH 3 times that day. He talks about a trade he can see on his screen that just happened where someone bought 189 Bitcoin s for $111 each. Whoever had that buy order was able to buy 189 Bitcoin for less than the price of 1 Bitcoin at todays price (It cost them just shy of $21000 for their purchase). submitted by /u/Unitedstatesofnever [link] [comments]
- NFT's are not dead but.....by /u/Odd_Philosopher_6605 (NFT) on October 1, 2023 at 5:04 pm
NFT's aren't dead but most of the communities are. Many of the communities are creating daily and some are getting closed. Many community members who promised for a long term bond left the space as they aren't able to make bucks. Make sure u are sticking with your community. Let me know, so I can also be the active member of it. Let's connect with each other in the comments👇 submitted by /u/Odd_Philosopher_6605 [link] [comments]
- The best is yet to come: October, November and December have historically been the best months for Bitcoin.by /u/partymsl (Cryptocurrency News & Discussion) on October 1, 2023 at 5:02 pm
I think we all know that right now we are in one of the most "problematic" months for Crypto prices, September. The last four Septembers have all ended up in the red and this one does not seem to be any different. But that does not mean that the year is over yet… Ironically the three months following September have been the historically best months for BTC ever. So there is indeed some mayhem to be sone at the markets yet… Chart showing the amazing stats of October, November and December for BTC, chart from CoinBeast on Twitter For one example we may take 2021, the infamous Uptober that was full of the first US Future ETF euphoria and we made a historical recovery after an Evergrande-plagued September. Then comes November with high inflation numbers BTC hit the magical $69k mark. And this time around we also are coinciding with possible BTC Spot ETF approvals for maybe even BlackRock and we will also the closure of the SBF lawsuit that could possibly play a big part for Crypto. So let's fasten our seat belts and get ready for a grand close this year… submitted by /u/partymsl [link] [comments]
- Real World Adoption: DTCC, handling $1.7 quadrillion in annual securities and derivatives settlements, aims to transition a portion of these onto the blockchainby /u/BoardGame_Bro (Cryptocurrency News & Discussion) on October 1, 2023 at 4:47 pm
DTCC offers clearance, settlement, and information solutions for a diverse array of securities, encompassing government and mortgage-backed securities, corporate and municipal bonds, derivatives, mutual funds, money market instruments, alternative investment products, and insurance offerings. This link talks about it further, but they are planning to bring a lot of this value on-chain. Right from their website submitted by /u/BoardGame_Bro [link] [comments]
- Helping the above average John guy understand the Defi space : decentralized derivatives, Decentralized perpetuals, Decentralized options and Synthetic Assets, Perpetual Protocol, dYdX, Ophyn, Hegic, Synthetix, UMA, Risks + Notable Mentionsby /u/Natural_NoChemical (Cryptocurrency News & Discussion) on October 1, 2023 at 4:43 pm
"I am here to learn something new and more in depth on this topic. I need a quick reminder however." Sure thing John : Decentralized derivatives are advanced financial tools built for digital assets. Traditionally, these are widely used on centralized platforms like Binance Futures. However, the rise of decentralized derivatives platforms now allows traders to engage in trustless trading of crypto derivatives. "What was the meaning of decentralized perpetuals?" Here is a friendlt reminder : Decentralized perpetuals are a widely used type of cryptocurrency derivative. They allow users to take leveraged positions on a futures contract that doesn't have an expiry date. In the past, you could only do this on centralized exchanges, but now, decentralized platforms like Perpetual Protocol and dYdX have made it possible for the broader DeFi (Decentralized Finance) community to access leveraged trading while maintaining control of their funds. "Ok, what is up with Perpetual Protocol?" Here is your answer John : Perpetual Protocol is like a platform for trading special types of cryptocurrency contracts that never expire. These contracts allow users to bet on the price of cryptocurrencies going up or down, with the option to use leverage (borrowed money) to amplify their bets. Here's how it works: Instead of storing the actual cryptocurrencies, Perpetual Protocol uses a virtual system called vAMM, which is similar to other systems like Uniswap. This vAMM doesn't hold any real assets. It uses USDC (a stable cryptocurrency) as collateral to let users take leveraged positions. The total amount of money in this collateral vault determines how much traders can profit. To make trading faster and reduce transaction costs, Perpetual Protocol uses the xDai chain. This ensures high liquidity (lots of available assets) and low price slippage (the difference between the expected and actual price). But there are risks involved, like funding rates and liquidation ratios. Funding rates are like fees that traders pay or receive hourly, and liquidation ratios are a safety measure. If a trader's position falls below this safety level, it can be taken over by keeper bots, which earn a fee for doing so. Perpetual Protocol has its own cryptocurrency called PERP. It's mainly used for voting on platform changes, and holders can also stake it for more PERP and a share of transaction fees in USDC. However, stakers need to commit to a fixed period called an epoch, which lasts seven days. They can't withdraw their funds until the end of the epoch, but they can claim transaction fees right away. PERP rewards, though, are locked for up to 6 months. Stakers don't have to worry about something called impermanent loss, but the PERP token's price can still be volatile. As of April 2021, you can use Perpetual Protocol for trading on the Ethereum and xDai mainnets. "And the other one called dYdX?" Here is an explanation : dYdX is like a decentralized exchange that offers various crypto services like lending, borrowing, regular trading, and more. It's different from traditional exchanges because it operates on the blockchain. You can do things like lend your crypto to others and earn interest or use your crypto as collateral to borrow more. But what sets dYdX apart is that you can also trade with borrowed money, which is called margin trading. For example, you can use 5 times the amount of your own crypto to make a trade. They support Ethereum (ETH), USD Coin (USDC), and DAI for regular trading. They also have something called perpetual swaps, which are like contracts where you bet on the future price of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Aave, and LINK. You can use up to 10 times the amount of your crypto to make these bets. When you lend your crypto on dYdX, you start earning interest immediately, and the interest keeps adding up with every transaction. The interest rates can change based on how much people are using the platform. If more people are borrowing, the rates go up. For borrowers, you need to put up at least 125% of the value of what you're borrowing as collateral, and you have to keep it above 115% to avoid getting liquidated (basically losing your collateral). dYdX also offers different types of trading orders like market, limit, and stop orders, similar to regular exchanges. Trading fees are charged when you take certain actions, and they can be either 0.3% or variable gas costs, whichever is higher. They have this thing called perpetual markets, where all the contracts use USDC as collateral. But each contract has its own rules and requirements. In early 2021, dYdX teamed up with Starkware to make transactions faster and cheaper using a Layer-2 technology called StarkEx. It uses something called zero-knowledge rollups and settles transactions on the Ethereum network. This makes it more efficient. "Some other platforms that you might want to consider?" Sure, here are some notable mentions : Futureswap: It's like a decentralized exchange where you can bet on the future prices of cryptocurrencies. You can use up to 10 times your own crypto to make these bets. MCDEX: This is a decentralized exchange too, but it uses something called automated market makers for perpetual swaps. Anyone can create a market here as long as there's a price feed for the cryptocurrency you're trading and some ERC-20 tokens to use as collateral. Injective Protocol: This one operates on a special network called Injective Chain. It supports a fully decentralized order book, which is like a list of all the trades happening, and it can connect to Ethereum using a special token bridge. As of April 2021, it's still in test mode, not fully launched yet. "Decentralized options?" Yes, here is what they are : Decentralized options are a bit like a bet you make in the crypto world. You can use them to protect your investments from losing value or to try and make even more money without risking too much. Traditional finance has used options for a long time, and now, in the world of decentralized finance (DeFi), we have protocols that let you do the same thing. Before, people traded options on centralized exchanges like Deribit. But now, there's a growing interest in having decentralized options protocols. In this section, we'll explore two of the top ones: Hegic and Opyn. "Now I remember that we talked about Ophyn. What's up with Hegic though?" Glad that you are curious John : Hegic is like a digital platform where you can buy and sell options for cryptocurrencies like ETH and WBTC. Options are like contracts that let you bet on whether the price of a cryptocurrency will go up (call option) or down (put option) by a certain date. You can even customize these options by choosing things like the price at which you'll buy or sell and when the contract expires. When you use Hegic, it calculates the prices for these options, and there's a small fee when you buy them. These options can't be traded like regular cryptocurrencies, but you can use them whenever you want because there's always enough money in the contract. Hegic works by having people put their cryptocurrency into a pool, and this pool is used as collateral for all the options. There are separate pools for ETH and WBTC. If you put your cryptocurrency into the pool, you get tokens called Write tokens, which represent your share of the premiums paid by users to buy options. These Write tokens can be staked to earn rewards, and there's even a way to earn more valuable tokens called rHEGIC. If you have a lot of HEGIC tokens, you can become a Hegic Staking Lot owner and get a share of the fees collected by the platform. If you don't have that many tokens, you can still delegate some of your tokens to earn rewards. Hegic is a popular platform with lots of cryptocurrency locked in it, and it handles a significant amount of trading every day. So, it's one of the top places for decentralized options trading. "I would like to receive a reminder for Ophyn." Anytime friend : Opyn is like a digital platform where you can create and trade options for cryptocurrencies. These options are like contracts that give you the right to buy or sell a cryptocurrency at a specific price and time. What's unique about Opyn is that it makes sure there's always enough cryptocurrency to back up these options, so they can always be used. The first version of Opyn, called Opyn V1, allows you to create these special option tokens called oTokens. You do this by putting 100% of the cryptocurrency you want to use as collateral. These options can be made for cryptocurrencies like ETH, WBTC, UNI, and SNX, but they have fixed terms like a set expiration date and a specific buying or selling price. You can use oTokens to buy or sell the cryptocurrency they're linked to, or you can trade them on Uniswap. Opyn V1 doesn't charge extra fees for transactions or settlements. Opyn V2, the newer version, has more features like auto-exercise, which means options can be automatically used if they make sense to do so. It also has something called flash minting, which is a bit like flash loans on Aave. The latest version, Opyn V3, offers options in a way similar to traditional options markets like Deribit, but for Wrapped Ether (WETH) with specific prices and timeframes. So, Opyn is a platform where you can trade options for cryptocurrencies, and it has evolved to offer more features and flexibility over time. "What are the differences between them?" Here is your answer : Hegic and Opyn, two options platforms, have some similarities but also important differences. Both platforms require the people creating options (called options writers) to have enough cryptocurrency to cover the options they create. This ensures that if someone wants to use one of these options, there's enough cryptocurrency backing it. However, they have different ways of handling the money put up by options writers and support different cryptocurrencies. Hegic pools together the funds from options writers for each cryptocurrency separately. In contrast, Opyn locks up 100% of the cryptocurrency for each option created. Both Hegic and Opyn like American-style options because they are more flexible for the fast-paced DeFi world. These options allow you to use them at any time before they expire. On the other hand, centralized exchanges like Deribit prefer European-style options, which can only be used at their expiration date. In Opyn V2, there are fewer options with shorter timeframes, which suggests that there isn't as much demand for options with strict time limits in the cryptocurrency market, where prices change rapidly. "I quess you have another list of notable mentions for this category." You are right : FinNexus: FinNexus allows users to create options for almost any asset, as long as there's a reliable source of price information. They use a system called Multi-Asset Single Pool (MASP) that lets you have positions in different assets while using a single type of asset as collateral. Auctus: Auctus is a DeFi platform that lets you do "flash exercises" where you don't need to actually own the tokens used in the options to exercise them. They also offer principal-protected yield farming through Auctus Vaults and have a section for OTC (over-the-counter) options trading. Premia: Premia is like a marketplace where you can buy and sell options. They make it more efficient by letting you mint, transfer, and exercise multiple types of options with fewer transactions, saving you time and gas fees. Antimatter: Antimatter wants to be like the Uniswap of options by providing an exchange for perpetual options. You can get exposure to either long or short positions by buying these Polarized option tokens, and you don't have to worry about options expiring. Siren Protocol: With Siren Protocol, you can choose to be an options writer or buyer by purchasing either bTokens or wTokens from the SirenSwap Automated Market Maker. bTokens let you exercise options, while wTokens represent the writer's side and can be used to withdraw collateral or receive payment when options are exercised. "Now we are heading for Synthetic Assets. Interesting. I still have some memories for when we scrathed the surface on this topic." It means a lot that you can remember those details John : Synthetic assets are essentially like stand-ins for real assets. They mimic the value or behavior of something else. Instead of owning the actual asset, you can have synthetic assets that follow the same value changes. For example, you can have synthetic assets that represent real-world stocks, Ethereum gas prices, or data from websites like CoinGecko. When you trade these synthetic assets, it's like trading the real things, but you don't need to own the real assets. "Synthetix? I remember this name!" Very good John. Let's recap : Synthetix is like a special platform where you can make and trade something called "Synths." These Synths act like copies of real assets, but you don't need to actually own those assets. There are two types of Synths: Regular Synths (like sDEFi) and Inverse Synths (like iDEFI), although not all Synths have an inverse version. These Synths can represent different things like cryptocurrencies, regular money, goods, stock market indexes, and company stocks. Synthetix uses a tool called Chainlink to keep track of the prices of these assets. To make Synths, people need to put some of their own cryptocurrency, called Synthetix Network Token (SNX), as collateral. Since the value of SNX can go up or down a lot, you have to put in a lot more SNX than the value of the Synths you're making to be safe. If your collateral gets too low, you might have to add more or get rid of some Synths to keep it safe. Right now, you can only make one type of Synth, called sUSD. You can trade these Synths on the Synthetix Exchange. It's not like other regular exchanges with buyers and sellers. Instead, you trade with a smart computer program that always has enough of these Synths to trade. This makes it good for big trades without messing up the prices too much. If you use Synthetix, you might get some rewards, like fees from trading, and extra SNX if you keep your collateral safe. "UMA? The name gives me Adidas vibes, not gonna lie." That is pretty strange comparison, but ok : UMA, short for Universal Market Access, is a special system on the Ethereum network that lets people create and enforce artificial assets. These artificial assets don't need to rely on real-world prices like some other systems. Instead, they depend on having enough collateral, which is like a security deposit, to back them up. UMA has something called the Data Verification Mechanism (DVM), which helps make sure everything is fair. This DVM helps settle disputes about liquidation and contract settlements by getting input from UMA token holders. These token holders vote on what they think is the right value for an asset at a specific time. Now, let's talk about the important players in the UMA system: Token Sponsors: These are people who put up collateral to create artificial tokens. They need to make sure they have enough collateral to avoid losing it. Liquidators: They watch over things and make sure positions have the right collateral. If something seems wrong, they can dispute it, but there's a delay to check before it's final. Disputers: These folks also keep an eye on things and can dispute if they think there's a problem. If they're right, they get rewards. DVM: The DVM helps settle disputes by proposing a fair value for an asset based on votes from token holders. Token Holders: UMA token holders vote on asset values to help the DVM figure things out. They use information from outside the blockchain to make their decisions. If everyone does their job right, things work smoothly. But if someone messes up or tries to cheat, the system has ways to punish them and make sure it's fair. People have used UMA to create different products, like tokens that become worth a certain amount over time and tokens to bet on Ethereum gas prices. They've even made options for popular DeFi tokens like Sushi and Balancer. "And what separates those 2 platforms?" Here is the answer : Both Synthetix and UMA offer synthetic assets that require users to provide collateral to create them. However, they have some differences: Synthetix relies on an on-chain price feed to determine the value of its synthetic assets and collateralization ratio. It's more focused on options and supports a wide variety of synthetic assets, with over 50 available. UMA takes a different approach by incentivizing participants to act fairly in the system. It has a more flexible collateralization requirement based on a global ratio, making it potentially more capital-efficient. However, it doesn't support as many different synthetic assets. Synthetix has also built a strong ecosystem around its synthetic assets, with platforms like dHEDGE and Curve Finance using them for various purposes. dHEDGE allows users to invest in portfolios that include synthetic assets, while Curve Finance uses Synthetix as a bridge for asset swaps. In terms of liquidity and trading volume, Synthetix currently has an advantage, with more trading activity and established platforms for synthetic asset trading. UMA's trading volumes are lower, but the future adoption of synthetic assets by retail and institutional users is still uncertain and could change the landscape. "Stop teasing me and tell me the other options." Alrighty Johny : Mirror Protocol: This protocol operates on both Ethereum and Terra blockchains and creates synthetic assets called mAssets. These mAssets imitate the prices of real-world assets like stocks and indices. For example, you can find assets like mAMZN (mirroring Amazon's stock) and mQQQ (mirroring the Nasdaq 100 index). DEUS Finance: DEUS Finance is a DeFi protocol that allows users to access data from oracles and turn them into tradeable assets known as dAssets. These dAssets are designed to have a 1:1 peg with their real-life counterparts, and this peg is maintained using data from price oracles. Essentially, you can trade assets in the crypto world that represent real-world assets. "And what the risks that I am exposing myself to if I choose to operate on the platforms that we have discussed?" I am glad that you are being cautious John : When you're involved with decentralized derivatives platforms, it's crucial to understand that trading with leverage and using derivatives can be very risky. To stay safe in this part of decentralized finance (DeFi), you should maintain a good collateral ratio and always be aware of the liquidation price for your positions. Synthetic assets, which are central to these platforms, rely heavily on oracles for price information. If these oracles provide incorrect data, it can lead to undesirable outcomes. Also, since synthetic assets are primarily created by putting up collateral, there might not always be enough liquidity for these assets, causing their prices to differ significantly from real-world assets. For options trading, make sure you can exercise your profitable positions promptly, as some platforms don't offer automatic exercise features. As more and more people participate, keep an eye on significant option expiration periods, as they can bring increased volatility to the market. TL;DR : Decentralized Derivatives: Advanced financial tools for digital assets. Trustless crypto derivative trading. Decentralized Perpetuals: Crypto derivatives with no expiration. Accessible via DeFi platforms. Perpetual Protocol: Trading platform for perpetual contracts. Uses virtual collateral and supports leveraged trading. dYdX: Decentralized exchange with lending, borrowing, and margin trading. Supports assets like ETH and USDC. Decentralized Options: Crypto betting for hedging or speculation. Protocols like Hegic and Opyn provide options. Notable Mentions: Platforms like Futureswap, MCDEX, Injective, and more. Offer unique DeFi trading features. Synthetic Assets: Copycat assets mimicking real-world value. Synthetix and UMA are key players. Synthetix: Offers Synths tracking real assets. Uses SNX collateral and Chainlink price data. UMA: Creates synthetic assets without real-world prices. Involves UMA token holders for dispute resolution. Risks in Decentralized Derivatives: High-risk trading, manage collateral carefully. Reliance on oracles and potential liquidity issues. Be cautious with options and large expirations. All of the info above was written by me with the help of the How to Defi book, advanced edition, from Coingecko. Hope it helped others like it did for our boy John here! submitted by /u/Natural_NoChemical [link] [comments]
- Which stablecoin is the most stable? An analysis of past and present de-pegs and some questions for the future.by /u/Matth3w_95 (Cryptocurrency News & Discussion) on October 1, 2023 at 4:03 pm
So, today I've decided to analyze which stablecoins are more resilient from de-pegging. I'll go straight to the data as there's a lot to look at: USDT (Tether): is currently the highest-ranked stablecoin with a market cap of $83 billion. It's often been considered a bit shady by users, as Tether has sometimes been untransparent with its reserves. Nowadays, it seems that things have become more clear though, as the company shares its assets and revenue on a regular basis. Tether is currently the 22nd biggest holder of US Treasuries in the World and currently holds $75 billion in US Treasury Bonds. Tether has reported a huge YTD profit of $2.3 billion and we can agree it's a pretty solid company. USDT has faced some episodes of de-pegging in the past: it reached 0.84$ once in 2017 and 0.89$ dollar in 2020 and 0.94$ in 2022. It has been pretty stable since, with a max fluctuation of 0.03% in the last month. USDC (Circle): is the second biggest stablecoin, with a market cap of $25 billion. Circle has often been considered more transparent by users, as they have been sharing monthly reports of their reserves since 2018. They currently hold $25.6 billion of assets in their reserves; "only" $100 million more than the current USDC circulating supply, while Tether allegedly holds $3 billion of extra assets to further back USDT supply. USDC faced these episodes of de-pegging: it reached an absurd high of 2.34$ in 2021 and a big low of 0.87$ last March. This last episode was caused by the collapse of the bank that was supposed to custody part of their reserves. USDC recovered pretty fast from that moment of panic and last month's fluctuation was 0.05%. DAI (Maker DAO): the biggest attempt at a decentralized stablecoin, something I think is more in the crypto ethos than previous tokens, currently sitting at a market cap of $5 billion. DAI is backed by $10 billion of various crypto assets (including ETH, BTC, USDC...) but Maker DAO recently bought approximately $1 billion of US Treasury Bonds to further diversify its reserves. DAI significantly lost its peg just two times in history: once in 2021 when it surpassed 3$ in value (did anyone remember why it happened btw?) and another one this year when USDC de-pegged too, due to their correlation. BUSD (Paxos) and TUSD (Archblock): the past and the present of Binance's stables. Paxos had to stop minting BUSD earlier this year, so Binance progressively abandoned the token in favor of other stablecoins. now it seems that TUSD has become the main choice of the CEX. TUSD stands at $3 billion market cap, not small at all, but you can easily see by looking at its chart on Coinmarketcap that it's far from stable, with constant small fluctuations. Max fluctuation was 0.56% last month, not a great result. So, what's your choice when it comes to stablecoins? Do you hold any at all? submitted by /u/Matth3w_95 [link] [comments]
- This Automobile Giant Now Accepts Ripple (XRP) and Shiba Inu (SHIB) for Paymentsby /u/cajunrajing (Cryptocurrency News & Discussion) on October 1, 2023 at 3:38 pm
submitted by /u/cajunrajing [link] [comments]
- Does Cyber Crew actually work?by /u/Hermes_Domain (NFT) on October 1, 2023 at 3:31 pm
I've seen some posts suggesting Cyber Crew is allowing people to use game items across titles, I'm not really seeing alot of clear info on this. If anyone here has used the service I was curious what the scope of it is right now? Can you actually bring assets you buy into games? How many games? submitted by /u/Hermes_Domain [link] [comments]
- Google is now a Polygon (MATIC) network validatorby /u/Successful-Walk-3902 (Cryptocurrency News & Discussion) on October 1, 2023 at 2:51 pm
submitted by /u/Successful-Walk-3902 [link] [comments]
- The Dark Side of Crypto Exchanges: Are Your Coins Really There?by /u/overthetop2017 (Cryptocurrency News & Discussion) on October 1, 2023 at 1:36 pm
Ever wondered what really happens when you "stake" your coins on an exchange? When you hit that ‘Stake’ button on many exchanges, instead of genuinely staking your coins, it’s often just a visual JavaScript representation and SQL record. Essentially, your staked amount is just a number in their database. They may not truly stake all your coins. Instead, they merely need to deliver the promised returns to you. This pseudo-staking allows exchanges to engage in what’s termed ‘Exposure’ in financial parlance. Imagine this: for every amount of coins you “store” with them, they could theoretically trade or sell more then half additional coins - but these are virtual coins , existing only in their databases. How? Only single digit % of customers would ever withdraw their coins to local wallets at the point they actually need to be recorded on the blockchain ledger. Recall the last bull run when coins skyrocketed? Many exchanges temporarily paused withdrawals and sometimes even trading. The harsh truth? They probably didn’t have half of the coins people thought they have on their accounts. It wasn’t on the blockchain; it was in their SQL databases. They were waiting prices to drop to reduce their exposure. Now, while there's a widely accepted fact that there is a limited amount of coins in existence, I'd wager exchanges might've "sold" much more - just virtually. Unless you store it in your own wallet, coins you think you have there is not recorded on blockchain. The worrying part? A vast majority of the crypto "held" on exchanges may never actually exist on blockchain ledgers. Only a small fraction of users typically transfer their assets from exchanges to personal wallets, making Ponzi scheme sustainable. Remember, crypto exchanges aren’t regulated in the same way banks are. But, hey, we’ve seen that even traditional banks play similar games. You can image how this unlimited virtual supply of crypto suppresses price. submitted by /u/overthetop2017 [link] [comments]
- FTX Customers, Investors Will Testify Against Sam Bankman-Fried, DOJ Saysby /u/Popular_District9072 (Cryptocurrency News & Discussion) on October 1, 2023 at 1:01 pm
Brazil submitted by /u/Popular_District9072 [link] [comments]
- Will upcoming trial final let crypto forget Sam Bankman-Fried?by /u/tambaybtc (Cryptocurrency News & Discussion) on October 1, 2023 at 12:44 pm
submitted by /u/tambaybtc [link] [comments]
- Crypto prodigy to ‘blame the lawyers’ in the fraud trial of the centuryby /u/Ninja_Gogen (Cryptocurrency News & Discussion) on October 1, 2023 at 12:33 pm
submitted by /u/Ninja_Gogen [link] [comments]
- How safe Is your hardware wallet really?by /u/pomegranatepunchline (Cryptocurrency News & Discussion) on October 1, 2023 at 11:43 am
A lot of people are already familiar with the saying ‘not your keys, not your coins’. And it’s true. While hardware wallets have gained recognition as one of the safest methods to store crypto, there are still some vulnerabilities that people should be aware of… The significance of hardware wallets Hardware wallets (a.k.a. cold wallets) are devices designed to securely store the private keys. You can use this access your crypto. These devices offer a level of security that are much better than software wallets or centralized exchanges (like Binance, Kraken, Coinbase), which are more susceptible to hacking and theft. Hardware wallets are a superior choice to hold your crypto, because: - Online wallets and exchanges are vulnerable to various cyberattacks and hacks. - With a hardware wallet, you have full control of your private keys. - Hardware wallets are airgapped from your computer. Even if your computer is infected with some virus, your private keys remain safe on the hardware wallet. (Tip: keyloggers are still a threat, so always type in your password on the hardware wallet) However… While hardware wallets provide good security, they are only as secure as the methods YOU use to back up and recover your funds! If you lose the backup of your seed phrase, you lose access to your wallet! Many users make the mistake of writing down their seed phrases on paper and storing them in a "safe" place. While this may seem secure, it's not foolproof. Paper can deteriorate over time due to environmental factors like humidity or fire. It can also be damaged by accidents or theft. To ensure the best security for your crypto holdings, you have to consider alternatives. The importance of metal plates Metal plates are a robust solution to the vulnerabilities of with paper-based seed phrase storage. These plates are typically made of materials like stainless steel, ensuring durability and resistance to fire, water, and physical damage. It is: More durable, unlike paper Resistant to environmental factors (fire, theft, floods) Tamper-proof Easier to use TL;DR: it is wise to use metal plates to backup/access your seed phrase, especially if you hold a significant amount. Hardware wallets provide good security, but they are only as secure as the methods YOU use to back up and recover your funds! submitted by /u/pomegranatepunchline [link] [comments]
- List of congress members who received donations from SBFby /u/pizzapicnic (Cryptocurrency News & Discussion) on October 1, 2023 at 11:36 am
With the trial of SBF starting this week, I thought it would be important to remember which members of congress were lobbied by SBF. It is estimated he has given out more than $42 million "donations." These are donations/gifts paid for with stolen funds. 196 members of Congress received money from Sam Bankman-Fried/FTX Here is a full list of all the members of congress that received donations from SBF or FTX and their current standing on returning donations. A full breakdown of the lobbing done by FTX (and more!) can be found here. Member of Congress State Political Party House/Senate Response Aderholt, Robert AL R H No Response Alford, Mark MI R H No Response Armstrong, Kelly ND R H No Response Aguilar, Pete CA D H Donated Auchincloss, Jake MA D H Returned or Plan to Return Balint, Becca VT D H No Response Barragan, Nanette CA D H No Response Bean, Aaron FL R H No Response Beatty, Joyce OH D H Returned or Plan to Return Bennett, Michael CO D S Returned or Plan to Return Bilirakis, Gus FL R H No Response Bishop, Sanford GA D H No Response Booker, Cory NJ D S No Response Boozman, John AR R S No Response Boyle, Brendan PA D H No Response Britt, Katie AL R S Donated Brown, Shontell OH D H No Response Bucshon, Larry IN R H Donated Budd, Ted NC R S No Response Budzinksi, Nikki IL D H No Response Burgess, Michael TX R H No Response Burr, Richard NC R S No Response Calvert, Ken CA R H No Response Cammack, Kat FL R H Donated Caraveo, Yadira CO D H No Response Carbajal, Salud CA D H Donated Cardenas, Tony CA D H No Response Carter, Buddy GA R H No Response Carter, John TX R H No Response Carter, Troy LA D H No Response Casar, Greg TX D H Donated Cassidy, Bill LA R S No Response Castor, Kathy FL D H No Response Chavez-Deremer, Lori OR R H No Response Cherfilus-McCormick, Sheila FL D H Returned or Plan to Return Clarke, Yvette NY D H No Response Cleaver, Emanuel MO D H No Response Cline, Ben VA R H No Response Clyde, Andrew GA R H No Response Cole, Tom OK R H No Response Collins, Susan ME R S Donated Correa, Lou CA D H Donated Cortez-Masto, Catherine NV D S No Response Costa, Jim CA D H No Response Craig, Angie MN D H Returned or Plan to Return Crane, Eli AZ R H No Response Crawford, Rick AK R H No Response Crenshaw, Dan TX R H No Response Crockett, Jasmine TX D H No Response Curtis, John UT R H Returned or Plan to Return De La Cruz, Monica TX R H No Response DeLauro, Rosa CT D H Returned or Plan to Return Devolder-Santos, George Anthony NY R H No Response Diaz-Balart, Mario FL R H No Response Dingell, Debbie MI D H No Response Duncan, Jeff SC R H Donated Dunn, Neal FL R H No Response Durbin, Dick IL D S Donated Edwards, Chuck NC R H No Response Emmer, Tom MN R H No Response Ernst, Joni IA R S Donated Eshoo, Anna CA D H No Response Fetterman, John PA D S No Response Finstad, Brad MN R H No Response Fischer, Debra NE R S Returned or Plan to Return Fitzpatrick, Brian PA R H No Response Fleischmann, Chuck TN R H No Response Fletcher, Lizzie TX D H No Response Flood, Mike NE R H No Response Foushee, Valerie NC D H No Response Frankel, Lois FL D H No Response Frost, Maxwell Alejandro FL D H No Response Gallagher, Mike WI R H Returned or Plan to Return Gallego, Ruben AZ D H No Response Garbarino, Andrew NY R H No Response Garcia, Chuy IL D H Returned or Plan to Return Garcia, Mike CA R H No Response Garcia, Robert CA D H No Response Gillibrand, Kirsten NY D S Donated Granger, Kay TX R H No Response Grassley, Chuck IA R S No Response Green, Al TX D H No Response Griffith, Morgan VA R H No Response Guest, Michael MS R H No Response Guthrie, Brett KY R H No Response Harder, Josh CA D H Donated Harris, Andy MD R H Hassan, Maggie NH D S No Response Higgins, Clay LA R H No Response Himes, Jim CT D H Donated Hinson, Ashley IA R H Donated Hoeven, John ND R S Donated Horsford, Steven NV D H No Response Houchin, Erin IN R H No Response Hoyle, Val OR D H No Response Jackson, Jeff NC D H No Response Jackson, Ronny TX R H Donated Jeffries,Hakeem NY D H No Response Johnson, Bill OH R H No Response Johnson, Dusty SD R H Returned or Plan to Return Johnson, Ron WI R S Donated Joyce, David OH R H No Response Joyce, John PA R H No Response Kamlager, Sydney CA D H No Response Kelly, Mark AZ D S No Response Kelly, Robin IL D H No Response Kelly, Trent MS R H Returned or Plan to Return Khanna, Rohit CA D H Returned or Plan to Return Kildee, Dan MI D H No Response Kim, Andy NJ D H Returned or Plan to Return Latta, Bob PA R H No Response LaTurner, Jake KA R H No Response Lawler, Michael NY R H No Response Lee, Barbara CA D H No Response Lee, Mike UT R S Donated Lee, Susie NV D H No Response Lesko, Debbie AZ R H No Response Letlow, Julia LA R H Donated Malinowski, Tom NJ D H No Response Manchin, Joe WV D S Donated Matsui, Doris CA D H No Response McBath, Lucy GA D H No Response McCarthy, Kevin CA R H No Response McGarvey, Morgan KY D H No Response McMorris-Rodgers, Cathy WA R H No Response Menendez, Rob NJ D H No Response Miller-Meeks, Marianette IA R H No Response Miller, Max OH R H No Response Molinaro, Marcus J. NY R H No Response Moolenaar, John MI R H No Response Mooney, Alexander Xavier WV R H No Response Moran, Jerry KS R S No Response Murkowski, Lisa AK R S No Response Murray, Patty WA D S No Response Neguse, Joe CO D H No Response Newhouse, Dan WA R H No Response Padilla, Alex CA D S No Response Pallone, Frank NJ D H No Response Palmer, Gary AL R H No Response Panetta, Jimmy CA D H Returned or Plan to Return Pappas, Chris NH D H Donated Paul, Rand KY R S No Response Payne, Donald NJ D H No Response Pelosi, Nancy CA D H No Response Pence, Greg IN R H Donated Pettersen, Brittany CO D H Donated Pfluger, August TX R H No Response Pocan, Mark WI D H No Response Quigley, Mike IL D H Donated Reschenthaler, Guy PA R H No Response Rogers, Hal KY R H No Response Romney, Mitt UT R S Returned or Plan to Return Rubio, Marco FL R S No Response Ruiz, Raul CA D H No Response Ruppersberger, Dutch MD D H Donated Rutherford, John FL R H No Response Salazar, Maria FL R H No Response Sasse, Ben NB R S No Response Scalise, Steve LA R H No Response Schatz, Brian HI D S No Response Schmitt, Eric MO R S No Response Schrier, Kim WA D H No Response Schumer, Chuck NY D H No Response Schweikert, David AZ R H Donated Scott, Tim SC R S No Response Simpson, Michael ID R H No Response Slotkin, Elissa MI D H No Response Smith, Tina MN D S No Response Spanberger, Abigail VA D H No Response Stabenow, Debbie MI D S Returned or Plan to Return Stefanik, Elise NY R H No Response Stevens, Haley MI D H Returned or Plan to Return Stewart, Chris UT R H No Response Tester, Jon MT D S No Response Thompson, Bennie MS D H Donated Thompson, Glenn PA R H No Response Thune, John SC R S No Response Titus, Dina NV D H No Response Torres, Ritchie NY D H No Response Trahan, Lori MA D H Donated Turner, Michael OH R H No Response Valadao, David CA R H No Response Van Drew, Jeff NJ R H No Response Vance, JD OH R S Donated Walberg, Tim MI R H No Response Watson-Coleman, Bonnie NJ D H No Response Welch, Peter VT D S No Response Wenstrup, Brad OH R H Donated Wexton, Jennifer VA D H` No Response Womack, Steve AR R H No Response Wyden, Ron OR D S Returned or Plan to Return This data is from the unusualwhales website.https://unusualwhales.com/politics/article/senate_ftxhere is a text link for those who dont trust hyperlinks submitted by /u/pizzapicnic [link] [comments]
- The Bitcoin Hashrate has been hitting new ATHs recently. Where is all this hashing power generated? Some data and satisfying maps for youby /u/trzztr (Cryptocurrency News & Discussion) on October 1, 2023 at 10:22 am
You've heard about Bitcoin, right? Those virtual coins need to come from somewhere, and that somewhere often involves some seriously mind blowing hash power. --- Jokes aside, there are some interesting maps and graphs we can draw based on the generated hash power data around the world. In this post I'll be using data from Chainbulletin (Sept 30th 2023). To start off, let's look at the global distribution of the Bitcoin hashing power. Global hashing power What stands out is that China still accounts for about 20% of the total hashing power, despite their hostile stance towards Bitcoin and Bitcoin mining. One of the worlds major Bitcoin mining pool hotspots is even located in Hong Kong, representing the OKExPool. Secondly, even though the regulatory framework is unclear, the US has become increasingly active in the Bitcoin mining industry. Companies seem to have found their way in the US, and combined, they account for almost 40% (!) of the global hashing power for Bitcoin (154.92 EH/s). Pretty mindblowing. Let's zoom in. Major mining activity in the US As shown above, major mining activity takes place in California, Washington (state), and New England. However, most hashing power is generated in Texas. Data from the world's largest mining pool, Foundry, shows that Texas is the number one US state for mining Bitcoin. Almost 28.5% of the country's hash rate is produced in this area. Mainly due to low electricity costs. Biggest mining pools (top 5) The top 5 mining pools have recently grown considerably. Given the fact that the price of Bitcoin has been hovering around $27.000, and with energy prices (and mining difficulty) being relatively high, this is surprising to say the least. Estimations about the costs to mine 1 Bitcoin currently vary a bit, and of course it heavily depends on local energy prices. However, the global average is believed to be around $10.000 - $ 15.000 per Bitcoin to profitably mine a block. After the halving, the costs could rise as high as $30.000 - $40.000 per Bitcoin, with energy prices staying the same. 1 year change in Hashrate It's anyone's guess what the price action of Bitcoin, energy or other crypto's will do. However, one thing is for sure. The Bitcoin halving will come in April 2024. We are ready for it. --- Edit: Kazakhstan hosts a lot of Chinese miners who set up shop just across the border. Anyone with more info on that, please add in the comments submitted by /u/trzztr [link] [comments]
- Chase Bank Attempted to Seize My Accounts in 2021; Just One Example of a Larger Shadow-UnBanking Practiceby /u/ajnsd619 (Cryptocurrency News & Discussion) on October 1, 2023 at 9:22 am
Account Inaccessible to protect it from unusual activity I was locked out. June 5, 2021: Chase Bank, without notice or cause, froze my accounts. Chase threatened to seize my funds, and forward them to the state Controller's Office. Notification Arrived 2 min after failed log-in Why are they closing my account? This tells me nothing. I couldn't access the letter, so I called Chase at Midnight. They validated my identity, and a rep quickly answered. But not to help.😟 He instructed me to find a new email message. He then read it word-for-word. Chase freezes accounts with form letters Chase rep refused to engage on a human level or respond to any questions. If I wish to salvage any of my money, I ought to listen. He reiterated my accounts were flagged, along with my phone number, but would not offer a reason why. He urged me to collect: five years tax returns income statements business expense forms And ordered me to report to my Chase Branch on Monday. WTF! I demanded he tell me what this was about! Are my funds safe? Now frustrated, he reminded me he has the authority to initiate a full account garnishment now. I can deal with the Controller's office if I persisted. I confess I was intimidated. I didn't know what was happening, and they had my money. I mistakenly believed I had nothing to fear. I'm a long-time customer in good standing. That didn't matter anymore. Coinbase notification & call Another strange notification "How do I know this isn't a scam?" was my first question. After all, Coinbase doesn't call customers. But it was legit. I received a call from Coinbase to discuss Chase Bank, and what to expect; so I listened. Chase notifies Coinbase when mutual customer transactions are flagged for audit. Coinbase Pro transfers fell under Chase's frequency audit. Chase meeting Little to discuss. Instead, I sat silent while admonished that $10K deposit from CB to checking acct "imperiled" Chase Crypto transactions limit their ability to protect me SBA empowered them with oversight authority Now satisfied that I had been put in my place, Chase cancelled the closure. I left an hour later with a check for my account funds. They were genuinely stunned I closed the account.🤦♀️ ___ Not just me Seeing this tweet triggered a PTSD moment. I DM'd Hayden, and he described an identical experience. Hayden shared the following tweets and believes the issue goes well beyond crypto. https://preview.redd.it/z0hf73dutjrb1.png?width=793&format=png&auto=webp&s=1cef2d730e8f7400cbe1fb60f905da3529ad944b https://preview.redd.it/wvc9bko3ujrb1.png?width=670&format=png&auto=webp&s=e18702182ba569352e067918b4afe4110393870a Brian Quintenz, former Commissioner of the Commodity Futures Trading Commission (CFTC). https://preview.redd.it/5kea3aujujrb1.png?width=674&format=png&auto=webp&s=f56d12e5b925150e001c7171c4cb0401a4ee2dc4 Not just people in crypto. https://preview.redd.it/jwf4mcqozjrb1.png?width=1236&format=png&auto=webp&s=6fc2c32d54b69d51134fa374e0f124cb7f615a14 Chase Bank freezes and strong-arms customer accounts as a business practice. Run a Google search and find the same story played out across the nation. They do it simply because they can. Worse yet, this practice is becoming sector wide. Please be mindful of this. Protect yourself, and best of luck to you.🙏 submitted by /u/ajnsd619 [link] [comments]
- Monthly Optimists Discussion - October 2023by /u/CryptoOptimists- (Cryptocurrency News & Discussion) on October 1, 2023 at 9:04 am
Welcome to the Monthly Optimists Discussion thread. As the title implies, the purpose of this thread is to promote discussion which is guardedly optimistic about cryptocurrency topics. This thread is intended to be a counterweight to the Skeptics Discussion thread and will be pinned when the markets are bearish. Please read the rules and guidelines before participating. Rules: This discussion thread has much higher standards compared to the Daily Discussion thread. Please behave in accordance with the following rules. All r/CC rules apply. For top-level comments, a minimum of 250 characters will be imposed as well as a minimum of 1000 comment karma and 6 months account age. Discussions must be on topic, ie positive but not to the point of being absurd or utopian. Statements should be substantiated with sound reason and/or evidence. For example, announcing an obscure online store is adopting coin X for payments and then speculate Amazon will adopt it next without evidence. Also, discussions about market analysis, financial advice, or tech support will most likely be removed and is better suited for the daily thread. Low-effort comments promoting coins or tokens will be removed. For example, comments saying “Buy coin X!” or “Coin X is going to the moon!🚀”, showcasing the current composition of your portfolio, or stating you sold coin X for coin Y, will be removed. In other words, no shilling. Offensive language, profanity, trolling, and satire will be removed. This thread is intended for mature discussion. Most of the above rules will be promptly enforced upon top-level comments by AutoModerator. Please report shilling or any comments which violate the rules. Resources and Tools: Read through the Cointest Archive to find positive material to discuss and consider participating in the contest if you're interested. Click the RES subscribe button below if you want to be notified when new comments are posted. 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/CryptoOptimists- [link] [comments]
- I’ve invested all my savings into crypto and NFTsby /u/Valdeztron (NFT) on October 1, 2023 at 7:36 am
Hi the market looks really bad but I see a huge opportunities. They say when people are afraid and everything is in red is time to make a move. The risk is at the top of a bull market. They even say the best time to create a company is in the bear market. I even started a company around web3 at https://Whale0x.com. If crypto go to 0. I’ll be homeless. It’s all or nothing. In advance, Thanks for the support. submitted by /u/Valdeztron [link] [comments]
- FTX Exploiter Transfers Out Over $17 Million Worth of Ethereumby /u/FalloutAssasin (Cryptocurrency News & Discussion) on October 1, 2023 at 5:19 am
The mysterious exploiter of the FTX cryptocurrency exchange has been transferring out large amounts of Ethereum (ETH) from the platform over the past 24 hours. According to SpotOnChain, a blockchain analytics platform, the exploiter has used five different addresses to move a total of 10,250 ETH, worth about $17.1 million at the time of writing. The exploiter has been sending ETH to two destinations: the Thorchain router and the Railgun contract. Thorchain is a decentralized liquidity network that allows cross-chain swaps between different cryptocurrencies. Railgun is a privacy-preserving protocol that enables users to hide their transactions on Ethereum. The exploiter has sent 7,749 ETH ($13 million) to the Thorchain router and swapped 2,500 ETH ($4.19 million) to 153.4 tBTC, a tokenized version of Bitcoin, at an average price of $27,281 per BTC. The remaining ETH has been left in the original addresses or moved to other unknown destinations. The motive and identity of the exploiter are unclear, but SpotOnChain suggests that they may be trying to evade detection and traceability by using Thorchain and Railgun. The exploiter may also be taking advantage of the arbitrage opportunities between different markets and platforms. https://preview.redd.it/92q1dfslzirb1.jpg?width=900&format=pjpg&auto=webp&s=ceb4bca3c14c84226d8293c1c67c4d36fefb5377 submitted by /u/FalloutAssasin [link] [comments]
- Unlock the World of Music NFTs with "Tokenizing Tunes: The Complete Insightful Music NFT Handbook" 📚 [Book Link in Comments]by /u/Matthew--Musicals (NFT) on October 1, 2023 at 4:27 am
Hey fellow music enthusiasts and crypto aficionados! 🚀 I recently stumbled upon an incredible ebook that demystifies the world of Music NFTs, and I couldn't wait to share it with you all. 📘 Title: Tokenizing Tunes: The Complete Insightful Music NFT Handbook 🎶 What's Inside: Understanding Music NFTs Step-by-step Guide to Tokenizing Your Music Exclusive Interviews with NFT Music Pioneers Strategies for Artists, Collectors, and Investors and much more! Whether you're an artist looking to tokenize your work, a collector diving into the NFT music space, or just curious about the intersection of music and blockchain, this handbook covers it all. I've found it to be a game-changer in navigating the world of Music NFTs, and I can't recommend it enough. If you have any questions or want to discuss the contents, feel free to drop a comment below! Let's dive into the future of music together. 🎵🚀 submitted by /u/Matthew--Musicals [link] [comments]
- How do you define a bluechip?by /u/liamneeson1 (NFT) on October 1, 2023 at 2:22 am
In this X thread I attempt to objectively define bluechip criteria using a variety of data. Hope it helps! submitted by /u/liamneeson1 [link] [comments]
- Sport NFT Research -- take the survey !by /u/stella_zelda (NFT) on October 1, 2023 at 12:02 am
Hi everyone, I'm a Ph.D. student working on a project related to sport NFT products. If you have ever purchased any sport NFT product, you are welcome to join the study by completing the survey! You will help advance the knowledge in the sports industry! And you will also have a chance to win a $50 Amazon gift card! Here is the link to the survey: https://iu.co1.qualtrics.com/jfe/form/SV\_eyuhamjMBVVuLk2?Q\_CHL=social&Q\_SocialSource=reddit Thank you so much for your help! submitted by /u/stella_zelda [link] [comments]
- Daily Crypto Discussion - October 1, 2023 (GMT+0)by /u/CryptoDaily- (Cryptocurrency News & Discussion) on October 1, 2023 at 12:01 am
Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules: All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect. Discussion topics must be related to cryptocurrency. Behave with civility and politeness. Do not use offensive, racist or homophobic language. Comments will be sorted by newest first. Useful Links: Beginner Resources Intro to r/Cryptocurrency MOONs 🌔 MOONs Wiki Page r/CryptoCurrency Discord r/CryptoCurrencyMemes Prior Daily Discussions - (Link fixed.) r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance. Finding Other Discussion Threads Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted. u/CryptoDaily- — Posts the Daily Crypto Discussion threads. u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads. u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads. u/CryptoNewsUpdates — Posts the Monthly News Summary threads. submitted by /u/CryptoDaily- [link] [comments]
- Why Pudgy Penguins are performing so well ？better than BAYC or AZUKIby /u/bobdylan_In_Country (NFT) on September 30, 2023 at 6:18 pm
I was just about to ask if anyone knows why Pudgy Penguins are performing so well? What exactly has caused Pudgy to outperform BayC and Azuki so significantly in the past year?For a newcomer to NFTs like me, I always thought that BAYC and AZUKI were the top two NFTs. However, I recently discovered that in terms of price performance, Pudgy has actually been the best performer. It hasn't just held its price ; it has even risen during the NFT bear market. submitted by /u/bobdylan_In_Country [link] [comments]
- TechCrunch: Pudgy Penguins’ approach may be the answer to fixing NFTs’ revenue problemsby /u/Valdeztron (NFT) on September 30, 2023 at 5:37 pm
TC new article states: “Earlier this week, Pudgy Toys became available in over 2,000 Walmart stores across the U.S., opening the door to growth avenues outside the blockchain. The company is also launching its toys in Smyths, one of the biggest toy store chains in the United Kingdom, in a bid to augment its toy sales from Five Below, Amazon, Hot Topic and other retailers.” The owners of the NFT collection are no longer trying to depend on investors for profits. They are trying to reinvent the business. Do you think they are in the right direction? I’m ceo of Whale0x. Thanks for reading. submitted by /u/Valdeztron [link] [comments]
- The Rowdy Race NFT Gameby /u/NateDoes_Gaming (NFT) on September 30, 2023 at 5:28 pm
I've been thinking about joining this thing called the Rowdy Race but I wanna know if any of you guys have any opinions on it before I do. It seems like a pretty cool way to make money while gaming but I'm looking for more info. https://therowdyrace.com/ submitted by /u/NateDoes_Gaming [link] [comments]
- NFT are worthless 0$!!! Change my mind !by /u/na7oul (NFT) on September 30, 2023 at 4:37 pm
submitted by /u/na7oul [link] [comments]
- Let's connect in this bear marketby /u/Odd_Philosopher_6605 (NFT) on September 30, 2023 at 4:11 pm
Hey there I've been working with ai since last year. Have sold few of my arts. currently learning new things and now in this bear market I'm connecting with others if you are also one of the artist, builders, reply guys and anything let's connect ❓ Remember in bear we build for the bulls submitted by /u/Odd_Philosopher_6605 [link] [comments]
- Introducing the site for NFT analysisby /u/No_Range6905 (NFT) on September 30, 2023 at 2:01 pm
Please suggest a site for ANFT analysis submitted by /u/No_Range6905 [link] [comments]
- Is there a sub where we can promote or NFT’s?by /u/PBFan42 (NFT) on September 30, 2023 at 2:00 pm
People are complaining about value constantly on this sub and wondering if NFT’s are dead while not being allowed to post there projects on a subreddit that is ostensibly about NFT’s where on Reddit can we share our work with potential buyers? submitted by /u/PBFan42 [link] [comments]
- Hi, I've got a questionby /u/Omn1Crypto (NFT) on September 30, 2023 at 1:27 pm
Hi, do you think NFT hype will partially comeback by the end of the year? submitted by /u/Omn1Crypto [link] [comments]
- What do you think NFTs should solve and what usecases do you see for its future?by /u/Professer__ (NFT) on September 30, 2023 at 9:48 am
submitted by /u/Professer__ [link] [comments]
- “Bitcoin will become priceless" when a CBDC enters the market. – Rich Dad, Poor Dad author. He also thinks the same for NFTs and other crypto assets.by /u/Valdeztron (NFT) on September 30, 2023 at 4:25 am
I believe when CBDC is adopted bitcoin, NFTs etc will only become more valuable (increase in value) and become more important in society. In conclusion I think he’s right. Sorry for the mistake. I misinterpreted author. We all here can agree crypto and NFTs to the moon. I’m ceo of Whale0x. Thanks for reading! submitted by /u/Valdeztron [link] [comments]
- How should I market a Tool to help clap down on scams in web3?by /u/Valdeztron (NFT) on September 29, 2023 at 8:51 pm
I created a product that allow web3 artists/companies to add all their links in 1 place and they can get their account verified for a small fee. In order to help them build more confidence in the space of web3 and beyond. So, investors, customers, and collectors can feel more confident when their engaging. I would love the feedback. submitted by /u/Valdeztron [link] [comments]
- You have 0.05 eth wyb?by /u/EqualHonest2575 (NFT) on September 29, 2023 at 7:47 pm
What's your move! submitted by /u/EqualHonest2575 [link] [comments]
- How to join NFTs world now in the easiest and safe way?by /u/Designer-Mulberry958 (NFT) on September 29, 2023 at 6:04 pm
Hi guys someone DM me to buy my artworks on this website pixelperfectionnfts but actually I’m not into NFTs but I feel it is a scam, so advise me is it scam or safe also if there is a recommended guide to start joining NFTs can you advise me what is the easy and safe ways to start and how? thanks submitted by /u/Designer-Mulberry958 [link] [comments]
- How can i sell my nfts?by /u/Weekly_Lengthiness40 (NFT) on September 29, 2023 at 6:00 pm
Hi everyone, I just opened my opensea account and uploaded a few nfts on my account. But i’m so disappointed with selling them and i think its a waste of time. I wanted to ask the experts in NFT that how i can manage to earn from my photos and how to get more views. submitted by /u/Weekly_Lengthiness40 [link] [comments]
- Decentralised NFT platform?by /u/glorp_enter (NFT) on September 29, 2023 at 5:23 pm
NFTs have evolved out the concepts of blockchains and decentralisation. However, the NFT platforms and protocols out there are almost all fully centralised. How do you feel about a decentralised NFT protocol, where the artists, collectors and stakeholders all together contribute to the decisions regarding the protocol? This is possible through governance voting. Have you come across any protocols with this feature? submitted by /u/glorp_enter [link] [comments]
- PHANTOM GALAXIES™ brings AAA multiplayer mecha action-RPG to Steam and Epic Games Store on 2 November 2023by /u/hydratereload (NFT) on September 29, 2023 at 4:47 pm
Blowfish Studios, a subsidiary of leading Web3 and interactive entertainment company Animoca Brands, announced today that its mecha space opera PHANTOM GALAXIES™ is launching in early access on 2 November 2023 for PC. A free-to-play Web3-enabled version of PHANTOM GALAXIES™ will be available on its official website and on the Epic Games Store, and a non-Web3 version will be available on Steam. https://www.animocabrands.com/phantom-galaxies-brings-aaa-multiplayer-mecha-action-rpg-to-steam-and-epic-games-store submitted by /u/hydratereload [link] [comments]
- One Click Wallets” Could Be The Perfect Solution For Blockchain Gamingby /u/Rich_Vacation_8372 (NFT) on September 29, 2023 at 4:16 pm
If you tried playing a few blockchain games in the past you know how annoying it can become when you need to create a different wallet for every different blockchain. At some point it becomes exhausting and that is mostly what is holding casual players back from giving NFT games a go. The benefits of easy-to-use wallets can be clearly seen now that we have some numbers to work with. For example, Particle Network has managed to get 15 million wallet activations in the past 12 months with what they call “Wallet as a service” or Waas. I think that this is the solution that blockchain gaming needs if we want to bring Web2 users over to Web3. Without a seamless transition, it’s hard to convince people to make that extra step. What are your views on this? submitted by /u/Rich_Vacation_8372 [link] [comments]
- How much Ethereum need to list a 10k nft collection in Opensea?by /u/0x-nft (NFT) on September 29, 2023 at 11:08 am
submitted by /u/0x-nft [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]
- 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]