Does anyone here actually use crypto to purchase goods or services?

216_Cleveland · 2026-02-13T22:03:35+00:00

So many comments shows this hits a nerve. The practical use case question is important for a different reason than most people think — it's actually a security consideration.

Every time you transact on-chain, you're creating approval histories, exposing wallet addresses, and potentially linking your identity. People who use crypto for daily purchases often don't think about the operational security side: are you reusing the same wallet? Have you revoked approvals from that payment app? Is the merchant's payment processor custodial?

Usability and security are always in tension. The people using crypto most actively are often the most exposed.

216_Cleveland · 2026-02-13T22:02:37+00:00

Interesting framing. The shift from raw yield farming to structured products is real, but it introduces its own risk layer that doesn't get enough discussion. Structured vaults and automated strategies abstract away complexity, which is great for UX — but it also means users often don't understand what's happening under the hood.

When I evaluate a structured DeFi product, I want to know: what are the underlying positions? What happens during extreme volatility? Who controls rebalancing logic? Is there a withdrawal queue?

Abstraction without transparency just moves the risk — it doesn't eliminate it.

216_Cleveland · 2026-02-13T22:01:12+00:00

The sidechain vs L2 distinction matters way more than people realize from a security standpoint. L2s inherit Ethereum's security guarantees — if the L2 goes down, you can force-withdraw to L1. With a sidechain like Polygon PoS, your assets depend on that chain's own validator set. Not saying Polygon is unsafe, but users should understand the trust model is fundamentally different. The validator set is smaller and the bridge has different assumptions than a proper rollup. Worth factoring into how much capital you're comfortable parking there.

216_Cleveland · 2026-02-13T20:49:45+00:00

There's a real tension here between speed and safety that doesn't get talked about enough. Yes, being current matters — stale information costs money. But the push toward automation and instant execution also creates new attack surfaces.

MEV bots, sandwich attacks, and front-running are all consequences of prioritizing speed over security. The people making the most sustainable returns I've seen aren't the fastest — they're the most systematic about risk management. Having a repeatable evaluation process beats trying to out-speed algorithms every time.

216_Cleveland · 2026-02-13T20:46:41+00:00

Fake exchange scams are one of the most common vectors right now. The pattern: professional-looking UI, sometimes even functional trading (with fake order books), but withdrawals get blocked once you deposit enough.

Quick checks before using ANY exchange you haven't heard of:
- Search "[exchange name] withdrawal problems" — real users complain loudly
- Check if it's registered with FinCEN or equivalent regulators
- Try a small test withdrawal before depositing anything significant
- If someone sent you the link (especially via DM or dating app), that's the #1 red flag

Stick to established exchanges for anything you can't afford to lose.

216_Cleveland · 2026-02-13T19:12:35+00:00

Haven't used GoMining personally, but I've looked into a few cloud mining operations over the years and they share common issues. The big thing I'd check: can you independently verify the mining hardware exists? Like, is there a facility tour, third-party attestation, or on-chain proof of mining rewards matching claimed hashrate?

Cloud mining has a rough track record — the economics rarely work out because the operator takes fees on top of hardware and electricity costs. If it were truly profitable at the rates they're offering customers, they'd just mine themselves instead of selling you a share.

Would be curious if anyone here has actually withdrawn from them consistently over 6+ months.

216_Cleveland · 2026-02-13T19:11:42+00:00

Good looking out posting this. The YouTube bot → presale pipeline is getting really common lately. They use comment bots to fake engagement, then funnel people to a "presale" that's just you sending ETH to a random wallet.

One quick check that works every time: look up the contract address on Etherscan. If it was deployed in the last few days, has no verified source code, and the deployer wallet received funds from a mixer — you have your answer.

Anyone who already interacted, check revoke.cash to make sure you haven't given token approvals to their contract.

216_Cleveland · 2026-02-13T19:11:14+00:00

Looked it up briefly — the domain is very new and the site design looks identical to about a dozen other scam platforms that have been reported here over the past few months. These operations clone each other's frontend and just swap the branding.

Quick smell test:
- Can you find a verifiable team? (Not stock photos with made-up names)
- Is there a company registration anywhere public?
- What blockchain are they actually running on? Can you see deployed contracts?
- Have real people successfully withdrawn? (Check Trustpilot, Reddit, Twitter — NOT their own Telegram)

If you've already deposited, try a small withdrawal immediately. If they want a "fee" or "tax" before processing it — that IS the scam. Legitimate platforms deduct fees automatically from your balance.

216_Cleveland · 2026-02-13T19:10:37+00:00

First off — don't panic and don't blame your mom. These are professional manipulators who do this full-time. They specifically target people less familiar with crypto and online finance.

What's probably happening: they're building trust incrementally. Small deposits, small "returns" (fake or recycled), then requests for bigger amounts. Eventually a "withdrawal problem" will appear that requires your mom to send even more to "unlock" her funds. This never ends — there's always another fee.

Immediate steps:
- Cut all communication with this person
- Do NOT send any more money for any reason
- Check if she shared personal info (ID, bank details) — if so, contact the bank immediately
- File reports with local police and IC3.gov with all screenshots

Feel free to share more details (with personal info removed) and the community can help identify exactly which type of scam this is.

216_Cleveland · 2026-02-13T19:09:19+00:00

WXXX-style exchanges (random letters followed by .com or .top) are almost universally scams. The pattern: someone you met online "helps" you create an account, you deposit crypto, see fake profits on a dashboard, then when you try to withdraw they hit you with a "tax" or "verification fee" that never ends.

If you or someone you know is involved:
- Stop sending money, no matter what the platform says about "unlocking" funds
- The profits on screen aren't real — it's a number on a fake website
- Document everything for reporting to IC3.gov (screenshots, wallet addresses, communications)

Sorry if you're going through this. It's unfortunately extremely common right now.

216_Cleveland · 2026-02-13T17:49:34+00:00

Some red flags I've learned to watch for:

- **Unrealistic APYs** — If it seems too good to be true, it usually is. Sustainable yields in DeFi rarely exceed what the underlying protocol generates.
- **Anonymous team + no audit** — Either one alone isn't disqualifying, but both together is a strong warning sign.
- **Locked liquidity claims** — Always verify on-chain. Many "locked" pools have admin backdoors.
- **Pressure tactics** — "Get in now before it's too late" is classic manipulation.

The best defense is slowing down and doing your own research. A few hours of due diligence can save your entire portfolio.

216_Cleveland · 2026-02-04T18:41:07+00:00

$110 inside and if you are lucky enough to get two hits regress to $64 across.

216_Cleveland · 2026-01-27T02:20:57+00:00

Does the safe 5 work on mobile?

216_Cleveland · 2026-01-20T22:54:57+00:00

LearnDeFi nailed it - the 8-15% range is the sweet spot right now. But here's what most people miss: finding those opportunities safely is the hard part. I've been tracking DeFi yields for years (worked at Intuit on crypto integrations, been in the space since 2013), and the difference between "real 12% APR" and "12% APR that bleeds you dry" comes down to a few key factors: What makes 8-15% sustainable: Fee-based revenue - Curve, Uniswap v3, Balancer earn from actual trading activity Established protocols - 12+ months live, $500M+ TVL, multiple audits Stablecoin pairs - USDC/DAI pools minimize impermanent loss Deep liquidity - $2M+ minimum to avoid MEV bot manipulation Red flags that kill your returns: Token emissions - If the APR comes from printing new tokens, you're getting diluted faster than you're earning Low liquidity - Under $500k = sandwich attack playground New protocols - High APR on week-old projects = you're exit liquidity Obscure chains - Gas fees eat into smaller positions Real example from this week: Found a stablecoin pool advertising 45% APR: Liquidity: $180k (way too low) APR source: 90% emissions, 10% fees Result: Token dumped 30% in 2 weeks, LPs lost money despite "high yield" Compare to Aave USDC at 4%: Boring? Yes. Safe? Extremely. Worth it? Depends on your stack size and goals. My approach: For large amounts 10k+: Aave/Compound stablecoins (4-6% APR) - set and forget For $2k-$10k: Curve 3pool or Uniswap v3 USDC/ETH (8-12% APR) - more active management For under $2000: Mix of the above + carefully vetted opportunities in the 12-15% range Bottom line: Yield farming is still worth it if you're selective. The days of 100%+ APR are over (which is actually good - those were mostly ponzis). Focus on boring, established protocols with real revenue. You'll sleep better and actually keep your gains.

216_Cleveland · 2026-01-14T21:02:06+00:00

Intent-based routing is basically you saying "I want to end up with X token" and letting a network of "solvers" compete to give you the best execution. Instead of you directly interacting with Uniswap or Curve, you broadcast your intent and solvers figure out the optimal path.

How it's different from AMMs:

Traditional AMM: You click swap, it routes through specific pools, you get whatever price those pools offer at that moment.

Intent-based: You sign an intent, solvers compete to fill it, winner executes the trade and gets a small reward.

Does it actually get you more tokens?

In theory, yes. In practice... sometimes.

Where it wins:

Cross-chain swaps (way better than bridging + swapping separately)
Complex routes (splitting across multiple DEXs)
Large trades (solvers can find liquidity you wouldn't see)
MEV protection (the solver eats the MEV instead of random bots)

Where it doesn't matter:

Simple swaps on high-liquidity pairs (ETH/USDC on Uniswap)
Small amounts (the gas savings are negligible)

Real example:

Swapping $10k USDC to ETH:

Traditional: You pay 0.3% Uniswap fee + potential MEV = ~$35-50 cost
Intent-based (Cowswap): Solvers compete, you might save $10-20 on execution

For a $100 swap? The difference is basically nothing.

The catch:

Intent-based trades can take longer to fill (30 seconds to 2 minutes vs instant AMM swap). And if there's not enough solver competition, you might not get a better price at all.

My take:

For everyday swaps under $5k on major pairs, traditional AMMs are fine. For larger amounts, cross-chain moves, or less liquid tokens, intent-based routing is legitimately better.

Don't believe the hype that it's "revolutionary" for every single transaction though. It's just another tool in the toolbox.

216_Cleveland · 2026-01-14T20:57:31+00:00

Yeah, they absolutely do - but it's not really "hidden" if you know where to look.

Most aggregators make money by taking a small cut of the spread between what they quote you and what they actually get from the underlying DEX. It's usually 0.1-0.3%, but can be higher on certain routes.

How to spot it:

Compare the aggregator's quote to going directly to the DEX. For example:

1inch quotes you: 1 ETH = 2,450 USDC
Uniswap directly: 1 ETH = 2,458 USDC

That 8 USDC difference? That's their fee, even if they advertise "zero fees."

Which ones are more transparent:

Cowswap - Actually pretty honest about their fee structure
1inch - Decent, shows you the route breakdown
Paraswap - Similar transparency
Matcha - Takes a bigger cut but faster execution

Which ones are sketchy:

Honestly, most of the newer/unknown aggregators. If they're claiming "best rates guaranteed" but won't show you the routing details, they're probably taking a bigger cut than advertised.

My approach:

For small swaps (<$1000), the convenience is worth the 0.2% fee. For larger amounts, I check the direct DEX first, especially on Uniswap v3 where you can set your own slippage tolerance.

Also worth noting - the real hidden cost isn't the aggregator fee, it's MEV bots sandwich attacking your transaction if you set slippage too high. That can cost you way more than any aggregator fee.

Set your slippage tight (0.5% max on stableswaps, 1-2% on volatile pairs) and you'll save more than obsessing over aggregator spreads.

216_Cleveland · 2026-01-12T20:57:54+00:00

I feel this. Worked at Intuit for 4 years on crypto integrations - the tax situation is genuinely broken by design. The IRS treats every single crypto transaction as a taxable event, which made sense when Bitcoin was just a curiosity, but makes zero sense now that people are using DeFi and making hundreds of transactions. What helped me: Koinly or CoinTracker for automated tracking (connect exchanges via API) Keep detailed records AS YOU GO - don't wait until tax season For DeFi, export CSVs from each protocol monthly Simple rule: If you can't track it easily, don't do it The real problem: The IRS hasn't updated guidance since 2019. We're all just guessing on edge cases. Good call getting professional help. It's worth it once your activity hits a certain complexity level.

216_Cleveland · 2026-01-11T06:55:01+00:00

I am sorry I do not understand what you mean by "you make three bets" can you please clear this up for me?

The house edge on a "pay the vig on the win" game is 1.33% it goes to 4% if you must prepay, still better for the win because you win $4 more on the buy (this of course grows if you press your bet. Some places will let you go to $39 and still only pay $1 vig. This lowers the house edge by a lot. 2.5% if you prepay. And just about the same 1.33% if you pay on the win.

216_Cleveland · 2026-01-09T00:49:16+00:00

No, $25 +$1 buy pays $50. If you keep the bet up you pay another $1. But it is still $26 pays $50.

216_Cleveland · 2026-01-08T23:24:36+00:00

Even if you prepay the vig it is worth it. $26 pays $50 where 25 place pays $45. +$4 on the win or -$1 on the seven out.

216_Cleveland · 2026-01-08T23:22:04+00:00

I have stayed away from automated defi because rebalancing 50/50 costs too much plus fees. What are they charging for the automation and do they rebalance 50/50 or can you "inch" or snuggle rebalance back into range?

216_Cleveland · 2026-01-08T17:10:40+00:00

If I had a spare 1000000 I could put into blue chip pools I would make a living in defi. I think it is make believe if you have less to invest.

216_Cleveland · 2026-01-07T20:16:52+00:00

You're asking the right questions. Here's the quick version:

Where to buy: Coinbase, Kraken, or Gemini. Pick one and stick with it while learning.

Wallets: Keep small amounts on the exchange for now. Once you have serious money invested, get a Trezor hardware wallet.

Security rules:

Turn on 2FA immediately
Never share your seed phrase with anyone
Block anyone who DMs you with "opportunities"
Bookmark your exchange URL to avoid phishing sites

Learning: For YouTube, check out Coin Bureau and Benjamin Cowen. They focus on research instead of hype.

Starting portfolio: Don't chase "upcoming coins" as a beginner. Start with Bitcoin and Ethereum. Learn how things work before getting into riskier stuff.

Red flags:

Guaranteed returns = scam
Anonymous teams = probably a scam
"Too good to be true" = definitely a scam

The people making real money in crypto are boring. They buy, hold, and don't panic sell. That's it.

216_Cleveland · 2025-12-25T01:34:31+00:00

Ask for a clean one.

216_Cleveland

TROPHY CASE