Cryptocurrency Discussion


#23

I hope XRP owners have dumped their stash.

Xrp is being delisted from almost all crypto exchanges in Jan.


#24

Why not invest in Bitcoin instead?


#25

I’m raging at the recent news. The SEC is only going that route because the United States wants to issue it’s own digital dollar: https://news.bitcoin.com/federal-reserve-digital-dollar/

For those who don’t know, @gdbdboy is referring to the SEC’s ruling that XRP is a security, meaning it has to be regulated like other securities. In a way, this could lead to the future skyrocketing of XRP’s price, but for now, all the crypto exchanges are dropping it.


#26

It seems to me it may be the beginning of the end of cryptocurrencies in the US. Whoever puts their hands on any money will never do anything against their own interest and will always act in a way which benefit them in the first place not carrying about the rest. Fiat money is the best example. I hope they will never be able to do the same to Bitcoin and Ethereum. It seems to be an attempt of a government to centralize a cryptocurrency and many other governments may try to follow the pattern or just try to delegalize a successful cryptocurrency and replace it with their own to show the people they cannot fuck with them and to benefit from it, of course. The Chinese government is the best example of it if that:

Interestingly, it is not illegal to hold Bitcoins and other cryptocurrencies or even to buy or sell them in China . The Chinese government also encourages the development and application of blockchain technology, but made it clear that blockchain technology must service the real economy. (must service the people who rule China, of course)

China has been pushing toward a cashless society. The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China , the country’s central bank. (controlled by the very same group I mentioned above)

I’ve just started learning the ropes if it comes to cryptocurrencies but we all know almost nobody acts against their own interest.

We may all fall victim to this kind of game. I have to learn more on the subject, for now it’s only layman thinking and talking. I would be glad, guys, if you kindly refered to what I wrote, please.


#27

Any insight, @remarkable? I would be great if you could elaborate on cryptocurrencies and Bitcoin a bit, please.


#28

Thats the short answer.

A slightly longer answer is to read the following articles because I am far too indolent to type my thoughts myself when somebody else has already done the work and reached more or less the same conclusions.

What is money? https://wallstreetplayboys.com/what-is-money-fiat-non-fiat/

Political considerations. https://wallstreetplayboys.com/crystal-clear-structural-changes-after-covid/

How much? https://wallstreetplayboys.com/risk-management-politics-bitcoin-basketball-and-stocks/

This is not to say that myself and the WSP are correct, merely that we share the same methodology/world view wrt reality.


#29

Here’s an interesting podcast episode on crypto:


#30

Anyone here know about the Pi network?


#31

Yes, @SubliminalUser and I are on it. He had temporarily posted his link in this thread a few weeks back.


#32

I just joined the platform too.


#33

When Pi first came out i decided to download the app and mine on my phone but it has been like 10 months since they said they would list it on blockchains and stuff. Still waiting. The coin is worth literally nothing and i wasted my time. There are ads on the app, which is now making me think this is a scam. They are making money from us mining a coin that isnt worth anything.

I’ve just read that interesting review. How about that, guys?


#34

Here’s the Pi link again.

Interested in Bee Network instead?

Download here and use this code: shafster.

So far I find the risk to be low. Worst case is that I spent some time pressing the mine button (once every 24 hours) for little in return.

@Voytek it is true it is currently not valued. Mainnet is still roughly a year away.


#35

What is that idea of mining in one team about? It’s being said it’s more profitable. How?


#36

Here’s a very good review about the new (potential) “cryptocurrencies”: Pi, Bee and Timestope. It was uploaded two days ago:


#37

Interesting. Well out of boredom I am now on the bee network as well. Basically seeing which one sticks. Amazing that the bee network grew 10 fold in one month (100K users on 12/9 to 1M on 1/9 which is literally yesterday).

Want to join me?

Download here and use this code: shafster.


#38

That’s the one of the three I didn’t get into and I’m not going to but thank you for sharing that information.


#39

I prepared general instruction and recommendation for people interested in Pi Network.

Pi Network General Instructions and Recommendations:

  1. It is a cryptocurrency project carried out by three Stanford University PHDs: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of the community). You can learn more on how the project started here, on their university daily website.

  2. After downloading (the downloads links below), installing and launching the Pi Network app (it’s free) on your phone, you have to create your account (on the app). You can choose how you want to do that; by phone (which costs some money since you have to send a text message to verify your number) or by Facebook which is totally fine too and costs nothing. Then you have to type in your name, surname and your username (whatever you like but it should be easy to remember). You have to type in your real name (as on your ID or passport) since the Pi Network team will have to verify all the users one day (all not verified account will be deleted and all the coins confiscated by the Pi Network team) because they don’t want frauds to create multiple accounts and benefit from it at the expense of the whole community. If you have a middle name, don’t worry, type your first name and surname first and you’ll be able to type in your middle name later on. Now you’ll have to type in an invitation code. You are welcome to use mine to join our mining team if you decide to or if this review added any value to you; voytekniznik

  3. Then you have to start the mining process by pressing the lightning symbol on the app main panel every 24 hours (super easy to do). This will start the mining process at the current rate (0.10pi/h) on your mobile device without draining your phone battery since it takes a couple of seconds. You can exit the app after that action without discontinuing the mining process. You can even turn off your phone or disconnect from the Internet.

  4. New members can join only on invitation from other members. You can accelerate your mining rate by inviting new members to join the project using your own invitation code and create your own mining team.

  5. After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well. It’s really simple to do. After those three cycles, the app will ask you about it and you’ll be able to add me and/or some more members (you invited) to security circle.

  6. The mining rate has been halved for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in December 2020 the network reached 10 million members and the current rate is 0.10 pi/hr. They will halve the rate (to 0.05 Pi/hr) when the number of members has reached 100 million.

  7. On Pi Network white paper you can read more about the project and the technology they implemented in the project.

  8. There’s also an internet forum where you could ask some additional questions.

  9. Or you could just send me an email and ask; [email protected]

What I suggest is:
Pi coins have no value (you cannot exchange it yet, but they’re planning on introducing this cryptocurrency to the exchange market this year) for the time being, just as Bitcoin in 2008, but could have value in the future. You can treat it as a long-term investment without investing anything but 10 seconds per day to just restart the mining process. Pi Network uses an innovative technology that will decentralize the mining of digital currency to the ordinary people and is really user friendly through mobile phones. The risk-reward ratio justifies mining that cryptocurrency and I recommend jumping in while it is still open. But of course, feel free to do your own research first. However, I would appreciate you using my code to join. It will accelerate my mining rate and you will become a member of our team where I’ll be able to support you if you had any concerns. See you there, friend! :slight_smile:

Pi Network on Apple Store
Pi Network on Google Play store


#40

I wrote an article about ICO scams and I’m sharing it with you, guys.

How To Identify Fraudulent Cryptocurrency Project (ICO)

I’m posting a simple guide which will help you identify almost all of scam cryptocurrency projects (ICOs). ICO scammers are usually very shrewd and they know perfectly how not get detected so always bear in mind that following my guide will only reduce the risk of getting scammed but will not eliminate it.
We saw the golden age of ICOs back in early 2017 but, unfortunately, later on scammers started to create their fraudulent ICOs and scam people investing their hard-earned money. Since then a very few legit ICOs has been created. More than 90% of ICOs who seemed to be legit occurred to be a scam.
Now, how can you detect scam ICOs? This is not an easy task and it requires of you to be really patient and do a thorough research on the ICO you’re interested in. Remember, if you don’t do your homework, most probably you’ll end up being scammed, so take that first advice really seriously. Scammers are very clever so oftentimes it’s really hard to spot them. These simple rules should help you find a legit cryptocurrency project you could invest in:

  1. Check the Team. Fraudulent ICOs will certainly come up with a fake team. You can simply use Google image search engine and find out if the team is fake or not. Look for some of the team members photos (you can sue shutterstock too). Most scammers never use their image and use images downloaded from the Internet, as a result you can easily find it out. If it still looked legit another step will be looking for articles about the team members or about the team which were posted by legit sources (like online newspapers, magazines or legit review sites).
  2. Check the Whitepaper. Check their whitepaper if it was copied or forged using other ICOs whit papers. Scammers simply copy from various whitepapers and use them as their own. Copy some random sentences and paste them into Google search engine using apostrophes (“your sentence”) and check what you can find.
  3. Your friend recommendation. Remember, even if a friend of yours recommended some ICO to you it doesn’t mean it’s legit, maybe your friend didn’t do their homework and put themselves and, of course, you at the risk of getting scammed.
  4. Even if the team and its whitepaper look legit the team may lack professionals with legit experience, if it’s the case, most probably they don’t know what they’re doing and they’re pretending to know and most certainly they’re just scammers.
  5. The whitepaper and business plan sound unrealistic and/or lack a detailed analysis of the market and competitors. Yes, it’s a lot of work but as I said, it’s better to do your homework than get scammed so don’t be lazy and read the whitepaper.
  6. There’s no legal organization supporting or being the base of the ICO (like a university, company etc.).
  7. The project’s authors do not provide an example of their blockchain code.
  8. There is no working prototype of the ICO.
  9. There is no escrow wallet for delivering investors’ money to developers (preferably in portions) only when certain criteria are met.
  10. The project doesn’t commit any code to Github.
  11. The project doesn’t have a clear roadmap and they don’t say what they’re planning for the future.
  12. There is little to none credible PR or media activity or positive mentions of the project.
  13. The token or blockchain doesn’t seem necessary to reach the project’s goals.
  14. Remember, always try to use your common sense instead of letting yourself be driven by the excitement.

Best wishes,
Voytek Ian Niznik