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    Daily Crypto Discussion - February 22, 2024 (GMT+0)

    Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating.



    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.



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    00:00 UTC


    LocalBitcoin closure

    Hey community,

    With LocalBitcoins closing down, it got me thinking about the challenges and potential of peer-to-peer (P2P) crypto exchanges. I once toyed with creating a similar platform but hit roadblocks like trader authenticity, legal hurdles, and the viability of face-to-face (F2F) trades.

    Is there still a place for face-to-face cryptocurrency transactions in today’s digital age?

    How can a platform balance the need for user privacy and security while adhering to increasingly stringent regulatory requirements?

    What lessons can we learn from LocalBitcoins’ journey for future crypto exchanges?

    23:14 UTC


    Monero being a better store of value than fiat while also being a good (cheap, fungible) medium of exchange is more important than competing with BTC on that title. Change my mind.

    #Fiat is a store of value (despite being bad at it)

    Also many Gold bugs and Bitcoin maxis have their own narratives, fiat currency in all of its forms and most prominently with USD is still the de facto store of value for most people around the world despite it's insufficient characteristics as money - mainly due to inflation. But it doesn't need to be perfect. It just needs to be better on average than other competing alternatives. So easy access, every day use (100% adoption) and UX seem to favor fiat over other alternatives.

    #Fiat is the medium of exchange So far most of the world's transactions 99.9%+ take place in fiat currencies. And that will probably stay the same way for the foreseeable future. Which means cryptocurrencies or rather cryptoassets have been adopted partly as a speculative investment, partly as "store of value" - against inflating fiat currencies.

    After 15 years we still have not created a system that is able to compete with fiat mainstream adoption. Bitcoin with its limited supply is mainly competing with Gold. Other projects are trying to invent new stuff but are often money grabs, pump and dumps or outright scams.

    #So what are the properties needed for a good cryptocurrency then?

    While BTC chose the route of becoming a store of value before becoming a mediocre? medium of exchange Monero went the other route. It's designed to be first a medium of exchange with properties that position itself between BTC and fiat currencies as a store of value.

    What is special about Monero:

    • supply is currently smaller than BTC's and this will remain so until 2040 (https://moneroj.net/coins/)
    • inflation currently sits at 0.8% which is roughly half of BTC and Gold's inflation rate
    • transactions are fungible like cash
    • dynamic blocksizes guarantee low fee transactions and throughput

    Monero is likely the only cryptocurrency that can eat into the market share of fiat currencies because it's mcuh better than fiat at being astore of value and medm of exchange and not because it is an arguable worse store of value than BTC, because supply is limited by time and not by a fixed number.

    09:20 UTC


    SOL wallet got drained and have no idea how.


    The only apps connected I had were these: jupiter, marginfi, and mayan.finance.

    can someone please help me figure out what happened?

    18:19 UTC


    Don't make the same mistake as me and stake your crypto on third party sites.

    I am in crypto since 2017 but that didn't save me from losing more money than I can stomach. in 2021, after trading crypto for years, taking risky steps and buying shitcoins for shot term gains, I finally converted them all to BTC ETH and LINK. I was happy with my amount of crypto and ready let it sit for years. But because I am greedy I wanted to gain some interest on it too, but I didn't trust Binance or other CEX's so was looking for a DEX. After researching Uniswap, Aave, Maker and others I found Bancor, which offered good APY and I ended up staking 90% of my crypto on there.

    Idk if you are familiar with what happend to Bancor. I feel so stupid for trusting them but they were promising 100% Impermanent loss protection and were deemed as a blue chip defi by a large part of the crypto community, they actually build the first AMM and it was the go-to place to stake LINK. In my eyes they were as legit as it gets. I made some money staking my TKN's there but in summer 2022 whales where withdrawing so much that the 100% Impermanent loss protection which was compensated by printing BNT caused a huge BNT inflation, causing them to stop the ILP and forcing us to face impermanent losses worse than on other platforms, because they are socialized amongst all stakers.

    Despite this clear design flaw causing stakers facing 60%+ impermanent loss on ETH and BTC the Bancor foundation which raised $130M USD in the biggest ICO in crypto history refused to even comment on this situation let alone reimburse anyone, even tho the deficit was only about 1/5 of their ICO money. A few months later a disgruntled investor showed up at their office in Switzerland and threated them, only after that they made a statement saying they won't bail anyone out but they will fund development for 10 years to come. 1.5 years later the deficit is worse than it ever has been. The Bancor team is earning the ICO money while pretending to still try to alleviate the deficit but they actually just there to keep the show running and drain the ICO money. Team members who were against that and actually wanted to continue building got ousted. Recently they even said in the Telegram that they refuse to work on Bancor as long as the SEC lawsuit against Solana isn't settled and use that as an excuse to fully stop the marketing and development of the token, let alone even discuss potential features for it.

    Almost all the unhappy people in the telegram got banned by now, just today someone got banned for replying to Mark Richardson, a guy who got put in charge by the foundation to solve this situation and failed miserably so far. Mark asked if the community thinks he should step down just to ban everyone who said yes. It is a shame what this project has turned into and it made me realize that no matter what they promise, no matter their references in the space, no matter if doxxed or not, if they want to scam you, they will find a way. I will take the haircut soon and try to work up my way from there again, I will be fine but it really sucks to lose 60% of your crypto this way.

    TLDR: Scammers from Bancor promised big and delivered low, causing me to to lose 60% of my crypto despite them promising 100% Protection. They were respected in the crypto space, fully doxxed, and still made me lose my money with their shitty DEX.

    22:06 UTC


    I just recorded a podcast conversation with Bitcoin mining expert and was one of the most interesting discussions I've had for a while

    22:02 UTC


    For those that are interested in the institutional investor perspective, here's Grayscale's holdings.

    I see a lot of people mention/reference Grayscale, but few people discuss what they own. I like keeping a pulse on the institutional players to see how they're investing.

    I personally follow these two funds the most, scroll down to view the holdings and composition:

    1. Digital large cap fund

    2. Smart contract platform ex-ethereum fund


    I personally follow these less closely.

    1. Defi fund

    2. All of their holdings, including single assets and funds

    21:20 UTC


    Trust Wallet View-Only Wallet

    Hi there, Someone guided me online to set up my trust wallet by the promise of helping me recover my stolen cryptos on another platform. I never shared my passcodes or seed phrases but the end result was a view-only wallet attached to a smart contract on the blockchain! I read online that I needed to revoke my access to be able to use my funds again but the person tells me that I would lose all my funds by doing so. I also noticed that $304 from my main wallet got disappeared without me having taken any action! Would you please assist me to resolve these issues? I do appreciate your help

    1 Comment
    20:43 UTC


    I think I finally understand bitcoin.

    It's a silent project that operates in the background. There's no face to it. The founders created it and walked away. It's like an elegant clock set into motion that continues to tick. There's no promise of some complex protocol to come 3, 5, or 10 years down the road. It does what it's supposed to now without self promotion from the founders. Since it doesn't need self promotion to thrive, it doesn't fall victim to the vices of marketing from greedy, charismatic leaders, with overly complex projects. Sure, there's Saylor and Novogratz that sometimes fall into that role. But bitcoin doesn't need them to survive and won't need them when they die. The project works now. It does what it's supposed to and it'll continue to do what it's supposed to. It's the money of the future of our science fiction novels.

    There's no Krypto Kris marketing shitty debit cards. There's no charismatic Do Kwon doing a Forbes, Steve Jobs photo shoot with a black t-shirt and a white background. There's no J Powell magically expanding the money supply with a cobol fueled wand, creating a 9 trillion USD balance sheet out of thin air.

    BTC takes out the corruption of humans, because the humans that created it stepped away. Sure, people will build corrupt systems around it, but BTC itself is a simple, pure, and elegant vehicle silently ticking away in the background until the ticking becomes so loud that no one can ignore it.


    Repost. I posted this towards the beginning of the crypto winter. Thought I'd post again as markets thaw.

    17:10 UTC


    Who do you follow in the crypto world?

    Who's voice do you value? I take everything with a grain of salt. There's a lot of grift out there and I get that a lot of crypto folks are out there to sell t-shirts or whatever. Nonetheless, here's who I follow:

    1. Coinbureau

    2. Raoul Pal

    3. Grayscale

    4. Galaxy Digital

    5. a16z

    I tend to only buy coins that Grayscale owns in one of their funds. I have a couple exceptions, but it weighs heavily in my decision making process. I peak around to see what Galaxy Digital and a16z are buying too as another reference point.

    Who do you folks follow in the crypto world?

    16:53 UTC


    Is options trading going to be the next big thing for crypto?

    crypto trading is more about spot buying and holding or trading perpetual futures. Options trading, a term more familiar and popular among TradFi traders, has begun to make its mark in the crypto circle.

    Options trading is where traders buy and sell contracts that give them the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a specified price (strike price) within a certain period or at a specific date. It allows traders to speculate on the future price of assets or hedge against potential price movements without directly owning the asset.


    Options are contracts that give you the right, but not the obligation, to buy (call option) or sell (put option) a cryptocurrency at a specified price (strike price) by a certain date (expiry date).

    It's like buying an insurance policy on your crypto predictions. You pay a premium upfront, and if the market moves in your favor, you have the opportunity to exercise the option at the strike price for a potential profit. If the market moves against you, your loss is limited to the premium paid.

    Example: Imagine you believe Bitcoin will rise. You buy a call option with a strike price of $50,000, expiring in a month. If Bitcoin climbs to $60,000, you can exercise your option to buy at $50,000 and potentially sell at the market price of $60,000, netting the difference minus the premium. If Bitcoin drops to $40,000, your loss is confined to the premium paid.

    For more check out : https://twitter.com/getbeluga/status/1759317131454267664

    16:48 UTC


    Major Project update for The Graph - Horizons

    Horizons update page on The Graph website: https://thegraph.com/blog/graph-horizon/

    Heard of Edge & Node, Streamingfast, Semiotic labs, or Graphops working on The Graph? Many of you likely know of the token GRT, but maybe not the companies and developers working on it. It started as blockchain indexing but now they are building open source data processing and analysis services. At the moment they are developing SQL compatible database querying with LLM powered front ends as well as positioning to be the defacto decentralized Blockchain data service. I feel like if you haven't heard of them already in the data science space you will soon since their products are looking really useful for cleaning and analyzing messy data like blockchain transactions. I have written a bit more about it on my website. https://www.athsrueas.site/hosted-blog-pages/the-world-of-data-services

    1 Comment
    16:25 UTC


    Update to memecoin Question #1.

    There are new developments in the memecoin world. Dogecoin was delisted from Coinbase payment system yesterday. My question again is. Why not buy one memecoin instead of the 1000's of rug pulls. I understand that new sh/t meme coins can have huge gains if you can get in early enough and get out fast enough before the sell off rug pull begins. Problem with that is newbies and alot of OG's dont trust it, dont want to get into the high risk sh/tcoins or know how to buy the new memecoins on DEX. I also know people will say why buy a memecoin when you can buy Bitcoin or L2 coins. Well, the newbies will buy memecoins just like most of us bought Doge because it was cheap, fun and it's all we heard of and knew. Doge was a newbies entry point for crypto in 2021. So now Doge is bleeding out. That leaves two accessible memecoins on Coinbase, Shiba inu or Bonk. I think the only answer is Shiba inu. The community is huge and why not have a legit memecoin that we know is not a rug pull for the newbies. if we can hype Shib in 2024 and 2025 like Doge was hyped in 2021, who knows what could happen. Just a thought and try to keep shilling to a minimum.

    16:25 UTC


    16:14 UTC


    Crypto can be risky. Crypto can also be very profitable. That is why this post is here for anyone to contribute there favorite cryptos based on value, use case, technicals and or fundamentals to help the every day trader and investor. Do your own research.

    Being from the U.S. and trading on a U.S. exchange I am personally limited to what I can trade. Haven't really ventured much into defi so the cryptos I will be watching are from a U.S. exchange only. I'm looking at these Cryptos for a possible hold for about 1 to 1 1/2 years unless there is a huge spike then I may sell and take profit. Or I may just sell if I fail to believe in them anymore.This is not financial advice. I am looking at these coins myself and not necessarily in this order:

    1. Bitcoin
    2. Eth
    3. Super
    4. Rndr
    5. IMX
    6. Polygon (Matic)
    7. Cardando
    8. Mnde
    9. Wld

    10.Fet 11.Avax and future meme coins 12.Deso 13.Ondo 14. Link 15. Honey 16. Flow 17. Xrp 18. Solana and meme coins 19. Doge 20. Get 21. Atom 22. Beam 23. Aave 24. Ftm 25. Enj

    Again, these are coins I am looking at. I am concerned about a recession or some other unforeseen event this year that may negatively impact crypto: however, I still see promise and if this year turns out a great...then awesome! How about you. What coins do believe in for an investment or trade? Thank you for contributing.

    16:01 UTC


    Shill us your best crypto app ideas - best idea wins $100

    Hey Friends,

    We had originally planned to use this slot for an AMA for an app we had developed. However it turns out that our idea sucked and no one was interested in it. Life moves on.

    So then we thought, we burnt the moons anyway, why not reach out to the wonderful community for inspiration on what to build next.

    Shill us your best crypto idea, tell us what's pain points you have in the space. Best idea wins $100 in crypto.

    16:00 UTC


    Have you heard of this one?

    I purchased TRIAS back in 7/2022, for approximately 1.10/coin, I then purchased in 10/2022 for 86 cents per coin and loaded up with more incrementally! This coin, all in already has given me a 14X return. It has a max supply of 10 mil, a MC of 149M, and the current price is 15.35. It has so much in the pipeline, and it could turn out to be a life changing gainer. Is anyone holding? Not sure if it’s been discussed here previously, but I can’t help but share this extraordinary opportunity! Any input or questions?

    14:11 UTC


    Genuine portfolio advice

    Hello everyone,

    While I know it's not best to ask Reddit for advice sometimes, I also noticed that many of you have really good advice and help a lot. I've learned much from lurking the posts.

    Anyway, I was looking for some advice on my portfolio. I plan on holding for as long as I can (like on my deathbed long) and was wondering if anyone could give me advice on what I'm holding.

    I'm just curious if I should keep the ones I'm holding or maybe swap for others, etc. I don't have a lot but I slowly add over time

    Current holdings(amount in coins): Bitcoin: .002 Dot: 7.26 Tezos: 55.5 Sol: 1 Cosmos: 10.5 Eth: .01 Cardano: 77.4 Matic: 104.5

    I'm also holding a few random coins like XYO and SEI.

    I understand if put in to percentages, that I'm far off from the standard like 70% BTC, 20% eth, 10% whatever.

    Any genuine advice would be great. Should I swap some of these to BTC/eth? Are some of these not worth holding in the long run?

    Thank you all so much for your time in advance.

    13:19 UTC


    Is it true that reliance on a specific client can pose a threat to the security of the Ethereum network?

    I recently came across an article highlighting a significant concern within the Ethereum ecosystem: the heavy reliance on a single client, Geth, which raises questions about Ethereum's vulnerability to software bugs.

    Despite the availability of multiple clients like Nethermind, Besu, Erigon, and others, Geth remains the most popular choice, especially among large staking providers.

    This centralization poses a risk not just in terms of security but also for the network's resilience. A bug affecting a widely-used client could disrupt a substantial portion of the network, as was the case in January when an issue took down 8% of Ethereum's validators.

    Given the critical role client diversity plays in the ecosystem's health, what are your thoughts on how we, as a community, can encourage more widespread adoption of various clients?

    Do you think initiatives like Coinbase's efforts to diversify their infrastructure are enough, or should there be more concerted efforts across the board?

    What measures can individual users, developers, and stakeholders take to contribute to this diversity and enhance Ethereum's resilience against potential software bugs?

    Articles I Read:

    1. https://www.cryptotimes.io/2024/02/21/how-centralization-keeps-ethereum-vulnerable-to-software-bugs/
    2. https://www.blocknative.com/blog/ethereum-client-diversity
    11:35 UTC


    Good news boys... the shills are back en masse, which means the bull run is just around the corner!

    I posted something about Cardano the other day, nothing too bad, just asking a question is all. Of course, many of its regular shills and fan boys came to support it, but I noticed something curious days after I posted it, and long after it fell out of any rankings here in this sub-Reddit.

    The paid shills and possibly bots were leaving long drawn out defenses for their beloved Cardano, which I thought was strange, because they must have been actively searching for posts like these in order to defend their beloved Ada coin.

    You can check my history if you'd like to see what I am referring to, but my point is, the last time this was a thing was the lead up to, and during the last bull run of 2021, so it may be a good sign that the bull might come early this time around... well this and the fact that Bitcoin and Ethereum are approaching all-time highs again, which we all know is when profits are taken, and then put into the alts, kicking off that sweet sweet alt rally and all the gains that will come from it!

    Nvidia may set it off early too, because depending on earnings today, all the just in it for the gains folks might sell, and they'll all need a new place to park their money for to earn 100% plus gains this year, and we all know that's got the cryptocurrency market written all over it.

    I still think 2025 is going to be our next 2017 and 2021, but who knows... we may not all want to wait that long.

    11:26 UTC


    What do you guys think about PYRIN?

    There is no chatter on this subreddit about it, and only limited elsewhere.

    I have found Pyrin to be profitable for GPU mining now.

    Official web: https://pyrin.network/

    PYRIN Ask Me Anything: https://medium.com/pyrin/pyrin-ama-ask-me-anything-38f66a314eb2

    Why chose: https://docs.pyrin.network/Learning/01Intro

    Article about it: https://medium.com/pyrin/pyrin-3-2-1-ed067a5166a1

    How to mine: https://herominers.medium.com/how-to-mine-pyrin-pyi-complete-beginners-guide-d24b0588c54f

    Wallet: The project has a Web wallet.

    I chose to use the wallet at the Tradeogre exchange as my wallet. This is better, so I don't have to manually transfer from the wallet all the time.

    Where to trade Pyrin to other tokens: Tradeogre exchange, https://www.tradeogre.com

    EDIT: I don't know why this was downvoted, but okay.

    09:41 UTC

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