Crypto 360°: 2023-05-07

Saturday, 13 May 2023

Honest Exercise: Are CEXs Honest and Can they Be TRUSTED?

Ever wonder if CEXs use our positions against us? I do. Ever look at the top 50 projects and scratch your head and ask why? How? What?!

Not only do CEXs like Binance and Coinbase make money off us through exchange fees, but what if they are actually using our positions and coins against us? What if the coins that they say we own aren’t real (fake paper crypto, as FTX had).

What if those “coins” aren’t really yours? What if it is just an abstract representation such as an “IOU”? In FTX’s case, many consumers are still owed crypto and funds and will likely never see either ever again.

Since Binance can’t pass an independent audit and it sounds like they are done doing business in Canada, have they been honest with us? Has Gemini? Has Coinbase? Has Kraken? Robinhood? You get the picture…

Why would they do that? Hypothesis: Psychological manipulation is easy - especially when it comes to finances. When you buy high, it is scary to watch it drop, so scary, that sometimes it’s easier to have mini breakdowns and sell at a massive loss JUST to get a little back.

For many of us who have been in this space, we become desensitized to the CEX fuckery. That’s fine, but how does the modern exchange function today?

If FTX taught us anything- “not your keys, not your coins” couldn’t ring more true today. Especially if Binance just closed their doors in Canada today. What is CZ up to?

And to any maximalist for any project, what not a better time to test the project/network to see if it is a good technological project? Has the project lied to you as well? How bad? I wonder this all the time. Let’s see what projects are the most exciting and actually perform!

This is not financial, investment, nor informational advice. As the exchanges tell me, they are not responsible for the news and publications that they frequently feature on their asset pages.

If this sounds bizarre, imagine how a company like Digital Currency Group can own Genesis, Grayscale, and CoinDesk. Fun reminder, Genesis withheld funds for an extended period of time for users participating in Gemini’s staking program - to the point where the Winklevoss twins (Gemini) and Barry Silbert (DCG) threatened lawsuits against one another on Twitter. If you defend them and say you should read the terms and services you’re missing the point.

What if they are lying to us and manipulating us to increase their bottom line while begging us to trust them?

What I’m trying to get at is simple - if you like crypto and if you own it, the best way to do that is through self custody. If you learn how to set up a wallet and withdraw the funds, you will truly own it and not be subjected to this financial war on the little guy.

The best regulations in the world can’t save us if the CEXs are wolves in sheep clothing that get to ultimately influence laws and policies.

This is not financial, investment, or informational advice. Since this is my opinion, I’m not responsible for the accuracy of any information within this post.

This post is a thought exercise and excellent reminder for businesses to be honest. That is just my opinion.

submitted by /u/abcxyzplease
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source https://www.reddit.com/r/btc/comments/13g01ax/honest_exercise_are_cexs_honest_and_can_they_be/

I quit my job and made this... HODL Clock! Am I a Bitcoiner now?

submitted by /u/daflem
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Are the Cryptocurrency CEXs Lying to Us?

They say they aren’t but some of them like Binance refuse to have an audit. Others like Kraken claim to have legitimate 1:1 backings.

In my opinion, the best regulations in the world can’t save us if the Centralized Exchanges do not have true 1:1 backing.

If you “have” any BTC or BCH currently on an exchange, would it be worth it to find out if you truly own it? Wouldn’t you want to know if they are using it against you to wage psychological warfare to get you to sell at a loss (on top of charging you pesky little fees).

This is not financial, investment, or informational advice. Honesty is the best policy for cryptocurrencies. This is entertainment.

submitted by /u/abcxyzplease
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source https://www.reddit.com/r/btc/comments/13fwceh/are_the_cryptocurrency_cexs_lying_to_us/

Claim your tip chain reward

Randomly as someone who's not mostly active on reddit. Recently, i randomly found that someone have tiped me from a while " it turned on that reddit have a tiping chain and how mindless i were".

I was wondering how to collect that since its showing that there is an error while processing my request?

submitted by /u/Therowerr
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source https://www.reddit.com/r/btc/comments/13fwj2g/claim_your_tip_chain_reward/

The self-custodial LN wallet Bitkit got updated

submitted by /u/mattrdec
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Is it technically possible to have smart contracts on Bitcoin? Because these guys claim to have 'smart BRC20s' and I'm not sure if its even possble.

submitted by /u/escapegoat2000
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source https://www.reddit.com/r/btc/comments/13fv317/is_it_technically_possible_to_have_smart/

Friday, 12 May 2023

Absolute 🔥 from CashTokens.org, day 28: Fungible tokens for complex coordination tasks ⌛️ 📦🔂

submitted by /u/AD1AD
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source https://www.reddit.com/r/btc/comments/13eyj0f/absolute_from_cashtokensorg_day_28_fungible/

Preferred platform?

I’m sick and tired of Coinbase, creating rules and giving BS reasons why they’re holding my funds for anywhere from 72 hours up to 10 days. They just did it to me again and their answer is we can’t give you the information why it’s for your own security. That’s not acceptable with me. It was for a legitimate transaction and now it’s locked up until a week from now. Sorry, I’m a little testy after this shit show of hoops in hurdles May I ask where you guys prefer to buy and transfer bitcoin? I’ve heard horrible things about Robin Hood. Coinbase is royally pissing me off. Cash app is terrible when you need help and they locked my account, but also would not give me a reason last year. I’m so fed up with this industry I’m sure you can tell by my tone. I’m also sure there’s a much easier way to do this that I don’t know about. Any help would be greatly appreciated or direction.

submitted by /u/Bigjastig19
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source https://www.reddit.com/r/btc/comments/13f0xmx/preferred_platform/

i have approximately 10$ worth of BCH and 1~$ in SOLANA, i desperately need the money for supplies but credit cards are banned where i live (Lebanon), what should i do?

submitted by /u/Sneed420
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source https://www.reddit.com/r/btc/comments/13ex69b/i_have_approximately_10_worth_of_bch_and_1_in/

Ledger vulnerability

https://wizardsardine.com/blog/ledger-vulnerability-disclosure/

submitted by /u/phamtruax
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To disrupt the financial system we need to understand it. I think that this talk by Yanis Varoufakis may help us better to understand the world financial system at least from a European perspective.

This video consists of an introduction, then 20 minutes or so of Yanis giving his view of current affairs with special reference to the US Dollar. Then there are other speakers and finally Yanis sums up.
https://www.youtube.com/watch?v=DyO2lmGq0_U&ab_channel=DiEM25

submitted by /u/richardamullens
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source https://www.reddit.com/r/btc/comments/13evxeg/to_disrupt_the_financial_system_we_need_to/

Thursday, 11 May 2023

What is this transaction?

https://mempool.space/tx/a364b705609933614debc89deddad1e066188f1626067d676190b6efe438d5d1

I am seeing some transactions I do not understand.

This one is stuck in the mempool even though the fee is high. It is not being added to blocks for some reason.

The I puts are multisig 1/3, with the text UNKNOWN.

It also shows CPFP.

What is this transaction? Do other transactions need to be mined, before this one can be mined?

submitted by /u/unsettledroell
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Bitcoin goes up 0.3% and Coindesk writes about how it is mooning. BCH goes up 11% they write about how its doomed and crashing. Coindesk is a propaganda mouthpiece for DCG to pump BTC similar to Coingeek for BSV.

Bitcoin Cash Rises 11% but Gains Could Be Short-Lived

https://www.coindesk.com/markets/2023/05/09/bitcoin-cash-rises-11-but-gains-could-be-short-lived/

First Mover Asia: Bitcoin Ticks Up as Congestion Wanes and Investors Ponder the Next Price Spur

As blockchain congestion eases, Bitcoin's price recovers

Bitcoin is currently trading at $27,741, up 0.3%, according to CoinDesk market data,

https://www.coindesk.com/markets/2023/05/10/first-mover-asia-bitcoin-ticks-up-as-congestion-wanes-and-investors-ponder-the-next-price-spur/

submitted by /u/FearlessEggplant3036
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source https://www.reddit.com/r/btc/comments/13e4l09/bitcoin_goes_up_03_and_coindesk_writes_about_how/

Brazil Breaks National Record For Most Cryptocurrencies Declared in Government Tax - Crypto Coin Opps

submitted by /u/RosannDodd
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source https://www.reddit.com/r/btc/comments/13e2oix/brazil_breaks_national_record_for_most/

Shared wallet setup

What’s the better option, if I wanna share a bitcoin wallet with my wife: Share the same private key by importing the seed phrase into another wallet on her phone? Or setting up a 1-2 multisig scheme, where she an I have our own key to spend from our shared wallet?

submitted by /u/JackNemiroff
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After a series of setbacks, the crypto market could be in for a much-needed boost thanks to a recent announcement from a top wallet provider.

submitted by /u/TechnomancerUser
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source https://www.reddit.com/r/btc/comments/13e0j0e/after_a_series_of_setbacks_the_crypto_market/

Just a reminder!

https://txstreet.com/v/bch-btc

submitted by /u/Kind-Maintenance-905
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source https://www.reddit.com/r/btc/comments/13dzyag/just_a_reminder/

Wednesday, 10 May 2023

Soma Foods now accepts Dogecoin, Bitcoin, and Bitcoin Cash! [mushroom supplements, protein powder, coffee] [Coinbase Commerce]

submitted by /u/AD1AD
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source https://www.reddit.com/r/btc/comments/13d7te3/soma_foods_now_accepts_dogecoin_bitcoin_and/

4 bitcoin valuation models: - based on time (2009=1, 2010=2 .. 2023=15) - stock-to-flow (currently 54, measured YoY) - utxos (92.3E6) - difficulty (48.1E12)

submitted by /u/TheLuckyLeandro
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Man stacked almost 50 million sats (0.5 bitcoin) in 2 months just from Nostr zaps

submitted by /u/KAX1107
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Absolute 🔥 from CashTokens.org, day 26: Byte-efficient representations of complex, internal state 🖥🧮

submitted by /u/AD1AD
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source https://www.reddit.com/r/btc/comments/13d44bc/absolute_from_cashtokensorg_day_26_byteefficient/

ZapPlanner: Periodic Payments in Bitcoin. Schedule lightning payments and cancel anytime

submitted by /u/KAX1107
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Lil Windex - Bitcoin Ca$h (OFFICIAL VIDEO)

submitted by /u/jsprogrammer
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source https://www.reddit.com/r/btc/comments/13d173f/lil_windex_bitcoin_cah_official_video/

Tuesday, 9 May 2023

Michael Saylor + Saifedean Ammous + Natalie Brunell all saying good things about this Kids Show

submitted by /u/derek_the_raccoon
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source https://www.reddit.com/r/btc/comments/13c5kx0/michael_saylor_saifedean_ammous_natalie_brunell/

A friendly reminder, not just for Family Guy fans. Credit @ronin21btc

submitted by /u/Relai_Alex
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How Anonymously Do You Use Bitcoin?

I have been working on helping some newer users at my local meetup to take a bunch of privacy-enhancing steps to better secure their bitcoin. I've been helping them to stack private sats, run their own nodes, and some have even begun to CoinJoin. It's been very rewarding.

Instead of repeating myself over and over again every time I get a question, I spent a good bit of time to put this article together so I can share it with them and they can do some research. I would love some feedback if you have the time to even read the table of contents or skim the article.

How To Use Bitcoin Anonymously

Constructive criticism always welcome and let me know if there are ways to use bitcoin more anonymously. Thanks in advance.

submitted by /u/Jon_Hodl
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Absolute 🔥 from CashTokens.org, day 25: Diverse ecosystems of compatible covenants 📜📨📜📨📜

submitted by /u/AD1AD
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source https://www.reddit.com/r/btc/comments/13c3y02/absolute_from_cashtokensorg_day_25_diverse/

Exploring Bitcoin Bull Market Top Patterns and Rising Multiples

The tops of the last two major bitcoin bull markets occurred in December 2017 and November 2021, respectively, a full four-year difference in time, consistent with the historical pattern of bitcoin output halving every four years of speculation;

the top prices of $19,900 and $69,000, respectively, with a top price difference multiple of about 3.5x, a significant reduction from the two previous bull market tops with a price multiple of 17x;

Looking at the k-line pattern, the 2021 bull market clearly shows a double-headed pattern, which is more complex than the single-headed pattern of the 2017 bull market.

The hype law of halving output every 4 years will not be explored in this article, only as a setting, where we only explore the top k-line pattern, as well as the reasons and logic of the formation of the price multiple difference at the apex, in order to provide us with more operational possibilities in a possible 2025 bull market top.

We all know that more and more of the general public and investment institutions are becoming familiar with bitcoin, recognizing it, and thus speculating on it, but the entry money cannot be quantified but only estimated, and it should be an indisputable fact that the entry manipulation money is increasing geometrically every four years. According to CMC data: Bitcoin's peak market cap was $13.6 billion in November 2013, $320 billion in April 2017, and $1.24 trillion in November 2021. In the capital markets, when the market cap of a speculative target is not large, the speculative approach generally appears to be a wave of flow, and when the market cap of a speculative target grows by one or several orders of magnitude. The amount of capital required for speculation will grow by one or several orders of magnitude accordingly, the special feature is that with the large increase in the number of people and capital involved, the market forces in the market will be far greater than before the views and differences. Following this logic, we can deduce that the double-headed pattern at the top of the bull market in 2021 is formed under the above scenario.

On April 14, 2021, after more than 6 months of continuous pull-up, bitcoin price formed the first head (left peak) of $65,000, pull-up range of about 6 times, if counted from the bottom of the 312 epidemic plunge, the absolute increase of nearly 17 times (65,000/3900); at this time the market forces on the late trend of serious disagreement, the market capitalization of the top 30 coins BNB / XRP/DOGE/LTC/TRX/UNI/LINK and other coin majors withdrew from the battlefield, making the bull market price peak of these coins fixed in mid-April; while the coin majors represented by Bitcoin Ether braved the big task, after nearly 7 months of washing and pulling up, creating a second head (right peak) of $69,000 on November 9. The large-cap coins that followed BTC/ETH to new highs during this period were ADA/MATIC/SOL/DOT/SHIB/AVAX/ATOM/FTM, and these strong varieties accounted for a much smaller market share than the batch that topped out in April, indicating that in the second half of 2021, market capital was scarce compared to 2017, and this topping out wave in November was the end of a strong wave. This includes bitcoin and ethereum.

Morphologically the 2021 bull market head pattern is more complex than the single top pattern of 2017, which led to a large number of market veterans making errors in judgment, including Jiang X'er and others. According to the logical reasoning of the formation of the two bull market head patterns, the 2025 bull market top pattern will be more complex, and it is really not an easy task for everyone to dig gold in the capital market.

With the speculation of the subject volume of the great increase, its price elasticity will be greatly weakened, that is, the price of the rise and fall will be greatly weakened. Because the volume that the market value increased, before the amount of money to push prices up is not enough to push prices up again by the same margin, in order to have the same rate of increase, you must ensure that the funds to promote timely and full entry, can not be full or timely can not reach the goal, and in a certain period of time, the possibility of these two conditions are met at the same time is not necessarily 100%, which is what led to the market trends show up and down The reason for the ups and downs, while leading to a weakened price elasticity.

From the historical data, the difference between bitcoin price in 2013 and the previous bull market peak price is 36 times (1163/32); the difference between 2013 and 2017 is 17 times (19900/1163); the difference between 2021 and 2017 is 3.5 times (69000/19900), as the volume of each big bull market in bitcoin grows geometrically, the The price elasticity of bitcoin is gradually weakening, according to the above logic, the price difference between 2025 and 2021 will not be higher than 3.5 times, simply because of the "high" price of individual bitcoins. The median is 1.75x, or $120,000, the integer is $138,000, and the integer is $207,000.

The above are all hindsight analysis, purely the personal observation of a blockchain fan, inevitably there are subjective assumptions, hope to correct the discussion

submitted by /u/Cheap_Recover_399
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source https://www.reddit.com/r/btc/comments/13bzjns/exploring_bitcoin_bull_market_top_patterns_and/

When Money is Easy to Make, Society Begins to Break.

submitted by /u/derek_the_raccoon
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Monday, 8 May 2023

Just hanging around

submitted by /u/diamondhandherald
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source https://www.reddit.com/r/btc/comments/13b3zc1/just_hanging_around/

Need help choosing between Segwit / Native Segwit / Taproot for wallet

Friends - I am going to run an experiment in which I will make a separate wallet for each of my BTC (ha ha there aren't many) so that I can keep them separate for tax reasons (based on date of purchase).

is there any reason to choose Segwit / native segwit / or taproot for these wallets?

Do these types vary in terms of giving me access to the historical data I am looking for?

Thanks!

submitted by /u/13toros13
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source https://www.reddit.com/r/btc/comments/13b3ado/need_help_choosing_between_segwit_native_segwit/

Absolute 🔥 from CashTokens.org, day 24, Saqib Noor ensorsement: empowering advocacy, research, and education ✊🔬📓

submitted by /u/AD1AD
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source https://www.reddit.com/r/btc/comments/13b1wab/absolute_from_cashtokensorg_day_24_saqib_noor/

Reason 597 to avoid leaving funds on exchanges

https://archive.is/i03u9

submitted by /u/mrmishmashmix
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Bitcoin should be protected by the 2nd amendment

I think Jason Lowery has discovered Skynet! Spoilers... Skynet was created by Cyberdyne systems.. Cyberdyne is greek for Computer(ergo Bit) Power. Jason says Bitcoin should really be more generically referred to as Bit Power! In all seriousness, watch this presentation, very insightful! It certainly puts people like Liz Warren and Brad Sherman in treasonous positions.

https://youtu.be/RgBvr6InEpk?t=1677

submitted by /u/benditbackwards
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Goest and fucketh thyself

submitted by /u/suuperfli
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BTC Transaction Stuck

Hey everyone, hope your Sunday is going quite well. This morning, about 7 hours ago I moved about $3,800 from one wallet to another. But it appears now my Bitcoin is stuck. Any ideas on how to speed it up or when it should clear?

I moved this money to pay some bills, and have never had to wait this long :/ any advice or help would be appreciated from you all.

https://blockchair.com/bitcoin/transaction/f1ab9e547d8133721df52206091329a7490d17b9adb98a74ac01ffa5d36f694f

submitted by /u/nicholascaiello
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source https://www.reddit.com/r/btc/comments/13aymud/btc_transaction_stuck/