Crypto lounge thread

Deepdiver

Crow
Gold Member
A sobering Point of View by Strategic Intelligence... Full of Bull or right on in the Biden Harris CCP Kommie Kulture?

Bitcoin Is Not Just A Curiosity. It’s A Threat To National Security

After Bitcoin crashed from $20,000 to $3,400 in 2018, many observers decided the craze was over and Bitcoin would slowly decline in price and fade into obscurity. But reports of the death of Bitcoin were premature. In 2021, a new mania took hold and the price surged to $60,000 before backing off slightly in recent days. Not only has the Bitcoin price gone up, but millions of first-time users, mostly millennials and Generation Z, have joined the bandwagon. Very few observers really understand the technology behind Bitcoin (including millions of the new buyers), but this seems irrelevant to most. They are true believers; almost like a cult or tribe. The buyers believe in one thing only - that the price of Bitcoin will continue to go up. Buying it at any price is like buying a ticket for free money because, despite the occasional dip, the price has nowhere to go but up. If this sounds like the definition of a mania-induced bubble, you're right. It is a bubble. But that doesn't mean it's going away soon. The list of objections to Bitcoin is long. It uses enormous amounts of electricity to produce coins, which adds to CO2 emissions since most of the Bitcoin mining is done in China (which uses mostly coal-fired generators). Bitcoin payments are slow and expensive. Less expensive payment layers are available, but these destroy the anonymity that was the original selling point for Bitcoin. Theft is rampant as billions of dollars of Bitcoins have been stolen or simply disappeared as exchanges have collapsed. Billions more have been lost when Bitcoin holders lose their encryption keys and cannot access their accounts. And so on. None of this has slowed the widespread adoption of Bitcoin as a store of value (despite enormous volatility that cuts against the store of value function). Now, according to this article. Bitcoin may face a more formidable challenge that will actually curtail its growth and possibly pop the bubble. Increasingly, Bitcoin is considered as a threat to U.S. national security. The reasons for this include Chinese dominance of Bitcoin mining, financial instability that could result when the bubble bursts and damage to the U.S. dollar's role as the principal reserve currency if billions of users around the world simply abandon dollars for Bitcoin. Along with national security threats comes a long list of draconian statutory powers that the president can use to curtail the threat including a ban on Bitcoin usage and a prohibition on clearance of transactions by payments processors who also handle U.S. dollar payments. This is not an abstract threat. A reaction to Bitcoin on national security grounds may be coming sooner than many expect. Investors can prepare by increasing their allocations to cash so they can weather the financial fallout when the death of Bitcoin actually does arrive.

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Deepdiver

Crow
Gold Member

kurtybro

Woodpecker
I imagine it's OK if you are using a Ledger via Sollet? I thought in that case Sollet is just an interface for the hardware wallet; and it does not know your keys. Is their a wallet/interface you'd recommend?

I just started looking into the coin(s) based on your posts, i know that their github has an open issue on this very topic


By the looks of it, sollet doesn't support ledger wallet with a secret word, although the dexes in question may support ledger directly.

To reiterate, if there's any chance of a glitch in the particular seed word generation mechanism, ALL of *everyones* funds are at risk. At the very least generate your own seed words elsewhere and always make sure to add a passphrase at the end, that way you'll be at least be protected against a weak not-fully-random seed generation algorithm. I have no clue why they didn't implement this functionality in sollet, seems like a nobrainer.
 

Coja Petrus Uscan

Hummingbird
Gold Member
Can you explain why you would stake Ray-SRM vs the higher return for Step? I'm new to yield farming. Is it because you see more upside to RAY than STEP?

PS: Glad you guys are here, I'm learning a lot, thanks.

I just had a look at Step and it seems very basic, unfinished. There are similar projects to it on ETH and BNB and they aren't highly ranked. It could have a run as an early SOL project, but otherwise I am not tempted.

Ray is the best of the SOL DEXs. Some of Serum's features are really horrible to use. Bonafide has very low volumes, but has a few plans up it's sleeve and is looking at building wider infrastructure. So I am taking a pop at them.

The rate on the STEP fusion pool (1,400%) is obviously very nice. I imagine it will go down though. On BSC I got in early on a few with very high yields. BELT started out at 6% interest per day. I think that is down to around 0.6% or less now.

MEDIA seems more interesting. Though it has been tanking after IDO/IEO and looks like a long-term prospect.
 

kurtybro

Woodpecker
I just started looking into the coin(s) based on your posts, i know that their github has an open issue on this very topic


By the looks of it, sollet doesn't support ledger wallet with a secret word, although the dexes in question may support ledger directly.

To reiterate, if there's any chance of a glitch in the particular seed word generation mechanism, ALL of *everyones* funds are at risk. At the very least generate your own seed words elsewhere and always make sure to add a passphrase at the end, that way you'll be at least be protected against a weak not-fully-random seed generation algorithm. I have no clue why they didn't implement this functionality in sollet, seems like a nobrainer.

Quick update:

You can import your own private keys in Sollet (top right click on account -> add account -> import private key).

Using Solanas command line tools seems to be the most straightforward way to generate public/private key pairs derived from a seed phrase.

You can also generate the seed + add your passphrase with another tool, something like : https://iancoleman.io/bip39/.

So in essence you're generating your seed phrase, adding a secret passphrase to it (preferably done offline), inputting those into Solanas CLI tools, it'll spit out your public/private keys, you can then import the private key to Sollet for convenience.
 

RalphMalph

Woodpecker
A sobering Point of View by Strategic Intelligence... Full of Bull or right on in the Biden Harris CCP Kommie Kulture?

Bitcoin Is Not Just A Curiosity. It’s A Threat To National Security

After Bitcoin crashed from $20,000 to $3,400 in 2018, many observers decided the craze was over and Bitcoin would slowly decline in price and fade into obscurity. But reports of the death of Bitcoin were premature. In 2021, a new mania took hold and the price surged to $60,000 before backing off slightly in recent days. Not only has the Bitcoin price gone up, but millions of first-time users, mostly millennials and Generation Z, have joined the bandwagon. Very few observers really understand the technology behind Bitcoin (including millions of the new buyers), but this seems irrelevant to most. They are true believers; almost like a cult or tribe. The buyers believe in one thing only - that the price of Bitcoin will continue to go up. Buying it at any price is like buying a ticket for free money because, despite the occasional dip, the price has nowhere to go but up. If this sounds like the definition of a mania-induced bubble, you're right. It is a bubble. But that doesn't mean it's going away soon. The list of objections to Bitcoin is long. It uses enormous amounts of electricity to produce coins, which adds to CO2 emissions since most of the Bitcoin mining is done in China (which uses mostly coal-fired generators). Bitcoin payments are slow and expensive. Less expensive payment layers are available, but these destroy the anonymity that was the original selling point for Bitcoin. Theft is rampant as billions of dollars of Bitcoins have been stolen or simply disappeared as exchanges have collapsed. Billions more have been lost when Bitcoin holders lose their encryption keys and cannot access their accounts. And so on. None of this has slowed the widespread adoption of Bitcoin as a store of value (despite enormous volatility that cuts against the store of value function). Now, according to this article. Bitcoin may face a more formidable challenge that will actually curtail its growth and possibly pop the bubble. Increasingly, Bitcoin is considered as a threat to U.S. national security. The reasons for this include Chinese dominance of Bitcoin mining, financial instability that could result when the bubble bursts and damage to the U.S. dollar's role as the principal reserve currency if billions of users around the world simply abandon dollars for Bitcoin. Along with national security threats comes a long list of draconian statutory powers that the president can use to curtail the threat including a ban on Bitcoin usage and a prohibition on clearance of transactions by payments processors who also handle U.S. dollar payments. This is not an abstract threat. A reaction to Bitcoin on national security grounds may be coming sooner than many expect. Investors can prepare by increasing their allocations to cash so they can weather the financial fallout when the death of Bitcoin actually does arrive.

###
The reasoning doesn't make sense. Most of the current socialist operatives running Biden's administration and many of Wall Street insiders are too locked into BTC to ever allow it to be banned outright. And that goes for the City of London crowd as well. The handwriting is already written on the wall that the crypto economy is here to stay. CASH!!!!!! Who is going to start loading up on USDs when it's inflation rate is getting out of hand!!!!
 
I just had a look at Step and it seems very basic, unfinished. There are similar projects to it on ETH and BNB and they aren't highly ranked. It could have a run as an early SOL project, but otherwise I am not tempted.

Ray is the best of the SOL DEXs. Some of Serum's features are really horrible to use. Bonafide has very low volumes, but has a few plans up it's sleeve and is looking at building wider infrastructure. So I am taking a pop at them.

The rate on the STEP fusion pool (1,400%) is obviously very nice. I imagine it will go down though. On BSC I got in early on a few with very high yields. BELT started out at 6% interest per day. I think that is down to around 0.6% or less now.

MEDIA seems more interesting. Though it has been tanking after IDO/IEO and looks like a long-term prospect.
What is the symbol for bonafide? I can't find it on coinmarketcap
 

fireshark

Sparrow
Ray is the best of the SOL DEXs. Some of Serum's features are really horrible to use. Bonafide has very low volumes, but has a few plans up it's sleeve and is looking at building wider infrastructure. So I am taking a pop at them.
I used Serum for the first time yesterday and it wasn't a great experience. UI needs work. Will test Raydium soon.

How do we feel about SOL, as a competitor to ETH, or an ETH-like token, not being EVM-enabled?

BTW, ETH's fees went down because the block height (or block difficulty?) was increased. It's only a very temporary solution, either way.
 
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fiasco360

Kingfisher
I've been sitting in the STEP-USDC fusion pool for the past week or so. It's been a consistent return for me.

I missed out on some market moves with ETH due to having a lot of liquidity tied up but the pool was somewhat of a
"guaranteed" profit. I also use https://vicyyn.com/ for IL calculations.

Raydium team had a huge issue in their UI/Front End of things the other day and it caused a huge dip in STEP price but it's stabilized somewhat in the 5.5-7 range. I don't care for the project too much but I'm pulling out my liquidity soon enough.

I think COPE has the potential to be a good investment and since FTX backs Raydium protocol - I don't see that going by the wayside anytime soon.
 
How do you decide when to pull out of step? Do you watch the trading volume? Does it die slowly over the next few months? Is it the UI that you don't like? I guess it generates its rewards "value" if folks enter a pool via their interface, which is crap compared to raydium.
 

BillMcNeal

Sparrow
A sobering Point of View by Strategic Intelligence... Full of Bull or right on in the Biden Harris CCP Kommie Kulture?

Bitcoin Is Not Just A Curiosity. It’s A Threat To National Security

After Bitcoin crashed from $20,000 to $3,400 in 2018, many observers decided the craze was over and Bitcoin would slowly decline in price and fade into obscurity. But reports of the death of Bitcoin were premature. In 2021, a new mania took hold and the price surged to $60,000 before backing off slightly in recent days. Not only has the Bitcoin price gone up, but millions of first-time users, mostly millennials and Generation Z, have joined the bandwagon. Very few observers really understand the technology behind Bitcoin (including millions of the new buyers), but this seems irrelevant to most. They are true believers; almost like a cult or tribe. The buyers believe in one thing only - that the price of Bitcoin will continue to go up. Buying it at any price is like buying a ticket for free money because, despite the occasional dip, the price has nowhere to go but up. If this sounds like the definition of a mania-induced bubble, you're right. It is a bubble. But that doesn't mean it's going away soon. The list of objections to Bitcoin is long. It uses enormous amounts of electricity to produce coins, which adds to CO2 emissions since most of the Bitcoin mining is done in China (which uses mostly coal-fired generators). Bitcoin payments are slow and expensive. Less expensive payment layers are available, but these destroy the anonymity that was the original selling point for Bitcoin. Theft is rampant as billions of dollars of Bitcoins have been stolen or simply disappeared as exchanges have collapsed. Billions more have been lost when Bitcoin holders lose their encryption keys and cannot access their accounts. And so on. None of this has slowed the widespread adoption of Bitcoin as a store of value (despite enormous volatility that cuts against the store of value function). Now, according to this article. Bitcoin may face a more formidable challenge that will actually curtail its growth and possibly pop the bubble. Increasingly, Bitcoin is considered as a threat to U.S. national security. The reasons for this include Chinese dominance of Bitcoin mining, financial instability that could result when the bubble bursts and damage to the U.S. dollar's role as the principal reserve currency if billions of users around the world simply abandon dollars for Bitcoin. Along with national security threats comes a long list of draconian statutory powers that the president can use to curtail the threat including a ban on Bitcoin usage and a prohibition on clearance of transactions by payments processors who also handle U.S. dollar payments. This is not an abstract threat. A reaction to Bitcoin on national security grounds may be coming sooner than many expect. Investors can prepare by increasing their allocations to cash so they can weather the financial fallout when the death of Bitcoin actually does arrive.

###
Make no mistake, governments, especially the US, are coming for Bitcoin and any other coin with even remote privacy features. They'll go for the on and off ramps first. Now, the current bull run may very well lead coins like this to more massive gains than they've already made, so I'm not saying a crash is imminent. But governments usually win, so long term I'm not sure these are good bets. If anything I'd hedge with government friendly crypto - basically companies playing ball to be a part of the next financial system.

The reasoning doesn't make sense. Most of the current socialist operatives running Biden's administration and many of Wall Street insiders are too locked into BTC to ever allow it to be banned outright. And that goes for the City of London crowd as well. The handwriting is already written on the wall that the crypto economy is here to stay. CASH!!!!!! Who is going to start loading up on USDs when it's inflation rate is getting out of hand!!!!
Locked? Hardly. They're publicly reporting institutions are invested in Bitcoin. That usually means privately they're already planning the next investment, trying to get people to put their hard earned (or stimmy-checked) money into Bitcoin, then will crash it to fund the next move.
 

Coja Petrus Uscan

Hummingbird
Gold Member
I used Serum for the first time yesterday and it wasn't a great experience. UI needs work. Will test Raydium soon.

How do we feel about SOL, as a competitor to ETH, or an ETH-like token, not being EVM-enabled?

BTW, ETH's fees went down because the block height (or block difficulty?) was increased. It's only a very temporary solution, either way.

Raydium is a better experience, but needs work also. That:

1) BSC does not have a fee or congestion issue
2) Solana does not have a good wallet ecosystem
3) Serum and derivative exchanges needs some technical and UI improvements *

means the upside for the Solana ecosystem isn't going to be so steep

The BSC ecosystem was well-polish out of the blocks and had all the right Doge-esque branding that crypto likes. But other than BSC it seems SOL is the only other chain with the muscle to make inroads. They are seeding lots of projects on the chain, like for NFT and more projects plan to go dual/tri-chain onto Solana.

* I don't know why, but I had to break up my DEX buys, because they wouldn't work with larger sums

Scan a QR code and press 'send'

I mean more broadly. How will people start using it, and do you envisage it being used for general business purposes? If so, do you think it will be used by business to avoid taxes or pay taxes on XMR? Or will it be more of a grey-economy?

Screenshot at 2021-05-04 14-27-21.png

Seeing a lot of articles on inflation on ZeroHedge.
 
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bucky

Ostrich
Anyone else holding a few thousand DOGE? Whaddaya think, hodl or dump today? I'll probably hodl because what I've got still isn't a life changing amount of USD, but I sure see a lot of voices saying DOGE is a joke and pump and dump. It'll be interesting to see.
 

Coja Petrus Uscan

Hummingbird
Gold Member
Anyone else holding a few thousand DOGE? Whaddaya think, hodl or dump today? I'll probably hodl because what I've got still isn't a life changing amount of USD, but I sure see a lot of voices saying DOGE is a joke and pump and dump. It'll be interesting to see.

I don't hold any, other than a few I got in a Doge-mania freebie. But Doge is getting the most mentions on Twitter right now. The down-tick at the end is due to not having all the data for the current day.

Screenshot at 2021-05-04 16-46-59.png

Bitcoin ahead on web-searches, which are more normie. One way of looking at that is the Twitter activity is ahead of the curve. When retail-normies really start piling in (I think it will be September, again) DOGE could charm them.

With top five, ten coins, the likelihood of them multiplying are probably more in the order of 3X. Most projections would have them in that range. There are a few in the top 50 that may be able to push for a top ten - Solana, maybe Theta which goes live next month, Terra, CAKE, FTT, AVAX.

I have taken the gamble of selling some top-tier coins. Sold half of BTC, which is down for BNB (up 50%); and sold LINK, which is also down, for Alpaca (up a few hundred %). ETH is getting a lot of press and making moves, but I will probably chip some of that off soon. The rewards are more likely to 10X+, while more likely to have more meager gains.

Solana and FTX have just duplicated the activity we saw on BNB earlier in the year, following the rise of PancakeSwap. In which BNB rallied, followed by a rally in its DeFi infrastructure. As mentioned Solana is weaker in its implementations, but strong as a blockchain. So that is where my selling down will go for now.

DOGE is a wildcard as it is fueled by memetic energy.
 
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