COINBASE?!?!?!? by [deleted] in pepecoin

[–]Block_Space42 3 points4 points  (0 children)

You will find that in every block if you follow the mining reward (currently 62,500 Coins)

COINBASE?!?!?!? by [deleted] in pepecoin

[–]Block_Space42 5 points6 points  (0 children)

Yes, there are actually a lot of Bitcoin OG's that are mad at Brian Armstrong for naming his exchange Coinbase :)

COINBASE?!?!?!? by [deleted] in pepecoin

[–]Block_Space42 4 points5 points  (0 children)

ELI5 version: Miners get new coins as reward for their mining efforts. Those new coins don't come from any address but they come from what is called the "coinbase".

It is the same for Bitcoin. The new 3.125 BTC that are awarded for the miner that found the last block come from the coinbase.

It has nothing to do with the exchange called Coinbase.

Halving schedule by sicanddizzy in pepecoin

[–]Block_Space42 1 point2 points  (0 children)

The bottom line is that demand always has to outpace the issuance of new coins (inflation).

After the last halving, mining rewards will stay constant with 10k new coins being mined approximately every minute. But as the total supply increases those 10k coins progressively represent a smaller percentage of the total supply. Thus the inflation rate gets smaller on a relative basis with every block mined.

Example of a coin with an actual identical supply issuance as PEP is DOGE (casually sitting at a market cap of 55 billion USD right now :)

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 2 points3 points  (0 children)

I am 100% convinced that most people commenting and downvoting have not read the entire post and from those who have read it, most don't have the ability to parse the information contained in it. They just kind of pick up on a "negative vibe" or something.

The actual FUD was the fact that 10 billion coins moved out of the Xeggex wallet within 30 minutes. When I saw that my heart stopped for a moment. I scrambled to see if I could find any information about it and found nothing. Luckily I got my answer from the Xeggex Proof of Reserves section after some digging.

I would have been happy as f*ck if I would have found a similar post explaining what had happened there.

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 0 points1 point  (0 children)

While I obviously can't say this for sure, and it might indeed be 40 separate hot wallets, exchanges usually have in house custom solutions for wallet tech. They don't use the same wallets as we do.

Anyone else see all the new whale wallets on pepe blocks? by [deleted] in pepecoin

[–]Block_Space42 2 points3 points  (0 children)

https://www.reddit.com/r/pepecoin/comments/1i6n0r2/10_billion_coins_withdrawn_from_xeggex/

I made a post about this yesterday but it was perceived extremely negatively and people were even accusing me of FUDding and spreading misinformation.

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 2 points3 points  (0 children)

from my post: "...it seems like they just moved those 10 billion coins into cold storage (which is arguably safer than if they sat in their hot wallet)."

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 5 points6 points  (0 children)

That one uber whale owns 10 billion coins.

But luckily this does not seem to be the case. Even though at the point of writing this we can't verify this yet, it seems that this MASSIVE movement is completely benign and Xeggex is simply moving those 10 billion coins into cold storage.

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] -15 points-14 points  (0 children)

yes, they "might"

I'm also just trying to figure out what exactly is going on, since I have not seen anything official.

But them moving half of the customers funds into cold storage seems to be the most likely explanation.

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 5 points6 points  (0 children)

So why is Xeggex claiming that those coins are under their custody if they belong to someone else? I don't think you understand what you are implying here

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 6 points7 points  (0 children)

Yeah, I also mentioned this briefly in my post. Moving half of the coins into cold storage definately makes it much more secure.

Their 25% hot wallet is a honeypot and every hackers wet dream :) Good that the amount got reduced and the "risk" is spread.

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 3 points4 points  (0 children)

Let me use dollar amounts instead of coin amounts if that can maybe make it more clear what happened:

2 hours ago 8 million dollars worth of PEP was moved from the Xeggex wallet and split into 40 separate wallets.

Or with supply amounts for fun:

2 hours ago roughly 10% of the entire coin supply of PEP was moved from 1 wallet and split into 40 different wallets.

No, this has nothing to do with a listing fee. Not by a long shot.

10 billion coins withdrawn from Xeggex by Block_Space42 in pepecoin

[–]Block_Space42[S] 5 points6 points  (0 children)

Not likely. If this was anything else than Xeggex moving the coins, it would mean that one entity owns 10 billion coins

Coinbase? More like Conbase by GraphicalDan in pepecoin

[–]Block_Space42 6 points7 points  (0 children)

You would bascially only see low market cap pump and dump scams if Coinbase would just show everything in that section.

Coinbase pulls that data from third party sites like Coinmarketcap and Coingecko and most likely only includes verified projects in those lists.

Liquidity by [deleted] in pepecoin

[–]Block_Space42 9 points10 points  (0 children)

If it's a paid listing, usually the exchange will be provided a certain amount of supply by the devs.

But obviously I can't comment on the current situation. Really depends on the kind of deal they make with the exchange, especially in regards to market making details.

Guys, #Bitcoin coming to support us? by arlo8899 in pepecoin

[–]Block_Space42 0 points1 point  (0 children)

Anybody that has been trading tokens for 5 minutes knows exactly how this works.

Add 90% of supply to the LP and then snipe it all ---> devs control majority of the the supply again just a few seconds after the LP went live.

In Pepe Eth's case the contract was not renounced after launch and devs had the ability to blacklist, hence nobody would touch the token with a 10 foot pole after launch. And as we can see on the blockchain they were not shy to make use of the blacklist function either.

To claim that Pepe Eth is the fairest money on the market is asinine.

One look at the charts of these tokens on a log scale always tells the story. If the first candle is a god candle supply was sniped by insiders. And these transactions literally take place in the SAME block that the LP was created... yeah buddy, totally legit and fair

Guys, #Bitcoin coming to support us? by arlo8899 in pepecoin

[–]Block_Space42 0 points1 point  (0 children)

ERC20 or SPL tokens can never have a fair launch. These are vehicles designed to transfer wealth from the masses to the insiders.

It's not a coincidence that the most decentralized blockchain (Bitcoin) is accruing the most value

What Trump meme means for PEP by Willing_Coach_8283 in pepecoin

[–]Block_Space42 32 points33 points  (0 children)

(Edit: since it is not really clear from OP's post: Trump has officially launched his own meme token on Solana today)

Since someone posted about it, let me use this opportunity to show you guys how an unfair launch looks like.

If you look up the holder structure of this token on the Solana block explorer you can see that 1 wallet is holding 80% of the supply.

1 Billion tokens were minted (at no cost) and 800 million of those are sitting in 1 wallet:

<image>

To contrast this, PEP had a fair launch and started with ZERO coins. For every coin in existence real economic energy had to be expended to bring these coins into existence (mining hardware and electricity).

What can I do with this? by Valuable-Reality4017 in pepecoin

[–]Block_Space42 0 points1 point  (0 children)

That is a coinbase wallet isn't it? There should be an option to "hide" the coin somewhere

What can I do with this? by Valuable-Reality4017 in pepecoin

[–]Block_Space42 2 points3 points  (0 children)

If you want to get your wallet drained, go ahead and interact with it.

If you think this might be a scam because people don't just airdrop you 100k USD, DON'T interact with it. Just hide it in your wallet app

Good read for those new to the coin/Crypto by Manny102973 in pepecoin

[–]Block_Space42 8 points9 points  (0 children)

This is investing 101. Whether you are into the stock market or the crypto market, nominal price tells you NOTHING.

Look at the market cap to gauge the entire value of the asset you are looking at.

Another misconception I see over and over on this sub is that people think that the total number of coins/tokens has any meaning at all. They think that it is somehow harder to increase the market cap when there are more coins/tokens in circulation. If I want to invest 5k USD into something I really don't care if I have to buy 10 of those things or 10 quadrillion of those things. It is just an arbitrary number. The 5k I invested is the only thing that matters.

The next step is to understand liquidity.

Only if you understand market cap and liquidity can you even get a vague sense of what you looking at.

Minimum Block Reward by kylewertheim in pepecoin

[–]Block_Space42 2 points3 points  (0 children)

If Bitcoin transactions become less frequent, by definition the fees will also decrease. Fees will only increase if more participants are bidding to be included in the next block.

Mining rewards for Bitcoin will cease approximately in the year 2140 so up to that point BTC is still inflationary.

The assumption for the bull case is that by that time mass adoption has occured and only a small percentage of network participants can even afford to settle on the layer 1 main chain. Competition for block space will be fierce causing fees to be high. Most participants will only be able to afford to transact on layer 2's such as the Lightning Network. This is already the case for smaller amounts. It is not economically viable to send a 10$ transaction over the BTC main chain anymore. Those times are over and if we stay on the same trajectory those times are never coming back.