Bitcoin/cryptocurrency thread

[SANTAN]

15 minutes ago, Zetterlund said:

Well my recent decision to buy into Haven (XHV) appears well timed, up 90% in a week. I would actually be quite happy to see if pull back and let me add another load as it has huge potential imo.

My main crypto interest Safex is about to launch the first version of their main product after 5 years in the making. I've been waiting for this since first buying in 2018, while also mining it at home since then too. Been a long slog with no price action to get excited about, being such a small unknown project with no budget for marketing or big exchange listings (they built their own in-house exchange).

Basically it's an ecommerce protocol built into the blockchain. Their new wallet will have extra functions for setting up a vendor account and viewing other accounts and items for sale on the marketplace. Like a crypto Ebay inside your wallet. From an investment point of view, the best thing about the project is that the 5% selling fees on every sale get distributed to those who stake their Safex tokens (SFT). If the platform is adopted and does a decent volume of sales, the returns are potentially pretty comical tbh with the tokens so cheap just now. There has been talk of an initial target of $500m of sales volume, which sounds a lot but there are plenty of ecommerce sites around doing multi-billions that nobody has heard of, particularly in Asia. With this amount of sales a $5k investment now would earn you a full time salary annually, then there's the increase in token value that would come with such returns. 

Ecommerce seems like a natural fit for crypto (especially with privacy coins) so again the potential here is huge. I'm looking forward to seeing some vendors setting up shop on the platform and I'll no doubt contribute to it myself too. 

You know you're doing well when you're actively looking for price to go down lol

I'm content with my portfolio and will add small amounts of $ETH and $LTC, maybe a smaller amount of $BTC come payday but I'm secretly hoping for a massive slump and everyone to panic and to get back in at some lower prices. Very wishful thinking right now but when it happens it will be glorious. 

[Tartan Dave]

Cardano up at about 90 cents per coin. It was 30 a couple weeks back

[iron mike python]

On 10/02/2021 at 18:55, gaz5 said:

Alright @iron mike python what's the deal with binance earn (which I clicked on accidentally! ).

Read through the stuff in their academy, but is it really as simple as my moving my coin into a savings account and they give me interest and I can take it out any time?

Seems like one of those "must be a catch somewhere" deals, especially given they are advertising 5% for £ at the minute.

And what's all this staking/airdrop stuff? You can make money from the crypto you already own AND get gifted new crypto coins for backing projects (if you get in early enough)?

Seems like Crypto has its own world outside of just buying coin!
 

Yeah, any of the options on Binance should be legit. Those are just small yields compared to those in actual Defi, but it is a nice easy introduction to the good rates that crypto offers.

With regards to staking, yes you are rewarded with coins by providing liquidity. This is  a benefit of crypto compared to traditional finance. In traditional finance you have to guess where the value is in the system (banks and other actors obscure it) whereas you can 'account' in real time where all the money is stored in crypto thus creating new value in itself. Crypto is a open system. Every transaction ever created on the blockchain can be analysed.

With regards to the airdrop stuff, I wrote a whole post with potential airdrop suggestions on Ethereum mainnet a few pages back. Look into Binance Launchpat if you want centralised versions of the same thing.

[gaz5]

Yeah, any of the options on Binance should be legit. Those are just small yields compared to those in actual Defi, but it is a nice easy introduction to the good rates that crypto offers.
With regards to staking, yes you are rewarded with coins by providing liquidity. This is  a benefit of crypto compared to traditional finance. In traditional finance you have to guess where the value is in the system (banks and other actors obscure it) whereas you can 'account' in real time where all the money is stored in crypto thus creating new value in itself. Crypto is a open system. Every transaction ever created on the blockchain can be analysed.
With regards to the airdrop stuff, I wrote a whole post with potential airdrop suggestions on Ethereum mainnet a few pages back. Look into Binance Launchpat if you want centralised versions of the same thing.

Been playing around more with this through the week. Seems pretty simple through Binance and while the flexible savings offering is pretty low yield, it's very easy to use. I have some BTC, ETH, ADA and XRP in there accruing interest. I like that it accrues daily as well, so it's really transparent.

I also bought some VET purely because the flexible savings on that is also airdropping 5% VTHO as well as the VET interest so wanted to see how that all worked. Looking at VET it has merit but it's definitely in my "punt" bag and something just to see the airdrop process in action in Binance.

The next thing I need to figure out is how to actually use DeFi outside of binance! I bought a bag of REEF having done a bit of research about what they are trying to do and looking at their roadmap. It's another punt, no doubt, but I think it has promise and quite like the real world application (much the same reason I like XRP, which hopefully settles with the SEC this week).

I just need to figure out now how to actually use it! Looks like I need to link my wallet, which I only have in binance just now, so probably need to look at my own wallet and nice the reef con from binance into that. Or something. [emoji1787]

It's a steep learning curve, there's definitely a while world of Crypto that is invisible to most (me included!) but it's been enjoyable this week trying to figure at least some of it out.

[iron mike python]

1 hour ago, gaz5 said:

Been playing around more with this through the week. Seems pretty simple through Binance and while the flexible savings offering is pretty low yield, it's very easy to use. I have some BTC, ETH, ADA and XRP in there accruing interest. I like that it accrues daily as well, so it's really transparent.

I also bought some VET purely because the flexible savings on that is also airdropping 5% VTHO as well as the VET interest so wanted to see how that all worked. Looking at VET it has merit but it's definitely in my "punt" bag and something just to see the airdrop process in action in Binance.

The next thing I need to figure out is how to actually use DeFi outside of binance! I bought a bag of REEF having done a bit of research about what they are trying to do and looking at their roadmap. It's another punt, no doubt, but I think it has promise and quite like the real world application (much the same reason I like XRP, which hopefully settles with the SEC this week).

I just need to figure out now how to actually use it! Looks like I need to link my wallet, which I only have in binance just now, so probably need to look at my own wallet and nice the reef con from binance into that. Or something.

It's a steep learning curve, there's definitely a while world of Crypto that is invisible to most (me included!) but it's been enjoyable this week trying to figure at least some of it out.

It is great you are playing around with everything and trying to figure out the best rates. There are a lot of options within Binance. You could even Lock in your ETH via binance to help Secure the Ethereum Network as it moves to proof of stake next year. https://www.binance.com/en/eth2 (However this would mean your ETH is 'locked' into the contract for a long time). But it is quite a nice thing to say you are doing.

Binance Smart Chain is what they call CeDeFi. Which is basically a cross between Defi and a Centralised exchange (Binance). It mimics Defi but all the nodes are run by the exchange and it is basically subsidised by Binance so fees are very low compared to defi on Ethereum. It isn't the real thing but who cares if you can make use of subsidised yields.

DEFI on Ethereum is where the massive yields are but it is definitely the frontier and fees are huge. I think it's great but I can't really recommend it to you because the Gas prices are currently too high. You really need to be putting a few grand into the Ethereum ecosystem just now to make it worth all the fees.

Reef is built on Polkadot (a new Ethereum competitor). This means the fees should be low because not many people are using it yet. It could definitely be considered Defi but the risks are Polkadot has not had the same stress tests as Ethereum has had over the years. Not enough people have used it yet to find all the bugs and complications. Saying that, I think you should read a few tutorials and try Reef because lots of positives can come out of using these things (airdrops, good yields, knowledge).

In summary

1. Use Binance , then

2. Use Binance Smart Chain, then

3.  Use Polkadot (Reef), then

4. Use Ethereum for access to the big casino

[gaz5]

It is great you are playing around with everything and trying to figure out the best rates. There are a lot of options within Binance. You could even Lock in your ETH via binance to help Secure the Ethereum Network as it moves to proof of stake next year. https://www.binance.com/en/eth2 (However this would mean your ETH is 'locked' into the contract for a long time). But it is quite a nice thing to say you are doing.
Binance Smart Chain is what they call CeDeFi. Which is basically a cross between Defi and a Centralised exchange (Binance). It mimics Defi but all the nodes are run by the exchange and it is basically subsidised by Binance so fees are very low compared to defi on Ethereum. It isn't the real thing but who cares if you can make use of subsidised yields.
DEFI on Ethereum is where the massive yields are but it is definitely the frontier and fees are huge. I think it's great but I can't really recommend it to you because the Gas prices are currently too high. You really need to be putting a few grand into the Ethereum ecosystem just now to make it worth all the fees.
Reef is built on Polkadot (a new Ethereum competitor). This means the fees should be low because not many people are using it yet. It could definitely be considered Defi but the risks are Polkadot has not had the same stress tests as Ethereum has had over the years. Not enough people have used it yet to find all the bugs and complications. Saying that, I think you should read a few tutorials and try Reef because lots of positives can come out of using these things (airdrops, good yields, knowledge).
In summary
1. Use Binance , then
2. Use Binance Smart Chain, then
3.  Use Polkadot (Reef), then
4. Use Ethereum for access to the big casino

Cheers. [emoji106]

It's definitely a lot to wrap your head around.

My "how the f*ck does that work" for today is wallets. At the moment, I have everything on Binance, but longer term that's not advised.

Been looking at reviews of Wallets (Ledger HW and Exodus seen to be getting the best reviews) but as much as there's lots of info on what might be a good wallet, there's not much on how the fan things actually work/let you interact with exchanges/apps.

i.e. if I move my coin to my own wallet, outside of binding, does that mean I can't use binance earn with those coins anymore? And if I attach my wallet to Reef, does that then give it access to everything in it.

Every corner is a new thing to learn..[emoji1787]

[iron mike python]

On 09/02/2021 at 12:24, iron mike python said:

First ask yourself : If it is such a small amount of money, do I need to move it?

Secondly ask yourself: are you going to trade soon? If you are then you may as well keep your crypto on an exchange if you plan to cash out. 

If you just want your crypto off the exchange you could use an internet wallet.

If you want even more security than that you would then think about spending over £100 on a hardware wallet.

https://trezor.io/ is joint favourite in the industry as hardware wallet along with Ledger Nano. But then the French company that owned Ledger got their customer data hacked and put on the dark web so now you can see the addresses of all Ledger customers from years ago....(so likely have early crypto $$$) So f**k ledger don't use them no matter how good their wallet tech is.

So use trezor if you decide you really need it..

I wrote the above about wallets last week. 

This is quite a good guide to set up for getting you started on Binance Smart Chain. Trust wallet is just an internet wallet.

https://www.binance.com/en/blog/421499824684901157/How-to-Set-Up-and-Use-Trust-Wallet-for-Binance-Smart-Chain

[iron mike python]

9 minutes ago, gaz5 said:

Cheers.

It's definitely a lot to wrap your head around.

My "how the f*ck does that work" for today is wallets. At the moment, I have everything on Binance, but longer term that's not advised.

Been looking at reviews of Wallets (Ledger HW and Exodus seen to be getting the best reviews) but as much as there's lots of info on what might be a good wallet, there's not much on how the fan things actually work/let you interact with exchanges/apps.

i.e. if I move my coin to my own wallet, outside of binding, does that mean I can't use binance earn with those coins anymore? And if I attach my wallet to Reef, does that then give it access to everything in it.

Every corner is a new thing to learn..

That is correct, think of your Binance account being 1 wallet, and your new wallet being separate. The applications you are interacting with will only look to 1 wallet.

I haven't used Reef but usually you have to 'give permission' to the application before it can 'see' into your wallet.

[lambcherylnn]

I wonder how much it will cost by the end of the next week. At the moment, it's almost 50k. Honestly, it was unreal to imagine it back in August, when it was 3k. I am thinking about starting a trading career and would be very grateful to get some tips from you. I have been told there are many reliable platforms such as Dexly, Expert Option, and others. What can you tell me about them? Also, saving bitcoins is a very important part of the process. I have found a post about this bitcoin mixer while I was reading Twitter a few weeks ago. Do you know anything about it? I would appreciate any feedback.

Edited February 17, 2021 by lambcherylnn

[gaz5]

That is correct, think of your Binance account being 1 wallet, and your new wallet being separate. The applications you are interacting with will only look to 1 wallet.
I haven't used Reef but usually you have to 'give permission' to the application before it can 'see' into your wallet.

Turns out I'm way early, none of the big wallets support REEF at the minute. Hopefully that's a good thing in the long term once they and polkadot are more established. [emoji1787][emoji1787]

[Theroadlesstravelled]

On 10/02/2021 at 11:18, Zetterlund said:

Well my recent decision to buy into Haven (XHV) appears well timed, up 90% in a week. I would actually be quite happy to see if pull back and let me add another load as it has huge potential imo.

My main crypto interest Safex is about to launch the first version of their main product after 5 years in the making. I've been waiting for this since first buying in 2018, while also mining it at home since then too. Been a long slog with no price action to get excited about, being such a small unknown project with no budget for marketing or big exchange listings (they built their own in-house exchange).

Basically it's an ecommerce protocol built into the blockchain. Their new wallet will have extra functions for setting up a vendor account and viewing other accounts and items for sale on the marketplace. Like a crypto Ebay inside your wallet. From an investment point of view, the best thing about the project is that the 5% selling fees on every sale get distributed to those who stake their Safex tokens (SFT). If the platform is adopted and does a decent volume of sales, the returns are potentially pretty comical tbh with the tokens so cheap just now. There has been talk of an initial target of $500m of sales volume, which sounds a lot but there are plenty of ecommerce sites around doing multi-billions that nobody has heard of, particularly in Asia. With this amount of sales a $5k investment now would earn you a full time salary annually, then there's the increase in token value that would come with such returns. 

Ecommerce seems like a natural fit for crypto (especially with privacy coins) so again the potential here is huge. I'm looking forward to seeing some vendors setting up shop on the platform and I'll no doubt contribute to it myself too. 

 

Do you have reservations with John McAfee being involved with Safex?

 

[Zetterlund]

54 minutes ago, Theroadlesstravelled said:

 

Do you have reservations with John McAfee being involved with Safex?

 

His only involvement was tweeting about it a couple of years ago like he did with many other coins.

He did let them use his name on a mining app, but I doubt that was for free.

[Theroadlesstravelled]

It sounds a good platform. I hope it takes off.

Being able to mine with just a CPU is pretty good.

[Zetterlund]

16 hours ago, Theroadlesstravelled said:

It sounds a good platform. I hope it takes off.

Being able to mine with just a CPU is pretty good.

Yeah it's great, and lets many more people get involved without specialised equipment.

I had no knowledge of building computers but learned how to build a GPU mining rig before they changed to a CPU friendly algo. I sold my GPU rig on Ebay which more than paid for the new one which has been spinning away since November 2019. I'm impressed that these CPUs can keep going full pelt for so long without burning out.

[Fraser Fyvie]

Anyone farming pancakes on BSC? Was thinking of getting involved when gas fees drop and I can get ETH in my wallet.

[Aufc]

Anyone farming pancakes on BSC? Was thinking of getting involved when gas fees drop and I can get ETH in my wallet.

I have started doing this via a friends account (he posted earlier in the thread). He put my onto it.

[Fraser Fyvie]

Just remembered it uses BNB instead of ETH. But buying BNB at near $200 is pain.

[iron mike python]

3 hours ago, Fraser Fyvie said:

Anyone farming pancakes on BSC? Was thinking of getting involved when gas fees drop and I can get ETH in my wallet.

I've not done it yet but I think I will give it a try this evening, move some funds from Coinbase to Binance to get started. 

10pm seems to be the a good time in the evening for gas fees. Especially at the weekends.

I need to get off my high horse because just now I see Binance Smart Chain ans being very centralised, (Governments could lean on Binance to turn/alter nodes at any moment) but I think there will be a place for it and especially with BSC using Chainlink to bring new products onto the market (synthetic stock tokens) then it is worth me having a look at this ecosystem to understand it better.

That and also the yields are good just now. 

[KD1711]

4 hours ago, Fraser Fyvie said:

Anyone farming pancakes on BSC? Was thinking of getting involved when gas fees drop and I can get ETH in my wallet.

Pancake gas fees are tiny. Like 0.0002 or something like that. you also only need like .1 of a BNB coin to farm. I bought 1050 coins at 6.90 other day, then 100 at 9. tried to swap 4 ethereum for more pancakes but due to changing my withdrawal address it locked for 24 hours, meaning I missed out on a decent rise. I have been compounding so far and it is great.

[KD1711]

33 minutes ago, iron mike python said:

I've not done it yet but I think I will give it a try this evening, move some funds from Coinbase to Binance to get started. 

10pm seems to be the a good time in the evening for gas fees. Especially at the weekends.

I need to get off my high horse because just now I see Binance Smart Chain ans being very centralised, (Governments could lean on Binance to turn/alter nodes at any moment) but I think there will be a place for it and especially with BSC using Chainlink to bring new products onto the market (synthetic stock tokens) then it is worth me having a look at this ecosystem to understand it better.

That and also the yields are good just now. 

Coinbase are the biggest wankers out there. Fees are major and work with the government, I really like BSC so far and the yield is insane on the coins.