Bitcoin, Cryptocurrency and Blockchain Discussion Thread

[Beerbaron105]

Bitcoin requires heavy energy use to mine as part of it's security protocol -- if it was easy to mine it wouldn't have the value that it has.

Anyways we are moving into the finale of the four year cycle, expect $250k BTC by EOY or Jan/22 -- followed by an insane alt season, prepare your cashout strategies now.

 

[CorneliusXX]

Bitcoin requires heavy energy use to mine as part of it's security protocol -- if it was easy to mine it wouldn't have the value that it has.

Anyways we are moving into the finale of the four year cycle, expect $250k BTC by EOY or Jan/22 -- followed by an insane alt season, prepare your cashout strategies now.

I can only dream. Am totally handing in my notice at work if BTC goes to $250k

 

[Beerbaron105]

I can only dream. Am totally handing in my notice at work if BTC goes to $250k

Remember mid 2017 no one could predict or imagine $20k ATH --- now look at the chart and that is a mere blip in bitcoins history

 

[amolina]

Bitcoin requires heavy energy use to mine as part of it's security protocol -- if it was easy to mine it wouldn't have the value that it has.

Anyways we are moving into the finale of the four year cycle, expect $250k BTC by EOY or Jan/22 -- followed by an insane alt season, prepare your cashout strategies now.

My cash out scenario is simple. Take crypto profits into Tesla stocks

 

[Xepa777]

Bitcoin back at an all time high, and those holding it with Celsius have been collecting a juicy 6% interest rate during the whole ride

Also just wanna brag a bit here that I shilled Luna here as low as $5 earlier this year with the Terra ecosystem and now it's sitting at $40. Luna's going to $2000 easy over the next decade. And with crypto you can take that Luna and put it in yield generating protocols for an extra 40%+ APY. Glorious.

I also am working on some NFT projects right now for fun hahaha.

Happy to answer any crypto questions people might have

 

[Compton]

Happy to answer any crypto questions people might have

Do you have a take on (or can you take a look at) DefiChain? Most cryptocurrencies are Turing complete, resulting in a large attack vector surface for hackers. DefiChain (DFI) is a hard fork of Bitcoin and Turing non-complete which increases its security but limits its use and makes it a more difficult development platform. DFI writes its most recent Merkle tree periodically onto the Bitcoin blockchain to provide security and immutability. Stocks and lending will be available for DefiChain next month, futures and options next year.

I'm somewhat of a novice with cryptocurrencies but DFI's basic idea seems simple yet rather unique at the same time. The only similar project I could find is Stacks. DFI's white paper can be found here.

 

[Baumisch]

Bitcoin back at an all time high, and those holding it with Celsius have been collecting a juicy 6% interest rate during the whole ride

...

And with crypto you can take that Luna and put it in yield generating protocols for an extra 40%+ APY. Glorious.

...

Regarding the APY on coins:
The only non-counterparty-risk way to get interest from some coins is POS staking correct?
I do this for some coins already.

As soon as I try to get yield on non-POS coins I introduce counterparty risk correct?
No matter if I provide liquidity to all those DEXes that pop up everywhere or some other lending schemas - it's always not my keys anymore.

That's probably why you don't stake Luna - you weight the APY gain higher than self-custody aka security - for me it's self-custody against high-yield.
correct?

And if this is all correct - it seams most people are like me - by looking at stakingrewards.com I see a lot of % of those projects locked up stacking - I guess any yield-farming would not show up as staking on TVL or would it?

 

[Xepa777]

Regarding the APY on coins:
The only non-counterparty-risk way to get interest from some coins is POS staking correct?
I do this for some coins already.

As soon as I try to get yield on non-POS coins I introduce counterparty risk correct?
No matter if I provide liquidity to all those DEXes that pop up everywhere or some other lending schemas - it's always not my keys anymore.

That's probably why you don't stake Luna - you weight the APY gain higher than self-custody aka security - for me it's self-custody against high-yield.
correct?

And if this is all correct - it seams most people are like me - by looking at stakingrewards.com I see a lot of % of those projects locked up stacking - I guess any yield-farming would not show up as staking on TVL or would it?

You can also put crypto in auto-compounding farms for extra leverage on that yield, but yah basically staking is the safest thing.

I'm not a believer in the "own your keys" crowd. I respect them and love that in crypto you genuinely get to hold your physical bars of gold that way, but it's not super realistic for mainstream context. And with crypto, you have much better transparency over the entire ecosystem (vs. putting it in your local credit union).

I personally do different things with my Luna.

1. I stake a decent amount of it for the 5%+ interest rate
2. I use some of it as collateral to take out loans to buy more crypto (like a true degenerate)
3. I do strategy #2, but put it into an auto-compounding protocol for leverage (and will automatically de-leverage to protect me from liquidation. Which IMO weirdly makes strategy #3 safer than #2)
4. I buy bluechip NFTs, because I treat NFTs as leverage on a crypto ecosystem. For example, I buy an NFT for 100 Luna and sell in a year for 200 Luna. I still capture the value of the price appreciation in Luna, and with the increased # of people in the ecosystem the raw # of Luna required to buy the NFT increases (because you don't have fractionalized NFTs like crypto tokens, meaning there genuinely is only 10,000 pieces of a bluechip NFT).

I don't do liquidity mining. Just not my style. Both in having to deal with impermanent loss and with recognizing those insane APY% drastically correct over a period of weeks (if not days) and that farm tokens long-run are all basically worthless. Respect those who do it though, it's super necessary in cryptoland for liquidity within various exchanges.

 

[Xepa777]

Do you have a take on (or can you take a look at) DefiChain? Most cryptocurrencies are Turing complete, resulting in a large attack vector surface for hackers. DefiChain (DFI) is a hard fork of Bitcoin and Turing non-complete which increases its security but limits its use and makes it a more difficult development platform. DFI writes its most recent Merkle tree periodically onto the Bitcoin blockchain to provide security and immutability. Stocks and lending will be available for DefiChain next month, futures and options next year.

I'm somewhat of a novice with cryptocurrencies but DFI's basic idea seems simple yet rather unique at the same time. The only similar project I could find is Stacks. DFI's white paper can be found here.

Friends have shilled me DefiChain but I've never done deep diligence into them. Reddit Cryptocurrency has super robust discussions on basically everything though.

https://www.reddit.com/r/CryptoCurrency/comments/mwnek6

https://www.reddit.com/r/defi/comments/pmeamq

Most crypto communities have pretty active Discord or Telegram groups as well where you can ask all questions in the world - DeFiChain - DeFi enabled with Bitcoin (official)

I also think if you like the value proposition of DefiChain then you should definitely look at Stacks, one of its principle competitors which has a lot of momentum behind it.

 

[Compton]

Friends have shilled me DefiChain but I've never done deep diligence into them. Reddit Cryptocurrency has super robust discussions on basically everything though.

https://www.reddit.com/r/CryptoCurrency/comments/mwnek6

https://www.reddit.com/r/defi/comments/pmeamq

Most crypto communities have pretty active Discord or Telegram groups as well where you can ask all questions in the world - DeFiChain - DeFi enabled with Bitcoin (official)

I also think if you like the value proposition of DefiChain then you should definitely look at Stacks, one of its principle competitors which has a lot of momentum behind it.

I'm surprised that you have even heard about DFI. I'll look into stacks in more detail.

 

[Xepa777]

This is a project that I think most TMCers can get behind: KLIMA

They basically buy carbon credits on the open market and force it to be more expensive for companies. Here’s a personal DD document from one of my close friends at top crypto research firm. The Klima File

And it’s APY is 35,000%. Yah you read that right

Mark Cuban just shilled klima and it’s 35,000% apy yesterday. Saving the planet with carbon credits and buying tesla roadsters at the same time.

You can watch an interview here on it from the founders

 

[JRP3]

Elon doesn't like lending out crypto

https://twitter.com/x/status/1463090628896694279

 

[daniel]

Anybody that claims 35,000% APY for anything is a scammer.

 

[Xepa777]

Anybody that claims 35,000% APY for anything is a scammer.

Very ignorant view without doing research. Same principle applies with Tesla. “Any technology sufficiently advanced enough is indistinguishable from magic.”

The APY is in a way gimmicky because it dynamically changes and will go down over time (in a year from now itll probably fall below 500%) and the token price decreases over time as it’s inflationary, but protocol-owned liquidity is a very real concept and offers immense compounding rewards for those first into the system.

It’s worth researching just for the fact that it’s goal is admirable: buying carbon credits and taking them off the market to increase the price (and subsequently the expenses that polluters must pay). And they’ve already bought over $100 milllion of carbon credits in less than a month.

 

[daniel]

Anatomy of a scam: Decide on a "project" that people will believe is worthwhile. Pretend that you're supporting that project. Trick people into giving you money. Declare vapor returns. Maybe actually pay huge returns to the first investors (including yourself, of course) in order to be able to claim gargantuan profits, using newly invested money to pay off early investors (including yourself). Keep a suitcase packed so when the pyramid collapses you can get out of town fast.

A fool and his money are soon parted.

There are businesses that are enormously successful (Tesla is one example) and if you are lucky enough to get in early, you make a lot of money. But for every successful business there are a thousand that go bust and the investors lose everything. And scam artists love to point (in hindsight!) to the successes and tell you that you cannot lose with their scam.

Nobody can guarantee a profit. Anybody that does is lying. And anybody who promises anything like 35,000%, or even 500% profit is an out and out scammer, liar, scoundrel, and crook.

 

[EVCollies]

This is a project that I think most TMCers can get behind: KLIMA

They basically buy carbon credits on the open market and force it to be more expensive for companies. Here’s a personal DD document from one of my close friends at top crypto research firm. The Klima File

And it’s APY is 35,000%. Yah you read that right

Mark Cuban just shilled klima and it’s 35,000% apy yesterday. Saving the planet with carbon credits and buying tesla roadsters at the same time.

You can watch an interview here on it from the founders

As a retired BTC and ETH miner 5 y ago after realizing the energy costs, I think I would like to try again with KLIMA. I had used Gemini as my wallet but doesn't appear they have KLIMA. Any hints on the best way to convert USD to KLIMA? After purchasing appears I should either Stake or Bond as I will be HOLDL.

 

[elasalle]

'A perfect storm' as bitcoin stages weekend crash that puts it on verge of 'breakdown.' Here's what crypto bulls are saying.

A downturn in global stocks appears to be spilling over into the nascent crypto market. Here's what experts say is happening.

www.marketwatch.com

NYDIG estimates that $1.1 billion of leveraged bitcoin positions and $2.5 billion of crypto leveraged positions (including bitcoin) have been liquidated in the past 24 hours, representing the largest such notional liquidation since Sept. 7

 

[KevinLi]

I will say holding is easier than pushing the sell button for me, but I have to start getting better at it because most of my money is in crypto right now. It's hard because I know a lot of the projects I'm in are good long term holds and I know they'll go up, but there's always dumps and corrections. I've been finding myself thinking about selling at good times, but getting frustrated because I don't and it dips. I'm going to trust my intuition more and really pay attention to that balance of fear and greed. Think to create my own forex broker white label to grow to a new level in crypto

 

[JRP3]

More unintended consequences of crypto

https://twitter.com/x/status/1479068075483873284

Fuel riots. So far:

- 154 deaths
- 6000+ arrests
- Internet shut down
- Leader says, "fire before warning"
- Natl Sec Head tried a coup

Kazakhstan unrest: Internet returns to Almaty following a five day outage

Days of violent anti-government protests saw nearly 8,000 people detained, officials say.

www.bbc.com

 

[betstarship]

More unintended consequences of crypto

Its one take, hard to tell if its only due to bitcoin mining...