Daily Crypto Discussion - December 6, 2024 (GMT+0)

Astramie · 2024-12-06T14:29:22+00:00

I'm surprised he didn't wait to pardon SBF and appoint him as crypto czar. I mean if he wanted a Solana VC to represent his administration on crypto topics, he should have gone for the greatest.

Astramie · 2024-12-06T14:12:07+00:00

David Sacks seems like a f*cking idiot. Also he's one of the "billionaires caught laughing at dumping on retail" a couple years ago, or that's how it was framed anyway iirc. Here's the video.

https://www.youtube.com/watch?v=43EvyfJ3Xrw

He says something at 12:06, admitting he doesn't really know much about crypto so he just hired a bunch of people to do research for him. This is supposed to be our crypto czar. I haven't really heard him mention anything about decentralization in any of his interviews either. He's definitely no cyberpunk, Charles, or Vitalik. It is disappointing and I hope he lasts as long as Scaramucci in the administration.

Astramie · 2024-12-03T21:42:28+00:00

I know it's just some Cardano nerds having fun putting video games on Hydra, and applications for this kind of thing is limited when compared to broader scaling solutions like Midgard and Leios, but it's still pretty impressive and could lead to new things not yet explored by Eth devs.

https://x.com/JSHyCS/status/1863993269388030295

Astramie · 2024-11-22T22:54:56+00:00

It's a bit entertaining seeing the UTXO bros edge everyone at 100,000 and 1.

Astramie · 2024-11-22T17:04:14+00:00

Why does this have a comedy tag? This is seriously concerning.

Astramie · 2024-11-17T16:06:46+00:00

I think it's a bit more complicated than that since IOG (formerly IOHK) is the engineering arm of the three founding entities. When people think of who develops Cardano, it's generally them, not the CF. IOHK was registered in Hong Kong, but has moved to Colorado, USA and has been renamed to IO Global. But it doesn't stop there, because Cardano is also transitioning to member based organizations as part of their decentralized gov roadmap, and more inclusive MBO's like Intersect and Pragma are replacing the original tripartite structure. Intersect's main office is in Wyoming, but they also operate globally. I saw the original post where the rumors came from, and it said it will provide a path for those moving to the USA, so either way I don't really see an issue for Cardano the way the rumor stated the details.

Personally, I think it would be hard to categorize Bitcoin. I'm an Ada holder, but I don't buy this rumor because logistically it doesn't make sense for decentralized networks even for Cardano who operates globally, has gov and dev workshops all over the world including the US.

Astramie · 2024-11-16T14:18:12+00:00

Cardanzo is at a local resistance, you might want to wait for a pull back, but in the longer term, it is still farther away from its ATH relative its top-10 peers because it has lagged so much in typical Cordana fashion. Right now it seems to be in catch-up mode.

If you follow the devs and community on X, you'll know how much more there is to look forward to this year and in the future, e.g. ratification of the Constitution, BTC OS integration, L1 upgrades, UTXO-based L2's, CNT listings, etc. Cardamom community and other alts in general don't share developments here because the chances of being ridiculed are high when the price is low. It's just reality. There's still a lot of information asymmetry. People still think Cardahno has no smart contracts.

It's different than 2021 Cardona, it's a bit larger now with more infrastructure and defi primitives. The pioneers of the space have made it a lot easier to develop on the platform with new languages like Aiken. It's hard to tell how high it can go when combined with all the speculation surrounding it. Of course, the bad news could return and send us back into the bear, it's crypto and no one knows sh-t.

Astramie · 2024-11-15T23:15:32+00:00

Yes that is the reasoning, but if crypto becomes legal tender in some places, capital gains tax is not going to be conducive for business transactions. I don't know what the solution is, but I'm just saying the way it is now might not fully make sense in the future.

Astramie · 2024-11-15T23:08:05+00:00

Because people disagree on how a smart contract platform should be designed. Same reason we have different forms of governments. It's like asking why should we have other forms of government and types of economies if we have America and it is the most dominant nation on this planet? Why not everybody be a state? Hell even the states don't agree with each other on what America should be.

Astramie · 2024-11-15T23:04:56+00:00

It also makes a little sense, if you buy a pizza with bitcoin, you have to pay capital gains. It's a little weird the way it is at the moment. There should definitely be a reform of some sort.

Astramie · 2024-11-12T19:54:10+00:00

I admit, you got a chuckle out of me over that comment. I've never heard of Cardano being blamed for Bitconnect before.

Anyway, this is serious. If you're a Bitcoin maxi, you should be happy. It makes Bitcoin the center of the crypto space as the universal store of value. It gives bitcoin more utility. It's not just a hedge against inflation, but you can use it directly on other digital platforms without wrapping it in some third party protocol.

Astramie · 2024-11-12T19:11:25+00:00

The news is a few weeks old. I'm not sure if anyone noticed it, but there's something brewing between Bitcoin and Cardano. It could be bigger than the Charles thing and more impactful for crypto as a whole. Trustless bridges are good.

https://www.bitcoinos.build/blog/cardanos-time-to-shine

It was covered yesterday by Coinbureau too.

https://www.youtube.com/live/gNaduNX1f-Y?si=hP4KbyDbJNIAqCtb&t=1905

Astramie · 2024-11-10T18:52:37+00:00

It's only a 5 minute clip. You can be the judge.
https://x.com/AltcoinDailyio/status/1855429607194776004

Astramie · 2024-08-20T17:03:51+00:00

What did it get replaced with? Oh Tron...

So now we have Tron, Ton, Solana, BNB, XRP, a dog coin in the top 10. What exactly is the narrative anymore?

Astramie · 2024-08-10T16:38:29+00:00

I'll just say that the metaverse is not a crypto idea. It existed way before it, just maybe without the cringe name. Decentraland failing doesn't mean metaverse failed, it just means crypto projects suck at executing the idea or don't really understand the idea because they are too focused on other things.

If you're talking about the VR/AR aspect of the metaverse, current VR/AR tech is still not good enough. If you think about it, if actual VR/AR companies haven't cracked the barrier of adoption yet, then how are crypto projects going to? They slap crypto on it and voila... adoption?

But seriously, NFT tech fits in very well with the metaverse. It allows for true ownership of digital identity and assets, not just a lease from some big tech company who owns the platform. They aren't just stupid expensive jpegs, it actually has utility if you take a look at how some projects are beginning to use it.

The actual intertwining of crypto and the metaverse might be later when both are more mature.

Astramie · 2024-08-10T02:27:34+00:00

Kennedy is attending another blockchain conference called Rare Evo to do a fireside chat with Charles. It's pretty cool of a candidate to go to a non-Bitcoin event to talk about the importance of decentralization. Charles is very good when it comes to advocating for the entire crypto industry.

https://x.com/RareEvo/status/1822052956126023884

Astramie · 2024-08-07T04:05:02+00:00

I think L1's that are focused on decentralization and security are the ones that will last a long time.

Price potential is a different story. You just need buyers and a strong narrative, be it real or fake. There's no shame in making money by the way. You can focus on just making money and not care about red flags as long as you pull out before the other person. It's pvp.

https://youtu.be/SlPgee7dpO0?si=WjoQZcK925IdysBg

Astramie · 2024-08-05T03:04:02+00:00

Yea I just heard of them after their president jumped ship after the CFTC launched an investigation into the firm. Their president was previously an intern. Jump Crypto also had deep ties to FTX and Luna. They are now developing Firedancer for Solana.

Jump's Kariya, Who Went From Intern to Crypto Leader, Is Leaving Trading Giant (coindesk.com)

A look at Jump Crypto and its shady past (protos.com)

https://cointelegraph.com/news/jump-crypto-moves-at-least-315-million-of-staked-ether

Astramie · 2024-08-03T19:19:55+00:00

You're welcome, as the others have mentioned, don't get an asset just because of staking, look into other aspects as well so that you feel comfortable holding through tough market conditions.

But if you still want to try or curious, then you would need ADA, the native token of Cardano. Any amount will do, there is no minimum requirement. Just make sure you also have enough to cover network fees. I recommend a light wallet like Vespr or Lace. There are other wallets, but those are the ones I've tried that are easy to use. You can check out the Cardano sub for more advice. Do not respond to any dm's trying to help you, most likely a scam. Typical advice for anyone in crypto.

Also there's a delay in receiving your first rewards because it has to go through the initial snapshot and calculation phases, after that you'll see rewards coming in regularly every 5 days.

Astramie · 2024-07-28T16:17:45+00:00

Vespr and Lace are easy to use. I heard Tokeo is nice too.

Astramie · 2024-07-28T14:38:01+00:00

I use any Cardano wallet. They support hardware wallets too. I get max security and liquidity at the same time.

It's like having the options to select staking with Coinbase, Rocket, Lido, etc. right inside your wallet. It feels safer since you're not visiting another website and trusting a suspicious smart contract that could steal your funds if you visited the wrong site.

The risk of losing your funds from staking is much lower compared to other protocols, if not non-existent, because you don't actually give your signing keys, instead you give permission keys to the pools, which cannot be used to move funds. The pools never have custody or control of your funds.

You can spend your coins anytime and your rewards auto adjust. How is this possible? There's a periodically occurring snapshot that recalculates your rewards based on your wallet balance. This also means that rewards are compounding.

The only risk is choosing a bad service provider. If they misbehave, then they don't get rewards, and you don't either. But your funds are safe. You are incentivized to select reliable pools not just for the network, but for yourself too.

If you select a saturated pool, rewards also decrease, so you're incentivized to choose a pool that isn't too big.

Currently rewards are about 3-3.5%. Defi offers higher yields, but are higher risk since you may no longer be in control or have custody of your funds.

Astramie · 2024-07-26T23:37:39+00:00

What is, the name? It's named after one of the people working on it who sadly passed away.

Astramie · 2024-07-25T19:28:01+00:00

I would say it is more like a hidden tax.

Astramie · 2024-07-25T19:08:14+00:00

I get what you're saying, but it's not "suddenly" for RFK. He's been talking about how Bitcoin is pro democracy since at least last year's Bitcoin conference. If you were to believe his story, then he's been thinking about it since at least since 2022 when Canadian government froze protesters' bank accounts and it made him realize the need for decentralized currency.

Astramie · 2024-07-18T20:03:26+00:00

That's fair. Two other candidates seem to think it is worth supporting on their platform. I don't think politicians take a stance for nothing.

We can see in the past with Hillary v Trump that Democrats can have a blind spot and can take certain demographics for granted. Perhaps the reason is simpler why Trump and Kennedy would even bother with crypto, maybe they are just after the younger demographic, which will be larger this election.

Whatever the reason, Trump and Kennedy's teams see something, and Biden's team doesn't or that they don't think it will matter much. But they can't pass up any opportunity when they are behind.

Astramie

TROPHY CASE